KB Home (KBH) 10-Q 9 Oct 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Aug. 31, 2015shares
Document and Entity Information [Abstract]
Entity Registrant Name	KB Home
Trading Symbol	KBH
Entity Central Index Key	795,266
Document Type	10-Q
Document Period End Date	Aug. 31, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--11-30
Entity Filer Category	Large Accelerated Filer
Entity Common Stock Shares Outstanding	92,071,598

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2015	Aug. 31, 2014	Aug. 31, 2015	Aug. 31, 2014
Total revenues	$ 843,157	$ 589,214	$ 2,046,247	$ 1,604,908
Homebuilding:
Revenues	840,204	586,231	2,038,896	1,596,894
Construction and land costs	(709,148)	(479,424)	(1,725,976)	(1,305,258)
Selling, general and administrative expenses	(95,074)	(72,897)	(244,678)	(205,715)
Operating income	35,982	33,910	68,242	85,921
Interest income	87	110	342	393
Interest expense	(4,394)	(6,455)	(17,850)	(26,289)
Equity in income (loss) of unconsolidated joint ventures			1,843	872
Total pretax income (loss)	33,954	28,661	57,126	66,348
Financial services:
Revenues	2,953	2,983	7,351	8,014
Expenses	(910)	(859)	(2,802)	(2,563)
Income tax expense	(10,700)	(300)	(16,500)	(800)
Net income	$ 23,254	$ 28,361	$ 40,626	$ 65,548
Earnings Per Share, Basic, in dollars per share	$ 0.25	$ 0.31	$ 0.44	$ 0.74
Earnings Per Share, Diluted, in dollars per share	$ 0.23	$ 0.28	$ 0.42	$ 0.68
Weighted average shares outstanding — basic	92,065	91,793	92,005	88,389
Weighted average shares outstanding — diluted	101,874	102,070	101,605	98,614
Cash dividends declared per common share	$ 0.0250	$ 0.0250	$ 0.075	$ 0.075
Homebuilding [Member]
Total revenues	$ 840,204	$ 586,231	$ 2,038,896	$ 1,596,894
Homebuilding:
Equity in income (loss) of unconsolidated joint ventures	(422)	(751)	(1,180)	1,161
Total pretax income (loss)	31,253	26,814	49,554	61,186
Financial services [Member]
Total revenues	2,953	2,983	7,351	8,014
Homebuilding:
Operating income	2,043	2,124	4,549	5,451
Equity in income (loss) of unconsolidated joint ventures	658	(277)	3,023	(289)
Total pretax income (loss)	$ 2,701	$ 1,847	$ 7,572	$ 5,162

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Aug. 31, 2015	Nov. 30, 2014
Assets
Restricted cash	$ 25,028	$ 27,235
Receivables	159,576	125,488
Inventories	3,401,737	3,218,387
Investments in unconsolidated joint ventures	72,800	79,441
Deferred tax assets, net	810,016	825,232
Other assets	114,352	114,915
Total assets	4,948,496	4,757,550
Liabilities and stockholders' equity
Accounts payable	178,604	172,716
Accrued expenses and other liabilities	497,158	409,882
Mortgages and notes payable	2,630,732	2,576,525
Financial services	1,776	2,517
Common stock	115,524	115,387
Paid-in capital	679,600	668,857
Retained earnings	1,424,992	1,391,256
Accumulated other comprehensive loss	(21,008)	(21,008)
Grantor stock ownership trust, at cost	(112,106)	(112,106)
Treasury stock, at cost	(446,776)	(446,476)
Total stockholders’ equity	1,640,226	1,595,910
Total liabilities and stockholders’ equity	4,948,496	4,757,550
Homebuilding [Member]
Assets
Total assets	4,936,461	4,747,064
Liabilities and stockholders' equity
Total Liabilities Homebuilding	3,306,494	3,159,123
Financial services [Member]
Assets
Receivables	846	1,738
Investments in unconsolidated joint ventures	9,171	6,149
Other assets	91	197
Total assets	$ 12,035	$ 10,486

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Cash flows from operating activities:
Net income	$ (40,626)	$ (65,548)
Adjustments to reconcile net income to net cash used in operating activities:
Equity in income of unconsolidated joint ventures	(1,843)	(872)
Amortization of discounts and issuance costs	5,866	5,246
Depreciation and amortization	2,547	1,677
Deferred income taxes	15,216	0
Stock-based compensation	10,444	5,959
Inventory impairments and land option contract abandonments	4,516	5,211
Change in assets and liabilities:
Receivables	(25,032)	(27,754)
Inventories	(72,509)	(784,457)
Accounts payable, accrued expenses and other liabilities	(1,952)	20,388
Other, net	37	(7,608)
Net cash used in operating activities	(22,084)	(716,662)
Cash flows from investing activities:
Contributions to unconsolidated joint ventures	(20,955)	(34,034)
Return of investments in unconsolidated joint ventures	14,000	0
Proceeds from sale of investment in unconsolidated joint venture	0	10,110
Purchases of property and equipment, net	(2,100)	(4,158)
Net cash used in investing activities	(9,055)	(28,082)
Cash flows from financing activities:
Change in restricted cash	2,207	9,450
Proceeds from issuance of debt	250,000	400,000
Payment of debt issuance costs	(4,561)	(5,448)
Repayment of senior notes	(199,906)	0
Payments on mortgages and land contracts due to land sellers and other loans	(13,736)	(23,292)
Proceeds from issuance of common stock, net	0	137,045
Issuance of common stock under employee stock plans	436	202
Payments of cash dividends	(6,890)	(6,682)
Stock repurchases	(300)	(46)
Net cash provided by financing activities	27,250	511,229
Net decrease in cash and cash equivalents	(3,889)	(233,515)
Cash and cash equivalents at beginning of period	358,768	532,523
Cash and cash equivalents at end of period	$ 354,879	$ 299,008

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Aug. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Basis of Presentation. The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with GAAP have been condensed or omitted. In our opinion, the accompanying unaudited consolidated financial statements contain all adjustments (consisting only of normal recurring accruals) necessary to present fairly our consolidated financial position as of August 31, 2015 , the results of our consolidated operations for the three months and nine months ended August 31, 2015 and 2014 , and our consolidated cash flows for the nine months ended August 31, 2015 and 2014 . The results of our consolidated operations for the three months and nine months ended August 31, 2015 are not necessarily indicative of the results to be expected for the full year due to seasonal variations in operating results and other factors. The consolidated balance sheet at November 30, 2014 has been taken from the audited consolidated financial statements as of that date. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended November 30, 2014 , which are contained in our Annual Report on Form 10-K for that period. Unless the context indicates otherwise, the terms “we,” “our,” and “us” used in this report refer to KB Home, a Delaware corporation, and its subsidiaries. Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make informed estimates and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Cash and Cash Equivalents. We consider all highly liquid short-term investments purchased with an original maturity of three months or less to be cash equivalents. Our cash equivalents totaled $231.0 million at August 31, 2015 and $197.7 million at November 30, 2014 . The majority of our cash and cash equivalents were invested in money market funds and interest-bearing bank deposit accounts. Restricted Cash. Restricted cash at August 31, 2015 and November 30, 2014 consisted of cash deposited with various financial institutions that was required as collateral for our cash-collateralized letter of credit facilities (“LOC Facilities”). Comprehensive Income. Our comprehensive income was $23.3 million for the three months ended August 31, 2015 and $28.4 million for the three months ended August 31, 2014. For the nine months ended August 31, 2015 and 2014, our comprehensive income was $40.6 million and $65.5 million , respectively. Our comprehensive income for each of the three-month and nine-month periods ended August 31, 2015 and 2014 was equal to our net income for the same periods. Recent Accounting Pronouncements . In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Companies may use either a full retrospective or a modified retrospective approach to adopt ASU 2014-09. In August 2015, the FASB issued Accounting Standards Update No. 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date,” which delayed the effective date of ASU 2014-09 by one year. ASU 2014-09, as amended, is effective for public companies for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements. In January 2015, the FASB issued Accounting Standards Update No. 2015-01, “Income Statement — Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items” (“ASU 2015-01”). ASU 2015-01 eliminates the concept of extraordinary items from GAAP but retains the presentation and disclosure guidance for items that are unusual in nature or occur infrequently and expands the guidance to include items that are both unusual in nature and infrequently occurring. ASU 2015-01 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. A reporting entity may apply ASU 2015-01 prospectively. A reporting entity may also apply ASU 2015-01 retrospectively to all periods presented in the financial statements. We believe the adoption of ASU 2015-01 will not have a material effect on our consolidated financial statements. In February 2015, the FASB issued Accounting Standards Update No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis” (“ASU 2015-02”). ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. ASU 2015-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. We believe the adoption of ASU 2015-02 will not have a material effect on our consolidated financial statements. In April 2015, the FASB issued Accounting Standards Update No. 2015-03, “Interest — Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. For public entities, ASU 2015-03 is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. ASU 2015-03 is to be applied on a retrospective basis and represents a change in accounting principle. We believe the adoption of ASU 2015-03 will not have a material effect on our consolidated financial statements. In August 2015, the FASB issued Accounting Standards Update No. 2015-15, “Interest — Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements — Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting” (“ASU 2015-15”), which clarifies the treatment of debt issuance costs from line-of-credit arrangements after the adoption of ASU 2015-03. In particular, ASU 2015-15 clarifies that the SEC staff would not object to an entity deferring and presenting debt issuance costs related to a line-of-credit arrangement as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of such arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. We believe the adoption of ASU 2015-15 will not have a material effect on our consolidated financial statements. Reclassifications. Certain amounts in our consolidated financial statements for prior years have been reclassified to conform to the current period presentation.

Segment Information

Segment Information	9 Months Ended
	Aug. 31, 2015
Segment Reporting [Abstract]
Segment Information	Segment Information As of August 31, 2015 , we had identified five operating reporting segments, comprised of four homebuilding reporting segments and one financial services reporting segment. As of August 31, 2015 , our homebuilding reporting segments conducted ongoing operations in the following states: West Coast: California Southwest: Arizona and Nevada Central: Colorado, New Mexico and Texas Southeast: Florida, Maryland, North Carolina and Virginia Our homebuilding reporting segments are engaged in the acquisition and development of land primarily for residential purposes and offer a wide variety of homes that are designed to appeal to first-time, move-up and active adult homebuyers. Our homebuilding operations generate most of their revenues from the delivery of completed homes to homebuyers. They also earn revenues from the sale of land. Our homebuilding reporting segments were identified based primarily on similarities in economic and geographic characteristics, product types, regulatory environments, methods used to sell and construct homes and land acquisition characteristics. We evaluate segment performance primarily based on segment pretax results. Our financial services reporting segment offers property and casualty insurance and, in certain instances, earthquake, flood and personal property insurance to our homebuyers in the same markets as our homebuilding reporting segments, and provides title services in the majority of our markets located within our Central and Southeast homebuilding reporting segments. This segment earns revenues primarily from insurance commissions and from the provision of title services. Prior to July 21, 2014, this segment also earned revenues pursuant to the terms of a marketing services agreement with Nationstar Mortgage LLC (“Nationstar”), under which Nationstar was our preferred mortgage lender and offered mortgage banking services, including residential mortgage loan (“mortgage loan”) originations, to our homebuyers who elected to use the lender. Our homebuyers may select any lender of their choice to obtain mortgage financing for the purchase of their home. Since July 21, 2014, we have offered mortgage banking services, including mortgage loan originations, to our homebuyers indirectly through Home Community Mortgage, LLC (“HCM”), a joint venture of a subsidiary of ours and a subsidiary of Nationstar. Through these respective subsidiaries, we have a 49.9% ownership interest and Nationstar has a 50.1% ownership interest in HCM, with Nationstar providing management oversight of HCM’s operations. Corporate and other is a non-operating segment that develops and implements company-wide strategic initiatives and provides support to our homebuilding reporting segments by centralizing certain administrative functions, such as promotional marketing, legal, purchasing administration, architecture, accounting, treasury, insurance and risk management, information technology and human resources. Corporate and other includes general and administrative expenses related to operating our corporate headquarters. A portion of the expenses incurred by Corporate and other is allocated to the homebuilding reporting segments. Our segments follow the same accounting policies used for our consolidated financial statements. The results of each segment are not necessarily indicative of the results that would have occurred had the segment been an independent, stand-alone entity during the periods presented, nor are they indicative of the results to be expected in future periods. The following tables present financial information relating to our segments (in thousands): Nine Months Ended August 31, Three Months Ended August 31, 2015 2014 2015 2014 Revenues: West Coast $ 932,905 $ 707,532 $ 378,362 $ 265,491 Southwest 273,339 144,597 128,021 50,101 Central 545,913 477,518 210,417 179,972 Southeast 286,739 267,247 123,404 90,667 Total homebuilding revenues 2,038,896 1,596,894 840,204 586,231 Financial services 7,351 8,014 2,953 2,983 Total $ 2,046,247 $ 1,604,908 $ 843,157 $ 589,214 Pretax income (loss): West Coast $ 76,177 $ 93,599 $ 35,769 $ 39,270 Southwest 20,420 7,599 11,732 2,543 Central 42,000 24,806 18,649 11,514 Southeast (20,965 ) (9,881 ) (4,751 ) (7,965 ) Corporate and other (68,078 ) (54,937 ) (30,146 ) (18,548 ) Total homebuilding pretax income 49,554 61,186 31,253 26,814 Financial services 7,572 5,162 2,701 1,847 Total $ 57,126 $ 66,348 $ 33,954 $ 28,661 Inventory impairment charges: West Coast $ — $ — $ — $ — Southwest — — — — Central — — — — Southeast 3,173 3,408 3,173 3,408 Total $ 3,173 $ 3,408 $ 3,173 $ 3,408 Land option contract abandonments: West Coast $ 134 $ 554 $ 134 $ 451 Southwest — — — — Central 225 995 225 562 Southeast 984 254 — — Total $ 1,343 $ 1,803 $ 359 $ 1,013 August 31, November 30, Inventories: Homes under construction West Coast $ 649,874 $ 536,843 Southwest 117,705 65,647 Central 280,330 201,164 Southeast 139,667 124,618 Subtotal 1,187,576 928,272 Land under development West Coast 719,557 765,577 Southwest 322,676 334,691 Central 396,115 363,933 Southeast 248,326 245,948 Subtotal 1,686,674 1,710,149 Land held for future development West Coast 287,365 294,060 Southwest 113,661 138,367 Central 22,063 22,957 Southeast 104,398 124,582 Subtotal 527,487 579,966 Total $ 3,401,737 $ 3,218,387 Assets: West Coast $ 1,775,422 $ 1,695,753 Southwest 598,260 579,201 Central 810,123 678,139 Southeast 528,270 531,011 Corporate and other 1,224,386 1,262,960 Total homebuilding assets 4,936,461 4,747,064 Financial services 12,035 10,486 Total $ 4,948,496 $ 4,757,550

Financial Services

Financial Services	9 Months Ended
	Aug. 31, 2015
Segment Reporting [Abstract]
Financial Services	Financial Services The following tables present financial information relating to our financial services reporting segment (in thousands): Nine Months Ended August 31, Three Months Ended August 31, 2015 2014 2015 2014 Revenues Insurance commissions $ 4,581 $ 4,364 $ 1,857 $ 1,832 Title services 2,769 2,503 1,096 904 Marketing services fees — 1,147 — 247 Interest income 1 — — — Total 7,351 8,014 2,953 2,983 Nine Months Ended August 31, Three Months Ended August 31, 2015 2014 2015 2014 Expenses General and administrative $ (2,802 ) $ (2,563 ) $ (910 ) $ (859 ) Operating income 4,549 5,451 2,043 2,124 Equity in income (loss) of unconsolidated joint ventures 3,023 (289 ) 658 (277 ) Pretax income $ 7,572 $ 5,162 $ 2,701 $ 1,847 August 31, November 30, Assets Cash and cash equivalents $ 1,927 $ 2,402 Receivables 846 1,738 Investments in unconsolidated joint ventures 9,171 6,149 Other assets 91 197 Total assets $ 12,035 $ 10,486 Liabilities Accounts payable and accrued expenses $ 1,776 $ 2,517 Total liabilities $ 1,776 $ 2,517

Earnings Per Share

Earnings Per Share	9 Months Ended
	Aug. 31, 2015
Earnings Per Share, Basic and Diluted [Abstract]
Earnings Per Share	Earnings Per Share Basic and diluted earnings per share were calculated as follows (in thousands, except per share amounts): Nine Months Ended August 31, Three Months Ended August 31, 2015 2014 2015 2014 Numerator: Net income $ 40,626 $ 65,548 $ 23,254 $ 28,361 Less: Distributed earnings allocated to nonvested restricted stock (24 ) (18 ) (7 ) (6 ) Less: Undistributed earnings allocated to nonvested restricted stock (115 ) (159 ) (63 ) (73 ) Numerator for basic earnings per share 40,487 65,371 23,184 28,282 Effect of dilutive securities: Interest expense and amortization of debt issuance costs associated with convertible senior notes, net of taxes 2,000 2,000 667 667 Add: Undistributed earnings allocated to nonvested restricted stock 115 159 63 73 Less: Undistributed earnings reallocated to nonvested restricted stock (104 ) (142 ) (57 ) (66 ) Numerator for diluted earnings per share $ 42,498 $ 67,388 $ 23,857 $ 28,956 Nine Months Ended August 31, Three Months Ended August 31, 2015 2014 2015 2014 Denominator: Weighted average shares outstanding — basic 92,005 88,389 92,065 91,793 Effect of dilutive securities: Share-based payments 1,198 1,823 1,407 1,875 Convertible senior notes 8,402 8,402 8,402 8,402 Weighted average shares outstanding — diluted 101,605 98,614 101,874 102,070 Basic earnings per share $ .44 $ .74 $ .25 $ .31 Diluted earnings per share $ .42 $ .68 $ .23 $ .28 We compute earnings per share using the two-class method, which is an allocation of earnings between the holders of common stock and a company’s participating security holders. Our outstanding nonvested shares of restricted stock contain non-forfeitable rights to dividends and, therefore, are considered participating securities for purposes of computing earnings per share pursuant to the two-class method. We had no other participating securities at August 31, 2015 or 2014. Outstanding stock options to purchase 5.7 million shares of our common stock were excluded from the diluted earnings per share calculations for the three-month and nine-month periods ended August 31, 2015 , and outstanding stock options to purchase 5.2 million shares of our common stock were excluded from the diluted earnings per share calculations for the three-month and nine-month periods ended August 31, 2014, because the effect of their inclusion in each case would be antidilutive. Contingently issuable shares associated with outstanding performance-based restricted stock units (each a “PSU”) were not included in the earnings per share calculations for the three-month and nine-month periods ended August 31, 2015 and 2014, as the applicable vesting conditions had not been satisfied.

Inventories

Inventories	9 Months Ended
	Aug. 31, 2015
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following (in thousands): August 31, November 30, Homes under construction $ 1,187,576 $ 928,272 Land under development 1,686,674 1,710,149 Land held for future development 527,487 579,966 Total $ 3,401,737 $ 3,218,387 Interest is capitalized to inventories while the related communities are being actively developed and until homes are completed. Capitalized interest is amortized to construction and land costs as the related inventories are delivered to homebuyers or land buyers (as applicable). Interest and real estate taxes are not capitalized on land held for future development. Our interest costs were as follows (in thousands): Nine Months Ended August 31, Three Months Ended August 31, 2015 2014 2015 2014 Capitalized interest at beginning of period $ 266,668 $ 216,681 $ 299,678 $ 241,583 Interest incurred 140,789 127,041 46,587 44,603 Interest expensed (17,850 ) (26,289 ) (4,394 ) (6,455 ) Interest amortized to construction and land costs (a) (99,488 ) (59,471 ) (51,752 ) (21,769 ) Capitalized interest at end of period (b) $ 290,119 $ 257,962 $ 290,119 $ 257,962 (a) Interest amortized to construction and land costs for the three months and nine months ended August 31, 2015 included $16.4 million related to land sales during those periods. (b) Capitalized interest amounts presented in the table reflect the gross amount of capitalized interest, as inventory impairment charges recognized, if any, are not generally allocated to specific components of inventory.

Inventory Impairments and Land

Inventory Impairments and Land Option Contract Abandonments	9 Months Ended
	Aug. 31, 2015
Inventory Impairments and Land Option Contract Abandonments [Abstract]
Inventory Impairments and Land Option Contract Abandonments	Inventory Impairments and Land Option Contract Abandonments Each community or land parcel in our owned inventory is assessed on a quarterly basis to determine if indicators of potential impairment exist. We record an inventory impairment charge when indicators of potential impairment exist and the carrying value of a real estate asset is greater than the undiscounted future net cash flows the asset is expected to generate. These real estate assets are written down to fair value, which is primarily based on the estimated future net cash flows discounted for inherent risk associated with each such asset. We evaluated 29 and 25 communities or land parcels for recoverability during the nine months ended August 31, 2015 and 2014, respectively. The carrying value of the communities or land parcels evaluated during the nine months ended August 31, 2015 and 2014 was $232.8 million and $207.4 million , respectively. Some of the communities or land parcels evaluated during the nine months ended August 31, 2015 and 2014 were evaluated in more than one quarterly period. Communities or land parcels evaluated for recoverability in more than one quarterly period, if any, are counted only once for each nine-month period shown. Based on the results of our evaluations, we recognized an inventory impairment charge of $3.2 million for the three months and nine months ended August 31, 2015 associated with a community located in Florida. We decided to change our operational and marketing strategy for this community in order to monetize our investment more quickly by accelerating the overall pace for selling, building and delivering homes primarily through lowering the average selling price of these homes. Significant quantitative unobservable inputs used in our fair value measurement with respect to this community included an average selling price of $178,100 ; four deliveries per month; and a discount rate of 20% . For the three months and nine months ended August 31, 2014, we recognized a $3.4 million inventory impairment charge associated with the then-planned sale of our last remaining land parcel in Atlanta, Georgia, a former market where we do not have ongoing operations. The land sale closed in the 2014 fourth quarter. As of August 31, 2015 , the aggregate carrying value of our inventory that had been impacted by inventory impairment charges was $248.3 million , representing 25 communities and various other land parcels. As of November 30, 2014 , the aggregate carrying value of our inventory that had been impacted by inventory impairment charges was $266.6 million , representing 33 communities and various other land parcels. Our inventory controlled under land option contracts and other similar contracts is assessed on a quarterly basis to determine whether it continues to meet our internal investment and marketing standards. When a decision is made not to exercise certain land option contracts and other similar contracts due to market conditions and/or changes in our strategy, we write off the related inventory costs, including non-refundable deposits and unrecoverable pre-acquisition costs. Based on the results of our assessments, we recognized land option contract abandonment charges of $.4 million corresponding to 740 lots for the three months ended August 31, 2015 , and $1.0 million of such charges corresponding to 624 lots for the three months ended August 31, 2014 . We recognized land option contract abandonment charges of $1.3 million corresponding to 1,166 lots for the nine months ended August 31, 2015 , and $1.8 million of such charges corresponding to 1,306 lots for the nine months ended August 31, 2014 . We sometimes abandon land option contracts and other similar contracts when we have incurred costs of less than $100,000 ; the corresponding lots, which totaled zero and 1,651 lots for the three months ended August 31, 2015 and 2014, respectively, and zero and 7,018 lots for the nine months ended August 31, 2015 and 2014, respectively, and the related costs are not included in the amounts above. Due to the judgment and assumptions applied in our inventory impairment and land option contract abandonment assessment processes, it is possible that actual results could differ substantially from those estimated.

