Property and Equipment, Net Property and Equipment, Net

9 Months Ended

Aug. 31, 2019

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):

	August 31, 2019			November 30, 2018
Computer software and equipment	$	25,580		$	20,940
Model furnishings and sales office improvements (a)	76,805			—
Leasehold improvements, office furniture and equipment (b)	15,790			23,491
Subtotal	118,175			44,431
Less accumulated depreciation (a)	(54,056		)	(20,148		)
Total	$	64,119		$	24,283

(a) The balance at August 31, 2019 reflects a change in the classification of certain community sales office and other marketing- and model home-related costs and related accumulated amortization from inventories to property and equipment, net due to our adoption of ASC 606 effective December 1, 2018, as described in Note 1 – Basis of Presentation and Significant Accounting Policies.

(b)

In January 2019, we completed the sale and leaseback of our office building in San Antonio, Texas. The sale generated net cash proceeds of $5.8 million and a gain of $2.2 million, which will be recognized on a straight-line basis over a 10-year lease term until our adoption of ASC 842, when the remaining gain will be recognized as a transition adjustment to retained earnings.