XML 16 R5.htm IDEA: XBRL DOCUMENT v3.23.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Cash flows from operating activities:    
Net income $ 439,875 $ 600,256
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Equity in income of unconsolidated joint ventures (9,975) (19,696)
Distributions of earnings from unconsolidated joint ventures 12,172 10,679
Amortization of debt issuance costs and premiums 2,525 1,884
Depreciation and amortization 26,986 23,861
Deferred income taxes 14,900 21,100
Loss on early extinguishment of debt 0 3,598
Stock-based compensation 23,934 22,944
Inventory impairments and land option contract abandonments 10,207 9,371
Changes in assets and liabilities:    
Receivables (1,581) (40,530)
Inventories 355,280 (954,231)
Accounts payable, accrued expenses and other liabilities (100,486) 94,688
Other, net (1,314) 2,077
Net cash provided by (used in) operating activities 772,523 (223,999)
Cash flows from investing activities:    
Contributions to unconsolidated joint ventures (23,461) (21,609)
Return of investments in unconsolidated joint ventures 5,100 1,255
Purchases of property and equipment, net (26,412) (33,766)
Net cash used in investing activities (44,773) (54,120)
Cash flows from financing activities:    
Proceeds from issuance of debt 0 350,000
Repayment of senior notes 0 (353,598)
Payment of issuance costs 0 (10,695)
Borrowings under revolving credit facility 170,000 1,485,000
Repayments under revolving credit facility (320,000) (1,135,000)
Payments on mortgages and land contracts due to land sellers and other loans (3,188) (400)
Issuance of common stock under employee stock plans 8,608 0
Stock repurchases (249,588) (100,000)
Tax payments associated with stock-based compensation awards (9,748) (12,153)
Payments of cash dividends (41,635) (39,914)
Net cash provided by (used in) financing activities (445,551) 183,240
Net increase (decrease) in cash and cash equivalents 282,199 (94,879)
Cash and cash equivalents at beginning of period 330,198 292,136
Cash and cash equivalents at end of period $ 612,397 $ 197,257