Balance Sheet | Balance at November 30, 2018 | Adjustments due to ASC 606 | Balance at December 1, 2018 | |||||||||
Assets | ||||||||||||
Homebuilding: | ||||||||||||
Inventories | $ | 3,582,839 | $ | (35,288 | ) | $ | 3,547,551 | |||||
Property and equipment, net | 24,283 | 31,194 | 55,477 | |||||||||
Deferred tax assets, net | 441,820 | (4,024 | ) | 437,796 | ||||||||
Financial services | 12,380 | 19,728 | 32,108 | |||||||||
Stockholders\u2019 equity: | ||||||||||||
Retained earnings | 1,897,168 | 11,610 | 1,908,778 |
Year ended November 30, 2019 | ||||||||||||
Statement of Operations | As Reported | Amounts without the Adoption of ASC 606 | Effect of Change Higher/(Lower) | |||||||||
Homebuilding: | ||||||||||||
Revenues | $ | 4,537,658 | $ | 4,534,716 | $ | 2,942 | ||||||
Construction and land costs | (3,708,928 | ) | (3,740,337 | ) | (31,409 | ) | ||||||
Selling, general and administrative expenses | (497,350 | ) | (464,105 | ) | 33,245 | |||||||
Operating income | 331,380 | 330,274 | 1,106 | |||||||||
Financial services: | ||||||||||||
Revenues | 15,089 | 14,211 | 878 | |||||||||
Total pretax income | 348,175 | 346,191 | 1,984 | |||||||||
Income tax expense | (79,400 | ) | (78,900 | ) | 500 | |||||||
Net income | 268,775 | 267,291 | 1,484 | |||||||||
Diluted earnings per share | 2.85 | 2.85 | \u2014 |
As of November 30, 2019 | ||||||||||||
Balance Sheet | As Reported | Amounts without the Adoption of ASC 606 | Effect of Change Higher/(Lower) | |||||||||
Assets | ||||||||||||
Homebuilding: | ||||||||||||
Inventories | $ | 3,704,602 | $ | 3,746,567 | $ | (41,965 | ) | |||||
Deferred tax assets, net | 364,493 | 369,017 | (4,524 | ) | ||||||||
Property and equipment, net | 65,043 | 26,067 | 38,976 | |||||||||
Financial services | 38,396 | 17,790 | 20,606 | |||||||||
Stockholders\u2019 equity: | ||||||||||||
Retained earnings | 2,157,183 | 2,144,090 | 13,093 |
Balance Sheet | Balance at November 30, 2018 | Adjustments due to ASC 606 | Balance at December 1, 2018 | |||||||||
Assets | ||||||||||||
Homebuilding: | ||||||||||||
Inventories | $ | 3,582,839 | $ | (35,288 | ) | $ | 3,547,551 | |||||
Property and equipment, net | 24,283 | 31,194 | 55,477 | |||||||||
Deferred tax assets, net | 441,820 | (4,024 | ) | 437,796 | ||||||||
Financial services | 12,380 | 19,728 | 32,108 | |||||||||
Stockholders\u2019 equity: | ||||||||||||
Retained earnings | 1,897,168 | 11,610 | 1,908,778 |
Year ended November 30, 2019 | ||||||||||||
Statement of Operations | As Reported | Amounts without the Adoption of ASC 606 | Effect of Change Higher/(Lower) | |||||||||
Homebuilding: | ||||||||||||
Revenues | $ | 4,537,658 | $ | 4,534,716 | $ | 2,942 | ||||||
Construction and land costs | (3,708,928 | ) | (3,740,337 | ) | (31,409 | ) | ||||||
Selling, general and administrative expenses | (497,350 | ) | (464,105 | ) | 33,245 | |||||||
Operating income | 331,380 | 330,274 | 1,106 | |||||||||
Financial services: | ||||||||||||
Revenues | 15,089 | 14,211 | 878 | |||||||||
Total pretax income | 348,175 | 346,191 | 1,984 | |||||||||
Income tax expense | (79,400 | ) | (78,900 | ) | 500 | |||||||
Net income | 268,775 | 267,291 | 1,484 | |||||||||
Diluted earnings per share | 2.85 | 2.85 | \u2014 |
As of November 30, 2019 | ||||||||||||
Balance Sheet | As Reported | Amounts without the Adoption of ASC 606 | Effect of Change Higher/(Lower) | |||||||||
Assets | ||||||||||||
Homebuilding: | ||||||||||||
Inventories | $ | 3,704,602 | $ | 3,746,567 | $ | (41,965 | ) | |||||
Deferred tax assets, net | 364,493 | 369,017 | (4,524 | ) | ||||||||
Property and equipment, net | 65,043 | 26,067 | 38,976 | |||||||||
Financial services | 38,396 | 17,790 | 20,606 | |||||||||
Stockholders\u2019 equity: | ||||||||||||
Retained earnings | 2,157,183 | 2,144,090 | 13,093 |
Balance Sheet | Balance at November 30, 2018 | Adjustments due to ASC 606 | Balance at December 1, 2018 | |||||||||
Assets | ||||||||||||
Homebuilding: | ||||||||||||
Inventories | $ | 3,582,839 | $ | (35,288 | ) | $ | 3,547,551 | |||||
Property and equipment, net | 24,283 | 31,194 | 55,477 | |||||||||
Deferred tax assets, net | 441,820 | (4,024 | ) | 437,796 | ||||||||
Financial services | 12,380 | 19,728 | 32,108 | |||||||||
Stockholders\u2019 equity: | ||||||||||||
Retained earnings | 1,897,168 | 11,610 | 1,908,778 |
Year ended November 30, 2019 | ||||||||||||
Statement of Operations | As Reported | Amounts without the Adoption of ASC 606 | Effect of Change Higher/(Lower) | |||||||||
Homebuilding: | ||||||||||||
Revenues | $ | 4,537,658 | $ | 4,534,716 | $ | 2,942 | ||||||
Construction and land costs | (3,708,928 | ) | (3,740,337 | ) | (31,409 | ) | ||||||
Selling, general and administrative expenses | (497,350 | ) | (464,105 | ) | 33,245 | |||||||
Operating income | 331,380 | 330,274 | 1,106 | |||||||||
Financial services: | ||||||||||||
Revenues | 15,089 | 14,211 | 878 | |||||||||
Total pretax income | 348,175 | 346,191 | 1,984 | |||||||||
Income tax expense | (79,400 | ) | (78,900 | ) | 500 | |||||||
Net income | 268,775 | 267,291 | 1,484 | |||||||||
Diluted earnings per share | 2.85 | 2.85 | \u2014 |
As of November 30, 2019 | ||||||||||||
Balance Sheet | As Reported | Amounts without the Adoption of ASC 606 | Effect of Change Higher/(Lower) | |||||||||
Assets | ||||||||||||
Homebuilding: | ||||||||||||
Inventories | $ | 3,704,602 | $ | 3,746,567 | $ | (41,965 | ) | |||||
Deferred tax assets, net | 364,493 | 369,017 | (4,524 | ) | ||||||||
Property and equipment, net | 65,043 | 26,067 | 38,976 | |||||||||
Financial services | 38,396 | 17,790 | 20,606 | |||||||||
Stockholders\u2019 equity: | ||||||||||||
Retained earnings | 2,157,183 | 2,144,090 | 13,093 |
\u00a0 | Years Ended November\u00a030, | ||||||||||
\u00a0 | 2019 | 2018 | 2017 | ||||||||
Revenues: | |||||||||||
West Coast | $ | 1,912,146 | $ | 2,085,328 | $ | 2,186,411 | |||||
Southwest | 764,816 | 707,075 | 533,052 | ||||||||
Central | 1,267,892 | 1,239,305 | 1,188,839 | ||||||||
Southeast | 592,804 | 502,087 | 447,963 | ||||||||
Total | $ | 4,537,658 | $ | 4,533,795 | $ | 4,356,265 |
Pretax income (loss): | |||||||||||
West Coast | $ | 178,078 | $ | 240,337 | $ | 217,649 | |||||
Southwest | 111,016 | 91,017 | 45,540 | ||||||||
Central | 126,304 | 117,609 | 116,098 | ||||||||
Southeast | 18,550 | 7,624 | (509 | ) | |||||||
Corporate and other | (108,759 | ) | (105,286 | ) | (101,851 | ) | |||||
Total | $ | 325,189 | $ | 351,301 | $ | 276,927 | |||||
Equity in income (loss) of unconsolidated joint\u00a0ventures: | |||||||||||
West Coast | $ | (851 | ) | $ | (966 | ) | $ | (1,770 | ) | ||
Southwest | (697 | ) | 3,033 | 362 | |||||||
Central | \u2014 | \u2014 | \u2014 | ||||||||
Southeast | (1 | ) | (1 | ) | (1 | ) | |||||
Total | $ | (1,549 | ) | $ | 2,066 | $ | (1,409 | ) | |||
Inventory impairment and land option contract abandonment charges: | |||||||||||
West Coast | $ | 15,567 | $ | 20,381 | $ | 16,707 | |||||
Southwest | 408 | 432 | 3,445 | ||||||||
Central | 848 | 2,558 | 846 | ||||||||
Southeast | 468 | 5,623 | 4,234 | ||||||||
Total | $ | 17,291 | $ | 28,994 | $ | 25,232 | |||||
\u00a0 | November\u00a030, | ||||||
\u00a0 | 2019 | 2018 | |||||
Inventories: | |||||||
West Coast | $ | 1,795,088 | $ | 1,727,993 | |||
Southwest | 629,811 | 598,374 | |||||
Central | 889,179 | 865,184 | |||||
Southeast | 390,524 | 391,288 | |||||
Total | $ | 3,704,602 | $ | 3,582,839 | |||
Investments in unconsolidated joint ventures: | |||||||
West Coast | $ | 51,740 | $ | 56,128 | |||
Southwest | 2,792 | 3,327 | |||||
Central | \u2014 | \u2014 | |||||
Southeast | 2,506 | 2,505 | |||||
Total | $ | 57,038 | $ | 61,960 | |||
Assets: | |||||||
West Coast | $ | 1,925,192 | $ | 1,880,516 | |||
Southwest | 674,310 | 631,509 | |||||
Central | 1,035,563 | 1,017,490 | |||||
Southeast | 441,451 | 463,224 | |||||
Corporate and other | 900,570 | 1,068,452 | |||||
Total | $ | 4,977,086 | $ | 5,061,191 |
\u00a0 | Years Ended November\u00a030, | ||||||||||
\u00a0 | 2019 | 2018 | 2017 | ||||||||
Revenues: | |||||||||||
West Coast | $ | 1,912,146 | $ | 2,085,328 | $ | 2,186,411 | |||||
Southwest | 764,816 | 707,075 | 533,052 | ||||||||
Central | 1,267,892 | 1,239,305 | 1,188,839 | ||||||||
Southeast | 592,804 | 502,087 | 447,963 | ||||||||
Total | $ | 4,537,658 | $ | 4,533,795 | $ | 4,356,265 |
Pretax income (loss): | |||||||||||
West Coast | $ | 178,078 | $ | 240,337 | $ | 217,649 | |||||
Southwest | 111,016 | 91,017 | 45,540 | ||||||||
Central | 126,304 | 117,609 | 116,098 | ||||||||
Southeast | 18,550 | 7,624 | (509 | ) | |||||||
Corporate and other | (108,759 | ) | (105,286 | ) | (101,851 | ) | |||||
Total | $ | 325,189 | $ | 351,301 | $ | 276,927 | |||||
Equity in income (loss) of unconsolidated joint\u00a0ventures: | |||||||||||
West Coast | $ | (851 | ) | $ | (966 | ) | $ | (1,770 | ) | ||
Southwest | (697 | ) | 3,033 | 362 | |||||||
Central | \u2014 | \u2014 | \u2014 | ||||||||
Southeast | (1 | ) | (1 | ) | (1 | ) | |||||
Total | $ | (1,549 | ) | $ | 2,066 | $ | (1,409 | ) | |||
Inventory impairment and land option contract abandonment charges: | |||||||||||
West Coast | $ | 15,567 | $ | 20,381 | $ | 16,707 | |||||
Southwest | 408 | 432 | 3,445 | ||||||||
Central | 848 | 2,558 | 846 | ||||||||
Southeast | 468 | 5,623 | 4,234 | ||||||||
Total | $ | 17,291 | $ | 28,994 | $ | 25,232 | |||||
\u00a0 | November\u00a030, | ||||||
\u00a0 | 2019 | 2018 | |||||
Inventories: | |||||||
West Coast | $ | 1,795,088 | $ | 1,727,993 | |||
Southwest | 629,811 | 598,374 | |||||
Central | 889,179 | 865,184 | |||||
Southeast | 390,524 | 391,288 | |||||
Total | $ | 3,704,602 | $ | 3,582,839 | |||
Investments in unconsolidated joint ventures: | |||||||
West Coast | $ | 51,740 | $ | 56,128 | |||
Southwest | 2,792 | 3,327 | |||||
Central | \u2014 | \u2014 | |||||
Southeast | 2,506 | 2,505 | |||||
Total | $ | 57,038 | $ | 61,960 | |||
Assets: | |||||||
West Coast | $ | 1,925,192 | $ | 1,880,516 | |||
Southwest | 674,310 | 631,509 | |||||
Central | 1,035,563 | 1,017,490 | |||||
Southeast | 441,451 | 463,224 | |||||
Corporate and other | 900,570 | 1,068,452 | |||||
Total | $ | 4,977,086 | $ | 5,061,191 |
\u00a0 | Years Ended November\u00a030, | ||||||||||
\u00a0 | 2019 | 2018 | 2017 | ||||||||
Revenues | |||||||||||
Insurance commissions | $ | 8,662 | $ | 7,535 | $ | 6,991 | |||||
Title services | 6,421 | 5,672 | 5,268 | ||||||||
Interest income | 6 | \u2014 | 5 | ||||||||
Total | 15,089 | 13,207 | 12,264 | ||||||||
Expenses | |||||||||||
General and administrative | (4,333 | ) | (3,844 | ) | (3,430 | ) | |||||
Operating income | 10,756 | 9,363 | 8,834 | ||||||||
Equity in income of unconsolidated joint ventures | 12,230 | 7,301 | 4,234 | ||||||||
Pretax income | $ | 22,986 | $ | 16,664 | $ | 13,068 |
\u00a0 | November\u00a030, | ||||||
\u00a0 | 2019 | 2018 | |||||
Assets | |||||||
Cash and cash equivalents | $ | 1,044 | $ | 760 | |||
Receivables | 2,232 | 2,885 | |||||
Investments in unconsolidated joint ventures | 14,374 | 8,594 | |||||
Other assets (a) | 20,746 | 141 | |||||
Total assets | $ | 38,396 | $ | 12,380 | |||
Liabilities | |||||||
Accounts payable and accrued expenses | $ | 2,058 | $ | 1,495 | |||
Total liabilities | $ | 2,058 | $ | 1,495 |
(a) | Other assets at November 30, 2019 included $20.6 million of contract assets for estimated future renewal commissions due to our adoption of ASC 606 effective December 1, 2018, as described in Note 1 \u2013 Summary of Significant Accounting Policies. |
\u00a0 | Years Ended November\u00a030, | ||||||||||
\u00a0 | 2019 | 2018 | 2017 | ||||||||
Revenues | |||||||||||
Insurance commissions | $ | 8,662 | $ | 7,535 | $ | 6,991 | |||||
Title services | 6,421 | 5,672 | 5,268 | ||||||||
Interest income | 6 | \u2014 | 5 | ||||||||
Total | 15,089 | 13,207 | 12,264 | ||||||||
Expenses | |||||||||||
General and administrative | (4,333 | ) | (3,844 | ) | (3,430 | ) | |||||
Operating income | 10,756 | 9,363 | 8,834 | ||||||||
Equity in income of unconsolidated joint ventures | 12,230 | 7,301 | 4,234 | ||||||||
Pretax income | $ | 22,986 | $ | 16,664 | $ | 13,068 |
\u00a0 | November\u00a030, | ||||||
\u00a0 | 2019 | 2018 | |||||
Assets | |||||||
Cash and cash equivalents | $ | 1,044 | $ | 760 | |||
Receivables | 2,232 | 2,885 | |||||
Investments in unconsolidated joint ventures | 14,374 | 8,594 | |||||
Other assets (a) | 20,746 | 141 | |||||
Total assets | $ | 38,396 | $ | 12,380 | |||
Liabilities | |||||||
Accounts payable and accrued expenses | $ | 2,058 | $ | 1,495 | |||
Total liabilities | $ | 2,058 | $ | 1,495 |
