v3.26.3
Inventories
 9 Months Ended
Aug. 31, 2026
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories consisted of the following (in thousands):
August 31,
2026		November 30,
2025
Homes completed or under construction$1,721,316 $1,571,793 
Land under development4,259,866 4,099,009 
Total$5,981,182 $5,670,802 
Land under development at August 31, 2026 and November 30, 2025 included land held for future development of $10.0 million and $27.3 million, respectively.
Interest is capitalized to inventories while the related communities or land parcels are being actively developed and until homes are completed or the land is available for immediate sale. Capitalized interest is amortized to construction and land costs as the related inventories are delivered to homebuyers or land buyers (as applicable). We do not capitalize interest on land held for future development and land held for sale.
Our interest costs were as follows (in thousands):
Three Months Ended August 31,Nine Months Ended August 31,
2026202520262025
Capitalized interest at beginning of period$145,204 $128,676 $125,627 $122,387 
Interest incurred 31,520 29,658 88,629 84,676 
Interest amortized to construction and land costs (a)(22,552)(27,026)(60,084)(75,755)
Capitalized interest at end of period$154,172 $131,308 $154,172 $131,308 
(a)Interest amortized to construction and land costs for the three-month and nine-month periods ended August 31, 2025 included nominal amounts related to land sales during the periods.