Inventories

12 Months Ended

Nov. 30, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories consisted of the following (in thousands):

	November 30,
	2023		2022
Homes completed or under construction	$	2,106,149	$	2,414,675
Land under development	3,027,497		3,128,501
Total	$	5,133,646	$	5,543,176

Homes completed or under construction is comprised of costs associated with homes completed or in various stages of construction and includes direct construction and related land acquisition and land development costs. Land under development primarily consists of land acquisition and land development costs. Land development costs include capitalized interest and real estate taxes. When home construction begins, the associated land acquisition and land development costs are included in homes under construction.

Land under development at November 30, 2023 and 2022 included land held for future development of $17.0 million and $10.2 million, respectively. Land held for future development principally relates to land where development activity has been suspended or has not yet begun but is expected to occur in the future. These assets are generally located in submarkets where

conditions do not presently support further investment or development, or are subject to a building permit moratorium or regulatory restrictions, or are portions of larger land parcels that we plan to build out over several years and/or that have not yet been entitled.

Our interest costs were as follows (in thousands):

	Years Ended November 30,
	2023		2022		2021
Capitalized interest at beginning of year	$	145,494	$	161,119	$	190,113
Interest incurred	107,086		120,859		120,514
Interest amortized to construction and land costs (a)	(118,205)		(136,484)		(149,508)
Capitalized interest at end of year	$	134,375	$	145,494	$	161,119

(a)Interest amortized to construction and land costs for the years ended November 30, 2023 and 2021 included nominal amounts related to land sales during the periods.