KB Home (KBH) 10-Q 8 Apr 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Feb. 29, 2016shares
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	Feb. 29, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--11-30
Entity Filer Category	Large Accelerated Filer
Entity Common Stock Shares Outstanding	84,121,831

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Feb. 29, 2016	Feb. 28, 2015
Total revenues	$ 678,371	$ 580,121
Homebuilding:
Revenues	675,742	577,888
Construction and land costs	(568,818)	(492,418)
Selling, general and administrative expenses	(87,932)	(71,072)
Operating income	18,992	14,398
Interest income	152	103
Interest expense	(3,697)	(5,338)
Equity in income (loss) of unconsolidated joint ventures	(1,190)	67
Total pretax income (loss)	16,027	10,499
Financial services:
Revenues	2,629	2,233
Expenses	(859)	(964)
Income tax expense	(2,900)	(2,700)
Net income	$ 13,127	$ 7,799
Earnings Per Share, Basic, in dollars per share	$ 0.15	$ 0.08
Earnings Per Share, Diluted, in dollars per share	$ 0.14	$ 0.08
Weighted average shares outstanding — basic	89,239	91,954
Weighted average shares outstanding — diluted	99,427	101,700
Cash dividends declared per common share	$ 0.0250	$ 0.0250
Homebuilding [Member]
Total revenues	$ 675,742	$ 577,888
Homebuilding:
Equity in income (loss) of unconsolidated joint ventures	(603)	(347)
Total pretax income (loss)	14,844	8,816
Financial services [Member]
Total revenues	2,629	2,233
Homebuilding:
Operating income	1,770	1,269
Equity in income (loss) of unconsolidated joint ventures	(587)	414
Total pretax income (loss)	$ 1,183	$ 1,683

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Feb. 29, 2016	Nov. 30, 2015
Assets
Cash and cash equivalents	$ 324,856	$ 560,341
Restricted cash	4,357	9,344
Receivables	152,089	152,682
Inventories	3,468,644	3,313,747
Investments in unconsolidated joint ventures	68,572	71,558
Deferred tax assets, net	779,396	782,196
Other assets	113,060	112,774
Total assets	4,922,056	5,015,371
Liabilities and stockholders' equity
Accounts payable	167,575	183,770
Accrued expenses and other liabilities	483,286	513,414
Mortgages and notes payable	2,652,705	2,625,536
Financial services	1,432	1,817
Common stock	115,548	115,548
Paid-in capital	681,699	682,871
Retained earnings	1,477,570	1,466,713
Accumulated other comprehensive loss	(17,319)	(17,319)
Grantor stock ownership trust, at cost	(105,871)	(109,936)
Treasury stock, at cost	(534,569)	(447,043)
Total stockholders’ equity	1,617,058	1,690,834
Total liabilities and stockholders’ equity	4,922,056	5,015,371
Homebuilding [Member]
Assets
Cash and cash equivalents	323,076	559,042
Total assets	4,909,194	5,001,343
Liabilities and stockholders' equity
Total Liabilities Homebuilding	3,303,566	3,322,720
Financial services [Member]
Assets
Cash and cash equivalents	1,780	1,299
Receivables	1,201	2,245
Investments in unconsolidated joint ventures	9,853	10,440
Other assets	28	44
Total assets	$ 12,862	$ 14,028

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2016	Feb. 28, 2015
Cash flows from operating activities:
Net income	$ 13,127	$ 7,799
Adjustments to reconcile net income to net cash used in operating activities:
Equity in (income) loss of unconsolidated joint ventures	1,190	(67)
Amortization of discounts and issuance costs	1,881	1,920
Depreciation and amortization	900	805
Deferred income taxes	2,800	2,600
Stock-based compensation	2,893	3,181
Inventory impairments and land option contract abandonments	1,966	448
Change in assets and liabilities:
Receivables	3,395	(13,872)
Inventories	(150,265)	(20,438)
Accounts payable, accrued expenses and other liabilities	(19,954)	(28,032)
Other, net	(1,246)	(3,253)
Net cash used in operating activities	(143,313)	(48,909)
Cash flows from investing activities:
Contributions to unconsolidated joint ventures	(291)	(2,414)
Purchases of property and equipment, net	(1,413)	(586)
Net cash used in investing activities	(1,704)	(3,000)
Cash flows from financing activities:
Change in restricted cash	4,987	(749)
Proceeds from issuance of debt	0	250,000
Payment of debt issuance costs	0	(2,989)
Payments on mortgages and land contracts due to land sellers and other loans	(5,659)	(2,722)
Payments of cash dividends	(2,270)	(2,299)
Stock repurchases	(87,526)	(21)
Net cash provided by (used in) financing activities	(90,468)	241,220
Net increase (decrease) in cash and cash equivalents	(235,485)	189,311
Cash and cash equivalents at beginning of period	560,341	358,768
Cash and cash equivalents at end of period	$ 324,856	$ 548,079

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Feb. 29, 2016
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 February 29, 2016 , the results of our consolidated operations for the three months ended February 29, 2016 and February 28, 2015 , and our consolidated cash flows for the three months ended February 29, 2016 and February 28, 2015 . The results of our consolidated operations for the three months ended February 29, 2016 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, 2015 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, 2015 , 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 $203.7 million at February 29, 2016 and $342.3 million at November 30, 2015 . 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 February 29, 2016 and November 30, 2015 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 $13.1 million for the three months ended February 29, 2016 and $7.8 million for the three months ended February 28, 2015 . Our comprehensive income for each of the three-month periods was equal to our net income for each such period. 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. For public entities, ASU 2014-09, as amended, is effective 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 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. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). ASU 2016-02 will require organizations that lease assets — referred to as “lessees” — to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. Under ASU 2016-02, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. Lessor accounting remains substantially similar to current GAAP. In addition, disclosures of leasing activities are to be expanded to include qualitative along with specific quantitative information. For public entities, ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. ASU 2016-02 mandates a modified retrospective transition method. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements. In March 2016, the FASB issued Accounting Standards Update No. 2016-09, “Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”). ASU 2016-09 simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public entities, ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the potential impact of adopting this guidance 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	3 Months Ended
	Feb. 29, 2016
Segment Reporting [Abstract]
Segment Information	Segment Information As of February 29, 2016 , we had identified five operating reporting segments, comprised of four homebuilding reporting segments and one financial services reporting segment. As of February 29, 2016 , our homebuilding reporting segments conducted ongoing operations in the following states: West Coast: California Southwest: Arizona and Nevada Central: Colorado 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. We offer mortgage banking services, including residential mortgage loan (“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 Mortgage LLC (“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. Our homebuyers may select any lender of their choice to obtain mortgage financing for the purchase of their home. Corporate and other is a non-operating segment that develops and oversees the implementation of company-wide strategic initiatives and provides support to our reporting segments by centralizing certain administrative functions. 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 our 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): Three Months Ended February 29, February 28, Revenues: West Coast $ 283,846 $ 277,255 Southwest 100,332 65,137 Central 202,161 159,148 Southeast 89,403 76,348 Total homebuilding revenues 675,742 577,888 Financial services 2,629 2,233 Total $ 678,371 $ 580,121 Pretax income (loss): West Coast $ 22,116 $ 21,854 Southwest 12,503 3,443 Central 10,579 10,226 Southeast (7,564 ) (9,613 ) Corporate and other (22,790 ) (17,094 ) Total homebuilding pretax income 14,844 8,816 Financial services 1,183 1,683 Total $ 16,027 $ 10,499 Inventory impairment charges: West Coast $ — $ — Southwest — — Central 787 — Southeast 559 — Total $ 1,346 $ — Land option contract abandonments: West Coast $ 160 $ — Southwest — — Central 460 — Southeast — 448 Total $ 620 $ 448 February 29, November 30, Inventories: Homes under construction West Coast $ 582,674 $ 535,795 Southwest 106,733 112,032 Central 283,817 263,345 Southeast 137,602 120,184 Subtotal 1,110,826 1,031,356 Land under development West Coast 873,838 788,607 Southwest 340,375 317,331 Central 435,758 421,783 Southeast 229,392 238,324 Subtotal 1,879,363 1,766,045 Land held for future development West Coast 261,721 277,954 Southwest 90,322 104,677 Central 18,349 22,082 Southeast 108,063 111,633 Subtotal 478,455 516,346 Total $ 3,468,644 $ 3,313,747 Assets: West Coast $ 1,831,971 $ 1,740,299 Southwest 579,723 582,030 Central 844,836 829,811 Southeast 507,915 507,844 Corporate and other 1,144,749 1,341,359 Total homebuilding assets 4,909,194 5,001,343 Financial services 12,862 14,028 Total $ 4,922,056 $ 5,015,371

Financial Services

Financial Services	3 Months Ended
	Feb. 29, 2016
Segment Reporting [Abstract]
Financial Services	Financial Services The following tables present financial information relating to our financial services reporting segment (in thousands): Three Months Ended February 29, February 28, Revenues Insurance commissions $ 1,576 $ 1,434 Title services 1,053 799 Total 2,629 2,233 Expenses General and administrative (859 ) (964 ) Operating income 1,770 1,269 Equity in income (loss) of unconsolidated joint ventures (587 ) 414 Pretax income $ 1,183 $ 1,683 February 29, November 30, Assets Cash and cash equivalents $ 1,780 $ 1,299 Receivables 1,201 2,245 Investments in unconsolidated joint ventures 9,853 10,440 Other assets 28 44 Total assets $ 12,862 $ 14,028 Liabilities Accounts payable and accrued expenses $ 1,432 $ 1,817 Total liabilities $ 1,432 $ 1,817

Earnings Per Share

Earnings Per Share	3 Months Ended
	Feb. 29, 2016
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): Three Months Ended February 29, February 28, Numerator: Net income $ 13,127 $ 7,799 Less: Distributed earnings allocated to nonvested restricted stock (10 ) (9 ) Less: Undistributed earnings allocated to nonvested restricted stock (50 ) (20 ) Numerator for basic earnings per share 13,067 7,770 Effect of dilutive securities: Interest expense and amortization of debt issuance costs associated with convertible senior notes, net of taxes 667 667 Add: Undistributed earnings allocated to nonvested restricted stock 50 20 Less: Undistributed earnings reallocated to nonvested restricted stock (45 ) (18 ) Numerator for diluted earnings per share $ 13,739 $ 8,439 Three Months Ended February 29, February 28, Denominator: Weighted average shares outstanding — basic 89,239 91,954 Effect of dilutive securities: Share-based payments 1,786 1,344 Convertible senior notes 8,402 8,402 Weighted average shares outstanding — diluted 99,427 101,700 Basic earnings per share $ .15 $ .08 Diluted earnings per share $ .14 $ .08 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 February 29, 2016 or February 28, 2015 . Outstanding stock options to purchase 9.7 million and 8.2 million shares of our common stock were excluded from the diluted earnings per share calculations for the three-month periods ended February 29, 2016 and February 28, 2015 , respectively, 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 basic earnings per share calculations for the periods presented, as the applicable vesting conditions had not been satisfied.

Inventories

Inventories	3 Months Ended
	Feb. 29, 2016
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following (in thousands): February 29, November 30, Homes under construction $ 1,110,826 $ 1,031,356 Land under development 1,879,363 1,766,045 Land held for future development 478,455 516,346 Total $ 3,468,644 $ 3,313,747 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): Three Months Ended February 29, February 28, Capitalized interest at beginning of period $ 288,442 $ 266,668 Interest incurred 46,251 45,003 Interest expensed (3,697 ) (5,338 ) Interest amortized to construction and land costs (a) (30,682 ) (22,293 ) Capitalized interest at end of period (b) $ 300,314 $ 284,040 (a) Interest amortized to construction and land costs for the three months ended February 29, 2016 included $.5 million related to land sales during the period. (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	3 Months Ended
	Feb. 29, 2016
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 20 communities or land parcels for recoverability during both the three months ended February 29, 2016 and February 28, 2015 . The carrying value of the communities or land parcels evaluated during the three months ended February 29, 2016 and February 28, 2015 was $179.4 million and $165.1 million , respectively. Based on the results of our evaluations, we recognized inventory impairment charges of $1.3 million for the three months ended February 29, 2016 . Of these charges, $.6 million related to a property in Florida where we decided to change our operational and marketing strategy in order to monetize our investment more quickly by accelerating the overall timing for selling, building and delivering homes on land that had been held for future development. Significant quantitative unobservable inputs used in our fair value measurement with respect to this community included an average selling price of $310,000 ; one delivery per month; and a discount rate of 17% . The remainder of the impairment charges related to the planned future sales of our last remaining land parcels in the Rio Grande Valley area of Texas, where we decided to change our strategy and monetize our investment through land sales rather than build and sell homes on the parcels as previously intended. The estimated fair value of these parcels was based on executed contracts. As of February 29, 2016 , the aggregate carrying value of our inventory that had been impacted by inventory impairment charges was $250.4 million , representing 28 communities and various other land parcels. As of November 30, 2015 , the aggregate carrying value of our inventory that had been impacted by inventory impairment charges was $254.2 million , representing 28 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 $.6 million corresponding to 180 lots for the three months ended February 29, 2016 , and $.4 million of such charges corresponding to 312 lots for the three months ended February 28, 2015 . We sometimes abandon land option contracts and other similar contracts when we have incurred costs of less than $100,000 ; the lots and costs associated with such contracts 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	3 Months Ended
	Feb. 29, 2016
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 February 29, 2016 and November 30, 2015 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 with third parties and unconsolidated entities to acquire rights to land for the construction of homes. Under these 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 February 29, 2016 and November 30, 2015 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): February 29, 2016 November 30, 2015 Cash Deposits Aggregate Purchase Price Cash Deposits Aggregate Purchase Price Unconsolidated VIEs $ 24,714 $ 465,727 $ 32,436 $ 611,567 Other land option contracts and other similar contracts 18,148 530,401 22,101 576,140 Total $ 42,862 $ 996,128 $ 54,537 $ 1,187,707 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 consisted of pre-acquisition costs of $54.2 million at February 29, 2016 and $65.6 million at November 30, 2015 . These pre-acquisition costs and cash deposits were included in inventories in our consolidated balance sheets. 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 $81.4 million at February 29, 2016 and $110.0 million at November 30, 2015 .

