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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Nov. 30, 2020
Nov. 30, 2019
Nov. 30, 2018
Cash flows from operating activities:      
Net income $ 296,243 $ 268,775 $ 170,365
Adjustments to reconcile net income to net cash provided by operating activities:      
Equity in income of unconsolidated joint ventures (33,628) (10,681) (9,367)
Proceeds from Equity Method Investment, Distribution 35,649 6,450 9,047
Amortization of discounts, premiums and issuance costs 2,498 4,426 6,232
Depreciation and amortization 28,396 27,158 2,530
Deferred income taxes 50,304 73,303 191,817
Loss on early extinguishment of debt 0 6,800 0
Stock-based compensation 21,531 18,312 15,861
Inventory impairments and land option contract abandonments 28,669 17,291 28,994
Changes in assets and liabilities:      
Receivables 59,257 44,428 (49,778)
Inventories (183,233) (165,347) (270,126)
Accounts payable, accrued expenses and other liabilities 4,091 (40,583) 126,710
Other, net 901 710 (773)
Net cash provided by operating activities 310,678 251,042 221,512
Cash flows from investing activities:      
Contributions to unconsolidated joint ventures (10,373) (11,290) (22,671)
Return of investments in unconsolidated joint ventures 12,651 5,001 9,934
Proceeds from sale of building 0 5,804 0
Purchases of property and equipment, net (28,841) (40,459) (7,370)
Net cash used in investing activities (26,563) (40,944) (20,107)
Cash flows from financing activities:      
Proceeds from issuance of debt 0 705,250 0
Repayment of senior notes 0 (986,231) (300,000)
Payment of issuance costs 0 (11,128) 0
Borrowings under revolving credit facility 0 610,000 70,000
Repayments under revolving credit facility 0 (610,000) (70,000)
Payments on mortgages and land contracts due to land sellers and other loans (24,934) (41,116) (14,751)
Issuance of common stock under employee stock plans 16,058 30,524 20,011
Stock repurchases 0 0 (35,039)
Tax payments associated with stock-based compensation awards (9,503) (7,288) (8,476)
Payments of cash dividends (38,065) (20,370) (8,892)
Net cash used in financing activities (56,444) (330,359) (347,147)
Net increase (decrease) in cash and cash equivalents 227,671 (120,261) (145,742)
Cash and cash equivalents at beginning of year 454,858 575,119 720,861
Cash and cash equivalents at end of year $ 682,529 $ 454,858 $ 575,119