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Aug. 31, 2015
Variable Interest Entities [Abstract]
Variable Interest Entities	Variable Interest Entities We participate in joint ventures from time to time that conduct land acquisition, land development and/or other homebuilding activities in various markets where our homebuilding operations are located. Our investments in these joint ventures may create a variable interest in a variable interest entity (“VIE”), depending on the contractual terms of the arrangement. We analyze our joint ventures to determine whether they are VIEs and, if so, whether we are the primary beneficiary. None of our joint ventures at August 31, 2015 and November 30, 2014 were determined to be VIEs. All of our joint ventures were unconsolidated and accounted for under the equity method because we did not have a controlling financial interest. In the ordinary course of our business, we enter into land option contracts and other similar contracts to acquire rights to land for the construction of homes. Under such contracts, we typically pay a specified option or earnest money deposit in consideration for the right to purchase land in the future, usually at a predetermined price. We analyze each of our land option contracts and other similar contracts to determine whether the land seller is a VIE and, if so, whether we are the primary beneficiary. Although we do not have legal title to the underlying land, we are required to consolidate a VIE if we are the primary beneficiary. As a result of our analyses, we determined that as of August 31, 2015 and November 30, 2014 we were not the primary beneficiary of any VIEs from which we have acquired rights to land under land option contracts and other similar contracts. The following table presents a summary of our interests in land option contracts and other similar contracts (in thousands): August 31, 2015 November 30, 2014 Cash Deposits Aggregate Purchase Price Cash Deposits Aggregate Purchase Price Unconsolidated VIEs $ 21,907 $ 472,169 $ 10,633 $ 520,628 Other land option contracts and other similar contracts 20,864 469,427 22,426 437,842 Total $ 42,771 $ 941,596 $ 33,059 $ 958,470 In addition to the cash deposits presented in the table above, our exposure to loss related to our land option contracts and other similar contracts with third parties and unconsolidated entities consisted of pre-acquisition costs of $60.0 million at August 31, 2015 and $48.0 million at November 30, 2014 . These pre-acquisition costs and cash deposits were included in inventories in our consolidated balance sheets. We had outstanding letters of credit of $.1 million at November 30, 2014 in lieu of cash deposits under certain land option contracts and other similar contracts. There were no such outstanding letters of credit at August 31, 2015 . We also evaluate our land option contracts and other similar contracts for financing arrangements, and, as a result of our evaluations, increased inventories, with a corresponding increase to accrued expenses and other liabilities, in our consolidated balance sheets by $89.4 million at August 31, 2015 and $3.1 million at November 30, 2014 .

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures	9 Months Ended
	Aug. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Joint Ventures	Investments in Unconsolidated Joint Ventures We have investments in unconsolidated joint ventures that conduct land acquisition, land development and/or other homebuilding activities in various markets where our homebuilding operations are located. We and our unconsolidated joint venture partners make initial and/or ongoing capital contributions to these unconsolidated joint ventures, typically on a pro rata basis, according to our respective equity interests. The obligations to make capital contributions are governed by each such unconsolidated joint venture’s respective operating agreement and related governing documents. We typically have obtained rights to acquire portions of the land held by the unconsolidated joint ventures in which we currently participate. When an unconsolidated joint venture sells land to our homebuilding operations, we defer recognition of our share of such unconsolidated joint venture’s earnings (losses) until a home sale is closed and title passes to a homebuyer, at which time we account for those earnings (losses) as a reduction (increase) to the cost of purchasing the land from the unconsolidated joint venture. We defer recognition of our share of such unconsolidated joint venture losses only to the extent profits are to be generated from the sale of the home to a homebuyer. We share in the profits and losses of these unconsolidated joint ventures generally in accordance with our respective equity interests. In some instances, we recognize profits and losses related to our investment in an unconsolidated joint venture that differ from our equity interest in the unconsolidated joint venture. This typically arises from our deferral of the unconsolidated joint venture’s profits or losses from land sales to us, or other items. The following table presents combined condensed information from the statements of operations of our unconsolidated joint ventures (in thousands): Nine Months Ended August 31, Three Months Ended August 31, 2015 2014 2015 2014 Revenues $ 9,758 $ 6,118 $ 3,338 $ — Construction and land costs (17,373 ) (3,523 ) (3,381 ) — Other expense, net (2,164 ) (3,088 ) (753 ) (1,050 ) Loss $ (9,779 ) $ (493 ) $ (796 ) $ (1,050 ) The following table presents combined condensed balance sheet information for our unconsolidated joint ventures (in thousands): August 31, November 30, Assets Cash $ 23,454 $ 23,699 Receivables 7,631 5,106 Inventories 169,471 153,427 Other assets 658 — Total assets $ 201,214 $ 182,232 Liabilities and equity Accounts payable and other liabilities $ 16,832 $ 10,824 Notes payable (a) 31,963 — Equity 152,419 171,408 Total liabilities and equity $ 201,214 $ 182,232 (a) On August 28, 2015, one of our unconsolidated joint ventures entered into a construction loan agreement with a third-party lender to finance its land development activities that is secured by the underlying property and related project assets. The unconsolidated joint venture’s outstanding secured debt is non-recourse to us and is scheduled to mature in August 2018. None of our other unconsolidated joint ventures had outstanding debt at August 31, 2015. None of our unconsolidated joint ventures had outstanding debt at November 30, 2014 . The following table presents information relating to our investments in unconsolidated joint ventures (dollars in thousands): August 31, November 30, Number of investments in unconsolidated joint ventures 7 6 Investments in unconsolidated joint ventures $ 72,800 $ 79,441 Number of unconsolidated joint venture lots controlled under land option contracts and other similar contracts 538 618 In the first quarter of 2014, we sold our interest in an unconsolidated joint venture in Maryland for $10.1 million , which resulted in a gain of $3.2 million that was included in equity in income of unconsolidated joint ventures in our consolidated statement of operations for the nine months ended August 31, 2014 . We and our partner in the unconsolidated joint venture that entered into the construction loan agreement described above provided certain guarantees and indemnities to the lender, including a guaranty to complete the construction of improvements for the project; a guaranty against losses the lender suffers due to certain bad acts or failures to act by the unconsolidated joint venture or its partners; a guaranty of interest payments on the outstanding balance of the secured debt under the construction loan agreement; and an indemnity of the lender from environmental issues. In each case, our actual responsibility under the foregoing guaranty and indemnity obligations is limited to our pro rata interest in the unconsolidated joint venture. We do not have a guaranty or any other obligation to repay or to support the value of the collateral underlying the unconsolidated joint venture’s outstanding secured debt under the construction loan agreement. However, various financial and non-financial covenants apply with respect to the outstanding secured debt under the construction loan agreement and the related guaranty and indemnity obligations, and a failure to comply with such covenants could result in a default and cause the lender to seek to enforce such guaranty and indemnity obligations, if and as may be applicable. As of August 31, 2015 , we were in compliance with the applicable terms of our relevant covenants with respect to the construction loan agreement. We do not believe that our existing exposure under our guaranty and indemnity obligations related to the unconsolidated joint venture’s outstanding secured debt under the construction loan agreement is material to our consolidated financial statements.

Other Assets

Other Assets	9 Months Ended
	Aug. 31, 2015
Other Assets [Abstract]
Other Assets	Other Assets Other assets consisted of the following (in thousands): August 31, November 30, Cash surrender value of insurance contracts $ 67,357 $ 70,571 Debt issuance costs 26,896 27,082 Property and equipment, net 12,425 11,831 Prepaid expenses 7,674 5,431 Total $ 114,352 $ 114,915

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	9 Months Ended
	Aug. 31, 2015
Payables and Accruals [Abstract]
Accrued Expenses and Other Liabilities	Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following (in thousands): August 31, November 30, Inventory-related obligations $ 129,874 $ 52,009 Employee compensation and related benefits 110,061 113,875 Self-insurance and other litigation liabilities 94,303 89,606 Accrued interest payable 76,108 63,275 Warranty liability 48,642 45,196 Customer deposits 18,436 15,197 Real estate and business taxes 11,935 13,684 Other 7,799 17,040 Total $ 497,158 $ 409,882

Income Taxes

Income Taxes	9 Months Ended
	Aug. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income Tax Expense. We recognized income tax expense of $10.7 million for the three months ended August 31, 2015 and $.3 million for the three months ended August 31, 2014 . Our income tax expense for the nine months ended August 31, 2015 was $16.5 million , compared to $.8 million for the nine months ended August 31, 2014. Income tax expense for the three months ended August 31, 2015 reflected the favorable net impact of $2.5 million of federal energy tax credits we earned from building energy-efficient homes, resulting in an effective income tax rate of 31.5% . For the nine months ended August 31, 2015, our effective income tax rate of 28.9% reflected the favorable net impact of $5.6 million of federal energy tax credits. Our effective income tax rates for the three months and nine months ended August 31, 2014 were not meaningful items due to the effects of the full valuation allowance against our deferred tax assets for those periods. The tax credit impact in the three months ended August 31, 2015 included energy tax credits we earned from building energy-efficient homes in 2011. The tax credit impact in the nine months ended August 31, 2015 included energy tax credits we earned from building energy-efficient homes in 2011, 2012 and 2013, as well as from building energy-efficient homes in 2014 pursuant to the Tax Increase Prevention Act, which was enacted into law on December 19, 2014. Among other things, the law retroactively extended the availability of a business tax credit for building new energy-efficient homes through December 31, 2014. Prior to this legislation, the tax credit expired on December 31, 2013. Deferred Tax Asset Valuation Allowance. We evaluate our deferred tax assets quarterly to determine if adjustments to the valuation allowance are required based on the consideration of all available positive and negative evidence using a “more likely than not” standard with respect to whether deferred tax assets will be realized. Our evaluation considers, among other factors, our historical operating results, our expectation of future profitability, the duration of the applicable statutory carryforward periods, and conditions in the housing market and the broader economy. The ultimate realization of deferred tax assets depends primarily on the generation of future taxable income during the periods in which the related temporary differences in the financial basis and the tax basis of the assets become deductible. The value of our deferred tax assets will depend on applicable income tax rates. Based on our evaluation through August 31, 2014, we maintained a full valuation allowance against our deferred tax assets due to the uncertainty of their realization. At November 30, 2014, we evaluated the need for a valuation allowance against our deferred tax assets of $866.4 million and determined that it was more likely than not that most of our deferred tax assets would be realized. Accordingly, we reversed $825.2 million of the deferred tax asset valuation allowance in the fourth quarter of 2014. The remaining deferred tax asset valuation allowance of $41.2 million at November 30, 2014 was primarily related to foreign tax credits and certain state net operating losses (“NOL”) that had not met the “more likely than not” realization standard. We made no adjustments to our deferred tax asset valuation allowance during the three months and nine months ended August 31, 2015 . Therefore, at August 31, 2015 , we had deferred tax assets of $851.2 million that were partly offset by a valuation allowance of $41.2 million . Unrecognized Tax Benefits. At August 31, 2015 and November 30, 2014, our gross unrecognized tax benefits (including interest and penalties) totaled $.1 million and $.3 million , respectively, of which $.1 million , if recognized, would affect our effective income tax rate. We anticipate that these gross unrecognized tax benefits will decrease by an amount ranging from zero to $.1 million during the 12 months from this reporting date. Our fiscal years ending 2012 and later remain open to federal examinations, while fiscal years 2010 and later remain open to state examinations.

Notes Payable

Notes Payable	9 Months Ended
	Aug. 31, 2015
Debt Disclosure [Abstract]
Notes Payable	Notes Payable Notes payable consisted of the following (in thousands): August 31, November 30, Mortgages and land contracts due to land sellers and other loans $ 41,244 $ 38,250 6 1/4% Senior notes due June 15, 2015 — 199,891 9.10% Senior notes due September 15, 2017 263,282 262,729 7 1/4% Senior notes due June 15, 2018 299,515 299,402 4.75% Senior notes due May 15, 2019 400,000 400,000 8.00% Senior notes due March 15, 2020 346,691 346,253 7.00% Senior notes due December 15, 2021 450,000 450,000 7.50% Senior notes due September 15, 2022 350,000 350,000 7.625% Senior notes due May 15, 2023 250,000 — 1.375% Convertible senior notes due February 1, 2019 230,000 230,000 Total $ 2,630,732 $ 2,576,525 Unsecured Revolving Credit Facility. On August 7, 2015, we entered into an amended and restated revolving loan agreement with a syndicate of financial institutions that increased the commitment under our unsecured credit facility (as amended, “Amended Credit Facility”) from $200.0 million to $275.0 million and extended its maturity from March 12, 2016 to August 7, 2019 . The Amended Credit F acility contains an uncommitted accordion feature under which the aggregate principal amount of available loans can be increased to a maximum of $450.0 million under certain conditions, including obtaining additional bank commitments, as well as a sublimit of $137.5 million for the issuance of letters of credit, which may be utilized in combination with or to replace the LOC Facilities. Interest on amounts borrowed under the Amended Credit Facility is payable quarterly in arrears at a rate based on either a Eurodollar or a base rate, plus a spread that depends on our consolidated leverage ratio (“Leverage Ratio”), as defined under the Amended Credit Facility. The Amended Credit Facility also requires the payment of a commitment fee ranging from .30% to .50% of the unused commitment, based on our Leverage Ratio. Under the terms of the Amended Credit Facility, we are required, among other things, to maintain compliance with various covenants, including financial covenants relating to our consolidated tangible net worth, Leverage Ratio, and either a consolidated interest coverage ratio (“Interest Coverage Ratio”) or minimum level of liquidity, each as defined therein. As of August 31, 2015 , we had no cash borrowings and $1.7 million of letters of credit outstanding under the Amended Credit Facility. Therefore, as of August 31, 2015 , we had $273.3 million available for cash borrowings under the Amended Credit Facility, with up to $135.8 million of that amount available for the issuance of letters of credit. LOC Facilities. We maintain the LOC Facilities with various financial institutions to obtain letters of credit in the ordinary course of operating our business. As of August 31, 2015 and November 30, 2014, we had $24.7 million and $26.7 million , respectively, of letters of credit outstanding under the LOC Facilities. The LOC Facilities require us to deposit and maintain cash with the issuing financial institutions as collateral for our letters of credit outstanding. Mortgages and Land Contracts Due to Land Sellers and Other Loans. As of August 31, 2015 , inventories having a carrying value of $145.0 million were pledged to collateralize mortgages and land contracts due to land sellers and other loans. Shelf Registration. We have an automatically effective universal shelf registration statement on file with the SEC that was filed on July 18, 2014 (“2014 Shelf Registration”). The 2014 Shelf Registration registers the offering of debt and equity securities that we may issue from time to time in amounts to be determined. Senior Notes. On February 17, 2015, pursuant to the 2014 Shelf Registration, we completed the underwritten public issuance of $250.0 million in aggregate principal amount of 7.625% senior notes due 2023 (“7.625% Senior Notes due 2023”). We used a portion of the net proceeds of approximately $247 million from this issuance to retire the remaining $199.9 million in aggregate principal amount of our 6 1/4% senior notes due 2015 (“6 1/4% Senior Notes due 2015”) at their maturity on June 15, 2015. The remainder of the net proceeds was used for general corporate purposes, including working capital, land acquisition and land development. The 1.375% convertible senior notes due 2019 (“1.375% Convertible Senior Notes due 2019”) will mature on February 1, 2019, unless converted earlier by the holders, at their option, or redeemed by us, or purchased by us at the option of the holders following the occurrence of a fundamental change, as defined in the instruments governing these notes. At any time prior to the close of business on the business day immediately preceding the maturity date, holders may convert all or any portion of these notes. These notes are initially convertible into shares of our common stock at a conversion rate of 36.5297 shares for each $1,000 principal amount of the notes, which represents an initial conversion price of approximately $27.37 per share. This initial conversion rate equates to 8,401,831 shares of our common stock and is subject to adjustment upon the occurrence of certain events, as described in the instruments governing these notes. All of the senior notes outstanding at August 31, 2015 and November 30, 2014 represent senior unsecured obligations and rank equally in right of payment with all of our existing and future indebtedness. Interest on each of these senior notes is payable semi-annually. The indenture governing the senior notes does not contain any financial covenants. Subject to specified exceptions, the indenture contains certain restrictive covenants that, among other things, limit our ability to incur secured indebtedness, or engage in sale-leaseback transactions involving property or assets above a certain specified value. In addition, the senior notes (with the exception of the 7 1/4% senior notes due 2018) contain certain limitations related to mergers, consolidations, and sales of assets. As of August 31, 2015 , we were in compliance with the applicable terms of all our covenants under the Amended Credit Facility, the senior notes, the indenture, and the mortgages and land contracts due to land sellers and other loans. Our ability to access the Amended Credit Facility for cash borrowings and letters of credit and our ability to secure future debt financing depend, in part, on our ability to remain in such compliance. Principal payments on the senior notes, the mortgages and land contracts due to land sellers and other loans are due as follows: 2015 – $15.8 million ; 2016 – $25.4 million ; 2017 – $265.0 million ; 2018 – $300.0 million ; 2019 – $630.0 million ; and thereafter – $1.40 billion .