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures	3 Months Ended
	Feb. 29, 2016
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 earnings (losses) of these unconsolidated joint ventures generally in accordance with our respective equity interests. In some instances, we recognize earnings (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 earnings (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): Three Months Ended February 29, February 28, Revenues $ 3,338 $ 3,210 Construction and land costs (7,495 ) (3,743 ) Other expense, net (1,123 ) (696 ) Loss $ (5,280 ) $ (1,229 ) The following table presents combined condensed balance sheet information for our unconsolidated joint ventures (in thousands): February 29, November 30, Assets Cash $ 20,863 $ 23,309 Receivables 1,838 7,546 Inventories 180,080 175,196 Other assets 837 910 Total assets $ 203,618 $ 206,961 Liabilities and equity Accounts payable and other liabilities $ 15,679 $ 17,108 Notes payable (a) 46,044 39,064 Equity 141,895 150,789 Total liabilities and equity $ 203,618 $ 206,961 (a) One of our unconsolidated joint ventures has 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. Outstanding debt under the agreement is non-recourse to us and is scheduled to mature in August 2018. None of our other unconsolidated joint ventures had outstanding debt at February 29, 2016 or November 30, 2015 . The following table presents information relating to our investments in unconsolidated joint ventures (dollars in thousands): February 29, November 30, Number of investments in unconsolidated joint ventures 7 7 Investments in unconsolidated joint ventures $ 68,572 $ 71,558 Number of unconsolidated joint venture lots controlled under land option contracts and other similar contracts 647 677 We and our partner in the unconsolidated joint venture that has the construction loan agreement described in note (a) to the prior table 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. However, various financial and non-financial covenants apply with respect to the outstanding secured debt 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 February 29, 2016 , 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 is material to our consolidated financial statements.

Other Assets

Other Assets	3 Months Ended
	Feb. 29, 2016
Other Assets [Abstract]
Other Assets	Other Assets Other assets consisted of the following (in thousands): February 29, November 30, Cash surrender value of insurance contracts $ 64,680 $ 67,786 Debt issuance costs 23,920 25,408 Property and equipment, net 13,614 13,100 Prepaid expenses 10,846 6,480 Total $ 113,060 $ 112,774

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	3 Months Ended
	Feb. 29, 2016
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): February 29, November 30, Inventory-related obligations (a) $ 118,650 $ 148,887 Self-insurance and other litigation liabilities 111,213 96,496 Employee compensation and related benefits 87,070 114,456 Accrued interest payable 79,337 62,645 Warranty liability 50,575 49,085 Customer deposits 16,930 14,563 Real estate and business taxes 10,367 14,255 Other 9,144 13,027 Total $ 483,286 $ 513,414 (a) Represents liabilities for inventory not owned associated with financing arrangements discussed in Note 7. Variable Interest Entities, as well as liabilities for fixed or determinable amounts associated with tax increment financing entity (“TIFE”) assessments. As homes are delivered, our obligation to pay the remaining TIFE assessments associated with each underlying lot is transferred to the homebuyer. As such, these assessment obligations will be paid by us only to the extent we do not deliver homes on applicable lots before the related TIFE obligations mature.

Income Taxes

Income Taxes	3 Months Ended
	Feb. 29, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income Tax Expense. We recognized income tax expense of $2.9 million for the three months ended February 29, 2016 and $2.7 million for the three months ended February 28, 2015 . Income tax expense for the three months ended February 29, 2016 reflected the favorable net impact of $3.3 million of federal energy tax credits we earned from building energy-efficient homes, resulting in an effective income tax rate of 18.1% . For the three months ended February 28, 2015 , our effective income tax rate of 25.7% reflected the favorable net impact of $1.4 million of federal energy tax credits. The federal energy tax credits for the three months ended February 29, 2016 resulted from legislation enacted on December 18, 2015. Among other things, this legislation extended the availability of a business tax credit for building new energy-efficient homes through December 31, 2016. Prior to this legislation, the tax credit expired on December 31, 2014. The federal energy tax credits for the three months ended February 28, 2015 were earned from building energy-efficient homes in prior periods based on legislation enacted on December 19, 2014, which permitted retroactive application of the credits. Deferred Tax Asset Valuation Allowance. We evaluate our deferred tax assets quarterly to determine if adjustments to our 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 our 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 our deferred tax assets depends primarily on our ability to generate 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 depends on applicable income tax rates. Our deferred tax assets of $817.2 million as of February 29, 2016 and $820.0 million as of November 30, 2015 were partly offset by a valuation allowance in each period of $37.8 million . The deferred tax asset valuation allowances as of February 29, 2016 and November 30, 2015 were primarily related to foreign tax credits and certain state net operating losses (“NOLs”) that had not met the “more likely than not” realization standard. Based on our evaluation of our deferred tax assets as of February 29, 2016 , we determined that most of our deferred tax assets would be realized. Therefore, we made no adjustments to our deferred tax valuation allowance during the three months ended February 29, 2016 . Unrecognized Tax Benefits. At both February 29, 2016 and November 30, 2015 , our gross unrecognized tax benefits (including interest and penalties) totaled $.1 million , all of which, 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. The fiscal years ending 2012 and later remain open to federal examinations, while fiscal years 2011 and later remain open to state examinations.

Notes Payable

Notes Payable	3 Months Ended
	Feb. 29, 2016
Debt Disclosure [Abstract]
Notes Payable	Notes Payable Notes payable consisted of the following (in thousands): February 29, November 30, Mortgages and land contracts due to land sellers and other loans $ 62,440 $ 35,664 9.10% Senior notes due September 15, 2017 263,673 263,475 7 1/4% Senior notes due June 15, 2018 299,594 299,554 4.75% Senior notes due May 15, 2019 400,000 400,000 8.00% Senior notes due March 15, 2020 346,998 346,843 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 250,000 250,000 1.375% Convertible senior notes due February 1, 2019 230,000 230,000 Total $ 2,652,705 $ 2,625,536 Unsecured Revolving Credit Facility. We have a $275.0 million unsecured revolving credit facility with a syndicate of financial institutions (“Credit Facility”) that will mature on August 7, 2019 . The 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 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 Credit Facility. The Credit Facility also requires the payment of a commitment fee ranging from .30% to .50% of the unused commitment, based on our Leverage Ratio. The terms of the Credit Facility require us, 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. The amount of the Credit Facility available for cash borrowings or the issuance of letters of credit depends on the total cash borrowings and letters of credit outstanding under the Credit Facility and the maximum available amount under the terms of the Credit Facility. As of February 29, 2016 , we had no cash borrowings and $28.2 million of letters of credit outstanding under the Credit Facility. Therefore, as of February 29, 2016 , we had $246.8 million available for cash borrowings under the Credit Facility, with up to $109.3 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 February 29, 2016 and November 30, 2015 , we had $4.3 million and $9.1 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 February 29, 2016 , inventories having a carrying value of $208.7 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 that was filed with the SEC on July 18, 2014 (“2014 Shelf Registration”). Issuances of debt and equity securities under our 2014 Shelf Registration require the filing of a prospectus supplement identifying the amount and terms of the securities to be issued. Our ability to issue equity and/or debt is subject to market conditions and other factors impacting our borrowing capacity. Senior 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 the 1.375% convertible senior notes due 2019 (“1.375% Convertible Senior Notes due 2019”). 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 February 29, 2016 and November 30, 2015 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 February 29, 2016 , we were in compliance with the applicable terms of all our covenants and other requirements under the 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 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 senior notes, mortgages and land contracts due to land sellers and other loans are due as follows: 2016 – $58.8 million ; 2017 – $268.6 million ; 2018 – $300.0 million ; 2019 – $630.0 million ; 2020 – $350.0 million ; and thereafter – $1.05 billion .

Fair Value Disclosures

Fair Value Disclosures	3 Months Ended
	Feb. 29, 2016
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 three months ended February 29, 2016 and the year ended November 30, 2015 (in thousands): Description Fair Value Hierarchy February 29, November 30, Inventories (a) Level 2 $ 1,054 $ — Inventories (a) Level 3 810 11,988 (a) Amounts represent the aggregate fair value for real estate assets impacted by inventory impairment charges during the applicable period, as of the date 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 $3.2 million were written down to their fair value of $1.9 million during the three months ended February 29, 2016 , resulting in inventory impairment charges of $1.3 million . Inventories with a carrying value of $20.0 million were written down to their fair value of $12.0 million during the year ended November 30, 2015, resulting in inventory impairment charges of $8.0 million . The fair values for inventories that were determined using Level 2 inputs were based on executed contracts. The fair values for inventories that were determined using Level 3 inputs were based on the estimated future net cash flows discounted for inherent risk associated with each underlying asset, as described in Note 6. Inventory Impairments and Land Option Contract Abandonments. 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): February 29, 2016 November 30, 2015 Fair Value Hierarchy Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Liabilities: Senior notes Level 2 $ 2,360,265 $ 2,329,187 $ 2,359,872 $ 2,429,850 Convertible senior notes Level 2 230,000 202,688 230,000 211,313 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	3 Months Ended
	Feb. 29, 2016
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 and/or our warranty claims experience 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): Three Months Ended February 29, February 28, Balance at beginning of period $ 49,085 $ 45,196 Warranties issued 5,252 4,133 Payments (a) (4,021 ) (7,595 ) Adjustments (b) 259 3,623 Balance at end of period $ 50,575 $ 45,357 (a) Payments for the three months ended February 28, 2015 included $4.1 million to repair homes affected by water intrusion-related issues in certain of our communities in central and southwest Florida. These issues were substantially resolved during the year ended November 30, 2015. (b) Adjustments for the three months ended February 29, 2016 and February 28, 2015 included the reclassification of certain estimated minimum probable recoveries to receivables. The estimated minimum probable recoveries were included in receivables to the extent they exceeded the estimated remaining repair costs in our overall warranty liability with respect to the associated homes. The adjustments for each period had no impact on our consolidated statements of operations. 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 established an accrual for the estimated minimum probable loss with respect to this inquiry during 2014 and increased the accrual during 2015. This inquiry was resolved through an agreement with the Florida Attorney General’s Office that was approved by a Florida circuit court and became effective in February 2016. We believe that the amount accrued for this matter is adequate as of February 29, 2016. 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 under a program 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): Three Months Ended February 29, February 28, Balance at beginning of period $ 82,175 $ 86,574 Self-insurance expense (a) 4,016 2,435 Payments, net of recoveries (b) (4,730 ) (6,262 ) Balance at end of period $ 81,461 $ 82,747 (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 February 29, 2016 , we had $566.8 million of performance bonds and $32.4 million of letters of credit outstanding. At November 30, 2015, we had $565.4 million of performance bonds and $33.4 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 February 29, 2016 , we had total cash deposits of $42.9 million to purchase land having an aggregate purchase price of $996.1 million . Our land option contracts and other similar contracts generally do not contain provisions requiring our specific performance.