\u00a0 | Years Ended November\u00a030, | ||||||||||
\u00a0 | 2019 | 2018 | 2017 | ||||||||
Numerator: | |||||||||||
Net income | $ | 268,775 | $ | 170,365 | $ | 180,595 | |||||
Less: Distributed earnings allocated to nonvested restricted stock | (123 | ) | (51 | ) | (56 | ) | |||||
Less: Undistributed earnings allocated to nonvested restricted stock | (1,505 | ) | (927 | ) | (1,121 | ) | |||||
Numerator for basic earnings per share | 267,147 | 169,387 | 179,418 | ||||||||
Effect of dilutive securities: | |||||||||||
Interest expense and amortization of debt issuance costs associated with convertible senior notes, net of taxes | 541 | 3,190 | 2,654 | ||||||||
Add: Undistributed earnings allocated to nonvested restricted stock | 1,505 | 927 | 1,121 | ||||||||
Less: Undistributed earnings reallocated to nonvested restricted stock | (1,412 | ) | (805 | ) | (979 | ) | |||||
Numerator for diluted earnings per share | $ | 267,781 | $ | 172,699 | $ | 182,214 | |||||
\u00a0 | Years Ended November\u00a030, | ||||||||||
\u00a0 | 2019 | 2018 | 2017 | ||||||||
Denominator: | |||||||||||
Weighted average shares outstanding \u2014 basic | 87,996 | 87,773 | 85,842 | ||||||||
Effect of dilutive securities: | |||||||||||
Share-based payments | 4,415 | 4,884 | 4,072 | ||||||||
Convertible senior notes | 1,427 | 8,402 | 8,402 | ||||||||
Weighted average shares outstanding \u2014 diluted | 93,838 | 101,059 | 98,316 | ||||||||
Basic earnings per share | $ | 3.04 | $ | 1.93 | $ | 2.09 | |||||
Diluted earnings per share | $ | 2.85 | $ | 1.71 | $ | 1.85 |
\u00a0 | Years Ended November\u00a030, | ||||||||||
\u00a0 | 2019 | 2018 | 2017 | ||||||||
Numerator: | |||||||||||
Net income | $ | 268,775 | $ | 170,365 | $ | 180,595 | |||||
Less: Distributed earnings allocated to nonvested restricted stock | (123 | ) | (51 | ) | (56 | ) | |||||
Less: Undistributed earnings allocated to nonvested restricted stock | (1,505 | ) | (927 | ) | (1,121 | ) | |||||
Numerator for basic earnings per share | 267,147 | 169,387 | 179,418 | ||||||||
Effect of dilutive securities: | |||||||||||
Interest expense and amortization of debt issuance costs associated with convertible senior notes, net of taxes | 541 | 3,190 | 2,654 | ||||||||
Add: Undistributed earnings allocated to nonvested restricted stock | 1,505 | 927 | 1,121 | ||||||||
Less: Undistributed earnings reallocated to nonvested restricted stock | (1,412 | ) | (805 | ) | (979 | ) | |||||
Numerator for diluted earnings per share | $ | 267,781 | $ | 172,699 | $ | 182,214 | |||||
\u00a0 | Years Ended November\u00a030, | ||||||||||
\u00a0 | 2019 | 2018 | 2017 | ||||||||
Denominator: | |||||||||||
Weighted average shares outstanding \u2014 basic | 87,996 | 87,773 | 85,842 | ||||||||
Effect of dilutive securities: | |||||||||||
Share-based payments | 4,415 | 4,884 | 4,072 | ||||||||
Convertible senior notes | 1,427 | 8,402 | 8,402 | ||||||||
Weighted average shares outstanding \u2014 diluted | 93,838 | 101,059 | 98,316 | ||||||||
Basic earnings per share | $ | 3.04 | $ | 1.93 | $ | 2.09 | |||||
Diluted earnings per share | $ | 2.85 | $ | 1.71 | $ | 1.85 |
\u00a0 | November\u00a030, | ||||||
\u00a0 | 2019 | 2018 | |||||
Due from utility companies, improvement districts and municipalities (a) | $ | 128,047 | $ | 113,434 | |||
Recoveries related to self-insurance and other legal claims | 80,729 | 138,261 | |||||
Refundable deposits and bonds | 10,925 | 14,115 | |||||
Other | 37,846 | 38,525 | |||||
Subtotal | 257,547 | 304,335 | |||||
Allowance for doubtful accounts | (8,492 | ) | (11,505 | ) | |||
Total | $ | 249,055 | $ | 292,830 |
\u00a0 | November\u00a030, | ||||||
\u00a0 | 2019 | 2018 | |||||
Due from utility companies, improvement districts and municipalities (a) | $ | 128,047 | $ | 113,434 | |||
Recoveries related to self-insurance and other legal claims | 80,729 | 138,261 | |||||
Refundable deposits and bonds | 10,925 | 14,115 | |||||
Other | 37,846 | 38,525 | |||||
Subtotal | 257,547 | 304,335 | |||||
Allowance for doubtful accounts | (8,492 | ) | (11,505 | ) | |||
Total | $ | 249,055 | $ | 292,830 |
\u00a0 | November\u00a030, | ||||||
\u00a0 | 2019 | 2018 | |||||
Homes completed or under construction | $ | 1,340,412 | $ | 1,125,152 | |||
Land under development | 2,213,713 | 2,219,936 | |||||
Land held for future development or sale (a) | 150,477 | 237,751 | |||||
Total | $ | 3,704,602 | $ | 3,582,839 |
(a) | Land held for sale totaled $19.3 million at November\u00a030, 2019 and $9.8 million at November\u00a030, 2018. |
\u00a0 | Years Ended November\u00a030, | ||||||||||
\u00a0 | 2019 | 2018 | 2017 | ||||||||
Capitalized interest at beginning of year | $ | 209,129 | $ | 262,191 | $ | 306,723 | |||||
Interest incurred | 143,412 | 149,698 | 171,486 | ||||||||
Interest expensed | \u2014 | \u2014 | (622 | ) | |||||||
Interest amortized to construction and land costs (a) | (156,803 | ) | (202,760 | ) | (215,396 | ) | |||||
Capitalized interest at end of year (b) | $ | 195,738 | $ | 209,129 | $ | 262,191 |
(a) | Interest amortized to construction and land costs for the years ended November\u00a030, 2019, 2018 and 2017 included $.7 million $4.8 million and $4.9 million, respectively, related to land sales during the periods. |
\u00a0 | November\u00a030, | ||||||
\u00a0 | 2019 | 2018 | |||||
Homes completed or under construction | $ | 1,340,412 | $ | 1,125,152 | |||
Land under development | 2,213,713 | 2,219,936 | |||||
Land held for future development or sale (a) | 150,477 | 237,751 | |||||
Total | $ | 3,704,602 | $ | 3,582,839 |
\u00a0 | Years Ended November\u00a030, | ||||||||||
\u00a0 | 2019 | 2018 | 2017 | ||||||||
Capitalized interest at beginning of year | $ | 209,129 | $ | 262,191 | $ | 306,723 | |||||
Interest incurred | 143,412 | 149,698 | 171,486 | ||||||||
Interest expensed | \u2014 | \u2014 | (622 | ) | |||||||
Interest amortized to construction and land costs (a) | (156,803 | ) | (202,760 | ) | (215,396 | ) | |||||
Capitalized interest at end of year (b) | $ | 195,738 | $ | 209,129 | $ | 262,191 |
(a) | Interest amortized to construction and land costs for the years ended November\u00a030, 2019, 2018 and 2017 included $.7 million $4.8 million and $4.9 million, respectively, related to land sales during the periods. |
Years Ended November 30, | ||||||
Unobservable Input (a) | 2019 | 2018 | 2017 | |||
Average selling price | $315,000\u00a0- $1,045,400 | $291,300\u00a0- $774,100 | $207,100\u00a0- $1,576,500 | |||
Deliveries per month | 1 - 4 | 2 - 6 | 1 - 4 | |||
Discount rate | 17% | 17% - 19% | 17% - 18% |
(a) | The ranges of inputs used in each period primarily reflect differences between the housing markets where each impacted community is located, rather than fluctuations in prevailing market conditions. |
Years Ended November 30, | ||||||
Unobservable Input (a) | 2019 | 2018 | 2017 | |||
Average selling price | $315,000\u00a0- $1,045,400 | $291,300\u00a0- $774,100 | $207,100\u00a0- $1,576,500 | |||
Deliveries per month | 1 - 4 | 2 - 6 | 1 - 4 | |||
Discount rate | 17% | 17% - 19% | 17% - 18% |
November\u00a030, 2019 | November\u00a030, 2018 | ||||||||||||||
Cash Deposits | Aggregate Purchase Price | Cash Deposits | Aggregate Purchase Price | ||||||||||||
Unconsolidated VIEs | $ | 34,595 | $ | 823,427 | $ | 26,542 | $ | 784,334 | |||||||
Other land option contracts and other similar contracts | 40,591 | 600,092 | 27,288 | 586,904 | |||||||||||
Total | $ | 75,186 | $ | 1,423,519 | $ | 53,830 | $ | 1,371,238 |
November\u00a030, 2019 | November\u00a030, 2018 | ||||||||||||||
Cash Deposits | Aggregate Purchase Price | Cash Deposits | Aggregate Purchase Price | ||||||||||||
Unconsolidated VIEs | $ | 34,595 | $ | 823,427 | $ | 26,542 | $ | 784,334 | |||||||
Other land option contracts and other similar contracts | 40,591 | 600,092 | 27,288 | 586,904 | |||||||||||
Total | $ | 75,186 | $ | 1,423,519 | $ | 53,830 | $ | 1,371,238 |
\u00a0 | Years Ended November\u00a030, | ||||||||||
\u00a0 | 2019 | 2018 | 2017 | ||||||||
Revenues | $ | 23,676 | $ | 59,418 | $ | 47,431 | |||||
Construction and land costs | (23,659 | ) | (46,288 | ) | (47,459 | ) | |||||
Other expenses, net | (2,644 | ) | (2,674 | ) | (4,749 | ) | |||||
Income (loss) | $ | (2,627 | ) | $ | 10,456 | $ | (4,777 | ) |
\u00a0 | November\u00a030, | ||||||
\u00a0 | 2019 | 2018 | |||||
Assets | |||||||
Cash | $ | 23,965 | $ | 18,567 | |||
Receivables | 12 | 9 | |||||
Inventories | 139,536 | 131,074 | |||||
Other assets | 780 | 521 | |||||
Total assets | $ | 164,293 | $ | 150,171 | |||
Liabilities and equity | |||||||
Accounts payable and other liabilities | $ | 13,282 | $ | 11,374 | |||
Notes payable (a) | 40,672 | 17,956 | |||||
Equity | 110,339 | 120,841 | |||||
Total liabilities and equity | $ | 164,293 | $ | 150,171 |
(a) | As of November\u00a030, 2019 and 2018, we had investments in five and six unconsolidated joint ventures, respectively, one of which had a construction loan agreement with a third-party lender to finance its land development activities. The outstanding debt is secured by the corresponding underlying property and related project assets and is non-recourse to us. All of the outstanding secured debt at November\u00a030, 2019 is scheduled to mature in February 2020. However, the loan agreement provides for two-12 month extensions beyond this date. None of our other unconsolidated joint ventures had outstanding debt at November\u00a030, 2019 or 2018. |
\u00a0 | Years Ended November\u00a030, | ||||||||||
\u00a0 | 2019 | 2018 | 2017 | ||||||||
Revenues | $ | 23,676 | $ | 59,418 | $ | 47,431 | |||||
Construction and land costs | (23,659 | ) | (46,288 | ) | (47,459 | ) | |||||
Other expenses, net | (2,644 | ) | (2,674 | ) | (4,749 | ) | |||||
Income (loss) | $ | (2,627 | ) | $ | 10,456 | $ | (4,777 | ) |
\u00a0 | November\u00a030, | ||||||
\u00a0 | 2019 | 2018 | |||||
Assets | |||||||
Cash | $ | 23,965 | $ | 18,567 | |||
Receivables | 12 | 9 | |||||
Inventories | 139,536 | 131,074 | |||||
Other assets | 780 | 521 | |||||
Total assets | $ | 164,293 | $ | 150,171 | |||
Liabilities and equity | |||||||
Accounts payable and other liabilities | $ | 13,282 | $ | 11,374 | |||
Notes payable (a) | 40,672 | 17,956 | |||||
Equity | 110,339 | 120,841 | |||||
Total liabilities and equity | $ | 164,293 | $ | 150,171 |
November\u00a030, | ||||||||
2019 | 2018 | |||||||
Computer software and equipment | $ | 27,091 | $ | 20,940 | ||||
Model furnishings and sales office improvements (a) | 82,117 | \u2014 | ||||||
Leasehold improvements, office furniture and equipment (b) | 16,173 | 23,491 | ||||||
Subtotal | 125,381 | 44,431 | ||||||
Less accumulated depreciation (a) | (60,338 | ) | (20,148 | ) | ||||
Total | $ | 65,043 | $ | 24,283 |
(a) | The balance at November\u00a030, 2019 reflects a change in the classification of certain community sales office and other marketing- and model home-related costs and related accumulated amortization from inventories to property and equipment, net due to our adoption of ASC 606 effective December 1, 2018, as described in Note 1 \u2013 Summary of Significant Accounting Policies. |
November\u00a030, | ||||||||
2019 | 2018 | |||||||
Computer software and equipment | $ | 27,091 | $ | 20,940 | ||||
Model furnishings and sales office improvements (a) | 82,117 | \u2014 | ||||||
Leasehold improvements, office furniture and equipment (b) | 16,173 | 23,491 | ||||||
Subtotal | 125,381 | 44,431 | ||||||
Less accumulated depreciation (a) | (60,338 | ) | (20,148 | ) | ||||
Total | $ | 65,043 | $ | 24,283 |
(a) | The balance at November\u00a030, 2019 reflects a change in the classification of certain community sales office and other marketing- and model home-related costs and related accumulated amortization from inventories to property and equipment, net due to our adoption of ASC 606 effective December 1, 2018, as described in Note 1 \u2013 Summary of Significant Accounting Policies. |
\u00a0 | November\u00a030, | ||||||
\u00a0 | 2019 | 2018 | |||||
Cash surrender value and benefit receivable from corporate-owned life insurance contracts | $ | 73,849 | $ | 73,721 | |||
Prepaid expenses | 5,944 | 7,647 | |||||
Debt issuance costs associated with unsecured revolving credit facility, net | 3,248 | 1,732 | |||||
Total | $ | 83,041 | $ | 83,100 |
\u00a0 | November\u00a030, | ||||||
\u00a0 | 2019 | 2018 | |||||
Cash surrender value and benefit receivable from corporate-owned life insurance contracts | $ | 73,849 | $ | 73,721 | |||
Prepaid expenses | 5,944 | 7,647 | |||||