Fair Value Disclosures

Fair Value Disclosures	9 Months Ended
	Aug. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Disclosures	Fair Value Disclosures Fair value measurements of assets and liabilities are categorized based on the following hierarchy: 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. Fair value measurements are used for inventories on a nonrecurring basis when events and circumstances indicate that their carrying value is not recoverable. The following table presents the fair value hierarchy and our assets measured at fair value on a nonrecurring basis for the nine months ended August 31, 2015 and the year ended November 30, 2014 (in thousands): Description Fair Value Hierarchy August 31, November 30, Inventories (a) Level 2 $ — $ 6,421 Inventories (a) Level 3 3,356 24,174 (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. Inventories with a carrying value of $6.6 million were written down to their fair value of $3.4 million during the nine months ended August 31, 2015, resulting in an inventory impairment charge of $3.2 million . Inventories with a carrying value of $68.2 million were written down to their fair value of $30.6 million during the year ended November 30, 2014, resulting in inventory impairment charges of $37.6 million . The fair values for inventories that were determined using Level 2 inputs were based on an executed contract. The fair values for inventories that were determined using Level 3 inputs were primarily based on the estimated future net cash flows discounted for inherent risk associated with each underlying asset. Additionally, the fair values for inventories determined using Level 3 inputs that involved a planned future land sale were estimated based on a broker quote. The following table presents the fair value hierarchy, carrying values and estimated fair values of our financial instruments, except those for which the carrying values approximate fair values (in thousands): August 31, 2015 November 30, 2014 Fair Value Hierarchy Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Liabilities: Senior notes Level 2 $ 2,359,488 $ 2,452,825 $ 2,308,275 $ 2,468,852 Convertible senior notes Level 2 230,000 217,063 230,000 229,713 The fair values of the senior notes and convertible senior notes are generally estimated based on quoted market prices for these instruments. The carrying values reported for cash and cash equivalents, restricted cash, and mortgages and land contracts due to land sellers and other loans approximate fair values.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Aug. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments and contingencies include typical obligations of homebuilders for the completion of contracts and those incurred in the ordinary course of business. Warranty . We provide a limited warranty on all of our homes. The specific terms and conditions of our limited warranty program vary depending upon the markets in which we do business. We generally provide a structural warranty of 10 years , a warranty on electrical, heating, cooling, plumbing and certain other building systems each varying from two to five years based on geographic market and state law, and a warranty of one year for other components of the home. Our limited warranty program is ordinarily how we respond to and account for homeowners’ requests to local division offices seeking repairs, including claims where we could have liability under applicable state statutes or tort law for a defective condition in or damages to a home. We estimate the costs that may be incurred under each limited warranty and record a liability in the amount of such costs at the time the revenue associated with the sale of each home is recognized. Our primary assumption in estimating the amounts we accrue for warranty costs is that historical claims experience is a strong indicator of future claims experience. Factors that affect our warranty liability include the number of homes delivered, historical and anticipated rates of warranty claims, and cost per claim. We periodically assess the adequacy of our accrued warranty liability, which is included in accrued expenses and other liabilities in our consolidated balance sheets, and adjust the amount as necessary based on our assessment. Our assessment includes the review of our actual warranty costs incurred to identify trends and changes in our warranty claims experience, and considers our home construction quality and customer service initiatives and outside events. While we believe the warranty liability currently reflected in our consolidated balance sheets to be adequate, unanticipated changes or developments in the legal environment, local weather, land or environmental conditions, quality of materials or methods used in the construction of homes or customer service practices could have a significant impact on our actual warranty costs in future periods and such amounts could differ significantly from our current estimates. The changes in our warranty liability were as follows (in thousands): Nine Months Ended August 31, Three Months Ended August 31, 2015 2014 2015 2014 Balance at beginning of period $ 45,196 $ 48,704 $ 46,472 $ 40,937 Warranties issued 15,209 12,332 6,325 4,546 Payments (19,927 ) (30,795 ) (5,285 ) (10,633 ) Adjustments (a) 8,164 12,155 1,130 7,546 Balance at end of period $ 48,642 $ 42,396 $ 48,642 $ 42,396 (a) As discussed below, adjustments for the three months and nine months ended August 31, 2015 and 2014 were primarily comprised of the reclassification of estimated minimum probable recoveries to receivables. Adjustments for the nine months ended August 31, 2014 also included a reclassification of estimated minimum probable recoveries to establish a separate accrual for a water intrusion-related inquiry. Central and Southwest Florida Claims . Since 2012, we have received warranty claims from homeowners in certain of our communities in central and southwest Florida primarily involving framing, stucco, roofing and/or sealant matters on homes we delivered between 2003 and 2009, with many concerning water intrusion-related issues. Based on the status of our ongoing investigation and repair efforts with respect to homes affected by these water intrusion-related issues, our overall warranty liability at August 31, 2015 and November 30, 2014 included $1.3 million and $9.4 million , respectively, for estimated remaining repair costs associated with (a) 52 and 324 identified affected homes, respectively, and (b) similarly affected homes that we believed at each respective date may be identified in the future. The $1.3 million at August 31, 2015 encompasses what we believe to be the probable overall cost of the repair effort remaining with respect to affected homes before insurance and other recoveries. However, our actual costs to fully resolve repairs on affected homes could differ from the overall costs we have estimated depending on the identification of additional affected homes in future periods, if any, and the nature of the work that is undertaken to complete repairs on identified affected homes. During the nine months ended August 31, 2015 , we resolved repairs on 346 affected homes and identified 74 additional affected homes. We consider repairs for affected homes to be resolved when all repairs are completed and all repair costs are fully paid. In the three-month periods ended August 31, 2015 and 2014, we paid $1.1 million and $7.2 million , respectively, to repair affected homes. During the nine months ended August 31, 2015 and 2014, we paid $8.6 million and $21.3 million , respectively, to repair affected homes. As of August 31, 2015 , we had paid $71.9 million of the probable total repair costs of $73.2 million that we have estimated for the overall repair effort. We anticipate resolving repairs on affected homes by the end of 2015. We believe it is probable that we will recover a portion of our repair costs associated with affected homes from various sources, including our insurers, and subcontractors involved with the original construction of the homes and their insurers. During the nine months ended August 31, 2015 and 2014, we collected $5.0 million and $.5 million , respectively, of such recoveries. Based on a review of our estimated potential recoveries during the second quarter of 2015, we increased our estimate of minimum probable recoveries. During the third quarter of 2015, we did not change our estimate of minimum probable recoveries. As of August 31, 2015 , our estimated minimum probable recoveries, net of amounts collected, totaled $22.6 million , of which $1.3 million was included as an offset to our overall warranty liability and the remainder was included in receivables. During the three months and nine months ended August 31, 2014, we recorded adjustments to increase our warranty liability mainly to reflect additional affected homes identified at one attached home community and our updated estimate of repair costs on identified affected homes. We also recorded adjustments to increase our estimated minimum probable recoveries during these periods based on our updated estimate of repair costs on identified affected homes. Together these items did not have an impact on our consolidated statements of operations for the three months and nine months ended August 31, 2014. As of November 30, 2014, our estimated minimum probable recoveries, net of amounts collected, was $26.6 million . The estimated minimum probable recoveries pertaining to affected homes are included in receivables to the extent they exceed the estimated remaining repair costs in our overall warranty liability associated with such homes. During the three months and nine months ended August 31, 2015 , we reclassified $1.1 million and $8.2 million , respectively, of estimated minimum probable recoveries that were in excess of the estimated remaining repair costs to a receivable. During the three months and nine months ended August 31, 2014, we similarly reclassified $7.2 million and $12.8 million , respectively, of then-estimated minimum probable recoveries that were in excess of the then-estimated remaining repair costs. Our assessment of the water intrusion-related issues in central and southwest Florida, including the process of determining potentially responsible parties and our efforts to obtain recoveries, is ongoing, and, as a result, our estimate of minimum probable recoveries may change as additional information is obtained. Overall Warranty Liability Assessment. In assessing our overall warranty liability at a reporting date, we evaluate the costs for warranty-related items on a combined basis for all of our previously delivered homes that are under our limited warranty program, which would include homes in central and southwest Florida that have been or may in the future be identified as affected by water intrusion-related issues. Based on this evaluation, we believe our overall warranty liability as of August 31, 2015 is adequate. Depending on the number of additional homes in central and southwest Florida that are identified as affected by water intrusion-related issues, if any, and the actual costs we incur in future periods to repair such affected homes and/or homes affected by other issues, we may revise the amount of our estimated liability, which could result in an increase or decrease in our overall warranty liability. Based on our assessment of the water intrusion-related issues in central and southwest Florida, we believe that our overall warranty liability is adequate to cover the estimated probable total repair costs with respect to affected homes, though we believe it is reasonably possible that our loss in this matter could exceed the amount accrued as of August 31, 2015 by zero to $3 million . Florida Attorney General’s Office Inquiry. In 2013, we were notified by the Florida Attorney General’s Office that it was making a preliminary inquiry into the status of our communities in Florida affected by water intrusion-related issues. We are cooperating with the Florida Attorney General’s Office inquiry and are in discussions to resolve its concerns. While the ultimate outcome of the inquiry is uncertain, based on the status of our discussions, we established an accrual for the estimated minimum probable loss with respect to this inquiry during 2014 and increased the accrual during the nine months ended August 31, 2015 . At this stage of our discussions, we believe it is reasonably possible that our loss in this matter could exceed the amount accrued by zero to $5 million . Guarantees. In the normal course of our business, we issue certain representations, warranties and guarantees related to our home sales and land sales. Based on historical evidence, we do not believe any potential liability with respect to these representations, warranties or guarantees would be material to our consolidated financial statements. Self-Insurance. We maintain, and require the majority of our subcontractors to maintain, general liability insurance (including construction defect and bodily injury coverage) and workers’ compensation insurance. These insurance policies protect us against a portion of our risk of loss from claims related to our homebuilding activities, subject to certain self-insured retentions, deductibles and other coverage limits. We self-insure a portion of our overall risk through the use of a captive insurance subsidiary. We also maintain certain other insurance policies. In Arizona, California, Colorado and Nevada, our subcontractors’ general liability insurance primarily takes the form of a wrap-up policy, where eligible subcontractors are enrolled as insureds on each project. Enrolled subcontractors contribute toward the cost of the insurance and agree to pay a contractual amount in the future in the event of a claim related to their work. To the extent provided under the wrap-up program, we absorb the enrolled subcontractors’ general liability associated with the work performed on our homes within the applicable projects as part of our overall general liability insurance and our self-insurance through our captive insurance subsidiary. We record expenses and liabilities based on the estimated costs required to cover our self-insured retention and deductible amounts under our insurance policies, and the estimated costs of potential claims and claim adjustment expenses that are above our coverage limits or that are not covered by our insurance policies. These estimated costs are based on an analysis of our historical claims and industry data, and include an estimate of claims incurred but not yet reported. We engage a third-party actuary that uses our historical claim and expense data, as well as industry data, to estimate our liabilities related to unpaid claims, claim adjustment expenses, third-party recoveries and incurred but not yet reported claims associated with the risks that we are assuming under our self-insurance. Key assumptions used in these estimates include claim frequencies, severities and resolution patterns, which can occur over an extended period of time. These estimates are subject to variability due to the length of time between the delivery of a home to a homebuyer and when a structural warranty or construction defect claim is made, and the ultimate resolution of such claim; uncertainties regarding such claims relative to our markets and the types of product we build; insurance industry practices; and legal or regulatory actions and/or interpretations, among other factors. Due to the degree of judgment involved and the potential for variability in these underlying assumptions, our actual future costs could differ from those estimated. In addition, changes in the frequency and severity of reported claims and the estimates to resolve claims can impact the trends and assumptions used in the actuarial analysis, which could be material to our consolidated financial statements. Though state regulations vary, structural warranty or construction defect claims are reported and resolved over a long period of time, which can extend for 10 years or more. As a result, the majority of the estimated liability relates to incurred but not yet reported claims. Because the majority of our estimated liabilities relate to incurred but not yet reported claims, adjustments related to individual existing claims generally do not significantly impact the overall estimated liability. Adjustments to our liabilities related to homes delivered in prior years are recorded in the period in which a change in our estimate occurs. The changes in our self-insurance liability were as follows (in thousands): Nine Months Ended August 31, Three Months Ended August 31, 2015 2014 2015 2014 Balance at beginning of period $ 86,574 $ 92,214 $ 80,136 $ 90,458 Self-insurance expense (a) 11,919 8,761 4,694 3,108 Payments, net of recoveries (b) (17,892 ) (12,666 ) (4,229 ) (5,257 ) Balance at end of period $ 80,601 $ 88,309 $ 80,601 $ 88,309 (a) These expenses are included in selling, general and administrative expenses and are largely offset by contributions from subcontractors participating in the wrap-up policy. (b) Recoveries are reflected in the period we receive funds from subcontractors and/or their insurers. Performance Bonds and Letters of Credit . We are often required to provide to various municipalities and other government agencies performance bonds and/or letters of credit to secure the completion of our projects and/or in support of obligations to build community improvements such as roads, sewers, water systems and other utilities, and to support similar development activities by certain of our unconsolidated joint ventures. At August 31, 2015 , we had $542.9 million of performance bonds and $26.4 million of letters of credit outstanding. At November 30, 2014, we had $541.6 million of performance bonds and $26.7 million of letters of credit outstanding. If any such performance bonds or letters of credit are called, we would be obligated to reimburse the issuer of the performance bond or letter of credit. We do not believe that a material amount of any currently outstanding performance bonds or letters of credit will be called. Performance bonds do not have stated expiration dates. Rather, we are released from the performance bonds as the underlying performance obligations are completed. The expiration dates of some letters of credit issued in connection with community improvements coincide with the expected completion dates of the related projects or obligations. Most letters of credit, however, are issued with an initial term of one year and are typically extended on a year-to-year basis until the related performance obligations are completed. Land Option Contracts and Other Similar Contracts . In the ordinary course of our business, we enter into land option contracts and other similar contracts to acquire rights to land for the construction of homes. At August 31, 2015 , we had total cash deposits of $42.8 million to purchase land having an aggregate purchase price of $941.6 million . Our land option contracts and other similar contracts generally do not contain provisions requiring our specific performance.

Legal Matters

Legal Matters	9 Months Ended
	Aug. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Legal Matters	Legal Matters Nevada Development Contract Litigation. KB HOME Nevada Inc., a wholly owned subsidiary of ours (“KB Nevada”), is a defendant in a case in the Eighth Judicial District Court in Clark County, Nevada entitled Las Vegas Development Associates, LLC, Essex Real Estate Partners, LLC, et al. v. KB HOME Nevada Inc. In 2007, Las Vegas Development Associates, LLC (“LVDA”) agreed to purchase from KB Nevada approximately 83 acres of land located near Las Vegas, Nevada. LVDA subsequently assigned its rights to Essex Real Estate Partners, LLC (“Essex”). KB Nevada and Essex entered into a development agreement relating to certain major infrastructure improvements. LVDA’s and Essex’s complaint, initially filed in 2008, alleged that KB Nevada breached the development agreement, and also alleged that KB Nevada fraudulently induced them to enter into the purchase and development agreements. LVDA’s and Essex’s lenders subsequently filed related actions that were consolidated into the LVDA/Essex matter. The consolidated plaintiffs sought rescission of the agreements or, in the alternative, compensatory damages of $55 million plus unspecified punitive damages and other damages, and interest charges in excess of $41 million (“Claimed Damages”). KB Nevada has denied the allegations, and believes it has meritorious defenses to the consolidated plaintiffs’ claims. On March 15, 2013, the court entered orders denying the consolidated plaintiffs’ motions for summary judgment and granting the majority of KB Nevada’s motions for summary judgment, eliminating, among other of the consolidated plaintiffs’ claims, those for fraud, negligent misrepresentation, and punitive damages. With the court’s decisions, the only remaining claims against KB Nevada are for contract damages and rescission. In August 2013, the court granted motions that further narrowed the scope of the Claimed Damages. While the ultimate outcome is uncertain — we believe it is reasonably possible that the loss in this matter could exceed the amount accrued by a range of zero to approximately $55 million plus prejudgment interest, which could be material to our consolidated financial statements — KB Nevada believes it will be successful in defending against the consolidated plaintiffs’ remaining claims and that the consolidated plaintiffs will not be awarded rescission or damages. The non-jury trial was originally set for September 2012 and extended multiple times by the court. In September 2015, the court scheduled a hearing for October 28, 2015 at which the court will address the setting of a new trial date and other matters. Wage and Hour Litigation. We, together with certain of our subsidiaries, are a defendant in lawsuits that allege violations of federal and state wage and hour statutes. In May 2011, a group of current and former sales representatives filed a collective action lawsuit in the United States District Court for the Southern District of Texas, Galveston Division entitled Edwards, K. v. KB Home . The lawsuit alleges that we misclassified sales representatives and failed to pay minimum and overtime wages in violation of the Fair Labor Standards Act (29 U.S.C. §§ 206-07). In September 2012, the Edwards court conditionally certified a nationwide class that, as of the date of this report, consists of 409 plaintiffs. On May 21, 2015, the Edwards court scheduled an initial trial involving a portion of the plaintiffs in that case for December 2015. One or more additional trials involving other plaintiffs in the Edwards case are expected to be scheduled to occur in 2016 or later. In September 2013, 11 of the plaintiffs in the Edwards case filed a lawsuit in Los Angeles Superior Court entitled Andrea L. Bejenaru, et al. v. KB Home, et al. The lawsuit alleges violations of California laws relating to overtime, meal period and rest break pay, itemized wage statements, waiting time penalties and unfair business practices for a class of sales representatives. As of the date of this report, the putative class consists of 241 members, some of whom are plaintiffs in the Edwards case, who were sales representatives from September 2009 to the present. The Bejenaru court has not certified the case as a class action. Depending on the Bejenaru court’s decisions in the matter, the putative class could increase in size and include other individuals, and the case could be certified as a class action. In the second quarter of 2015, plaintiffs in the Edwards case and the Bejenaru case claimed $66 million in compensatory damages, penalties and interest, as well as injunctive relief, attorneys’ fees and costs for both matters. We deny the allegations in the lawsuits and intend to defend ourselves vigorously. While the ultimate outcome of these matters is uncertain, we had an accrual for the estimated minimum probable loss with respect to these matters at August 31, 2015 . We believe it is reasonably possible that our loss in these matters could exceed the amount accrued by zero to $6 million . However, we believe we have meritorious defenses to the plaintiffs’ claims. Other Matters. In addition to the specific proceedings described above, we are involved in other litigation and regulatory proceedings incidental to our business that are in various procedural stages. We believe that the accruals we have recorded for probable and reasonably estimable losses with respect to these proceedings are adequate and that, as of August 31, 2015 , it was not reasonably possible that an additional material loss had been incurred in an amount in excess of the estimated amounts already recognized in our consolidated financial statements. We evaluate our accruals for litigation and regulatory proceedings at least quarterly and, as appropriate, adjust them to reflect (a) the facts and circumstances known to us at the time, including information regarding negotiations, settlements, rulings and other relevant events and developments; (b) the advice and analyses of counsel; and (c) the assumptions and judgment of management. Similar factors and considerations are used in establishing new accruals for proceedings as to which losses have become probable and reasonably estimable at the time an evaluation is made. Based on our experience, we believe that the amounts that may be claimed or alleged against us in these proceedings are not a meaningful indicator of our potential liability. The outcome of any of these proceedings, including the defense and other litigation-related costs and expenses we may incur, however, is inherently uncertain and could differ significantly from the estimate reflected in a related accrual, if made. Therefore, it is possible that the ultimate outcome of any proceeding, if in excess of a related accrual or if no accrual had been made, could be material to our consolidated financial statements.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Aug. 31, 2015
Equity [Abstract]
Stockholders’ Equity	Stockholders’ Equity A summary of changes in stockholders’ equity is presented below (in thousands): Nine Months Ended August 31, 2015 Common Stock Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Grantor Stock Ownership Trust Treasury Stock Total Stockholders’ Equity Balance at November 30, 2014 $ 115,387 $ 668,857 $ 1,391,256 $ (21,008 ) $ (112,106 ) $ (446,476 ) $ 1,595,910 Net income — — 40,626 — — — 40,626 Dividends on common stock — — (6,890 ) — — — (6,890 ) Employee stock options/other 52 384 — — — — 436 Restricted stock awards 85 (85 ) — — — — — Stock-based compensation — 10,444 — — — — 10,444 Stock repurchases — — — — — (300 ) (300 ) Balance at August 31, 2015 $ 115,524 $ 679,600 $ 1,424,992 $ (21,008 ) $ (112,106 ) $ (446,776 ) $ 1,640,226 We maintain a common stock reserve account with our transfer agent to reserve the maximum number of shares of our common stock potentially deliverable upon conversion to holders of the 1.375% Convertible Senior Notes due 2019 based on the terms of their governing instruments. Accordingly, the common stock reserve account had a balance of 12,602,735 shares at August 31, 2015 . The maximum number of shares would potentially be deliverable to holders only in certain limited circumstances as set forth in the instruments governing these notes. As of August 31, 2015 , we were authorized to repurchase 4,000,000 shares of our common stock under a board-approved share repurchase program. We did not repurchase any shares of our common stock under this program in the nine months ended August 31, 2015 . We have not repurchased any shares pursuant to this common stock repurchase plan for the past several years and any resumption of such stock repurchases under this program or any other program will be at the discretion of our board of directors. Unrelated to the common stock repurchase plan, in connection with an amendment of the Amended and Restated KB Home Non-Employee Directors Compensation Plan (“Director Plan”) effective July 17, 2014, our board of directors authorized the repurchase of no more than 680,000 shares of our common stock solely as necessary for director elections in respect of outstanding stock appreciation right awards under the Director Plan. We had not repurchased any shares pursuant to this board of directors authorization as of August 31, 2015 . During the three months ended August 31, 2015 and 2014, our board of directors declared, and we paid, a quarterly cash dividend of $.025 per share of common stock. Quarterly cash dividends declared and paid during the nine months ended August 31, 2015 and 2014 totaled $.075 per share of common stock.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Aug. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation Stock Options. We estimate the grant-date fair value of stock options using the Black-Scholes option-pricing model. The following table summarizes stock option transactions for the nine months ended August 31, 2015 : Options Weighted Average Exercise Price Options outstanding at beginning of period 11,735,042 $ 20.45 Granted — — Exercised (52,000 ) 8.38 Cancelled (130,384 ) 23.26 Options outstanding at end of period 11,552,658 $ 20.47 Options exercisable at end of period 9,992,609 $ 21.32 As of August 31, 2015 , the weighted average remaining contractual life of stock options outstanding and stock options exercisable was 4.4 years and 3.7 years , respectively. There was $2.8 million of total unrecognized compensation expense related to unvested stock option awards as of August 31, 2015 . For the three months ended August 31, 2015 and 2014 , stock-based compensation expense associated with stock options totaled $1.1 million and $.6 million , respectively. For the nine months ended August 31, 2015 and 2014 , stock-based compensation expense associated with stock options totaled $3.1 million and $1.8 million , respectively. The aggregate intrinsic value of both stock options outstanding and stock options exercisable was $18.4 million at August 31, 2015 . (The intrinsic value of a stock option is the amount by which the market value of a share of the underlying common stock exceeds the exercise price of the stock option.) Other Stock-Based Awards. From time to time, we grant restricted stock and PSUs to various employees as a compensation benefit. We recognized total compensation expense of $1.9 million for the three months ended August 31, 2015 and $1.7 million for the three months ended August 31, 2014 related to restricted stock and PSUs. We recognized total compensation expense of $7.3 million for the nine months ended August 31, 2015 and $4.2 million for the nine months ended August 31, 2014 related to restricted stock and PSUs.

