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Investments in Unconsolidated Joint Ventures | 3 Months Ended
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Feb. 28, 2015
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Unconsolidated Joint Ventures | Investments in Unconsolidated Joint Ventures We have investments in unconsolidated joint ventures that conduct land acquisition, land development and/or other homebuilding activities in various markets where our homebuilding operations are located. We and our unconsolidated joint venture partners make initial and/or ongoing capital contributions to these unconsolidated joint ventures, typically on a pro rata basis, according to our respective equity interests. The obligations to make capital contributions are governed by each such unconsolidated joint venture’s respective operating agreement and related governing documents. We share in the profits and losses of these unconsolidated joint ventures generally in accordance with our respective equity interests. In some instances, we recognize profits and losses related to our investment in an unconsolidated joint venture that differ from our equity interest in the unconsolidated joint venture. This may arise from impairments that we recognize related to our investment that differ from the impairments the unconsolidated joint venture recognizes with respect to its assets; differences between our basis in assets we have transferred to the unconsolidated joint venture and the unconsolidated joint venture’s basis in those assets; our deferral of the unconsolidated joint venture’s profits from land sales to us; or other items. There were no joint venture impairment charges for the three-month periods ended February 28, 2015 or 2014. The following table presents combined condensed information from the statements of operations of our unconsolidated joint ventures (in thousands):
| Three Months Ended February 28,
| 2015 |  | 2014
Revenues | $ | 3,210 |  |  | $ | 6,118 |
Construction and land costs | (3,743 | ) |  | (3,523 | )
Other expense, net | (696 | ) |  | (1,130 | )
Income (loss) | $ | (1,229 | ) |  | $ | 1,465 |
The following table presents combined condensed balance sheet information for our unconsolidated joint ventures (in thousands):
| February 28, 2015 |  | November 30, 2014
Assets |  |  |
Cash | $ | 18,661 |  |  | $ | 23,699 |
Receivables | 5,427 |  |  | 5,106 |
Inventories | 153,900 |  |  | 153,427 |
Total assets | $ | 177,988 |  |  | $ | 182,232 |
Liabilities and equity |  |  |
Accounts payable and other liabilities | $ | 14,157 |  |  | $ | 10,824 |
Equity | 163,831 |  |  | 171,408 |
Total liabilities and equity | $ | 177,988 |  |  | $ | 182,232 |
The following table presents information relating to our investments in unconsolidated joint ventures (dollars in thousands):
| February 28, 2015 |  | November 30, 2014
Number of investments in unconsolidated joint ventures | 6 |  |  | 6 |
Investments in unconsolidated joint ventures | $ | 73,502 |  |  | $ | 79,441 |
Number of unconsolidated joint venture lots controlled under land option contracts and other similar contracts | 484 |  |  | 618 |
In the first quarter of 2014, we sold our interest in an unconsolidated joint venture in Maryland for $10.1 million, which resulted in a gain of $3.2 million that was included in equity in income of unconsolidated joint ventures in our consolidated statement of operations for the three months ended February 28, 2014. None of our unconsolidated joint ventures had outstanding debt at February 28, 2015 or November 30, 2014.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=35687916&loc=d3e32787-111569 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=35687916&loc=d3e32847-111569 + Details
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