Debt issuance costs associated with unsecured revolving credit facility, net | 3,248 | 1,732 | |||||
Total | $ | 83,041 | $ | 83,100 |
\u00a0 | November\u00a030, | ||||||
\u00a0 | 2019 | 2018 | |||||
Self-insurance and other legal liabilities | $ | 229,483 | $ | 283,651 | |||
Employee compensation and related benefits | 163,646 | 148,549 | |||||
Warranty liability | 88,839 | 82,490 | |||||
Accrued interest payable | 32,507 | 31,180 | |||||
Inventory-related obligations (a) | 26,264 | 40,892 | |||||
Customer deposits | 22,382 | 19,491 | |||||
Real estate and business taxes | 14,872 | 16,639 | |||||
Other | 40,790 | 43,376 | |||||
Total | $ | 618,783 | $ | 666,268 |
\u00a0 | November\u00a030, | ||||||
\u00a0 | 2019 | 2018 | |||||
Self-insurance and other legal liabilities | $ | 229,483 | $ | 283,651 | |||
Employee compensation and related benefits | 163,646 | 148,549 | |||||
Warranty liability | 88,839 | 82,490 | |||||
Accrued interest payable | 32,507 | 31,180 | |||||
Inventory-related obligations (a) | 26,264 | 40,892 | |||||
Customer deposits | 22,382 | 19,491 | |||||
Real estate and business taxes | 14,872 | 16,639 | |||||
Other | 40,790 | 43,376 | |||||
Total | $ | 618,783 | $ | 666,268 |
Federal | State | Total | |||||||||
2019 | |||||||||||
Current | $ | (200 | ) | $ | (3,700 | ) | $ | (3,900 | ) | ||
Deferred | (53,800 | ) | (21,700 | ) | (75,500 | ) | |||||
Income tax expense | $ | (54,000 | ) | $ | (25,400 | ) | $ | (79,400 | ) | ||
Federal | State | Total | |||||||||
2018 | |||||||||||
Current | $ | (3,600 | ) | $ | (4,800 | ) | $ | (8,400 | ) | ||
Deferred | (170,700 | ) | (18,500 | ) | (189,200 | ) | |||||
Income tax expense | $ | (174,300 | ) | $ | (23,300 | ) | $ | (197,600 | ) | ||
2017 | |||||||||||
Current | $ | (2,800 | ) | $ | (3,000 | ) | $ | (5,800 | ) | ||
Deferred | (86,300 | ) | (17,300 | ) | (103,600 | ) | |||||
Income tax expense | $ | (89,100 | ) | $ | (20,300 | ) | $ | (109,400 | ) |
\u2022 | We recorded a non-cash charge of $106.7 million in income tax expense due to the accounting re-measurement of our deferred tax assets based on the lower federal corporate income tax rate under the TCJA. |
\u2022 | As we may claim a refund of 50% of our remaining AMT credits annually through 2021 to the extent the credits exceed regular income tax for any such year, and receive a full refund of any remaining credits in 2022, we estimated our refund of AMT credit carryforwards will total approximately $50.0 million. As the refund was subject to a sequestration reduction rate of approximately 6.6%, we established a federal deferred tax valuation allowance of $3.3 million for 2018. Our accounting policy regarding the balance sheet presentation of the AMT credits is to maintain the balance in deferred tax assets until a tax return is filed claiming a refund of a portion of the credit, at which time such amount will be presented in receivables. |
\u2022 | We recorded a non-cash charge of $2.5 million in income tax expense for disallowed executive compensation due to the TCJA\u2019s eliminating the deductibility of certain performance-based compensation. The TCJA also modified who is a covered employee with respect to the deduction limitation, and provided a transition rule that would preserve the |
\u00a0 | November\u00a030, | ||||||
\u00a0 | 2019 | 2018 | |||||
Deferred tax liabilities: | |||||||
Capitalized expenses | $ | 43,818 | $ | 51,660 | |||
State taxes | 26,290 | 31,246 | |||||
Other | 4,132 | 225 | |||||
Total | 74,240 | 83,131 | |||||
Deferred tax assets: | |||||||
Tax credits | 180,737 | 231,100 | |||||
Net operating losses (\u201cNOLs\u201d) from 2006 through 2019 | 95,562 | 121,432 | |||||
Employee benefits | 53,294 | 45,802 | |||||
Inventory impairment and land option contract abandonment charges | 48,862 | 67,416 | |||||
Warranty, legal and other accruals | 40,954 | 43,213 | |||||
Capitalized expenses | 25,116 | 27,894 | |||||
Partnerships and joint ventures | 9,990 | 6,368 | |||||
Depreciation and amortization | 479 | 1,869 | |||||
Other | 2,939 | 3,457 | |||||
Total | 457,933 | 548,551 | |||||
Valuation allowance | (19,200 | ) | (23,600 | ) | |||
Total | 438,733 | 524,951 | |||||
Deferred tax assets, net | $ | 364,493 | $ | 441,820 |
\u00a0 | Years Ended November\u00a030, | |||||||||||||||||||
\u00a0 | 2019 | 2018 | 2017 | |||||||||||||||||
$ | % | $ | % | $ | % | |||||||||||||||
Income tax expense computed at statutory rate | $ | (73,117 | ) | (21.0 | )% | $ | (81,689 | ) | (22.2 | )% | $ | (101,499 | ) | (35.0 | )% | |||||
Tax credits | 6,595 | 1.9 | 14,177 | 3.9 | 6,227 | 2.2 | ||||||||||||||
Valuation allowance for deferred tax assets | 4,400 | 1.3 | 2,000 | .5 | 1,200 | .4 | ||||||||||||||
Depreciation and amortization | 4,276 | 1.2 | 1,223 | .3 | 362 | .1 | ||||||||||||||
NOL reconciliation | 3,111 | .9 | \u2014 | \u2014 | (2,210 | ) | (.8 | ) | ||||||||||||
State taxes, net of federal income tax benefit | (20,927 | ) | (6.0 | ) | (20,155 | ) | (5.5 | ) | (14,450 | ) | (4.9 | ) | ||||||||
Non-deductible compensation | (4,653 | ) | (1.3 | ) | \u2014 | \u2014 | \u2014 | \u2014 | ||||||||||||
TCJA adjustment | \u2014 | \u2014 | (112,458 | ) | (30.5 | ) | \u2014 | \u2014 | ||||||||||||
Other, net | 915 | .2 | (698 | ) | (.2 | ) | 970 | .3 | ||||||||||||
Income tax expense | $ | (79,400 | ) | (22.8 | )% | $ | (197,600 | ) | (53.7 | )% | $ | (109,400 | ) | (37.7 | )% |
\u00a0 | Years Ended November\u00a030, | ||||||||||
\u00a0 | 2019 | 2018 | 2017 | ||||||||
Balance at beginning of year | $ | \u2014 | $ | 56 | $ | 56 | |||||
Reductions due to lapse of statute of limitations | \u2014 | (56 | ) | \u2014 | |||||||
Balance at end of year | $ | \u2014 | $ | \u2014 | $ | 56 |
Federal | State | Total | |||||||||
2019 | |||||||||||
Current | $ | (200 | ) | $ | (3,700 | ) | $ | (3,900 | ) | ||
Deferred | (53,800 | ) | (21,700 | ) | (75,500 | ) | |||||
Income tax expense | $ | (54,000 | ) | $ | (25,400 | ) | $ | (79,400 | ) | ||
Federal | State | Total | |||||||||
2018 | |||||||||||
Current | $ | (3,600 | ) | $ | (4,800 | ) | $ | (8,400 | ) | ||
Deferred | (170,700 | ) | (18,500 | ) | (189,200 | ) | |||||
Income tax expense | $ | (174,300 | ) | $ | (23,300 | ) | $ | (197,600 | ) | ||
2017 | |||||||||||
Current | $ | (2,800 | ) | $ | (3,000 | ) | $ | (5,800 | ) | ||
Deferred | (86,300 | ) | (17,300 | ) | (103,600 | ) | |||||
Income tax expense | $ | (89,100 | ) | $ | (20,300 | ) | $ | (109,400 | ) |
\u00a0 | November\u00a030, | ||||||
\u00a0 | 2019 | 2018 | |||||
Deferred tax liabilities: | |||||||
Capitalized expenses | $ | 43,818 | $ | 51,660 | |||
State taxes | 26,290 | 31,246 | |||||
Other | 4,132 | 225 | |||||
Total | 74,240 | 83,131 | |||||
Deferred tax assets: | |||||||
Tax credits | 180,737 | 231,100 | |||||
Net operating losses (\u201cNOLs\u201d) from 2006 through 2019 | 95,562 | 121,432 | |||||
Employee benefits | 53,294 | 45,802 | |||||
Inventory impairment and land option contract abandonment charges | 48,862 | 67,416 | |||||
Warranty, legal and other accruals | 40,954 | 43,213 | |||||
Capitalized expenses | 25,116 | 27,894 | |||||
Partnerships and joint ventures | 9,990 | 6,368 | |||||
Depreciation and amortization | 479 | 1,869 | |||||
Other | 2,939 | 3,457 | |||||
Total | 457,933 | 548,551 | |||||
Valuation allowance | (19,200 | ) | (23,600 | ) | |||
Total | 438,733 | 524,951 | |||||
Deferred tax assets, net | $ | 364,493 | $ | 441,820 |
\u00a0 | Years Ended November\u00a030, | |||||||||||||||||||
\u00a0 | 2019 | 2018 | 2017 | |||||||||||||||||
$ | % | $ | % | $ | % | |||||||||||||||
Income tax expense computed at statutory rate | $ | (73,117 | ) | (21.0 | )% | $ | (81,689 | ) | (22.2 | )% | $ | (101,499 | ) | (35.0 | )% | |||||
Tax credits | 6,595 | 1.9 | 14,177 | 3.9 | 6,227 | 2.2 | ||||||||||||||
Valuation allowance for deferred tax assets | 4,400 | 1.3 | 2,000 | .5 | 1,200 | .4 | ||||||||||||||
Depreciation and amortization | 4,276 | 1.2 | 1,223 | .3 | 362 | .1 | ||||||||||||||
NOL reconciliation | 3,111 | .9 | \u2014 | \u2014 | (2,210 | ) | (.8 | ) | ||||||||||||
State taxes, net of federal income tax benefit | (20,927 | ) | (6.0 | ) | (20,155 | ) | (5.5 | ) | (14,450 | ) | (4.9 | ) | ||||||||
Non-deductible compensation | (4,653 | ) | (1.3 | ) | \u2014 | \u2014 | \u2014 | \u2014 | ||||||||||||
TCJA adjustment | \u2014 | \u2014 | (112,458 | ) | (30.5 | ) | \u2014 | \u2014 | ||||||||||||
Other, net | 915 | .2 | (698 | ) | (.2 | ) | 970 | .3 | ||||||||||||
Income tax expense | $ | (79,400 | ) | (22.8 | )% | $ | (197,600 | ) | (53.7 | )% | $ | (109,400 | ) | (37.7 | )% |
\u00a0 | Years Ended November\u00a030, | ||||||||||
\u00a0 | 2019 | 2018 | 2017 | ||||||||
Balance at beginning of year | $ | \u2014 | $ | 56 | $ | 56 | |||||
Reductions due to lapse of statute of limitations | \u2014 | (56 | ) | \u2014 | |||||||
Balance at end of year | $ | \u2014 | $ | \u2014 | $ | 56 |
\u00a0 | November\u00a030, | ||||||
\u00a0 | 2019 | 2018 | |||||
Mortgages and land contracts due to land sellers and other loans (at interest rates of 7% at November 30, 2019 and 2018) | $ | 7,889 | $ | 40,038 | |||
1.375% Convertible senior notes due February 1, 2019 | \u2014 | 229,788 | |||||
4.75% Senior notes due May 15, 2019 | \u2014 | 399,483 | |||||
8.00% Senior notes due March 15, 2020 | \u2014 | 347,790 | |||||
7.00% Senior notes due December 15, 2021 | 448,164 | 447,359 | |||||
7.50% Senior notes due September 15, 2022 | 348,267 | 347,731 | |||||
7.625% Senior notes due May 15, 2023 | 351,748 | 248,074 | |||||
6.875% Senior notes due June 15, 2027 | 296,379 | \u2014 | |||||
4.80% Senior notes due November 15, 2029 | 296,300 | \u2014 | |||||
Total | $ | 1,748,747 | $ | 2,060,263 |
Redeemable Prior to Maturity | Effective Interest Rate | ||||||||||||
Notes Payable | Principal | Issuance Date | Maturity Date | ||||||||||
7.00% Senior notes | $ | 450,000 | October 29, 2013 | December 15, 2021 | Yes (a) | 7.2 | % | ||||||
7.50% Senior notes | 350,000 | July 31, 2012 | September 15, 2022 | Yes (b) | 7.7 | ||||||||
7.625% Senior notes | 350,000 | February 17, 2015/February 20, 2019 | May 15, 2023 | Yes (a) | 7.5 | ||||||||
6.875% Senior notes | 300,000 | February 20, 2019 | June 15, 2027 | Yes (a) | 7.1 | ||||||||
4.80% Senior notes | 300,000 | November 4, 2019 | November 15, 2029 | Yes (a) | 5.0 |
(a) | At our option, these notes may be redeemed, in whole at any time or from time to time in part, at a redemption price equal to the greater of (i) 100% of the principal amount of the notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the notes being redeemed (exclusive of interest accrued to the applicable redemption date), discounted to the redemption date at a defined rate, plus, in each case, accrued and unpaid interest on the notes being redeemed to, but excluding, the applicable redemption date, except that three months prior to the stated maturity dates for the 7.00% Senior Notes due 2021 and until their respective maturity, and six months prior to the stated maturity date for the 7.625% Senior Notes due 2023, 6.875% Senior Notes due 2027 and 4.80% Senior Notes due 2029 and until their maturity, the redemption price will be equal to 100% of the principal amount of the notes being redeemed, plus, in each case, accrued and unpaid interest on the notes being redeemed to, but excluding, the applicable redemption date. |
(b) | At our option, these notes may be redeemed, in whole at any time or from time to time in part, at a redemption price equal to the greater of (i)\u00a0100% of the principal amount of the notes being redeemed and (ii)\u00a0the sum of the present values of the remaining scheduled payments of principal and interest on the notes being redeemed (exclusive of interest accrued to the applicable redemption date), discounted to the redemption date at a defined rate, plus, in each case, accrued and unpaid interest on the notes being redeemed to the applicable redemption date. |
Redeemable Prior to Maturity | Effective Interest Rate | ||||||||||||
Notes Payable | Principal | Issuance Date | Maturity Date | ||||||||||
7.00% Senior notes | $ | 450,000 | October 29, 2013 | December 15, 2021 | Yes (a) | 7.2 | % | ||||||
7.50% Senior notes | 350,000 | July 31, 2012 | September 15, 2022 | Yes (b) | 7.7 | ||||||||
7.625% Senior notes | 350,000 | February 17, 2015/February 20, 2019 | May 15, 2023 | Yes (a) | 7.5 | ||||||||
6.875% Senior notes | 300,000 | February 20, 2019 | June 15, 2027 | Yes (a) | 7.1 | ||||||||
4.80% Senior notes | 300,000 | November 4, 2019 | November 15, 2029 | Yes (a) | 5.0 |
