Financial Services

12 Months Ended

Nov. 30, 2019

The following tables present financial information relating to our financial services reporting segment (in thousands):



	Years Ended November 30,
	2019			2018			2017
Revenues
Insurance commissions	$	8,662		$	7,535		$	6,991
Title services	6,421			5,672			5,268
Interest income	6			—			5
Total	15,089			13,207			12,264
Expenses
General and administrative	(4,333		)	(3,844		)	(3,430		)
Operating income	10,756			9,363			8,834
Equity in income of unconsolidated joint ventures	12,230			7,301			4,234
Pretax income	$	22,986		$	16,664		$	13,068



	November 30,
	2019		2018
Assets
Cash and cash equivalents	$	1,044	$	760
Receivables	2,232		2,885
Investments in unconsolidated joint ventures	14,374		8,594
Other assets (a)	20,746		141
Total assets	$	38,396	$	12,380
Liabilities
Accounts payable and accrued expenses	$	2,058	$	1,495
Total liabilities	$	2,058	$	1,495


(a)	Other assets at November 30, 2019 included $20.6 million of contract assets for estimated future renewal commissions due to our adoption of ASC 606 effective December 1, 2018, as described in Note 1 – Summary of Significant Accounting Policies.

On July 9, 2019, the parent company of Stearns, our partner in KBHS, filed a voluntary bankruptcy petition in the United States Bankruptcy Court, Southern District of New York, with Stearns included as a debtor in the case. KBHS was not included in the filing. On October 24, 2019, the court confirmed Stearns’ parent company’s plan of reorganization under which, among other things, one of its largest owners took full control of the reorganized company and invested significant new equity capital in the business. The confirmed plan of reorganization became effective on November 5, 2019. During the pendency of the bankruptcy proceedings, KBHS provided mortgage banking services to our homebuyers consistent with its pre-filing performance and there was no consolidated financial statement impact.