KB Home (KBH) 10-Q 7 Jul 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	May 31, 2017shares
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	May 31, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--11-30
Entity Filer Category	Large Accelerated Filer
Entity Common Stock Shares Outstanding	85,548,203

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016
Total revenues		$ 1,002,794	$ 811,050	$ 1,821,390	$ 1,489,421
Homebuilding:
Revenues		1,000,072	808,462	1,816,318	1,484,204
Construction and land costs		(846,596)	(688,714)	(1,544,676)	(1,257,532)
Selling, general and administrative expenses		(103,917)	(93,810)	(196,806)	(181,742)
Operating income		49,559	25,938	74,836	44,930
Interest income		202	134	400	286
Interest expense	[1]	0	(1,970)	(6,307)	(5,667)
Equity in income (loss) of unconsolidated joint ventures				1,075	(2,212)
Total pretax income (loss)		51,982	24,797	73,441	40,824
Financial services:
Revenues		2,722	2,588	5,072	5,217
Expenses		(816)	(871)	(1,635)	(1,730)
Income tax expense	[2]	(20,200)	(9,200)	(27,400)	(12,100)
Net income		$ 31,782	$ 15,597	$ 46,041	$ 28,724
Earnings Per Share, Basic (in dollars per share)		$ 0.37	$ 0.18	$ 0.54	$ 0.33
Earnings Per Share, Diluted (in dollars per share)		$ 0.33	$ 0.17	$ 0.49	$ 0.31
Weighted average shares outstanding — basic (in shares)		85,445	84,196	85,285	86,704
Weighted average shares outstanding — diluted (in shares)		97,732	94,720	96,975	97,060
Cash dividends declared per common share (in dollars per share)		$ 0.0250	$ 0.0250	$ 0.05	$ 0.05
Homebuilding [Member]
Homebuilding:
Equity in income (loss) of unconsolidated joint ventures		$ (596)	$ (825)	$ 135	$ (1,428)
Total pretax income (loss)		49,165	23,277	69,064	38,121
Financial services [Member]
Homebuilding:
Operating income		1,906	1,717	3,437	3,487
Equity in income (loss) of unconsolidated joint ventures		911	(197)	940	(784)
Total pretax income (loss)		$ 2,817	$ 1,520	$ 4,377	$ 2,703
[1]	Interest incurred and interest expensed for the six months ended May 31, 2017 included a charge of $5.7 million for the early extinguishment of debt
[2]	(a) Amounts reflect the favorable net impact of federal energy tax credits we earned from building energy-efficient homes. The net impact of these tax credits was $.1 million and $.4 million for the three months ended May 31, 2017 and 2016, respectively, and $1.2 million and $3.7 million for the six months ended May 31, 2017 and 2016, respectively.

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		May 31, 2017	Nov. 30, 2016
Assets
Cash and cash equivalents		$ 349,372	$ 593,000
Receivables		234,712	231,665
Inventories		3,488,204	3,403,228
Investments in unconsolidated joint ventures		64,000	64,016
Deferred tax assets, net		711,885	738,985
Other assets		99,996	91,145
Total assets		4,958,795	5,131,624
Liabilities and stockholders' equity
Accounts payable		186,993	215,331
Accrued expenses and other liabilities		487,836	550,996
Mortgages and notes payable		2,510,121	2,640,149
Financial services		1,457	2,003
Common stock		116,546	116,224
Paid-in capital		703,004	696,938
Retained earnings		1,605,442	1,563,742
Accumulated other comprehensive loss		(16,057)	(16,057)
Grantor stock ownership trust, at cost		(99,279)	(102,300)
Treasury stock, at cost		(537,268)	(535,402)
Total stockholders’ equity		1,772,388	1,723,145
Total liabilities and stockholders’ equity		4,958,795	5,131,624
Homebuilding [Member]
Assets
Cash and cash equivalents		348,588	592,086
Total assets		4,947,385	5,121,125
Liabilities and stockholders' equity
Total Liabilities Homebuilding		3,184,950	3,406,476
Financial services [Member]
Assets
Cash and cash equivalents		784	914
Receivables		1,622	1,764
Investments in unconsolidated joint ventures	[1]	8,972	7,771
Other assets		32	50
Total assets		$ 11,410	$ 10,499
[1]	Our investments in unconsolidated joint ventures as of May 31, 2017 included a $5.3 million capital contribution we made to KBHS in the 2017 first quarter, and a $5.0 million distribution we received from HCM in the 2017 second quarter.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	May 31, 2017	May 31, 2016
Cash flows from operating activities:
Net income	$ 46,041	$ 28,724
Adjustments to reconcile net income to net cash used in operating activities:
Equity in (income) loss of unconsolidated joint ventures	(1,075)	2,212
Amortization of discounts and issuance costs	3,314	3,770
Depreciation and amortization	1,500	1,832
Deferred income taxes	27,100	11,800
Loss on early extinguishment of debt	5,685	0
Stock-based compensation	7,037	7,506
Inventory impairments and land option contract abandonments	10,009	13,706
Changes in assets and liabilities:
Receivables	(2,905)	13,734
Inventories	(100,520)	(220,061)
Accounts payable, accrued expenses and other liabilities	(54,673)	(29,546)
Other, net	(6,093)	(1,136)
Net cash used in operating activities	(64,580)	(167,459)
Cash flows from investing activities:
Contributions to unconsolidated joint ventures	(11,105)	(750)
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital	6,958	0
Purchases of property and equipment, net	(4,100)	(2,876)
Net cash used in investing activities	(8,247)	(3,626)
Cash flows from financing activities:
Change in restricted cash	0	5,827
Repayment of senior notes	(105,326)	0
Payments on mortgages and land contracts due to land sellers and other loans	(61,640)	(26,639)
Issuance of common stock under employee stock plans	3,049	0
Payments of cash dividends	(4,341)	(4,364)
Stock repurchases	(2,543)	(87,531)
Net cash used in financing activities	(170,801)	(112,707)
Net decrease in cash and cash equivalents	(243,628)	(283,792)
Cash and cash equivalents at beginning of period	593,000	560,341
Cash and cash equivalents at end of period	$ 349,372	$ 276,549

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
	May 31, 2017
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 May 31, 2017 , the results of our consolidated operations for the three months and six months ended May 31, 2017 and 2016, and our consolidated cash flows for the six months ended May 31, 2017 and 2016. The results of our consolidated operations for the three months and six months ended May 31, 2017 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, 2016 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, 2016 , 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 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 $256.1 million at May 31, 2017 and $396.1 million at November 30, 2016 . The majority of our cash and cash equivalents was invested in interest-bearing bank deposit accounts. Comprehensive Income. Our comprehensive income was $31.8 million for the three months ended May 31, 2017 and $15.6 million for the three months ended May 31, 2016 . For the six months ended May 31, 2017 and 2016, our comprehensive income was $46.0 million and $28.7 million , respectively. Our comprehensive income for each of the three-month and six-month periods ended May 31, 2017 and 2016 was equal to our net income for the respective periods. Recent Accounting Pronouncements Not Yet Adopted . 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. 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. In 2016, the FASB issued accounting standards updates that amended several aspects of ASU 2014-09. ASU 2014-09, as amended, is effective for us for annual and interim periods beginning December 1, 2018 (with early adoption permitted beginning in our 2018 fiscal year) and allows for full retrospective or modified retrospective methods of adoption. We expect to adopt ASU 2014-09 under the modified retrospective method in our 2019 first quarter. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements and disclosures, and have been involved in industry specific discussions with the FASB on the treatment of certain items. We do not believe the adoption of ASU 2014-09 will have a material impact on the amount or timing of our homebuilding revenues. We are also continuing to evaluate the impact adopting this guidance may have on other aspects of our business. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). ASU 2016-02 will require 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. ASU 2016-02 will be effective for us beginning December 1, 2019 (with early adoption permitted) and 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. ASU 2016-09 will be effective for us beginning December 1, 2017 (with early adoption permitted). We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements. In August 2016, the FASB issued Accounting Standards Update No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”). ASU 2016-15 provides guidance on how certain cash receipts and cash payments are to be presented and classified in the statement of cash flows. ASU 2016-15 will be effective for us beginning after December 1, 2018 (with early adoption permitted). We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements. In November 2016, the FASB issued Accounting Standards Update No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash” (“ASU 2016-18”). ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 will be effective for us beginning December 1, 2018 (with early adoption permitted) and will be applied using a retrospective transition method to each period presented. 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	6 Months Ended
	May 31, 2017
Segment Reporting [Abstract]
Segment Information	Segment Information We have identified five operating reporting segments, comprised of four homebuilding reporting segments and one financial services reporting segment. As of May 31, 2017 , our homebuilding reporting segments conducted ongoing operations in the following states: West Coast: California Southwest: Arizona and Nevada Central: Colorado and Texas Southeast: Florida and North Carolina 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. Management evaluates 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. Until October 2016, we provided 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. In the 2016 fourth quarter, we and Nationstar began the process to wind down HCM and transfer HCM’s operations and certain assets to Stearns Lending, LLC (“Stearns Lending”). Our homebuyers may select any lender of their choice to obtain mortgage financing for the purchase of their home. In the 2016 fourth quarter, a subsidiary of ours and a subsidiary of Stearns Lending entered into an agreement to form KBHS Home Loans, LLC (“KBHS”), an unconsolidated mortgage banking joint venture that will offer mortgage banking services, including mortgage loan originations, to our homebuyers. We and Stearns Lending each have a 50.0% ownership interest in KBHS, with Stearns Lending providing management oversight of KBHS’ operations. KBHS was operational in all of our served markets outside of California as of May 31, 2017, and became operational in California in June 2017. Our financial services reporting segment is separately reported in our consolidated financial statements. 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 management is responsible for, among other things, evaluating and selecting the geographic markets in which we operate, consistent with our overall business strategy; allocating capital resources to markets for land acquisition and development activities; making major personnel decisions related to employee compensation and benefits; and monitoring the financial and operational performance of our divisions. 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 homebuilding reporting segments (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2017 2016 2017 2016 Revenues: West Coast $ 460,600 $ 331,273 $ 816,432 $ 615,119 Southwest 126,189 111,671 243,825 212,003 Central 292,746 240,232 535,002 442,393 Southeast 120,537 125,286 221,059 214,689 Total $ 1,000,072 $ 808,462 $ 1,816,318 $ 1,484,204 Pretax income (loss): West Coast $ 36,496 $ 19,619 $ 59,349 $ 41,735 Southwest 9,949 10,134 18,621 22,637 Central 26,985 23,335 46,663 33,914 Southeast 479 (6,590 ) (1,734 ) (14,154 ) Corporate and other (24,744 ) (23,221 ) (53,835 ) (46,011 ) Total $ 49,165 $ 23,277 $ 69,064 $ 38,121 Inventory impairment charges: West Coast $ 3,144 $ 4,574 $ 3,144 $ 4,574 Southwest — — 1,343 — Central — — — 787 Southeast 1,158 5,356 3,032 5,915 Total $ 4,302 $ 9,930 $ 7,519 $ 11,276 Three Months Ended May 31, Six Months Ended May 31, 2017 2016 2017 2016 Land option contract abandonments: West Coast $ 1,044 $ 261 $ 1,835 $ 421 Southwest — 111 — 111 Central 518 — 518 460 Southeast 137 1,438 137 1,438 Total $ 1,699 $ 1,810 $ 2,490 $ 2,430 May 31, November 30, Inventories: Homes under construction West Coast $ 937,202 $ 695,742 Southwest 149,669 130,886 Central 334,326 297,290 Southeast 109,855 122,020 Subtotal 1,531,052 1,245,938 Land under development West Coast 641,669 820,088 Southwest 287,557 268,507 Central 451,551 456,508 Southeast 179,982 182,554 Subtotal 1,560,759 1,727,657 Land held for future development or sale West Coast 195,684 210,910 Southwest 111,608 122,927 Central 18,328 15,439 Southeast 70,773 80,357 Subtotal 396,393 429,633 Total $ 3,488,204 $ 3,403,228 Assets: West Coast $ 1,881,660 $ 1,847,279 Southwest 584,515 564,636 Central 918,171 909,497 Southeast 375,823 414,730 Corporate and other 1,187,216 1,384,983 Total $ 4,947,385 $ 5,121,125

Financial Services

Financial Services	6 Months Ended
	May 31, 2017
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 May 31, Six Months Ended May 31, 2017 2016 2017 2016 Revenues Insurance commissions $ 1,408 $ 1,371 $ 2,618 $ 2,947 Title services 1,314 1,217 2,449 2,270 Interest income — — 5 — Total 2,722 2,588 5,072 5,217 Expenses General and administrative (816 ) (871 ) (1,635 ) (1,730 ) Operating income 1,906 1,717 3,437 3,487 Equity in income (loss) of unconsolidated joint ventures 911 (197 ) 940 (784 ) Pretax income $ 2,817 $ 1,520 $ 4,377 $ 2,703 May 31, November 30, Assets Cash and cash equivalents $ 784 $ 914 Receivables 1,622 1,764 Investments in unconsolidated joint ventures (a) 8,972 7,771 Other assets 32 50 Total assets $ 11,410 $ 10,499 Liabilities Accounts payable and accrued expenses $ 1,457 $ 2,003 Total liabilities $ 1,457 $ 2,003 (a) Our investments in unconsolidated joint ventures as of May 31, 2017 included a $5.3 million capital contribution we made to KBHS in the 2017 first quarter, and a $5.0 million distribution we received from HCM in the 2017 second quarter.

Earnings Per Share

Earnings Per Share	6 Months Ended
	May 31, 2017
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 May 31, Six Months Ended May 31, 2017 2016 2017 2016 Numerator: Net income $ 31,782 $ 15,597 $ 46,041 $ 28,724 Less: Distributed earnings allocated to nonvested restricted stock (14 ) (10 ) (29 ) (21 ) Less: Undistributed earnings allocated to nonvested restricted stock (200 ) (66 ) (285 ) (116 ) Numerator for basic earnings per share 31,568 15,521 45,727 28,587 Three Months Ended May 31, Six Months Ended May 31, 2017 2016 2017 2016 Effect of dilutive securities: Interest expense and amortization of debt issuance costs associated with convertible senior notes, net of taxes 664 667 1,327 1,333 Add: Undistributed earnings allocated to nonvested restricted stock 200 66 285 116 Less: Undistributed earnings reallocated to nonvested restricted stock (175 ) (59 ) (251 ) (104 ) Numerator for diluted earnings per share $ 32,257 $ 16,195 $ 47,088 $ 29,932 Denominator: Weighted average shares outstanding — basic 85,445 84,196 85,285 86,704 Effect of dilutive securities: Share-based payments 3,885 2,122 3,288 1,954 Convertible senior notes 8,402 8,402 8,402 8,402 Weighted average shares outstanding — diluted 97,732 94,720 96,975 97,060 Basic earnings per share $ .37 $ .18 $ .54 $ .33 Diluted earnings per share $ .33 $ .17 $ .49 $ .31 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 May 31, 2017 or May 31, 2016 . Outstanding options to purchase 3.6 million shares of our common stock were excluded from the diluted earnings per share calculations for the three-month and six-month periods ended May 31, 2017 , and outstanding options to purchase 9.7 million shares of our common stock were excluded from the diluted earnings per share calculations for the three-month and six-month periods ended May 31, 2016 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.