(a) | At our option, these notes may be redeemed, in whole at any time or from time to time in part, at a redemption price equal to the greater of (i) 100% of the principal amount of the notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the notes being redeemed (exclusive of interest accrued to the applicable redemption date), discounted to the redemption date at a defined rate, plus, in each case, accrued and unpaid interest on the notes being redeemed to, but excluding, the applicable redemption date, except that three months prior to the stated maturity dates for the 7.00% Senior Notes due 2021 and until their respective maturity, and six months prior to the stated maturity date for the 7.625% Senior Notes due 2023, 6.875% Senior Notes due 2027 and 4.80% Senior Notes due 2029 and until their maturity, the redemption price will be equal to 100% of the principal amount of the notes being redeemed, plus, in each case, accrued and unpaid interest on the notes being redeemed to, but excluding, the applicable redemption date. |
\u00a0 | November\u00a030, | ||||||
\u00a0 | 2019 | 2018 | |||||
Mortgages and land contracts due to land sellers and other loans (at interest rates of 7% at November 30, 2019 and 2018) | $ | 7,889 | $ | 40,038 | |||
1.375% Convertible senior notes due February 1, 2019 | \u2014 | 229,788 | |||||
4.75% Senior notes due May 15, 2019 | \u2014 | 399,483 | |||||
8.00% Senior notes due March 15, 2020 | \u2014 | 347,790 | |||||
7.00% Senior notes due December 15, 2021 | 448,164 | 447,359 | |||||
7.50% Senior notes due September 15, 2022 | 348,267 | 347,731 | |||||
7.625% Senior notes due May 15, 2023 | 351,748 | 248,074 | |||||
6.875% Senior notes due June 15, 2027 | 296,379 | \u2014 | |||||
4.80% Senior notes due November 15, 2029 | 296,300 | \u2014 | |||||
Total | $ | 1,748,747 | $ | 2,060,263 |
Level 1 | Fair value determined based on quoted prices in active markets for identical assets or liabilities. |
Level 2 | Fair value determined using significant observable inputs, such as quoted prices for similar assets or liabilities or quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs that are derived principally from or corroborated by observable market data, by correlation or other means. |
Level 3 | Fair value determined using significant unobservable inputs, such as pricing models, discounted cash flows, or similar techniques. |
November 30, 2019 | November 30, 2018 | |||||||||||||||||||||||||
Description | Fair Value Hierarchy | Pre-Impairment Value | Inventory Impairment Charges | Fair Value (a) | Pre-Impairment Value | Inventory Impairment Charges | Fair Value (a) | |||||||||||||||||||
Inventories (a) | Level 3 | $ | 41,160 | $ | (14,031 | ) | $ | 27,129 | $ | 70,156 | $ | (26,104 | ) | $ | 44,052 |
(a) | Amounts represent the aggregate fair value for real estate assets impacted by inventory impairment charges during the applicable period, as of the date that the fair value measurements were made. The carrying value for these real estate assets may have subsequently increased or decreased from the fair value reflected due to activity that has occurred since the measurement date. |
\u00a0 | November 30, | |||||||||||||||||
\u00a0 | 2019 | 2018 | ||||||||||||||||
Description | Fair Value Hierarchy | Carrying Value (a) | Estimated Fair Value | Carrying Value (a) | Estimated Fair Value | |||||||||||||
Financial Liabilities: | ||||||||||||||||||
Senior notes | Level 2 | $ | 1,740,858 | $ | 1,921,563 | $ | 1,790,437 | $ | 1,853,438 | |||||||||
Convertible senior notes | Level 2 | \u2014 | \u2014 | 229,788 | 229,425 |
(a) | The carrying values for the senior notes and convertible senior notes, as presented, include unamortized debt issuance costs. Debt issuance costs are not factored into the estimated fair values of these notes. |
November 30, 2019 | November 30, 2018 | |||||||||||||||||||||||||
Description | Fair Value Hierarchy | Pre-Impairment Value | Inventory Impairment Charges | Fair Value (a) | Pre-Impairment Value | Inventory Impairment Charges | Fair Value (a) | |||||||||||||||||||
Inventories (a) | Level 3 | $ | 41,160 | $ | (14,031 | ) | $ | 27,129 | $ | 70,156 | $ | (26,104 | ) | $ | 44,052 |
\u00a0 | November 30, | |||||||||||||||||
\u00a0 | 2019 | 2018 | ||||||||||||||||
Description | Fair Value Hierarchy | Carrying Value (a) | Estimated Fair Value | Carrying Value (a) | Estimated Fair Value | |||||||||||||
Financial Liabilities: | ||||||||||||||||||
Senior notes | Level 2 | $ | 1,740,858 | $ | 1,921,563 | $ | 1,790,437 | $ | 1,853,438 | |||||||||
Convertible senior notes | Level 2 | \u2014 | \u2014 | 229,788 | 229,425 |
(a) | The carrying values for the senior notes and convertible senior notes, as presented, include unamortized debt issuance costs. Debt issuance costs are not factored into the estimated fair values of these notes. |
\u00a0 | Years Ended November\u00a030, | ||||||||||
\u00a0 | 2019 | 2018 | 2017 | ||||||||
Balance at beginning of year | $ | 82,490 | $ | 69,798 | $ | 56,682 | |||||
Warranties issued | 35,480 | 37,792 | 38,452 | ||||||||
Payments | (23,531 | ) | (23,300 | ) | (25,336 | ) | |||||
Adjustments | (5,600 | ) | (1,800 | ) | \u2014 | ||||||
Balance at end of year | $ | 88,839 | $ | 82,490 | $ | 69,798 |
\u2022 | Construction defect: Construction defect claims, which represent the largest component of our self-insurance liability, typically originate through a legal or regulatory process rather than directly by a homeowner and involve the alleged occurrence of a condition affecting two or more homes within the same community, or they involve a common area or homeowners\u2019 association property within a community. These claims typically involve higher costs to resolve than individual homeowner warranty claims, and the rate of claims is highly variable. |
\u2022 | Bodily injury: Bodily injury claims typically involve individuals (other than our employees) who claim they were injured while on our property or as a result of our operations. |
\u2022 | Property damage: Property damage claims generally involve claims by third parties for alleged damage to real or personal property as a result of our operations. Such claims may occasionally include those made against us by owners of property located near our communities. |
\u00a0 | Years Ended November\u00a030, | ||||||||||
\u00a0 | 2019 | 2018 | 2017 | ||||||||
Balance at beginning of year | $ | 176,841 | $ | 177,695 | $ | 158,584 | |||||
Self-insurance expense (a) | 16,685 | 20,436 | 20,371 | ||||||||
Payments (b) | (15,761 | ) | (21,290 | ) | (22,933 | ) | |||||
Adjustments (c) | \u2014 | \u2014 | 21,673 | ||||||||
Balance at end of year | $ | 177,765 | $ | 176,841 | $ | 177,695 |
(a) | These expenses are included in selling, general and administrative expenses and are largely offset by contributions from independent subcontractors participating in the wrap-up policy. |
(b) | Includes net changes in estimated probable insurance and other recoveries, which are recorded in receivables, to present our self-insurance liability on a gross basis. |
(c) | The amount for 2017 reflected a change in estimate to increase our self-insurance liability based on an actuarially determined estimate that we believed had a higher probability of being adequate to cover future payments associated with unresolved claims, including claims incurred but not yet reported. This adjustment was included in selling, general and administrative expenses. |
\u00a0 | Years Ended November\u00a030, | ||||||||||
\u00a0 | 2019 | 2018 | 2017 | ||||||||
Balance at beginning of year | $ | 82,490 | $ | 69,798 | $ | 56,682 | |||||
Warranties issued | 35,480 | 37,792 | 38,452 | ||||||||
Payments | (23,531 | ) | (23,300 | ) | (25,336 | ) | |||||
Adjustments | (5,600 | ) | (1,800 | ) | \u2014 | ||||||
Balance at end of year | $ | 88,839 | $ | 82,490 | $ | 69,798 |
\u00a0 | Years Ended November\u00a030, | ||||||||||
\u00a0 | 2019 | 2018 | 2017 | ||||||||
Balance at beginning of year | $ | 176,841 | $ | 177,695 | $ | 158,584 | |||||
Self-insurance expense (a) | 16,685 | 20,436 | 20,371 | ||||||||
Payments (b) | (15,761 | ) | (21,290 | ) | (22,933 | ) | |||||
Adjustments (c) | \u2014 | \u2014 | 21,673 | ||||||||
Balance at end of year | $ | 177,765 | $ | 176,841 | $ | 177,695 |
(a) | These expenses are included in selling, general and administrative expenses and are largely offset by contributions from independent subcontractors participating in the wrap-up policy. |
(b) | Includes net changes in estimated probable insurance and other recoveries, which are recorded in receivables, to present our self-insurance liability on a gross basis. |
Postretirement Benefit Plan Adjustments | Total Accumulated Other Comprehensive Loss | ||||
Balance at November 30, 2017 | $ | (16,924 | ) | ||
Other comprehensive income before reclassifications | 8,216 | ||||
Amounts reclassified from accumulated other comprehensive loss | 1,892 | ||||
Income tax expense related to items of other comprehensive income | (2,749 | ) | |||
Other comprehensive income, net of tax | 7,359 | ||||
Balance at November 30, 2018 | (9,565 | ) | |||
Other comprehensive loss before reclassifications | (10,268 | ) | |||
Amounts reclassified from accumulated other comprehensive loss | 2,130 | ||||
Income tax benefit related to items of other comprehensive loss | 2,197 | ||||
Other comprehensive loss, net of tax | (5,941 | ) | |||
Balance at November 30, 2019 | $ | (15,506 | ) |
Years Ended November 30, | ||||||||||||
Details About Accumulated Other Comprehensive Loss Components | 2019 | 2018 | 2017 | |||||||||
Postretirement benefit plan adjustments | ||||||||||||
Amortization of net actuarial loss | $ | 218 | $ | 336 | $ | 142 | ||||||
Amortization of prior service cost | 1,556 | 1,556 | 1,556 | |||||||||
Settlement loss | 356 | \u2014 | \u2014 | |||||||||
Total reclassifications (a) | $ | 2,130 | $ | 1,892 | $ | 1,698 |
(a) | The accumulated other comprehensive loss components are included in the computation of net periodic benefit costs as further discussed in Note 21 \u2013 Postretirement Benefits. |
Postretirement Benefit Plan Adjustments | Total Accumulated Other Comprehensive Loss | ||||
Balance at November 30, 2017 | $ | (16,924 | ) | ||
Other comprehensive income before reclassifications | 8,216 | ||||
Amounts reclassified from accumulated other comprehensive loss | 1,892 | ||||
Income tax expense related to items of other comprehensive income | (2,749 | ) | |||
Other comprehensive income, net of tax | 7,359 | ||||
Balance at November 30, 2018 | (9,565 | ) | |||
Other comprehensive loss before reclassifications | (10,268 | ) | |||
Amounts reclassified from accumulated other comprehensive loss | 2,130 | ||||
Income tax benefit related to items of other comprehensive loss | 2,197 | ||||
Other comprehensive loss, net of tax | (5,941 | ) | |||
Balance at November 30, 2019 | $ | (15,506 | ) |
Years Ended November 30, | ||||||||||||
Details About Accumulated Other Comprehensive Loss Components | 2019 | 2018 | 2017 | |||||||||
Postretirement benefit plan adjustments | ||||||||||||
Amortization of net actuarial loss | $ | 218 | $ | 336 | $ | 142 | ||||||
Amortization of prior service cost | 1,556 | 1,556 | 1,556 | |||||||||
Settlement loss | 356 | \u2014 | \u2014 | |||||||||
Total reclassifications (a) | $ | 2,130 | $ | 1,892 | $ | 1,698 |
Years Ended November 30, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Stock options | $ | 189 | $ | 917 | $ | 2,592 | |||||
Restricted stock | 6,080 | 4,600 | 4,177 | ||||||||
PSUs | 10,742 | 8,790 | 6,439 | ||||||||
Director awards | 1,301 | 1,554 | 1,425 | ||||||||
Total | $ | 18,312 | $ | 15,861 | $ | 14,633 |
\u00a0 | Years Ended November\u00a030, | |||||||||||||||||||
\u00a0 | 2019 | 2018 | 2017 | |||||||||||||||||
\u00a0 | Options | Weighted Average Exercise Price | Options | Weighted Average Exercise Price | Options | Weighted Average Exercise Price | ||||||||||||||
Options outstanding at beginning of year | 7,237,544 | $ | 16.02 | 9,265,240 | $ | 17.64 | 12,731,545 | $ | 18.95 | |||||||||||
Granted | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | ||||||||||||||
Exercised | (2,300,004 | ) | 13.27 | (1,195,926 | ) | 16.73 | (1,650,360 | ) | 16.01 | |||||||||||
Cancelled | (774,059 | ) | 40.43 | (831,770 | ) | 33.05 | (1,815,945 | ) | 28.31 | |||||||||||
Options outstanding at end of year | 4,163,481 | $ | 13.00 | 7,237,544 | $ | 16.02 | 9,265,240 | $ | 17.64 | |||||||||||
