Income Taxes (Tables)

12 Months Ended

Nov. 30, 2023

Income Tax Disclosure [Abstract]

Schedule of Component of Income Tax Benefit (Expense) in the Consolidated Statement of Operations

The components of the income tax expense in our consolidated statements of operations are as follows (in thousands):

	Federal		State		Total
2023
Current	$	(123,200)	$	(17,200)	$	(140,400)
Deferred	(8,400)		(32,300)		(40,700)
Income tax expense	$	(131,600)	$	(49,500)	$	(181,100)
2022
Current	$	(194,400)	$	(49,500)	$	(243,900)
Deferred	(2,900)		(8,600)		(11,500)
Income tax expense	$	(197,300)	$	(58,100)	$	(255,400)
2021
Current	$	(44,300)	$	(33,700)	$	(78,000)
Deferred	(47,200)		(5,400)		(52,600)
Income tax expense	$	(91,500)	$	(39,100)	$	(130,600)

Schedule of Components Of Deferred Tax Liabilities And Assets

Significant components of our deferred tax liabilities and assets are as follows (in thousands):

	November 30,
	2023		2022
Deferred tax liabilities:
Capitalized expenses	$	29,395	$	32,646
State taxes	12,152		18,698
Depreciation and amortization	8,179		8,628
Other	374		416
Total	50,100		60,388
Deferred tax assets:
Warranty, legal and other accruals	53,805		63,424
Employee benefits	51,325		55,382
NOLs from 2006 through 2023	33,827		60,680
Capitalized expenses	22,538		24,665
Inventory impairment and land option contract abandonment charges	15,878		24,871
Partnerships and joint ventures	6,193		7,386
Tax credits	1,857		—
Other	1,052		1,948
Total	186,475		238,356
Valuation allowance	(16,900)		(17,100)
Total	169,575		221,256
Deferred tax assets, net	$	119,475	$	160,868

Schedule of Income Tax Benefit Computed At The Statutory U.S. Federal Income Tax Rate And Income Tax Benefit (Expense) Provided In The Consolidated Statements Of Operations

The income tax expense computed at the statutory U.S. federal income tax rate and the income tax expense provided in our consolidated statements of operations differ as follows (dollars in thousands):

	Years Ended November 30,
	2023				2022				2021
	$		%		$		%		$		%
Income tax expense computed at statutory rate	$	(161,982)	(21.0)	%	$	(225,121)	(21.0)	%	$	(146,023)	(21.0)	%
Tax credits	25,218		3.3		22,565		2.1		49,522		7.1
Depreciation and amortization	4,443		.6		1,444		.2		5,872		.8
Valuation allowance for deferred tax assets	200		—		300		—		600		.1
Non-deductible compensation	(9,975)		(1.3)		(7,905)		(.7)		(9,241)		(1.3)
State taxes, net of federal income tax benefit	(39,307)		(5.1)		(46,139)		(4.3)		(31,378)		(4.5)
Other, net	303		—		(544)		(.1)		48		—
Income tax expense	$	(181,100)	(23.5)	%	$	(255,400)	(23.8)	%	$	(130,600)	(18.8)	%

Schedule of Reconciliation of the beginning and ending balances of the gross unrecognized benefits

A reconciliation of the beginning and ending balances of gross unrecognized tax benefits, including interest and penalties, is as follows (in thousands):

	Years Ended November 30,
	2023		2022		2021
Balance at beginning of year	$	975	$	930	$	—
Increase related to prior years’ tax positions	1,401		45		930
Balance at end of year	$	2,376	$	975	$	930