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Investments in Unconsolidated Joint Ventures | 3 Months Ended
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Feb. 28, 2022
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. As of both February 28, 2022 and November 30, 2021, we had investments in six unconsolidated joint ventures. The following table presents combined condensed information from the statements of operations for our unconsolidated joint ventures (in thousands):
| Three Months Ended February 28, |  |
| 2022 |  | 2021 |  |  |  |
Revenues | $ | 2,850 |  |  | $ | 9,691 |  |  |  |  |
Construction and land costs | (2,299) |  |  | (8,125) |  |  |  |  |
Other expense, net | (430) |  |  | (879) |  |  |  |  |
Income | $ | 121 |  |  | $ | 687 |  |  |  |  |
The lower combined revenues and construction and land costs for the three months ended February 28, 2022, as compared to the year-earlier period, mainly reflected a decrease in the number of homes delivered from an unconsolidated joint venture in California that delivered its last home in the 2021 second quarter. The following table presents combined condensed balance sheet information for our unconsolidated joint ventures (in thousands):
| February 28, 2022 |  | November 30, 2021
Assets |  |  |
Cash | $ | 21,281 |  |  | $ | 15,731 |
Receivables | 872 |  |  | 795 |
Inventories | 67,472 |  |  | 64,034 |
Other assets | 47 |  |  | 50 |
Total assets | $ | 89,672 |  |  | $ | 80,610 |
Liabilities and equity |  |  |
Accounts payable and other liabilities | $ | 16,135 |  |  | $ | 12,285 |
Equity | 73,537 |  |  | 68,325 |
Total liabilities and equity | $ | 89,672 |  |  | $ | 80,610 |

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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