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Basis of Presentation and Significant Accounting Policies (Tables) | 9 Months Ended
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Aug. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of New Accounting Pronouncements | The impacts of adopting ASC 606 on our consolidated statements of operations for the three months and nine months ended August 31, 2019 and consolidated balance sheet as of August 31, 2019 were as follows (in thousands, except per share amounts):
|  | Three Months Ended August 31, 2019 |  | Nine Months Ended August 31, 2019
Statement of Operations |  | As Reported |  | Amounts without the Adoption of ASC 606 |  | Effect of Change Higher/(Lower) |  | As Reported |  | Amounts without the Adoption of ASC 606 |  | Effect of Change Higher/(Lower)
Homebuilding: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | $ | 1,156,855 |  |  | $ | 1,156,112 |  |  | $ | 743 |  |  | $ | 2,984,314 |  |  | $ | 2,982,201 |  |  | $ | 2,113 |
Construction and land costs |  | (943,754 | ) |  | (951,613 | ) |  | (7,859 | ) |  | (2,458,353 | ) |  | (2,478,583 | ) |  | (20,230 | )
Selling, general and administrative expenses |  | (127,626 | ) |  | (118,772 | ) |  | 8,854 |  |  | (357,048 | ) |  | (332,691 | ) |  | 24,357 |
Operating income |  | 85,475 |  |  | 85,727 |  |  | (252 | ) |  | 168,913 |  |  | 170,927 |  |  | (2,014 | )
Financial services: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | 3,931 |  |  | 3,751 |  |  | 180 |  |  | 9,758 |  |  | 9,366 |  |  | 392 |
Total pretax income |  | 91,936 |  |  | 92,008 |  |  | (72 | ) |  | 183,208 |  |  | 184,830 |  |  | (1,622 | )
Income tax expense |  | (23,800 | ) |  | (23,800 | ) |  | — |  |  | (37,600 | ) |  | (38,000 | ) |  | (400 | )
Net income |  | 68,136 |  |  | 68,208 |  |  | (72 | ) |  | 145,608 |  |  | 146,830 |  |  | (1,222 | )
Diluted earnings per share |  | .73 |  |  | .73 |  |  | — |  |  | 1.55 |  |  | 1.56 |  |  | (.01 | )
|  | As of August 31, 2019
Balance Sheet |  | As Reported |  | Amounts without the Adoption of ASC 606 |  | Effect of Change Higher/(Lower)
Assets |  |  |  |  |  |
Homebuilding: |  |  |  |  |  |
Inventories |  | $ | 3,919,076 |  |  | $ | 3,964,873 |  |  | $ | (45,797 | )
Deferred tax assets, net |  | 402,095 |  |  | 405,719 |  |  | (3,624 | )
Property and equipment, net |  | 64,119 |  |  | 24,431 |  |  | 39,688 |
Financial services |  | 31,911 |  |  | 11,791 |  |  | 20,120 |
Stockholders’ equity: |  |  |  |  |  |
Retained earnings |  | 2,042,034 |  |  | 2,031,647 |  |  | 10,387 |
Balance Sheet |  | Balance at November 30, 2018 |  | Adjustments due to ASC 606 |  | Balance at December 1, 2018
Assets |  |  |  |  |  |
Homebuilding: |  |  |  |  |  |
Inventories |  | $ | 3,582,839 |  |  | $ | (35,288 | ) |  | $ | 3,547,551 |
Deferred tax assets, net |  | 441,820 |  |  | (4,024 | ) |  | 437,796 |
Property and equipment, net |  | 24,283 |  |  | 31,194 |  |  | 55,477 |
Financial services |  | 12,380 |  |  | 19,728 |  |  | 32,108 |
Stockholders’ equity: |  |  |  |  |  |
Retained earnings |  | 1,897,168 |  |  | 11,610 |  |  | 1,908,778 |

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- Definition Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=116846552&loc=d3e765-108305 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.10-01.(b)(6)) -URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=116846552&loc=d3e725-108305 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794 + Details
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