Supplemental Disclosure to Cons

Supplemental Disclosure to Consolidated Statements of Cash Flows	9 Months Ended
	Aug. 31, 2015
Supplemental Cash Flow Information [Abstract]
Supplemental Disclosure to Consolidated Statements of Cash Flows	Supplemental Disclosure to Consolidated Statements of Cash Flows The following are supplemental disclosures to the consolidated statements of cash flows (in thousands): Nine Months Ended August 31, 2015 2014 Summary of cash and cash equivalents at end of period: Homebuilding $ 352,952 $ 297,058 Financial services 1,927 1,950 Total $ 354,879 $ 299,008 Supplemental disclosures of cash flow information: Interest paid, net of amounts capitalized $ 5,017 $ 312 Income taxes paid 2,915 1,537 Supplemental disclosures of noncash activities: Reclassification of warranty recoveries to receivables $ 8,164 $ 12,794 Increase (decrease) in consolidated inventories not owned 86,211 (4,931 ) Increase in inventories due to distributions of land and land development from an unconsolidated joint venture 12,416 81,670 Inventories and inventory-related obligations associated with tax increment financing entities assessments tied to distribution of land from an unconsolidated joint venture — 33,197 Inventories acquired through seller financing 16,730 52,561 Conversion of liability awards to equity awards — 6,455

Supplemental Guarantor Informat

Supplemental Guarantor Information	9 Months Ended
	Aug. 31, 2015
Guarantees [Abstract]
Supplemental Guarantor Information	Supplemental Guarantor Information Our obligations to pay principal, premium, if any, and interest on the senior notes and borrowings, if any, under the Amended Credit Facility are guaranteed on a joint and several basis by certain of our subsidiaries (“Guarantor Subsidiaries”). The guarantees are full and unconditional and the Guarantor Subsidiaries are 100% owned by us. Pursuant to the terms of the indenture governing the senior notes and the terms of the Amended Credit Facility, if any of the Guarantor Subsidiaries ceases to be a “significant subsidiary” as defined by Rule 1-02 of Regulation S-X (as in effect on June 1, 1996) using a 5% rather than a 10% threshold (provided that the assets of our non-guarantor subsidiaries do not in the aggregate exceed 10% of an adjusted measure of our consolidated total assets), it will be automatically and unconditionally released and discharged from its guaranty of the senior notes and the Amended Credit Facility so long as all guarantees by such Guarantor Subsidiary of any other of our or our subsidiaries’ indebtedness are terminated at or prior to the time of such release. We have determined that separate, full financial statements of the Guarantor Subsidiaries would not be material to investors and, accordingly, supplemental financial information for the Guarantor Subsidiaries is presented. The supplemental financial information for all periods presented below reflects the relevant subsidiaries that were Guarantor Subsidiaries as of August 31, 2015 . Condensed Consolidating Statements of Operations (in thousands) Nine Months Ended August 31, 2015 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues $ — $ 1,866,015 $ 180,232 $ — $ 2,046,247 Homebuilding: Revenues $ — $ 1,866,015 $ 172,881 $ — $ 2,038,896 Construction and land costs — (1,566,720 ) (159,256 ) — (1,725,976 ) Selling, general and administrative expenses (63,886 ) (158,403 ) (22,389 ) — (244,678 ) Operating income (loss) (63,886 ) 140,892 (8,764 ) — 68,242 Interest income 337 3 2 — 342 Interest expense (136,292 ) (4,497 ) — 122,939 (17,850 ) Intercompany interest 218,684 (88,780 ) (6,965 ) (122,939 ) — Equity in loss of unconsolidated joint ventures — (1,180 ) — — (1,180 ) Homebuilding pretax income (loss) 18,843 46,438 (15,727 ) — 49,554 Financial services pretax income — — 7,572 — 7,572 Total pretax income (loss) 18,843 46,438 (8,155 ) — 57,126 Income tax benefit (expense) 2,900 (18,700 ) (700 ) — (16,500 ) Equity in net income of subsidiaries 18,883 — — (18,883 ) — Net income (loss) $ 40,626 $ 27,738 $ (8,855 ) $ (18,883 ) $ 40,626 Nine Months Ended August 31, 2014 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues $ — $ 1,436,822 $ 168,086 $ — $ 1,604,908 Homebuilding: Revenues $ — $ 1,436,822 $ 160,072 $ — $ 1,596,894 Construction and land costs — (1,167,762 ) (137,496 ) — (1,305,258 ) Selling, general and administrative expenses (47,489 ) (131,443 ) (26,783 ) — (205,715 ) Operating income (loss) (47,489 ) 137,617 (4,207 ) — 85,921 Interest income 385 7 1 — 393 Interest expense (122,634 ) (4,408 ) — 100,753 (26,289 ) Intercompany interest 206,943 (99,077 ) (7,113 ) (100,753 ) — Equity in income (loss) of unconsolidated joint ventures — (2,132 ) 3,293 — 1,161 Homebuilding pretax income (loss) 37,205 32,007 (8,026 ) — 61,186 Financial services pretax income — — 5,162 — 5,162 Total pretax income (loss) 37,205 32,007 (2,864 ) — 66,348 Income tax expense (100 ) (600 ) (100 ) — (800 ) Equity in net income of subsidiaries 28,443 — — (28,443 ) — Net income (loss) $ 65,548 $ 31,407 $ (2,964 ) $ (28,443 ) $ 65,548 Three Months Ended August 31, 2015 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues $ — $ 761,783 $ 81,374 $ — $ 843,157 Homebuilding: Revenues $ — $ 761,783 $ 78,421 $ — $ 840,204 Construction and land costs — (638,451 ) (70,697 ) — (709,148 ) Selling, general and administrative expenses (28,540 ) (58,137 ) (8,397 ) — (95,074 ) Operating income (loss) (28,540 ) 65,195 (673 ) — 35,982 Interest income 86 1 — — 87 Interest expense (45,040 ) (1,547 ) — 42,193 (4,394 ) Intercompany interest 74,501 (30,203 ) (2,105 ) (42,193 ) — Equity in loss of unconsolidated joint ventures — (422 ) — — (422 ) Homebuilding pretax income (loss) 1,007 33,024 (2,778 ) — 31,253 Financial services pretax income — — 2,701 — 2,701 Total pretax income (loss) 1,007 33,024 (77 ) — 33,954 Income tax benefit (expense) 2,200 (12,100 ) (800 ) — (10,700 ) Equity in net income of subsidiaries 20,047 — — (20,047 ) — Net income (loss) $ 23,254 $ 20,924 $ (877 ) $ (20,047 ) $ 23,254 Three Months Ended August 31, 2014 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues $ — $ 529,599 $ 59,615 $ — $ 589,214 Homebuilding: Revenues $ — $ 529,599 $ 56,632 $ — $ 586,231 Construction and land costs — (429,998 ) (49,426 ) — (479,424 ) Selling, general and administrative expenses (15,995 ) (47,653 ) (9,249 ) — (72,897 ) Operating income (loss) (15,995 ) 51,948 (2,043 ) — 33,910 Interest income 109 1 — — 110 Interest expense (42,955 ) (1,648 ) — 38,148 (6,455 ) Intercompany interest 76,512 (35,728 ) (2,636 ) (38,148 ) — Equity in loss of unconsolidated joint ventures — (751 ) — — (751 ) Homebuilding pretax income (loss) 17,671 13,822 (4,679 ) — 26,814 Financial services pretax income — — 1,847 — 1,847 Total pretax income (loss) 17,671 13,822 (2,832 ) — 28,661 Income tax expense (50 ) (200 ) (50 ) — (300 ) Equity in net income of subsidiaries 10,740 — — (10,740 ) — Net income (loss) $ 28,361 $ 13,622 $ (2,882 ) $ (10,740 ) $ 28,361 Condensed Consolidating Balance Sheets (in thousands) August 31, 2015 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets Homebuilding: Cash and cash equivalents $ 288,869 $ 60,271 $ 3,812 $ — $ 352,952 Restricted cash 25,028 — — — 25,028 Receivables 284 156,354 2,938 — 159,576 Inventories — 3,163,292 238,445 — 3,401,737 Investments in unconsolidated joint ventures — 72,800 — — 72,800 Deferred tax assets, net 218,954 534,728 56,334 — 810,016 Other assets 98,917 13,448 1,987 — 114,352 632,052 4,000,893 303,516 — 4,936,461 Financial services — — 12,035 — 12,035 Intercompany receivables 3,663,944 — 104,306 (3,768,250 ) — Investments in subsidiaries 71,219 — — (71,219 ) — Total assets $ 4,367,215 $ 4,000,893 $ 419,857 $ (3,839,469 ) $ 4,948,496 Liabilities and stockholders’ equity Homebuilding: Accounts payable, accrued expenses and other liabilities $ 144,782 $ 426,452 $ 104,528 $ — $ 675,762 Notes payable 2,564,378 66,354 — — 2,630,732 2,709,160 492,806 104,528 — 3,306,494 Financial services — — 1,776 — 1,776 Intercompany payables 17,829 3,475,060 275,361 (3,768,250 ) — Stockholders’ equity 1,640,226 33,027 38,192 (71,219 ) 1,640,226 Total liabilities and stockholders’ equity $ 4,367,215 $ 4,000,893 $ 419,857 $ (3,839,469 ) $ 4,948,496 November 30, 2014 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets Homebuilding: Cash and cash equivalents $ 303,280 $ 38,124 $ 14,962 $ — $ 356,366 Restricted cash 27,235 — — — 27,235 Receivables 15 123,024 2,449 — 125,488 Inventories — 2,980,056 238,331 — 3,218,387 Investments in unconsolidated joint ventures — 79,441 — — 79,441 Deferred tax assets, net 215,923 552,653 56,656 — 825,232 Other assets 99,099 13,922 1,894 — 114,915 645,552 3,787,220 314,292 — 4,747,064 Financial services — — 10,486 — 10,486 Intercompany receivables 3,582,612 — 112,919 (3,695,531 ) — Investments in subsidiaries 39,356 — — (39,356 ) — Total assets $ 4,267,520 $ 3,787,220 $ 437,697 $ (3,734,887 ) $ 4,757,550 Liabilities and stockholders’ equity Homebuilding: Accounts payable, accrued expenses and other liabilities $ 138,298 $ 331,361 $ 112,939 $ — $ 582,598 Notes payable 2,513,165 63,360 — — 2,576,525 2,651,463 394,721 112,939 — 3,159,123 Financial services — — 2,517 — 2,517 Intercompany payables 20,147 3,392,499 282,885 (3,695,531 ) — Stockholders’ equity 1,595,910 — 39,356 (39,356 ) 1,595,910 Total liabilities and stockholders’ equity $ 4,267,520 $ 3,787,220 $ 437,697 $ (3,734,887 ) $ 4,757,550 Condensed Consolidating Statements of Cash Flows (in thousands) Nine Months Ended August 31, 2015 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net cash provided by (used in) operating activities $ 41,620 $ (43,447 ) $ (20,257 ) $ — $ (22,084 ) Cash flows from investing activities: Contributions to unconsolidated joint ventures — (20,954 ) (1 ) — (20,955 ) Return of investments in unconsolidated joint ventures — 14,000 — — 14,000 Purchases of property and equipment, net (498 ) (1,565 ) (37 ) — (2,100 ) Intercompany (96,519 ) — — 96,519 — Net cash used in investing activities (97,017 ) (8,519 ) (38 ) 96,519 (9,055 ) Cash flows from financing activities: Change in restricted cash 2,207 — — — 2,207 Proceeds from issuance of debt 250,000 — — — 250,000 Payment of debt issuance costs (4,561 ) — — — (4,561 ) Repayment of senior notes (199,906 ) — — — (199,906 ) Payments on mortgages and land contracts due to land sellers and other loans — (13,736 ) — — (13,736 ) Issuance of common stock under employee stock plans 436 — — — 436 Payments of cash dividends (6,890 ) — — — (6,890 ) Stock repurchases (300 ) — — — (300 ) Intercompany — 87,849 8,670 (96,519 ) — Net cash provided by financing activities 40,986 74,113 8,670 (96,519 ) 27,250 Net increase (decrease) in cash and cash equivalents (14,411 ) 22,147 (11,625 ) — (3,889 ) Cash and cash equivalents at beginning of period 303,280 38,124 17,364 — 358,768 Cash and cash equivalents at end of period $ 288,869 $ 60,271 $ 5,739 $ — $ 354,879 Nine Months Ended August 31, 2014 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net cash provided by (used in) operating activities $ 66,251 $ (730,397 ) $ (52,516 ) $ — $ (716,662 ) Cash flows from investing activities: Contributions to unconsolidated joint ventures — (33,786 ) (248 ) — (34,034 ) Proceeds from sale of investment in unconsolidated joint venture — — 10,110 — 10,110 Purchases of property and equipment, net (131 ) (3,499 ) (528 ) — (4,158 ) Intercompany (840,839 ) — — 840,839 — Net cash provided by (used in) investing activities (840,970 ) (37,285 ) 9,334 840,839 (28,082 ) Cash flows from financing activities: Change in restricted cash 9,450 — — — 9,450 Proceeds from issuance of debt 400,000 — — — 400,000 Payment of debt issuance costs (5,448 ) — — — (5,448 ) Payments on mortgages and land contracts due to land sellers and other loans — (23,292 ) — — (23,292 ) Proceeds from issuance of common stock, net 137,045 — — — 137,045 Issuance of common stock under employee stock plans 202 — — — 202 Payments of cash dividends (6,682 ) — — — (6,682 ) Stock repurchases (46 ) — — — (46 ) Intercompany — 804,809 36,030 (840,839 ) — Net cash provided by financing activities 534,521 781,517 36,030 (840,839 ) 511,229 Net increase (decrease) in cash and cash equivalents (240,198 ) 13,835 (7,152 ) — (233,515 ) Cash and cash equivalents at beginning of period 476,847 39,952 15,724 — 532,523 Cash and cash equivalents at end of period $ 236,649 $ 53,787 $ 8,572 $ — $ 299,008

Basis of Presentation and Sig24

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Aug. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounting Standards Codification Topic No. 260, Earnings Per Share	We compute earnings per share using the two-class method, which is an allocation of earnings between the holders of common stock and a company’s participating security holders. Our outstanding nonvested shares of restricted stock contain non-forfeitable rights to dividends and, therefore, are considered participating securities for purposes of computing earnings per share pursuant to the two-class method. We had no other participating securities at August 31, 2015 or 2014.
Use of Estimates	The preparation of financial statements in conformity with GAAP requires management to make informed estimates and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Cash and Cash Equivalents and Restricted Cash	We consider all highly liquid short-term investments purchased with an original maturity of three months or less to be cash equivalents. Our cash equivalents totaled $231.0 million at August 31, 2015 and $197.7 million at November 30, 2014 . The majority of our cash and cash equivalents were invested in money market funds and interest-bearing bank deposit accounts. Restricted Cash. Restricted cash at August 31, 2015 and November 30, 2014 consisted of cash deposited with various financial institutions that was required as collateral for our cash-collateralized letter of credit facilities (“LOC Facilities”).
Presentation of Comprehensive Income	Our comprehensive income was $23.3 million for the three months ended August 31, 2015 and $28.4 million for the three months ended August 31, 2014. For the nine months ended August 31, 2015 and 2014, our comprehensive income was $40.6 million and $65.5 million , respectively. Our comprehensive income for each of the three-month and nine-month periods ended August 31, 2015 and 2014 was equal to our net income for the same periods.
Reclassifications	Certain amounts in our consolidated financial statements for prior years have been reclassified to conform to the current period presentation.
Stock-Based Compensation (ASC 718)	We estimate the grant-date fair value of stock options using the Black-Scholes option-pricing model.
Accounting Standards Codification Topic No.280, Segment Reporting	As of August 31, 2015 , we had identified five operating reporting segments, comprised of four homebuilding reporting segments and one financial services reporting segment. As of August 31, 2015 , our homebuilding reporting segments conducted ongoing operations in the following states: West Coast: California Southwest: Arizona and Nevada Central: Colorado, New Mexico and Texas Southeast: Florida, Maryland, North Carolina and Virginia Our homebuilding reporting segments are engaged in the acquisition and development of land primarily for residential purposes and offer a wide variety of homes that are designed to appeal to first-time, move-up and active adult homebuyers. Our homebuilding operations generate most of their revenues from the delivery of completed homes to homebuyers. They also earn revenues from the sale of land. Our homebuilding reporting segments were identified based primarily on similarities in economic and geographic characteristics, product types, regulatory environments, methods used to sell and construct homes and land acquisition characteristics. We evaluate segment performance primarily based on segment pretax results. Our financial services reporting segment offers property and casualty insurance and, in certain instances, earthquake, flood and personal property insurance to our homebuyers in the same markets as our homebuilding reporting segments, and provides title services in the majority of our markets located within our Central and Southeast homebuilding reporting segments. This segment earns revenues primarily from insurance commissions and from the provision of title services. Prior to July 21, 2014, this segment also earned revenues pursuant to the terms of a marketing services agreement with Nationstar Mortgage LLC (“Nationstar”), under which Nationstar was our preferred mortgage lender and offered mortgage banking services, including residential mortgage loan (“mortgage loan”) originations, to our homebuyers who elected to use the lender. Our homebuyers may select any lender of their choice to obtain mortgage financing for the purchase of their home. Since July 21, 2014, we have offered mortgage banking services, including mortgage loan originations, to our homebuyers indirectly through Home Community Mortgage, LLC (“HCM”), a joint venture of a subsidiary of ours and a subsidiary of Nationstar. Through these respective subsidiaries, we have a 49.9% ownership interest and Nationstar has a 50.1% ownership interest in HCM, with Nationstar providing management oversight of HCM’s operations. Corporate and other is a non-operating segment that develops and implements company-wide strategic initiatives and provides support to our homebuilding reporting segments by centralizing certain administrative functions, such as promotional marketing, legal, purchasing administration, architecture, accounting, treasury, insurance and risk management, information technology and human resources. Corporate and other includes general and administrative expenses related to operating our corporate headquarters. A portion of the expenses incurred by Corporate and other is allocated to the homebuilding reporting segments. Our segments follow the same accounting policies used for our consolidated financial statements. The results of each segment are not necessarily indicative of the results that would have occurred had the segment been an independent, stand-alone entity during the periods presented, nor are they indicative of the results to be expected in future periods.
Property, Plant and Equipment (ASC 360)	Each community or land parcel in our owned inventory is assessed on a quarterly basis to determine if indicators of potential impairment exist. We record an inventory impairment charge when indicators of potential impairment exist and the carrying value of a real estate asset is greater than the undiscounted future net cash flows the asset is expected to generate. These real estate assets are written down to fair value, which is primarily based on the estimated future net cash flows discounted for inherent risk associated with each such asset.
Accounting Standards Codification Topic No. 820, Fair Value Measurements and Disclosures	Fair value measurements of assets and liabilities are categorized based on the following hierarchy: 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.
Accounting Standards Codification Topic No.810, Consolidation (ASC 810)	We participate in joint ventures from time to time that conduct land acquisition, land development and/or other homebuilding activities in various markets where our homebuilding operations are located. Our investments in these joint ventures may create a variable interest in a variable interest entity (“VIE”), depending on the contractual terms of the arrangement. We analyze our joint ventures to determine whether they are VIEs and, if so, whether we are the primary beneficiary. None of our joint ventures at August 31, 2015 and November 30, 2014 were determined to be VIEs. All of our joint ventures were unconsolidated and accounted for under the equity method because we did not have a controlling financial interest. In the ordinary course of our business, we enter into land option contracts and other similar contracts to acquire rights to land for the construction of homes. Under such contracts, we typically pay a specified option or earnest money deposit in consideration for the right to purchase land in the future, usually at a predetermined price. We analyze each of our land option contracts and other similar contracts to determine whether the land seller is a VIE and, if so, whether we are the primary beneficiary. Although we do not have legal title to the underlying land, we are required to consolidate a VIE if we are the primary beneficiary. As a result of our analyses, we determined that as of August 31, 2015 and November 30, 2014 we were not the primary beneficiary of any VIEs from which we have acquired rights to land under land option contracts and other similar contracts.
Accounting Standards Codification Topic No. 470, Debt (ASC 470)	We also evaluate our land option contracts and other similar contracts for financing arrangements, and, as a result of our evaluations, increased inventories, with a corresponding increase to accrued expenses and other liabilities, in our consolidated balance sheets by $89.4 million at August 31, 2015 and $3.1 million at November 30, 2014 .
Warranty	Warranty . We provide a limited warranty on all of our homes. The specific terms and conditions of our limited warranty program vary depending upon the markets in which we do business. We generally provide a structural warranty of 10 years , a warranty on electrical, heating, cooling, plumbing and certain other building systems each varying from two to five years based on geographic market and state law, and a warranty of one year for other components of the home. Our limited warranty program is ordinarily how we respond to and account for homeowners’ requests to local division offices seeking repairs, including claims where we could have liability under applicable state statutes or tort law for a defective condition in or damages to a home. We estimate the costs that may be incurred under each limited warranty and record a liability in the amount of such costs at the time the revenue associated with the sale of each home is recognized. Our primary assumption in estimating the amounts we accrue for warranty costs is that historical claims experience is a strong indicator of future claims experience. Factors that affect our warranty liability include the number of homes delivered, historical and anticipated rates of warranty claims, and cost per claim. We periodically assess the adequacy of our accrued warranty liability, which is included in accrued expenses and other liabilities in our consolidated balance sheets, and adjust the amount as necessary based on our assessment. Our assessment includes the review of our actual warranty costs incurred to identify trends and changes in our warranty claims experience, and considers our home construction quality and customer service initiatives and outside events. While we believe the warranty liability currently reflected in our consolidated balance sheets to be adequate, unanticipated changes or developments in the legal environment, local weather, land or environmental conditions, quality of materials or methods used in the construction of homes or customer service practices could have a significant impact on our actual warranty costs in future periods and such amounts could differ significantly from our current estimates.
Accounting Standards Codification Topic No. 460, Guarantees	Guarantees. In the normal course of our business, we issue certain representations, warranties and guarantees related to our home sales and land sales. Based on historical evidence, we do not believe any potential liability with respect to these representations, warranties or guarantees would be material to our consolidated financial statements.
Self-Insurance	Self-Insurance. We maintain, and require the majority of our subcontractors to maintain, general liability insurance (including construction defect and bodily injury coverage) and workers’ compensation insurance. These insurance policies protect us against a portion of our risk of loss from claims related to our homebuilding activities, subject to certain self-insured retentions, deductibles and other coverage limits. We self-insure a portion of our overall risk through the use of a captive insurance subsidiary. We also maintain certain other insurance policies. In Arizona, California, Colorado and Nevada, our subcontractors’ general liability insurance primarily takes the form of a wrap-up policy, where eligible subcontractors are enrolled as insureds on each project. Enrolled subcontractors contribute toward the cost of the insurance and agree to pay a contractual amount in the future in the event of a claim related to their work. To the extent provided under the wrap-up program, we absorb the enrolled subcontractors’ general liability associated with the work performed on our homes within the applicable projects as part of our overall general liability insurance and our self-insurance through our captive insurance subsidiary. We record expenses and liabilities based on the estimated costs required to cover our self-insured retention and deductible amounts under our insurance policies, and the estimated costs of potential claims and claim adjustment expenses that are above our coverage limits or that are not covered by our insurance policies. These estimated costs are based on an analysis of our historical claims and industry data, and include an estimate of claims incurred but not yet reported. We engage a third-party actuary that uses our historical claim and expense data, as well as industry data, to estimate our liabilities related to unpaid claims, claim adjustment expenses, third-party recoveries and incurred but not yet reported claims associated with the risks that we are assuming under our self-insurance. Key assumptions used in these estimates include claim frequencies, severities and resolution patterns, which can occur over an extended period of time. These estimates are subject to variability due to the length of time between the delivery of a home to a homebuyer and when a structural warranty or construction defect claim is made, and the ultimate resolution of such claim; uncertainties regarding such claims relative to our markets and the types of product we build; insurance industry practices; and legal or regulatory actions and/or interpretations, among other factors. Due to the degree of judgment involved and the potential for variability in these underlying assumptions, our actual future costs could differ from those estimated. In addition, changes in the frequency and severity of reported claims and the estimates to resolve claims can impact the trends and assumptions used in the actuarial analysis, which could be material to our consolidated financial statements. Though state regulations vary, structural warranty or construction defect claims are reported and resolved over a long period of time, which can extend for 10 years or more. As a result, the majority of the estimated liability relates to incurred but not yet reported claims. Because the majority of our estimated liabilities relate to incurred but not yet reported claims, adjustments related to individual existing claims generally do not significantly impact the overall estimated liability. Adjustments to our liabilities related to homes delivered in prior years are recorded in the period in which a change in our estimate occurs.
Income Taxes (ASC 740)	We evaluate our deferred tax assets quarterly to determine if adjustments to the valuation allowance are required based on the consideration of all available positive and negative evidence using a “more likely than not” standard with respect to whether deferred tax assets will be realized.
Recent Accounting Pronouncements	In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Companies may use either a full retrospective or a modified retrospective approach to adopt ASU 2014-09. In August 2015, the FASB issued Accounting Standards Update No. 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date,” which delayed the effective date of ASU 2014-09 by one year. ASU 2014-09, as amended, is effective for public companies for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements. In January 2015, the FASB issued Accounting Standards Update No. 2015-01, “Income Statement — Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items” (“ASU 2015-01”). ASU 2015-01 eliminates the concept of extraordinary items from GAAP but retains the presentation and disclosure guidance for items that are unusual in nature or occur infrequently and expands the guidance to include items that are both unusual in nature and infrequently occurring. ASU 2015-01 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. A reporting entity may apply ASU 2015-01 prospectively. A reporting entity may also apply ASU 2015-01 retrospectively to all periods presented in the financial statements. We believe the adoption of ASU 2015-01 will not have a material effect on our consolidated financial statements. In February 2015, the FASB issued Accounting Standards Update No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis” (“ASU 2015-02”). ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. ASU 2015-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. We believe the adoption of ASU 2015-02 will not have a material effect on our consolidated financial statements. In April 2015, the FASB issued Accounting Standards Update No. 2015-03, “Interest — Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. For public entities, ASU 2015-03 is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. ASU 2015-03 is to be applied on a retrospective basis and represents a change in accounting principle. We believe the adoption of ASU 2015-03 will not have a material effect on our consolidated financial statements. In August 2015, the FASB issued Accounting Standards Update No. 2015-15, “Interest — Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements — Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting” (“ASU 2015-15”), which clarifies the treatment of debt issuance costs from line-of-credit arrangements after the adoption of ASU 2015-03. In particular, ASU 2015-15 clarifies that the SEC staff would not object to an entity deferring and presenting debt issuance costs related to a line-of-credit arrangement as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of such arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. We believe the adoption of ASU 2015-15 will not have a material effect on our consolidated financial statements.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Aug. 31, 2015
Segment Reporting [Abstract]
Financial Information Relating to Company Reporting Segments	The following tables present financial information relating to our segments (in thousands): Nine Months Ended August 31, Three Months Ended August 31, 2015 2014 2015 2014 Revenues: West Coast $ 932,905 $ 707,532 $ 378,362 $ 265,491 Southwest 273,339 144,597 128,021 50,101 Central 545,913 477,518 210,417 179,972 Southeast 286,739 267,247 123,404 90,667 Total homebuilding revenues 2,038,896 1,596,894 840,204 586,231 Financial services 7,351 8,014 2,953 2,983 Total $ 2,046,247 $ 1,604,908 $ 843,157 $ 589,214 Pretax income (loss): West Coast $ 76,177 $ 93,599 $ 35,769 $ 39,270 Southwest 20,420 7,599 11,732 2,543 Central 42,000 24,806 18,649 11,514 Southeast (20,965 ) (9,881 ) (4,751 ) (7,965 ) Corporate and other (68,078 ) (54,937 ) (30,146 ) (18,548 ) Total homebuilding pretax income 49,554 61,186 31,253 26,814 Financial services 7,572 5,162 2,701 1,847 Total $ 57,126 $ 66,348 $ 33,954 $ 28,661 Inventory impairment charges: West Coast $ — $ — $ — $ — Southwest — — — — Central — — — — Southeast 3,173 3,408 3,173 3,408 Total $ 3,173 $ 3,408 $ 3,173 $ 3,408 Land option contract abandonments: West Coast $ 134 $ 554 $ 134 $ 451 Southwest — — — — Central 225 995 225 562 Southeast 984 254 — — Total $ 1,343 $ 1,803 $ 359 $ 1,013 August 31, November 30, Inventories: Homes under construction West Coast $ 649,874 $ 536,843 Southwest 117,705 65,647 Central 280,330 201,164 Southeast 139,667 124,618 Subtotal 1,187,576 928,272 Land under development West Coast 719,557 765,577 Southwest 322,676 334,691 Central 396,115 363,933 Southeast 248,326 245,948 Subtotal 1,686,674 1,710,149 Land held for future development West Coast 287,365 294,060 Southwest 113,661 138,367 Central 22,063 22,957 Southeast 104,398 124,582 Subtotal 527,487 579,966 Total $ 3,401,737 $ 3,218,387 Assets: West Coast $ 1,775,422 $ 1,695,753 Southwest 598,260 579,201 Central 810,123 678,139 Southeast 528,270 531,011 Corporate and other 1,224,386 1,262,960 Total homebuilding assets 4,936,461 4,747,064 Financial services 12,035 10,486 Total $ 4,948,496 $ 4,757,550