Legal Matters

Legal Matters	3 Months Ended
	Feb. 29, 2016
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. The court is expected to schedule a hearing at which the court will address the setting of a new trial date in 2016 and other matters. Wage and Hour Litigation. 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 alleged 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, and in May 2015, scheduled an initial trial involving a portion of the plaintiffs for December 2015. In September 2013, some 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 alleged 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. Although the case involved a putative class of individuals who were our sales representatives from September 2009 forward, the Bejenaru case was not certified as a class action. In the second quarter of 2015, plaintiff representatives in the Edwards and the Bejenaru cases claimed $66 million in compensatory damages, penalties and interest, as well as injunctive relief, attorneys’ fees and costs for both matters. On November 18, 2015, we reached a tentative mediated settlement with the plaintiff representatives in both cases that remains subject to judicial approval. In 2015, we established an accrual for these matters, which reflects the tentative settlement. San Diego Water Board Notice of Violation . In August 2015, the California Regional Water Quality Control Board, San Diego Region (“RWQCB”) issued to us and another homebuilder a Notice of Violation (“NOV”) alleging violations of the California Water Code and waste discharge prohibitions of the water quality control plan for the San Diego Region (Basin Plan). According to the NOV, the alleged violations involved the unpermitted discharge of fill material into the waters of the United States and California during the grading of a required secondary access road for a community located in San Diego County, California, which was performed pursuant to a County-issued grading permit. In its NOV, the RWQCB requested to meet with us to discuss the alleged violations as part of its process to determine whether to bring any enforcement action. We have met with the RWQCB and are currently in discussions to resolve the matters alleged in the NOV. While the ultimate outcome is uncertain, we believe that any penalties and related corrective measures the RWQCB may impose under the NOV could exceed $100,000 (the threshold for the required disclosure of this type of environmental proceeding) but they are not expected to be material to our consolidated financial statements. 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 February 29, 2016 , 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	3 Months Ended
	Feb. 29, 2016
Equity [Abstract]
Stockholders’ Equity	Stockholders’ Equity A summary of changes in stockholders’ equity is presented below (in thousands): Three Months Ended February 29, 2016 Common Stock Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Grantor Stock Ownership Trust Treasury Stock Total Stockholders’ Equity Balance at November 30, 2015 $ 115,548 $ 682,871 $ 1,466,713 $ (17,319 ) $ (109,936 ) $ (447,043 ) $ 1,690,834 Net income — — 13,127 — — — 13,127 Dividends on common stock — — (2,270 ) — — — (2,270 ) Performance share-based stock issuance — (4,065 ) — — 4,065 — — Stock-based compensation — 2,893 — — — — 2,893 Stock repurchases — — — — — (87,526 ) (87,526 ) Balance at February 29, 2016 $ 115,548 $ 681,699 $ 1,477,570 $ (17,319 ) $ (105,871 ) $ (534,569 ) $ 1,617,058 We maintain an 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 February 29, 2016 . The maximum number of shares would potentially be deliverable to holders only in certain limited circumstances as set forth in the governing instruments. On February 12, 2016, the management development and compensation committee of our board of directors approved the payout of PSUs that were granted to certain employees on November 8, 2012 (“2012 PSUs”). The approved total payout of 374,630 shares of our common stock to the 2012 PSU recipients under the terms of these performance share awards was based on our achieving certain levels of average return on equity performance and revenue growth performance relative to a peer group of high-production public homebuilding companies over the three-year period commencing on December 1, 2012 and ending on November 30, 2015. On January 12, 2016, our board of directors authorized us to repurchase a total of up to 10,000,000 shares of our outstanding common stock. This authorization reaffirmed and incorporated the then-current balance of 4,000,000 shares that remained under a prior board-approved share repurchase program. The amount and timing of shares purchased under this 10,000,000 share repurchase program are subject to market and business conditions and other factors, and purchases may be made from time to time and at any time through open market or privately negotiated transactions. This share repurchase authorization will continue in effect until fully used or earlier terminated or suspended by the board of directors. As of February 29, 2016 , we had repurchased 8,373,000 shares of our common stock pursuant to this authorization, at a total cost of $85.9 million . During the three months ended February 29, 2016 , we also repurchased 155,457 , or $1.6 million , of previously issued shares delivered to us by employees to satisfy withholding taxes on the vesting of restricted stock awards as well as shares forfeited by individuals upon their termination of employment. These transactions were not considered repurchases under the above-described board of directors authorization. During each of the three months ended February 29, 2016 and February 28, 2015 , our board of directors declared, and we paid, a quarterly cash dividend of $.025 per share of common stock.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Feb. 29, 2016
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 three months ended February 29, 2016 : Options Weighted Average Exercise Price Options outstanding at beginning of period 12,635,644 $ 19.39 Granted — — Exercised — — Cancelled — — Options outstanding at end of period 12,635,644 $ 19.39 Options exercisable at end of period 10,389,722 $ 20.35 As of February 29, 2016 , the weighted average remaining contractual life of stock options outstanding and stock options exercisable was 4.5 years and 3.5 years , respectively. There was $4.1 million of total unrecognized compensation expense related to unvested stock option awards as of February 29, 2016 . For the three months ended February 29, 2016 and February 28, 2015 , stock-based compensation expense associated with stock options totaled $.9 million and $1.1 million , respectively. The aggregate intrinsic value of both stock options outstanding and stock options exercisable was $10.8 million at February 29, 2016 . (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 February 29, 2016 and $2.1 million for the three months ended February 28, 2015 related to restricted stock and PSUs.

Supplemental Disclosure to Cons

Supplemental Disclosure to Consolidated Statements of Cash Flows	3 Months Ended
	Feb. 29, 2016
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): Three Months Ended February 29, February 28, Summary of cash and cash equivalents at end of period: Homebuilding $ 323,076 $ 545,641 Financial services 1,780 2,438 Total $ 324,856 $ 548,079 Supplemental disclosures of cash flow information: Interest paid, net of amounts capitalized $ (12,955 ) $ (3,892 ) Income taxes paid 458 150 Supplemental disclosures of noncash activities: Reclassification of warranty recoveries to receivables $ 1,758 $ 3,623 Decrease in consolidated inventories not owned (28,511 ) — Increase in inventories due to distributions of land and land development from an unconsolidated joint venture 2,674 8,006 Inventories acquired through seller financing 32,435 —

Supplemental Guarantor Informat

Supplemental Guarantor Information	3 Months Ended
	Feb. 29, 2016
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 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 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 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 February 29, 2016 . Condensed Consolidating Statements of Operations (in thousands) Three Months Ended February 29, 2016 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues $ — $ 601,343 $ 77,028 $ — $ 678,371 Homebuilding: Revenues $ — $ 601,343 $ 74,399 $ — $ 675,742 Construction and land costs — (501,866 ) (66,952 ) — (568,818 ) Selling, general and administrative expenses (24,340 ) (53,136 ) (10,456 ) — (87,932 ) Operating income (loss) (24,340 ) 46,341 (3,009 ) — 18,992 Interest income 134 18 — — 152 Interest expense (44,370 ) (1,881 ) — 42,554 (3,697 ) Intercompany interest 74,043 (28,063 ) (3,426 ) (42,554 ) — Equity in loss of unconsolidated joint ventures — (603 ) — — (603 ) Homebuilding pretax income (loss) 5,467 15,812 (6,435 ) — 14,844 Financial services pretax income — — 1,183 — 1,183 Total pretax income (loss) 5,467 15,812 (5,252 ) — 16,027 Income tax benefit (expense) 700 (3,600 ) — — (2,900 ) Equity in net income of subsidiaries 6,960 — — (6,960 ) — Net income (loss) $ 13,127 $ 12,212 $ (5,252 ) $ (6,960 ) $ 13,127 Three Months Ended February 28, 2015 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues $ — $ 510,996 $ 69,125 $ — $ 580,121 Homebuilding: Revenues $ — $ 510,996 $ 66,892 $ — $ 577,888 Construction and land costs — (430,333 ) (62,085 ) — (492,418 ) Selling, general and administrative expenses (15,672 ) (45,622 ) (9,778 ) — (71,072 ) Operating income (loss) (15,672 ) 35,041 (4,971 ) — 14,398 Interest income 101 1 1 — 103 Interest expense (43,580 ) (1,460 ) — 39,702 (5,338 ) Intercompany interest 70,468 (26,638 ) (4,128 ) (39,702 ) — Equity in loss of unconsolidated joint ventures — (347 ) — — (347 ) Homebuilding pretax income (loss) 11,317 6,597 (9,098 ) — 8,816 Financial services pretax income — — 1,683 — 1,683 Total pretax income (loss) 11,317 6,597 (7,415 ) — 10,499 Income tax benefit (expense) 200 (3,100 ) 200 — (2,700 ) Equity in net loss of subsidiaries (3,718 ) — — 3,718 — Net income (loss) $ 7,799 $ 3,497 $ (7,215 ) $ 3,718 $ 7,799 Condensed Consolidating Balance Sheets (in thousands) February 29, 2016 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets Homebuilding: Cash and cash equivalents $ 257,361 $ 58,798 $ 6,917 $ — $ 323,076 Restricted cash 4,357 — — — 4,357 Receivables 2,829 144,885 4,375 — 152,089 Inventories — 3,127,883 340,761 — 3,468,644 Investments in unconsolidated joint ventures — 66,071 2,501 — 68,572 Deferred tax assets, net 191,744 497,554 90,098 — 779,396 Other assets 97,345 12,610 3,105 — 113,060 553,636 3,907,801 447,757 — 4,909,194 Financial services — — 12,862 — 12,862 Intercompany receivables 3,739,159 — 101,267 (3,840,426 ) — Investments in subsidiaries 49,584 — — (49,584 ) — Total assets $ 4,342,379 $ 3,907,801 $ 561,886 $ (3,890,010 ) $ 4,922,056 Liabilities and stockholders’ equity Homebuilding: Accounts payable, accrued expenses and other liabilities $ 144,023 $ 395,048 $ 111,790 $ — $ 650,861 Notes payable 2,565,155 87,550 — — 2,652,705 2,709,178 482,598 111,790 — 3,303,566 Financial services — — 1,432 — 1,432 Intercompany payables 16,143 3,409,390 414,893 (3,840,426 ) — Stockholders’ equity 1,617,058 15,813 33,771 (49,584 ) 1,617,058 Total liabilities and stockholders’ equity $ 4,342,379 $ 3,907,801 $ 561,886 $ (3,890,010 ) $ 4,922,056 November 30, 2015 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets Homebuilding: Cash and cash equivalents $ 444,850 $ 98,281 $ 15,911 $ — $ 559,042 Restricted cash 9,344 — — — 9,344 Receivables 39 148,338 4,305 — 152,682 Inventories — 2,979,617 334,130 — 3,313,747 Investments in unconsolidated joint ventures — 69,057 2,501 — 71,558 Deferred tax assets, net 190,770 501,454 89,972 — 782,196 Other assets 97,590 11,783 3,401 — 112,774 742,593 3,808,530 450,220 — 5,001,343 Financial services — — 14,028 — 14,028 Intercompany receivables 3,627,150 — 102,103 (3,729,253 ) — Investments in subsidiaries 39,383 — — (39,383 ) — Total assets $ 4,409,126 $ 3,808,530 $ 566,351 $ (3,768,636 ) $ 5,015,371 Liabilities and stockholders’ equity Homebuilding: Accounts payable, accrued expenses and other liabilities $ 136,352 $ 442,529 $ 118,303 $ — $ 697,184 Notes payable 2,564,762 60,774 — — 2,625,536 2,701,114 503,303 118,303 — 3,322,720 Financial services — — 1,817 — 1,817 Intercompany payables 17,178 3,305,227 406,848 (3,729,253 ) — Stockholders’ equity 1,690,834 — 39,383 (39,383 ) 1,690,834 Total liabilities and stockholders’ equity $ 4,409,126 $ 3,808,530 $ 566,351 $ (3,768,636 ) $ 5,015,371 Condensed Consolidating Statements of Cash Flows (in thousands) Three Months Ended February 29, 2016 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net cash provided by (used in) operating activities $ 13,908 $ (141,026 ) $ (16,195 ) $ — $ (143,313 ) Cash flows from investing activities: Contributions to unconsolidated joint ventures — (291 ) — — (291 ) Purchases of property and equipment, net (1,129 ) (265 ) (19 ) — (1,413 ) Intercompany (115,459 ) — — 115,459 — Net cash used in investing activities (116,588 ) (556 ) (19 ) 115,459 (1,704 ) Cash flows from financing activities: Change in restricted cash 4,987 — — — 4,987 Payments on mortgages and land contracts due to land sellers and other loans — (5,659 ) — — (5,659 ) Payments of cash dividends (2,270 ) — — — (2,270 ) Stock repurchases (87,526 ) — — — (87,526 ) Intercompany — 107,758 7,701 (115,459 ) — Net cash provided by (used in) financing activities (84,809 ) 102,099 7,701 (115,459 ) (90,468 ) Net decrease in cash and cash equivalents (187,489 ) (39,483 ) (8,513 ) — (235,485 ) Cash and cash equivalents at beginning of period 444,850 98,281 17,210 — 560,341 Cash and cash equivalents at end of period $ 257,361 $ 58,798 $ 8,697 $ — $ 324,856 Three Months Ended February 28, 2015 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net cash provided by (used in) operating activities $ 5,369 $ (27,884 ) $ (26,394 ) $ — $ (48,909 ) Cash flows from investing activities: Contributions to unconsolidated joint ventures — (2,414 ) — — (2,414 ) Purchases of property and equipment, net (37 ) (528 ) (21 ) — (586 ) Intercompany (80,424 ) — — 80,424 — Net cash used in investing activities (80,461 ) (2,942 ) (21 ) 80,424 (3,000 ) Cash flows from financing activities: Change in restricted cash (749 ) — — — (749 ) Proceeds from issuance of debt 250,000 — — — 250,000 Payment of debt issuance costs (2,989 ) — — — (2,989 ) Payments on mortgages and land contracts due to land sellers and other loans — (2,722 ) — — (2,722 ) Payments of cash dividends (2,299 ) — — — (2,299 ) Stock repurchases (21 ) — — — (21 ) Intercompany — 59,593 20,831 (80,424 ) — Net cash provided by financing activities 243,942 56,871 20,831 (80,424 ) 241,220 Net increase (decrease) in cash and cash equivalents 168,850 26,045 (5,584 ) — 189,311 Cash and cash equivalents at beginning of period 303,280 37,112 18,376 — 358,768 Cash and cash equivalents at end of period $ 472,130 $ 63,157 $ 12,792 $ — $ 548,079

