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Income Taxes (Tables) | 12 Months Ended
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Nov. 30, 2017
Income Tax Disclosure [Abstract] |
Component of income tax benefit (expense) in the consolidated statement of operations | The components of the income tax expense in our consolidated statements of operations are as follows (in thousands):
| Federal |  | State |  | Total
2017 |  |  |  |  |
Current | $ | (2,800 | ) |  | $ | (3,000 | ) |  | $ | (5,800 | )
Deferred | (86,300 | ) |  | (17,300 | ) |  | (103,600 | )
Income tax expense | $ | (89,100 | ) |  | $ | (20,300 | ) |  | $ | (109,400 | )
2016 |  |  |  |  |
Current | $ | (1,900 | ) |  | $ | (1,000 | ) |  | $ | (2,900 | )
Deferred | (28,700 | ) |  | (12,100 | ) |  | (40,800 | )
Income tax expense | $ | (30,600 | ) |  | $ | (13,100 | ) |  | $ | (43,700 | )
2015 |  |  |  |  |
Current | $ | (1,400 | ) |  | $ | (2,000 | ) |  | $ | (3,400 | )
Deferred | (35,900 | ) |  | (3,100 | ) |  | (39,000 | )
Income tax expense | $ | (37,300 | ) |  | $ | (5,100 | ) |  | $ | (42,400 | )
Components of deferred tax liabilities and assets | Significant components of our deferred tax liabilities and assets are as follows (in thousands):
| November 30,
| 2017 |  | 2016
Deferred tax liabilities: |  |  |
Capitalized expenses | $ | 98,147 |  |  | $ | 116,551 |
State taxes | 59,174 |  |  | 65,766 |
Other | 313 |  |  | 286 |
Total | 157,634 |  |  | 182,603 |
Deferred tax assets: |  |  |
NOLs from 2006 through 2017 | 236,273 |  |  | 350,329 |
Tax credits | 208,841 |  |  | 197,766 |
Inventory impairment and land option contract abandonment charges | 139,737 |  |  | 176,555 |
Employee benefits | 100,200 |  |  | 102,321 |
Warranty, legal and other accruals | 60,238 |  |  | 51,448 |
Capitalized expenses | 39,195 |  |  | 36,950 |
Partnerships and joint ventures | 14,784 |  |  | 16,293 |
Depreciation and amortization | 7,333 |  |  | 8,530 |
Other | 8,270 |  |  | 6,196 |
Total | 814,871 |  |  | 946,388 |
Valuation allowance | (23,600 | ) |  | (24,800 | )
Total | 791,271 |  |  | 921,588 |
Deferred tax assets, net | $ | 633,637 |  |  | $ | 738,985 |
Income tax benefit computed at the statutory U.S. federal income tax rate and income tax benefit (expense) provided in the consolidated statements of operations | The income tax expense computed at the statutory U.S. federal income tax rate and the income tax expense provided in our consolidated statements of operations differ as follows (dollars in thousands):
| Years Ended November 30,
| 2017 |  | 2016 |  | 2015
| $ |  | % |  | $ |  | % |  | $ |  | %
Income tax expense computed at statutory rate | $ | (101,499 | ) |  | (35.0 | )% |  | $ | (52,260 | ) |  | (35.0 | )% |  | $ | (44,462 | ) |  | (35.0 | )%
Tax credits | 6,227 |  |  | 2.2 |  |  | 4,447 |  |  | 3.0 |  |  | 6,926 |  |  | 5.5 |
Valuation allowance for deferred tax assets | 1,200 |  |  | .4 |  |  | 12,982 |  |  | 8.7 |  |  | 3,356 |  |  | 2.6 |
Depreciation and amortization | 362 |  |  | .1 |  |  | 1,842 |  |  | 1.2 |  |  | 3,183 |  |  | 2.5 |
Basis in unconsolidated joint ventures | 74 |  |  | — |  |  | (86 | ) |  | (.1 | ) |  | 1,617 |  |  | 1.3 |
NOL reconciliation | (2,210 | ) |  | (.8 | ) |  | (3,691 | ) |  | (2.5 | ) |  | (3,379 | ) |  | (2.7 | )
State taxes, net of federal income tax benefit | (14,450 | ) |  | (4.9 | ) |  | (7,511 | ) |  | (5.0 | ) |  | (5,155 | ) |  | (4.1 | )
Other, net | 896 |  |  | .3 |  |  | 577 |  |  | .4 |  |  | (4,486 | ) |  | (3.5 | )
Income tax expense | $ | (109,400 | ) |  | (37.7 | )% |  | $ | (43,700 | ) |  | (29.3 | )% |  | $ | (42,400 | ) |  | (33.4 | )%
Reconciliation of the beginning and ending balances of the gross unrecognized benefits | A reconciliation of the beginning and ending balances of gross unrecognized tax benefits, excluding interest and penalties, is as follows (in thousands):
| Years Ended November 30,
| 2017 |  | 2016 |  | 2015
Balance at beginning of year | $ | 56 |  |  | $ | 56 |  |  | $ | 206 |
Reductions due to lapse of statute of limitations | — |  |  | — |  |  | (150 | )
Balance at end of year | $ | 56 |  |  | $ | 56 |  |  | $ | 56 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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