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Investments in Unconsolidated Joint Ventures | 6 Months Ended
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May 31, 2022
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Unconsolidated Joint Ventures | Investments in Unconsolidated Joint Ventures Homebuilding. 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 May 31, 2022 and November 30, 2021, we had investments in six homebuilding unconsolidated joint ventures. The following table presents combined condensed information from the statements of operations for our homebuilding unconsolidated joint ventures (in thousands):
| Three Months Ended May 31, |  | Six Months Ended May 31,
| 2022 |  | 2021 |  | 2022 |  | 2021
Revenues | $ | 1,108 |  |  | $ | 3,148 |  |  | $ | 3,958 |  |  | $ | 12,839 |
Construction and land costs | (772) |  |  | (2,819) |  |  | (3,071) |  |  | (10,944) |
Other expense, net | (918) |  |  | (530) |  |  | (1,348) |  |  | (1,409) |
Income (loss) | $ | (582) |  |  | $ | (201) |  |  | $ | (461) |  |  | $ | 486 |
The following table presents combined condensed balance sheet information for our homebuilding unconsolidated joint ventures (in thousands):
| May 31, 2022 |  | November 30, 2021
Assets |  |  |
Cash and cash equivalents | $ | 18,884 |  |  | $ | 15,731 |
Receivables | 894 |  |  | 795 |
Inventories | 105,734 |  |  | 64,034 |
Other assets | 726 |  |  | 50 |
Total assets | $ | 126,238 |  |  | $ | 80,610 |
Liabilities and equity |  |  |
Accounts payable and other liabilities | $ | 11,871 |  |  | $ | 12,285 |
Notes payable (a) | 29,114 |  |  | — |
Equity | 85,253 |  |  | 68,325 |
Total liabilities and equity | $ | 126,238 |  |  | $ | 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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