XML 18 R6.htm IDEA: XBRL DOCUMENT v3.25.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
May 31, 2025
May 31, 2024
Cash flows from operating activities:    
Net income $ 217,440 $ 307,084
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Equity in income of unconsolidated joint ventures (12,684) (13,269)
Distributions of earnings from unconsolidated joint ventures 20,241 7,533
Amortization of debt issuance costs 1,784 1,729
Depreciation and amortization 18,034 18,843
Deferred income taxes 0 5,000
Gain on sale of investment 0 (12,516)
Stock-based compensation 16,711 17,284
Inventory impairments and land option contract abandonments 7,013 2,508
Changes in assets and liabilities:    
Receivables 20,677 (52)
Inventories (390,558) (195,291)
Accounts payable, accrued expenses and other liabilities (68,338) (40,632)
Other, net 3,797 (8,227)
Net cash provided by (used in) operating activities (165,883) 89,994
Cash flows from investing activities:    
Contributions to unconsolidated joint ventures 0 (10,937)
Return of investments in unconsolidated joint ventures 2,315 0
Proceeds from sale of investment 0 1,709
Purchases of property and equipment, net (22,731) (19,754)
Net cash used in investing activities (20,416) (28,982)
Cash flows from financing activities:    
Borrowings under revolving credit facility 380,000 0
Repayments under revolving credit facility (180,000) 0
Payments on mortgages and land contracts due to land sellers and other loans 0 (1,739)
Issuance of common stock under employee stock plans 445 9,272
Stock repurchases (250,000) (100,000)
Tax payments associated with stock-based compensation awards (15,884) (16,505)
Payments of cash dividends (36,513) (35,130)
Net cash used in financing activities (101,952) (144,102)
Net decrease in cash and cash equivalents (288,251) (83,090)
Cash and cash equivalents at beginning of period 599,193 727,342
Cash and cash equivalents at end of period $ 310,942 $ 644,252