XML 23 R4.htm IDEA: XBRL DOCUMENT v3.20.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Feb. 29, 2020
Feb. 28, 2019
Cash flows from operating activities:    
Net income $ 59,748 $ 30,011
Adjustments to reconcile net income to net cash used in operating activities:    
Equity in income of unconsolidated joint ventures (5,127) (396)
Distributions of earnings from unconsolidated joint ventures 8,150 2,400
Amortization of discounts, premiums and issuance costs 613 1,468
Depreciation and amortization 7,316 6,446
Deferred income taxes 8,500 4,501
Stock-based compensation 4,950 4,152
Inventory impairments and land option contract abandonments 5,672 3,555
Changes in assets and liabilities:    
Receivables (4,195) (19,495)
Inventories (17,941) (154,083)
Accounts payable, accrued expenses and other liabilities (60,996) (70,057)
Other, net (16,556) (6,712)
Net cash used in operating activities (9,866) (198,210)
Cash flows from investing activities:    
Contributions to unconsolidated joint ventures (1,668) (2,527)
Return of investments in unconsolidated joint ventures 500 5,001
Proceeds from sale of building 0 5,804
Purchases of property and equipment, net (6,671) (10,025)
Net cash used in investing activities (7,839) (1,747)
Cash flows from financing activities:    
Proceeds from issuance of debt 0 405,250
Issuance costs for unsecured revolving credit facility 0 (5,209)
Repayment of senior notes 0 (230,000)
Borrowings under revolving credit facility 0 140,000
Repayments under revolving credit facility 0 (140,000)
Payments on mortgages and land contracts due to land sellers and other loans 0 (28,020)
Issuance of common stock under employee stock plans 8,226 832
Tax payments associated with stock-based compensation awards (6,219) (3,342)
Payments of cash dividends (8,233) (2,266)
Net cash provided by (used in) financing activities (6,226) 137,245
Net decrease in cash and cash equivalents (23,931) (62,712)
Cash and cash equivalents at beginning of period 454,858 575,119
Cash and cash equivalents at end of period $ 430,927 $ 512,407