Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
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Nov. 30, 2014
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Nov. 30, 2013
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Nov. 30, 2012
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Cash flows from operating activities: | |||
Net income (loss) | $ 918,349us-gaap_NetIncomeLoss | $ 39,963us-gaap_NetIncomeLoss | $ (58,953)us-gaap_NetIncomeLoss |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Equity in (income) loss/(gain) on wind down of unconsolidated joint ventures | (1,427)us-gaap_IncomeLossFromEquityMethodInvestments | 933us-gaap_IncomeLossFromEquityMethodInvestments | (1,797)us-gaap_IncomeLossFromEquityMethodInvestments |
Distributions of earnings from unconsolidated joint ventures | 364us-gaap_EquityMethodInvestmentDividendsOrDistributions | 1,949us-gaap_EquityMethodInvestmentDividendsOrDistributions | 3,316us-gaap_EquityMethodInvestmentDividendsOrDistributions |
Amortization of discounts and issuance costs | 7,124us-gaap_AmortizationOfFinancingCostsAndDiscounts | 5,347us-gaap_AmortizationOfFinancingCostsAndDiscounts | 3,016us-gaap_AmortizationOfFinancingCostsAndDiscounts |
Depreciation and amortization | 2,420us-gaap_DepreciationAndAmortization | 1,857us-gaap_DepreciationAndAmortization | 1,622us-gaap_DepreciationAndAmortization |
Deferred income taxes | (825,232)us-gaap_IncreaseDecreaseInDeferredIncomeTaxes | 0us-gaap_IncreaseDecreaseInDeferredIncomeTaxes | 1,152us-gaap_IncreaseDecreaseInDeferredIncomeTaxes |
Loss on early extinguishment of debt | 0us-gaap_GainsLossesOnExtinguishmentOfDebt | 10,448us-gaap_GainsLossesOnExtinguishmentOfDebt | 10,278us-gaap_GainsLossesOnExtinguishmentOfDebt |
Stock-based compensation | 9,099us-gaap_ShareBasedCompensation | 5,699us-gaap_ShareBasedCompensation | 6,713us-gaap_ShareBasedCompensation |
Inventory impairments and land option contract abandonments | 39,431kbh_InventoryImpairmentsAndLandOptionContractAbandonments | 3,581kbh_InventoryImpairmentsAndLandOptionContractAbandonments | 28,533kbh_InventoryImpairmentsAndLandOptionContractAbandonments |
Changes in assets and liabilities: | |||
Receivables | (31,283)us-gaap_IncreaseDecreaseInAccountsAndNotesReceivable | (11,153)us-gaap_IncreaseDecreaseInAccountsAndNotesReceivable | 24,994us-gaap_IncreaseDecreaseInAccountsAndNotesReceivable |
Inventories | (780,131)us-gaap_IncreaseDecreaseInInventories | (563,189)us-gaap_IncreaseDecreaseInInventories | 30,347us-gaap_IncreaseDecreaseInInventories |
Accounts payable, accrued expenses and other liabilities | 35,504us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities | 59,763us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities | (2,143)us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities |
Other, net | (4,909)us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet | 1,316us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet | (12,461)us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet |
Net cash provided by (used in) operating activities | (630,691)us-gaap_NetCashProvidedByUsedInOperatingActivities | (443,486)us-gaap_NetCashProvidedByUsedInOperatingActivities | 34,617us-gaap_NetCashProvidedByUsedInOperatingActivities |
Cash flows from investing activities: | |||
Return of investments in (contributions to) unconsolidated joint ventures | (49,097)us-gaap_PaymentsToAcquireInterestInJointVenture | (14,359)us-gaap_PaymentsToAcquireInterestInJointVenture | 989us-gaap_PaymentsToAcquireInterestInJointVenture |
Proceeds from sale of investment in unconsolidated joint venture | 10,110us-gaap_ProceedsFromSaleOfEquityMethodInvestments | 0us-gaap_ProceedsFromSaleOfEquityMethodInvestments | 0us-gaap_ProceedsFromSaleOfEquityMethodInvestments |
Purchases of property and equipment, net | (5,795)us-gaap_PaymentsForProceedsFromProductiveAssets | (2,391)us-gaap_PaymentsForProceedsFromProductiveAssets | (1,749)us-gaap_PaymentsForProceedsFromProductiveAssets |
Net cash used in investing activities | (44,782)us-gaap_NetCashProvidedByUsedInInvestingActivities | (16,750)us-gaap_NetCashProvidedByUsedInInvestingActivities | (760)us-gaap_NetCashProvidedByUsedInInvestingActivities |
Cash flows from financing activities: | |||
Change in restricted cash | 14,671us-gaap_ProceedsFromRepaymentsOfRestrictedCashFinancingActivities | 456us-gaap_ProceedsFromRepaymentsOfRestrictedCashFinancingActivities | 22,119us-gaap_ProceedsFromRepaymentsOfRestrictedCashFinancingActivities |
Proceeds from issuance of debt | 400,000us-gaap_ProceedsFromIssuanceOfSeniorLongTermDebt | 680,000us-gaap_ProceedsFromIssuanceOfSeniorLongTermDebt | 694,831us-gaap_ProceedsFromIssuanceOfSeniorLongTermDebt |
Payment of debt issuance costs | (5,448)us-gaap_PaymentsOfDebtIssuanceCosts | (16,525)us-gaap_PaymentsOfDebtIssuanceCosts | (12,445)us-gaap_PaymentsOfDebtIssuanceCosts |
Repayment of senior notes | 0us-gaap_RepaymentsOfLongTermDebt | (225,394)us-gaap_RepaymentsOfLongTermDebt | (592,645)us-gaap_RepaymentsOfLongTermDebt |
Payments on mortgages and land contracts due to land sellers and other loans | (36,918)us-gaap_ProceedsFromRepaymentsOfSecuredDebt | (66,296)us-gaap_ProceedsFromRepaymentsOfSecuredDebt | (26,298)us-gaap_ProceedsFromRepaymentsOfSecuredDebt |