Receivables (Notes)

Receivables (Notes)	6 Months Ended
	May 31, 2017
Receivables [Abstract]
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block]	Receivables Receivables consisted of the following (in thousands): May 31, November 30, Due from utility companies, improvement districts and municipalities $ 107,224 $ 102,780 Recoveries related to self-insurance claims 78,919 84,476 Refundable deposits and bonds 14,425 13,665 Recoveries related to warranty and other claims 11,613 14,609 Other 35,279 28,745 Subtotal 247,460 244,275 Allowance for doubtful accounts (12,748 ) (12,610 ) Total $ 234,712 $ 231,665

Inventories

Inventories	6 Months Ended
	May 31, 2017
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following (in thousands): May 31, November 30, Homes under construction $ 1,531,052 $ 1,245,938 Land under development 1,560,759 1,727,657 Land held for future development or sale (a) 396,393 429,633 Total $ 3,488,204 $ 3,403,228 (a) Land held for sale totaled $65.4 million at May 31, 2017 and $63.4 million at November 30, 2016 . Interest is capitalized to inventories while the related communities or land are being actively developed and until homes are completed or the land is available for immediate sale. 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 or sale. Our interest costs were as follows (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2017 2016 2017 2016 Capitalized interest at beginning of period $ 311,111 $ 300,314 $ 306,723 $ 288,442 Interest incurred (a) 43,344 46,258 93,423 92,509 Interest expensed (a) — (1,970 ) (6,307 ) (5,667 ) Interest amortized to construction and land costs (b) (50,471 ) (35,557 ) (89,855 ) (66,239 ) Capitalized interest at end of period (c) $ 303,984 $ 309,045 $ 303,984 $ 309,045 (a) Interest incurred and interest expensed for the six months ended May 31, 2017 included a charge of $5.7 million for the early extinguishment of debt. (b) Interest amortized to construction and land costs for the three months ended May 31, 2017 included $1.1 million related to land sales during the period. Interest amortized to construction and land costs for the six months ended May 31, 2017 and 2016 included $1.6 million and $.5 million , respectively, related to land sales during those periods. (c) 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	6 Months Ended
	May 31, 2017
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 on a community or land parcel that is active or held for future development when indicators of potential impairment exist and the carrying value of the 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 determined based on the estimated future net cash flows discounted for inherent risk associated with each such asset, or other valuation techniques. We record an inventory impairment charge on land held for sale when the carrying value of a land parcel is greater than its fair value. These real estate assets are written down to fair value, less associated costs to sell. The estimated fair values of such assets are generally based on bona fide letters of intent from outside parties, executed sales contracts, broker quotes or similar information. We evaluated 43 and 32 communities or land parcels for recoverability during the six months ended May 31, 2017 and 2016, respectively. The carrying value of the communities or land parcels evaluated during the six months ended May 31, 2017 and 2016 was $381.1 million and $248.7 million , respectively. Some of the communities or land parcels evaluated during the six months ended May 31, 2017 and 2016 were evaluated in more than one quarterly period. Communities or land parcels evaluated for recoverability in more than one quarterly period were counted only once for each six-month period. The communities or land parcels evaluated during the six months ended May 31, 2017 included certain communities or land parcels previously held for future development that were reactivated during 2016 or 2017 as part of our efforts to improve our asset efficiency under our returns-focused growth plan. Based on the results of our evaluations, we recognized inventory impairment charges of $4.3 million for the three months ended May 31, 2017 and $7.5 million for the six months ended May 31, 2017 . For the three months and six months ended May 31, 2016 , we recognized inventory impairment charges of $9.9 million and $11.3 million , respectively. The inventory impairment charges for the three-month and six-month periods ended May 31, 2017 and 2016 reflected our decisions to make changes in our operational strategies aimed at more quickly monetizing our investment in those communities or land parcels. Inventory impairment charges for the three-month and six-month periods ended May 31, 2017 related to two communities and four communities, respectively, where we decided to accelerate the overall pace for selling, building and delivering homes on land previously held for future development. Inventory impairment charges for the three months and six months ended May 31, 2016 included $5.4 million associated with the sales of two land parcels in the Metro Washington, D.C. market as part of the wind down of our operations in that market, and $4.6 million associated with one community in California where we decided to accelerate the overall timing for selling, building and delivering homes on land that was previously held for future development. The charges for the six months ended May 31, 2016 also reflected our decision to accelerate the overall timing for selling, building and delivering homes in a community in Florida that was previously held for future development, and the sales of our last remaining land parcels in the Rio Grande Valley area of Texas, which closed in the 2016 second quarter. The following table summarizes ranges for significant quantitative unobservable inputs we utilized in our fair value measurements with respect to the impaired communities written down to fair value during the periods presented: Three Months Ended May 31, Six Months Ended May 31, Unobservable Input (a) 2017 2016 2017 2016 Average selling price $231,000 - $399,800 $280,100 $231,000 - $399,800 $280,100 - $310,000 Deliveries per month 3 - 4 4 3 - 4 1 - 4 Discount rate 18% 20% 17% - 18% 17% - 20% (a) The ranges of inputs used in each period primarily reflect differences between the housing markets where each impacted community is located, rather than fluctuations in prevailing market conditions. As of May 31, 2017 , the aggregate carrying value of our inventory that had been impacted by inventory impairment charges was $195.1 million , representing 25 communities and various other land parcels. As of November 30, 2016 , the aggregate carrying value of our inventory that had been impacted by inventory impairment charges was $215.3 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 investment return 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 marketing 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 $1.7 million corresponding to 134 lots for the three months ended May 31, 2017 , and $2.5 million of such charges corresponding to 520 lots for the six months ended May 31, 2017 . We recognized land option contract abandonment charges of $1.8 million corresponding to 312 lots for the three months ended May 31, 2016 , and $2.4 million of such charges corresponding to 492 lots for the six months ended May 31, 2016 . Of the land option contract abandonment charges recognized for the three months and six months ended May 31, 2016, $1.4 million related to the wind down of our Metro Washington, D.C. operations. Due to the judgment and assumptions applied in our inventory impairment and land option contract abandonment assessment processes, particularly as to land held for future development or sale, it is possible that actual results could differ substantially from those estimated.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	May 31, 2017
Variable Interest Entities [Abstract]
Variable Interest Entities	Variable Interest Entities Unconsolidated Joint Ventures. 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 under the variable interest model to determine whether they are VIEs and, if so, whether we are the primary beneficiary. Based on our analyses, we determined that one of our joint ventures at May 31, 2017 and November 30, 2016 was a VIE, but we were not the primary beneficiary of the VIE. All of our joint ventures at May 31, 2017 and November 30, 2016 were unconsolidated and accounted for under the equity method because we did not have a controlling financial interest. Land Option Contracts and Other Similar Contracts. 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 make a specified option payment 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 under the variable interest model 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 May 31, 2017 and November 30, 2016 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. We perform ongoing reassessments of whether we are the primary beneficiary of a VIE. The following table presents a summary of our interests in land option contracts and other similar contracts (in thousands): May 31, 2017 November 30, 2016 Cash Deposits Aggregate Purchase Price Cash Deposits Aggregate Purchase Price Unconsolidated VIEs $ 19,313 $ 522,124 $ 24,910 $ 641,642 Other land option contracts and other similar contracts 12,099 333,792 17,919 431,954 Total $ 31,412 $ 855,916 $ 42,829 $ 1,073,596 In addition to the cash deposits presented in the table above, our exposure to loss related to our land option contracts and other similar contracts with third parties and unconsolidated entities consisted of pre-acquisition costs of $26.2 million at May 31, 2017 and $56.0 million at November 30, 2016 . These pre-acquisition costs and cash deposits were included in inventories in our consolidated balance sheets. For land option contracts and other similar contracts where the land seller entity is not required to be consolidated under the variable interest model, we consider whether such contracts should be accounted for as financing arrangements. Land option contracts and other similar contracts that may be considered financing arrangements include those we enter into with third-party land financiers or developers in conjunction with such third parties acquiring a specific land parcel(s) on our behalf, at our direction, and those with other landowners where we or our designee make improvements to the optioned land parcel(s) during the applicable option period. For these land option contracts and other similar contracts, we record the remaining purchase price of the associated land parcel(s) in inventories in our consolidated balance sheets with a corresponding financing obligation if we determine that we are effectively compelled to exercise the option to purchase the land parcel(s). In making this determination with respect to a land option contract or other similar contract, we consider the non-refundable deposit(s) we have made and any non-reimbursable expenditures we have incurred for land improvement activities or other items up to the assessment date; additional costs associated with abandoning the contract; and our commitments, if any, to incur non-reimbursable costs associated with the contract. As a result of our evaluations of land option contracts and other similar contracts for financing arrangements, we recorded inventories in our consolidated balance sheets, with a corresponding increase to accrued expenses and other liabilities, of $13.2 million at May 31, 2017 and $50.5 million at November 30, 2016 .

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures	6 Months Ended
	May 31, 2017
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 May 31, Six Months Ended May 31, 2017 2016 2017 2016 Revenues $ 7,080 $ 18,514 $ 26,802 $ 21,852 Construction and land costs (6,898 ) (18,501 ) (24,793 ) (25,996 ) Other expense, net (1,157 ) (1,468 ) (2,253 ) (2,591 ) Loss $ (975 ) $ (1,455 ) $ (244 ) $ (6,735 ) The year-over-year decreases in combined revenues and construction and land costs for three months ended May 31, 2017 primarily reflected decreased land sale activity from unconsolidated joint ventures in California. The year-over-year increase in combined revenues for the six months ended May 31, 2017 was primarily due to increased land sale activity from unconsolidated joint ventures in California and Nevada, while the decrease in construction and land costs reflected a change in the geographic mix of sales. The following table presents combined condensed balance sheet information for our unconsolidated joint ventures (in thousands): May 31, November 30, Assets Cash $ 25,266 $ 31,928 Receivables 742 882 Inventories 149,204 165,385 Other assets 2,562 629 Total assets $ 177,774 $ 198,824 Liabilities and equity Accounts payable and other liabilities $ 20,163 $ 19,880 Notes payable (a) 33,045 44,381 Equity 124,566 134,563 Total liabilities and equity $ 177,774 $ 198,824 (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 May 31, 2017 or November 30, 2016 . The following table presents additional information relating to our investments in unconsolidated joint ventures (dollars in thousands): May 31, November 30, Number of investments in unconsolidated joint ventures 6 7 Investments in unconsolidated joint ventures $ 64,000 $ 64,016 Number of unconsolidated joint venture lots controlled under land option contracts and other similar contracts 397 471 We and our partner in the unconsolidated joint venture that has the construction loan agreement described above provided certain guarantees and indemnities to the lender, including a guaranty to complete the construction of improvements for the project; a guaranty against losses the lender suffers due to certain bad acts or failures to act by the unconsolidated joint venture or its partners; a guaranty of interest payments on the outstanding balance of the secured debt under the construction loan agreement; and an indemnity of the lender from environmental issues. In each case, our actual responsibility under the foregoing guaranty and indemnity obligations is limited to our pro rata interest in the unconsolidated joint venture. We do not have a guaranty or any other obligation to repay or to support the value of the collateral underlying the unconsolidated joint venture’s outstanding secured debt. 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 May 31, 2017 , 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. Of the unconsolidated joint venture lots controlled under land option and other similar contracts at May 31, 2017 , we are committed to purchase 99 lots from one of our unconsolidated joint ventures in quarterly takedowns over the next three years for an aggregate purchase price of approximately $43.7 million under agreements that we entered into with the unconsolidated joint venture in 2016.

Other Assets

Other Assets	6 Months Ended
	May 31, 2017
Other Assets [Abstract]
Other Assets	Other Assets Other assets consisted of the following (in thousands): May 31, November 30, Cash surrender value of corporate-owned life insurance contracts $ 73,505 $ 70,829 Property and equipment, net 16,831 14,240 Prepaid expenses 8,699 4,894 Debt issuance costs associated with unsecured revolving credit facility 961 1,182 Total $ 99,996 $ 91,145

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	6 Months Ended
	May 31, 2017
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): May 31, November 30, Self-insurance and other litigation liabilities $ 173,704 $ 170,988 Employee compensation and related benefits 111,694 130,352 Accrued interest payable 65,928 67,411 Warranty liability 60,037 56,682 Inventory-related obligations (a) 43,390 82,682 Customer deposits 18,863 18,175 Real estate and business taxes 9,347 14,370 Other 4,873 10,336 Total $ 487,836 $ 550,996 (a) Represents liabilities for financing arrangements discussed in Note 8 – 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	6 Months Ended
	May 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income Tax Expense. Our income tax expense and effective income tax rates were as follows (dollars in thousands): Three Months Ended May 31, Six Months Ended May 31, 2017 2016 2017 2016 Income tax expense (a) $ 20,200 $ 9,200 $ 27,400 $ 12,100 Effective income tax rate (a) 38.9 % 37.1 % 37.3 % 29.6 % (a) Amounts reflect the favorable net impact of federal energy tax credits we earned from building energy-efficient homes. The net impact of these tax credits was $.1 million and $.4 million for the three months ended May 31, 2017 and 2016, respectively, and $1.2 million and $3.7 million for the six months ended May 31, 2017 and 2016, respectively. The majority of the federal energy tax credits for the three-month and six-month periods ended May 31, 2017 and 2016 resulted from legislation enacted in 2015 that extended the availability of a business tax credit for building new energy-efficient homes through December 31, 2016. There has not been any new legislation enacted extending the business tax credit beyond December 31, 2016. 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 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 $736.7 million as of May 31, 2017 and $763.8 million as of November 30, 2016 were partly offset by a valuation allowance in each period of $24.8 million . The deferred tax asset valuation allowances as of May 31, 2017 and November 30, 2016 were primarily related to certain state net operating losses (“NOLs”) that had not met the “more likely than not” realization standard at those dates. Based on our evaluation of our deferred tax assets as of May 31, 2017 , 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 six months ended May 31, 2017 . We will continue to evaluate both the positive and negative evidence on a quarterly basis in determining the need for a valuation allowance with respect to our deferred tax assets. The accounting for deferred tax assets is based upon estimates of future results. Changes in positive and negative evidence, including differences between estimated and actual results, could result in changes in the valuation of our deferred tax assets that could have a material impact on our consolidated financial statements. Changes in existing federal and state tax laws and corporate income tax rates could also affect our actual tax expense, the realization of our deferred tax assets over time and/or the value of our deferred tax assets on our consolidated balance sheets. Unrecognized Tax Benefits. At both May 31, 2017 and November 30, 2016 , 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. Our fiscal years ending 2013 and later remain open to federal examinations, while fiscal years 2012 and later remain open to state examinations.

