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Inventories
9 Months Ended
Aug. 31, 2015
Inventory Disclosure [Abstract]  
Inventories
Inventories
Inventories consisted of the following (in thousands):
 
August 31,
2015
 
November 30,
2014
Homes under construction
$
1,187,576

 
$
928,272

Land under development
1,686,674

 
1,710,149

Land held for future development
527,487

 
579,966

Total
$
3,401,737

 
$
3,218,387


Interest is capitalized to inventories while the related communities are being actively developed and until homes are completed. Capitalized interest is amortized to construction and land costs as the related inventories are delivered to homebuyers or land buyers (as applicable). Interest and real estate taxes are not capitalized on land held for future development.
Our interest costs were as follows (in thousands):
 
Nine Months Ended August 31,
 
Three Months Ended August 31,
 
2015
 
2014
 
2015
 
2014
Capitalized interest at beginning of period
$
266,668

 
$
216,681

 
$
299,678

 
$
241,583

Interest incurred
140,789

 
127,041

 
46,587

 
44,603

Interest expensed
(17,850
)
 
(26,289
)
 
(4,394
)
 
(6,455
)
Interest amortized to construction and land costs (a)
(99,488
)
 
(59,471
)
 
(51,752
)
 
(21,769
)
Capitalized interest at end of period (b)
$
290,119

 
$
257,962

 
$
290,119

 
$
257,962


(a)
Interest amortized to construction and land costs for the three months and nine months ended August 31, 2015 included $16.4 million related to land sales during those periods.
(b)
Capitalized interest amounts presented in the table reflect the gross amount of capitalized interest, as inventory impairment charges recognized, if any, are not generally allocated to specific components of inventory.