| Schedule of Product Warranty Reserve |
The activity in the Company’s warranty reserve, which is included in Homebuilding other liabilities, was as follows: | | | | | | | | | | | | | Three Months Ended | | February 28, | | (In thousands) | 2022 | | 2021 | | Warranty reserve, beginning of the period | $ | 377,021 | | | 341,765 | | | Warranties issued | 49,192 | | | 42,928 | | | Adjustments to pre-existing warranties from changes in estimates (1) | 4,724 | | | 5,641 | | |
| Payments | (56,791) | | | (42,234) | | | Warranty reserve, end of period | $ | 374,146 | | | 348,100 | |
(1)The adjustments to pre-existing warranties from changes in estimates during the three months ended February 28, 2022 and 2021 primarily related to specific claims in certain of the Company's homebuilding communities and other adjustments.
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