Notes Payable

Notes Payable	6 Months Ended
	May 31, 2017
Debt Disclosure [Abstract]
Notes Payable	Notes Payable Notes payable consisted of the following (in thousands): May 31, November 30, Mortgages and land contracts due to land sellers and other loans $ 33,447 $ 66,927 9.10% Senior notes due September 15, 2017 164,748 263,932 7 1/4% Senior notes due June 15, 2018 299,755 299,647 4.75% Senior notes due May 15, 2019 397,874 397,364 8.00% Senior notes due March 15, 2020 345,510 344,811 7.00% Senior notes due December 15, 2021 446,253 445,911 7.50% Senior notes due September 15, 2022 346,999 346,774 7.625% Senior notes due May 15, 2023 247,562 247,404 1.375% Convertible senior notes due February 1, 2019 227,973 227,379 Total $ 2,510,121 $ 2,640,149 The carrying amounts of our senior notes listed above are net of debt issuance costs and discounts, which totaled $18.3 million at May 31, 2017 and $21.8 million at November 30, 2016 . 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. The Credit Facility also contains a sublimit of $137.5 million for the issuance of letters of credit, which may be utilized in combination with, or to replace, our cash-collateralized letter of credit facility with a financial institution (“LOC Facility”). 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 May 31, 2017 , we had no cash borrowings and $32.4 million of letters of credit outstanding under the Credit Facility. Therefore, as of May 31, 2017 , we had $242.6 million available for cash borrowings under the Credit Facility, with up to $105.1 million of that amount available for the issuance of letters of credit. LOC Facility. We maintain the LOC Facility to obtain letters of credit from time to time in the ordinary course of operating our business. As of May 31, 2017 and November 30, 2016 , we had no letters of credit outstanding under the LOC Facility. Mortgages and Land Contracts Due to Land Sellers and Other Loans. As of May 31, 2017 , inventories having a carrying value of $61.6 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. All of the senior notes outstanding at May 31, 2017 and November 30, 2016 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. 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. On December 14, 2016, we elected to exercise our optional redemption rights under the terms of the 9.100% senior notes due 2017 (“ 9.10% Senior Notes due 2017”). On January 13, 2017, we redeemed $100.0 million in aggregate principal amount of the notes outstanding at the redemption price calculated in accordance with the “make-whole” provisions of the notes. We used internally generated cash to fund this redemption. We paid a total of $105.3 million to redeem the notes and recorded a charge of $5.7 million for the early extinguishment of debt. Upon this redemption, $165.0 million in aggregate principal amount of the notes remained outstanding. 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 May 31, 2017 , 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: 2017 – $195.8 million ; 2018 – $302.6 million ; 2019 – $630.0 million ; 2020 – $350.0 million ; 2021 – $0 ; and thereafter – $1.05 billion .

Fair Value Disclosures

Fair Value Disclosures	6 Months Ended
	May 31, 2017
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 six months ended May 31, 2017 and the year ended November 30, 2016 (in thousands): Description Fair Value Hierarchy May 31, November 30, Inventories (a) Level 2 $ — $ 3,657 Inventories (a) Level 3 12,513 37,329 (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 $20.0 million were written down to their fair value of $12.5 million during the six months ended May 31, 2017 , resulting in inventory impairment charges of $7.5 million . Inventories with a carrying value of $89.1 million were written down to their fair value, less associated costs to sell (where applicable), of $39.5 million during the year ended November 30, 2016 , resulting in inventory impairment charges of $49.6 million . The fair values for inventories that were determined using Level 2 inputs were based on bona fide letters of intent from outside parties or executed sales 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, or, with respect to planned future land sales, were based on broker quotes. 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): May 31, 2017 November 30, 2016 Fair Value Hierarchy Carrying Value (a) Estimated Fair Value Carrying Value (a) Estimated Fair Value Financial Liabilities: Senior notes Level 2 $ 2,248,701 $ 2,464,800 $ 2,345,843 $ 2,494,844 Convertible senior notes Level 2 227,973 239,200 227,379 223,675 (a) The carrying values for the senior notes and convertible senior notes, as presented, include unamortized debt issuance costs. Debt issuance costs are not factored into the estimated fair values of these notes. The fair values of our 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, and mortgages and land contracts due to land sellers and other loans approximate fair values. The carrying value of corporate-owned life insurance is based on the cash surrender value of the policies and, accordingly, approximates fair value.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	May 31, 2017
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 of certain conditions or defects, including claims where we could have liability under applicable state statutes or tort law for a defective condition in or damages to a home. Our warranty liability covers our costs of repairs associated with homeowner claims made under our limited warranty program. These claims are generally made directly by a homeowner and involve their individual 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 May 31, Six Months Ended May 31, 2017 2016 2017 2016 Balance at beginning of period $ 57,710 $ 50,575 $ 56,682 $ 49,085 Warranties issued 8,784 6,315 15,924 11,567 Payments (6,457 ) (8,446 ) (12,569 ) (12,467 ) Adjustments — 393 — 652 Balance at end of period $ 60,037 $ 48,837 $ 60,037 $ 48,837 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 experience, 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 independent 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 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 independent subcontractors are enrolled as insureds on each community. Enrolled subcontractors contribute toward the cost of the insurance and agree to pay a contractual amount in the future if there is 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 community as part of our overall general liability insurance and our self-insurance. We self-insure a portion of our overall risk through the use of a captive insurance subsidiary, which provides coverage for our exposure to construction defect, bodily injury and property damage claims and related litigation or regulatory actions, up to certain limits. Our self-insurance liability generally covers our costs of settlements and/or repairs, if any, as well as our costs to defend and resolve the following types of claims: • Construction defect : Construction defect claims, which represent the largest component of our self-insurance liability, typically originate through a legal or regulatory process rather than directly by a homeowner and involve the alleged occurrence of a condition affecting two or more homes within the same community, or they involve a common area or homeowners’ association property within a community. These claims typically involve higher costs to resolve than individual homeowner warranty claims, and the rate of claims is highly variable. • Bodily injury : Bodily injury claims typically involve individuals (other than our employees) who claim they were injured while on our property or as a result of our operations. • Property damage : Property damage claims generally involve claims by third parties for alleged damage to real or personal property as a result of our operations. Such claims may occasionally include those made against us by owners of property located near our communities. Our self-insurance liability at each reporting date represents the estimated costs of reported claims, claims incurred but not yet reported, and claim adjustment expenses. The amount of our self-insurance liability is based on an analysis performed by a third-party actuary that uses our historical claim and expense data, as well as industry data to estimate these overall costs. Key assumptions used in developing 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 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; 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, 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 self-insurance liability based on the actuarial analysis relates to claims incurred but not yet reported. Therefore, 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. Our self-insurance liability is presented on a gross basis without consideration of insurance recoveries and amounts we have paid on behalf of and expect to recover from other parties, if any. Estimated probable self-insurance recoveries of $78.9 million and $84.5 million are included in receivables in our consolidated balance sheets at May 31, 2017 and November 30, 2016 , respectively. These self-insurance recoveries are principally based on actuarially determined amounts and depend on various factors, including, among other things, the above-described claim cost estimates, our insurance policy coverage limits for the applicable policy year(s), historical third-party recovery rates, insurance industry practices, the regulatory environment, and legal precedent, and are subject to a high degree of variability from period to period. Because of the inherent uncertainty and variability in these assumptions, our actual insurance recoveries could differ significantly from amounts currently estimated. The changes in our self-insurance liability were as follows (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2017 2016 2017 2016 Balance at beginning of period $ 159,882 $ 173,017 $ 158,584 $ 173,011 Self-insurance expense (a) 3,598 4,406 8,238 8,422 Payments (2,720 ) (12,029 ) (4,760 ) (15,435 ) Reclassification of estimated probable recoveries (b) (4,255 ) (8,661 ) (5,557 ) (9,265 ) Balance at end of period $ 156,505 $ 156,733 $ 156,505 $ 156,733 (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) Amount for each period represents the changes in the estimated probable insurance and other recoveries that were reclassified to receivables to present our self-insurance liability on a gross basis. For most of our claims, there is no interaction between our warranty liability and self-insurance liability. Typically, if a matter is identified at its outset as either a warranty or self-insurance claim, it remains as such through its resolution. However, there can be instances of interaction between the liabilities, such as where individual homeowners in a community separately request warranty repairs to their homes to address a similar condition or issue and subsequently join together to initiate, or potentially initiate, a legal process with respect to that condition or issue and/or the repair work we have undertaken. In these instances, the claims and related repair work generally are initially covered by our warranty liability, and the costs associated with resolving the legal matter (including any additional repair work) are covered by our self-insurance liability. The payments we make in connection with claims and related repair work, whether covered within our warranty liability and/or our self-insurance liability, may be recovered from our insurers to the extent such payments exceed the self-insured retentions or deductibles under our general liability insurance policies. Also, in certain instances, in the course of resolving a claim, we pay amounts in advance of and/or on behalf of a subcontractor(s) or their insurer(s) and believe we will be reimbursed for such payments. Estimates of all such amounts, if any, are recorded as receivables in our consolidated balance sheets when any such recovery is considered probable. Such receivables associated with our warranty and other claims totaled $11.6 million at May 31, 2017 and $14.6 million at November 30, 2016 . We believe collection of these receivables is probable based on our history of collections for similar claims. 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 May 31, 2017 , we had $564.8 million of performance bonds and $32.4 million of letters of credit outstanding. At November 30, 2016 , we had $535.7 million of performance bonds and $31.0 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 May 31, 2017 , we had total cash deposits of $31.4 million to purchase land having an aggregate purchase price of $855.9 million . Our land option contracts and other similar contracts generally do not contain provisions requiring our specific performance.

Legal Matters

Legal Matters	6 Months Ended
	May 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Legal Matters	16. 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 denied the allegations, and believed it had meritorious defenses to the consolidated plaintiffs’ claims. On March 15, 2013, the district 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. After the district court’s decisions, the only remaining claims against KB Nevada were for contract damages and rescission. In August 2013, the district court granted motions that further narrowed the scope of the Claimed Damages. The lender plaintiffs filed an appeal from the district court’s summary judgment decisions with the Nevada Supreme Court and that court heard oral argument on June 6, 2016. On September 22, 2016, the Nevada Supreme Court rejected the lender plaintiffs’ appeal and upheld the district court’s summary judgment decisions against the lender plaintiffs in favor of KB Nevada. Effective March 3, 2017, KB Nevada, LVDA, Essex, the administrative agent for the LVDA/Essex lenders and a guarantor for the underlying LVDA/Essex loan reached a settlement. Under the settlement, the above-described litigation has been dismissed with prejudice, with mutual releases by the parties of all claims related to the matter. As part of the settlement, KB Nevada agreed to purchase the land, if certain conditions are satisfied, on or before February 15, 2020 (subject to a potential extension of up to six months). If the conditions are not satisfied and KB Nevada does not purchase the land, it will make a specified cash payment pursuant to the settlement agreement that is not material to our consolidated financial statements. This settlement did not have an impact on our consolidated financial statements for the three-month or six-month periods ended May 31, 2017 . 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, and we have met with the RWQCB staff in an effort to resolve the matters alleged in the NOV. An administrative hearing before the RWQCB was originally scheduled for August 10, 2016, but was continued pending ongoing discussions with the RWQCB staff. On May 26, 2017, we and the RWQCB staff reached a settlement regarding the matters alleged in the NOV, and agreed to a stipulated administrative order in lieu of formal administrative proceedings. The stipulated administrative order is subject to a thirty-day public comment period, after which it will be presented to the RWQCB, or its delegate, for approval. Under the stipulated administrative order, we agreed to pay a total of $.3 million and to enhance certain of our land development procedures. While the ultimate outcome is uncertain, we believe that the RWQCB will approve the stipulated administrative order with the terms agreed to with the RWQCB staff, and it is 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 May 31, 2017 , 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 an accrual had not been made, could be material to our consolidated financial statements.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	May 31, 2017
Equity [Abstract]
Stockholders’ Equity	Stockholders’ Equity A summary of changes in stockholders’ equity is presented below (in thousands): Six Months Ended May 31, 2017 Number of Shares Common Stock Grantor Stock Ownership Trust Treasury Stock Common Stock Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Grantor Stock Ownership Trust Treasury Stock Total Stockholders’ Equity Balance at November 30, 2016 116,224 (9,432 ) (21,720 ) $ 116,224 $ 696,938 $ 1,563,742 $ (16,057 ) $ (102,300 ) $ (535,402 ) $ 1,723,145 Net income — — — — — 46,041 — — — 46,041 Dividends on common stock — — — — — (4,341 ) — — — (4,341 ) Employee stock options/other 256 — — 256 2,793 — — — — 3,049 Stock awards 66 279 27 66 (3,764 ) — — 3,021 677 — Stock-based compensation — — — — 7,037 — — — — 7,037 Stock repurchases — — (152 ) — — — — — (2,543 ) (2,543 ) Balance at May 31, 2017 116,546 (9,153 ) (21,845 ) $ 116,546 $ 703,004 $ 1,605,442 $ (16,057 ) $ (99,279 ) $ (537,268 ) $ 1,772,388 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 May 31, 2017 . 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 15, 2017, the management development and compensation committee of our board of directors approved the payout of PSUs that were granted to certain employees on October 10, 2013. The 278,460 shares of our common stock that were granted under the terms of PSUs that vested in 2017 included an aggregate of 125,460 additional shares above the target amount awarded to the eligible recipients 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 from December 1, 2013 through November 30, 2016. As of May 31, 2017 , we were authorized to repurchase 1,627,000 shares of our common stock under a board approved share repurchase program. We did not repurchase any of our common stock under this program in the six months ended May 31, 2017 . During the six months ended May 31, 2017 , we repurchased 152,569 , or $2.5 million , of previously issued shares delivered to us by employees to satisfy withholding taxes on the vesting of restricted stock and PSU 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-month periods ended May 31, 2017 and 2016, our board of directors declared, and we paid, a quarterly cash dividend of $.025 per share of common stock. Quarterly cash dividends declared and paid during the six months ended May 31, 2017 and 2016 totaled $.050 per share of common stock.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	May 31, 2017
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 six months ended May 31, 2017 : Options Weighted Average Exercise Price Options outstanding at beginning of period 12,731,545 $ 18.95 Granted — — Exercised (255,623 ) 11.93 Cancelled (344,528 ) 18.26 Options outstanding at end of period 12,131,394 $ 19.12 Options exercisable at end of period 10,082,581 $ 19.87 As of May 31, 2017 , the weighted average remaining contractual life of stock options outstanding and stock options exercisable was 4.0 years and 3.0 years , respectively. There was $2.1 million of total unrecognized compensation expense related to unvested stock option awards as of May 31, 2017 that is expected to be recognized over a weighted average period of 1.3 years . For the three months ended May 31, 2017 and 2016, stock-based compensation expense associated with stock options totaled $.3 million and $1.1 million , respectively. For the six-month periods ended May 31, 2017 and 2016, stock-based compensation expense associated with stock options totaled $1.1 million and $2.0 million , respectively. The aggregate intrinsic values of stock options outstanding and stock options exercisable were $62.8 million and $51.4 million , respectively, at May 31, 2017 . (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 $3.6 million and $3.5 million for the three months ended May 31, 2017 and 2016, respectively, related to restricted stock and PSUs. We recognized total compensation expense of $5.9 million and $5.5 million for the six-month periods ended May 31, 2017 and 2016, respectively, related to restricted stock and PSUs. Director Awards. On April 13, 2017, we granted equity awards to our non-employee directors under our Non-Employee Directors Compensation Plan and pursuant to the respective elections each director made thereunder. The equity awards consisted of 22,994 shares of our common stock that were issued on an unrestricted basis to the respective directors on the grant date, and 43,499 shares that will be paid out on the earlier of a change in control or the date the respective directors leave our board.