Financial Services (Tables)

Financial Services (Tables)	9 Months Ended
	Aug. 31, 2015
Segment Reporting Information [Line Items]
Financial Services Income (Loss)	The following tables present financial information relating to our financial services reporting segment (in thousands): Nine Months Ended August 31, Three Months Ended August 31, 2015 2014 2015 2014 Revenues Insurance commissions $ 4,581 $ 4,364 $ 1,857 $ 1,832 Title services 2,769 2,503 1,096 904 Marketing services fees — 1,147 — 247 Interest income 1 — — — Total 7,351 8,014 2,953 2,983 Nine Months Ended August 31, Three Months Ended August 31, 2015 2014 2015 2014 Expenses General and administrative $ (2,802 ) $ (2,563 ) $ (910 ) $ (859 ) Operating income 4,549 5,451 2,043 2,124 Equity in income (loss) of unconsolidated joint ventures 3,023 (289 ) 658 (277 ) Pretax income $ 7,572 $ 5,162 $ 2,701 $ 1,847
Financial services [Member]
Segment Reporting Information [Line Items]
Schedule of Financial Services Assets and Liabilities	August 31, November 30, Assets Cash and cash equivalents $ 1,927 $ 2,402 Receivables 846 1,738 Investments in unconsolidated joint ventures 9,171 6,149 Other assets 91 197 Total assets $ 12,035 $ 10,486 Liabilities Accounts payable and accrued expenses $ 1,776 $ 2,517 Total liabilities $ 1,776 $ 2,517

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Aug. 31, 2015
Earnings Per Share, Basic and Diluted [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Basic and diluted earnings per share were calculated as follows (in thousands, except per share amounts): Nine Months Ended August 31, Three Months Ended August 31, 2015 2014 2015 2014 Numerator: Net income $ 40,626 $ 65,548 $ 23,254 $ 28,361 Less: Distributed earnings allocated to nonvested restricted stock (24 ) (18 ) (7 ) (6 ) Less: Undistributed earnings allocated to nonvested restricted stock (115 ) (159 ) (63 ) (73 ) Numerator for basic earnings per share 40,487 65,371 23,184 28,282 Effect of dilutive securities: Interest expense and amortization of debt issuance costs associated with convertible senior notes, net of taxes 2,000 2,000 667 667 Add: Undistributed earnings allocated to nonvested restricted stock 115 159 63 73 Less: Undistributed earnings reallocated to nonvested restricted stock (104 ) (142 ) (57 ) (66 ) Numerator for diluted earnings per share $ 42,498 $ 67,388 $ 23,857 $ 28,956 Nine Months Ended August 31, Three Months Ended August 31, 2015 2014 2015 2014 Denominator: Weighted average shares outstanding — basic 92,005 88,389 92,065 91,793 Effect of dilutive securities: Share-based payments 1,198 1,823 1,407 1,875 Convertible senior notes 8,402 8,402 8,402 8,402 Weighted average shares outstanding — diluted 101,605 98,614 101,874 102,070 Basic earnings per share $ .44 $ .74 $ .25 $ .31 Diluted earnings per share $ .42 $ .68 $ .23 $ .28

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Aug. 31, 2015
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following (in thousands): August 31, November 30, Homes under construction $ 1,187,576 $ 928,272 Land under development 1,686,674 1,710,149 Land held for future development 527,487 579,966 Total $ 3,401,737 $ 3,218,387
Schedule of Capitalized Interest Costs	Our interest costs were as follows (in thousands): Nine Months Ended August 31, Three Months Ended August 31, 2015 2014 2015 2014 Capitalized interest at beginning of period $ 266,668 $ 216,681 $ 299,678 $ 241,583 Interest incurred 140,789 127,041 46,587 44,603 Interest expensed (17,850 ) (26,289 ) (4,394 ) (6,455 ) Interest amortized to construction and land costs (a) (99,488 ) (59,471 ) (51,752 ) (21,769 ) Capitalized interest at end of period (b) $ 290,119 $ 257,962 $ 290,119 $ 257,962 (a) Interest amortized to construction and land costs for the three months and nine months ended August 31, 2015 included $16.4 million related to land sales during those periods. (b) Capitalized interest amounts presented in the table reflect the gross amount of capitalized interest, as inventory impairment charges recognized, if any, are not generally allocated to specific components of inventory.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Aug. 31, 2015
Variable Interest Entities [Abstract]
Summary of Interests in Land Option Contracts	The following table presents a summary of our interests in land option contracts and other similar contracts (in thousands): August 31, 2015 November 30, 2014 Cash Deposits Aggregate Purchase Price Cash Deposits Aggregate Purchase Price Unconsolidated VIEs $ 21,907 $ 472,169 $ 10,633 $ 520,628 Other land option contracts and other similar contracts 20,864 469,427 22,426 437,842 Total $ 42,771 $ 941,596 $ 33,059 $ 958,470

Investments in Unconsolidated30

Investments in Unconsolidated Joint Ventures (Tables)	9 Months Ended
	Aug. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Statements of Operations of Unconsolidated Joint Ventures	The following table presents combined condensed information from the statements of operations of our unconsolidated joint ventures (in thousands): Nine Months Ended August 31, Three Months Ended August 31, 2015 2014 2015 2014 Revenues $ 9,758 $ 6,118 $ 3,338 $ — Construction and land costs (17,373 ) (3,523 ) (3,381 ) — Other expense, net (2,164 ) (3,088 ) (753 ) (1,050 ) Loss $ (9,779 ) $ (493 ) $ (796 ) $ (1,050 )
Balance Sheets of Unconsolidated Joint Ventures	The following table presents combined condensed balance sheet information for our unconsolidated joint ventures (in thousands): August 31, November 30, Assets Cash $ 23,454 $ 23,699 Receivables 7,631 5,106 Inventories 169,471 153,427 Other assets 658 — Total assets $ 201,214 $ 182,232 Liabilities and equity Accounts payable and other liabilities $ 16,832 $ 10,824 Notes payable (a) 31,963 — Equity 152,419 171,408 Total liabilities and equity $ 201,214 $ 182,232 (a) On August 28, 2015, one of our unconsolidated joint ventures entered into a construction loan agreement with a third-party lender to finance its land development activities that is secured by the underlying property and related project assets. The unconsolidated joint venture’s outstanding secured debt is non-recourse to us and is scheduled to mature in August 2018. None of our other unconsolidated joint ventures had outstanding debt at August 31, 2015. None of our unconsolidated joint ventures had outstanding debt at November 30, 2014 .
Information Related Investments in Unconsolidated Joint Ventures	The following table presents information relating to our investments in unconsolidated joint ventures (dollars in thousands): August 31, November 30, Number of investments in unconsolidated joint ventures 7 6 Investments in unconsolidated joint ventures $ 72,800 $ 79,441 Number of unconsolidated joint venture lots controlled under land option contracts and other similar contracts 538 618

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
	Aug. 31, 2015
Other Assets [Abstract]
Schedule of Other Assets	Other assets consisted of the following (in thousands): August 31, November 30, Cash surrender value of insurance contracts $ 67,357 $ 70,571 Debt issuance costs 26,896 27,082 Property and equipment, net 12,425 11,831 Prepaid expenses 7,674 5,431 Total $ 114,352 $ 114,915

Accrued Expenses and Other Li32

Accrued Expenses and Other Liabilities (Tables)	9 Months Ended
	Aug. 31, 2015
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities consisted of the following (in thousands): August 31, November 30, Inventory-related obligations $ 129,874 $ 52,009 Employee compensation and related benefits 110,061 113,875 Self-insurance and other litigation liabilities 94,303 89,606 Accrued interest payable 76,108 63,275 Warranty liability 48,642 45,196 Customer deposits 18,436 15,197 Real estate and business taxes 11,935 13,684 Other 7,799 17,040 Total $ 497,158 $ 409,882

Notes Payable (Tables)

Notes Payable (Tables)	9 Months Ended
	Aug. 31, 2015
Debt Disclosure [Abstract]
Schedule of Mortgages and Notes Payable	Notes payable consisted of the following (in thousands): August 31, November 30, Mortgages and land contracts due to land sellers and other loans $ 41,244 $ 38,250 6 1/4% Senior notes due June 15, 2015 — 199,891 9.10% Senior notes due September 15, 2017 263,282 262,729 7 1/4% Senior notes due June 15, 2018 299,515 299,402 4.75% Senior notes due May 15, 2019 400,000 400,000 8.00% Senior notes due March 15, 2020 346,691 346,253 7.00% Senior notes due December 15, 2021 450,000 450,000 7.50% Senior notes due September 15, 2022 350,000 350,000 7.625% Senior notes due May 15, 2023 250,000 — 1.375% Convertible senior notes due February 1, 2019 230,000 230,000 Total $ 2,630,732 $ 2,576,525

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	9 Months Ended
	Aug. 31, 2015
Fair Value Disclosures [Abstract]
Schedule of Assets Measured at Fair Value on Nonrecurring Basis	The following table presents the fair value hierarchy and our assets measured at fair value on a nonrecurring basis for the nine months ended August 31, 2015 and the year ended November 30, 2014 (in thousands): Description Fair Value Hierarchy August 31, November 30, Inventories (a) Level 2 $ — $ 6,421 Inventories (a) Level 3 3,356 24,174 (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.
Schedule of Fair Value Hierarchy, Carrying Values, and Estimated Fair Values of Financial Instruments	The following table presents the fair value hierarchy, carrying values and estimated fair values of our financial instruments, except those for which the carrying values approximate fair values (in thousands): August 31, 2015 November 30, 2014 Fair Value Hierarchy Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Liabilities: Senior notes Level 2 $ 2,359,488 $ 2,452,825 $ 2,308,275 $ 2,468,852 Convertible senior notes Level 2 230,000 217,063 230,000 229,713

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Aug. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Changes in the Warranty Liability	The changes in our warranty liability were as follows (in thousands): Nine Months Ended August 31, Three Months Ended August 31, 2015 2014 2015 2014 Balance at beginning of period $ 45,196 $ 48,704 $ 46,472 $ 40,937 Warranties issued 15,209 12,332 6,325 4,546 Payments (19,927 ) (30,795 ) (5,285 ) (10,633 ) Adjustments (a) 8,164 12,155 1,130 7,546 Balance at end of period $ 48,642 $ 42,396 $ 48,642 $ 42,396 (a) As discussed below, adjustments for the three months and nine months ended August 31, 2015 and 2014 were primarily comprised of the reclassification of estimated minimum probable recoveries to receivables. Adjustments for the nine months ended August 31, 2014 also included a reclassification of estimated minimum probable recoveries to establish a separate accrual for a water intrusion-related inquiry.
Schedule of Self-Insurance Liability	The changes in our self-insurance liability were as follows (in thousands): Nine Months Ended August 31, Three Months Ended August 31, 2015 2014 2015 2014 Balance at beginning of period $ 86,574 $ 92,214 $ 80,136 $ 90,458 Self-insurance expense (a) 11,919 8,761 4,694 3,108 Payments, net of recoveries (b) (17,892 ) (12,666 ) (4,229 ) (5,257 ) Balance at end of period $ 80,601 $ 88,309 $ 80,601 $ 88,309 (a) These expenses are included in selling, general and administrative expenses and are largely offset by contributions from subcontractors participating in the wrap-up policy. (b) Recoveries are reflected in the period we receive funds from subcontractors and/or their insurers.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Aug. 31, 2015
Equity [Abstract]
Summary of Changes in Stockholders’ Equity	A summary of changes in stockholders’ equity is presented below (in thousands): Nine Months Ended August 31, 2015 Common Stock Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Grantor Stock Ownership Trust Treasury Stock Total Stockholders’ Equity Balance at November 30, 2014 $ 115,387 $ 668,857 $ 1,391,256 $ (21,008 ) $ (112,106 ) $ (446,476 ) $ 1,595,910 Net income — — 40,626 — — — 40,626 Dividends on common stock — — (6,890 ) — — — (6,890 ) Employee stock options/other 52 384 — — — — 436 Restricted stock awards 85 (85 ) — — — — — Stock-based compensation — 10,444 — — — — 10,444 Stock repurchases — — — — — (300 ) (300 ) Balance at August 31, 2015 $ 115,524 $ 679,600 $ 1,424,992 $ (21,008 ) $ (112,106 ) $ (446,776 ) $ 1,640,226

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Aug. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Outstanding and Exercisable Stock Options	The following table summarizes stock option transactions for the nine months ended August 31, 2015 : Options Weighted Average Exercise Price Options outstanding at beginning of period 11,735,042 $ 20.45 Granted — — Exercised (52,000 ) 8.38 Cancelled (130,384 ) 23.26 Options outstanding at end of period 11,552,658 $ 20.47 Options exercisable at end of period 9,992,609 $ 21.32

Supplemental Disclosure to Co38

Supplemental Disclosure to Consolidated Statements of Cash Flows (Tables)	9 Months Ended
	Aug. 31, 2015
Supplemental Cash Flow Information [Abstract]
Schedule of Supplemental Cash Flow Disclosures	The following are supplemental disclosures to the consolidated statements of cash flows (in thousands): Nine Months Ended August 31, 2015 2014 Summary of cash and cash equivalents at end of period: Homebuilding $ 352,952 $ 297,058 Financial services 1,927 1,950 Total $ 354,879 $ 299,008 Supplemental disclosures of cash flow information: Interest paid, net of amounts capitalized $ 5,017 $ 312 Income taxes paid 2,915 1,537 Supplemental disclosures of noncash activities: Reclassification of warranty recoveries to receivables $ 8,164 $ 12,794 Increase (decrease) in consolidated inventories not owned 86,211 (4,931 ) Increase in inventories due to distributions of land and land development from an unconsolidated joint venture 12,416 81,670 Inventories and inventory-related obligations associated with tax increment financing entities assessments tied to distribution of land from an unconsolidated joint venture — 33,197 Inventories acquired through seller financing 16,730 52,561 Conversion of liability awards to equity awards — 6,455

