Income Taxes (Tables)

12 Months Ended

Nov. 30, 2021

Income Tax Disclosure [Abstract]

Schedule of Component of Income Tax Benefit (Expense) in the Consolidated Statement of Operations

The components of the income tax expense in our consolidated statements of operations are as follows (in thousands):

	Federal		State		Total
2021
Current	$	(44,300)	$	(33,700)	$	(78,000)
Deferred	(47,200)		(5,400)		(52,600)
Income tax expense	$	(91,500)	$	(39,100)	$	(130,600)

	Federal		State		Total
2020
Current	$	(12,100)	$	(3,500)	$	(15,600)
Deferred	(36,200)		(16,000)		(52,200)
Income tax expense	$	(48,300)	$	(19,500)	$	(67,800)
2019
Current	$	(200)	$	(3,700)	$	(3,900)
Deferred	(53,800)		(21,700)		(75,500)
Income tax expense	$	(54,000)	$	(25,400)	$	(79,400)

Schedule of Components Of Deferred Tax Liabilities And Assets

Significant components of our deferred tax liabilities and assets are as follows (in thousands):

	November 30,
	2021		2020
Deferred tax liabilities:
Capitalized expenses	$	36,660	$	43,439
State taxes	20,558		22,562
Depreciation and amortization	3,926		2,714
Other	1,555		2,884
Total	62,699		71,599
Deferred tax assets:
NOLs from 2006 through 2021	73,662		79,987
Employee benefits	56,384		52,713
Warranty, legal and other accruals	54,826		41,319
Inventory impairment and land option contract abandonment charges	30,767		40,998
Capitalized expenses	26,849		19,903
Partnerships and joint ventures	8,265		8,733
Tax credits	4,634		75,108
Other	2,090		1,905
Total	257,477		320,666
Valuation allowance	(17,400)		(18,000)
Total	240,077		302,666
Deferred tax assets, net	$	177,378	$	231,067

Schedule of Income Tax Benefit Computed At The Statutory U.S. Federal Income Tax Rate And Income Tax Benefit (Expense) Provided In The Consolidated Statements Of Operations

The income tax expense computed at the statutory U.S. federal income tax rate and the income tax expense provided in our consolidated statements of operations differ as follows (dollars in thousands):

	Years Ended November 30,
	2021				2020				2019
	$		%		$		%		$		%
Income tax expense computed at statutory rate	$	(146,023)	(21.0)	%	$	(76,449)	(21.0)	%	$	(73,117)	(21.0)	%
Tax credits	49,522		7.1		18,734		5.1		6,595		1.9
Depreciation and amortization	5,872		.8		9,910		2.7		4,276		1.2
Valuation allowance for deferred tax assets	600		.1		1,200		.3		4,400		1.3
Non-deductible compensation	(9,241)		(1.3)		(4,812)		(1.3)		(4,653)		(1.3)
State taxes, net of federal income tax benefit	(31,378)		(4.5)		(16,395)		(4.4)		(20,927)		(6.0)
NOL reconciliation	—		—		—		—		3,111		.9
Other, net	48		—		12		—		915		.2
Income tax expense	$	(130,600)	(18.8)	%	$	(67,800)	(18.6)	%	$	(79,400)	(22.8)	%

Schedule of Reconciliation of the beginning and ending balances of the gross unrecognized benefits

A reconciliation of the beginning and ending balances of gross unrecognized tax benefits, excluding interest and penalties, is as follows (in thousands):

	Years Ended November 30,
	2021		2020		2019
Balance at beginning of year	$	—	$	—	$	—
Increase as a result of tax position taken in prior years	930		—		—
Balance at end of year	$	930	$	—	$	—