Supplemental Disclosure to Cons

Supplemental Disclosure to Consolidated Statements of Cash Flows	6 Months Ended
	May 31, 2017
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): Six Months Ended May 31, 2017 2016 Summary of cash and cash equivalents at end of period: Homebuilding $ 348,588 $ 274,849 Financial services 784 1,700 Total $ 349,372 $ 276,549 Supplemental disclosures of cash flow information: Interest paid, net of amounts capitalized $ 2,105 $ 2,729 Income taxes paid 3,039 2,635 Six Months Ended May 31, 2017 2016 Supplemental disclosures of noncash activities: Reclassification of warranty recoveries to receivables $ — $ 2,151 Decrease in consolidated inventories not owned (37,371 ) (32,324 ) Increase in inventories due to distributions of land and land development from an unconsolidated joint venture 3,676 4,875 Inventories acquired through seller financing 28,160 32,436

Supplemental Guarantor Informat

Supplemental Guarantor Information	6 Months Ended
	May 31, 2017
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 May 31, 2017 . Condensed Consolidating Statements of Operations (in thousands) Three Months Ended May 31, 2017 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues $ — $ 893,561 $ 109,233 $ — $ 1,002,794 Homebuilding: Revenues $ — $ 893,561 $ 106,511 $ — $ 1,000,072 Construction and land costs — (751,172 ) (95,424 ) — (846,596 ) Selling, general and administrative expenses (23,322 ) (70,929 ) (9,666 ) — (103,917 ) Operating income (loss) (23,322 ) 71,460 1,421 — 49,559 Interest income 198 2 2 — 202 Interest expense (41,693 ) (426 ) (1,225 ) 43,344 — Intercompany interest 75,610 (29,862 ) (2,404 ) (43,344 ) — Equity in loss of unconsolidated joint ventures — (595 ) (1 ) — (596 ) Homebuilding pretax income (loss) 10,793 40,579 (2,207 ) — 49,165 Financial services pretax income — — 2,817 — 2,817 Total pretax income 10,793 40,579 610 — 51,982 Income tax expense (2,500 ) (17,300 ) (400 ) — (20,200 ) Equity in net income of subsidiaries 23,489 — — (23,489 ) — Net income $ 31,782 $ 23,279 $ 210 $ (23,489 ) $ 31,782 Three Months Ended May 31, 2016 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues $ — $ 700,768 $ 110,282 $ — $ 811,050 Homebuilding: Revenues $ — $ 700,768 $ 107,694 $ — $ 808,462 Construction and land costs — (586,807 ) (101,907 ) — (688,714 ) Selling, general and administrative expenses (18,976 ) (64,010 ) (10,824 ) — (93,810 ) Operating income (loss) (18,976 ) 49,951 (5,037 ) — 25,938 Interest income 106 24 4 — 134 Interest expense (44,337 ) (821 ) (1,100 ) 44,288 (1,970 ) Intercompany interest 75,719 (27,479 ) (3,952 ) (44,288 ) — Equity in loss of unconsolidated joint ventures — (822 ) (3 ) — (825 ) Homebuilding pretax income (loss) 12,512 20,853 (10,088 ) — 23,277 Financial services pretax income — — 1,520 — 1,520 Total pretax income (loss) 12,512 20,853 (8,568 ) — 24,797 Income tax benefit (expense) (2,800 ) (8,400 ) 2,000 — (9,200 ) Equity in net income of subsidiaries 5,885 — — (5,885 ) — Net income (loss) $ 15,597 $ 12,453 $ (6,568 ) $ (5,885 ) $ 15,597 Six Months Ended May 31, 2017 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues $ — $ 1,623,488 $ 197,902 $ — $ 1,821,390 Homebuilding: Revenues $ — $ 1,623,488 $ 192,830 $ — $ 1,816,318 Construction and land costs — (1,369,624 ) (175,052 ) — (1,544,676 ) Selling, general and administrative expenses (45,589 ) (133,827 ) (17,390 ) — (196,806 ) Operating income (loss) (45,589 ) 120,037 388 — 74,836 Interest income 395 3 2 — 400 Interest expense (90,042 ) (994 ) (2,387 ) 87,116 (6,307 ) Intercompany interest 149,103 (56,465 ) (5,522 ) (87,116 ) — Equity in income (loss) of unconsolidated joint ventures — 136 (1 ) — 135 Homebuilding pretax income (loss) 13,867 62,717 (7,520 ) — 69,064 Financial services pretax income — — 4,377 — 4,377 Total pretax income (loss) 13,867 62,717 (3,143 ) — 73,441 Income tax expense (1,200 ) (26,100 ) (100 ) — (27,400 ) Equity in net income of subsidiaries 33,374 — — (33,374 ) — Net income (loss) $ 46,041 $ 36,617 $ (3,243 ) $ (33,374 ) $ 46,041 Six Months Ended May 31, 2016 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues $ — $ 1,302,111 $ 187,310 $ — $ 1,489,421 Homebuilding: Revenues $ — $ 1,302,111 $ 182,093 $ — $ 1,484,204 Construction and land costs — (1,087,771 ) (169,761 ) — (1,257,532 ) Selling, general and administrative expenses (43,316 ) (117,474 ) (20,952 ) — (181,742 ) Operating income (loss) (43,316 ) 96,866 (8,620 ) — 44,930 Interest income 240 42 4 — 286 Interest expense (88,707 ) (1,641 ) (2,161 ) 86,842 (5,667 ) Intercompany interest 149,762 (54,987 ) (7,933 ) (86,842 ) — Equity in loss of unconsolidated joint ventures — (1,425 ) (3 ) — (1,428 ) Homebuilding pretax income (loss) 17,979 38,855 (18,713 ) — 38,121 Financial services pretax income — — 2,703 — 2,703 Total pretax income (loss) 17,979 38,855 (16,010 ) — 40,824 Income tax benefit (expense) (2,100 ) (12,300 ) 2,300 — (12,100 ) Equity in net income of subsidiaries 12,845 — — (12,845 ) — Net income (loss) $ 28,724 $ 26,555 $ (13,710 ) $ (12,845 ) $ 28,724 Condensed Consolidating Balance Sheets (in thousands) May 31, 2017 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets Homebuilding: Cash and cash equivalents $ 297,258 $ 42,386 $ 8,944 $ — $ 348,588 Receivables 4,293 145,851 84,568 — 234,712 Inventories — 3,147,848 340,356 — 3,488,204 Investments in unconsolidated joint ventures — 61,499 2,501 — 64,000 Deferred tax assets, net 275,558 292,017 144,310 — 711,885 Other assets 88,133 8,498 3,365 — 99,996 665,242 3,698,099 584,044 — 4,947,385 Financial services — — 11,410 — 11,410 Intercompany receivables 3,666,867 — 100,359 (3,767,226 ) — Investments in subsidiaries 40,811 — — (40,811 ) — Total assets $ 4,372,920 $ 3,698,099 $ 695,813 $ (3,808,037 ) $ 4,958,795 Liabilities and stockholders’ equity Homebuilding: Accounts payable, accrued expenses and other liabilities $ 129,689 $ 329,052 $ 216,088 $ — $ 674,829 Notes payable 2,451,564 32,527 26,030 — 2,510,121 2,581,253 361,579 242,118 — 3,184,950 Financial services — — 1,457 — 1,457 Intercompany payables 19,279 3,336,520 411,427 (3,767,226 ) — Stockholders’ equity 1,772,388 — 40,811 (40,811 ) 1,772,388 Total liabilities and stockholders’ equity $ 4,372,920 $ 3,698,099 $ 695,813 $ (3,808,037 ) $ 4,958,795 November 30, 2016 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets Homebuilding: Cash and cash equivalents $ 463,100 $ 100,439 $ 28,547 $ — $ 592,086 Receivables 4,807 135,915 90,943 — 231,665 Inventories — 3,048,132 355,096 — 3,403,228 Investments in unconsolidated joint ventures — 61,517 2,499 — 64,016 Deferred tax assets, net 276,737 318,077 144,171 — 738,985 Other assets 79,526 9,177 2,442 — 91,145 824,170 3,673,257 623,698 — 5,121,125 Financial services — — 10,499 — 10,499 Intercompany receivables 3,559,012 — 97,062 (3,656,074 ) — Investments in subsidiaries 35,965 — — (35,965 ) — Total assets $ 4,419,147 $ 3,673,257 $ 731,259 $ (3,692,039 ) $ 5,131,624 Liabilities and stockholders’ equity Homebuilding: Accounts payable, accrued expenses and other liabilities $ 131,530 $ 397,605 $ 237,192 $ — $ 766,327 Notes payable 2,548,112 66,927 25,110 — 2,640,149 2,679,642 464,532 262,302 — 3,406,476 Financial services — — 2,003 — 2,003 Intercompany payables 16,360 3,208,725 430,989 (3,656,074 ) — Stockholders’ equity 1,723,145 — 35,965 (35,965 ) 1,723,145 Total liabilities and stockholders’ equity $ 4,419,147 $ 3,673,257 $ 731,259 $ (3,692,039 ) $ 5,131,624 Condensed Consolidating Statements of Cash Flows (in thousands) Six Months Ended May 31, 2017 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net cash provided by (used in) operating activities $ 24,724 $ (83,371 ) $ (5,933 ) $ — $ (64,580 ) Cash flows from investing activities: Contributions to unconsolidated joint ventures — (5,852 ) (5,253 ) — (11,105 ) Return of investments in unconsolidated joint ventures — 1,969 4,989 — 6,958 Purchases of property and equipment, net (3,724 ) (344 ) (32 ) — (4,100 ) Intercompany (77,681 ) — — 77,681 — Net cash used in investing activities (81,405 ) (4,227 ) (296 ) 77,681 (8,247 ) Cash flows from financing activities: Repayment of senior notes (105,326 ) — — — (105,326 ) Payments on mortgages and land contracts due to land sellers and other loans — (61,640 ) — — (61,640 ) Issuance of common stock under employee stock plans 3,049 — — — 3,049 Payments of cash dividends (4,341 ) — — — (4,341 ) Stock repurchases (2,543 ) — — — (2,543 ) Intercompany — 91,185 (13,504 ) (77,681 ) — Net cash provided by (used in) financing activities (109,161 ) 29,545 (13,504 ) (77,681 ) (170,801 ) Net decrease in cash and cash equivalents (165,842 ) (58,053 ) (19,733 ) — (243,628 ) Cash and cash equivalents at beginning of period 463,100 100,439 29,461 — 593,000 Cash and cash equivalents at end of period $ 297,258 $ 42,386 $ 9,728 $ — $ 349,372 Six Months Ended May 31, 2016 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net cash provided by (used in) operating activities $ 6,508 $ (215,372 ) $ 41,405 $ — $ (167,459 ) Cash flows from investing activities: Contributions to unconsolidated joint ventures — (750 ) — — (750 ) Purchases of property and equipment, net (2,437 ) (331 ) (108 ) — (2,876 ) Intercompany (167,470 ) — — 167,470 — Net cash used in investing activities (169,907 ) (1,081 ) (108 ) 167,470 (3,626 ) Cash flows from financing activities: Change in restricted cash 5,827 — — — 5,827 Payments on mortgages and land contracts due to land sellers and other loans — (26,639 ) — — (26,639 ) Payments of cash dividends (4,364 ) — — — (4,364 ) Stock repurchases (87,531 ) — — — (87,531 ) Intercompany — 209,197 (41,727 ) (167,470 ) — Net cash provided by (used in) financing activities (86,068 ) 182,558 (41,727 ) (167,470 ) (112,707 ) Net decrease in cash and cash equivalents (249,467 ) (33,895 ) (430 ) — (283,792 ) Cash and cash equivalents at beginning of period 444,850 96,741 18,750 — 560,341 Cash and cash equivalents at end of period $ 195,383 $ 62,846 $ 18,320 $ — $ 276,549