Proceeds from issuance of common stock, net | 137,045us-gaap_ProceedsFromIssuanceOrSaleOfEquity | 109,503us-gaap_ProceedsFromIssuanceOrSaleOfEquity | 0us-gaap_ProceedsFromIssuanceOrSaleOfEquity |
Issuance of common stock under employee stock plans | 1,896us-gaap_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions | 2,181us-gaap_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions | 593us-gaap_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions |
Payments of cash dividends | (8,982)us-gaap_PaymentsOfDividendsCommonStock | (8,366)us-gaap_PaymentsOfDividendsCommonStock | (10,599)us-gaap_PaymentsOfDividendsCommonStock |
Stock repurchases | (546)us-gaap_PaymentsForRepurchaseOfCommonStock | (8,488)us-gaap_PaymentsForRepurchaseOfCommonStock | (1,799)us-gaap_PaymentsForRepurchaseOfCommonStock |
Net cash provided by financing activities | 501,718us-gaap_NetCashProvidedByUsedInFinancingActivities | 467,071us-gaap_NetCashProvidedByUsedInFinancingActivities | 73,757us-gaap_NetCashProvidedByUsedInFinancingActivities |
Net increase (decrease) in cash and cash equivalents | (173,755)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease | 6,835us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease | 107,614us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease |
Cash and cash equivalents at beginning of year | 532,523us-gaap_CashAndCashEquivalentsAtCarryingValue | 525,688us-gaap_CashAndCashEquivalentsAtCarryingValue | 418,074us-gaap_CashAndCashEquivalentsAtCarryingValue |
Cash and cash equivalents at end of year | $ 358,768us-gaap_CashAndCashEquivalentsAtCarryingValue | $ 532,523us-gaap_CashAndCashEquivalentsAtCarryingValue | $ 525,688us-gaap_CashAndCashEquivalentsAtCarryingValue |
X | ||||||||||
- Definition
The charge against earnings resulting from the write-down of assets from their carrying value to their fair value. No definition available.
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- Definition
Amount of noncash expense included in interest expense to allocate debt discount and premium, and the costs to issue debt and obtain financing over the related debt instruments. Alternate captions include noncash interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
This item represents disclosure of the amount of dividends or other distributions received from unconsolidated subsidiaries, certain corporate joint ventures, and certain noncontrolled corporation; these investments are accounted for under the equity method of accounting. This element excludes distributions that constitute a return of investment, which are classified as investing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The increase (decrease) during the reporting period of the sum of amounts due within one year (or one business cycle) from customers for the credit sale of goods and services; and from note holders for outstanding loans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in the account that represents the temporary difference that results from Income or Loss that is recognized for accounting purposes but not for tax purposes and vice versa. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The increase (decrease) during the reporting period in other assets used in operating activities less other operating liabilities used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current assets and liabilities, other noncurrent assets and liabilities, or a combination of other current and noncurrent assets and liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The net cash outflow or inflow from purchases, sales and disposals of property, plant and equipment and other productive assets, including intangibles. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow to reacquire common stock during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash outflow in the form of ordinary dividends to common shareholders of the parent entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow associated with the investment in or advances to an entity in which the reporting entity shares control of the entity with another party or group. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash inflow from a borrowing with the highest claim on the assets of the entity in case of bankruptcy or liquidation (with maturities initially due after one year or beyond the operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The total cash inflow associated with the amount received from holders to acquire the entity's shares under incentive and share awards, including stock option exercises. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash inflow from the issuance of common stock, preferred stock, treasury stock, stock options, and other types of equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The net cash inflow or outflow from cash and cash items that are not available for withdrawal or usage. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash inflow (outflow) from long-term debt wholly or partially secured by collateral. Excludes tax exempt secured debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash inflow associated with the sale of equity method investments, which are investments in joint ventures and entities in which the entity has an equity ownership interest normally of 20 to 50 percent and exercises significant influence. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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