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Financial Services | 9 Months Ended
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Aug. 31, 2019
Segment Reporting [Abstract] |
Financial Services | Financial Services The following tables present financial information relating to our financial services reporting segment (in thousands):
| Three Months Ended August 31, |  | Nine Months Ended August 31,
| 2019 |  | 2018 |  | 2019 |  | 2018
Revenues |  |  |  |  |  |  |
Insurance commissions | $ | 2,224 |  |  | $ | 1,928 |  |  | $ | 5,342 |  |  | $ | 4,743 |
Title services | 1,707 |  |  | 1,544 |  |  | 4,410 |  |  | 3,897 |
Interest income | — |  |  | — |  |  | 6 |  |  | — |
Total | 3,931 |  |  | 3,472 |  |  | 9,758 |  |  | 8,640 |
| Three Months Ended August 31, |  | Nine Months Ended August 31,
| 2019 |  | 2018 |  | 2019 |  | 2018
Expenses |  |  |  |  |  |  |
General and administrative | (1,003 | ) |  | (945 | ) |  | (3,067 | ) |  | (2,855 | )
Operating income | 2,928 |  |  | 2,527 |  |  | 6,691 |  |  | 5,785 |
Equity in income of unconsolidated joint ventures | 3,716 |  |  | 2,585 |  |  | 7,018 |  |  | 4,365 |
Pretax income | $ | 6,644 |  |  | $ | 5,112 |  |  | $ | 13,709 |  |  | $ | 10,150 |
| August 31, 2019 |  | November 30, 2018
Assets |  |  |
Cash and cash equivalents | $ | 1,043 |  |  | $ | 760 |
Receivables | 1,435 |  |  | 2,885 |
Investments in unconsolidated joint ventures | 9,162 |  |  | 8,594 |
Other assets (a) | 20,271 |  |  | 141 |
Total assets | $ | 31,911 |  |  | $ | 12,380 |
Liabilities |  |  |
Accounts payable and accrued expenses | $ | 1,783 |  |  | $ | 1,495 |
Total liabilities | $ | 1,783 |  |  | $ | 1,495 |
(a) | Other assets at August 31, 2019 included $20.1 million of contract assets for estimated future renewal commissions due to our adoption of ASC 606 effective December 1, 2018, as described in Note 1 – Basis of Presentation and Significant Accounting Policies.
On July 9, 2019, the parent company of Stearns, our partner in KBHS, filed a voluntary bankruptcy petition in the United States Bankruptcy Court, Southern District of New York, with Stearns included as a debtor in the case. KBHS is not included in the filing and there are no known plans for it to be included as a debtor. The debtors obtained authority from the court to continue Stearns’ business with respect to KBHS in the ordinary course. On September 11, 2019, Stearns’ parent company announced it will seek confirmation of a modified plan of reorganization supported by its largest noteholders at a hearing scheduled for October 24, 2019. We are monitoring the status of the bankruptcy proceedings. We believe KBHS is, at present, financially and operationally able to continue to provide mortgage banking services to our homebuyers. However, the ultimate resolution and timing of the bankruptcy process is uncertain and could be disruptive to KBHS’ operations, which may, in turn, adversely impact the number of homes we deliver in future periods. We are currently unable to estimate the effect, if any, this event may have on our consolidated financial statements.

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