Supplemental Guarantor Inform39

Supplemental Guarantor Information (Tables)	9 Months Ended
	Aug. 31, 2015
Guarantees [Abstract]
Condensed Consolidated Statements of Operations	Condensed Consolidating Statements of Operations (in thousands) Nine Months Ended August 31, 2015 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues $ — $ 1,866,015 $ 180,232 $ — $ 2,046,247 Homebuilding: Revenues $ — $ 1,866,015 $ 172,881 $ — $ 2,038,896 Construction and land costs — (1,566,720 ) (159,256 ) — (1,725,976 ) Selling, general and administrative expenses (63,886 ) (158,403 ) (22,389 ) — (244,678 ) Operating income (loss) (63,886 ) 140,892 (8,764 ) — 68,242 Interest income 337 3 2 — 342 Interest expense (136,292 ) (4,497 ) — 122,939 (17,850 ) Intercompany interest 218,684 (88,780 ) (6,965 ) (122,939 ) — Equity in loss of unconsolidated joint ventures — (1,180 ) — — (1,180 ) Homebuilding pretax income (loss) 18,843 46,438 (15,727 ) — 49,554 Financial services pretax income — — 7,572 — 7,572 Total pretax income (loss) 18,843 46,438 (8,155 ) — 57,126 Income tax benefit (expense) 2,900 (18,700 ) (700 ) — (16,500 ) Equity in net income of subsidiaries 18,883 — — (18,883 ) — Net income (loss) $ 40,626 $ 27,738 $ (8,855 ) $ (18,883 ) $ 40,626 Nine Months Ended August 31, 2014 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues $ — $ 1,436,822 $ 168,086 $ — $ 1,604,908 Homebuilding: Revenues $ — $ 1,436,822 $ 160,072 $ — $ 1,596,894 Construction and land costs — (1,167,762 ) (137,496 ) — (1,305,258 ) Selling, general and administrative expenses (47,489 ) (131,443 ) (26,783 ) — (205,715 ) Operating income (loss) (47,489 ) 137,617 (4,207 ) — 85,921 Interest income 385 7 1 — 393 Interest expense (122,634 ) (4,408 ) — 100,753 (26,289 ) Intercompany interest 206,943 (99,077 ) (7,113 ) (100,753 ) — Equity in income (loss) of unconsolidated joint ventures — (2,132 ) 3,293 — 1,161 Homebuilding pretax income (loss) 37,205 32,007 (8,026 ) — 61,186 Financial services pretax income — — 5,162 — 5,162 Total pretax income (loss) 37,205 32,007 (2,864 ) — 66,348 Income tax expense (100 ) (600 ) (100 ) — (800 ) Equity in net income of subsidiaries 28,443 — — (28,443 ) — Net income (loss) $ 65,548 $ 31,407 $ (2,964 ) $ (28,443 ) $ 65,548 Three Months Ended August 31, 2015 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues $ — $ 761,783 $ 81,374 $ — $ 843,157 Homebuilding: Revenues $ — $ 761,783 $ 78,421 $ — $ 840,204 Construction and land costs — (638,451 ) (70,697 ) — (709,148 ) Selling, general and administrative expenses (28,540 ) (58,137 ) (8,397 ) — (95,074 ) Operating income (loss) (28,540 ) 65,195 (673 ) — 35,982 Interest income 86 1 — — 87 Interest expense (45,040 ) (1,547 ) — 42,193 (4,394 ) Intercompany interest 74,501 (30,203 ) (2,105 ) (42,193 ) — Equity in loss of unconsolidated joint ventures — (422 ) — — (422 ) Homebuilding pretax income (loss) 1,007 33,024 (2,778 ) — 31,253 Financial services pretax income — — 2,701 — 2,701 Total pretax income (loss) 1,007 33,024 (77 ) — 33,954 Income tax benefit (expense) 2,200 (12,100 ) (800 ) — (10,700 ) Equity in net income of subsidiaries 20,047 — — (20,047 ) — Net income (loss) $ 23,254 $ 20,924 $ (877 ) $ (20,047 ) $ 23,254 Three Months Ended August 31, 2014 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues $ — $ 529,599 $ 59,615 $ — $ 589,214 Homebuilding: Revenues $ — $ 529,599 $ 56,632 $ — $ 586,231 Construction and land costs — (429,998 ) (49,426 ) — (479,424 ) Selling, general and administrative expenses (15,995 ) (47,653 ) (9,249 ) — (72,897 ) Operating income (loss) (15,995 ) 51,948 (2,043 ) — 33,910 Interest income 109 1 — — 110 Interest expense (42,955 ) (1,648 ) — 38,148 (6,455 ) Intercompany interest 76,512 (35,728 ) (2,636 ) (38,148 ) — Equity in loss of unconsolidated joint ventures — (751 ) — — (751 ) Homebuilding pretax income (loss) 17,671 13,822 (4,679 ) — 26,814 Financial services pretax income — — 1,847 — 1,847 Total pretax income (loss) 17,671 13,822 (2,832 ) — 28,661 Income tax expense (50 ) (200 ) (50 ) — (300 ) Equity in net income of subsidiaries 10,740 — — (10,740 ) — Net income (loss) $ 28,361 $ 13,622 $ (2,882 ) $ (10,740 ) $ 28,361
Condensed Consolidated Balance Sheets	Condensed Consolidating Balance Sheets (in thousands) August 31, 2015 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets Homebuilding: Cash and cash equivalents $ 288,869 $ 60,271 $ 3,812 $ — $ 352,952 Restricted cash 25,028 — — — 25,028 Receivables 284 156,354 2,938 — 159,576 Inventories — 3,163,292 238,445 — 3,401,737 Investments in unconsolidated joint ventures — 72,800 — — 72,800 Deferred tax assets, net 218,954 534,728 56,334 — 810,016 Other assets 98,917 13,448 1,987 — 114,352 632,052 4,000,893 303,516 — 4,936,461 Financial services — — 12,035 — 12,035 Intercompany receivables 3,663,944 — 104,306 (3,768,250 ) — Investments in subsidiaries 71,219 — — (71,219 ) — Total assets $ 4,367,215 $ 4,000,893 $ 419,857 $ (3,839,469 ) $ 4,948,496 Liabilities and stockholders’ equity Homebuilding: Accounts payable, accrued expenses and other liabilities $ 144,782 $ 426,452 $ 104,528 $ — $ 675,762 Notes payable 2,564,378 66,354 — — 2,630,732 2,709,160 492,806 104,528 — 3,306,494 Financial services — — 1,776 — 1,776 Intercompany payables 17,829 3,475,060 275,361 (3,768,250 ) — Stockholders’ equity 1,640,226 33,027 38,192 (71,219 ) 1,640,226 Total liabilities and stockholders’ equity $ 4,367,215 $ 4,000,893 $ 419,857 $ (3,839,469 ) $ 4,948,496 November 30, 2014 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets Homebuilding: Cash and cash equivalents $ 303,280 $ 38,124 $ 14,962 $ — $ 356,366 Restricted cash 27,235 — — — 27,235 Receivables 15 123,024 2,449 — 125,488 Inventories — 2,980,056 238,331 — 3,218,387 Investments in unconsolidated joint ventures — 79,441 — — 79,441 Deferred tax assets, net 215,923 552,653 56,656 — 825,232 Other assets 99,099 13,922 1,894 — 114,915 645,552 3,787,220 314,292 — 4,747,064 Financial services — — 10,486 — 10,486 Intercompany receivables 3,582,612 — 112,919 (3,695,531 ) — Investments in subsidiaries 39,356 — — (39,356 ) — Total assets $ 4,267,520 $ 3,787,220 $ 437,697 $ (3,734,887 ) $ 4,757,550 Liabilities and stockholders’ equity Homebuilding: Accounts payable, accrued expenses and other liabilities $ 138,298 $ 331,361 $ 112,939 $ — $ 582,598 Notes payable 2,513,165 63,360 — — 2,576,525 2,651,463 394,721 112,939 — 3,159,123 Financial services — — 2,517 — 2,517 Intercompany payables 20,147 3,392,499 282,885 (3,695,531 ) — Stockholders’ equity 1,595,910 — 39,356 (39,356 ) 1,595,910 Total liabilities and stockholders’ equity $ 4,267,520 $ 3,787,220 $ 437,697 $ (3,734,887 ) $ 4,757,550
Condensed Consolidated Statements of Cash Flows	Condensed Consolidating Statements of Cash Flows (in thousands) Nine Months Ended August 31, 2015 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net cash provided by (used in) operating activities $ 41,620 $ (43,447 ) $ (20,257 ) $ — $ (22,084 ) Cash flows from investing activities: Contributions to unconsolidated joint ventures — (20,954 ) (1 ) — (20,955 ) Return of investments in unconsolidated joint ventures — 14,000 — — 14,000 Purchases of property and equipment, net (498 ) (1,565 ) (37 ) — (2,100 ) Intercompany (96,519 ) — — 96,519 — Net cash used in investing activities (97,017 ) (8,519 ) (38 ) 96,519 (9,055 ) Cash flows from financing activities: Change in restricted cash 2,207 — — — 2,207 Proceeds from issuance of debt 250,000 — — — 250,000 Payment of debt issuance costs (4,561 ) — — — (4,561 ) Repayment of senior notes (199,906 ) — — — (199,906 ) Payments on mortgages and land contracts due to land sellers and other loans — (13,736 ) — — (13,736 ) Issuance of common stock under employee stock plans 436 — — — 436 Payments of cash dividends (6,890 ) — — — (6,890 ) Stock repurchases (300 ) — — — (300 ) Intercompany — 87,849 8,670 (96,519 ) — Net cash provided by financing activities 40,986 74,113 8,670 (96,519 ) 27,250 Net increase (decrease) in cash and cash equivalents (14,411 ) 22,147 (11,625 ) — (3,889 ) Cash and cash equivalents at beginning of period 303,280 38,124 17,364 — 358,768 Cash and cash equivalents at end of period $ 288,869 $ 60,271 $ 5,739 $ — $ 354,879 Nine Months Ended August 31, 2014 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net cash provided by (used in) operating activities $ 66,251 $ (730,397 ) $ (52,516 ) $ — $ (716,662 ) Cash flows from investing activities: Contributions to unconsolidated joint ventures — (33,786 ) (248 ) — (34,034 ) Proceeds from sale of investment in unconsolidated joint venture — — 10,110 — 10,110 Purchases of property and equipment, net (131 ) (3,499 ) (528 ) — (4,158 ) Intercompany (840,839 ) — — 840,839 — Net cash provided by (used in) investing activities (840,970 ) (37,285 ) 9,334 840,839 (28,082 ) Cash flows from financing activities: Change in restricted cash 9,450 — — — 9,450 Proceeds from issuance of debt 400,000 — — — 400,000 Payment of debt issuance costs (5,448 ) — — — (5,448 ) Payments on mortgages and land contracts due to land sellers and other loans — (23,292 ) — — (23,292 ) Proceeds from issuance of common stock, net 137,045 — — — 137,045 Issuance of common stock under employee stock plans 202 — — — 202 Payments of cash dividends (6,682 ) — — — (6,682 ) Stock repurchases (46 ) — — — (46 ) Intercompany — 804,809 36,030 (840,839 ) — Net cash provided by financing activities 534,521 781,517 36,030 (840,839 ) 511,229 Net increase (decrease) in cash and cash equivalents (240,198 ) 13,835 (7,152 ) — (233,515 ) Cash and cash equivalents at beginning of period 476,847 39,952 15,724 — 532,523 Cash and cash equivalents at end of period $ 236,649 $ 53,787 $ 8,572 $ — $ 299,008

Basis of Presentation and Sig40

Basis of Presentation and Significant Accounting Policies (Narratives) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2015	Aug. 31, 2014	Aug. 31, 2015	Aug. 31, 2014	Nov. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash equivalents	$ 231		$ 231		$ 197.7
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ 23.3	$ 28.4	$ 40.6	$ 65.5

Segment Information (Narratives

Segment Information (Narratives) (Details)	9 Months Ended
	Aug. 31, 2015segment
Schedule of Equity Method Investments [Line Items]
Number of reporting segments	5
Home Community Mortgage, LLC
Schedule of Equity Method Investments [Line Items]
Ownership interest in the venture	49.90%
Home Community Mortgage, LLC | Nationstar Mortgage, LLC
Schedule of Equity Method Investments [Line Items]
Ownership interest in the venture	50.10%
Homebuilding [Member]
Schedule of Equity Method Investments [Line Items]
Number of reporting segments	4
Financial services [Member]
Schedule of Equity Method Investments [Line Items]
Number of reporting segments	1

Segment Information (Segment Fi

Segment Information (Segment Financial Information) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 31, 2015	Aug. 31, 2014	Aug. 31, 2015	Aug. 31, 2014	Nov. 30, 2014
Segment Reporting Information [Line Items]
Asset Impairment Charges	$ 3,173	$ 3,408	$ 3,173	$ 3,408	$ 37,600
Inventory, Homes under Construction	1,187,576		1,187,576		928,272
Inventory, Real Estate, Land and Land Development Costs	1,686,674		1,686,674		1,710,149
Inventory, Land Held for Development and Sale	527,487		527,487		579,966
Inventory, Operative Builders	3,401,737		3,401,737		3,218,387
Revenues:
Total revenues	843,157	589,214	2,046,247	1,604,908
Pretax income (loss):
Total pretax income (loss)	33,954	28,661	57,126	66,348
Assets:
Total assets	4,948,496		4,948,496		4,757,550
Homebuilding [Member]
Revenues:
Total revenues	840,204	586,231	2,038,896	1,596,894
Pretax income (loss):
Total pretax income (loss)	31,253	26,814	49,554	61,186
Assets:
Total assets	4,936,461		4,936,461		4,747,064
Financial services [Member]
Revenues:
Total revenues	2,953	2,983	7,351	8,014
Pretax income (loss):
Total pretax income (loss)	2,701	1,847	7,572	5,162
Assets:
Total assets	12,035		12,035		10,486
West Coast [Member]
Segment Reporting Information [Line Items]
Asset Impairment Charges	0	0	0	0
Inventory, Homes under Construction	649,874		649,874		536,843
Inventory, Real Estate, Land and Land Development Costs	719,557		719,557		765,577
Inventory, Land Held for Development and Sale	287,365		287,365		294,060
West Coast [Member] | Homebuilding [Member]
Revenues:
Total revenues	378,362	265,491	932,905	707,532
Pretax income (loss):
Total pretax income (loss)	35,769	39,270	76,177	93,599
Assets:
Total assets	1,775,422		1,775,422		1,695,753
Southwest [Member]
Segment Reporting Information [Line Items]
Asset Impairment Charges	0	0	0	0
Inventory, Homes under Construction	117,705		117,705		65,647
Inventory, Real Estate, Land and Land Development Costs	322,676		322,676		334,691
Inventory, Land Held for Development and Sale	113,661		113,661		138,367
Southwest [Member] | Homebuilding [Member]
Revenues:
Total revenues	128,021	50,101	273,339	144,597
Pretax income (loss):
Total pretax income (loss)	11,732	2,543	20,420	7,599
Assets:
Total assets	598,260		598,260		579,201
Central [Member]
Segment Reporting Information [Line Items]
Asset Impairment Charges	0	0	0	0
Inventory, Homes under Construction	280,330		280,330		201,164
Inventory, Real Estate, Land and Land Development Costs	396,115		396,115		363,933
Inventory, Land Held for Development and Sale	22,063		22,063		22,957
Central [Member] | Homebuilding [Member]
Revenues:
Total revenues	210,417	179,972	545,913	477,518
Pretax income (loss):
Total pretax income (loss)	18,649	11,514	42,000	24,806
Assets:
Total assets	810,123		810,123		678,139
Southeast [Member]
Segment Reporting Information [Line Items]
Asset Impairment Charges	3,173	3,408	3,173	3,408
Inventory, Homes under Construction	139,667		139,667		124,618
Inventory, Real Estate, Land and Land Development Costs	248,326		248,326		245,948
Inventory, Land Held for Development and Sale	104,398		104,398		124,582
Southeast [Member] | Homebuilding [Member]
Revenues:
Total revenues	123,404	90,667	286,739	267,247
Pretax income (loss):
Total pretax income (loss)	(4,751)	(7,965)	(20,965)	(9,881)
Assets:
Total assets	528,270		528,270		531,011
Corporate and Other [Member] | Homebuilding [Member]
Pretax income (loss):
Total pretax income (loss)	(30,146)	(18,548)	(68,078)	(54,937)
Assets:
Total assets	1,224,386		1,224,386		$ 1,262,960
Land Option Contract Abandonment [Member]
Segment Reporting Information [Line Items]
Loss on Contract Termination	359	1,013	1,343	1,803
Land Option Contract Abandonment [Member] | West Coast [Member]
Segment Reporting Information [Line Items]
Loss on Contract Termination	134	451	134	554
Land Option Contract Abandonment [Member] | Southwest [Member]
Segment Reporting Information [Line Items]
Loss on Contract Termination	0	0	0	0
Land Option Contract Abandonment [Member] | Central [Member]
Segment Reporting Information [Line Items]
Loss on Contract Termination	225	562	225	995
Land Option Contract Abandonment [Member] | Southeast [Member]
Segment Reporting Information [Line Items]
Loss on Contract Termination	$ 0	$ 0	$ 984	$ 254

Financial Services (Schedule of

Financial Services (Schedule of Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2015	Aug. 31, 2014	Aug. 31, 2015	Aug. 31, 2014
Revenues
Insurance commissions	$ 1,857	$ 1,832	$ 4,581	$ 4,364
Title services	1,096	904	2,769	2,503
Marketing services fees	0	247	0	1,147
Interest and Other Income	0	0	1	0
Total	2,953	2,983	7,351	8,014
Expenses
General and administrative	(910)	(859)	(2,802)	(2,563)
Operating income	35,982	33,910	68,242	85,921
Equity in income (loss) of unconsolidated joint ventures			1,843	872
Total pretax income (loss)	33,954	28,661	57,126	66,348
Financial services [Member]
Expenses
Operating income	2,043	2,124	4,549	5,451
Equity in income (loss) of unconsolidated joint ventures	658	(277)	3,023	(289)
Total pretax income (loss)	$ 2,701	$ 1,847	$ 7,572	$ 5,162

Financial Services (Schedule 44

Financial Services (Schedule of Assets and Liabilities) (Details) - USD ($) $ in Thousands	Aug. 31, 2015	Nov. 30, 2014	Aug. 31, 2014	Nov. 30, 2013
Assets
Cash and cash equivalents	$ 354,879	$ 358,768	$ 299,008	$ 532,523
Receivables	159,576	125,488
Investments in unconsolidated joint ventures	72,800	79,441
Other assets	114,352	114,915
Total assets	4,948,496	4,757,550
Liabilities
Accounts payable and accrued expenses	675,762	582,598
Total liabilities	1,776	2,517
Financial services [Member]
Assets
Cash and cash equivalents	1,927	2,402	$ 1,950
Receivables	846	1,738
Investments in unconsolidated joint ventures	9,171	6,149
Other assets	91	197
Total assets	12,035	10,486
Liabilities
Accounts payable and accrued expenses	$ 1,776	$ 2,517

Earnings Per Share (Basic and D

Earnings Per Share (Basic and Diluted Earnings (Loss) Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2015	Aug. 31, 2014	Aug. 31, 2015	Aug. 31, 2014
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	5,700	5,200	5,700	5,200
Numerator:
Net income	$ 23,254	$ 28,361	$ 40,626	$ 65,548
Less: Distributed earnings allocated to nonvested restricted stock	(7)	(6)	(24)	(18)
Less: Undistributed earnings allocated to nonvested restricted stock	(63)	(73)	(115)	(159)
Numerator for basic earnings per share	23,184	28,282	40,487	65,371
Interest expense and amortization of debt issuance costs associated with convertible senior notes, net of taxes	667	667	2,000	2,000
Add: Undistributed earnings allocated to nonvested restricted stock	63	73	115	159
Less: Undistributed earnings reallocated to nonvested restricted stock	(57)	(66)	(104)	(142)
Numerator for diluted earnings per share	$ 23,857	$ 28,956	$ 42,498	$ 67,388
Denominator:
Weighted average shares outstanding — basic	92,065	91,793	92,005	88,389
Effect of dilutive securities: Share-based payments	1,407	1,875	1,198	1,823
Effect of dilutive securities: Convertible senior notes	8,402	8,402	8,402	8,402
Weighted average shares outstanding — diluted	101,874	102,070	101,605	98,614
Basic earnings per share, in dollars per share	$ 0.25	$ 0.31	$ 0.44	$ 0.74
Diluted earnings per share, in dollars per share	$ 0.23	$ 0.28	$ 0.42	$ 0.68

Inventories (Schedule of Invent

Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands	Aug. 31, 2015	Nov. 30, 2014
Inventories
Homes under construction	$ 1,187,576	$ 928,272
Land under development	1,686,674	1,710,149
Land held for future development	527,487	579,966
Total	$ 3,401,737	$ 3,218,387

Inventories (Schedule of Capita

Inventories (Schedule of Capitalized Interest Costs) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Aug. 31, 2015	Aug. 31, 2014	Aug. 31, 2015	Aug. 31, 2014
Interest Costs
Capitalized interest at beginning of period		$ 299,678	$ 241,583	$ 266,668	$ 216,681
Interest incurred		46,587	44,603	140,789	127,041
Interest Expense		(4,394)	(6,455)	(17,850)	(26,289)
Interest amortized to construction and land costs	[1]	(51,752)	(21,769)	(99,488)	(59,471)
Capitalized interest at end of period	[2]	290,119	$ 257,962	290,119	$ 257,962
Land [Member]
Interest Costs
Interest amortized to construction and land costs	[1]	$ (16,400)		$ (16,400)
[1]	(a)Interest amortized to construction and land costs for the three months and nine months ended August 31, 2015 included $16.4 million related to land sales during those periods.
[2]	(b)Capitalized interest amounts presented in the table reflect the gross amount of capitalized interest, as inventory impairment charges recognized, if any, are not generally allocated to specific components of inventory.

Inventory Impairments and Lan48

Inventory Impairments and Land Option Contract Abandonments (Narratives) (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 31, 2015USD ($)lotdeliveryRate	Aug. 31, 2014USD ($)lot	Aug. 31, 2015USD ($)propertylotdeliveryRate	Aug. 31, 2014USD ($)propertylot	Nov. 30, 2014USD ($)property
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Acquisition Costs Related To Land Option Contracts And Other Similar Contracts	$ 60,000,000		$ 60,000,000		$ 48,000,000
Fair Value Estimate Input, Delivery For Period | delivery	4		4
Fair Value Inputs, Discount Rate | Rate	20.00%		20.00%
Number of land parcels or communities evaluated for recoverability | property			29	25
Carrying Value of Communities or Land Parcels Evaluated for Impairment	$ 232,800,000	$ 207,400,000	$ 232,800,000	$ 207,400,000
Asset Impairment Charges	3,173,000	$ 3,408,000	3,173,000	$ 3,408,000	37,600,000
Fair Value Estimate Input at Average Selling Price	178,100		178,100
Aggregate carrying value of inventory impacted by pretax, noncash inventory impairment charges	$ 248,300,000		$ 248,300,000		$ 266,600,000
Number of communities and various other land parcels impacted by pretax, noncash inventory impairment charges	25		25		33
Land Option Contract Abandonment Lots Associated with Projects Less Than $100,000 | lot	0	1,651	0	7,018
Land Option Contract Abandonment Lots | lot	740	624	1,166	1,306
Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Acquisition Costs Related To Land Option Contracts And Other Similar Contracts	$ 100,000		$ 100,000
Land Option Contract Abandonment [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Payments to Acquire Land	(359,000)	$ (1,013,000)	(1,343,000)	$ (1,803,000)
Southeast [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Asset Impairment Charges	3,173,000	3,408,000	3,173,000	3,408,000
Southeast [Member] | Land Option Contract Abandonment [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Payments to Acquire Land	$ 0	$ 0	$ (984,000)	$ (254,000)

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($)	Aug. 31, 2015	Nov. 30, 2014
Variable Interest Entity [Line Items]
Cash Deposits	$ 42,771,000	$ 33,059,000
Aggregate Purchase Price	941,596,000	958,470,000
Pre-acquisition costs related to land option contracts and other similar contracts	60,000,000	48,000,000
Outstanding letters of credit	0	100,000
Increase in inventories and accrued expenses and other liabilities	89,400,000	3,100,000
Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Cash Deposits	21,907,000	10,633,000
Aggregate Purchase Price	472,169,000	520,628,000
Non-VIE Other land option contracts and other similar contracts [Member]
Variable Interest Entity [Line Items]
Cash Deposits	20,864,000	22,426,000
Aggregate Purchase Price	$ 469,427,000	$ 437,842,000

Investments in Unconsolidated50

Investments in Unconsolidated Joint Ventures (Financial Information for Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Aug. 31, 2015	Aug. 31, 2014	Aug. 31, 2015	Aug. 31, 2014	Nov. 30, 2014
Statements of operations of unconsolidated joint venture
Revenues		$ 3,338	$ 0	$ 9,758	$ 6,118
Construction and land costs		(3,381)	0	(17,373)	(3,523)
Other expenses, net		(753)	(1,050)	(2,164)	(3,088)
Income (loss)		(796)	$ (1,050)	(9,779)	$ (493)
Assets
Cash		23,454		23,454		$ 23,699
Receivables		7,631		7,631		5,106
Inventories		169,471		169,471		153,427
Other Assets		658		658		0
Total assets		201,214		201,214		182,232
Liabilities and equity
Accounts payable and other liabilities		16,832		16,832		10,824
Equity Method Investments Summarized Financial Information Debt	[1]	31,963		31,963		0
Equity		152,419		152,419		171,408
Total liabilities and equity		$ 201,214		$ 201,214		$ 182,232
[1]	(a)On August 28, 2015, one of our unconsolidated joint ventures entered into a construction loan agreement with a third-party lender to finance its land development activities that is secured by the underlying property and related project assets. The unconsolidated joint venture’s outstanding secured debt is non-recourse to us and is scheduled to mature in August 2018. None of our other unconsolidated joint ventures had outstanding debt at August 31, 2015. None of our unconsolidated joint ventures had outstanding debt at November 30, 2014.

