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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
May 31, 2020
May 31, 2019
Cash flows from operating activities:    
Net income $ 111,737 $ 77,472
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Equity in income of unconsolidated joint ventures (18,078) (2,527)
Distributions of earnings from unconsolidated joint ventures 15,150 3,550
Amortization of discounts, premiums and issuance costs 1,234 2,597
Depreciation and amortization 14,510 12,780
Deferred income taxes 23,800 13,401
Stock-based compensation 8,131 9,966
Inventory impairments and land option contract abandonments 10,051 7,892
Changes in assets and liabilities:    
Receivables 19,286 (5,408)
Inventories 100,077 (253,473)
Accounts payable, accrued expenses and other liabilities (117,274) (41,440)
Other, net (13,930) (5,144)
Net cash provided by (used in) operating activities 154,694 (180,334)
Cash flows from investing activities:    
Contributions to unconsolidated joint ventures (3,586) (4,245)
Return of investments in unconsolidated joint ventures 500 5,001
Proceeds from sale of building 0 5,804
Purchases of property and equipment, net (15,224) (22,264)
Net cash used in investing activities (18,310) (15,704)
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 (630,000)
Borrowings under revolving credit facility 0 330,000
Repayments under revolving credit facility 0 (280,000)
Payments on mortgages and land contracts due to land sellers and other loans (1,063) (28,020)
Issuance of common stock under employee stock plans 8,404 16,462
Tax payments associated with stock-based compensation awards (6,219) (3,345)
Payments of cash dividends (16,331) (4,455)
Net cash used in financing activities (15,209) (199,317)
Net increase (decrease) in cash and cash equivalents 121,175 (395,355)
Cash and cash equivalents at beginning of period 454,858 575,119
Cash and cash equivalents at end of period $ 576,033 $ 179,764