Basis of Presentation and Sig25

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	May 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Use of Estimates	The preparation of financial statements in conformity with GAAP requires management to make 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 $256.1 million at May 31, 2017 and $396.1 million at November 30, 2016 . The majority of our cash and cash equivalents was invested in interest-bearing bank deposit accounts.
Presentation of Comprehensive Income	Our comprehensive income was $31.8 million for the three months ended May 31, 2017 and $15.6 million for the three months ended May 31, 2016 . For the six months ended May 31, 2017 and 2016, our comprehensive income was $46.0 million and $28.7 million , respectively. Our comprehensive income for each of the three-month and six-month periods ended May 31, 2017 and 2016 was equal to our net income for the respective periods.
Recent Accounting Pronouncements	In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. 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. In 2016, the FASB issued accounting standards updates that amended several aspects of ASU 2014-09. ASU 2014-09, as amended, is effective for us for annual and interim periods beginning December 1, 2018 (with early adoption permitted beginning in our 2018 fiscal year) and allows for full retrospective or modified retrospective methods of adoption. We expect to adopt ASU 2014-09 under the modified retrospective method in our 2019 first quarter. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements and disclosures, and have been involved in industry specific discussions with the FASB on the treatment of certain items. We do not believe the adoption of ASU 2014-09 will have a material impact on the amount or timing of our homebuilding revenues. We are also continuing to evaluate the impact adopting this guidance may have on other aspects of our business. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). ASU 2016-02 will require 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. ASU 2016-02 will be effective for us beginning December 1, 2019 (with early adoption permitted) and 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. ASU 2016-09 will be effective for us beginning December 1, 2017 (with early adoption permitted). We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements. In August 2016, the FASB issued Accounting Standards Update No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”). ASU 2016-15 provides guidance on how certain cash receipts and cash payments are to be presented and classified in the statement of cash flows. ASU 2016-15 will be effective for us beginning after December 1, 2018 (with early adoption permitted). We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements. In November 2016, the FASB issued Accounting Standards Update No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash” (“ASU 2016-18”). ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 will be effective for us beginning December 1, 2018 (with early adoption permitted) and will be applied using a retrospective transition method to each period presented. 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	We have identified five operating reporting segments, comprised of four homebuilding reporting segments and one financial services reporting segment. As of May 31, 2017 , our homebuilding reporting segments conducted ongoing operations in the following states: West Coast: California Southwest: Arizona and Nevada Central: Colorado and Texas Southeast: Florida and North Carolina 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. Management evaluates 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. Until October 2016, we provided 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. In the 2016 fourth quarter, we and Nationstar began the process to wind down HCM and transfer HCM’s operations and certain assets to Stearns Lending, LLC (“Stearns Lending”). Our homebuyers may select any lender of their choice to obtain mortgage financing for the purchase of their home. In the 2016 fourth quarter, a subsidiary of ours and a subsidiary of Stearns Lending entered into an agreement to form KBHS Home Loans, LLC (“KBHS”), an unconsolidated mortgage banking joint venture that will offer mortgage banking services, including mortgage loan originations, to our homebuyers. We and Stearns Lending each have a 50.0% ownership interest in KBHS, with Stearns Lending providing management oversight of KBHS’ operations. KBHS was operational in all of our served markets outside of California as of May 31, 2017, and became operational in California in June 2017. Our financial services reporting segment is separately reported in our consolidated financial statements. 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 management is responsible for, among other things, evaluating and selecting the geographic markets in which we operate, consistent with our overall business strategy; allocating capital resources to markets for land acquisition and development activities; making major personnel decisions related to employee compensation and benefits; and monitoring the financial and operational performance of our divisions. 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 May 31, 2017 or May 31, 2016 .
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 on a community or land parcel that is active or held for future development when indicators of potential impairment exist and the carrying value of the 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 determined based on the estimated future net cash flows discounted for inherent risk associated with each such asset, or other valuation techniques. We record an inventory impairment charge on land held for sale when the carrying value of a land parcel is greater than its fair value. These real estate assets are written down to fair value, less associated costs to sell. The estimated fair values of such assets are generally based on bona fide letters of intent from outside parties, executed sales contracts, broker quotes or similar information.
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 under the variable interest model to determine whether they are VIEs and, if so, whether we are the primary beneficiary. Based on our analyses, we determined that one of our joint ventures at May 31, 2017 and November 30, 2016 was a VIE, but we were not the primary beneficiary of the VIE. All of our joint ventures at May 31, 2017 and November 30, 2016 were unconsolidated and accounted for under the equity method because we did not have a controlling financial interest. Land Option Contracts and Other Similar Contracts. 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 make a specified option payment 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 under the variable interest model 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 May 31, 2017 and November 30, 2016 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)	For land option contracts and other similar contracts where the land seller entity is not required to be consolidated under the variable interest model, we consider whether such contracts should be accounted for as financing arrangements. Land option contracts and other similar contracts that may be considered financing arrangements include those we enter into with third-party land financiers or developers in conjunction with such third parties acquiring a specific land parcel(s) on our behalf, at our direction, and those with other landowners where we or our designee make improvements to the optioned land parcel(s) during the applicable option period. For these land option contracts and other similar contracts, we record the remaining purchase price of the associated land parcel(s) in inventories in our consolidated balance sheets with a corresponding financing obligation if we determine that we are effectively compelled to exercise the option to purchase the land parcel(s). In making this determination with respect to a land option contract or other similar contract, we consider the non-refundable deposit(s) we have made and any non-reimbursable expenditures we have incurred for land improvement activities or other items up to the assessment date; additional costs associated with abandoning the contract; and our commitments, if any, to incur non-reimbursable costs associated with the contract. As a result of our evaluations of land option contracts and other similar contracts for financing arrangements, we recorded inventories in our consolidated balance sheets, with a corresponding increase to accrued expenses and other liabilities, of $13.2 million at May 31, 2017 and $50.5 million at November 30, 2016 .
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 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 experience, 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 independent 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 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 independent subcontractors are enrolled as insureds on each community. Enrolled subcontractors contribute toward the cost of the insurance and agree to pay a contractual amount in the future if there is 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 community as part of our overall general liability insurance and our self-insurance. We self-insure a portion of our overall risk through the use of a captive insurance subsidiary, which provides coverage for our exposure to construction defect, bodily injury and property damage claims and related litigation or regulatory actions, up to certain limits. Our self-insurance liability generally covers our costs of settlements and/or repairs, if any, as well as our costs to defend and resolve the following types of claims: • Construction defect : Construction defect claims, which represent the largest component of our self-insurance liability, typically originate through a legal or regulatory process rather than directly by a homeowner and involve the alleged occurrence of a condition affecting two or more homes within the same community, or they involve a common area or homeowners’ association property within a community. These claims typically involve higher costs to resolve than individual homeowner warranty claims, and the rate of claims is highly variable. • Bodily injury : Bodily injury claims typically involve individuals (other than our employees) who claim they were injured while on our property or as a result of our operations. • Property damage : Property damage claims generally involve claims by third parties for alleged damage to real or personal property as a result of our operations. Such claims may occasionally include those made against us by owners of property located near our communities. Our self-insurance liability at each reporting date represents the estimated costs of reported claims, claims incurred but not yet reported, and claim adjustment expenses. The amount of our self-insurance liability is based on an analysis performed by a third-party actuary that uses our historical claim and expense data, as well as industry data to estimate these overall costs. Key assumptions used in developing 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 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; 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, 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 self-insurance liability based on the actuarial analysis relates to claims incurred but not yet reported. Therefore, 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. Our self-insurance liability is presented on a gross basis without consideration of insurance recoveries and amounts we have paid on behalf of and expect to recover from other parties, if any. Estimated probable self-insurance recoveries of $78.9 million and $84.5 million are included in receivables in our consolidated balance sheets at May 31, 2017 and November 30, 2016 , respectively. These self-insurance recoveries are principally based on actuarially determined amounts and depend on various factors, including, among other things, the above-described claim cost estimates, our insurance policy coverage limits for the applicable policy year(s), historical third-party recovery rates, insurance industry practices, the regulatory environment, and legal precedent, and are subject to a high degree of variability from period to period. Because of the inherent uncertainty and variability in these assumptions, our actual insurance recoveries could differ significantly from amounts currently estimated.
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 of certain conditions or defects, including claims where we could have liability under applicable state statutes or tort law for a defective condition in or damages to a home. Our warranty liability covers our costs of repairs associated with homeowner claims made under our limited warranty program. These claims are generally made directly by a homeowner and involve their individual 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)	6 Months Ended
	May 31, 2017
Segment Reporting [Abstract]
Financial Information Relating to Company Reporting Segments	The following tables present financial information relating to our homebuilding reporting segments (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2017 2016 2017 2016 Revenues: West Coast $ 460,600 $ 331,273 $ 816,432 $ 615,119 Southwest 126,189 111,671 243,825 212,003 Central 292,746 240,232 535,002 442,393 Southeast 120,537 125,286 221,059 214,689 Total $ 1,000,072 $ 808,462 $ 1,816,318 $ 1,484,204 Pretax income (loss): West Coast $ 36,496 $ 19,619 $ 59,349 $ 41,735 Southwest 9,949 10,134 18,621 22,637 Central 26,985 23,335 46,663 33,914 Southeast 479 (6,590 ) (1,734 ) (14,154 ) Corporate and other (24,744 ) (23,221 ) (53,835 ) (46,011 ) Total $ 49,165 $ 23,277 $ 69,064 $ 38,121 Inventory impairment charges: West Coast $ 3,144 $ 4,574 $ 3,144 $ 4,574 Southwest — — 1,343 — Central — — — 787 Southeast 1,158 5,356 3,032 5,915 Total $ 4,302 $ 9,930 $ 7,519 $ 11,276 Three Months Ended May 31, Six Months Ended May 31, 2017 2016 2017 2016 Land option contract abandonments: West Coast $ 1,044 $ 261 $ 1,835 $ 421 Southwest — 111 — 111 Central 518 — 518 460 Southeast 137 1,438 137 1,438 Total $ 1,699 $ 1,810 $ 2,490 $ 2,430 May 31, November 30, Inventories: Homes under construction West Coast $ 937,202 $ 695,742 Southwest 149,669 130,886 Central 334,326 297,290 Southeast 109,855 122,020 Subtotal 1,531,052 1,245,938 Land under development West Coast 641,669 820,088 Southwest 287,557 268,507 Central 451,551 456,508 Southeast 179,982 182,554 Subtotal 1,560,759 1,727,657 Land held for future development or sale West Coast 195,684 210,910 Southwest 111,608 122,927 Central 18,328 15,439 Southeast 70,773 80,357 Subtotal 396,393 429,633 Total $ 3,488,204 $ 3,403,228 Assets: West Coast $ 1,881,660 $ 1,847,279 Southwest 584,515 564,636 Central 918,171 909,497 Southeast 375,823 414,730 Corporate and other 1,187,216 1,384,983 Total $ 4,947,385 $ 5,121,125

Financial Services (Tables)

Financial Services (Tables)	6 Months Ended
	May 31, 2017
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 May 31, Six Months Ended May 31, 2017 2016 2017 2016 Revenues Insurance commissions $ 1,408 $ 1,371 $ 2,618 $ 2,947 Title services 1,314 1,217 2,449 2,270 Interest income — — 5 — Total 2,722 2,588 5,072 5,217 Expenses General and administrative (816 ) (871 ) (1,635 ) (1,730 ) Operating income 1,906 1,717 3,437 3,487 Equity in income (loss) of unconsolidated joint ventures 911 (197 ) 940 (784 ) Pretax income $ 2,817 $ 1,520 $ 4,377 $ 2,703
Financial services [Member]
Segment Reporting Information [Line Items]
Schedule of Financial Services Assets and Liabilities	May 31, November 30, Assets Cash and cash equivalents $ 784 $ 914 Receivables 1,622 1,764 Investments in unconsolidated joint ventures (a) 8,972 7,771 Other assets 32 50 Total assets $ 11,410 $ 10,499 Liabilities Accounts payable and accrued expenses $ 1,457 $ 2,003 Total liabilities $ 1,457 $ 2,003

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	May 31, 2017
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 May 31, Six Months Ended May 31, 2017 2016 2017 2016 Numerator: Net income $ 31,782 $ 15,597 $ 46,041 $ 28,724 Less: Distributed earnings allocated to nonvested restricted stock (14 ) (10 ) (29 ) (21 ) Less: Undistributed earnings allocated to nonvested restricted stock (200 ) (66 ) (285 ) (116 ) Numerator for basic earnings per share 31,568 15,521 45,727 28,587 Three Months Ended May 31, Six Months Ended May 31, 2017 2016 2017 2016 Effect of dilutive securities: Interest expense and amortization of debt issuance costs associated with convertible senior notes, net of taxes 664 667 1,327 1,333 Add: Undistributed earnings allocated to nonvested restricted stock 200 66 285 116 Less: Undistributed earnings reallocated to nonvested restricted stock (175 ) (59 ) (251 ) (104 ) Numerator for diluted earnings per share $ 32,257 $ 16,195 $ 47,088 $ 29,932 Denominator: Weighted average shares outstanding — basic 85,445 84,196 85,285 86,704 Effect of dilutive securities: Share-based payments 3,885 2,122 3,288 1,954 Convertible senior notes 8,402 8,402 8,402 8,402 Weighted average shares outstanding — diluted 97,732 94,720 96,975 97,060 Basic earnings per share $ .37 $ .18 $ .54 $ .33 Diluted earnings per share $ .33 $ .17 $ .49 $ .31

Receivables (Tables)

Receivables (Tables)	6 Months Ended
	May 31, 2017
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	Receivables consisted of the following (in thousands): May 31, November 30, Due from utility companies, improvement districts and municipalities $ 107,224 $ 102,780 Recoveries related to self-insurance claims 78,919 84,476 Refundable deposits and bonds 14,425 13,665 Recoveries related to warranty and other claims 11,613 14,609 Other 35,279 28,745 Subtotal 247,460 244,275 Allowance for doubtful accounts (12,748 ) (12,610 ) Total $ 234,712 $ 231,665

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	May 31, 2017
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following (in thousands): May 31, November 30, Homes under construction $ 1,531,052 $ 1,245,938 Land under development 1,560,759 1,727,657 Land held for future development or sale (a) 396,393 429,633 Total $ 3,488,204 $ 3,403,228
Schedule of Capitalized Interest Costs	Our interest costs were as follows (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2017 2016 2017 2016 Capitalized interest at beginning of period $ 311,111 $ 300,314 $ 306,723 $ 288,442 Interest incurred (a) 43,344 46,258 93,423 92,509 Interest expensed (a) — (1,970 ) (6,307 ) (5,667 ) Interest amortized to construction and land costs (b) (50,471 ) (35,557 ) (89,855 ) (66,239 ) Capitalized interest at end of period (c) $ 303,984 $ 309,045 $ 303,984 $ 309,045 (a) Interest incurred and interest expensed for the six months ended May 31, 2017 included a charge of $5.7 million for the early extinguishment of debt. (b) Interest amortized to construction and land costs for the three months ended May 31, 2017 included $1.1 million related to land sales during the period. Interest amortized to construction and land costs for the six months ended May 31, 2017 and 2016 included $1.6 million and $.5 million , respectively, related to land sales during those periods. (c) 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 Lan31

Inventory Impairments and Land Option Contract Abandonments (Tables)	6 Months Ended
	May 31, 2017
Inventory Impairments and Land Option Contract Abandonments [Abstract]
Schedule of Significant Unobservable Inputs	The following table summarizes ranges for significant quantitative unobservable inputs we utilized in our fair value measurements with respect to the impaired communities written down to fair value during the periods presented: Three Months Ended May 31, Six Months Ended May 31, Unobservable Input (a) 2017 2016 2017 2016 Average selling price $231,000 - $399,800 $280,100 $231,000 - $399,800 $280,100 - $310,000 Deliveries per month 3 - 4 4 3 - 4 1 - 4 Discount rate 18% 20% 17% - 18% 17% - 20% (a) The ranges of inputs used in each period primarily reflect differences between the housing markets where each impacted community is located, rather than fluctuations in prevailing market conditions.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	May 31, 2017
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): May 31, 2017 November 30, 2016 Cash Deposits Aggregate Purchase Price Cash Deposits Aggregate Purchase Price Unconsolidated VIEs $ 19,313 $ 522,124 $ 24,910 $ 641,642 Other land option contracts and other similar contracts 12,099 333,792 17,919 431,954 Total $ 31,412 $ 855,916 $ 42,829 $ 1,073,596

Investments in Unconsolidated33

Investments in Unconsolidated Joint Ventures (Tables)	6 Months Ended
	May 31, 2017
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 May 31, Six Months Ended May 31, 2017 2016 2017 2016 Revenues $ 7,080 $ 18,514 $ 26,802 $ 21,852 Construction and land costs (6,898 ) (18,501 ) (24,793 ) (25,996 ) Other expense, net (1,157 ) (1,468 ) (2,253 ) (2,591 ) Loss $ (975 ) $ (1,455 ) $ (244 ) $ (6,735 )
Balance Sheets of Unconsolidated Joint Ventures	The following table presents combined condensed balance sheet information for our unconsolidated joint ventures (in thousands): May 31, November 30, Assets Cash $ 25,266 $ 31,928 Receivables 742 882 Inventories 149,204 165,385 Other assets 2,562 629 Total assets $ 177,774 $ 198,824 Liabilities and equity Accounts payable and other liabilities $ 20,163 $ 19,880 Notes payable (a) 33,045 44,381 Equity 124,566 134,563 Total liabilities and equity $ 177,774 $ 198,824 (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 May 31, 2017 or November 30, 2016
Information Related Investments in Unconsolidated Joint Ventures	The following table presents additional information relating to our investments in unconsolidated joint ventures (dollars in thousands): May 31, November 30, Number of investments in unconsolidated joint ventures 6 7 Investments in unconsolidated joint ventures $ 64,000 $ 64,016 Number of unconsolidated joint venture lots controlled under land option contracts and other similar contracts 397 471

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	May 31, 2017
Other Assets [Abstract]
Schedule of Other Assets	Other assets consisted of the following (in thousands): May 31, November 30, Cash surrender value of corporate-owned life insurance contracts $ 73,505 $ 70,829 Property and equipment, net 16,831 14,240 Prepaid expenses 8,699 4,894 Debt issuance costs associated with unsecured revolving credit facility 961 1,182 Total $ 99,996 $ 91,145

Accrued Expenses and Other Li35

Accrued Expenses and Other Liabilities (Tables)	6 Months Ended
	May 31, 2017
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities consisted of the following (in thousands): May 31, November 30, Self-insurance and other litigation liabilities $ 173,704 $ 170,988 Employee compensation and related benefits 111,694 130,352 Accrued interest payable 65,928 67,411 Warranty liability 60,037 56,682 Inventory-related obligations (a) 43,390 82,682 Customer deposits 18,863 18,175 Real estate and business taxes 9,347 14,370 Other 4,873 10,336 Total $ 487,836 $ 550,996 (a) Represents liabilities for financing arrangements discussed in Note 8 – 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 (Tabl

Income Taxes Income Taxes (Tables)	6 Months Ended
	May 31, 2017
Income Tax Disclosure [Abstract]
Income tax benefit computed at the statutory U.S federal income tax rate and income tax benefit (expense) provided in the consolidated statements of operations	Our income tax expense and effective income tax rates were as follows (dollars in thousands): Three Months Ended May 31, Six Months Ended May 31, 2017 2016 2017 2016 Income tax expense (a) $ 20,200 $ 9,200 $ 27,400 $ 12,100 Effective income tax rate (a) 38.9 % 37.1 % 37.3 % 29.6 % (a) Amounts reflect the favorable net impact of federal energy tax credits we earned from building energy-efficient homes. The net impact of these tax credits was $.1 million and $.4 million for the three months ended May 31, 2017 and 2016, respectively, and $1.2 million and $3.7 million for the six months ended May 31, 2017 and 2016, respectively.