Investments in Unconsolidated51

Investments in Unconsolidated Joint Ventures (Information for Investments in Unconsolidated Joint Ventures) (Details) $ in Thousands		3 Months Ended	9 Months Ended
		Feb. 28, 2014USD ($)	Aug. 31, 2015USD ($)lotjoint_venture	Aug. 31, 2014USD ($)	Nov. 30, 2014USD ($)lotjoint_venture
Schedule of Equity Method Investments [Line Items]
Number of investments in unconsolidated joint ventures | joint_venture			7		6
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures			$ 72,800		$ 79,441
Number of Unconsolidated Joint Venture Lots Controlled Under Land Option Contracts | lot			538		618
Proceeds from sale of investment in unconsolidated joint venture			$ 0	$ 10,110
Equity Method Investments Summarized Financial Information Debt	[1]		$ 31,963		$ 0
Crown Farm Investor, LLC [Domain]
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of investment in unconsolidated joint venture		$ 10,100
Equity Method Investment, Realized Gain (Loss) on Disposal		$ 3,200
Investments in Unconsolidated Joint Ventures with Debt
Schedule of Equity Method Investments [Line Items]
Number of investments in unconsolidated joint ventures | joint_venture			1		0
[1]	(a)On August 28, 2015, one of our unconsolidated joint ventures entered into a construction loan agreement with a third-party lender to finance its land development activities that is secured by the underlying property and related project assets. The unconsolidated joint venture’s outstanding secured debt is non-recourse to us and is scheduled to mature in August 2018. None of our other unconsolidated joint ventures had outstanding debt at August 31, 2015. None of our unconsolidated joint ventures had outstanding debt at November 30, 2014.

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Aug. 31, 2015	Nov. 30, 2014
Other Assets [Abstract]
Cash surrender value of insurance contracts	$ 67,357	$ 70,571
Debt issuance costs	26,896	27,082
Property and equipment, net	12,425	11,831
Prepaid expenses	7,674	5,431
Total	$ 114,352	$ 114,915

Accrued Expenses and Other Li53

Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Aug. 31, 2015	May. 31, 2015	Nov. 30, 2014	Aug. 31, 2014	May. 31, 2014	Nov. 30, 2013
Payables and Accruals [Abstract]
Employee compensation and related benefits	$ 110,061		$ 113,875
Inventory-related liabilities	129,874		52,009
Self-Insurance and Other Litigation Liabilities	94,303		89,606
Accrued interest payable	76,108		63,275
Warranty liability	48,642	$ 46,472	45,196	$ 42,396	$ 40,937	$ 48,704
Customer Deposits, Current	18,436		15,197
Real estate and business taxes	11,935		13,684
Other	7,799		17,040
Total	$ 497,158		$ 409,882

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended			9 Months Ended
	Aug. 31, 2015	Nov. 30, 2014	Aug. 31, 2014	Aug. 31, 2015	Aug. 31, 2014
Income Tax Disclosure [Abstract]
Income tax expense	$ (10,700,000)		$ (300,000)	$ (16,500,000)	$ (800,000)
Income Tax Credits and Adjustments	2,500,000			5,600,000
Unrecognized Tax Benefits	100,000	$ 100,000		100,000
Gross Unrecognized Tax Benefits Including Interest and Penalties	100,000	300,000		100,000
Net (increase) reduction in valuation allowance	0	(825,200,000)		0
Valuation allowance	41,200,000	41,200,000		41,200,000
Income Tax Contingency [Line Items]
Deferred Tax Assets, Gross	$ 851,200,000	$ 866,400,000		$ 851,200,000
Effective Income Tax Rate Reconciliation, Percent	31.50%			28.90%
Minimum [Member]
Income Tax Contingency [Line Items]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	$ 0			$ 0
Maximum [Member]
Income Tax Contingency [Line Items]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	$ 100,000			$ 100,000

Notes Payable (Schedule Notes P

Notes Payable (Schedule Notes Payable) (Details) - USD ($) $ in Thousands	Aug. 31, 2015	Nov. 30, 2014
Debt Instrument [Line Items]
Mortgages and notes payable	$ 2,630,732	$ 2,576,525
Convertible Senior Notes Due Two Thousand Nineteen At One Point Three Seven Five Percent [Member] [Member]
Debt Instrument [Line Items]
Senior notes, rate	1.375%
Mortgages and Land Contracts Due to Land Sellers and Other Loans [Member]
Debt Instrument [Line Items]
Mortgages and notes payable	$ 41,244	$ 38,250
Senior Notes [Member] | Senior Notes Due Two Thousand Fifteen at Six Point Two Five Percent [Member]
Debt Instrument [Line Items]
Senior notes, rate		6.25%
Mortgages and notes payable	$ 0	$ 199,891
Senior Notes [Member] | Senior notes due September 15, 2017 at 9.10%
Debt Instrument [Line Items]
Senior notes, rate	9.10%	9.10%
Mortgages and notes payable	$ 263,282	$ 262,729
Senior Notes [Member] | Senior notes due June 15, 2018 at 7 1/4%
Debt Instrument [Line Items]
Senior notes, rate	7.25%	7.25%
Mortgages and notes payable	$ 299,515	$ 299,402
Senior Notes [Member] | Senior Notes Due Two Thousand Nineteen at Four Point Seven Five Percent [Member]
Debt Instrument [Line Items]
Senior notes, rate	4.75%	4.75%
Mortgages and notes payable	$ 400,000	$ 400,000
Senior Notes [Member] | Senior notes due March 15, 2020 at 8.00%
Debt Instrument [Line Items]
Senior notes, rate	8.00%	8.00%
Mortgages and notes payable	$ 346,691	$ 346,253
Senior Notes [Member] | Senior Notes due December 15, 2021 at 7.00%
Debt Instrument [Line Items]
Senior notes, rate	7.00%	7.00%
Mortgages and notes payable	$ 450,000	$ 450,000
Senior Notes [Member] | Senior notes due September 15, 2022 at 7.50%
Debt Instrument [Line Items]
Senior notes, rate	7.50%	7.50%
Mortgages and notes payable	$ 350,000	$ 350,000
Senior Notes [Member] | Senior Notes Due Two Thousand Twenty Three At Seven Point Six Two Five Percent [Domain]
Debt Instrument [Line Items]
Senior notes, rate	7.625%
Mortgages and notes payable	$ 250,000	$ 0
Convertible Notes Payable [Member] | Convertible Senior Notes Due Two Thousand Nineteen At One Point Three Seven Five Percent [Member] [Member]
Debt Instrument [Line Items]
Senior notes, rate	1.375%	1.375%
Mortgages and notes payable	$ 230,000	$ 230,000

Notes Payable (Narratives) (Det

Notes Payable (Narratives) (Details) - USD ($)	Jun. 16, 2015	Feb. 17, 2015	Aug. 31, 2015	Aug. 31, 2014	Aug. 31, 2015	Aug. 31, 2014	May. 31, 2015	Nov. 30, 2014
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity			$ 275,000,000		$ 275,000,000		$ 200,000,000
Letters of credit outstanding			$ 26,400,000		26,400,000			$ 26,700,000
Proceeds from Issuance of Senior Long-term Debt					$ 250,000,000	$ 400,000,000
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities			8,402,000	8,402,000	8,402,000	8,402,000
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months			$ 15,800,000		$ 15,800,000
Long-term Debt, Maturities, Repayments of Principal in Year Two			25,400,000		25,400,000
Long-term Debt, Maturities, Repayments of Principal in Year Three			265,000,000		265,000,000
Long-term Debt, Maturities, Repayments of Principal in Year Four			300,000,000		300,000,000
Long-term Debt, Maturities, Repayments of Principal in Year Five			630,000,000		630,000,000
Long-term Debt, Maturities, Repayments of Principal after Year Five			1,400,000,000		1,400,000,000
Repayments of Senior Debt					199,906,000	$ 0
Inventories pledged to collateralize mortgages and land contracts, carrying value			145,000,000		145,000,000
Letter of Credit [Member]
Debt Instrument [Line Items]
Unsecured revolving credit facility, maximum borrowing capacity			137,500,000		137,500,000
Line of Credit Facility, Amount Outstanding			1,699,000		1,699,000
Letters of credit outstanding			24,700,000		24,700,000			$ 26,700,000
Unsecured revolving credit facility, remaining borrowing capacity			135,800,000		$ 135,800,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Unsecured revolving credit facility, expiration date					Aug. 7, 2019
Unsecured revolving credit facility, maximum borrowing capacity			450,000,000		$ 450,000,000
Line of Credit Facility, Amount Outstanding			0		0
Unsecured revolving credit facility, remaining borrowing capacity			$ 273,300,000		$ 273,300,000
Revolving Credit Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage					0.30%
Revolving Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage					0.50%
Convertible Senior Notes Due Two Thousand Nineteen At One Point Three Seven Five Percent [Member] [Member]
Debt Instrument [Line Items]
Senior notes, rate			1.375%		1.375%
Convertible Notes Payable [Member] | Convertible Senior Notes Due Two Thousand Nineteen At One Point Three Seven Five Percent [Member] [Member]
Debt Instrument [Line Items]
Senior notes, rate			1.375%		1.375%			1.375%
Debt Conversion, Converted Instrument, Shares Issued					36.5297
Debt instrument, convertible, conversion price			$ 27.37		$ 27.37
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities					8,401,831
Senior Notes [Member] | Senior Notes Due Two Thousand Fifteen at Six Point Two Five Percent [Member]
Debt Instrument [Line Items]
Senior notes, rate								6.25%
Repayments of Senior Debt	$ 199,900,000
Senior Notes [Member] | Senior notes due September 15, 2017 at 9.10%
Debt Instrument [Line Items]
Senior notes, rate			9.10%		9.10%			9.10%
Senior Notes [Member] | Senior Notes Due Two Thousand Nineteen at Four Point Seven Five Percent [Member]
Debt Instrument [Line Items]
Senior notes, rate			4.75%		4.75%			4.75%
Senior Notes [Member] | Senior notes due March 15, 2020 at 8.00%
Debt Instrument [Line Items]
Senior notes, rate			8.00%		8.00%			8.00%
Senior Notes [Member] | Senior notes due September 15, 2022 at 7.50%
Debt Instrument [Line Items]
Senior notes, rate			7.50%		7.50%			7.50%
Senior Notes [Member] | Senior Notes Due Two Thousand Twenty Three At Seven Point Six Two Five Percent [Domain]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 250,000,000
Proceeds from Issuance of Senior Long-term Debt		$ 247,000,000
Senior notes, rate			7.625%		7.625%

Fair Value Disclosures (Assets

Fair Value Disclosures (Assets Measured at Fair Value on Nonrecurring Basis) (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands		Aug. 31, 2015	Nov. 30, 2014
Level 2
Assets measured at fair value on a nonrecurring basis
Assets, Fair Value Disclosure	[1]	$ 0	$ 6,421
Level 3
Assets measured at fair value on a nonrecurring basis
Assets, Fair Value Disclosure	[1]	$ 3,356	$ 24,174
[1]	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.

Fair Value Disclosures (Narrati

Fair Value Disclosures (Narratives) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 31, 2015	Aug. 31, 2014	Aug. 31, 2015	Aug. 31, 2014	Nov. 30, 2014
Fair Value Disclosures [Abstract]
Long-lived assets held and used, carrying value	$ 6,600		$ 6,600		$ 68,200
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Impairment Charges	3,173	$ 3,408	3,173	$ 3,408	37,600
Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	$ 3,400		$ 3,400		$ 30,600

Fair Value Disclosures (Fair Va

Fair Value Disclosures (Fair Value Hierarchy, Carrying Values, and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands		Aug. 31, 2015	Nov. 30, 2014
Convertible Senior Notes Due Two Thousand Nineteen At One Point Three Seven Five Percent [Member] [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		1.375%
Carrying Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Debt, Fair Value Disclosures		$ 230,000	$ 230,000
Carrying Value | Level 2 | Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated Fair Value		2,359,488	2,308,275
Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure		3,400	30,600
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Debt, Fair Value Disclosures		217,063	229,713
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 | Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated Fair Value		2,452,825	2,468,852
Fair Value, Measurements, Nonrecurring [Member] | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure	[1]	$ 0	$ 6,421
[1]	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.

Commitments and Contingencies60

Commitments and Contingencies (Narratives) (Details)		3 Months Ended		9 Months Ended		12 Months Ended
		Aug. 31, 2015USD ($)Home	Aug. 31, 2014USD ($)community	Aug. 31, 2015USD ($)Home	Aug. 31, 2014USD ($)community	Nov. 30, 2014USD ($)Home
Loss Contingencies [Line Items]
Minimum warranty on electrical and other building systems (in years)				2 years
Maximum warranty on electrical and other building systems (in years)				5 years
Warranty for other components of a home (in years)				1 year
Payments		$ (5,285,000)	$ (10,633,000)	$ (19,927,000)	$ (30,795,000)
Adjustment to increase warranty liability	[1]	1,130,000	7,546,000	8,164,000	12,155,000
Performance bonds		542,900,000		542,900,000		$ 541,600,000
Letters of credit outstanding		26,400,000		26,400,000		26,700,000
Cash deposits		42,771,000		42,771,000		33,059,000
Aggregate purchase price of land		941,596,000		$ 941,596,000		958,470,000
Warranty for Other Components of Home				1 year
Damages from Product Defects [Member]
Loss Contingencies [Line Items]
Structural warranty provided by the company (in years)				10 years
Water Intrusion [Member]
Loss Contingencies [Line Items]
Loss Contingency, Receivable		8,164,000	12,794,000	$ 8,164,000	12,794,000
Warranty Liability Associated with Water Intrusion		$ 1,300,000		$ 1,300,000		$ 9,400,000
Number of Homes Affected by Water Intrusion | Home		52		52		324
Additional Number of Affected Homes Associated with Repair Costs | Home				74
Number of Affected Homes on which Repairs Were Resolved | Home				346
Payments		$ (1,100,000)	$ (7,200,000)	$ (8,600,000)	(21,300,000)
Payments made as repair costs for homes with Water Intrusion		(71,900,000)		(71,900,000)
Estimated repair costs for homes with Water Intrusion		$ 73,200,000		73,200,000
Insurance Recoveries				5,000,000	$ 500,000
Product Liability Contingency, Third Party Recovery				22,600,000		$ 26,600,000
Product Liability Contingency, Third Party Recovery Included In Warranty Liability				$ 1,300,000
Number of Affected Attached Home Communities | community			1		1
Warranty Obligations [Member]
Loss Contingencies [Line Items]
Structural warranty provided by the company (in years)				10 years
Minimum [Member] | Florida Attorney General [Member]
Loss Contingencies [Line Items]
Product Liability Contingency, Loss Exposure Not Accrued, Best Estimate				$ 0
Minimum [Member] | Water Intrusion [Member]
Loss Contingencies [Line Items]
Product Liability Contingency, Loss Exposure Not Accrued, Best Estimate				0
Maximum [Member] | Florida Attorney General [Member]
Loss Contingencies [Line Items]
Product Liability Contingency, Loss Exposure Not Accrued, Best Estimate				5,000,000
Maximum [Member] | Water Intrusion [Member]
Loss Contingencies [Line Items]
Product Liability Contingency, Loss Exposure Not Accrued, Best Estimate				$ 3,000,000
[1]	As discussed below, adjustments for the three months and nine months ended August 31, 2015 and 2014 were primarily comprised of the reclassification of estimated minimum probable recoveries to receivables. Adjustments for the nine months ended August 31, 2014 also included a reclassification of estimated minimum probable recoveries to establish a separate accrual for a water intrusion-related inquiry.

Commitments and Contingencies61

Commitments and Contingencies (Changes in the Warranty Liability) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Aug. 31, 2015	Aug. 31, 2014	Aug. 31, 2015	Aug. 31, 2014	May. 31, 2015	Nov. 30, 2014	May. 31, 2014	Nov. 30, 2013
Loss Contingencies [Line Items]
Self Insurance Reserve		$ 80,601	$ 88,309	$ 80,601	$ 88,309	$ 80,136	$ 86,574	$ 90,458	$ 92,214
Expenses Associated with Self Insurance	[1]	4,694	3,108	11,919	8,761
Payments, Net of Recoveries for Self Insurance	[2]	(4,229)	(5,257)	(17,892)	(12,666)
Changes in the Warranty Liability
Balance at beginning of period		46,472	40,937	45,196	48,704
Warranties issued		6,325	4,546	15,209	12,332
Payments		(5,285)	(10,633)	(19,927)	(30,795)
Adjustments	[3]	1,130	7,546	8,164	12,155
Balance at end of period		48,642	42,396	48,642	42,396
Water Intrusion [Member]
Changes in the Warranty Liability
Payments		$ (1,100)	$ (7,200)	$ (8,600)	$ (21,300)
[1]	These expenses are included in selling, general and administrative expenses and are largely offset by contributions from subcontractors participating in the wrap-up policy.
[2]	Recoveries are reflected in the period we receive funds from subcontractors and/or their insurers.
[3]	As discussed below, adjustments for the three months and nine months ended August 31, 2015 and 2014 were primarily comprised of the reclassification of estimated minimum probable recoveries to receivables. Adjustments for the nine months ended August 31, 2014 also included a reclassification of estimated minimum probable recoveries to establish a separate accrual for a water intrusion-related inquiry.

