Basis of Presentation and Significant Accounting Policies Basis of Presentation and Significant Accounting Policies (Tables)

3 Months Ended

Feb. 28, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of New Accounting Pronouncements

Balance Sheet	Balance at November 30, 2018		Adjustments due to ASC 606			Balance at December 1, 2018
Assets
Homebuilding:
Inventories	$	3,582,839	$	(35,288	)	$	3,547,551
Deferred tax assets, net	441,820		(4,024		)	437,796
Property and equipment, net	24,283		31,194			55,477
Financial services	12,380		19,728			32,108
Stockholders’ equity:
Retained earnings	1,897,168		11,610			1,908,778

The impacts of adopting ASC 606 on our consolidated statement of operations for the three months ended February 28, 2019 and consolidated balance sheet as of February 28, 2019 were as follows (in thousands, except per share amounts):

	Three Months Ended February 28, 2019
Statement of Operations	As Reported			Amounts without the Adoption of ASC 606			Effect of Change Higher/(Lower)
Homebuilding:
Revenues	$	808,788		$	808,155		$	633
Construction and land costs	(670,855		)	(676,115		)	(5,260		)
Selling, general and administrative expenses	(106,594		)	(99,281		)	7,313
Operating income	31,339			32,759			(1,420		)
Financial services:
Revenues	2,695			2,590			105
Total pretax income	34,511			35,826			(1,315		)
Income tax expense	(4,500		)	(4,800		)	(300		)
Net income	30,011			31,026			(1,015		)
Diluted earnings per share	.31			.32			(.01		)

	As of February 28, 2019
Balance Sheet	As Reported		Amounts without the Adoption of ASC 606		Effect of Change Higher/(Lower)
Assets
Homebuilding:
Inventories	$	3,683,763	$	3,722,475	$	(38,712	)
Deferred tax assets, net	433,295		437,019		(3,724		)
Property and equipment, net	55,330		22,132		33,198
Financial services	29,275		9,442		19,833
Stockholders’ equity:
Retained earnings	1,936,523		1,925,928		10,595