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
	May 31, 2017
Debt Disclosure [Abstract]
Schedule of Mortgages and Notes Payable	Notes payable consisted of the following (in thousands): May 31, November 30, Mortgages and land contracts due to land sellers and other loans $ 33,447 $ 66,927 9.10% Senior notes due September 15, 2017 164,748 263,932 7 1/4% Senior notes due June 15, 2018 299,755 299,647 4.75% Senior notes due May 15, 2019 397,874 397,364 8.00% Senior notes due March 15, 2020 345,510 344,811 7.00% Senior notes due December 15, 2021 446,253 445,911 7.50% Senior notes due September 15, 2022 346,999 346,774 7.625% Senior notes due May 15, 2023 247,562 247,404 1.375% Convertible senior notes due February 1, 2019 227,973 227,379 Total $ 2,510,121 $ 2,640,149

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	6 Months Ended
	May 31, 2017
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 six months ended May 31, 2017 and the year ended November 30, 2016 (in thousands): Description Fair Value Hierarchy May 31, November 30, Inventories (a) Level 2 $ — $ 3,657 Inventories (a) Level 3 12,513 37,329 (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): May 31, 2017 November 30, 2016 Fair Value Hierarchy Carrying Value (a) Estimated Fair Value Carrying Value (a) Estimated Fair Value Financial Liabilities: Senior notes Level 2 $ 2,248,701 $ 2,464,800 $ 2,345,843 $ 2,494,844 Convertible senior notes Level 2 227,973 239,200 227,379 223,675

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	May 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Changes in the Warranty Liability	The changes in our warranty liability were as follows (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2017 2016 2017 2016 Balance at beginning of period $ 57,710 $ 50,575 $ 56,682 $ 49,085 Warranties issued 8,784 6,315 15,924 11,567 Payments (6,457 ) (8,446 ) (12,569 ) (12,467 ) Adjustments — 393 — 652 Balance at end of period $ 60,037 $ 48,837 $ 60,037 $ 48,837
Schedule of Self-Insurance Liability	The changes in our self-insurance liability were as follows (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2017 2016 2017 2016 Balance at beginning of period $ 159,882 $ 173,017 $ 158,584 $ 173,011 Self-insurance expense (a) 3,598 4,406 8,238 8,422 Payments (2,720 ) (12,029 ) (4,760 ) (15,435 ) Reclassification of estimated probable recoveries (b) (4,255 ) (8,661 ) (5,557 ) (9,265 ) Balance at end of period $ 156,505 $ 156,733 $ 156,505 $ 156,733 (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.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	May 31, 2017
Equity [Abstract]
Summary of Changes in Stockholders’ Equity	A summary of changes in stockholders’ equity is presented below (in thousands): Six Months Ended May 31, 2017 Number of Shares Common Stock Grantor Stock Ownership Trust Treasury Stock Common Stock Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Grantor Stock Ownership Trust Treasury Stock Total Stockholders’ Equity Balance at November 30, 2016 116,224 (9,432 ) (21,720 ) $ 116,224 $ 696,938 $ 1,563,742 $ (16,057 ) $ (102,300 ) $ (535,402 ) $ 1,723,145 Net income — — — — — 46,041 — — — 46,041 Dividends on common stock — — — — — (4,341 ) — — — (4,341 ) Employee stock options/other 256 — — 256 2,793 — — — — 3,049 Stock awards 66 279 27 66 (3,764 ) — — 3,021 677 — Stock-based compensation — — — — 7,037 — — — — 7,037 Stock repurchases — — (152 ) — — — — — (2,543 ) (2,543 ) Balance at May 31, 2017 116,546 (9,153 ) (21,845 ) $ 116,546 $ 703,004 $ 1,605,442 $ (16,057 ) $ (99,279 ) $ (537,268 ) $ 1,772,388

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	May 31, 2017
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 six months ended May 31, 2017 : Options Weighted Average Exercise Price Options outstanding at beginning of period 12,731,545 $ 18.95 Granted — — Exercised (255,623 ) 11.93 Cancelled (344,528 ) 18.26 Options outstanding at end of period 12,131,394 $ 19.12 Options exercisable at end of period 10,082,581 $ 19.87

Supplemental Disclosure to Co42

Supplemental Disclosure to Consolidated Statements of Cash Flows (Tables)	6 Months Ended
	May 31, 2017
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): Six Months Ended May 31, 2017 2016 Summary of cash and cash equivalents at end of period: Homebuilding $ 348,588 $ 274,849 Financial services 784 1,700 Total $ 349,372 $ 276,549 Supplemental disclosures of cash flow information: Interest paid, net of amounts capitalized $ 2,105 $ 2,729 Income taxes paid 3,039 2,635 Six Months Ended May 31, 2017 2016 Supplemental disclosures of noncash activities: Reclassification of warranty recoveries to receivables $ — $ 2,151 Decrease in consolidated inventories not owned (37,371 ) (32,324 ) Increase in inventories due to distributions of land and land development from an unconsolidated joint venture 3,676 4,875 Inventories acquired through seller financing 28,160 32,436

Supplemental Guarantor Inform43

Supplemental Guarantor Information (Tables)	6 Months Ended
	May 31, 2017
Guarantees [Abstract]
Condensed Consolidated Statements of Operations	Three Months Ended May 31, 2017 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues $ — $ 893,561 $ 109,233 $ — $ 1,002,794 Homebuilding: Revenues $ — $ 893,561 $ 106,511 $ — $ 1,000,072 Construction and land costs — (751,172 ) (95,424 ) — (846,596 ) Selling, general and administrative expenses (23,322 ) (70,929 ) (9,666 ) — (103,917 ) Operating income (loss) (23,322 ) 71,460 1,421 — 49,559 Interest income 198 2 2 — 202 Interest expense (41,693 ) (426 ) (1,225 ) 43,344 — Intercompany interest 75,610 (29,862 ) (2,404 ) (43,344 ) — Equity in loss of unconsolidated joint ventures — (595 ) (1 ) — (596 ) Homebuilding pretax income (loss) 10,793 40,579 (2,207 ) — 49,165 Financial services pretax income — — 2,817 — 2,817 Total pretax income 10,793 40,579 610 — 51,982 Income tax expense (2,500 ) (17,300 ) (400 ) — (20,200 ) Equity in net income of subsidiaries 23,489 — — (23,489 ) — Net income $ 31,782 $ 23,279 $ 210 $ (23,489 ) $ 31,782 Three Months Ended May 31, 2016 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues $ — $ 700,768 $ 110,282 $ — $ 811,050 Homebuilding: Revenues $ — $ 700,768 $ 107,694 $ — $ 808,462 Construction and land costs — (586,807 ) (101,907 ) — (688,714 ) Selling, general and administrative expenses (18,976 ) (64,010 ) (10,824 ) — (93,810 ) Operating income (loss) (18,976 ) 49,951 (5,037 ) — 25,938 Interest income 106 24 4 — 134 Interest expense (44,337 ) (821 ) (1,100 ) 44,288 (1,970 ) Intercompany interest 75,719 (27,479 ) (3,952 ) (44,288 ) — Equity in loss of unconsolidated joint ventures — (822 ) (3 ) — (825 ) Homebuilding pretax income (loss) 12,512 20,853 (10,088 ) — 23,277 Financial services pretax income — — 1,520 — 1,520 Total pretax income (loss) 12,512 20,853 (8,568 ) — 24,797 Income tax benefit (expense) (2,800 ) (8,400 ) 2,000 — (9,200 ) Equity in net income of subsidiaries 5,885 — — (5,885 ) — Net income (loss) $ 15,597 $ 12,453 $ (6,568 ) $ (5,885 ) $ 15,597 Six Months Ended May 31, 2017 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues $ — $ 1,623,488 $ 197,902 $ — $ 1,821,390 Homebuilding: Revenues $ — $ 1,623,488 $ 192,830 $ — $ 1,816,318 Construction and land costs — (1,369,624 ) (175,052 ) — (1,544,676 ) Selling, general and administrative expenses (45,589 ) (133,827 ) (17,390 ) — (196,806 ) Operating income (loss) (45,589 ) 120,037 388 — 74,836 Interest income 395 3 2 — 400 Interest expense (90,042 ) (994 ) (2,387 ) 87,116 (6,307 ) Intercompany interest 149,103 (56,465 ) (5,522 ) (87,116 ) — Equity in income (loss) of unconsolidated joint ventures — 136 (1 ) — 135 Homebuilding pretax income (loss) 13,867 62,717 (7,520 ) — 69,064 Financial services pretax income — — 4,377 — 4,377 Total pretax income (loss) 13,867 62,717 (3,143 ) — 73,441 Income tax expense (1,200 ) (26,100 ) (100 ) — (27,400 ) Equity in net income of subsidiaries 33,374 — — (33,374 ) — Net income (loss) $ 46,041 $ 36,617 $ (3,243 ) $ (33,374 ) $ 46,041 Six Months Ended May 31, 2016 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues $ — $ 1,302,111 $ 187,310 $ — $ 1,489,421 Homebuilding: Revenues $ — $ 1,302,111 $ 182,093 $ — $ 1,484,204 Construction and land costs — (1,087,771 ) (169,761 ) — (1,257,532 ) Selling, general and administrative expenses (43,316 ) (117,474 ) (20,952 ) — (181,742 ) Operating income (loss) (43,316 ) 96,866 (8,620 ) — 44,930 Interest income 240 42 4 — 286 Interest expense (88,707 ) (1,641 ) (2,161 ) 86,842 (5,667 ) Intercompany interest 149,762 (54,987 ) (7,933 ) (86,842 ) — Equity in loss of unconsolidated joint ventures — (1,425 ) (3 ) — (1,428 ) Homebuilding pretax income (loss) 17,979 38,855 (18,713 ) — 38,121 Financial services pretax income — — 2,703 — 2,703 Total pretax income (loss) 17,979 38,855 (16,010 ) — 40,824 Income tax benefit (expense) (2,100 ) (12,300 ) 2,300 — (12,100 ) Equity in net income of subsidiaries 12,845 — — (12,845 ) — Net income (loss) $ 28,724 $ 26,555 $ (13,710 ) $ (12,845 ) $ 28,724
Condensed Consolidated Balance Sheets	Condensed Consolidating Balance Sheets (in thousands) May 31, 2017 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets Homebuilding: Cash and cash equivalents $ 297,258 $ 42,386 $ 8,944 $ — $ 348,588 Receivables 4,293 145,851 84,568 — 234,712 Inventories — 3,147,848 340,356 — 3,488,204 Investments in unconsolidated joint ventures — 61,499 2,501 — 64,000 Deferred tax assets, net 275,558 292,017 144,310 — 711,885 Other assets 88,133 8,498 3,365 — 99,996 665,242 3,698,099 584,044 — 4,947,385 Financial services — — 11,410 — 11,410 Intercompany receivables 3,666,867 — 100,359 (3,767,226 ) — Investments in subsidiaries 40,811 — — (40,811 ) — Total assets $ 4,372,920 $ 3,698,099 $ 695,813 $ (3,808,037 ) $ 4,958,795 Liabilities and stockholders’ equity Homebuilding: Accounts payable, accrued expenses and other liabilities $ 129,689 $ 329,052 $ 216,088 $ — $ 674,829 Notes payable 2,451,564 32,527 26,030 — 2,510,121 2,581,253 361,579 242,118 — 3,184,950 Financial services — — 1,457 — 1,457 Intercompany payables 19,279 3,336,520 411,427 (3,767,226 ) — Stockholders’ equity 1,772,388 — 40,811 (40,811 ) 1,772,388 Total liabilities and stockholders’ equity $ 4,372,920 $ 3,698,099 $ 695,813 $ (3,808,037 ) $ 4,958,795 November 30, 2016 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets Homebuilding: Cash and cash equivalents $ 463,100 $ 100,439 $ 28,547 $ — $ 592,086 Receivables 4,807 135,915 90,943 — 231,665 Inventories — 3,048,132 355,096 — 3,403,228 Investments in unconsolidated joint ventures — 61,517 2,499 — 64,016 Deferred tax assets, net 276,737 318,077 144,171 — 738,985 Other assets 79,526 9,177 2,442 — 91,145 824,170 3,673,257 623,698 — 5,121,125 Financial services — — 10,499 — 10,499 Intercompany receivables 3,559,012 — 97,062 (3,656,074 ) — Investments in subsidiaries 35,965 — — (35,965 ) — Total assets $ 4,419,147 $ 3,673,257 $ 731,259 $ (3,692,039 ) $ 5,131,624 Liabilities and stockholders’ equity Homebuilding: Accounts payable, accrued expenses and other liabilities $ 131,530 $ 397,605 $ 237,192 $ — $ 766,327 Notes payable 2,548,112 66,927 25,110 — 2,640,149 2,679,642 464,532 262,302 — 3,406,476 Financial services — — 2,003 — 2,003 Intercompany payables 16,360 3,208,725 430,989 (3,656,074 ) — Stockholders’ equity 1,723,145 — 35,965 (35,965 ) 1,723,145 Total liabilities and stockholders’ equity $ 4,419,147 $ 3,673,257 $ 731,259 $ (3,692,039 ) $ 5,131,624
Condensed Consolidated Statements of Cash Flows	Condensed Consolidating Statements of Cash Flows (in thousands) Six Months Ended May 31, 2017 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net cash provided by (used in) operating activities $ 24,724 $ (83,371 ) $ (5,933 ) $ — $ (64,580 ) Cash flows from investing activities: Contributions to unconsolidated joint ventures — (5,852 ) (5,253 ) — (11,105 ) Return of investments in unconsolidated joint ventures — 1,969 4,989 — 6,958 Purchases of property and equipment, net (3,724 ) (344 ) (32 ) — (4,100 ) Intercompany (77,681 ) — — 77,681 — Net cash used in investing activities (81,405 ) (4,227 ) (296 ) 77,681 (8,247 ) Cash flows from financing activities: Repayment of senior notes (105,326 ) — — — (105,326 ) Payments on mortgages and land contracts due to land sellers and other loans — (61,640 ) — — (61,640 ) Issuance of common stock under employee stock plans 3,049 — — — 3,049 Payments of cash dividends (4,341 ) — — — (4,341 ) Stock repurchases (2,543 ) — — — (2,543 ) Intercompany — 91,185 (13,504 ) (77,681 ) — Net cash provided by (used in) financing activities (109,161 ) 29,545 (13,504 ) (77,681 ) (170,801 ) Net decrease in cash and cash equivalents (165,842 ) (58,053 ) (19,733 ) — (243,628 ) Cash and cash equivalents at beginning of period 463,100 100,439 29,461 — 593,000 Cash and cash equivalents at end of period $ 297,258 $ 42,386 $ 9,728 $ — $ 349,372 Six Months Ended May 31, 2016 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net cash provided by (used in) operating activities $ 6,508 $ (215,372 ) $ 41,405 $ — $ (167,459 ) Cash flows from investing activities: Contributions to unconsolidated joint ventures — (750 ) — — (750 ) Purchases of property and equipment, net (2,437 ) (331 ) (108 ) — (2,876 ) Intercompany (167,470 ) — — 167,470 — Net cash used in investing activities (169,907 ) (1,081 ) (108 ) 167,470 (3,626 ) Cash flows from financing activities: Change in restricted cash 5,827 — — — 5,827 Payments on mortgages and land contracts due to land sellers and other loans — (26,639 ) — — (26,639 ) Payments of cash dividends (4,364 ) — — — (4,364 ) Stock repurchases (87,531 ) — — — (87,531 ) Intercompany — 209,197 (41,727 ) (167,470 ) — Net cash provided by (used in) financing activities (86,068 ) 182,558 (41,727 ) (167,470 ) (112,707 ) Net decrease in cash and cash equivalents (249,467 ) (33,895 ) (430 ) — (283,792 ) Cash and cash equivalents at beginning of period 444,850 96,741 18,750 — 560,341 Cash and cash equivalents at end of period $ 195,383 $ 62,846 $ 18,320 $ — $ 276,549

