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Product Warranty
6 Months Ended
May. 31, 2015
Product Warranties Disclosures [Abstract]  
Product Warranty
Product Warranty
Warranty and similar reserves for homes are established at an amount estimated to be adequate to cover potential costs for materials and labor with regard to warranty-type claims expected to be incurred subsequent to the delivery of a home. Reserves are determined based on historical data and trends with respect to similar product types and geographical areas. The Company regularly monitors the warranty reserve and makes adjustments to its pre-existing warranties in order to reflect changes in trends and historical data as information becomes available. Warranty reserves are included in other liabilities in the accompanying condensed consolidated balance sheets. The activity in the Company’s warranty reserve was as follows:
 
Three Months Ended
 
Six Months Ended
 
May 31,
 
May 31,
(In thousands)
2015
 
2014
 
2015
 
2014
Warranty reserve, beginning of period
$
116,271

 
101,097

 
115,927

 
102,580

Warranties issued
20,469

 
14,580

 
33,792

 
24,972

Adjustments to pre-existing warranties from changes in estimates (1)
1,723

 
3,456

 
5,384

 
5,576

Payments
(18,853
)
 
(13,434
)
 
(35,493
)
 
(27,429
)
Warranty reserve, end of period
$
119,610

 
105,699

 
119,610

 
105,699


(1)
The adjustments to pre-existing warranties from changes in estimates during the three and six months ended May 31, 2015 and 2014 primarily related to specific claims related to certain of our homebuilding communities and other adjustments.