Options exercisable at end of year | 4,163,481 | $ | 13.00 | 6,948,670 | $ | 16.01 | 8,307,632 | $ | 17.86 | |||||||||||
Options available for grant at end of year | 5,567,467 | 6,418,197 | 7,495,792 |
\u00a0 | Options Outstanding | Options Exercisable | ||||||||||||||||||
Range of Exercise Price | Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life | Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life | ||||||||||||||
\u00a0 $\u00a0\u00a06.32 to $11.05 | 953,500 | $ | 6.37 | 1.9 | 953,500 | $ | 6.37 | |||||||||||||
$11.06 to $14.62 | 1,250,424 | 13.66 | 3.8 | 1,250,424 | 13.66 | |||||||||||||||
$14.63 to $15.44 | 853,000 | 14.92 | 5.9 | 853,000 | 14.92 | |||||||||||||||
$15.45 to $16.22 | 754,057 | 16.21 | 6.9 | 754,057 | 16.21 | |||||||||||||||
$16.23 to $45.16 | 352,500 | 17.12 | 3.8 | 352,500 | 17.12 | |||||||||||||||
$\u00a0\u00a06.32 to $45.16 | 4,163,481 | $ | 13.00 | 4.3 | 4,163,481 | $ | 13.00 | 4.3 |
\u00a0 | Years Ended November\u00a030, | |||||||||||||||||||
\u00a0 | 2019 | 2018 | 2017 | |||||||||||||||||
\u00a0 | Shares | Weighted Average per Share Grant\u00a0Date Fair Value | Shares | Weighted Average per Share Grant\u00a0Date Fair Value | Shares | Weighted Average per Share Grant\u00a0Date Fair Value | ||||||||||||||
Outstanding at beginning of year | 555,457 | $ | 23.19 | 503,926 | $ | 21.69 | 604,619 | $ | 16.24 | |||||||||||
Granted | 282,523 | 31.67 | 303,030 | 23.05 | 321,835 | 24.49 | ||||||||||||||
Vested | (319,687 | ) | 34.66 | (221,951 | ) | 19.79 | (364,670 | ) | 16.09 | |||||||||||
Cancelled | (18,227 | ) | 22.81 | (29,548 | ) | 21.76 | (57,858 | ) | 15.61 | |||||||||||
Outstanding at end of year | 500,066 | $ | 20.66 | 555,457 | $ | 23.19 | 503,926 | $ | 21.69 |
\u00a0 | Years Ended November\u00a030, | |||||||||||||||||||
\u00a0 | 2019 | 2018 | 2017 | |||||||||||||||||
\u00a0 | Shares | Weighted Average per Share Grant\u00a0Date Fair Value | Shares | Weighted Average per Share Grant\u00a0Date Fair Value | Shares | Weighted Average per Share Grant\u00a0Date Fair Value | ||||||||||||||
Outstanding at beginning of year | 1,090,967 | $ | 18.70 | 925,232 | $ | 20.09 | 809,860 | $ | 17.19 | |||||||||||
Granted | 468,957 | 30.45 | 603,424 | 25.70 | 424,797 | 22.99 | ||||||||||||||
Vested | (297,260 | ) | 22.67 | (437,689 | ) | 31.28 | (278,460 | ) | 16.67 | |||||||||||
Cancelled | \u2014 | \u2014 | \u2014 | \u2014 | (30,965 | ) | 14.92 | |||||||||||||
Outstanding at end of year | 1,262,664 | $ | 22.13 | 1,090,967 | $ | 18.70 | 925,232 | $ | 20.09 | |||||||||||
Years Ended November 30, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Stock options | $ | 189 | $ | 917 | $ | 2,592 | |||||
Restricted stock | 6,080 | 4,600 | 4,177 | ||||||||
PSUs | 10,742 | 8,790 | 6,439 | ||||||||
Director awards | 1,301 | 1,554 | 1,425 | ||||||||
Total | $ | 18,312 | $ | 15,861 | $ | 14,633 |
\u00a0 | Years Ended November\u00a030, | |||||||||||||||||||
\u00a0 | 2019 | 2018 | 2017 | |||||||||||||||||
\u00a0 | Options | Weighted Average Exercise Price | Options | Weighted Average Exercise Price | Options | Weighted Average Exercise Price | ||||||||||||||
Options outstanding at beginning of year | 7,237,544 | $ | 16.02 | 9,265,240 | $ | 17.64 | 12,731,545 | $ | 18.95 | |||||||||||
Granted | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | ||||||||||||||
Exercised | (2,300,004 | ) | 13.27 | (1,195,926 | ) | 16.73 | (1,650,360 | ) | 16.01 | |||||||||||
Cancelled | (774,059 | ) | 40.43 | (831,770 | ) | 33.05 | (1,815,945 | ) | 28.31 | |||||||||||
Options outstanding at end of year | 4,163,481 | $ | 13.00 | 7,237,544 | $ | 16.02 | 9,265,240 | $ | 17.64 | |||||||||||
Options exercisable at end of year | 4,163,481 | $ | 13.00 | 6,948,670 | $ | 16.01 | 8,307,632 | $ | 17.86 | |||||||||||
Options available for grant at end of year | 5,567,467 | 6,418,197 | 7,495,792 |
\u00a0 | Options Outstanding | Options Exercisable | ||||||||||||||||||
Range of Exercise Price | Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life | Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life | ||||||||||||||
\u00a0 $\u00a0\u00a06.32 to $11.05 | 953,500 | $ | 6.37 | 1.9 | 953,500 | $ | 6.37 | |||||||||||||
$11.06 to $14.62 | 1,250,424 | 13.66 | 3.8 | 1,250,424 | 13.66 | |||||||||||||||
$14.63 to $15.44 | 853,000 | 14.92 | 5.9 | 853,000 | 14.92 | |||||||||||||||
$15.45 to $16.22 | 754,057 | 16.21 | 6.9 | 754,057 | 16.21 | |||||||||||||||
$16.23 to $45.16 | 352,500 | 17.12 | 3.8 | 352,500 | 17.12 | |||||||||||||||
$\u00a0\u00a06.32 to $45.16 | 4,163,481 | $ | 13.00 | 4.3 | 4,163,481 | $ | 13.00 | 4.3 |
\u00a0 | Years Ended November\u00a030, | |||||||||||||||||||
\u00a0 | 2019 | 2018 | 2017 | |||||||||||||||||
\u00a0 | Shares | Weighted Average per Share Grant\u00a0Date Fair Value | Shares | Weighted Average per Share Grant\u00a0Date Fair Value | Shares | Weighted Average per Share Grant\u00a0Date Fair Value | ||||||||||||||
Outstanding at beginning of year | 555,457 | $ | 23.19 | 503,926 | $ | 21.69 | 604,619 | $ | 16.24 | |||||||||||
Granted | 282,523 | 31.67 | 303,030 | 23.05 | 321,835 | 24.49 | ||||||||||||||
Vested | (319,687 | ) | 34.66 | (221,951 | ) | 19.79 | (364,670 | ) | 16.09 | |||||||||||
Cancelled | (18,227 | ) | 22.81 | (29,548 | ) | 21.76 | (57,858 | ) | 15.61 | |||||||||||
Outstanding at end of year | 500,066 | $ | 20.66 | 555,457 | $ | 23.19 | 503,926 | $ | 21.69 |
\u00a0 | Years Ended November\u00a030, | |||||||||||||||||||
\u00a0 | 2019 | 2018 | 2017 | |||||||||||||||||
\u00a0 | Shares | Weighted Average per Share Grant\u00a0Date Fair Value | Shares | Weighted Average per Share Grant\u00a0Date Fair Value | Shares | Weighted Average per Share Grant\u00a0Date Fair Value | ||||||||||||||
Outstanding at beginning of year | 1,090,967 | $ | 18.70 | 925,232 | $ | 20.09 | 809,860 | $ | 17.19 | |||||||||||
Granted | 468,957 | 30.45 | 603,424 | 25.70 | 424,797 | 22.99 | ||||||||||||||
Vested | (297,260 | ) | 22.67 | (437,689 | ) | 31.28 | (278,460 | ) | 16.67 | |||||||||||
Cancelled | \u2014 | \u2014 | \u2014 | \u2014 | (30,965 | ) | 14.92 | |||||||||||||
Outstanding at end of year | 1,262,664 | $ | 22.13 | 1,090,967 | $ | 18.70 | 925,232 | $ | 20.09 | |||||||||||
Years Ended November 30, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Interest cost | $ | 2,478 | $ | 2,252 | $ | 2,274 | ||||||
Amortization of prior service cost | 1,556 | 1,556 | 1,556 | |||||||||
Service cost | 958 | 1,085 | 1,046 | |||||||||
Amortization of net actuarial loss | 218 | 336 | 142 | |||||||||
Settlement loss | 356 | \u2014 | \u2014 | |||||||||
Total | $ | 5,566 | $ | 5,229 | $ | 5,018 |
Years Ended November 30, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Interest cost | $ | 2,478 | $ | 2,252 | $ | 2,274 | ||||||
Amortization of prior service cost | 1,556 | 1,556 | 1,556 | |||||||||
Service cost | 958 | 1,085 | 1,046 | |||||||||
Amortization of net actuarial loss | 218 | 336 | 142 | |||||||||
Settlement loss | 356 | \u2014 | \u2014 | |||||||||
Total | $ | 5,566 | $ | 5,229 | $ | 5,018 |
\u00a0 | Years Ended November 30, | ||||||||||
\u00a0 | 2019 | 2018 | 2017 | ||||||||
Summary of cash and cash equivalents at the end of the year: | |||||||||||
Homebuilding | $ | 453,814 | $ | 574,359 | $ | 720,630 | |||||
Financial services | 1,044 | 760 | 231 | ||||||||
Total | $ | 454,858 | $ | 575,119 | $ | 720,861 | |||||
\u00a0 | Years Ended November 30, | ||||||||||
\u00a0 | 2019 | 2018 | 2017 | ||||||||
Supplemental disclosure of cash flow information: | |||||||||||
Interest paid, net of amounts capitalized | $ | (1,327 | ) | $ | 8,338 | $ | 7,581 | ||||
Income taxes paid | 4,479 | 11,949 | 4,664 | ||||||||
Income taxes refunded | 221 | 220 | 202 | ||||||||
Supplemental disclosure of non-cash activities: | |||||||||||
Decrease in inventories due to adoption of ASC 606 | $ | (35,288 | ) | $ | \u2014 | $ | \u2014 | ||||
Increase in property and equipment, net due to adoption of ASC 606 | 31,194 | \u2014 | \u2014 | ||||||||
Increase (decrease) in consolidated inventories not owned | (9,634 | ) | 16,098 | (44,833 | ) | ||||||
Increase in inventories due to distributions of land and land development from an unconsolidated joint venture | 9,662 | 17,637 | 6,650 | ||||||||
Inventories acquired through seller financing | 8,967 | 44,586 | 49,658 |
\u00a0 | Years Ended November 30, | ||||||||||
\u00a0 | 2019 | 2018 | 2017 | ||||||||
Summary of cash and cash equivalents at the end of the year: | |||||||||||
Homebuilding | $ | 453,814 | $ | 574,359 | $ | 720,630 | |||||
Financial services | 1,044 | 760 | 231 | ||||||||
Total | $ | 454,858 | $ | 575,119 | $ | 720,861 | |||||
\u00a0 | Years Ended November 30, | ||||||||||
\u00a0 | 2019 | 2018 | 2017 | ||||||||
Supplemental disclosure of cash flow information: | |||||||||||
Interest paid, net of amounts capitalized | $ | (1,327 | ) | $ | 8,338 | $ | 7,581 | ||||
Income taxes paid | 4,479 | 11,949 | 4,664 | ||||||||
Income taxes refunded | 221 | 220 | 202 | ||||||||
Supplemental disclosure of non-cash activities: | |||||||||||
Decrease in inventories due to adoption of ASC 606 | $ | (35,288 | ) | $ | \u2014 | $ | \u2014 | ||||
Increase in property and equipment, net due to adoption of ASC 606 | 31,194 | \u2014 | \u2014 | ||||||||
Increase (decrease) in consolidated inventories not owned | (9,634 | ) | 16,098 | (44,833 | ) | ||||||
Increase in inventories due to distributions of land and land development from an unconsolidated joint venture | 9,662 | 17,637 | 6,650 | ||||||||
Inventories acquired through seller financing | 8,967 | 44,586 | 49,658 |
\u00a0 | Year Ended November 30, 2019 | ||||||||||||||||||
\u00a0 | KB\u00a0Home Corporate | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||||||
Revenues | $ | \u2014 | $ | 4,161,511 | $ | 391,236 | $ | \u2014 | $ | 4,552,747 | |||||||||
Homebuilding: | |||||||||||||||||||
Revenues | $ | \u2014 | $ | 4,161,511 | $ | 376,147 | $ | \u2014 | $ | 4,537,658 | |||||||||
Construction and land costs | \u2014 | (3,362,386 | ) | (346,542 | ) | \u2014 | (3,708,928 | ) | |||||||||||
Selling, general and administrative expenses | (100,630 | ) | (375,199 | ) | (21,521 | ) | \u2014 | (497,350 | ) | ||||||||||
Operating income (loss) | (100,630 | ) | 423,926 | 8,084 | \u2014 | 331,380 | |||||||||||||
Interest income | 1,926 | 23 | 209 | \u2014 | 2,158 | ||||||||||||||
Interest expense | (137,327 | ) | (746 | ) | (5,339 | ) | 143,412 | \u2014 | |||||||||||
Intercompany interest | 328,361 | (173,374 | ) | (11,575 | ) | (143,412 | ) | \u2014 | |||||||||||
Equity in loss of unconsolidated joint ventures | \u2014 | (1,549 | ) | \u2014 | \u2014 | (1,549 | ) | ||||||||||||
Loss on early extinguishment of debt | (6,800 | ) | \u2014 | \u2014 | \u2014 | (6,800 | ) | ||||||||||||
Homebuilding pretax income (loss) | 85,530 | 248,280 | (8,621 | ) | \u2014 | 325,189 | |||||||||||||
Financial services pretax income | \u2014 | \u2014 | 22,986 | \u2014 | 22,986 | ||||||||||||||
Total pretax income | 85,530 | 248,280 | 14,365 | \u2014 | 348,175 | ||||||||||||||
Income tax expense | (16,300 | ) | (58,100 | ) | (5,000 | ) | \u2014 | (79,400 | ) | ||||||||||
Equity in net income of subsidiaries | 88,639 | \u2014 | \u2014 | (88,639 | ) | \u2014 | |||||||||||||
Net income | $ | 157,869 | $ | 190,180 | $ | 9,365 | $ | (88,639 | ) | $ | 268,775 |
\u00a0 | Year Ended November 30, 2018 | ||||||||||||||||||
\u00a0 | KB\u00a0Home Corporate | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||||||
Revenues | $ | \u2014 | $ | 4,198,969 | $ | 348,033 | $ | \u2014 | $ | 4,547,002 | |||||||||
Homebuilding: | |||||||||||||||||||
Revenues | $ | \u2014 | $ | 4,198,969 | $ | 334,826 | $ | \u2014 | $ | 4,533,795 | |||||||||
Construction and land costs | \u2014 | (3,435,058 | ) | (308,862 | ) | \u2014 | (3,743,920 | ) | |||||||||||
Selling, general and administrative expenses | (101,152 | ) | (311,815 | ) | (31,187 | ) | \u2014 | (444,154 | ) | ||||||||||
Operating income (loss) | (101,152 | ) | 452,096 | (5,223 | ) | \u2014 | 345,721 | ||||||||||||
Interest income | 3,273 | 11 | 230 | \u2014 | 3,514 | ||||||||||||||
Interest expense | (141,812 | ) | (2,624 | ) | (5,262 | ) | 149,698 | \u2014 | |||||||||||
Intercompany interest | 302,253 | (142,882 | ) | (9,673 | ) | (149,698 | ) | \u2014 | |||||||||||
Equity in income of unconsolidated joint ventures | \u2014 | 2,066 | \u2014 | \u2014 | 2,066 | ||||||||||||||
Homebuilding pretax income (loss) | 62,562 | 308,667 | (19,928 | ) | \u2014 | 351,301 | |||||||||||||
Financial services pretax income | \u2014 | \u2014 | 16,664 | \u2014 | 16,664 | ||||||||||||||
