XML 16 R4.htm IDEA: XBRL DOCUMENT v3.19.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Feb. 28, 2019
Feb. 28, 2018
Cash flows from operating activities:    
Net income (loss) $ 30,011 $ (71,255)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Equity in (income) loss of unconsolidated joint ventures (396) 426
Distributions of earnings from unconsolidated joint ventures 2,400 1,300
Amortization of discounts, premiums and issuance costs 1,468 1,552
Depreciation and amortization 6,446 628
Deferred income taxes 4,501 117,068
Stock-based compensation 4,152 3,829
Inventory impairments and land option contract abandonments 3,555 4,985
Changes in assets and liabilities:    
Receivables (19,495) (6,024)
Inventories (154,083) (135,311)
Accounts payable, accrued expenses and other liabilities (70,057) (54,016)
Other, net (6,712) (4,862)
Net cash used in operating activities (198,210) (141,680)
Cash flows from investing activities:    
Contributions to unconsolidated joint ventures (2,527) (8,025)
Return of investments in unconsolidated joint ventures 5,001 1,099
Proceeds from sale of building 5,804 0
Purchases of property and equipment, net (10,025) (1,924)
Net cash used in investing activities (1,747) (8,850)
Cash flows from financing activities:    
Proceeds from issuance of debt 405,250 0
Issuance costs for unsecured revolving credit facility (5,209) 0
Repayment of senior notes (230,000) 0
Borrowings under revolving credit facility 140,000 0
Repayments under revolving credit facility (140,000) 0
Payments on mortgages and land contracts due to land sellers and other loans (28,020) (3,362)
Issuance of common stock under employee stock plans 832 2,946
Tax payments associated with stock-based compensation awards (3,342) (6,787)
Payments of cash dividends (2,266) (2,322)
Net cash provided by (used in) financing activities 137,245 (9,525)
Net decrease in cash and cash equivalents (62,712) (160,055)
Cash and cash equivalents at beginning of period 575,119 720,861
Cash and cash equivalents at end of period $ 512,407 $ 560,806