XML 69 R57.htm IDEA: XBRL DOCUMENT v3.24.1
Investments in Unconsolidated Joint Ventures (Financial Information for Unconsolidated Joint Ventures) (Details)
$ in Thousands
3 Months Ended
Feb. 29, 2024
USD ($)
joint_venture
Feb. 28, 2023
USD ($)
Nov. 30, 2023
USD ($)
joint_venture
Nov. 30, 2022
USD ($)
Schedule of Equity Method Investments [Line Items]        
Number of investments in unconsolidated joint ventures | joint_venture 6   6  
Statements of operations of unconsolidated joint venture        
Net income $ 138,665 $ 125,500    
Assets        
Total assets 6,683,492   $ 6,648,362  
Liabilities and equity        
Equity 3,882,670 3,695,463 3,810,140 $ 3,660,795
Total liabilities and stockholders’ equity $ 6,683,492   $ 6,648,362  
Number of joint ventures with funding commitments | joint_venture 1   1  
Number of other unconsolidated joint ventures with outstanding debt | joint_venture 0   0  
Homebuilding        
Assets        
Cash and cash equivalents $ 668,084   $ 727,076  
Other assets 93,411   96,987  
Total assets 6,625,086   6,591,483  
Financial services        
Assets        
Cash and cash equivalents 211   266  
Other assets [1] 35,741   34,476  
Total assets 58,406   56,879  
Financial services | Interest Rate Lock Commitments        
Liabilities and equity        
Derivative asset, notional amount 16,700   13,900  
Change in fair value included in gain (loss) on sale of mortgage loans held for sale 2,900 (1,500)    
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Unsecured revolving credit facility        
Liabilities and equity        
Line of credit facility, current borrowing capacity $ 62,000      
Unsecured revolving credit facility, expiration date Apr. 19, 2026      
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Homebuilding        
Statements of operations of unconsolidated joint venture        
Revenues $ 0 0    
Construction and land costs 0 0    
Other expense, net (854) (1,453)    
Net income (854) (1,453)    
Assets        
Cash 10,438   16,260  
Receivables 3,474   3,437  
Inventories 163,450   152,456  
Other assets 1,267   679  
Total assets 178,629   172,832  
Liabilities and equity        
Accounts payable and other liabilities 5,830   9,632  
Notes payable [2] 60,646   53,386  
Equity 112,153   109,814  
Total liabilities and stockholders’ equity 178,629   172,832  
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Financial services        
Statements of operations of unconsolidated joint venture        
Revenues 30,412 20,190    
Other expense, net (16,301) (17,025)    
Net income 14,111 $ 3,165    
Assets        
Cash and cash equivalents 26,244   29,163  
Mortgage loans held for sale 105,621   164,252  
Other assets 22,024   18,380  
Total assets 153,889   211,795  
Liabilities and equity        
Accounts payable and other liabilities 12,361   13,763  
Funding facilities 101,710   159,324  
Equity 39,818   38,708  
Total liabilities and stockholders’ equity $ 153,889   $ 211,795  
[1] Other assets at February 29, 2024 and November 30, 2023 included $35.7 million and $34.4 million, respectively, of contract assets for estimated future renewal commissions.
[2] As of both February 29, 2024 and November 30, 2023, one of our unconsolidated joint ventures had borrowings outstanding under a revolving line of credit it entered into with a third-party lender in April 2022 to finance its land acquisition, development and construction activities. Borrowings under this line of credit, which has a maximum commitment of $62.0 million, are secured by the underlying property and related project assets. The line of credit is scheduled to mature on April 19, 2026, unless extended or terminated pursuant to its applicable terms. None of our other unconsolidated joint ventures had outstanding debt at February 29, 2024 or November 30, 2023