Income Taxes (Tables)

12 Months Ended

Nov. 30, 2022

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
2022
Current	$	(194,400)	$	(49,500)	$	(243,900)
Deferred	(2,900)		(8,600)		(11,500)
Income tax expense	$	(197,300)	$	(58,100)	$	(255,400)
2021
Current	$	(44,300)	$	(33,700)	$	(78,000)
Deferred	(47,200)		(5,400)		(52,600)
Income tax expense	$	(91,500)	$	(39,100)	$	(130,600)
2020
Current	$	(12,100)	$	(3,500)	$	(15,600)
Deferred	(36,200)		(16,000)		(52,200)
Income tax expense	$	(48,300)	$	(19,500)	$	(67,800)

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,
	2022		2021
Deferred tax liabilities:
Capitalized expenses	$	32,646	$	36,660
State taxes	18,698		20,558
Depreciation and amortization	8,628		3,926
Other	416		1,555
Total	60,388		62,699

	November 30,
	2022		2021
Deferred tax assets:
Warranty, legal and other accruals	$	63,424	$	54,826
NOLs from 2006 through 2022	60,680		73,662
Employee benefits	55,382		56,384
Inventory impairment and land option contract abandonment charges	24,871		30,767
Capitalized expenses	24,665		26,849
Partnerships and joint ventures	7,386		8,265
Tax credits	—		4,634
Other	1,948		2,090
Total	238,356		257,477
Valuation allowance	(17,100)		(17,400)
Total	221,256		240,077
Deferred tax assets, net	$	160,868	$	177,378

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,
	2022				2021				2020
	$		%		$		%		$		%
Income tax expense computed at statutory rate	$	(225,121)	(21.0)	%	$	(146,023)	(21.0)	%	$	(76,449)	(21.0)	%
Tax credits	22,565		2.1		49,522		7.1		18,734		5.1
Depreciation and amortization	1,444		.2		5,872		.8		9,910		2.7
Valuation allowance for deferred tax assets	300		—		600		.1		1,200		.3
Non-deductible compensation	(7,905)		(0.7)		(9,241)		(1.3)		(4,812)		(1.3)
State taxes, net of federal income tax benefit	(46,139)		(4.3)		(31,378)		(4.5)		(16,395)		(4.4)
Other, net	(544)		(.1)		48		—		12		—
Income tax expense	$	(255,400)	(23.8)	%	$	(130,600)	(18.8)	%	$	(67,800)	(18.6)	%

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, including interest and penalties, is as follows (in thousands):

	Years Ended November 30,
	2022		2021		2020
Balance at beginning of year	$	930	$	—	$	—
Increase as a result of tax position taken in prior years	45		930		—
Balance at end of year	$	975	$	930	$	—