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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

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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

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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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.

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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.

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Tabular disclosure of the change in unrecognized tax benefits.

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