Basis of Presentation and Sig24

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Feb. 29, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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 $203.7 million at February 29, 2016 and $342.3 million at November 30, 2015 . 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 February 29, 2016 and November 30, 2015 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 $13.1 million for the three months ended February 29, 2016 and $7.8 million for the three months ended February 28, 2015 . Our comprehensive income for each of the three-month periods was equal to our net income for each such period.
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. For public entities, ASU 2014-09, as amended, is effective 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 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. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). ASU 2016-02 will require organizations that lease assets — referred to as “lessees” — to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. Under ASU 2016-02, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. Lessor accounting remains substantially similar to current GAAP. In addition, disclosures of leasing activities are to be expanded to include qualitative along with specific quantitative information. For public entities, ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. ASU 2016-02 mandates a modified retrospective transition method. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements. In March 2016, the FASB issued Accounting Standards Update No. 2016-09, “Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”). ASU 2016-09 simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public entities, ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the potential impact of adopting this guidance 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.
Accounting Standards Codification Topic No.280, Segment Reporting	As of February 29, 2016 , we had identified five operating reporting segments, comprised of four homebuilding reporting segments and one financial services reporting segment. As of February 29, 2016 , our homebuilding reporting segments conducted ongoing operations in the following states: West Coast: California Southwest: Arizona and Nevada Central: Colorado 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. We offer mortgage banking services, including residential mortgage loan (“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 Mortgage LLC (“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. Our homebuyers may select any lender of their choice to obtain mortgage financing for the purchase of their home. Corporate and other is a non-operating segment that develops and oversees the implementation of company-wide strategic initiatives and provides support to our reporting segments by centralizing certain administrative functions. 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 our 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.
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 February 29, 2016 or February 28, 2015 .
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.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 February 29, 2016 and November 30, 2015 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 with third parties and unconsolidated entities to acquire rights to land for the construction of homes. Under these 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 February 29, 2016 and November 30, 2015 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 $81.4 million at February 29, 2016 and $110.0 million at November 30, 2015 .
Income Taxes (ASC 740)	We evaluate our deferred tax assets quarterly to determine if adjustments to our 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 our 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 our deferred tax assets depends primarily on our ability to generate 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 depends on applicable income tax rates
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. 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 under a program 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.
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 and/or our warranty claims experience could have a significant impact on our actual warranty costs in future periods and such amounts could differ significantly from our current estimates.
Stock-Based Compensation (ASC 718)	We estimate the grant-date fair value of stock options using the Black-Scholes option-pricing model.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Feb. 29, 2016
Segment Reporting [Abstract]
Financial Information Relating to Company Reporting Segments	The following tables present financial information relating to our segments (in thousands): Three Months Ended February 29, February 28, Revenues: West Coast $ 283,846 $ 277,255 Southwest 100,332 65,137 Central 202,161 159,148 Southeast 89,403 76,348 Total homebuilding revenues 675,742 577,888 Financial services 2,629 2,233 Total $ 678,371 $ 580,121 Pretax income (loss): West Coast $ 22,116 $ 21,854 Southwest 12,503 3,443 Central 10,579 10,226 Southeast (7,564 ) (9,613 ) Corporate and other (22,790 ) (17,094 ) Total homebuilding pretax income 14,844 8,816 Financial services 1,183 1,683 Total $ 16,027 $ 10,499 Inventory impairment charges: West Coast $ — $ — Southwest — — Central 787 — Southeast 559 — Total $ 1,346 $ — Land option contract abandonments: West Coast $ 160 $ — Southwest — — Central 460 — Southeast — 448 Total $ 620 $ 448 February 29, November 30, Inventories: Homes under construction West Coast $ 582,674 $ 535,795 Southwest 106,733 112,032 Central 283,817 263,345 Southeast 137,602 120,184 Subtotal 1,110,826 1,031,356 Land under development West Coast 873,838 788,607 Southwest 340,375 317,331 Central 435,758 421,783 Southeast 229,392 238,324 Subtotal 1,879,363 1,766,045 Land held for future development West Coast 261,721 277,954 Southwest 90,322 104,677 Central 18,349 22,082 Southeast 108,063 111,633 Subtotal 478,455 516,346 Total $ 3,468,644 $ 3,313,747 Assets: West Coast $ 1,831,971 $ 1,740,299 Southwest 579,723 582,030 Central 844,836 829,811 Southeast 507,915 507,844 Corporate and other 1,144,749 1,341,359 Total homebuilding assets 4,909,194 5,001,343 Financial services 12,862 14,028 Total $ 4,922,056 $ 5,015,371

Financial Services (Tables)

Financial Services (Tables)	3 Months Ended
	Feb. 29, 2016
Segment Reporting Information [Line Items]
Financial Services Income (Loss)	The following tables present financial information relating to our financial services reporting segment (in thousands): Three Months Ended February 29, February 28, Revenues Insurance commissions $ 1,576 $ 1,434 Title services 1,053 799 Total 2,629 2,233 Expenses General and administrative (859 ) (964 ) Operating income 1,770 1,269 Equity in income (loss) of unconsolidated joint ventures (587 ) 414 Pretax income $ 1,183 $ 1,683
Financial services [Member]
Segment Reporting Information [Line Items]
Schedule of Financial Services Assets and Liabilities	February 29, November 30, Assets Cash and cash equivalents $ 1,780 $ 1,299 Receivables 1,201 2,245 Investments in unconsolidated joint ventures 9,853 10,440 Other assets 28 44 Total assets $ 12,862 $ 14,028 Liabilities Accounts payable and accrued expenses $ 1,432 $ 1,817 Total liabilities $ 1,432 $ 1,817

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Feb. 29, 2016
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): Three Months Ended February 29, February 28, Numerator: Net income $ 13,127 $ 7,799 Less: Distributed earnings allocated to nonvested restricted stock (10 ) (9 ) Less: Undistributed earnings allocated to nonvested restricted stock (50 ) (20 ) Numerator for basic earnings per share 13,067 7,770 Effect of dilutive securities: Interest expense and amortization of debt issuance costs associated with convertible senior notes, net of taxes 667 667 Add: Undistributed earnings allocated to nonvested restricted stock 50 20 Less: Undistributed earnings reallocated to nonvested restricted stock (45 ) (18 ) Numerator for diluted earnings per share $ 13,739 $ 8,439 Three Months Ended February 29, February 28, Denominator: Weighted average shares outstanding — basic 89,239 91,954 Effect of dilutive securities: Share-based payments 1,786 1,344 Convertible senior notes 8,402 8,402 Weighted average shares outstanding — diluted 99,427 101,700 Basic earnings per share $ .15 $ .08 Diluted earnings per share $ .14 $ .08

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Feb. 29, 2016
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following (in thousands): February 29, November 30, Homes under construction $ 1,110,826 $ 1,031,356 Land under development 1,879,363 1,766,045 Land held for future development 478,455 516,346 Total $ 3,468,644 $ 3,313,747
Schedule of Capitalized Interest Costs	Our interest costs were as follows (in thousands): Three Months Ended February 29, February 28, Capitalized interest at beginning of period $ 288,442 $ 266,668 Interest incurred 46,251 45,003 Interest expensed (3,697 ) (5,338 ) Interest amortized to construction and land costs (a) (30,682 ) (22,293 ) Capitalized interest at end of period (b) $ 300,314 $ 284,040 (a) Interest amortized to construction and land costs for the three months ended February 29, 2016 included $.5 million related to land sales during the period. (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)	3 Months Ended
	Feb. 29, 2016
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): February 29, 2016 November 30, 2015 Cash Deposits Aggregate Purchase Price Cash Deposits Aggregate Purchase Price Unconsolidated VIEs $ 24,714 $ 465,727 $ 32,436 $ 611,567 Other land option contracts and other similar contracts 18,148 530,401 22,101 576,140 Total $ 42,862 $ 996,128 $ 54,537 $ 1,187,707

Investments in Unconsolidated30

Investments in Unconsolidated Joint Ventures (Tables)	3 Months Ended
	Feb. 29, 2016
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): Three Months Ended February 29, February 28, Revenues $ 3,338 $ 3,210 Construction and land costs (7,495 ) (3,743 ) Other expense, net (1,123 ) (696 ) Loss $ (5,280 ) $ (1,229 )
Balance Sheets of Unconsolidated Joint Ventures	The following table presents combined condensed balance sheet information for our unconsolidated joint ventures (in thousands): February 29, November 30, Assets Cash $ 20,863 $ 23,309 Receivables 1,838 7,546 Inventories 180,080 175,196 Other assets 837 910 Total assets $ 203,618 $ 206,961 Liabilities and equity Accounts payable and other liabilities $ 15,679 $ 17,108 Notes payable (a) 46,044 39,064 Equity 141,895 150,789 Total liabilities and equity $ 203,618 $ 206,961 (a) One of our unconsolidated joint ventures has 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. Outstanding debt under the agreement is non-recourse to us and is scheduled to mature in August 2018. None of our other unconsolidated joint ventures had outstanding debt at February 29, 2016 or November 30, 2015
Information Related Investments in Unconsolidated Joint Ventures	The following table presents information relating to our investments in unconsolidated joint ventures (dollars in thousands): February 29, November 30, Number of investments in unconsolidated joint ventures 7 7 Investments in unconsolidated joint ventures $ 68,572 $ 71,558 Number of unconsolidated joint venture lots controlled under land option contracts and other similar contracts 647 677

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Feb. 29, 2016
Other Assets [Abstract]
Schedule of Other Assets	Other assets consisted of the following (in thousands): February 29, November 30, Cash surrender value of insurance contracts $ 64,680 $ 67,786 Debt issuance costs 23,920 25,408 Property and equipment, net 13,614 13,100 Prepaid expenses 10,846 6,480 Total $ 113,060 $ 112,774

Accrued Expenses and Other Li32

Accrued Expenses and Other Liabilities (Tables)	3 Months Ended
	Feb. 29, 2016
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities consisted of the following (in thousands): February 29, November 30, Inventory-related obligations (a) $ 118,650 $ 148,887 Self-insurance and other litigation liabilities 111,213 96,496 Employee compensation and related benefits 87,070 114,456 Accrued interest payable 79,337 62,645 Warranty liability 50,575 49,085 Customer deposits 16,930 14,563 Real estate and business taxes 10,367 14,255 Other 9,144 13,027 Total $ 483,286 $ 513,414 (a) Represents liabilities for inventory not owned associated with financing arrangements discussed in Note 7. Variable Interest Entities, as well as liabilities for fixed or determinable amounts associated with tax increment financing entity (“TIFE”) assessments. As homes are delivered, our obligation to pay the remaining TIFE assessments associated with each underlying lot is transferred to the homebuyer. As such, these assessment obligations will be paid by us only to the extent we do not deliver homes on applicable lots before the related TIFE obligations mature.