Total pretax income (loss) | 62,562 | 308,667 | (3,264 | ) | \u2014 | 367,965 | |||||||||||||
Income tax expense | (62,100 | ) | (101,200 | ) | (34,300 | ) | \u2014 | (197,600 | ) | ||||||||||
Equity in net income of subsidiaries | 169,903 | \u2014 | \u2014 | (169,903 | ) | \u2014 | |||||||||||||
Net income (loss) | $ | 170,365 | $ | 207,467 | $ | (37,564 | ) | $ | (169,903 | ) | $ | 170,365 |
\u00a0 | Year Ended November 30, 2017 | ||||||||||||||||||
\u00a0 | KB Home Corporate | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||||||
Revenues | $ | \u2014 | $ | 4,034,057 | $ | 334,472 | $ | \u2014 | $ | 4,368,529 | |||||||||
Homebuilding: | |||||||||||||||||||
Revenues | $ | \u2014 | $ | 4,034,057 | $ | 322,208 | $ | \u2014 | $ | 4,356,265 | |||||||||
Construction and land costs | \u2014 | (3,342,617 | ) | (303,851 | ) | \u2014 | (3,646,468 | ) | |||||||||||
Selling, general and administrative expenses | (91,120 | ) | (298,498 | ) | (36,776 | ) | \u2014 | (426,394 | ) | ||||||||||
Operating income (loss) | (91,120 | ) | 392,942 | (18,419 | ) | \u2014 | 283,403 | ||||||||||||
Interest income | 1,232 | 8 | \u2014 | \u2014 | 1,240 | ||||||||||||||
Interest expense | (166,417 | ) | (1,635 | ) | (3,434 | ) | 170,864 | (622 | ) | ||||||||||
Intercompany interest | 266,784 | (118,138 | ) | 22,218 | (170,864 | ) | \u2014 | ||||||||||||
Equity in loss of unconsolidated joint ventures | \u2014 | (1,407 | ) | (2 | ) | \u2014 | (1,409 | ) | |||||||||||
Loss on early extinguishment of debt | (5,685 | ) | \u2014 | \u2014 | \u2014 | (5,685 | ) | ||||||||||||
Homebuilding pretax income | 4,794 | 271,770 | 363 | \u2014 | 276,927 | ||||||||||||||
Financial services pretax income | \u2014 | \u2014 | 13,068 | \u2014 | 13,068 | ||||||||||||||
Total pretax income | 4,794 | 271,770 | 13,431 | \u2014 | 289,995 | ||||||||||||||
Income tax expense | (8,800 | ) | (100,000 | ) | (600 | ) | \u2014 | (109,400 | ) | ||||||||||
Equity in net income of subsidiaries | 184,601 | \u2014 | \u2014 | (184,601 | ) | \u2014 | |||||||||||||
Net income | $ | 180,595 | $ | 171,770 | $ | 12,831 | $ | (184,601 | ) | $ | 180,595 |
\u00a0 | Year Ended November 30, 2019 | ||||||||||||||||||
\u00a0 | KB Home Corporate | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||||||
Net income | $ | 157,869 | $ | 190,180 | $ | 9,365 | $ | (88,639 | ) | $ | 268,775 | ||||||||
Other comprehensive loss: | |||||||||||||||||||
Postretirement benefit plan adjustments | (8,138 | ) | \u2014 | \u2014 | \u2014 | (8,138 | ) | ||||||||||||
Other comprehensive loss before tax | (8,138 | ) | \u2014 | \u2014 | \u2014 | (8,138 | ) | ||||||||||||
Income tax benefit related to items of other comprehensive loss | 2,197 | \u2014 | \u2014 | \u2014 | 2,197 | ||||||||||||||
Other comprehensive loss, net of tax | (5,941 | ) | \u2014 | \u2014 | \u2014 | (5,941 | ) | ||||||||||||
Comprehensive income | $ | 151,928 | $ | 190,180 | $ | 9,365 | $ | (88,639 | ) | $ | 262,834 | ||||||||
\u00a0 | Year Ended November 30, 2018 | ||||||||||||||||||
\u00a0 | KB Home Corporate | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||||||
Net income (loss) | $ | 170,365 | $ | 207,467 | $ | (37,564 | ) | $ | (169,903 | ) | $ | 170,365 | |||||||
Other comprehensive income: | |||||||||||||||||||
Postretirement benefit plan adjustments | 10,108 | \u2014 | \u2014 | \u2014 | 10,108 | ||||||||||||||
Other comprehensive income before tax | 10,108 | \u2014 | \u2014 | \u2014 | 10,108 | ||||||||||||||
Income tax expense related to items of other comprehensive income | (2,749 | ) | \u2014 | \u2014 | \u2014 | (2,749 | ) | ||||||||||||
Other comprehensive income, net of tax | 7,359 | \u2014 | \u2014 | \u2014 | 7,359 | ||||||||||||||
Comprehensive income (loss) | $ | 177,724 | $ | 207,467 | $ | (37,564 | ) | $ | (169,903 | ) | $ | 177,724 |
\u00a0 | Year Ended November 30, 2017 | ||||||||||||||||||
\u00a0 | KB Home Corporate | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||||||
Net income | $ | 180,595 | $ | 171,770 | $ | 12,831 | $ | (184,601 | ) | $ | 180,595 | ||||||||
Other comprehensive loss: | |||||||||||||||||||
Postretirement benefit plan adjustments | (1,445 | ) | \u2014 | \u2014 | \u2014 | (1,445 | ) | ||||||||||||
Other comprehensive loss before tax | (1,445 | ) | \u2014 | \u2014 | \u2014 | (1,445 | ) | ||||||||||||
Income tax benefit related to items of other comprehensive loss | 578 | \u2014 | \u2014 | \u2014 | 578 | ||||||||||||||
Other comprehensive loss, net of tax | (867 | ) | \u2014 | \u2014 | \u2014 | (867 | ) | ||||||||||||
Comprehensive income | $ | 179,728 | $ | 171,770 | $ | 12,831 | $ | (184,601 | ) | $ | 179,728 |
\u00a0 | November\u00a030, 2019 | ||||||||||||||||||
\u00a0 | KB Home Corporate | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||||||
Assets | |||||||||||||||||||
Homebuilding: | |||||||||||||||||||
Cash and cash equivalents | $ | 357,966 | $ | 65,434 | $ | 30,414 | $ | \u2014 | $ | 453,814 | |||||||||
Receivables | 1,934 | 181,047 | 66,074 | \u2014 | 249,055 | ||||||||||||||
Inventories | \u2014 | 3,400,307 | 304,295 | \u2014 | 3,704,602 | ||||||||||||||
Investments in unconsolidated joint\u00a0ventures | \u2014 | 57,038 | \u2014 | \u2014 | 57,038 | ||||||||||||||
Property and equipment, net | 24,250 | 37,539 | 3,254 | \u2014 | 65,043 | ||||||||||||||
Deferred tax assets, net | 96,301 | 237,877 | 30,315 | \u2014 | 364,493 | ||||||||||||||
Other assets | 78,686 | 2,666 | 1,689 | \u2014 | 83,041 | ||||||||||||||
559,137 | 3,981,908 | 436,041 | \u2014 | 4,977,086 | |||||||||||||||
Financial services | \u2014 | \u2014 | 38,396 | \u2014 | 38,396 | ||||||||||||||
Intercompany receivables | 3,624,081 | \u2014 | 186,022 | (3,810,103 | ) | \u2014 | |||||||||||||
Investments in subsidiaries | 115,753 | \u2014 | \u2014 | (115,753 | ) | \u2014 | |||||||||||||
Total assets | $ | 4,298,971 | $ | 3,981,908 | $ | 660,459 | $ | (3,925,856 | ) | $ | 5,015,482 | ||||||||
Liabilities and stockholders\u2019 equity | |||||||||||||||||||
Homebuilding: | |||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | $ | 139,137 | $ | 453,929 | $ | 288,489 | $ | \u2014 | $ | 881,555 | |||||||||
Notes payable | 1,715,748 | 7,889 | 25,110 | \u2014 | 1,748,747 | ||||||||||||||
1,854,885 | 461,818 | 313,599 | \u2014 | 2,630,302 | |||||||||||||||
Financial services | \u2014 | \u2014 | 2,058 | \u2014 | 2,058 | ||||||||||||||
Intercompany payables | 60,964 | 3,520,090 | 229,049 | (3,810,103 | ) | \u2014 | |||||||||||||
Stockholders\u2019 equity | 2,383,122 | \u2014 | 115,753 | (115,753 | ) | 2,383,122 | |||||||||||||
Total liabilities and stockholders\u2019\u00a0equity | $ | 4,298,971 | $ | 3,981,908 | $ | 660,459 | $ | (3,925,856 | ) | $ | 5,015,482 |
\u00a0 | November\u00a030, 2018 | ||||||||||||||||||
\u00a0 | KB Home Corporate | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||||||
Assets | |||||||||||||||||||
Homebuilding: | |||||||||||||||||||
Cash and cash equivalents | $ | 429,977 | $ | 114,269 | $ | 30,113 | $ | \u2014 | $ | 574,359 | |||||||||
Receivables | 5,135 | 198,465 | 89,230 | \u2014 | 292,830 | ||||||||||||||
Inventories | \u2014 | 3,314,386 | 268,453 | \u2014 | 3,582,839 | ||||||||||||||
Investments in unconsolidated joint\u00a0ventures | \u2014 | 61,960 | \u2014 | \u2014 | 61,960 | ||||||||||||||
Property and equipment, net | 18,450 | 5,522 | 311 | \u2014 | 24,283 | ||||||||||||||
Deferred tax assets, net | 84,564 | 303,669 | 53,587 | \u2014 | 441,820 | ||||||||||||||
Other assets | 77,288 | 4,008 | 1,804 | \u2014 | 83,100 | ||||||||||||||
615,414 | 4,002,279 | 443,498 | \u2014 | 5,061,191 | |||||||||||||||
Financial services | \u2014 | \u2014 | 12,380 | \u2014 | 12,380 | ||||||||||||||
Intercompany receivables | 3,569,422 | \u2014 | 158,760 | (3,728,182 | ) | \u2014 | |||||||||||||
Investments in subsidiaries | 67,657 | \u2014 | \u2014 | (67,657 | ) | \u2014 | |||||||||||||
Total assets | $ | 4,252,493 | $ | 4,002,279 | $ | 614,638 | $ | (3,795,839 | ) | $ | 5,073,571 | ||||||||
Liabilities and stockholders\u2019 equity | |||||||||||||||||||
Homebuilding: | |||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | $ | 126,176 | $ | 584,321 | $ | 213,816 | $ | \u2014 | $ | 924,313 | |||||||||
Notes payable | 1,995,115 | 40,038 | 25,110 | \u2014 | 2,060,263 | ||||||||||||||
2,121,291 | 624,359 | 238,926 | \u2014 | 2,984,576 | |||||||||||||||
Financial services | \u2014 | \u2014 | 1,495 | \u2014 | 1,495 | ||||||||||||||
Intercompany payables | 43,702 | 3,377,920 | 306,560 | (3,728,182 | ) | \u2014 | |||||||||||||
Stockholders\u2019 equity | 2,087,500 | \u2014 | 67,657 | (67,657 | ) | 2,087,500 | |||||||||||||
Total liabilities and stockholders\u2019 equity | $ | 4,252,493 | $ | 4,002,279 | $ | 614,638 | $ | (3,795,839 | ) | $ | 5,073,571 |
\u00a0 | Year Ended November 30, 2019 | ||||||||||||||||||
\u00a0 | KB\u00a0Home Corporate | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||||||
Net cash provided by operating activities | $ | 118,542 | $ | 32,864 | $ | 99,636 | $ | \u2014 | $ | 251,042 | |||||||||
Cash flows from investing activities: | |||||||||||||||||||
Contributions to unconsolidated joint ventures | \u2014 | (11,290 | ) | \u2014 | \u2014 | (11,290 | ) | ||||||||||||
Return of investments in unconsolidated joint ventures | \u2014 | 5,001 | \u2014 | \u2014 | 5,001 | ||||||||||||||
Proceeds from sale of building | \u2014 | 5,804 | \u2014 | \u2014 | 5,804 | ||||||||||||||
Purchases of property and equipment, net | (6,365 | ) | (23,618 | ) | (10,476 | ) | \u2014 | (40,459 | ) | ||||||||||
Intercompany | 105,055 | \u2014 | \u2014 | (105,055 | ) | \u2014 | |||||||||||||
Net cash provided by (used in) investing activities | 98,690 | (24,103 | ) | (10,476 | ) | (105,055 | ) | (40,944 | ) | ||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Proceeds from issuance of debt | 705,250 | \u2014 | \u2014 | \u2014 | 705,250 | ||||||||||||||
Repayment of senior notes | (986,231 | ) | \u2014 | \u2014 | \u2014 | (986,231 | ) | ||||||||||||
Payment of issuance costs | (11,128 | ) | \u2014 | \u2014 | \u2014 | (11,128 | ) | ||||||||||||
Borrowings under revolving credit facility | 610,000 | \u2014 | \u2014 | \u2014 | 610,000 | ||||||||||||||
Repayments under revolving credit facility | (610,000 | ) | \u2014 | \u2014 | \u2014 | (610,000 | ) | ||||||||||||
Payments on mortgages and land contracts due to land sellers and other loans | \u2014 | (41,116 | ) | \u2014 | \u2014 | (41,116 | ) | ||||||||||||
Issuance of common stock under employee stock plans | 30,524 | \u2014 | \u2014 | \u2014 | 30,524 | ||||||||||||||
Tax payments associated with stock-based compensation awards | (7,288 | ) | \u2014 | \u2014 | \u2014 | (7,288 | ) | ||||||||||||
Payments of cash dividends | (20,370 | ) | \u2014 | \u2014 | \u2014 | (20,370 | ) | ||||||||||||
Intercompany | \u2014 | (16,480 | ) | (88,575 | ) | 105,055 | \u2014 | ||||||||||||
Net cash used in financing activities | (289,243 | ) | (57,596 | ) | (88,575 | ) | 105,055 | (330,359 | ) | ||||||||||
Net increase (decrease) in cash and cash equivalents | (72,011 | ) | (48,835 | ) | 585 | \u2014 | (120,261 | ) | |||||||||||
Cash and cash equivalents at beginning of year | 429,977 | 114,269 | 30,873 | \u2014 | 575,119 | ||||||||||||||
Cash and cash equivalents at end of year | $ | 357,966 | $ | 65,434 | $ | 31,458 | $ | \u2014 | $ | 454,858 |
\u00a0 | Year Ended November 30, 2018 | ||||||||||||||||||
\u00a0 | KB Home Corporate | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||||||
Net cash provided by (used in) operating activities | $ | 236,892 | $ | 9,668 | $ | (25,048 | ) | $ | \u2014 | $ | 221,512 | ||||||||
Cash flows from investing activities: | |||||||||||||||||||
Contributions to unconsolidated joint ventures | \u2014 | (22,672 | ) | 1 | \u2014 | (22,671 | ) | ||||||||||||
Return of investments in unconsolidated joint ventures | \u2014 | 9,934 | \u2014 | \u2014 | 9,934 | ||||||||||||||
Purchases of property and equipment, net | (6,584 | ) | (674 | ) | (112 | ) | \u2014 | (7,370 | ) | ||||||||||
Intercompany | (43,128 | ) | \u2014 | \u2014 | 43,128 | \u2014 | |||||||||||||
Net cash used in investing activities | (49,712 | ) | (13,412 | ) | (111 | ) | 43,128 | (20,107 | ) | ||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Repayment of senior notes | (300,000 | ) | \u2014 | \u2014 | \u2014 | (300,000 | ) | ||||||||||||
Borrowings under revolving credit facility | 70,000 | \u2014 | \u2014 | \u2014 | 70,000 | ||||||||||||||
