Income Taxes (Tables)

12 Months Ended

Nov. 30, 2016

Component of income tax benefit (expense) in the consolidated statement of operations

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



	Federal			State			Total
2016
Current	$	(1,900	)	$	(1,000	)	$	(2,900	)
Deferred	(28,700		)	(12,100		)	(40,800		)
Income tax expense	$	(30,600	)	$	(13,100	)	$	(43,700	)

2015
Current	$	(1,400	)	$	(2,000	)	$	(3,400	)
Deferred	(35,900		)	(3,100		)	(39,000		)
Income tax expense	$	(37,300	)	$	(5,100	)	$	(42,400	)

2014
Current	$	100		$	(1,900	)	$	(1,800	)
Deferred	646,000			179,200			825,200
Income tax benefit	$	646,100		$	177,300		$	823,400

Components of deferred tax liabilities and assets

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



	November 30,
	2016		2015
Deferred tax liabilities:
Capitalized expenses	$	116,551	$	110,408
State taxes	65,766		68,866
Other	286		196
Total	$	182,603	$	179,470



	November 30,
	2016			2015
Deferred tax assets:
NOLs from 2006 through 2016	$	350,329		$	423,274
Tax credits	197,766			186,169
Inventory impairment and land option contract abandonment charges	176,555			179,828
Employee benefits	102,321			93,395
Warranty, legal and other accruals	51,448			49,655
Capitalized expenses	36,950			34,887
Partnerships and joint ventures	16,293			18,557
Depreciation and amortization	8,530			9,146
Other	6,196			4,537
Total	946,388			999,448
Valuation allowance	(24,800		)	(37,782		)
Total	921,588			961,666
Deferred tax assets, net	$	738,985		$	782,196

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



	Years Ended November 30,
	2016					2015					2014
	$			%		$			%		$			%
Income tax expense computed at statutory rate	$	(52,260	)	(35.0	)%	$	(44,462	)	(35.0	)%	$	(33,232	)	(35.0	)%
Valuation allowance for deferred tax assets	12,982			8.7		3,356			2.6		825,232			869.1
Tax credits	4,447			3.0		6,926			5.5		1,875			2.0
Depreciation and amortization	1,842			1.2		3,183			2.5		15,765			16.6
Basis in unconsolidated joint ventures	(86		)	(0.1	)	1,617			1.3		10,441			11.0
NOL reconciliation	(3,691		)	(2.5	)	(3,379		)	(2.7	)	12,973			13.7
State taxes, net of federal income tax benefit	(7,511		)	(5.0	)	(5,155		)	(4.1	)	(13,907		)	(14.7	)
Other, net	577			.4		(4,486		)	(3.5	)	4,253			4.5
Income tax benefit (expense)	$	(43,700	)	(29.3	)%	$	(42,400	)	(33.4	)%	$	823,400		867.2	%

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, excluding interest and penalties, is as follows (in thousands):



	Years Ended November 30,
	2016		2015			2014
Balance at beginning of year	$	56	$	206		$	206
Reductions due to lapse of statute of limitations	—		(150		)	—
Balance at end of year	$	56	$	56		$	206