Notes Payable (Tables)

Notes Payable (Tables)	3 Months Ended
	Feb. 29, 2016
Debt Disclosure [Abstract]
Schedule of Mortgages and Notes Payable	Notes payable consisted of the following (in thousands): February 29, November 30, Mortgages and land contracts due to land sellers and other loans $ 62,440 $ 35,664 9.10% Senior notes due September 15, 2017 263,673 263,475 7 1/4% Senior notes due June 15, 2018 299,594 299,554 4.75% Senior notes due May 15, 2019 400,000 400,000 8.00% Senior notes due March 15, 2020 346,998 346,843 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 250,000 250,000 1.375% Convertible senior notes due February 1, 2019 230,000 230,000 Total $ 2,652,705 $ 2,625,536

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	3 Months Ended
	Feb. 29, 2016
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 three months ended February 29, 2016 and the year ended November 30, 2015 (in thousands): Description Fair Value Hierarchy February 29, November 30, Inventories (a) Level 2 $ 1,054 $ — Inventories (a) Level 3 810 11,988 (a) Amounts represent the aggregate fair value for real estate assets impacted by inventory impairment charges during the applicable period, as of the date 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): February 29, 2016 November 30, 2015 Fair Value Hierarchy Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Liabilities: Senior notes Level 2 $ 2,360,265 $ 2,329,187 $ 2,359,872 $ 2,429,850 Convertible senior notes Level 2 230,000 202,688 230,000 211,313

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Feb. 29, 2016
Commitments and Contingencies Disclosure [Abstract]
Changes in the Warranty Liability	The changes in our warranty liability were as follows (in thousands): Three Months Ended February 29, February 28, Balance at beginning of period $ 49,085 $ 45,196 Warranties issued 5,252 4,133 Payments (a) (4,021 ) (7,595 ) Adjustments (b) 259 3,623 Balance at end of period $ 50,575 $ 45,357 (a) Payments for the three months ended February 28, 2015 included $4.1 million to repair homes affected by water intrusion-related issues in certain of our communities in central and southwest Florida. These issues were substantially resolved during the year ended November 30, 2015. (b) Adjustments for the three months ended February 29, 2016 and February 28, 2015 included the reclassification of certain estimated minimum probable recoveries to receivables. The estimated minimum probable recoveries were included in receivables to the extent they exceeded the estimated remaining repair costs in our overall warranty liability with respect to the associated homes. The adjustments for each period had no impact on our consolidated statements of operations.
Schedule of Self-Insurance Liability	The changes in our self-insurance liability were as follows (in thousands): Three Months Ended February 29, February 28, Balance at beginning of period $ 82,175 $ 86,574 Self-insurance expense (a) 4,016 2,435 Payments, net of recoveries (b) (4,730 ) (6,262 ) Balance at end of period $ 81,461 $ 82,747 (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)	3 Months Ended
	Feb. 29, 2016
Equity [Abstract]
Summary of Changes in Stockholders’ Equity	A summary of changes in stockholders’ equity is presented below (in thousands): Three Months Ended February 29, 2016 Common Stock Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Grantor Stock Ownership Trust Treasury Stock Total Stockholders’ Equity Balance at November 30, 2015 $ 115,548 $ 682,871 $ 1,466,713 $ (17,319 ) $ (109,936 ) $ (447,043 ) $ 1,690,834 Net income — — 13,127 — — — 13,127 Dividends on common stock — — (2,270 ) — — — (2,270 ) Performance share-based stock issuance — (4,065 ) — — 4,065 — — Stock-based compensation — 2,893 — — — — 2,893 Stock repurchases — — — — — (87,526 ) (87,526 ) Balance at February 29, 2016 $ 115,548 $ 681,699 $ 1,477,570 $ (17,319 ) $ (105,871 ) $ (534,569 ) $ 1,617,058

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Feb. 29, 2016
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 three months ended February 29, 2016 : Options Weighted Average Exercise Price Options outstanding at beginning of period 12,635,644 $ 19.39 Granted — — Exercised — — Cancelled — — Options outstanding at end of period 12,635,644 $ 19.39 Options exercisable at end of period 10,389,722 $ 20.35

Supplemental Disclosure to Co38

Supplemental Disclosure to Consolidated Statements of Cash Flows (Tables)	3 Months Ended
	Feb. 29, 2016
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): Three Months Ended February 29, February 28, Summary of cash and cash equivalents at end of period: Homebuilding $ 323,076 $ 545,641 Financial services 1,780 2,438 Total $ 324,856 $ 548,079 Supplemental disclosures of cash flow information: Interest paid, net of amounts capitalized $ (12,955 ) $ (3,892 ) Income taxes paid 458 150 Supplemental disclosures of noncash activities: Reclassification of warranty recoveries to receivables $ 1,758 $ 3,623 Decrease in consolidated inventories not owned (28,511 ) — Increase in inventories due to distributions of land and land development from an unconsolidated joint venture 2,674 8,006 Inventories acquired through seller financing 32,435 —

Supplemental Guarantor Inform39

Supplemental Guarantor Information (Tables)	3 Months Ended
	Feb. 29, 2016
Guarantees [Abstract]
Condensed Consolidated Statements of Operations	Condensed Consolidating Statements of Operations (in thousands) Three Months Ended February 29, 2016 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues $ — $ 601,343 $ 77,028 $ — $ 678,371 Homebuilding: Revenues $ — $ 601,343 $ 74,399 $ — $ 675,742 Construction and land costs — (501,866 ) (66,952 ) — (568,818 ) Selling, general and administrative expenses (24,340 ) (53,136 ) (10,456 ) — (87,932 ) Operating income (loss) (24,340 ) 46,341 (3,009 ) — 18,992 Interest income 134 18 — — 152 Interest expense (44,370 ) (1,881 ) — 42,554 (3,697 ) Intercompany interest 74,043 (28,063 ) (3,426 ) (42,554 ) — Equity in loss of unconsolidated joint ventures — (603 ) — — (603 ) Homebuilding pretax income (loss) 5,467 15,812 (6,435 ) — 14,844 Financial services pretax income — — 1,183 — 1,183 Total pretax income (loss) 5,467 15,812 (5,252 ) — 16,027 Income tax benefit (expense) 700 (3,600 ) — — (2,900 ) Equity in net income of subsidiaries 6,960 — — (6,960 ) — Net income (loss) $ 13,127 $ 12,212 $ (5,252 ) $ (6,960 ) $ 13,127 Three Months Ended February 28, 2015 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues $ — $ 510,996 $ 69,125 $ — $ 580,121 Homebuilding: Revenues $ — $ 510,996 $ 66,892 $ — $ 577,888 Construction and land costs — (430,333 ) (62,085 ) — (492,418 ) Selling, general and administrative expenses (15,672 ) (45,622 ) (9,778 ) — (71,072 ) Operating income (loss) (15,672 ) 35,041 (4,971 ) — 14,398 Interest income 101 1 1 — 103 Interest expense (43,580 ) (1,460 ) — 39,702 (5,338 ) Intercompany interest 70,468 (26,638 ) (4,128 ) (39,702 ) — Equity in loss of unconsolidated joint ventures — (347 ) — — (347 ) Homebuilding pretax income (loss) 11,317 6,597 (9,098 ) — 8,816 Financial services pretax income — — 1,683 — 1,683 Total pretax income (loss) 11,317 6,597 (7,415 ) — 10,499 Income tax benefit (expense) 200 (3,100 ) 200 — (2,700 ) Equity in net loss of subsidiaries (3,718 ) — — 3,718 — Net income (loss) $ 7,799 $ 3,497 $ (7,215 ) $ 3,718 $ 7,799
Condensed Consolidated Balance Sheets	Condensed Consolidating Balance Sheets (in thousands) February 29, 2016 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets Homebuilding: Cash and cash equivalents $ 257,361 $ 58,798 $ 6,917 $ — $ 323,076 Restricted cash 4,357 — — — 4,357 Receivables 2,829 144,885 4,375 — 152,089 Inventories — 3,127,883 340,761 — 3,468,644 Investments in unconsolidated joint ventures — 66,071 2,501 — 68,572 Deferred tax assets, net 191,744 497,554 90,098 — 779,396 Other assets 97,345 12,610 3,105 — 113,060 553,636 3,907,801 447,757 — 4,909,194 Financial services — — 12,862 — 12,862 Intercompany receivables 3,739,159 — 101,267 (3,840,426 ) — Investments in subsidiaries 49,584 — — (49,584 ) — Total assets $ 4,342,379 $ 3,907,801 $ 561,886 $ (3,890,010 ) $ 4,922,056 Liabilities and stockholders’ equity Homebuilding: Accounts payable, accrued expenses and other liabilities $ 144,023 $ 395,048 $ 111,790 $ — $ 650,861 Notes payable 2,565,155 87,550 — — 2,652,705 2,709,178 482,598 111,790 — 3,303,566 Financial services — — 1,432 — 1,432 Intercompany payables 16,143 3,409,390 414,893 (3,840,426 ) — Stockholders’ equity 1,617,058 15,813 33,771 (49,584 ) 1,617,058 Total liabilities and stockholders’ equity $ 4,342,379 $ 3,907,801 $ 561,886 $ (3,890,010 ) $ 4,922,056 November 30, 2015 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets Homebuilding: Cash and cash equivalents $ 444,850 $ 98,281 $ 15,911 $ — $ 559,042 Restricted cash 9,344 — — — 9,344 Receivables 39 148,338 4,305 — 152,682 Inventories — 2,979,617 334,130 — 3,313,747 Investments in unconsolidated joint ventures — 69,057 2,501 — 71,558 Deferred tax assets, net 190,770 501,454 89,972 — 782,196 Other assets 97,590 11,783 3,401 — 112,774 742,593 3,808,530 450,220 — 5,001,343 Financial services — — 14,028 — 14,028 Intercompany receivables 3,627,150 — 102,103 (3,729,253 ) — Investments in subsidiaries 39,383 — — (39,383 ) — Total assets $ 4,409,126 $ 3,808,530 $ 566,351 $ (3,768,636 ) $ 5,015,371 Liabilities and stockholders’ equity Homebuilding: Accounts payable, accrued expenses and other liabilities $ 136,352 $ 442,529 $ 118,303 $ — $ 697,184 Notes payable 2,564,762 60,774 — — 2,625,536 2,701,114 503,303 118,303 — 3,322,720 Financial services — — 1,817 — 1,817 Intercompany payables 17,178 3,305,227 406,848 (3,729,253 ) — Stockholders’ equity 1,690,834 — 39,383 (39,383 ) 1,690,834 Total liabilities and stockholders’ equity $ 4,409,126 $ 3,808,530 $ 566,351 $ (3,768,636 ) $ 5,015,371
Condensed Consolidated Statements of Cash Flows	Condensed Consolidating Statements of Cash Flows (in thousands) Three Months Ended February 29, 2016 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net cash provided by (used in) operating activities $ 13,908 $ (141,026 ) $ (16,195 ) $ — $ (143,313 ) Cash flows from investing activities: Contributions to unconsolidated joint ventures — (291 ) — — (291 ) Purchases of property and equipment, net (1,129 ) (265 ) (19 ) — (1,413 ) Intercompany (115,459 ) — — 115,459 — Net cash used in investing activities (116,588 ) (556 ) (19 ) 115,459 (1,704 ) Cash flows from financing activities: Change in restricted cash 4,987 — — — 4,987 Payments on mortgages and land contracts due to land sellers and other loans — (5,659 ) — — (5,659 ) Payments of cash dividends (2,270 ) — — — (2,270 ) Stock repurchases (87,526 ) — — — (87,526 ) Intercompany — 107,758 7,701 (115,459 ) — Net cash provided by (used in) financing activities (84,809 ) 102,099 7,701 (115,459 ) (90,468 ) Net decrease in cash and cash equivalents (187,489 ) (39,483 ) (8,513 ) — (235,485 ) Cash and cash equivalents at beginning of period 444,850 98,281 17,210 — 560,341 Cash and cash equivalents at end of period $ 257,361 $ 58,798 $ 8,697 $ — $ 324,856 Three Months Ended February 28, 2015 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net cash provided by (used in) operating activities $ 5,369 $ (27,884 ) $ (26,394 ) $ — $ (48,909 ) Cash flows from investing activities: Contributions to unconsolidated joint ventures — (2,414 ) — — (2,414 ) Purchases of property and equipment, net (37 ) (528 ) (21 ) — (586 ) Intercompany (80,424 ) — — 80,424 — Net cash used in investing activities (80,461 ) (2,942 ) (21 ) 80,424 (3,000 ) Cash flows from financing activities: Change in restricted cash (749 ) — — — (749 ) Proceeds from issuance of debt 250,000 — — — 250,000 Payment of debt issuance costs (2,989 ) — — — (2,989 ) Payments on mortgages and land contracts due to land sellers and other loans — (2,722 ) — — (2,722 ) Payments of cash dividends (2,299 ) — — — (2,299 ) Stock repurchases (21 ) — — — (21 ) Intercompany — 59,593 20,831 (80,424 ) — Net cash provided by financing activities 243,942 56,871 20,831 (80,424 ) 241,220 Net increase (decrease) in cash and cash equivalents 168,850 26,045 (5,584 ) — 189,311 Cash and cash equivalents at beginning of period 303,280 37,112 18,376 — 358,768 Cash and cash equivalents at end of period $ 472,130 $ 63,157 $ 12,792 $ — $ 548,079

Basis of Presentation and Sig40

Basis of Presentation and Significant Accounting Policies (Narratives) (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	Nov. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash equivalents	$ 203.7		$ 342.3
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ 13.1	$ 7.8

