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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
May 31, 2019
May 31, 2018
Cash flows from operating activities:    
Net income (loss) $ 77,472 $ (13,947)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Equity in income of unconsolidated joint ventures (2,527) (613)
Distributions of earnings from unconsolidated joint ventures 3,550 5,147
Amortization of discounts, premiums and issuance costs 2,597 3,125
Depreciation and amortization 12,780 1,251
Deferred income taxes 13,401 137,668
Stock-based compensation 9,966 8,795
Inventory impairments and land option contract abandonments 7,892 11,511
Changes in assets and liabilities:    
Receivables (5,408) (31,218)
Inventories (253,473) (152,799)
Accounts payable, accrued expenses and other liabilities (41,440) 18,369
Other, net (5,144) (6,658)
Net cash used in operating activities (180,334) (19,369)
Cash flows from investing activities:    
Contributions to unconsolidated joint ventures (4,245) (11,600)
Return of investments in unconsolidated joint ventures 5,001 1,099
Proceeds from sale of building 5,804 0
Purchases of property and equipment, net (22,264) (3,427)
Net cash used in investing activities (15,704) (13,928)
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) 0
Borrowings under revolving credit facility 330,000 0
Repayments under revolving credit facility (280,000) 0
Payments on mortgages and land contracts due to land sellers and other loans (28,020) (10,494)
Issuance of common stock under employee stock plans 16,462 4,771
Tax payments associated with stock-based compensation awards (3,345) (6,787)
Payments of cash dividends (4,455) (4,500)
Net cash used in financing activities (199,317) (17,010)
Net decrease in cash and cash equivalents (395,355) (50,307)
Cash and cash equivalents at beginning of period 575,119 720,861
Cash and cash equivalents at end of period $ 179,764 $ 670,554