Inventories

6 Months Ended

May 31, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories consisted of the following (in thousands):

	May 31, 2023		November 30, 2022
Homes completed or under construction	$	2,094,058	$	2,414,675
Land under development	3,034,783		3,128,501
Total	$	5,128,841	$	5,543,176

Land under development at May 31, 2023 and November 30, 2022 included land held for future development or sale of $25.8 million and $21.6 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). In the case of land held for future development and land held for sale, applicable interest is expensed as incurred.

Our interest costs were as follows (in thousands):

	Three Months Ended May 31,				Six Months Ended May 31,
	2023		2022		2023		2022
Capitalized interest at beginning of period	$	147,162	$	159,649	$	145,494	$	161,119
Interest incurred	25,995		29,021		53,799		57,324
Interest amortized to construction and land costs	(31,932)		(34,005)		(58,068)		(63,778)
Capitalized interest at end of period	$	141,225	$	154,665	$	141,225	$	154,665