XML 78 R49.htm IDEA: XBRL DOCUMENT
v3.24.4

Income Taxes (Tables) | 12 Months Ended
--- | ---
Nov. 30, 2024
Income Tax Disclosure [Abstract] |
Schedule of Component of Income Tax Benefit (Expense) in the Consolidated Statement of Operations | The components of the income tax expense in our consolidated statements of operations are as follows (in thousands):
| Federal |  | State |  | Total
2024 |  |  |  |  |
Current | $(147,300) |  | $(31,500) |  | $(178,800)
Deferred | (3,100) |  | (14,000) |  | (17,100)
Income tax expense | $(150,400) |  | $(45,500) |  | $(195,900)
2023 |  |  |  |  |
Current | $(123,200) |  | $(17,200) |  | $(140,400)
Deferred | (8,400) |  | (32,300) |  | (40,700)
Income tax expense | $(131,600) |  | $(49,500) |  | $(181,100)
2022 |  |  |  |  |
Current | $(194,400) |  | $(49,500) |  | $(243,900)
Deferred | (2,900) |  | (8,600) |  | (11,500)
Income tax expense | $(197,300) |  | $(58,100) |  | $(255,400)
Schedule of Components Of Deferred Tax Liabilities And Assets | Significant components of our deferred tax liabilities and assets are as follows (in thousands):
| November 30,
| 2024 |  | 2023
Deferred tax liabilities: |  |  |
Capitalized expenses | $26,792 |  | $29,395
State taxes | 9,680 |  | 12,152
Depreciation and amortization | 8,055 |  | 8,179
Other | 308 |  | 374
Total | 44,835 |  | 50,100
Deferred tax assets: |  |  |
Warranty, legal and other accruals | 50,360 |  | 53,805
Employee benefits | 53,282 |  | 51,325
Capitalized expenses | 21,861 |  | 22,538
NOLs from 2006 through 2023 | 21,811 |  | 33,827
Inventory impairment and land option contract abandonment charges | 7,653 |  | 15,878
Partnerships and joint ventures | 5,879 |  | 6,193
Tax credits | 2,019 |  | 1,857
Other | 1,191 |  | 1,052
Total | 164,056 |  | 186,475
Valuation allowance | (16,800) |  | (16,900)
Total | 147,256 |  | 169,575
Deferred tax assets, net | $102,421 |  | $119,475
Schedule of Income Tax Benefit Computed At The Statutory U.S. Federal Income Tax Rate And Income Tax Benefit (Expense) Provided In The Consolidated Statements Of Operations | The income tax expense computed at the statutory U.S. federal income tax rate and the income tax expense provided in our consolidated statements of operations differ as follows (dollars in thousands):
| Years Ended November 30,
| 2024 |  | 2023 |  | 2022
| $ |  | % |  | $ |  | % |  | $ |  | %
Income tax expense computed at statutory rate | $(178,692) |  | (21.0)% |  | $(161,982) |  | (21.0)% |  | $(225,121) |  | (21.0)%
Tax credits | 19,321 |  | 2.3 |  | 25,218 |  | 3.3 |  | 22,565 |  | 2.1
Stock compensation | 6,405 |  | .7 |  | 4,471 |  | .6 |  | 1,442 |  | .2
Dividend received deduction | 986 |  | .1 |  | — |  | — |  | — |  | —
Valuation allowance for deferred tax assets | 100 |  | — |  | 200 |  | — |  | 300 |  | —
Non-deductible compensation | (8,703) |  | (1.0) |  | (9,975) |  | (1.3) |  | (7,905) |  | (.7)
State taxes, net of federal income tax benefit | (36,028) |  | (4.2) |  | (39,307) |  | (5.1) |  | (46,139) |  | (4.3)
Other, net | 711 |  | .1 |  | 275 |  | — |  | (542) |  | (.1)
Income tax expense | $(195,900) |  | (23.0)% |  | $(181,100) |  | (23.5)% |  | $(255,400) |  | (23.8)%
Schedule of Reconciliation of the Beginning and Ending Balances of the Gross Unrecognized Benefits | A reconciliation of the beginning and ending balances of gross unrecognized tax benefits, including interest and penalties, is as follows (in thousands):
| Years Ended November 30,
| 2024 |  | 2023 |  | 2022
Balance at beginning of year | $2,376 |  | $975 |  | $930
Increase related to prior years’ tax positions | 546 |  | 1,401 |  | 45
Balance at end of year | $2,922 |  | $2,376 |  | $975

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 217 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-217 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration