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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Aug. 31, 2019
Aug. 31, 2018
Cash flows from operating activities:    
Net income $ 145,608 $ 73,529
Adjustments to reconcile net income to net cash used in operating activities:    
Equity in income of unconsolidated joint ventures (5,859) (6,691)
Distributions of earnings from unconsolidated joint ventures 6,450 6,297
Amortization of discounts, premiums and issuance costs 3,500 4,677
Depreciation and amortization 19,825 1,882
Deferred income taxes 35,701 164,668
Stock-based compensation 14,479 12,149
Inventory impairments and land option contract abandonments 13,143 19,925
Changes in assets and liabilities:    
Receivables 2,788 (36,030)
Inventories (389,461) (370,048)
Accounts payable, accrued expenses and other liabilities 4,965 84,885
Other, net (3,283) (4,751)
Net cash used in operating activities (152,144) (49,508)
Cash flows from investing activities:    
Contributions to unconsolidated joint ventures (7,656) (15,640)
Return of investments in unconsolidated joint ventures 5,001 9,934
Proceeds from sale of building 5,800 0
Purchases of property and equipment, net (32,211) (4,137)
Net cash used in investing activities (29,062) (9,843)
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 (630,000) (300,000)
Borrowings under revolving credit facility 460,000 70,000
Repayments under revolving credit facility (410,000) (70,000)
Payments on mortgages and land contracts due to land sellers and other loans (32,149) (10,494)
Issuance of common stock under employee stock plans 18,729 17,433
Tax payments associated with stock-based compensation awards (3,345) (6,787)
Payments of cash dividends (12,352) (6,686)
Net cash used in financing activities (209,076) (306,534)
Net decrease in cash and cash equivalents (390,282) (365,885)
Cash and cash equivalents at beginning of period 575,119 720,861
Cash and cash equivalents at end of period $ 184,837 $ 354,976