XML 36 R33.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Summary of Significant Accounting Policies Revenue, Initial Application Period Cumulative Effect Transition (Tables)
 12 Months Ended
Nov. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] We recorded the following cumulative effect adjustment to increase beginning retained earnings as of December 1, 2018 (in thousands):
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

Property and equipment, net
 
24,283

 
31,194

 
55,477

Deferred tax assets, net
 
441,820

 
(4,024
)
 
437,796

Financial services
 
12,380

 
19,728

 
32,108

Stockholders’ equity:
 
 
 
 
 
 
Retained earnings
 
1,897,168

 
11,610

 
1,908,778


The impacts of adopting ASC 606 on our consolidated statements of operations for the year ended November 30, 2019 and consolidated balance sheet as of November 30, 2019 were as follows (in thousands, except per share amounts):
 
 
Year ended November 30, 2019
Statement of Operations
 
As Reported
 
Amounts without the Adoption of ASC 606
 
Effect of Change
Higher/(Lower)
Homebuilding:
 
 
 
 
 
 
Revenues
 
$
4,537,658

 
$
4,534,716

 
$
2,942

Construction and land costs
 
(3,708,928
)
 
(3,740,337
)
 
(31,409
)
Selling, general and administrative expenses
 
(497,350
)
 
(464,105
)
 
33,245

Operating income
 
331,380

 
330,274

 
1,106

Financial services:
 
 
 
 
 
 
Revenues
 
15,089

 
14,211

 
878

Total pretax income
 
348,175

 
346,191

 
1,984

Income tax expense
 
(79,400
)
 
(78,900
)
 
500

Net income
 
268,775

 
267,291

 
1,484

Diluted earnings per share
 
2.85

 
2.85

 
—

 
 
As of November 30, 2019
Balance Sheet
 
As Reported
 
Amounts without the Adoption of ASC 606
 
Effect of Change
Higher/(Lower)
Assets
 
 
 
 
 
 
Homebuilding:
 
 
 
 
 
 
Inventories
 
$
3,704,602

 
$
3,746,567

 
$
(41,965
)
Deferred tax assets, net
 
364,493

 
369,017

 
(4,524
)
Property and equipment, net
 
65,043

 
26,067

 
38,976

Financial services
 
38,396

 
17,790

 
20,606

Stockholders’ equity:
 
 
 
 
 
 
Retained earnings
 
2,157,183

 
2,144,090

 
13,093