Leases (Tables)

12 Months Ended

Nov. 30, 2020

Leases [Abstract]

Summary of Lease Information

The following table presents our lease right-of-use assets, lease liabilities and the weighted-average remaining lease term and weighted-average discount rate (incremental borrowing rate) used in calculating the lease liabilities (dollars in thousands):

	November 30, 2020
Lease right-of-use assets (a)	$	36,270
Lease liabilities (b)	38,000
Weighted-average remaining lease term	4.5 years
Weighted-average discount rate (incremental borrowing rate)	5.1		%

(a)Represents lease right-of-use assets of $36.0 million within our homebuilding operations and $.3 million within our financial services operations.

(b)Represents lease liabilities of $37.7 million within our homebuilding operations and $.3 million within our financial services operations.

The following table presents additional information about our leases (in thousands):

	Year Ended November 30, 2020
Lease right-of-use assets obtained in exchange for new lease liabilities	$	14,229
Cash payments on lease liabilities	11,243

Schedule of Future Minimum Lease Payments

As of November 30, 2020, the future minimum lease payments required under our leases are as follows (in thousands):

Years Ending November 30,
2021	$	11,189
2022	10,232
2023	7,927
2024	5,834
2025	4,494
Thereafter	3,111
Total lease payments	42,787
Less: Interest	(4,787)
Present value of lease liabilities	$	38,000