Segment Information (Narratives

Segment Information (Narratives) (Details)	3 Months Ended
	Feb. 29, 2016segment
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		12 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	Nov. 30, 2015
Segment Reporting Information [Line Items]
Impairment of Real Estate	$ 1,346	$ 0	$ 8,000
Inventory, Homes under Construction	1,110,826		1,031,356
Inventory, Real Estate, Land and Land Development Costs	1,879,363		1,766,045
Inventory, Land Held for Development and Sale	478,455		516,346
Inventory, Operative Builders	3,468,644		3,313,747
Revenues:
Total revenues	678,371	580,121
Pretax income (loss):
Total pretax income (loss)	16,027	10,499
Assets:
Total assets	4,922,056		5,015,371
Homebuilding [Member]
Revenues:
Total revenues	675,742	577,888
Pretax income (loss):
Total pretax income (loss)	14,844	8,816
Assets:
Total assets	4,909,194		5,001,343
Financial services [Member]
Revenues:
Total revenues	2,629	2,233
Pretax income (loss):
Total pretax income (loss)	1,183	1,683
Assets:
Total assets	12,862		14,028
West Coast [Member]
Segment Reporting Information [Line Items]
Impairment of Real Estate	0	0
Inventory, Homes under Construction	582,674		535,795
Inventory, Real Estate, Land and Land Development Costs	873,838		788,607
Inventory, Land Held for Development and Sale	261,721		277,954
West Coast [Member] | Homebuilding [Member]
Revenues:
Total revenues	283,846	277,255
Pretax income (loss):
Total pretax income (loss)	22,116	21,854
Assets:
Total assets	1,831,971		1,740,299
Southwest [Member]
Segment Reporting Information [Line Items]
Impairment of Real Estate	0	0
Inventory, Homes under Construction	106,733		112,032
Inventory, Real Estate, Land and Land Development Costs	340,375		317,331
Inventory, Land Held for Development and Sale	90,322		104,677
Southwest [Member] | Homebuilding [Member]
Revenues:
Total revenues	100,332	65,137
Pretax income (loss):
Total pretax income (loss)	12,503	3,443
Assets:
Total assets	579,723		582,030
Central [Member]
Segment Reporting Information [Line Items]
Impairment of Real Estate	787	0
Inventory, Homes under Construction	283,817		263,345
Inventory, Real Estate, Land and Land Development Costs	435,758		421,783
Inventory, Land Held for Development and Sale	18,349		22,082
Central [Member] | Homebuilding [Member]
Revenues:
Total revenues	202,161	159,148
Pretax income (loss):
Total pretax income (loss)	10,579	10,226
Assets:
Total assets	844,836		829,811
Southeast [Member]
Segment Reporting Information [Line Items]
Impairment of Real Estate	559	0
Inventory, Homes under Construction	137,602		120,184
Inventory, Real Estate, Land and Land Development Costs	229,392		238,324
Inventory, Land Held for Development and Sale	108,063		111,633
Southeast [Member] | Homebuilding [Member]
Revenues:
Total revenues	89,403	76,348
Pretax income (loss):
Total pretax income (loss)	(7,564)	(9,613)
Assets:
Total assets	507,915		507,844
Corporate and Other [Member] | Homebuilding [Member]
Pretax income (loss):
Total pretax income (loss)	(22,790)	(17,094)
Assets:
Total assets	1,144,749		$ 1,341,359
Land Option Contract Abandonment [Member]
Segment Reporting Information [Line Items]
Loss on Contract Termination	620	448
Land Option Contract Abandonment [Member] | West Coast [Member]
Segment Reporting Information [Line Items]
Loss on Contract Termination	160	0
Land Option Contract Abandonment [Member] | Southwest [Member]
Segment Reporting Information [Line Items]
Loss on Contract Termination	0	0
Land Option Contract Abandonment [Member] | Central [Member]
Segment Reporting Information [Line Items]
Loss on Contract Termination	460	0
Land Option Contract Abandonment [Member] | Southeast [Member]
Segment Reporting Information [Line Items]
Loss on Contract Termination	$ 0	$ 448

Financial Services (Schedule of

Financial Services (Schedule of Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2016	Feb. 28, 2015
Revenues
Insurance commissions	$ 1,576	$ 1,434
Title services	1,053	799
Total	2,629	2,233
Expenses
General and administrative	(859)	(964)
Operating income	18,992	14,398
Equity in income (loss) of unconsolidated joint ventures	(1,190)	67
Total pretax income (loss)	16,027	10,499
Financial services [Member]
Expenses
Operating income	1,770	1,269
Equity in income (loss) of unconsolidated joint ventures	(587)	414
Total pretax income (loss)	$ 1,183	$ 1,683

Financial Services (Schedule 44

Financial Services (Schedule of Assets and Liabilities) (Details) - USD ($) $ in Thousands	Feb. 29, 2016	Nov. 30, 2015	Feb. 28, 2015	Nov. 30, 2014
Assets
Cash and cash equivalents	$ 324,856	$ 560,341	$ 548,079	$ 358,768
Receivables	152,089	152,682
Investments in unconsolidated joint ventures	68,572	71,558
Other assets	113,060	112,774
Total assets	4,922,056	5,015,371
Liabilities
Accounts payable and accrued expenses	650,861	697,184
Total liabilities	1,432	1,817
Financial services [Member]
Assets
Cash and cash equivalents	1,780	1,299	$ 2,438
Receivables	1,201	2,245
Investments in unconsolidated joint ventures	9,853	10,440
Other assets	28	44
Total assets	12,862	14,028
Liabilities
Accounts payable and accrued expenses	$ 1,432	$ 1,817

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
	Feb. 29, 2016	Feb. 28, 2015
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	9,700	8,200
Numerator:
Net income	$ 13,127	$ 7,799
Less: Distributed earnings allocated to nonvested restricted stock	(10)	(9)
Less: Undistributed earnings allocated to nonvested restricted stock	(50)	(20)
Numerator for basic earnings per share	13,067	7,770
Interest expense and amortization of debt issuance costs associated with convertible senior notes, net of taxes	667	667
Add: Undistributed earnings allocated to nonvested restricted stock	50	20
Less: Undistributed earnings reallocated to nonvested restricted stock	(45)	(18)
Numerator for diluted earnings per share	$ 13,739	$ 8,439
Denominator:
Weighted average shares outstanding — basic	89,239	91,954
Effect of dilutive securities: Share-based payments	1,786	1,344
Effect of dilutive securities: Convertible senior notes	8,402	8,402
Weighted average shares outstanding — diluted	99,427	101,700
Basic earnings per share, in dollars per share	$ 0.15	$ 0.08
Diluted earnings per share, in dollars per share	$ 0.14	$ 0.08

Inventories (Schedule of Invent

Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands	Feb. 29, 2016	Nov. 30, 2015
Inventories
Homes under construction	$ 1,110,826	$ 1,031,356
Land under development	1,879,363	1,766,045
Land held for future development	478,455	516,346
Total	$ 3,468,644	$ 3,313,747

Inventories (Schedule of Capita

Inventories (Schedule of Capitalized Interest Costs) (Details) - USD ($) $ in Thousands		3 Months Ended
		Feb. 29, 2016	Feb. 28, 2015
Interest Costs
Capitalized interest at beginning of period		$ 288,442	$ 266,668
Interest incurred		46,251	45,003
Interest Expense		(3,697)	(5,338)
Interest amortized to construction and land costs	[1]	(30,682)	(22,293)
Capitalized interest at end of period	[2]	300,314	$ 284,040
Land [Member]
Interest Costs
Interest amortized to construction and land costs		$ (500)
[1]	(a)Interest amortized to construction and land costs for the three months ended February 29, 2016 included $.5 million related to land sales during the period
[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		12 Months Ended
	Feb. 29, 2016USD ($)propertylotdelivery	Feb. 28, 2015USD ($)propertylot	Nov. 30, 2015USD ($)property
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Acquisition Costs Related To Land Option Contracts And Other Similar Contracts	$ 54,200,000		$ 65,600,000
Fair Value Estimate Input, Delivery For Period | delivery	1
Fair Value Inputs, Discount Rate	17.00%
Number of land parcels or communities evaluated for recoverability | property	20	20
Carrying Value of Communities or Land Parcels Evaluated for Impairment	$ 179,400,000	$ 165,100,000
Impairment of Real Estate	1,346,000	$ 0	8,000,000
Fair Value Estimate Input at Average Selling Price	310,000
Aggregate carrying value of inventory impacted by pretax, noncash inventory impairment charges	$ 250,400,000		$ 254,200,000
Number of communities and various other land parcels impacted by pretax, noncash inventory impairment charges	28		28
Land Option Contract Abandonment Lots | lot	180	312
Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Acquisition Costs Related To Land Option Contracts And Other Similar Contracts	$ 100,000
Land Option Contract Abandonment [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Payments to Acquire Land	(620,000)	$ (448,000)
Southeast [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Impairment of Real Estate	559,000	0
Southeast [Member] | Land Option Contract Abandonment [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Payments to Acquire Land	0	(448,000)
Central [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Impairment of Real Estate	787,000	0
Central [Member] | Land Option Contract Abandonment [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Payments to Acquire Land	$ (460,000)	$ 0

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Thousands	Feb. 29, 2016	Nov. 30, 2015
Variable Interest Entity [Line Items]
Cash Deposits	$ 42,862	$ 54,537
Aggregate Purchase Price	996,128	1,187,707
Pre-acquisition costs related to land option contracts and other similar contracts	54,200	65,600
Increase in inventories and accrued expenses and other liabilities	81,400	110,000
Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Cash Deposits	24,714	32,436
Aggregate Purchase Price	465,727	611,567
Non-VIE Other land option contracts and other similar contracts [Member]
Variable Interest Entity [Line Items]
Cash Deposits	18,148	22,101
Aggregate Purchase Price	$ 530,401	$ 576,140

Investments in Unconsolidated50

Investments in Unconsolidated Joint Ventures (Financial Information for Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands		3 Months Ended
		Feb. 29, 2016	Feb. 28, 2015	Nov. 30, 2015
Statements of operations of unconsolidated joint venture
Revenues		$ 3,338	$ 3,210
Construction and land costs		(7,495)	(3,743)
Other expenses, net		(1,123)	(696)
Income (loss)		(5,280)	$ (1,229)
Assets
Cash		20,863		$ 23,309
Receivables		1,838		7,546
Inventories		180,080		175,196
Other Assets		837		910
Total assets		203,618		206,961
Liabilities and equity
Accounts payable and other liabilities		15,679		17,108
Equity Method Investments Summarized Financial Information Debt	[1]	46,044		39,064
Equity		141,895		150,789
Total liabilities and equity		$ 203,618		$ 206,961
[1]	(a)One of our unconsolidated joint ventures has 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. Outstanding debt under the agreement is non-recourse to us and is scheduled to mature in August 2018. None of our other unconsolidated joint ventures had outstanding debt at February 29, 2016 or November 30, 2015.

Investments in Unconsolidated51

Investments in Unconsolidated Joint Ventures (Information for Investments in Unconsolidated Joint Ventures) (Details) $ in Thousands		Feb. 29, 2016USD ($)lotjoint_venture	Nov. 30, 2015USD ($)lotjoint_venture
Schedule of Equity Method Investments [Line Items]
Number of investments in unconsolidated joint ventures | joint_venture		7	7
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $		$ 68,572	$ 71,558
Number of Unconsolidated Joint Venture Lots Controlled Under Land Option Contracts | lot		647	677
Equity Method Investments Summarized Financial Information Debt | $	[1]	$ 46,044	$ 39,064
West Coast [Member] | Investments in Unconsolidated Joint Ventures with Debt
Schedule of Equity Method Investments [Line Items]
Number of investments in unconsolidated joint ventures | joint_venture		1	1
[1]	(a)One of our unconsolidated joint ventures has 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. Outstanding debt under the agreement is non-recourse to us and is scheduled to mature in August 2018. None of our other unconsolidated joint ventures had outstanding debt at February 29, 2016 or November 30, 2015.

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Feb. 29, 2016	Nov. 30, 2015
Other Assets [Abstract]
Cash surrender value of insurance contracts	$ 64,680	$ 67,786
Debt issuance costs	23,920	25,408
Property and equipment, net	13,614	13,100
Prepaid expenses	10,846	6,480
Total	$ 113,060	$ 112,774

Accrued Expenses and Other Li53

Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands		Feb. 29, 2016	Nov. 30, 2015	Feb. 28, 2015	Nov. 30, 2014
Payables and Accruals [Abstract]
Employee compensation and related benefits		$ 87,070	$ 114,456
Inventory-related liabilities	[1]	118,650	148,887
Self-Insurance and Other Litigation Liabilities		111,213	96,496
Accrued interest payable		79,337	62,645
Warranty liability		50,575	49,085	$ 45,357	$ 45,196
Customer Deposits, Current		16,930	14,563
Real estate and business taxes		10,367	14,255
Other		9,144	13,027
Total		$ 483,286	$ 513,414
[1]	(a)Represents liabilities for inventory not owned associated with financing arrangements discussed in Note 7. Variable Interest Entities, as well as liabilities for fixed or determinable amounts associated with tax increment financing entity (“TIFE”) assessments. As homes are delivered, our obligation to pay the remaining TIFE assessments associated with each underlying lot is transferred to the homebuyer. As such, these assessment obligations will be paid by us only to the extent we do not deliver homes on applicable lots before the related TIFE obligations mature.

