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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Aug. 31, 2021
Aug. 31, 2020
Cash flows from operating activities:    
Net income $ 390,512 $ 190,152
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Equity in income of unconsolidated joint ventures (18,418) (26,855)
Distributions of earnings from unconsolidated joint ventures 18,625 29,384
Amortization of discounts, premiums and issuance costs 2,203 1,862
Depreciation and amortization 21,296 21,583
Deferred income taxes 36,300 40,200
Loss on early extinguishment of debt 5,075 0
Stock-based compensation 19,768 12,767
Inventory impairments and land option contract abandonments 11,222 16,939
Changes in assets and liabilities:    
Receivables (22,457) 62,839
Inventories (760,350) 46,567
Accounts payable, accrued expenses and other liabilities 102,087 (62,419)
Other, net 13,912 (3,808)
Net cash provided by (used in) operating activities (180,225) 329,211
Cash flows from investing activities:    
Contributions to unconsolidated joint ventures (11,057) (6,048)
Return of investments in unconsolidated joint ventures 12,724 8,816
Purchases of property and equipment, net (28,219) (21,154)
Net cash used in investing activities (26,552) (18,386)
Cash flows from financing activities:    
Proceeds from issuance of debt 390,000 0
Issuance costs for unsecured revolving credit facility (4,813) 0
Repayment of senior notes (274,904) 0
Payments on mortgages and land contracts due to land sellers and other loans (600) (20,314)
Issuance of common stock under employee stock plans 3,506 8,404
Stock repurchases (188,175) 0
Tax payments associated with stock-based compensation awards (8,456) (6,219)
Payments of cash dividends (40,965) (24,428)
Net cash used in financing activities (124,407) (42,557)
Net increase (decrease) in cash and cash equivalents (331,184) 268,268
Cash and cash equivalents at beginning of period 682,529 454,858
Cash and cash equivalents at end of period $ 351,345 $ 723,126