Legal Matters (Details)

Legal Matters (Details)	9 Months Ended
	Aug. 31, 2015USD ($)aplaintiffmember
Nevada Development Contract Litigation
Loss Contingencies [Line Items]
Acres of purchased land by LVDA | a	83
Expected interest charges	$ 41,000,000
Edwards, K. [Member]
Loss Contingencies [Line Items]
Loss Contingency, Number of Plaintiffs | plaintiff	409
Loss Contingency, New Claims Filed, Number	1
Edwards, K. and Andrea L. Bejenaru, et. al. [Member] [Member]
Loss Contingencies [Line Items]
Expected compensatory damages	$ 66,000,000
Loss Contingency, Loss Exposure Not Accrued, Low Estimate	0
Product Liability Contingency, Loss Exposure in Excess of Accrual, Low Estimate	$ 6,000,000
Loss Contingency, Number of Plaintiffs | plaintiff	11
Andrea L. Bejenaru, et. al. [Member]
Loss Contingencies [Line Items]
Loss Contingency, Number of Plaintiffs | member	241
Maximum [Member] | Nevada Development Contract Litigation
Loss Contingencies [Line Items]
Expected compensatory damages	$ 55,000,000
Minimum [Member] | Nevada Development Contract Litigation
Loss Contingencies [Line Items]
Expected compensatory damages	$ 0

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2015	Aug. 31, 2014	Aug. 31, 2015	Aug. 31, 2014
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			$ 1,595,910
Net income	$ 23,254	$ 28,361	40,626	$ 65,548
Dividends on common stock			(6,890)
Employee stock options/other			436
Restricted stock awards			0
Stock-based compensation			10,444
Stock repurchases			(300)
Ending balance	1,640,226		1,640,226
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			115,387
Employee stock options/other			52
Restricted stock awards			85
Ending balance	115,524		115,524
Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			668,857
Employee stock options/other			384
Restricted stock awards			(85)
Stock-based compensation			10,444
Ending balance	679,600		679,600
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			1,391,256
Net income			40,626
Dividends on common stock			(6,890)
Ending balance	1,424,992		1,424,992
Accumulated Other Comprehensive Income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			(21,008)
Ending balance	(21,008)		(21,008)
Trust for Benefit of Employees [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			(112,106)
Ending balance	(112,106)		(112,106)
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			(446,476)
Stock repurchases			(300)
Ending balance	$ (446,776)		$ (446,776)

Stockholders' Equity (Narrative

Stockholders' Equity (Narratives) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2015	Aug. 31, 2014	Aug. 31, 2015	Aug. 31, 2014	Nov. 30, 2014	Jul. 17, 2014
Equity [Abstract]
Dividend paid in each quarter (in dollars per share)	$ 0.0250	$ 0.0250	$ 0.075	$ 0.075
Debt Instrument [Line Items]
Number of common stock, authorized, approved under a board approved stock repurchase program	4,000,000		4,000,000
Common stock reserve, shares	12,602,735		12,602,735
Treasury Stock, Value	$ 446,776		$ 446,776		$ 446,476
Director Stock Units [Domain]
Debt Instrument [Line Items]
Number of common stock, authorized, approved under a board approved stock repurchase program						680,000

Stock-Based Compensation (Outst

Stock-Based Compensation (Outstanding and Exercisable Stock Options) (Details)	9 Months Ended
	Aug. 31, 2015$ / sharesshares
Options
Options outstanding at beginning of period, options | shares	11,735,042
Granted, options | shares	0
Exercised, options | shares	(52,000)
Cancelled, options | shares	(130,384)
Options outstanding at end of period, options | shares	11,552,658
Options exercisable at end of period | shares	9,992,609
Weighted Average Exercise Price in dollars per share
Options outstanding at beginning of period, weighted average exercise price in dollars per share	$ 20.45
Granted, weighted average exercise price in dollars per share	0
Exercised, weighted average exercise price in dollars per share	8.38
Cancelled, weighted average exercise price in dollars per share	23.26
Options outstanding at end of period, weighted average exercise price in dollars per share	20.47
Options exercisable at end of period	$ 21.32

Stock-Based Compensation (Narra

Stock-Based Compensation (Narratives) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2015	Aug. 31, 2014	Aug. 31, 2015	Aug. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining contractual life of stock options outstanding (in years)			4 years 5 months
Weighted average remaining contractual life of stock options exercisable (in years)			3 years 8 months
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value	$ 18.4		$ 18.4
Intrinsic value of stock options exercisable	18.4		18.4
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, total	2.8		2.8
Stock-based compensation expense (income) associated with stock options, total	1.1	$ 0.6	3.1	$ 1.8
Restricted Stock, Performance Unit sand Phantom Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense (income) associated with stock options, total	$ 1.9	$ 1.7	$ 7.3	$ 4.2

Supplemental Disclosure to Co67

Supplemental Disclosure to Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
	Aug. 31, 2015	Aug. 31, 2014	Nov. 30, 2014	Nov. 30, 2013
Summary of cash and cash equivalents at end of period:
Cash and cash equivalents	$ 354,879	$ 299,008	$ 358,768	$ 532,523
Supplemental disclosures of cash flow information:
Interest paid, net of amounts capitalized	5,017	312
Income taxes paid	2,915	1,537
Supplemental disclosures of noncash activities:
Increase (decrease) in consolidated inventories not owned	86,211	(4,931)
Cost of inventories acquired through seller financing	16,730	52,561
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost	0	6,455
Homebuilding
Summary of cash and cash equivalents at end of period:
Cash and cash equivalents	352,952	297,058	356,366
Financial Services
Summary of cash and cash equivalents at end of period:
Cash and cash equivalents	1,927	1,950	$ 2,402
Inspirada Builders LLC [Member]
Supplemental disclosures of noncash activities:
Increase in inventories due to distribution of land from unconsolidated joint venture	12,416	81,670
Tax Increment Financing Entities (TIFE)	0	33,197
Water Intrusion [Member]
Supplemental disclosures of cash flow information:
Loss Contingency, Receivable	$ 8,164	$ 12,794

Supplemental Guarantor Inform68

Supplemental Guarantor Information (Narrative) (Details)	9 Months Ended
	Aug. 31, 2015
Guarantees [Abstract]
Ownership share in guarantor subsidiaries (percent)	100.00%
Line of credit facility, significant subsidiary threshold, percent	5.00%
Line of credit facility, non guarantor subsidiary threshold, percent	10.00%

Supplemental Guarantor Inform69

Supplemental Guarantor Information (Condensed Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2015	Aug. 31, 2014	Aug. 31, 2015	Aug. 31, 2014
Condensed Consolidated Statements of Operations
Revenues	$ 843,157	$ 589,214	$ 2,046,247	$ 1,604,908
Homebuilding:
Revenues	840,204	586,231	2,038,896	1,596,894
Construction and land costs	(709,148)	(479,424)	(1,725,976)	(1,305,258)
Selling, general and administrative expenses	(95,074)	(72,897)	(244,678)	(205,715)
Operating income (loss)	35,982	33,910	68,242	85,921
Interest income	87	110	342	393
Interest expense	(4,394)	(6,455)	(17,850)	(26,289)
Intercompany Interest Income (Expense)	0	0	0	0
Equity in income (loss) of unconsolidated joint ventures			1,843	872
Total pretax income (loss)	33,954	28,661	57,126	66,348
Income tax expense	(10,700)	(300)	(16,500)	(800)
Income (Loss) from Subsidiaries, Net of Tax	0	0	0	0
Net income	23,254	28,361	40,626	65,548
KB Home Corporate
Condensed Consolidated Statements of Operations
Revenues	0	0	0	0
Homebuilding:
Revenues	0	0	0	0
Construction and land costs	0	0	0	0
Selling, general and administrative expenses	(28,540)	(15,995)	(63,886)	(47,489)
Operating income (loss)	(28,540)	(15,995)	(63,886)	(47,489)
Interest income	86	109	337	385
Interest expense	(45,040)	(42,955)	(136,292)	(122,634)
Intercompany Interest Income (Expense)	74,501	76,512	218,684	206,943
Total pretax income (loss)	1,007	17,671	18,843	37,205
Income tax expense	2,200	(50)	2,900	(100)
Income (Loss) from Subsidiaries, Net of Tax	20,047	10,740	18,883	28,443
Net income	23,254	28,361	40,626	65,548
Guarantor Subsidiaries
Condensed Consolidated Statements of Operations
Revenues	761,783	529,599	1,866,015	1,436,822
Homebuilding:
Revenues	761,783	529,599	1,866,015	1,436,822
Construction and land costs	(638,451)	(429,998)	(1,566,720)	(1,167,762)
Selling, general and administrative expenses	(58,137)	(47,653)	(158,403)	(131,443)
Operating income (loss)	65,195	51,948	140,892	137,617
Interest income	1	1	3	7
Interest expense	(1,547)	(1,648)	(4,497)	(4,408)
Intercompany Interest Income (Expense)	(30,203)	(35,728)	(88,780)	(99,077)
Total pretax income (loss)	33,024	13,822	46,438	32,007
Income tax expense	(12,100)	(200)	(18,700)	(600)
Income (Loss) from Subsidiaries, Net of Tax	0	0	0	0
Net income	20,924	13,622	27,738	31,407
Non-Guarantor Subsidiaries
Condensed Consolidated Statements of Operations
Revenues	81,374	59,615	180,232	168,086
Homebuilding:
Revenues	78,421	56,632	172,881	160,072
Construction and land costs	(70,697)	(49,426)	(159,256)	(137,496)
Selling, general and administrative expenses	(8,397)	(9,249)	(22,389)	(26,783)
Operating income (loss)	(673)	(2,043)	(8,764)	(4,207)
Interest income	0	0	2	1
Interest expense	0	0	0	0
Intercompany Interest Income (Expense)	(2,105)	(2,636)	(6,965)	(7,113)
Total pretax income (loss)	(77)	(2,832)	(8,155)	(2,864)
Income tax expense	(800)	(50)	(700)	(100)
Income (Loss) from Subsidiaries, Net of Tax	0	0	0	0
Net income	(877)	(2,882)	(8,855)	(2,964)
Consolidating Adjustments
Condensed Consolidated Statements of Operations
Revenues	0	0	0	0
Homebuilding:
Revenues	0	0	0	0
Construction and land costs	0	0	0	0
Selling, general and administrative expenses	0	0	0	0
Operating income (loss)	0	0	0	0
Interest income	0	0	0	0
Interest expense	42,193	38,148	122,939	100,753
Intercompany Interest Income (Expense)	(42,193)	(38,148)	(122,939)	(100,753)
Total pretax income (loss)	0	0	0	0
Income tax expense	0	0	0	0
Income (Loss) from Subsidiaries, Net of Tax	(20,047)	(10,740)	(18,883)	(28,443)
Net income	(20,047)	(10,740)	(18,883)	(28,443)
Homebuilding [Member]
Condensed Consolidated Statements of Operations
Revenues	840,204	586,231	2,038,896	1,596,894
Homebuilding:
Equity in income (loss) of unconsolidated joint ventures	(422)	(751)	(1,180)	1,161
Total pretax income (loss)	31,253	26,814	49,554	61,186
Homebuilding [Member] | KB Home Corporate
Homebuilding:
Equity in income (loss) of unconsolidated joint ventures	0	0	0	0
Total pretax income (loss)	1,007	17,671	18,843	37,205
Homebuilding [Member] | Guarantor Subsidiaries
Homebuilding:
Equity in income (loss) of unconsolidated joint ventures	(422)	(751)	(1,180)	(2,132)
Total pretax income (loss)	33,024	13,822	46,438	32,007
Homebuilding [Member] | Non-Guarantor Subsidiaries
Homebuilding:
Equity in income (loss) of unconsolidated joint ventures	0	0	0	3,293
Total pretax income (loss)	(2,778)	(4,679)	(15,727)	(8,026)
Homebuilding [Member] | Consolidating Adjustments
Homebuilding:
Equity in income (loss) of unconsolidated joint ventures	0	0	0	0
Total pretax income (loss)	0	0	0	0
Financial services [Member]
Condensed Consolidated Statements of Operations
Revenues	2,953	2,983	7,351	8,014
Homebuilding:
Operating income (loss)	2,043	2,124	4,549	5,451
Equity in income (loss) of unconsolidated joint ventures	658	(277)	3,023	(289)
Total pretax income (loss)	2,701	1,847	7,572	5,162
Financial services [Member] | KB Home Corporate
Homebuilding:
Total pretax income (loss)	0	0	0	0
Financial services [Member] | Guarantor Subsidiaries
Homebuilding:
Total pretax income (loss)	0	0	0	0
Financial services [Member] | Non-Guarantor Subsidiaries
Homebuilding:
Total pretax income (loss)	2,701	1,847	7,572	5,162
Financial services [Member] | Consolidating Adjustments
Homebuilding:
Total pretax income (loss)	$ 0	$ 0	$ 0	$ 0

Supplemental Guarantor Inform70

Supplemental Guarantor Information (Condensed Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands	Aug. 31, 2015	Nov. 30, 2014	Aug. 31, 2014	Nov. 30, 2013
Assets
Cash and Cash Equivalents, at Carrying Value	$ 354,879	$ 358,768	$ 299,008	$ 532,523
Restricted cash	25,028	27,235
Receivables	159,576	125,488
Inventory, Operative Builders	3,401,737	3,218,387
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	72,800	79,441
Deferred tax assets, net	810,016	825,232
Other assets	114,352	114,915
Investments in and Advances to Affiliates, Amount of Equity	0	0
Total assets	4,948,496	4,757,550
Due from Affiliates	0	0
Liabilities and stockholders' equity
Accounts payable, accrued expenses and other liabilities	675,762	582,598
Mortgages and notes payable	2,630,732	2,576,525
Financial services	1,776	2,517
Due to Affiliate	0	0
Stockholders' equity	1,640,226	1,595,910
Total liabilities and stockholders’ equity	4,948,496	4,757,550
KB Home Corporate
Assets
Cash and Cash Equivalents, at Carrying Value	288,869	303,280	236,649	476,847
Restricted cash	25,028	27,235
Receivables	284	15
Inventory, Operative Builders	0	0
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	0	0
Deferred tax assets, net	218,954	215,923
Other assets	98,917	99,099
Investments in and Advances to Affiliates, Amount of Equity	71,219	39,356
Total assets	4,367,215	4,267,520
Due from Affiliates	3,663,944	3,582,612
Liabilities and stockholders' equity
Accounts payable, accrued expenses and other liabilities	144,782	138,298
Mortgages and notes payable	2,564,378	2,513,165
Financial services	0	0
Due to Affiliate	17,829	20,147
Stockholders' equity	1,640,226	1,595,910
Total liabilities and stockholders’ equity	4,367,215	4,267,520
Guarantor Subsidiaries
Assets
Cash and Cash Equivalents, at Carrying Value	60,271	38,124	53,787	39,952
Restricted cash	0	0
Receivables	156,354	123,024
Inventory, Operative Builders	3,163,292	2,980,056
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	72,800	79,441
Deferred tax assets, net	534,728	552,653
Other assets	13,448	13,922
Investments in and Advances to Affiliates, Amount of Equity	0	0
Total assets	4,000,893	3,787,220
Due from Affiliates	0	0
Liabilities and stockholders' equity
Accounts payable, accrued expenses and other liabilities	426,452	331,361
Mortgages and notes payable	66,354	63,360
Financial services	0	0
Due to Affiliate	3,475,060	3,392,499
Stockholders' equity	33,027	0
Total liabilities and stockholders’ equity	4,000,893	3,787,220
Non-Guarantor Subsidiaries
Assets
Cash and Cash Equivalents, at Carrying Value	5,739	17,364	8,572	15,724
Restricted cash	0	0
Receivables	2,938	2,449
Inventory, Operative Builders	238,445	238,331
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	0	0
Deferred tax assets, net	56,334	56,656
Other assets	1,987	1,894
Investments in and Advances to Affiliates, Amount of Equity	0	0
Total assets	419,857	437,697
Due from Affiliates	104,306	112,919
Liabilities and stockholders' equity
Accounts payable, accrued expenses and other liabilities	104,528	112,939
Mortgages and notes payable	0	0
Financial services	1,776	2,517
Due to Affiliate	275,361	282,885
Stockholders' equity	38,192	39,356
Total liabilities and stockholders’ equity	419,857	437,697
Consolidating Adjustments
Assets
Cash and Cash Equivalents, at Carrying Value	0	0	0	$ 0
Restricted cash	0	0
Receivables	0	0
Inventory, Operative Builders	0	0
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	0	0
Deferred tax assets, net	0	0
Other assets	0	0
Investments in and Advances to Affiliates, Amount of Equity	(71,219)	(39,356)
Total assets	(3,839,469)	(3,734,887)
Due from Affiliates	(3,768,250)	(3,695,531)
Liabilities and stockholders' equity
Accounts payable, accrued expenses and other liabilities	0	0
Mortgages and notes payable	0	0
Financial services	0	0
Due to Affiliate	(3,768,250)	(3,695,531)
Stockholders' equity	(71,219)	(39,356)
Total liabilities and stockholders’ equity	(3,839,469)	(3,734,887)
Homebuilding [Member]
Assets
Cash and Cash Equivalents, at Carrying Value	352,952	356,366	297,058
Total assets	4,936,461	4,747,064
Liabilities and stockholders' equity
Total Liabilities Homebuilding	3,306,494	3,159,123
Homebuilding [Member] | KB Home Corporate
Assets
Cash and Cash Equivalents, at Carrying Value	288,869	303,280
Total assets	632,052	645,552
Liabilities and stockholders' equity
Total Liabilities Homebuilding	2,709,160	2,651,463
Homebuilding [Member] | Guarantor Subsidiaries
Assets
Cash and Cash Equivalents, at Carrying Value	60,271	38,124
Total assets	4,000,893	3,787,220
Liabilities and stockholders' equity
Total Liabilities Homebuilding	492,806	394,721
Homebuilding [Member] | Non-Guarantor Subsidiaries
Assets
Cash and Cash Equivalents, at Carrying Value	3,812	14,962
Total assets	303,516	314,292
Liabilities and stockholders' equity
Total Liabilities Homebuilding	104,528	112,939
Homebuilding [Member] | Consolidating Adjustments
Assets
Cash and Cash Equivalents, at Carrying Value	0	0
Total assets	0	0
Liabilities and stockholders' equity
Total Liabilities Homebuilding	0	0
Financial services [Member]
Assets
Cash and Cash Equivalents, at Carrying Value	1,927	2,402	$ 1,950
Receivables	846	1,738
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	9,171	6,149
Other assets	91	197
Total assets	12,035	10,486
Liabilities and stockholders' equity
Accounts payable, accrued expenses and other liabilities	1,776	2,517
Financial services [Member] | KB Home Corporate
Assets
Total assets	0	0
Financial services [Member] | Guarantor Subsidiaries
Assets
Total assets	0	0
Financial services [Member] | Non-Guarantor Subsidiaries
Assets
Total assets	12,035	10,486
Financial services [Member] | Consolidating Adjustments
Assets
Total assets	$ 0	$ 0

Supplemental Guarantor Inform71

Supplemental Guarantor Information (Condensed Consolidated Statements of Cash Flows) (Details) - USD ($) $ in Thousands	9 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Cash flows from operating activities:
Net cash used in operating activities	$ (22,084)	$ (716,662)
Cash flows from investing activities:
Contributions to unconsolidated joint ventures	(20,955)	(34,034)
Proceeds from sale of investment in unconsolidated joint venture	0	10,110
Return of investments in unconsolidated joint ventures	14,000	0
Purchases of property and equipment, net	(2,100)	(4,158)
Intercompany	0	0
Net cash used in investing activities	(9,055)	(28,082)
Cash flows from financing activities:
Change in restricted cash	2,207	9,450
Proceeds from issuance of debt	250,000	400,000
Payment of debt issuance costs	(4,561)	(5,448)
Repayment of senior notes	(199,906)	0
Payments on mortgages and land contracts due to land sellers and other loans	(13,736)	(23,292)
Proceeds from issuance of common stock, net	0	137,045
Issuance of common stock under employee stock plans	436	202
Payments of cash dividends	(6,890)	(6,682)
Stock repurchases	(300)	(46)
Intercompany	0	0
Net cash provided by financing activities	27,250	511,229
Net decrease in cash and cash equivalents	(3,889)	(233,515)
Cash and cash equivalents at beginning of period	358,768	532,523
Cash and cash equivalents at end of period	354,879	299,008
KB Home Corporate
Cash flows from operating activities:
Net cash used in operating activities	41,620	66,251
Cash flows from investing activities:
Contributions to unconsolidated joint ventures	0	0
Proceeds from sale of investment in unconsolidated joint venture		0
Return of investments in unconsolidated joint ventures	0
Purchases of property and equipment, net	(498)	(131)
Intercompany	(96,519)	(840,839)
Net cash used in investing activities	(97,017)	(840,970)
Cash flows from financing activities:
Change in restricted cash	2,207	9,450
Proceeds from issuance of debt	250,000	400,000
Payment of debt issuance costs	(4,561)	(5,448)
Repayment of senior notes	(199,906)
Payments on mortgages and land contracts due to land sellers and other loans	0	0
Proceeds from issuance of common stock, net		137,045
Issuance of common stock under employee stock plans	436	202
Payments of cash dividends	(6,890)	(6,682)
Stock repurchases	(300)	(46)
Intercompany	0	0
Net cash provided by financing activities	40,986	534,521
Net decrease in cash and cash equivalents	(14,411)	(240,198)
Cash and cash equivalents at beginning of period	303,280	476,847
Cash and cash equivalents at end of period	288,869	236,649
Guarantor Subsidiaries
Cash flows from operating activities:
Net cash used in operating activities	(43,447)	(730,397)
Cash flows from investing activities:
Contributions to unconsolidated joint ventures	(20,954)	(33,786)
Proceeds from sale of investment in unconsolidated joint venture		0
Return of investments in unconsolidated joint ventures	14,000
Purchases of property and equipment, net	(1,565)	(3,499)
Intercompany	0	0
Net cash used in investing activities	(8,519)	(37,285)
Cash flows from financing activities:
Change in restricted cash	0	0
Proceeds from issuance of debt	0	0
Payment of debt issuance costs	0	0
Repayment of senior notes	0
Payments on mortgages and land contracts due to land sellers and other loans	(13,736)	(23,292)
Proceeds from issuance of common stock, net		0
Issuance of common stock under employee stock plans	0	0
Payments of cash dividends	0	0
Stock repurchases	0	0
Intercompany	87,849	804,809
Net cash provided by financing activities	74,113	781,517
Net decrease in cash and cash equivalents	22,147	13,835
Cash and cash equivalents at beginning of period	38,124	39,952
Cash and cash equivalents at end of period	60,271	53,787
Non-Guarantor Subsidiaries
Cash flows from operating activities:
Net cash used in operating activities	(20,257)	(52,516)
Cash flows from investing activities:
Contributions to unconsolidated joint ventures	(1)	(248)
Proceeds from sale of investment in unconsolidated joint venture		10,110
Return of investments in unconsolidated joint ventures	0
Purchases of property and equipment, net	(37)	(528)
Intercompany	0	0
Net cash used in investing activities	(38)	9,334
Cash flows from financing activities:
Change in restricted cash	0	0
Proceeds from issuance of debt	0	0
Payment of debt issuance costs	0	0
Repayment of senior notes	0
Payments on mortgages and land contracts due to land sellers and other loans	0	0
Proceeds from issuance of common stock, net		0
Issuance of common stock under employee stock plans	0	0
Payments of cash dividends	0	0
Stock repurchases	0	0
Intercompany	8,670	36,030
Net cash provided by financing activities	8,670	36,030
Net decrease in cash and cash equivalents	(11,625)	(7,152)
Cash and cash equivalents at beginning of period	17,364	15,724
Cash and cash equivalents at end of period	5,739	8,572
Consolidating Adjustments
Cash flows from operating activities:
Net cash used in operating activities	0	0
Cash flows from investing activities:
Contributions to unconsolidated joint ventures	0	0
Proceeds from sale of investment in unconsolidated joint venture		0
Return of investments in unconsolidated joint ventures	0
Purchases of property and equipment, net	0	0
Intercompany	96,519	840,839
Net cash used in investing activities	96,519	840,839
Cash flows from financing activities:
Change in restricted cash	0	0
Proceeds from issuance of debt	0	0
Payment of debt issuance costs	0	0
Repayment of senior notes	0
Payments on mortgages and land contracts due to land sellers and other loans	0	0
Proceeds from issuance of common stock, net		0
Issuance of common stock under employee stock plans	0	0
Payments of cash dividends	0	0
Stock repurchases	0	0
Intercompany	(96,519)	(840,839)
Net cash provided by financing activities	(96,519)	(840,839)
Net decrease in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	$ 0	$ 0