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Basis of Presentation and Significant Accounting Policies Basis of Presentation and Significant Accounting Policies (Tables)
 6 Months Ended
May 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of New Accounting Pronouncements
The impacts of adopting ASC 606 on our consolidated statements of operations for the three months and six months ended May 31, 2019 and consolidated balance sheet as of May 31, 2019 were as follows (in thousands, except per share amounts):
 
 
Three Months Ended May 31, 2019
 
Six Months Ended May 31, 2019
Statement of Operations
 
As Reported
 
Amounts without the Adoption of ASC 606
 
Effect of Change
Higher/(Lower)
 
As Reported
 
Amounts without the Adoption of ASC 606
 
Effect of Change
Higher/(Lower)
Homebuilding:
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
$
1,018,671

 
$
1,017,934

 
$
737

 
$
1,827,459

 
$
1,826,089

 
$
1,370

Construction and land costs
 
(843,744
)
 
(850,855
)
 
(7,111
)
 
(1,514,599
)
 
(1,526,970
)
 
(12,371
)
Selling, general and administrative expenses
 
(122,828
)
 
(114,638
)
 
8,190

 
(229,422
)
 
(213,919
)
 
15,503

Operating income
 
52,099

 
52,441

 
(342
)
 
83,438

 
85,200

 
(1,762
)
Financial services:
 
 
 
 
 
 
 
 
 
 
 

Revenues
 
3,132

 
3,025

 
107

 
5,827

 
5,615

 
212

Total pretax income
 
56,761

 
56,996

 
(235
)
 
91,272

 
92,822

 
(1,550
)
Income tax expense
 
(9,300
)
 
(9,400
)
 
(100
)
 
(13,800
)
 
(14,200
)
 
(400
)
Net income
 
47,461

 
47,596

 
(135
)
 
77,472

 
78,622

 
(1,150
)
Diluted earnings per share
 
.51

 
.52

 
(.01
)
 
.82

 
.83

 
(.01
)
 
 
As of May 31, 2019
Balance Sheet
 
As Reported
 
Amounts without the Adoption of ASC 606
 
Effect of Change
Higher/(Lower)
Assets
 
 
 
 
 
 
Homebuilding:
 
 
 
 
 
 
Inventories
 
$
3,780,853

 
$
3,824,765

 
$
(43,912
)
Deferred tax assets, net
 
424,395

 
428,019

 
(3,624
)
Property and equipment, net
 
61,221

 
23,165

 
38,056

Financial services
 
30,720

 
10,780

 
19,940

Stockholders’ equity:
 
 
 
 
 
 
Retained earnings
 
1,981,795

 
1,971,335

 
10,460

Balance Sheet
 
Balance at November 30, 2018
 
Adjustments due to ASC 606
 
Balance at December 1, 2018
Assets
 
 
 
 
 
 
Homebuilding:
 
 
 
 
 
 
Inventories
 
$
3,582,839

 
$
(35,288
)
 
$
3,547,551

Deferred tax assets, net
 
441,820

 
(4,024
)
 
437,796

Property and equipment, net
 
24,283

 
31,194

 
55,477

Financial services
 
12,380

 
19,728

 
32,108

Stockholders’ equity:
 
 
 
 
 
 
Retained earnings
 
1,897,168

 
11,610

 
1,908,778