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	Nov. 30, 2015
Income Tax Disclosure [Abstract]
Income tax expense	$ (2,900,000)	$ (2,700,000)
Income Tax Credits and Adjustments	3,300,000	$ 1,400,000
Unrecognized Tax Benefits	100,000		$ 100,000
Gross Unrecognized Tax Benefits Including Interest and Penalties	100,000		100,000
Net (increase) reduction in valuation allowance	0
Valuation allowance	37,800,000		37,800,000
Income Tax Contingency [Line Items]
Deferred Tax Assets, Gross	$ 817,200,000		$ 820,000,000
Effective Income Tax Rate Reconciliation, Percent	18.10%	25.70%
Minimum [Member]
Income Tax Contingency [Line Items]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	$ 0
Maximum [Member]
Income Tax Contingency [Line Items]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	$ 100,000

Notes Payable (Schedule Notes P

Notes Payable (Schedule Notes Payable) (Details) - USD ($) $ in Thousands	Feb. 29, 2016	Nov. 30, 2015
Debt Instrument [Line Items]
Mortgages and notes payable	$ 2,652,705	$ 2,625,536
Mortgages and Land Contracts Due to Land Sellers and Other Loans [Member]
Debt Instrument [Line Items]
Mortgages and notes payable	$ 62,440	$ 35,664
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	$ 263,673	$ 263,475
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	$ 299,594	$ 299,554
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	$ 346,998	$ 346,843
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%	7.625%
Mortgages and notes payable	$ 250,000	$ 250,000
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 ($)	3 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	Nov. 30, 2015
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity	$ 275,000,000
Letters of credit outstanding	32,400,000		$ 33,400,000
Proceeds from Issuance of Senior Long-term Debt	$ 0	$ 250,000,000
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities	8,402,000	8,402,000
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months	$ 58,800,000
Long-term Debt, Maturities, Repayments of Principal in Year Two	268,600,000
Long-term Debt, Maturities, Repayments of Principal in Year Three	300,000,000
Long-term Debt, Maturities, Repayments of Principal in Year Four	630,000,000
Long-term Debt, Maturities, Repayments of Principal in Year Five	350,000,000
Long-term Debt, Maturities, Repayments of Principal after Year Five	1,050,000,000
Inventories pledged to collateralize mortgages and land contracts, carrying value	208,700,000
Letter of Credit [Member]
Debt Instrument [Line Items]
Unsecured revolving credit facility, maximum borrowing capacity	137,500,000
Line of Credit Facility, Amount Outstanding	28,155,000
Letters of credit outstanding	4,300,000		$ 9,100,000
Unsecured revolving credit facility, remaining borrowing capacity	$ 109,300,000
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
Line of Credit Facility, Amount Outstanding	0
Unsecured revolving credit facility, remaining borrowing capacity	$ 246,800,000
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 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%
Debt Conversion, Converted Instrument, Shares Issued	36.5297
Debt instrument, convertible, conversion price	$ 27.37
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities	8,401,831
Senior Notes [Member] | Senior notes due September 15, 2017 at 9.10%
Debt Instrument [Line Items]
Senior notes, rate	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%
Senior Notes [Member] | Senior notes due March 15, 2020 at 8.00%
Debt Instrument [Line Items]
Senior notes, rate	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%
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%		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		Feb. 29, 2016	Nov. 30, 2015
Level 2
Assets measured at fair value on a nonrecurring basis
Assets, Fair Value Disclosure	[1]	$ 1,054	$ 0
Level 3
Assets measured at fair value on a nonrecurring basis
Assets, Fair Value Disclosure	[1]	$ 810	$ 11,988
[1]	Amounts represent the aggregate fair value for real estate assets impacted by inventory impairment charges during the applicable period, as of the date 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		12 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	Nov. 30, 2015
Fair Value Disclosures [Abstract]
Long-lived assets held and used, carrying value	$ 3,200		$ 20,000
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of Real Estate	1,346	$ 0	8,000
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	$ 1,900		$ 12,000

Fair Value Disclosures (Fair Va

Fair Value Disclosures (Fair Value Hierarchy, Carrying Values, and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands		Feb. 29, 2016	Nov. 30, 2015
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		2,360,265	2,359,872
Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure		1,900	12,000
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		202,688	211,313
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		2,329,187	2,429,850
Fair Value, Measurements, Nonrecurring [Member] | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure	[1]	$ 1,054	$ 0
[1]	Amounts represent the aggregate fair value for real estate assets impacted by inventory impairment charges during the applicable period, as of the date 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) - USD ($) $ in Thousands		3 Months Ended
		Feb. 29, 2016	Feb. 28, 2015	Nov. 30, 2015
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	[1]	$ (4,021)	$ (7,595)
Adjustment to increase warranty liability	[2]	259	3,623
Performance bonds		566,800		$ 565,400
Letters of credit outstanding		32,400		33,400
Cash deposits		42,862		54,537
Aggregate purchase price of land		$ 996,128		$ 1,187,707
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]
Payments			$ (4,100)
Warranty Obligations [Member]
Loss Contingencies [Line Items]
Structural warranty provided by the company (in years)		10 years
[1]	Payments for the three months ended February 28, 2015 included $4.1 million to repair homes affected by water intrusion-related issues in certain of our communities in central and southwest Florida. These issues were substantially resolved during the year ended November 30, 2015.
[2]	Adjustments for the three months ended February 29, 2016 and February 28, 2015 included the reclassification of certain estimated minimum probable recoveries to receivables. The estimated minimum probable recoveries were included in receivables to the extent they exceeded the estimated remaining repair costs in our overall warranty liability with respect to the associated homes. The adjustments for each period had no impact on our consolidated statements of operations.

Commitments and Contingencies61

Commitments and Contingencies (Changes in the Warranty Liability) (Details) - USD ($) $ in Thousands		3 Months Ended
		Feb. 29, 2016	Feb. 28, 2015	Nov. 30, 2015	Nov. 30, 2014
Loss Contingencies [Line Items]
Self Insurance Reserve		$ 81,461	$ 82,747	$ 82,175	$ 86,574
Expenses Associated with Self Insurance	[1]	4,016	2,435
Payments, Net of Recoveries for Self Insurance	[2]	(4,730)	(6,262)
Changes in the Warranty Liability
Balance at beginning of period		49,085	45,196
Warranties issued		5,252	4,133
Payments	[3]	(4,021)	(7,595)
Adjustments	[4]	259	3,623
Balance at end of period		$ 50,575	45,357
Water Intrusion [Member]
Changes in the Warranty Liability
Payments			$ (4,100)
[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]	Payments for the three months ended February 28, 2015 included $4.1 million to repair homes affected by water intrusion-related issues in certain of our communities in central and southwest Florida. These issues were substantially resolved during the year ended November 30, 2015.
[4]	Adjustments for the three months ended February 29, 2016 and February 28, 2015 included the reclassification of certain estimated minimum probable recoveries to receivables. The estimated minimum probable recoveries were included in receivables to the extent they exceeded the estimated remaining repair costs in our overall warranty liability with respect to the associated homes. The adjustments for each period had no impact on our consolidated statements of operations.

Legal Matters (Details)

Legal Matters (Details)	3 Months Ended
	Feb. 29, 2016USD ($)a
Nevada Development Contract Litigation
Loss Contingencies [Line Items]
Acres of purchased land by LVDA | a	83
Expected interest charges	$ 41,000,000
Edwards, K. and Andrea L. Bejenaru, et. al. [Member] [Member]
Loss Contingencies [Line Items]
Expected compensatory damages	66,000,000
San Diego Region (Basin Plan) [Domain]
Loss Contingencies [Line Items]
Site Contingency, Loss Exposure Not Accrued, Low Estimate	100,000
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
	Feb. 29, 2016	Feb. 28, 2015
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 1,690,834
Net income	13,127	$ 7,799
Dividends on common stock	(2,270)
Performance share-based stock issuance	0
Stock-based compensation	2,893
Stock repurchases	(87,526)
Ending balance	1,617,058
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	115,548
Ending balance	115,548
Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	682,871
Performance share-based stock issuance	(4,065)
Stock-based compensation	2,893
Ending balance	681,699
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	1,466,713
Net income	13,127
Dividends on common stock	(2,270)
Ending balance	1,477,570
Accumulated Other Comprehensive Income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(17,319)
Ending balance	(17,319)
Trust for Benefit of Employees [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(109,936)
Performance share-based stock issuance	4,065
Ending balance	(105,871)
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(447,043)
Stock repurchases	(87,526)
Ending balance	$ (534,569)

Stockholders' Equity (Narrative

Stockholders' Equity (Narratives) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	Jan. 12, 2016	Nov. 30, 2015
Equity [Abstract]
Dividend paid in each quarter (in dollars per share)	$ 0.0250	$ 0.0250
Debt Instrument [Line Items]
Number of common stock, authorized, approved under a board approved stock repurchase program				4,000,000
Common stock reserve, shares	12,602,735
Treasury Stock, Value	$ 534,569			$ 447,043
Stock repurchases	87,526	$ 21
January 2016 Stock Repurchase Program [Member]
Debt Instrument [Line Items]
Number of common stock, authorized, approved under a board approved stock repurchase program			10,000,000
Stock repurchases	$ 85,900
Treasury Stock, Shares, Acquired	8,373,000
Shares Withheld to Pay Taxes [Member]
Debt Instrument [Line Items]
Stock repurchases	$ 1,600
Treasury Stock, Shares, Acquired	155,457
Performance Shares [Member]
Debt Instrument [Line Items]
Common Stock, Shares, Issued	374,630

Stock-Based Compensation (Outst

Stock-Based Compensation (Outstanding and Exercisable Stock Options) (Details)	3 Months Ended
	Feb. 29, 2016$ / sharesshares
Options
Options outstanding at beginning of period, options | shares	12,635,644
Granted, options | shares	0
Exercised, options | shares	0
Cancelled, options | shares	0
Options outstanding at end of period, options | shares	12,635,644
Options exercisable at end of period | shares	10,389,722
Weighted Average Exercise Price in dollars per share
Options outstanding at beginning of period, weighted average exercise price in dollars per share | $ / shares	$ 19.39
Granted, weighted average exercise price in dollars per share | $ / shares	0
Exercised, weighted average exercise price in dollars per share | $ / shares	0
Cancelled, weighted average exercise price in dollars per share | $ / shares	0
Options outstanding at end of period, weighted average exercise price in dollars per share | $ / shares	19.39
Options exercisable at end of period | $ / shares	$ 20.35

Stock-Based Compensation (Narra

Stock-Based Compensation (Narratives) (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 29, 2016	Feb. 28, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining contractual life of stock options outstanding (in years)	4 years 6 months
Weighted average remaining contractual life of stock options exercisable (in years)	3 years 6 months
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value	$ 10.8
Intrinsic value of stock options exercisable	16.2
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, total	4.1
Stock-based compensation expense (income) associated with stock options, total	0.9	$ 1.1
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	$ 2.1

Supplemental Disclosure to Co67

Supplemental Disclosure to Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	Nov. 30, 2015	Nov. 30, 2014
Summary of cash and cash equivalents at end of period:
Cash and cash equivalents	$ 324,856	$ 548,079	$ 560,341	$ 358,768
Supplemental disclosures of cash flow information:
Interest paid, net of amounts capitalized	(12,955)	(3,892)
Income taxes paid	458	150
Supplemental disclosures of noncash activities:
Increase (decrease) in consolidated inventories not owned	(28,511)	0
Cost of inventories acquired through seller financing	32,435	0
Homebuilding
Summary of cash and cash equivalents at end of period:
Cash and cash equivalents	323,076	545,641	559,042
Financial Services
Summary of cash and cash equivalents at end of period:
Cash and cash equivalents	1,780	2,438	$ 1,299
Inspirada Builders LLC [Member]
Supplemental disclosures of noncash activities:
Increase in inventories due to distribution of land from unconsolidated joint venture	2,674	8,006
Water Intrusion [Member]
Supplemental disclosures of cash flow information:
Loss Contingency, Receivable	$ 1,758	$ 3,623