Repayments under revolving credit facility | (70,000 | ) | \u2014 | \u2014 | \u2014 | (70,000 | ) | ||||||||||||
Payments on mortgages and land contracts due to land sellers and other loans | \u2014 | (13,831 | ) | (920 | ) | \u2014 | (14,751 | ) | |||||||||||
Issuance of common stock under employee stock plans | 20,011 | \u2014 | \u2014 | \u2014 | 20,011 | ||||||||||||||
Stock repurchases | (35,039 | ) | \u2014 | \u2014 | \u2014 | (35,039 | ) | ||||||||||||
Tax payments associated with stock-based compensation awards | (8,476 | ) | \u2014 | \u2014 | \u2014 | (8,476 | ) | ||||||||||||
Payments of cash dividends | (8,892 | ) | \u2014 | \u2014 | \u2014 | (8,892 | ) | ||||||||||||
Intercompany | \u2014 | 27,724 | 15,404 | (43,128 | ) | \u2014 | |||||||||||||
Net cash provided by (used in) financing activities | (332,396 | ) | 13,893 | 14,484 | (43,128 | ) | (347,147 | ) | |||||||||||
Net increase (decrease) in cash and cash equivalents | (145,216 | ) | 10,149 | (10,675 | ) | \u2014 | (145,742 | ) | |||||||||||
Cash and cash equivalents at beginning of year | 575,193 | 104,120 | 41,548 | \u2014 | 720,861 | ||||||||||||||
Cash and cash equivalents at end of year | $ | 429,977 | $ | 114,269 | $ | 30,873 | $ | \u2014 | $ | 575,119 |
\u00a0 | Year Ended November 30, 2017 | ||||||||||||||||||
\u00a0 | KB Home Corporate | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||||||
Net cash provided by operating activities | $ | 70,683 | $ | 366,005 | $ | 76,531 | $ | \u2014 | $ | 513,219 | |||||||||
Cash flows from investing activities: | |||||||||||||||||||
Contributions to unconsolidated joint ventures | \u2014 | (13,569 | ) | (5,125 | ) | \u2014 | (18,694 | ) | |||||||||||
Return of investments in unconsolidated joint ventures | \u2014 | 4,119 | 6,916 | \u2014 | 11,035 | ||||||||||||||
Purchases of property and equipment, net | (7,215 | ) | (809 | ) | (61 | ) | \u2014 | (8,085 | ) | ||||||||||
Intercompany | 311,857 | \u2014 | \u2014 | (311,857 | ) | \u2014 | |||||||||||||
Net cash provided by (used in) investing activities | 304,642 | (10,259 | ) | 1,730 | (311,857 | ) | (15,744 | ) | |||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Repayment of senior notes | (270,326 | ) | \u2014 | \u2014 | \u2014 | (270,326 | ) | ||||||||||||
Payment of issuance costs | (1,711 | ) | \u2014 | \u2014 | \u2014 | (1,711 | ) | ||||||||||||
Payments on mortgages and land contracts due to land sellers and other loans | \u2014 | (106,382 | ) | \u2014 | \u2014 | (106,382 | ) | ||||||||||||
Issuance of common stock under employee stock plans | 23,162 | \u2014 | \u2014 | \u2014 | 23,162 | ||||||||||||||
Excess tax benefits from stock-based compensation | 958 | \u2014 | \u2014 | \u2014 | 958 | ||||||||||||||
Tax payments associated with stock-based compensation awards | (6,673 | ) | \u2014 | \u2014 | \u2014 | (6,673 | ) | ||||||||||||
Payments of cash dividends | (8,642 | ) | \u2014 | \u2014 | \u2014 | (8,642 | ) | ||||||||||||
Intercompany | \u2014 | (251,147 | ) | (60,710 | ) | 311,857 | \u2014 | ||||||||||||
Net cash used in financing activities | (263,232 | ) | (357,529 | ) | (60,710 | ) | 311,857 | (369,614 | ) | ||||||||||
Net increase (decrease) in cash and cash equivalents | 112,093 | (1,783 | ) | 17,551 | \u2014 | 127,861 | |||||||||||||
Cash and cash equivalents at beginning of year | 463,100 | 105,903 | 23,997 | \u2014 | 593,000 | ||||||||||||||
Cash and cash equivalents at end of year | $ | 575,193 | $ | 104,120 | $ | 41,548 | $ | \u2014 | $ | 720,861 |
\u00a0 | Year Ended November 30, 2019 | ||||||||||||||||||
\u00a0 | KB\u00a0Home Corporate | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||||||
Revenues | $ | \u2014 | $ | 4,161,511 | $ | 391,236 | $ | \u2014 | $ | 4,552,747 | |||||||||
Homebuilding: | |||||||||||||||||||
Revenues | $ | \u2014 | $ | 4,161,511 | $ | 376,147 | $ | \u2014 | $ | 4,537,658 | |||||||||
Construction and land costs | \u2014 | (3,362,386 | ) | (346,542 | ) | \u2014 | (3,708,928 | ) | |||||||||||
Selling, general and administrative expenses | (100,630 | ) | (375,199 | ) | (21,521 | ) | \u2014 | (497,350 | ) | ||||||||||
Operating income (loss) | (100,630 | ) | 423,926 | 8,084 | \u2014 | 331,380 | |||||||||||||
Interest income | 1,926 | 23 | 209 | \u2014 | 2,158 | ||||||||||||||
Interest expense | (137,327 | ) | (746 | ) | (5,339 | ) | 143,412 | \u2014 | |||||||||||
Intercompany interest | 328,361 | (173,374 | ) | (11,575 | ) | (143,412 | ) | \u2014 | |||||||||||
Equity in loss of unconsolidated joint ventures | \u2014 | (1,549 | ) | \u2014 | \u2014 | (1,549 | ) | ||||||||||||
Loss on early extinguishment of debt | (6,800 | ) | \u2014 | \u2014 | \u2014 | (6,800 | ) | ||||||||||||
Homebuilding pretax income (loss) | 85,530 | 248,280 | (8,621 | ) | \u2014 | 325,189 | |||||||||||||
Financial services pretax income | \u2014 | \u2014 | 22,986 | \u2014 | 22,986 | ||||||||||||||
Total pretax income | 85,530 | 248,280 | 14,365 | \u2014 | 348,175 | ||||||||||||||
Income tax expense | (16,300 | ) | (58,100 | ) | (5,000 | ) | \u2014 | (79,400 | ) | ||||||||||
Equity in net income of subsidiaries | 88,639 | \u2014 | \u2014 | (88,639 | ) | \u2014 | |||||||||||||
Net income | $ | 157,869 | $ | 190,180 | $ | 9,365 | $ | (88,639 | ) | $ | 268,775 |
\u00a0 | Year Ended November 30, 2018 | ||||||||||||||||||
\u00a0 | KB\u00a0Home Corporate | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||||||
Revenues | $ | \u2014 | $ | 4,198,969 | $ | 348,033 | $ | \u2014 | $ | 4,547,002 | |||||||||
Homebuilding: | |||||||||||||||||||
Revenues | $ | \u2014 | $ | 4,198,969 | $ | 334,826 | $ | \u2014 | $ | 4,533,795 | |||||||||
Construction and land costs | \u2014 | (3,435,058 | ) | (308,862 | ) | \u2014 | (3,743,920 | ) | |||||||||||
Selling, general and administrative expenses | (101,152 | ) | (311,815 | ) | (31,187 | ) | \u2014 | (444,154 | ) | ||||||||||
Operating income (loss) | (101,152 | ) | 452,096 | (5,223 | ) | \u2014 | 345,721 | ||||||||||||
Interest income | 3,273 | 11 | 230 | \u2014 | 3,514 | ||||||||||||||
Interest expense | (141,812 | ) | (2,624 | ) | (5,262 | ) | 149,698 | \u2014 | |||||||||||
Intercompany interest | 302,253 | (142,882 | ) | (9,673 | ) | (149,698 | ) | \u2014 | |||||||||||
Equity in income of unconsolidated joint ventures | \u2014 | 2,066 | \u2014 | \u2014 | 2,066 | ||||||||||||||
Homebuilding pretax income (loss) | 62,562 | 308,667 | (19,928 | ) | \u2014 | 351,301 | |||||||||||||
Financial services pretax income | \u2014 | \u2014 | 16,664 | \u2014 | 16,664 | ||||||||||||||
Total pretax income (loss) | 62,562 | 308,667 | (3,264 | ) | \u2014 | 367,965 | |||||||||||||
Income tax expense | (62,100 | ) | (101,200 | ) | (34,300 | ) | \u2014 | (197,600 | ) | ||||||||||
Equity in net income of subsidiaries | 169,903 | \u2014 | \u2014 | (169,903 | ) | \u2014 | |||||||||||||
Net income (loss) | $ | 170,365 | $ | 207,467 | $ | (37,564 | ) | $ | (169,903 | ) | $ | 170,365 |
\u00a0 | Year Ended November 30, 2017 | ||||||||||||||||||
\u00a0 | KB Home Corporate | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||||||
Revenues | $ | \u2014 | $ | 4,034,057 | $ | 334,472 | $ | \u2014 | $ | 4,368,529 | |||||||||
Homebuilding: | |||||||||||||||||||
Revenues | $ | \u2014 | $ | 4,034,057 | $ | 322,208 | $ | \u2014 | $ | 4,356,265 | |||||||||
Construction and land costs | \u2014 | (3,342,617 | ) | (303,851 | ) | \u2014 | (3,646,468 | ) | |||||||||||
Selling, general and administrative expenses | (91,120 | ) | (298,498 | ) | (36,776 | ) | \u2014 | (426,394 | ) | ||||||||||
Operating income (loss) | (91,120 | ) | 392,942 | (18,419 | ) | \u2014 | 283,403 | ||||||||||||
Interest income | 1,232 | 8 | \u2014 | \u2014 | 1,240 | ||||||||||||||
Interest expense | (166,417 | ) | (1,635 | ) | (3,434 | ) | 170,864 | (622 | ) | ||||||||||
Intercompany interest | 266,784 | (118,138 | ) | 22,218 | (170,864 | ) | \u2014 | ||||||||||||
Equity in loss of unconsolidated joint ventures | \u2014 | (1,407 | ) | (2 | ) | \u2014 | (1,409 | ) | |||||||||||
Loss on early extinguishment of debt | (5,685 | ) | \u2014 | \u2014 | \u2014 | (5,685 | ) | ||||||||||||
Homebuilding pretax income | 4,794 | 271,770 | 363 | \u2014 | 276,927 | ||||||||||||||
Financial services pretax income | \u2014 | \u2014 | 13,068 | \u2014 | 13,068 | ||||||||||||||
Total pretax income | 4,794 | 271,770 | 13,431 | \u2014 | 289,995 | ||||||||||||||
Income tax expense | (8,800 | ) | (100,000 | ) | (600 | ) | \u2014 | (109,400 | ) | ||||||||||
Equity in net income of subsidiaries | 184,601 | \u2014 | \u2014 | (184,601 | ) | \u2014 | |||||||||||||
Net income | $ | 180,595 | $ | 171,770 | $ | 12,831 | $ | (184,601 | ) | $ | 180,595 |
\u00a0 | Year Ended November 30, 2019 | ||||||||||||||||||
\u00a0 | KB Home Corporate | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||||||
Net income | $ | 157,869 | $ | 190,180 | $ | 9,365 | $ | (88,639 | ) | $ | 268,775 | ||||||||
Other comprehensive loss: | |||||||||||||||||||
Postretirement benefit plan adjustments | (8,138 | ) | \u2014 | \u2014 | \u2014 | (8,138 | ) | ||||||||||||
Other comprehensive loss before tax | (8,138 | ) | \u2014 | \u2014 | \u2014 | (8,138 | ) | ||||||||||||
Income tax benefit related to items of other comprehensive loss | 2,197 | \u2014 | \u2014 | \u2014 | 2,197 | ||||||||||||||
Other comprehensive loss, net of tax | (5,941 | ) | \u2014 | \u2014 | \u2014 | (5,941 | ) | ||||||||||||
Comprehensive income | $ | 151,928 | $ | 190,180 | $ | 9,365 | $ | (88,639 | ) | $ | 262,834 | ||||||||
\u00a0 | Year Ended November 30, 2018 | ||||||||||||||||||
\u00a0 | KB Home Corporate | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||||||
Net income (loss) | $ | 170,365 | $ | 207,467 | $ | (37,564 | ) | $ | (169,903 | ) | $ | 170,365 | |||||||
Other comprehensive income: | |||||||||||||||||||
Postretirement benefit plan adjustments | 10,108 | \u2014 | \u2014 | \u2014 | 10,108 | ||||||||||||||
Other comprehensive income before tax | 10,108 | \u2014 | \u2014 | \u2014 | 10,108 | ||||||||||||||
Income tax expense related to items of other comprehensive income | (2,749 | ) | \u2014 | \u2014 | \u2014 | (2,749 | ) | ||||||||||||
Other comprehensive income, net of tax | 7,359 | \u2014 | \u2014 | \u2014 | 7,359 | ||||||||||||||
Comprehensive income (loss) | $ | 177,724 | $ | 207,467 | $ | (37,564 | ) | $ | (169,903 | ) | $ | 177,724 |
\u00a0 | Year Ended November 30, 2017 | ||||||||||||||||||
\u00a0 | KB Home Corporate | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||||||
Net income | $ | 180,595 | $ | 171,770 | $ | 12,831 | $ | (184,601 | ) | $ | 180,595 | ||||||||
Other comprehensive loss: | |||||||||||||||||||
Postretirement benefit plan adjustments | (1,445 | ) | \u2014 | \u2014 | \u2014 | (1,445 | ) | ||||||||||||
Other comprehensive loss before tax | (1,445 | ) | \u2014 | \u2014 | \u2014 | (1,445 | ) | ||||||||||||
Income tax benefit related to items of other comprehensive loss | 578 | \u2014 | \u2014 | \u2014 | 578 | ||||||||||||||
Other comprehensive loss, net of tax | (867 | ) | \u2014 | \u2014 | \u2014 | (867 | ) | ||||||||||||
Comprehensive income | $ | 179,728 | $ | 171,770 | $ | 12,831 | $ | (184,601 | ) | $ | 179,728 |
\u00a0 | November\u00a030, 2019 | ||||||||||||||||||
\u00a0 | KB Home Corporate | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||||||
Assets | |||||||||||||||||||
Homebuilding: | |||||||||||||||||||
Cash and cash equivalents | $ | 357,966 | $ | 65,434 | $ | 30,414 | $ | \u2014 | $ | 453,814 | |||||||||
Receivables | 1,934 | 181,047 | 66,074 | \u2014 | 249,055 | ||||||||||||||
Inventories | \u2014 | 3,400,307 | 304,295 | \u2014 | 3,704,602 | ||||||||||||||
Investments in unconsolidated joint\u00a0ventures | \u2014 | 57,038 | \u2014 | \u2014 | 57,038 | ||||||||||||||
Property and equipment, net | 24,250 | 37,539 | 3,254 | \u2014 | 65,043 | ||||||||||||||
Deferred tax assets, net | 96,301 | 237,877 | 30,315 | \u2014 | 364,493 | ||||||||||||||
Other assets | 78,686 | 2,666 | 1,689 | \u2014 | 83,041 | ||||||||||||||
559,137 | 3,981,908 | 436,041 | \u2014 | 4,977,086 | |||||||||||||||
Financial services | \u2014 | \u2014 | 38,396 | \u2014 | 38,396 | ||||||||||||||
Intercompany receivables | 3,624,081 | \u2014 | 186,022 | (3,810,103 | ) | \u2014 | |||||||||||||
Investments in subsidiaries | 115,753 | \u2014 | \u2014 | (115,753 | ) | \u2014 | |||||||||||||
Total assets | $ | 4,298,971 | $ | 3,981,908 | $ | 660,459 | $ | (3,925,856 | ) | $ | 5,015,482 | ||||||||
Liabilities and stockholders\u2019 equity | |||||||||||||||||||