Basis of Presentation and Sig44

Basis of Presentation and Significant Accounting Policies (Narratives) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016	Nov. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash equivalents	$ 256.1		$ 256.1		$ 396.1
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ 31.8	$ 15.6	$ 46	$ 28.7

Segment Information (Narratives

Segment Information (Narratives) (Details)	3 Months Ended
	May 31, 2017segment
Schedule of Equity Method Investments [Line Items]
Number of reporting segments	5
Home Community Mortgage LLC [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest in the venture	49.90%
Home Community Mortgage LLC [Member] | Nationstar Mortgage, LLC
Schedule of Equity Method Investments [Line Items]
Ownership interest in the venture	50.10%
KBHS, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest in the venture	50.00%
KBHS, LLC [Member] | Stearns Lending, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest in the venture	50.00%
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		6 Months Ended		12 Months Ended
		May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016	Nov. 30, 2016
Segment Reporting Information [Line Items]
Impairment of Real Estate		$ 4,302	$ 9,930	$ 7,519	$ 11,276	$ 49,600
Inventory, Homes under Construction		1,531,052		1,531,052		1,245,938
Inventory, Real Estate, Land and Land Development Costs		1,560,759		1,560,759		1,727,657
Inventory, Land Held for Development and Sale	[1]	396,393		396,393		429,633
Inventory, Operative Builders		3,488,204		3,488,204		3,403,228
Revenues:
Home Building Revenue		1,000,072	808,462	1,816,318	1,484,204
Pretax income (loss):
Total pretax income (loss)		51,982	24,797	73,441	40,824
Assets:
Total assets		4,958,795		4,958,795		5,131,624
Homebuilding [Member]
Pretax income (loss):
Total pretax income (loss)		49,165	23,277	69,064	38,121
Assets:
Total assets		4,947,385		4,947,385		5,121,125
Financial services [Member]
Pretax income (loss):
Total pretax income (loss)		2,817	1,520	4,377	2,703
Assets:
Total assets		11,410		11,410		10,499
West Coast [Member]
Segment Reporting Information [Line Items]
Impairment of Real Estate		3,144	4,574	3,144	4,574
Inventory, Homes under Construction		937,202		937,202		695,742
Inventory, Real Estate, Land and Land Development Costs		641,669		641,669		820,088
Inventory, Land Held for Development and Sale		195,684		195,684		210,910
Revenues:
Home Building Revenue		460,600	331,273	816,432	615,119
West Coast [Member] | Homebuilding [Member]
Pretax income (loss):
Total pretax income (loss)		36,496	19,619	59,349	41,735
Assets:
Total assets		1,881,660		1,881,660		1,847,279
Southwest [Member]
Segment Reporting Information [Line Items]
Impairment of Real Estate		0	0	1,343	0
Inventory, Homes under Construction		149,669		149,669		130,886
Inventory, Real Estate, Land and Land Development Costs		287,557		287,557		268,507
Inventory, Land Held for Development and Sale		111,608		111,608		122,927
Revenues:
Home Building Revenue		126,189	111,671	243,825	212,003
Southwest [Member] | Homebuilding [Member]
Pretax income (loss):
Total pretax income (loss)		9,949	10,134	18,621	22,637
Assets:
Total assets		584,515		584,515		564,636
Central [Member]
Segment Reporting Information [Line Items]
Impairment of Real Estate		0	0	0	787
Inventory, Homes under Construction		334,326		334,326		297,290
Inventory, Real Estate, Land and Land Development Costs		451,551		451,551		456,508
Inventory, Land Held for Development and Sale		18,328		18,328		15,439
Revenues:
Home Building Revenue		292,746	240,232	535,002	442,393
Central [Member] | Homebuilding [Member]
Pretax income (loss):
Total pretax income (loss)		26,985	23,335	46,663	33,914
Assets:
Total assets		918,171		918,171		909,497
Southeast [Member]
Segment Reporting Information [Line Items]
Impairment of Real Estate		1,158	5,356	3,032	5,915
Inventory, Homes under Construction		109,855		109,855		122,020
Inventory, Real Estate, Land and Land Development Costs		179,982		179,982		182,554
Inventory, Land Held for Development and Sale		70,773		70,773		80,357
Revenues:
Home Building Revenue		120,537	125,286	221,059	214,689
Southeast [Member] | Homebuilding [Member]
Pretax income (loss):
Total pretax income (loss)		479	(6,590)	(1,734)	(14,154)
Assets:
Total assets		375,823		375,823		414,730
Corporate and Other [Member] | Homebuilding [Member]
Pretax income (loss):
Total pretax income (loss)		(24,744)	(23,221)	(53,835)	(46,011)
Assets:
Total assets		1,187,216		1,187,216		$ 1,384,983
Land Option Contract Abandonment [Member]
Segment Reporting Information [Line Items]
Loss on Contract Termination		1,699	1,810	2,490	2,430
Land Option Contract Abandonment [Member] | West Coast [Member]
Segment Reporting Information [Line Items]
Loss on Contract Termination		1,044	261	1,835	421
Land Option Contract Abandonment [Member] | Southwest [Member]
Segment Reporting Information [Line Items]
Loss on Contract Termination		0	111	0	111
Land Option Contract Abandonment [Member] | Central [Member]
Segment Reporting Information [Line Items]
Loss on Contract Termination		518	0	518	460
Land Option Contract Abandonment [Member] | Southeast [Member]
Segment Reporting Information [Line Items]
Loss on Contract Termination		$ 137		$ 137
Metro Washington, D.C. [Member] | Land Option Contract Abandonment [Member] | Southeast [Member]
Segment Reporting Information [Line Items]
Loss on Contract Termination			1,438		1,438
Metro Washington, D.C. [Member] | Land [Member] | Southeast [Member]
Segment Reporting Information [Line Items]
Impairment of Real Estate			$ 5,400		$ 5,400
[1]	Land held for sale totaled $65.4 million at May 31, 2017 and $63.4 million at November 30, 2016.

Financial Services (Schedule of

Financial Services (Schedule of Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016
Segment Reporting Information [Line Items]
Interest and Other Income	$ 0	$ 0	$ 5	$ 0
Revenues
Insurance commissions	1,408	1,371	2,618	2,947
Title services	1,314	1,217	2,449	2,270
Total	2,722	2,588	5,072	5,217
Expenses
General and administrative	(816)	(871)	(1,635)	(1,730)
Operating income	49,559	25,938	74,836	44,930
Equity in income (loss) of unconsolidated joint ventures			1,075	(2,212)
Total pretax income (loss)	51,982	24,797	73,441	40,824
Financial services [Member]
Expenses
Operating income	1,906	1,717	3,437	3,487
Equity in income (loss) of unconsolidated joint ventures	911	(197)	940	(784)
Total pretax income (loss)	$ 2,817	$ 1,520	4,377	$ 2,703
Home Community Mortgage LLC [Member]
Segment Reporting Information [Line Items]
Limited Partners' Capital Account, Distribution Amount			$ 5,000

Financial Services (Schedule 48

Financial Services (Schedule of Assets and Liabilities) (Details) - USD ($) $ in Thousands		6 Months Ended
		May 31, 2017	Nov. 30, 2016	May 31, 2016	Nov. 30, 2015
Assets
Cash and cash equivalents		$ 349,372	$ 593,000	$ 276,549	$ 560,341
Receivables		234,712	231,665
Investments in unconsolidated joint ventures		64,000	64,016
Other assets		99,996	91,145
Total assets		4,958,795	5,131,624
Liabilities
Accounts payable and accrued expenses		674,829	766,327
Total liabilities		1,457	2,003
Financial services [Member]
Assets
Cash and cash equivalents		784	914	$ 1,700
Receivables		1,622	1,764
Investments in unconsolidated joint ventures	[1]	8,972	7,771
Other assets		32	50
Total assets		11,410	10,499
Liabilities
Accounts payable and accrued expenses		1,457	$ 2,003
KBHS, LLC [Member]
Segment Reporting Information [Line Items]
Limited Partners' Contributed Capital		$ 5,300
[1]	Our investments in unconsolidated joint ventures as of May 31, 2017 included a $5.3 million capital contribution we made to KBHS in the 2017 first quarter, and a $5.0 million distribution we received from HCM in the 2017 second quarter.

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		6 Months Ended
	May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	3,600	9,700	3,600	9,700
Numerator:
Net income	$ 31,782	$ 15,597	$ 46,041	$ 28,724
Less: Distributed earnings allocated to nonvested restricted stock	(14)	(10)	(29)	(21)
Less: Undistributed earnings allocated to nonvested restricted stock	(200)	(66)	(285)	(116)
Numerator for basic earnings per share	31,568	15,521	45,727	28,587
Interest expense and amortization of debt issuance costs associated with convertible senior notes, net of taxes	664	667	1,327	1,333
Add: Undistributed earnings allocated to nonvested restricted stock	200	66	285	116
Less: Undistributed earnings reallocated to nonvested restricted stock	(175)	(59)	(251)	(104)
Numerator for diluted earnings per share	$ 32,257	$ 16,195	$ 47,088	$ 29,932
Denominator:
Weighted average shares outstanding — basic (in shares)	85,445	84,196	85,285	86,704
Effect of dilutive securities: Share-based payments (in shares)	3,885	2,122	3,288	1,954
Effect of dilutive securities: Convertible senior notes (in shares)	8,402	8,402	8,402	8,402
Weighted average shares outstanding — diluted (in shares)	97,732	94,720	96,975	97,060
Basic earnings per share (in dollars per share)	$ 0.37	$ 0.18	$ 0.54	$ 0.33
Diluted earnings per share (in dollars per share)	$ 0.33	$ 0.17	$ 0.49	$ 0.31

Receivables (Details)

Receivables (Details) - USD ($) $ in Thousands	May 31, 2017	Nov. 30, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Utility and Municipality Receivable	$ 107,224	$ 102,780
Deposits Assets	14,425	13,665
Other Receivables	35,279	28,745
Accounts Receivable, Gross	247,460	244,275
Allowance for Doubtful Accounts Receivable	(12,748)	(12,610)
Accounts and Notes Receivable, Net	234,712	231,665
Self Insurance [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loss Contingency, Receivable	78,919	84,476
Warranty and Other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loss Contingency, Receivable	$ 11,613	$ 14,609

Inventories (Schedule of Invent

Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands		May 31, 2017	Nov. 30, 2016
Inventory Disclosure [Abstract]
Inventory, Land Held-for-sale		$ 65,400	$ 63,400
Inventories
Homes under construction		1,531,052	1,245,938
Land under development		1,560,759	1,727,657
Land held for future development	[1]	396,393	429,633
Total		$ 3,488,204	$ 3,403,228
[1]	Land held for sale totaled $65.4 million at May 31, 2017 and $63.4 million at November 30, 2016.

Inventories (Schedule of Capita

Inventories (Schedule of Capitalized Interest Costs) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016
Interest Costs
Capitalized interest at beginning of period		$ 311,111	$ 300,314	$ 306,723	$ 288,442
Interest incurred	[1]	43,344	46,258	93,423	92,509
Interest Expense	[1]	0	(1,970)	(6,307)	(5,667)
Interest amortized to construction and land costs	[2]	(50,471)	(35,557)	(89,855)	(66,239)
Capitalized interest at end of period	[3]	303,984	309,045	303,984	309,045
Loss on early extinguishment of debt				5,685	0
Land [Member]
Interest Costs
Interest amortized to construction and land costs		$ (1,100)	$ (6,000)	$ (1,600)	$ (500)
[1]	Interest incurred and interest expensed for the six months ended May 31, 2017 included a charge of $5.7 million for the early extinguishment of debt
[2]	Interest amortized to construction and land costs for the three months ended May 31, 2017 included $1.1 million related to land sales during the period. Interest amortized to construction and land costs for the six months ended May 31, 2017 and 2016 included $1.6 million and $.5 million, respectively, related to land sales during those periods.
[3]	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 Lan53

Inventory Impairments and Land Option Contract Abandonments (Narratives) (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	May 31, 2017USD ($)lotdeliveryproperty	May 31, 2016USD ($)lotdeliveryproperty	May 31, 2017USD ($)lotdeliveryproperty	May 31, 2016USD ($)lotdeliveryproperty	Nov. 30, 2016USD ($)property
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Impairment of Real Estate	$ 4,302,000	$ 9,930,000	$ 7,519,000	$ 11,276,000	$ 49,600,000
Number of Land Parcels or Communities Associated with Non Cash Inventory Impairment Charges | property	2		4
Number of land parcels or communities evaluated for recoverability | property			43	32
Carrying Value of Communities or Land Parcels Evaluated for Impairment	$ 381,100,000	$ 248,700,000	$ 381,100,000	$ 248,700,000
Aggregate carrying value of inventory impacted by pretax, noncash inventory impairment charges	$ 195,100,000		$ 195,100,000		$ 215,300,000
Number of communities and various other land parcels impacted by pretax, noncash inventory impairment charges	25		25		28
Land Option Contract Abandonment Lots | lot	134	312	520	492
Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Estimate Input at Average Selling Price	$ 399,800	$ 280,100	$ 399,800	$ 310,000
Fair Value Estimate Input, Delivery For Period | delivery	4	4	4	4
Fair Value Inputs, Discount Rate	18.00%	20.00%	18.00%	20.00%
Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Estimate Input at Average Selling Price	$ 231,000	$ 280,100	$ 231,000	$ 280,100
Fair Value Estimate Input, Delivery For Period | delivery	3	4	3	1
Fair Value Inputs, Discount Rate	18.00%	20.00%	17.00%	17.00%
Land Option Contract Abandonment [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Payments to Acquire Land	$ (1,699,000)	$ (1,810,000)	$ (2,490,000)	$ (2,430,000)
West Coast [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Impairment of Real Estate	3,144,000	$ 4,574,000	3,144,000	$ 4,574,000
Number of Land Parcels or Communities Associated with Non Cash Inventory Impairment Charges | property		1		1
West Coast [Member] | Land Option Contract Abandonment [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Payments to Acquire Land	(1,044,000)	$ (261,000)	(1,835,000)	$ (421,000)
Central [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Impairment of Real Estate	0	0	0	787,000
Central [Member] | Land Option Contract Abandonment [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Payments to Acquire Land	(518,000)	0	(518,000)	(460,000)
Southeast [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Impairment of Real Estate	1,158,000	5,356,000	3,032,000	5,915,000
Southeast [Member] | Land Option Contract Abandonment [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Payments to Acquire Land	$ (137,000)		$ (137,000)
Land Held for Future Development [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Impairment of Real Estate		4,600,000		4,600,000
Metro Washington, D.C. [Member] | Southeast [Member] | Land Option Contract Abandonment [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Payments to Acquire Land		(1,438,000)		(1,438,000)
Metro Washington, D.C. [Member] | Land [Member] | Southeast [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Impairment of Real Estate		$ 5,400,000		$ 5,400,000
Number of Land Parcels or Communities Associated with Non Cash Inventory Impairment Charges | property		2		2