Supplemental Guarantor Inform68

Supplemental Guarantor Information (Narrative) (Details)	3 Months Ended
	Feb. 29, 2016
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
	Feb. 29, 2016	Feb. 28, 2015
Condensed Consolidated Statements of Operations
Revenues	$ 678,371	$ 580,121
Homebuilding:
Revenues	675,742	577,888
Construction and land costs	(568,818)	(492,418)
Selling, general and administrative expenses	(87,932)	(71,072)
Operating income (loss)	18,992	14,398
Interest income	152	103
Interest expense	(3,697)	(5,338)
Intercompany Interest Income (Expense)	0	0
Equity in income (loss) of unconsolidated joint ventures	(1,190)	67
Total pretax income (loss)	16,027	10,499
Income tax expense	(2,900)	(2,700)
Income (Loss) from Subsidiaries, Net of Tax	0	0
Net income	13,127	7,799
KB Home Corporate
Condensed Consolidated Statements of Operations
Revenues	0	0
Homebuilding:
Revenues	0	0
Construction and land costs	0	0
Selling, general and administrative expenses	(24,340)	(15,672)
Operating income (loss)	(24,340)	(15,672)
Interest income	134	101
Interest expense	(44,370)	(43,580)
Intercompany Interest Income (Expense)	74,043	70,468
Total pretax income (loss)	5,467	11,317
Income tax expense	700	200
Income (Loss) from Subsidiaries, Net of Tax	6,960	(3,718)
Net income	13,127	7,799
Guarantor Subsidiaries
Condensed Consolidated Statements of Operations
Revenues	601,343	510,996
Homebuilding:
Revenues	601,343	510,996
Construction and land costs	(501,866)	(430,333)
Selling, general and administrative expenses	(53,136)	(45,622)
Operating income (loss)	46,341	35,041
Interest income	18	1
Interest expense	(1,881)	(1,460)
Intercompany Interest Income (Expense)	(28,063)	(26,638)
Total pretax income (loss)	15,812	6,597
Income tax expense	(3,600)	(3,100)
Income (Loss) from Subsidiaries, Net of Tax	0	0
Net income	12,212	3,497
Non-Guarantor Subsidiaries
Condensed Consolidated Statements of Operations
Revenues	77,028	69,125
Homebuilding:
Revenues	74,399	66,892
Construction and land costs	(66,952)	(62,085)
Selling, general and administrative expenses	(10,456)	(9,778)
Operating income (loss)	(3,009)	(4,971)
Interest income	0	1
Interest expense	0	0
Intercompany Interest Income (Expense)	(3,426)	(4,128)
Total pretax income (loss)	(5,252)	(7,415)
Income tax expense	0	200
Income (Loss) from Subsidiaries, Net of Tax	0	0
Net income	(5,252)	(7,215)
Consolidating Adjustments
Condensed Consolidated Statements of Operations
Revenues	0	0
Homebuilding:
Revenues	0	0
Construction and land costs	0	0
Selling, general and administrative expenses	0	0
Operating income (loss)	0	0
Interest income	0	0
Interest expense	42,554	39,702
Intercompany Interest Income (Expense)	(42,554)	(39,702)
Total pretax income (loss)	0	0
Income tax expense	0	0
Income (Loss) from Subsidiaries, Net of Tax	(6,960)	3,718
Net income	(6,960)	3,718
Homebuilding [Member]
Condensed Consolidated Statements of Operations
Revenues	675,742	577,888
Homebuilding:
Equity in income (loss) of unconsolidated joint ventures	(603)	(347)
Total pretax income (loss)	14,844	8,816
Homebuilding [Member] | KB Home Corporate
Homebuilding:
Equity in income (loss) of unconsolidated joint ventures	0	0
Total pretax income (loss)	5,467	11,317
Homebuilding [Member] | Guarantor Subsidiaries
Homebuilding:
Equity in income (loss) of unconsolidated joint ventures	(603)	(347)
Total pretax income (loss)	15,812	6,597
Homebuilding [Member] | Non-Guarantor Subsidiaries
Homebuilding:
Equity in income (loss) of unconsolidated joint ventures	0	0
Total pretax income (loss)	(6,435)	(9,098)
Homebuilding [Member] | Consolidating Adjustments
Homebuilding:
Equity in income (loss) of unconsolidated joint ventures	0	0
Total pretax income (loss)	0	0
Financial services [Member]
Condensed Consolidated Statements of Operations
Revenues	2,629	2,233
Homebuilding:
Operating income (loss)	1,770	1,269
Equity in income (loss) of unconsolidated joint ventures	(587)	414
Total pretax income (loss)	1,183	1,683
Financial services [Member] | KB Home Corporate
Homebuilding:
Total pretax income (loss)	0	0
Financial services [Member] | Guarantor Subsidiaries
Homebuilding:
Total pretax income (loss)	0	0
Financial services [Member] | Non-Guarantor Subsidiaries
Homebuilding:
Total pretax income (loss)	1,183	1,683
Financial services [Member] | Consolidating Adjustments
Homebuilding:
Total pretax income (loss)	$ 0	$ 0

Supplemental Guarantor Inform70

Supplemental Guarantor Information (Condensed Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands	Feb. 29, 2016	Nov. 30, 2015	Feb. 28, 2015	Nov. 30, 2014
Assets
Cash and Cash Equivalents, at Carrying Value	$ 324,856	$ 560,341	$ 548,079	$ 358,768
Restricted cash	4,357	9,344
Receivables	152,089	152,682
Inventory, Operative Builders	3,468,644	3,313,747
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	68,572	71,558
Deferred tax assets, net	779,396	782,196
Other assets	113,060	112,774
Investments in and Advances to Affiliates, Amount of Equity	0	0
Total assets	4,922,056	5,015,371
Due from Affiliates	0	0
Liabilities and stockholders' equity
Accounts payable, accrued expenses and other liabilities	650,861	697,184
Mortgages and notes payable	2,652,705	2,625,536
Financial services	1,432	1,817
Due to Affiliate	0	0
Stockholders' equity	1,617,058	1,690,834
Total liabilities and stockholders’ equity	4,922,056	5,015,371
KB Home Corporate
Assets
Cash and Cash Equivalents, at Carrying Value	257,361	444,850	472,130	303,280
Restricted cash	4,357	9,344
Receivables	2,829	39
Inventory, Operative Builders	0	0
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	0	0
Deferred tax assets, net	191,744	190,770
Other assets	97,345	97,590
Investments in and Advances to Affiliates, Amount of Equity	49,584	39,383
Total assets	4,342,379	4,409,126
Due from Affiliates	3,739,159	3,627,150
Liabilities and stockholders' equity
Accounts payable, accrued expenses and other liabilities	144,023	136,352
Mortgages and notes payable	2,565,155	2,564,762
Financial services	0	0
Due to Affiliate	16,143	17,178
Stockholders' equity	1,617,058	1,690,834
Total liabilities and stockholders’ equity	4,342,379	4,409,126
Guarantor Subsidiaries
Assets
Cash and Cash Equivalents, at Carrying Value	58,798	98,281	63,157	37,112
Restricted cash	0	0
Receivables	144,885	148,338
Inventory, Operative Builders	3,127,883	2,979,617
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	66,071	69,057
Deferred tax assets, net	497,554	501,454
Other assets	12,610	11,783
Investments in and Advances to Affiliates, Amount of Equity	0	0
Total assets	3,907,801	3,808,530
Due from Affiliates	0	0
Liabilities and stockholders' equity
Accounts payable, accrued expenses and other liabilities	395,048	442,529
Mortgages and notes payable	87,550	60,774
Financial services	0	0
Due to Affiliate	3,409,390	3,305,227
Stockholders' equity	15,813	0
Total liabilities and stockholders’ equity	3,907,801	3,808,530
Non-Guarantor Subsidiaries
Assets
Cash and Cash Equivalents, at Carrying Value	8,697	17,210	12,792	18,376
Restricted cash	0	0
Receivables	4,375	4,305
Inventory, Operative Builders	340,761	334,130
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	2,501	2,501
Deferred tax assets, net	90,098	89,972
Other assets	3,105	3,401
Investments in and Advances to Affiliates, Amount of Equity	0	0
Total assets	561,886	566,351
Due from Affiliates	101,267	102,103
Liabilities and stockholders' equity
Accounts payable, accrued expenses and other liabilities	111,790	118,303
Mortgages and notes payable	0	0
Financial services	1,432	1,817
Due to Affiliate	414,893	406,848
Stockholders' equity	33,771	39,383
Total liabilities and stockholders’ equity	561,886	566,351
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	(49,584)	(39,383)
Total assets	(3,890,010)	(3,768,636)
Due from Affiliates	(3,840,426)	(3,729,253)
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	(3,840,426)	(3,729,253)
Stockholders' equity	(49,584)	(39,383)
Total liabilities and stockholders’ equity	(3,890,010)	(3,768,636)
Homebuilding [Member]
Assets
Cash and Cash Equivalents, at Carrying Value	323,076	559,042	545,641
Total assets	4,909,194	5,001,343
Liabilities and stockholders' equity
Total Liabilities Homebuilding	3,303,566	3,322,720
Homebuilding [Member] | KB Home Corporate
Assets
Cash and Cash Equivalents, at Carrying Value	257,361	444,850
Total assets	553,636	742,593
Liabilities and stockholders' equity
Total Liabilities Homebuilding	2,709,178	2,701,114
Homebuilding [Member] | Guarantor Subsidiaries
Assets
Cash and Cash Equivalents, at Carrying Value	58,798	98,281
Total assets	3,907,801	3,808,530
Liabilities and stockholders' equity
Total Liabilities Homebuilding	482,598	503,303
Homebuilding [Member] | Non-Guarantor Subsidiaries
Assets
Cash and Cash Equivalents, at Carrying Value	6,917	15,911
Total assets	447,757	450,220
Liabilities and stockholders' equity
Total Liabilities Homebuilding	111,790	118,303
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	1,780	1,299	$ 2,438
Receivables	1,201	2,245
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	9,853	10,440
Other assets	28	44
Total assets	12,862	14,028
Liabilities and stockholders' equity
Accounts payable, accrued expenses and other liabilities	1,432	1,817
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	12,862	14,028
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	3 Months Ended
	Feb. 29, 2016	Feb. 28, 2015
Cash flows from operating activities:
Net cash used in operating activities	$ (143,313)	$ (48,909)
Cash flows from investing activities:
Contributions to unconsolidated joint ventures	(291)	(2,414)
Purchases of property and equipment, net	(1,413)	(586)
Intercompany	0	0
Net cash used in investing activities	(1,704)	(3,000)
Cash flows from financing activities:
Change in restricted cash	4,987	(749)
Proceeds from issuance of debt	0	250,000
Payment of debt issuance costs	0	(2,989)
Payments on mortgages and land contracts due to land sellers and other loans	(5,659)	(2,722)
Payments of cash dividends	(2,270)	(2,299)
Stock repurchases	(87,526)	(21)
Intercompany	0	0
Net cash provided by (used in) financing activities	(90,468)	241,220
Net increase (decrease) in cash and cash equivalents	(235,485)	189,311
Cash and cash equivalents at beginning of period	560,341	358,768
Cash and cash equivalents at end of period	324,856	548,079
KB Home Corporate
Cash flows from operating activities:
Net cash used in operating activities	13,908	5,369
Cash flows from investing activities:
Contributions to unconsolidated joint ventures	0	0
Purchases of property and equipment, net	(1,129)	(37)
Intercompany	(115,459)	(80,424)
Net cash used in investing activities	(116,588)	(80,461)
Cash flows from financing activities:
Change in restricted cash	4,987	(749)
Proceeds from issuance of debt		250,000
Payment of debt issuance costs		(2,989)
Payments on mortgages and land contracts due to land sellers and other loans	0	0
Payments of cash dividends	(2,270)	(2,299)
Stock repurchases	(87,526)	(21)
Intercompany	0	0
Net cash provided by (used in) financing activities	(84,809)	243,942
Net increase (decrease) in cash and cash equivalents	(187,489)	168,850
Cash and cash equivalents at beginning of period	444,850	303,280
Cash and cash equivalents at end of period	257,361	472,130
Guarantor Subsidiaries
Cash flows from operating activities:
Net cash used in operating activities	(141,026)	(27,884)
Cash flows from investing activities:
Contributions to unconsolidated joint ventures	(291)	(2,414)
Purchases of property and equipment, net	(265)	(528)
Intercompany	0	0
Net cash used in investing activities	(556)	(2,942)
Cash flows from financing activities:
Change in restricted cash	0	0
Proceeds from issuance of debt		0
Payment of debt issuance costs		0
Payments on mortgages and land contracts due to land sellers and other loans	(5,659)	(2,722)
Payments of cash dividends	0	0
Stock repurchases	0	0
Intercompany	107,758	59,593
Net cash provided by (used in) financing activities	102,099	56,871
Net increase (decrease) in cash and cash equivalents	(39,483)	26,045
Cash and cash equivalents at beginning of period	98,281	37,112
Cash and cash equivalents at end of period	58,798	63,157
Non-Guarantor Subsidiaries
Cash flows from operating activities:
Net cash used in operating activities	(16,195)	(26,394)
Cash flows from investing activities:
Contributions to unconsolidated joint ventures	0	0
Purchases of property and equipment, net	(19)	(21)
Intercompany	0	0
Net cash used in investing activities	(19)	(21)
Cash flows from financing activities:
Change in restricted cash	0	0
Proceeds from issuance of debt		0
Payment of debt issuance costs		0
Payments on mortgages and land contracts due to land sellers and other loans	0	0
Payments of cash dividends	0	0
Stock repurchases	0	0
Intercompany	7,701	20,831
Net cash provided by (used in) financing activities	7,701	20,831
Net increase (decrease) in cash and cash equivalents	(8,513)	(5,584)
Cash and cash equivalents at beginning of period	17,210	18,376
Cash and cash equivalents at end of period	8,697	12,792
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
Purchases of property and equipment, net	0	0
Intercompany	115,459	80,424
Net cash used in investing activities	115,459	80,424
Cash flows from financing activities:
Change in restricted cash	0	0
Proceeds from issuance of debt		0
Payment of debt issuance costs		0
Payments on mortgages and land contracts due to land sellers and other loans	0	0
Payments of cash dividends	0	0
Stock repurchases	0	0
Intercompany	(115,459)	(80,424)
Net cash provided by (used in) financing activities	(115,459)	(80,424)
Net increase (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