Homebuilding: | |||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | $ | 139,137 | $ | 453,929 | $ | 288,489 | $ | \u2014 | $ | 881,555 | |||||||||
Notes payable | 1,715,748 | 7,889 | 25,110 | \u2014 | 1,748,747 | ||||||||||||||
1,854,885 | 461,818 | 313,599 | \u2014 | 2,630,302 | |||||||||||||||
Financial services | \u2014 | \u2014 | 2,058 | \u2014 | 2,058 | ||||||||||||||
Intercompany payables | 60,964 | 3,520,090 | 229,049 | (3,810,103 | ) | \u2014 | |||||||||||||
Stockholders\u2019 equity | 2,383,122 | \u2014 | 115,753 | (115,753 | ) | 2,383,122 | |||||||||||||
Total liabilities and stockholders\u2019\u00a0equity | $ | 4,298,971 | $ | 3,981,908 | $ | 660,459 | $ | (3,925,856 | ) | $ | 5,015,482 |
\u00a0 | November\u00a030, 2018 | ||||||||||||||||||
\u00a0 | KB Home Corporate | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||||||
Assets | |||||||||||||||||||
Homebuilding: | |||||||||||||||||||
Cash and cash equivalents | $ | 429,977 | $ | 114,269 | $ | 30,113 | $ | \u2014 | $ | 574,359 | |||||||||
Receivables | 5,135 | 198,465 | 89,230 | \u2014 | 292,830 | ||||||||||||||
Inventories | \u2014 | 3,314,386 | 268,453 | \u2014 | 3,582,839 | ||||||||||||||
Investments in unconsolidated joint\u00a0ventures | \u2014 | 61,960 | \u2014 | \u2014 | 61,960 | ||||||||||||||
Property and equipment, net | 18,450 | 5,522 | 311 | \u2014 | 24,283 | ||||||||||||||
Deferred tax assets, net | 84,564 | 303,669 | 53,587 | \u2014 | 441,820 | ||||||||||||||
Other assets | 77,288 | 4,008 | 1,804 | \u2014 | 83,100 | ||||||||||||||
615,414 | 4,002,279 | 443,498 | \u2014 | 5,061,191 | |||||||||||||||
Financial services | \u2014 | \u2014 | 12,380 | \u2014 | 12,380 | ||||||||||||||
Intercompany receivables | 3,569,422 | \u2014 | 158,760 | (3,728,182 | ) | \u2014 | |||||||||||||
Investments in subsidiaries | 67,657 | \u2014 | \u2014 | (67,657 | ) | \u2014 | |||||||||||||
Total assets | $ | 4,252,493 | $ | 4,002,279 | $ | 614,638 | $ | (3,795,839 | ) | $ | 5,073,571 | ||||||||
Liabilities and stockholders\u2019 equity | |||||||||||||||||||
Homebuilding: | |||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | $ | 126,176 | $ | 584,321 | $ | 213,816 | $ | \u2014 | $ | 924,313 | |||||||||
Notes payable | 1,995,115 | 40,038 | 25,110 | \u2014 | 2,060,263 | ||||||||||||||
2,121,291 | 624,359 | 238,926 | \u2014 | 2,984,576 | |||||||||||||||
Financial services | \u2014 | \u2014 | 1,495 | \u2014 | 1,495 | ||||||||||||||
Intercompany payables | 43,702 | 3,377,920 | 306,560 | (3,728,182 | ) | \u2014 | |||||||||||||
Stockholders\u2019 equity | 2,087,500 | \u2014 | 67,657 | (67,657 | ) | 2,087,500 | |||||||||||||
Total liabilities and stockholders\u2019 equity | $ | 4,252,493 | $ | 4,002,279 | $ | 614,638 | $ | (3,795,839 | ) | $ | 5,073,571 |
\u00a0 | Year Ended November 30, 2019 | ||||||||||||||||||
\u00a0 | KB\u00a0Home Corporate | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||||||
Net cash provided by operating activities | $ | 118,542 | $ | 32,864 | $ | 99,636 | $ | \u2014 | $ | 251,042 | |||||||||
Cash flows from investing activities: | |||||||||||||||||||
Contributions to unconsolidated joint ventures | \u2014 | (11,290 | ) | \u2014 | \u2014 | (11,290 | ) | ||||||||||||
Return of investments in unconsolidated joint ventures | \u2014 | 5,001 | \u2014 | \u2014 | 5,001 | ||||||||||||||
Proceeds from sale of building | \u2014 | 5,804 | \u2014 | \u2014 | 5,804 | ||||||||||||||
Purchases of property and equipment, net | (6,365 | ) | (23,618 | ) | (10,476 | ) | \u2014 | (40,459 | ) | ||||||||||
Intercompany | 105,055 | \u2014 | \u2014 | (105,055 | ) | \u2014 | |||||||||||||
Net cash provided by (used in) investing activities | 98,690 | (24,103 | ) | (10,476 | ) | (105,055 | ) | (40,944 | ) | ||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Proceeds from issuance of debt | 705,250 | \u2014 | \u2014 | \u2014 | 705,250 | ||||||||||||||
Repayment of senior notes | (986,231 | ) | \u2014 | \u2014 | \u2014 | (986,231 | ) | ||||||||||||
Payment of issuance costs | (11,128 | ) | \u2014 | \u2014 | \u2014 | (11,128 | ) | ||||||||||||
Borrowings under revolving credit facility | 610,000 | \u2014 | \u2014 | \u2014 | 610,000 | ||||||||||||||
Repayments under revolving credit facility | (610,000 | ) | \u2014 | \u2014 | \u2014 | (610,000 | ) | ||||||||||||
Payments on mortgages and land contracts due to land sellers and other loans | \u2014 | (41,116 | ) | \u2014 | \u2014 | (41,116 | ) | ||||||||||||
Issuance of common stock under employee stock plans | 30,524 | \u2014 | \u2014 | \u2014 | 30,524 | ||||||||||||||
Tax payments associated with stock-based compensation awards | (7,288 | ) | \u2014 | \u2014 | \u2014 | (7,288 | ) | ||||||||||||
Payments of cash dividends | (20,370 | ) | \u2014 | \u2014 | \u2014 | (20,370 | ) | ||||||||||||
Intercompany | \u2014 | (16,480 | ) | (88,575 | ) | 105,055 | \u2014 | ||||||||||||
Net cash used in financing activities | (289,243 | ) | (57,596 | ) | (88,575 | ) | 105,055 | (330,359 | ) | ||||||||||
Net increase (decrease) in cash and cash equivalents | (72,011 | ) | (48,835 | ) | 585 | \u2014 | (120,261 | ) | |||||||||||
Cash and cash equivalents at beginning of year | 429,977 | 114,269 | 30,873 | \u2014 | 575,119 | ||||||||||||||
Cash and cash equivalents at end of year | $ | 357,966 | $ | 65,434 | $ | 31,458 | $ | \u2014 | $ | 454,858 |
\u00a0 | Year Ended November 30, 2018 | ||||||||||||||||||
\u00a0 | KB Home Corporate | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||||||
Net cash provided by (used in) operating activities | $ | 236,892 | $ | 9,668 | $ | (25,048 | ) | $ | \u2014 | $ | 221,512 | ||||||||
Cash flows from investing activities: | |||||||||||||||||||
Contributions to unconsolidated joint ventures | \u2014 | (22,672 | ) | 1 | \u2014 | (22,671 | ) | ||||||||||||
Return of investments in unconsolidated joint ventures | \u2014 | 9,934 | \u2014 | \u2014 | 9,934 | ||||||||||||||
Purchases of property and equipment, net | (6,584 | ) | (674 | ) | (112 | ) | \u2014 | (7,370 | ) | ||||||||||
Intercompany | (43,128 | ) | \u2014 | \u2014 | 43,128 | \u2014 | |||||||||||||
Net cash used in investing activities | (49,712 | ) | (13,412 | ) | (111 | ) | 43,128 | (20,107 | ) | ||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Repayment of senior notes | (300,000 | ) | \u2014 | \u2014 | \u2014 | (300,000 | ) | ||||||||||||
Borrowings under revolving credit facility | 70,000 | \u2014 | \u2014 | \u2014 | 70,000 | ||||||||||||||
Repayments under revolving credit facility | (70,000 | ) | \u2014 | \u2014 | \u2014 | (70,000 | ) | ||||||||||||
Payments on mortgages and land contracts due to land sellers and other loans | \u2014 | (13,831 | ) | (920 | ) | \u2014 | (14,751 | ) | |||||||||||
Issuance of common stock under employee stock plans | 20,011 | \u2014 | \u2014 | \u2014 | 20,011 | ||||||||||||||
Stock repurchases | (35,039 | ) | \u2014 | \u2014 | \u2014 | (35,039 | ) | ||||||||||||
Tax payments associated with stock-based compensation awards | (8,476 | ) | \u2014 | \u2014 | \u2014 | (8,476 | ) | ||||||||||||
Payments of cash dividends | (8,892 | ) | \u2014 | \u2014 | \u2014 | (8,892 | ) | ||||||||||||
Intercompany | \u2014 | 27,724 | 15,404 | (43,128 | ) | \u2014 | |||||||||||||
Net cash provided by (used in) financing activities | (332,396 | ) | 13,893 | 14,484 | (43,128 | ) | (347,147 | ) | |||||||||||
Net increase (decrease) in cash and cash equivalents | (145,216 | ) | 10,149 | (10,675 | ) | \u2014 | (145,742 | ) | |||||||||||
Cash and cash equivalents at beginning of year | 575,193 | 104,120 | 41,548 | \u2014 | 720,861 | ||||||||||||||
Cash and cash equivalents at end of year | $ | 429,977 | $ | 114,269 | $ | 30,873 | $ | \u2014 | $ | 575,119 |
\u00a0 | Year Ended November 30, 2017 | ||||||||||||||||||
\u00a0 | KB Home Corporate | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||||||
Net cash provided by operating activities | $ | 70,683 | $ | 366,005 | $ | 76,531 | $ | \u2014 | $ | 513,219 | |||||||||
Cash flows from investing activities: | |||||||||||||||||||
Contributions to unconsolidated joint ventures | \u2014 | (13,569 | ) | (5,125 | ) | \u2014 | (18,694 | ) | |||||||||||
Return of investments in unconsolidated joint ventures | \u2014 | 4,119 | 6,916 | \u2014 | 11,035 | ||||||||||||||
Purchases of property and equipment, net | (7,215 | ) | (809 | ) | (61 | ) | \u2014 | (8,085 | ) | ||||||||||
Intercompany | 311,857 | \u2014 | \u2014 | (311,857 | ) | \u2014 | |||||||||||||
Net cash provided by (used in) investing activities | 304,642 | (10,259 | ) | 1,730 | (311,857 | ) | (15,744 | ) | |||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Repayment of senior notes | (270,326 | ) | \u2014 | \u2014 | \u2014 | (270,326 | ) | ||||||||||||
Payment of issuance costs | (1,711 | ) | \u2014 | \u2014 | \u2014 | (1,711 | ) | ||||||||||||
Payments on mortgages and land contracts due to land sellers and other loans | \u2014 | (106,382 | ) | \u2014 | \u2014 | (106,382 | ) | ||||||||||||
Issuance of common stock under employee stock plans | 23,162 | \u2014 | \u2014 | \u2014 | 23,162 | ||||||||||||||
Excess tax benefits from stock-based compensation | 958 | \u2014 | \u2014 | \u2014 | 958 | ||||||||||||||
Tax payments associated with stock-based compensation awards | (6,673 | ) | \u2014 | \u2014 | \u2014 | (6,673 | ) | ||||||||||||
Payments of cash dividends | (8,642 | ) | \u2014 | \u2014 | \u2014 | (8,642 | ) | ||||||||||||
Intercompany | \u2014 | (251,147 | ) | (60,710 | ) | 311,857 | \u2014 | ||||||||||||
Net cash used in financing activities | (263,232 | ) | (357,529 | ) | (60,710 | ) | 311,857 | (369,614 | ) | ||||||||||
Net increase (decrease) in cash and cash equivalents | 112,093 | (1,783 | ) | 17,551 | \u2014 | 127,861 | |||||||||||||
Cash and cash equivalents at beginning of year | 463,100 | 105,903 | 23,997 | \u2014 | 593,000 | ||||||||||||||
Cash and cash equivalents at end of year | $ | 575,193 | $ | 104,120 | $ | 41,548 | $ | \u2014 | $ | 720,861 |
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
2019 | |||||||||||||||
Revenues | $ | 811,483 | $ | 1,021,803 | $ | 1,160,786 | $ | 1,558,675 | |||||||
Gross profits | 139,604 | 177,019 | 216,029 | 306,834 | |||||||||||
Inventory impairment and land option contract abandonment charges | 3,555 | 4,337 | 5,251 | 4,148 | |||||||||||
Pretax income (a) | 34,511 | 56,761 | 91,936 | 164,967 | |||||||||||
Net income | 30,011 | 47,461 | 68,136 | 123,167 | |||||||||||
Earnings per share: | |||||||||||||||
Basic | .34 | .54 | .77 | 1.37 | |||||||||||
Diluted | .31 | .51 | .73 | 1.31 | |||||||||||
2018 | |||||||||||||||
Revenues | $ | 871,623 | $ | 1,101,423 | $ | 1,225,347 | $ | 1,348,609 | |||||||
Gross profits | 141,192 | 189,222 | 222,893 | 245,931 | |||||||||||
Inventory impairment and land option contract abandonment charges | 4,985 | 6,526 | 8,414 | 9,069 | |||||||||||
Pretax income | 46,045 | 78,308 | 114,676 | 128,936 | |||||||||||
Net income (loss) (b) | (71,255 | ) | 57,308 | 87,476 | 96,836 | ||||||||||
Earnings (loss) per share: | |||||||||||||||
Basic | (.82 | ) | .65 | .99 | 1.09 | ||||||||||
Diluted | (.82 | ) | .57 | .87 | .96 |
(a) | Pretax income for the fourth quarter included a $6.8 million loss on the early extinguishment of debt. |
(b) | Net income (loss) included non-cash charges to income tax expense of $111.2 million in the first quarter and $1.3 million in the fourth quarter for TCJA-related impacts. |
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
2019 | |||||||||||||||
Revenues | $ | 811,483 | $ | 1,021,803 | $ | 1,160,786 | $ | 1,558,675 | |||||||
Gross profits | 139,604 | 177,019 | 216,029 | 306,834 | |||||||||||
Inventory impairment and land option contract abandonment charges | 3,555 | 4,337 | 5,251 | 4,148 | |||||||||||
Pretax income (a) | 34,511 | 56,761 | 91,936 | 164,967 | |||||||||||
Net income | 30,011 | 47,461 | 68,136 | 123,167 | |||||||||||
Earnings per share: | |||||||||||||||
Basic | .34 | .54 | .77 | 1.37 | |||||||||||
Diluted | .31 | .51 | .73 | 1.31 | |||||||||||
2018 | |||||||||||||||
Revenues | $ | 871,623 | $ | 1,101,423 | $ | 1,225,347 | $ | 1,348,609 | |||||||
Gross profits | 141,192 | 189,222 | 222,893 | 245,931 | |||||||||||
Inventory impairment and land option contract abandonment charges | 4,985 | 6,526 | 8,414 | 9,069 | |||||||||||
Pretax income | 46,045 | 78,308 | 114,676 | 128,936 | |||||||||||
Net income (loss) (b) | (71,255 | ) | 57,308 | 87,476 | 96,836 | ||||||||||
Earnings (loss) per share: | |||||||||||||||
Basic | (.82 | ) | .65 | .99 | 1.09 | ||||||||||
Diluted | (.82 | ) | .57 | .87 | .96 |