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands	May 31, 2017USD ($)joint_venture	Nov. 30, 2016USD ($)joint_venture
Variable Interest Entity [Line Items]
Number of Investments in Unconsolidated Joint Ventures | joint_venture	6	7
Cash Deposits	$ 31,412	$ 42,829
Aggregate Purchase Price	855,916	1,073,596
Pre-acquisition costs related to land option contracts and other similar contracts	26,200	56,000
Letters of Credit Outstanding, Amount	32,400	31,000
Increase in inventories and accrued expenses and other liabilities	$ 13,200	$ 50,500
Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Number of Investments in Unconsolidated Joint Ventures | joint_venture	1	1
Cash Deposits	$ 19,313	$ 24,910
Aggregate Purchase Price	522,124	641,642
Non-VIE Other land option contracts and other similar contracts [Member]
Variable Interest Entity [Line Items]
Cash Deposits	12,099	17,919
Aggregate Purchase Price	$ 333,792	$ 431,954

Investments in Unconsolidated55

Investments in Unconsolidated Joint Ventures (Financial Information for Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016	Nov. 30, 2016
Statements of operations of unconsolidated joint venture
Revenues		$ 7,080	$ 18,514	$ 26,802	$ 21,852
Construction and land costs		(6,898)	(18,501)	(24,793)	(25,996)
Other expenses, net		(1,157)	(1,468)	(2,253)	(2,591)
Income (loss)		(975)	$ (1,455)	(244)	$ (6,735)
Assets
Cash		25,266		25,266		$ 31,928
Receivables		742		742		882
Inventories		149,204		149,204		165,385
Other Assets		2,562		2,562		629
Total assets		177,774		177,774		198,824
Liabilities and equity
Accounts payable and other liabilities		20,163		20,163		19,880
Equity Method Investments Summarized Financial Information Debt	[1]	33,045		33,045		44,381
Equity		124,566		124,566		134,563
Total liabilities and equity		$ 177,774		$ 177,774		$ 198,824
[1]	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 May 31, 2017 or November 30, 2016.

Investments in Unconsolidated56

Investments in Unconsolidated Joint Ventures (Information for Investments in Unconsolidated Joint Ventures) (Details) $ in Thousands		6 Months Ended
		May 31, 2017USD ($)lotjoint_venture	Nov. 30, 2016USD ($)lotjoint_venture
Schedule of Equity Method Investments [Line Items]
Number of Units in Real Estate Property | lot		99
Long-term Purchase, Commitment, Amount | $		$ 43,700
Number of investments in unconsolidated joint ventures | joint_venture		6	7
Long-term purchase commitment period		3 years
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $		$ 64,000	$ 64,016
Number of Unconsolidated Joint Venture Lots Controlled Under Land Option Contracts | lot		397	471
Equity Method Investments Summarized Financial Information Debt | $	[1]	$ 33,045	$ 44,381
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
Investments in Unconsolidated Joint Ventures with Purchase Commitments [Member]
Schedule of Equity Method Investments [Line Items]
Number of investments in unconsolidated joint ventures | joint_venture		1
[1]	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 May 31, 2017 or November 30, 2016.

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	May 31, 2017	Nov. 30, 2016
Other Assets [Abstract]
Cash surrender value of corporate-owned life insurance contracts	$ 73,505	$ 70,829
Property and equipment, net	16,831	14,240
Prepaid expenses	8,699	4,894
Debt issuance costs associated with unsecured revolving credit facility, net	961	1,182
Total	$ 99,996	$ 91,145

Accrued Expenses and Other Li58

Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands		May 31, 2017	Feb. 28, 2017	Nov. 30, 2016	May 31, 2016	Feb. 29, 2016	Nov. 30, 2015
Payables and Accruals [Abstract]
Employee compensation and related benefits		$ 111,694		$ 130,352
Inventory-related liabilities	[1]	43,390		82,682
Self-Insurance and Other Litigation Liabilities		173,704		170,988
Accrued interest payable		65,928		67,411
Warranty liability		60,037	$ 57,710	56,682	$ 48,837	$ 50,575	$ 49,085
Customer Advances and Deposits		18,863		18,175
Real estate and business taxes		9,347		14,370
Other		4,873		10,336
Total		$ 487,836		$ 550,996
[1]	Represents liabilities for financing arrangements discussed in Note 8 – 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		6 Months Ended
		May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016	Nov. 30, 2016
Income Tax Expense (Benefit), Continuing Operations [Abstract]
Income tax expense	[1]	$ (20,200,000)	$ (9,200,000)	$ (27,400,000)	$ (12,100,000)
Effective Income Tax Rate Reconciliation, Percent	[1]	38.90%	37.10%	37.30%	29.60%
Income Tax Credits and Adjustments		$ 100,000	$ 400,000	$ 1,200,000	$ 3,700,000
Unrecognized Tax Benefits		100,000		100,000		$ 100,000
Net (increase) reduction in valuation allowance				0
Valuation allowance		24,800,000		24,800,000		24,800,000
Income Tax Contingency [Line Items]
Deferred Tax Assets, Gross		736,700,000		736,700,000		$ 763,800,000
Minimum [Member]
Income Tax Contingency [Line Items]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit		0		0
Maximum [Member]
Income Tax Contingency [Line Items]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit		$ 100,000		$ 100,000
[1]	(a) Amounts reflect the favorable net impact of federal energy tax credits we earned from building energy-efficient homes. The net impact of these tax credits was $.1 million and $.4 million for the three months ended May 31, 2017 and 2016, respectively, and $1.2 million and $3.7 million for the six months ended May 31, 2017 and 2016, respectively.

Notes Payable (Schedule Notes P

Notes Payable (Schedule Notes Payable) (Details) - USD ($) $ in Thousands	May 31, 2017	Nov. 30, 2016
Debt Instrument [Line Items]
Mortgages and notes payable	$ 2,510,121	$ 2,640,149
Mortgages and Land Contracts Due to Land Sellers and Other Loans [Member]
Debt Instrument [Line Items]
Mortgages and notes payable	$ 33,447	$ 66,927
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	$ 164,748	$ 263,932
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	$ 299,755	$ 299,647
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	$ 397,874	$ 397,364
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	$ 345,510	$ 344,811
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	$ 446,253	$ 445,911
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	$ 346,999	$ 346,774
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	$ 247,562	$ 247,404
Convertible Notes Payable [Member] | Convertible Senior Notes Due Two Thousand Nineteen At One Point Three Seven Five Percent [Member]
Debt Instrument [Line Items]
Senior notes, rate	1.375%	1.375%
Mortgages and notes payable	$ 227,973	$ 227,379

Notes Payable (Narratives) (Det

Notes Payable (Narratives) (Details)	Jan. 13, 2017USD ($)	May 31, 2017USD ($)$ / sharesshares	May 31, 2016shares	May 31, 2017USD ($)$ / sharesshares	May 31, 2016USD ($)shares	Nov. 30, 2016USD ($)
Debt Instrument [Line Items]
Debt Issuance Costs, Net		$ 18,300,000		$ 18,300,000		$ 21,800,000
Line of Credit Facility, Current Borrowing Capacity		275,000,000		275,000,000
Letters of credit outstanding		$ 32,400,000		$ 32,400,000		31,000,000
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities (in shares) | shares		8,402,000	8,402,000	8,402,000	8,402,000
Gain (Loss) on Extinguishment of Debt				$ (5,685,000)	$ 0
Notes and Loans Payable		$ 2,510,121,000		2,510,121,000		2,640,149,000
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months		195,800,000		195,800,000
Long-term Debt, Maturities, Repayments of Principal in Year Two		302,600,000		302,600,000
Long-term Debt, Maturities, Repayments of Principal in Year Three		630,000,000		630,000,000
Long-term Debt, Maturities, Repayments of Principal in Year Four		350,000,000		350,000,000
Long-term Debt, Maturities, Repayments of Principal in Year Five		0		0
Long-term Debt, Maturities, Repayments of Principal after Year Five		1,050,000,000		1,050,000,000
Inventories pledged to collateralize mortgages and land contracts, carrying value		$ 61,600,000		61,600,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Unsecured revolving credit facility, expiration date		Aug. 7, 2019
Unsecured revolving credit facility, maximum borrowing capacity		$ 450,000,000		450,000,000
Line of Credit Facility, Amount Outstanding		0		0
Unsecured revolving credit facility, remaining borrowing capacity		$ 242,600,000		242,600,000
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%
Letter of Credit [Member]
Debt Instrument [Line Items]
Unsecured revolving credit facility, maximum borrowing capacity		$ 137,500,000		137,500,000
Line of Credit Facility, Amount Outstanding		32,400,000		32,400,000
Unsecured revolving credit facility, remaining borrowing capacity		105,100,000		105,100,000
LOC Facilities [Member]
Debt Instrument [Line Items]
Letters of credit outstanding		0		0		0
Mortgages and Land Contracts Due to Land Sellers and Other Loans [Member]
Debt Instrument [Line Items]
Notes and Loans Payable		$ 33,447,000		$ 33,447,000		$ 66,927,000
Convertible Notes Payable [Member] | Convertible Senior Notes Due Two Thousand Nineteen At One Point Three Seven Five Percent [Member]
Debt Instrument [Line Items]
Senior notes, rate		1.375%		1.375%		1.375%
Debt instrument, conversion ratio		0.0365297
Debt instrument, convertible, conversion price (in dollars per share) | $ / shares		$ 27.37		$ 27.37
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities (in shares) | shares		8,401,831
Notes and Loans Payable		$ 227,973,000		$ 227,973,000		$ 227,379,000
Senior Notes [Member] | Senior notes due June 15, 2018 at 7 1/4%
Debt Instrument [Line Items]
Senior notes, rate		7.25%		7.25%		7.25%
Notes and Loans Payable		$ 299,755,000		$ 299,755,000		$ 299,647,000
Senior Notes [Member] | Senior notes due September 15, 2017 at 9.10%
Debt Instrument [Line Items]
Senior notes, rate		9.10%		9.10%		9.10%
Notes and Loans Payable		$ 164,748,000		$ 164,748,000		$ 263,932,000
Senior Notes [Member] | Senior Notes Due Two Thousand Nineteen at Four Point Seven Five Percent [Member]
Debt Instrument [Line Items]
Senior notes, rate		4.75%		4.75%		4.75%
Notes and Loans Payable		$ 397,874,000		$ 397,874,000		$ 397,364,000
Senior Notes [Member] | Senior notes due March 15, 2020 at 8.00%
Debt Instrument [Line Items]
Senior notes, rate		8.00%		8.00%		8.00%
Notes and Loans Payable		$ 345,510,000		$ 345,510,000		$ 344,811,000
Senior Notes [Member] | Senior notes due September 15, 2022 at 7.50%
Debt Instrument [Line Items]
Senior notes, rate		7.50%		7.50%		7.50%
Notes and Loans Payable		$ 346,999,000		$ 346,999,000		$ 346,774,000
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%		7.625%
Notes and Loans Payable		$ 247,562,000		$ 247,562,000		$ 247,404,000
Senior Notes [Member] | Senior Notes Due Two Thousand Seventeen at Nine Point One Percent [Member]
Debt Instrument [Line Items]
Senior notes, rate		9.10%		9.10%
Extinguishment of Debt, Amount	$ 100,000,000
Debt Instrument Redemption Aggregate Price				$ 105,300,000
Notes and Loans Payable		$ 165,000,000		$ 165,000,000

Fair Value Disclosures (Assets

Fair Value Disclosures (Assets Measured at Fair Value on Nonrecurring Basis) (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands		May 31, 2017	Nov. 30, 2016
Level 2
Assets measured at fair value on a nonrecurring basis
Assets, Fair Value Disclosure	[1]	$ 0	$ 3,657
Level 3
Assets measured at fair value on a nonrecurring basis
Assets, Fair Value Disclosure	[1]	$ 12,513	$ 37,329
[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		6 Months Ended		12 Months Ended
	May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016	Nov. 30, 2016
Fair Value Disclosures [Abstract]
Long-lived assets held and used, carrying value	$ 20,000		$ 20,000		$ 89,100
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of Real Estate	4,302	$ 9,930	7,519	$ 11,276	49,600
Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	$ 12,500		$ 12,500		$ 39,500

Fair Value Disclosures (Fair Va

Fair Value Disclosures (Fair Value Hierarchy, Carrying Values, and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands		May 31, 2017	Nov. 30, 2016
Carrying Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Debt, Fair Value Disclosures	[1]	$ 227,973	$ 227,379
Carrying Value | Level 2 | Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated Fair Value	[1]	2,248,701	2,345,843
Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure		12,500	39,500
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		239,200	223,675
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		2,464,800	2,494,844
Fair Value, Measurements, Nonrecurring [Member] | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure	[1]	$ 0	$ 3,657
[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 Contingencies65

Commitments and Contingencies (Narratives) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2017USD ($)	May 31, 2016USD ($)	May 31, 2017USD ($)Home	May 31, 2016USD ($)	Nov. 30, 2016USD ($)
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	$ (6,457)	$ (8,446)	$ (12,569)	$ (12,467)
Adjustment to increase warranty liability	0	$ 393	0	$ 652
Performance bonds	564,800		564,800		$ 535,700
Letters of credit outstanding	32,400		32,400		31,000
Cash deposits	31,412		31,412		42,829
Aggregate purchase price of land	855,916		$ 855,916		1,073,596
Warranty for Other Components of Home			1 year
Damages from Product Defects [Member]
Loss Contingencies [Line Items]
Minimum Number of Affected Homes for Construction Defect Claims | Home			2
Structural warranty provided by the company (in years)			10 years
Warranty Obligations [Member]
Loss Contingencies [Line Items]
Structural warranty provided by the company (in years)			10 years
Self Insurance [Member]
Loss Contingencies [Line Items]
Loss Contingency, Receivable	$ 78,900		$ 78,900		$ 84,500

Commitments and Contingencies66

Commitments and Contingencies (Changes in the Warranty Liability) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016	Feb. 28, 2017	Nov. 30, 2016	Feb. 29, 2016	Nov. 30, 2015
Loss Contingencies [Line Items]
Self Insurance Reserve		$ 156,505	$ 156,733	$ 156,505	$ 156,733	$ 159,882	$ 158,584	$ 173,017	$ 173,011
Expenses Associated with Self Insurance	[1]	3,598	4,406	8,238	8,422
Payments, Net of Recoveries for Self Insurance		(2,720)	(12,029)	(4,760)	(15,435)
Changes in the Warranty Liability
Balance at beginning of period		57,710	50,575	56,682	49,085
Warranties issued		8,784	6,315	15,924	11,567
Payments		(6,457)	(8,446)	(12,569)	(12,467)
Adjustments		0	393	0	652
Balance at end of period		60,037	48,837	60,037	48,837
Self Insurance [Member]
Loss Contingencies [Line Items]
Loss Contingency, Receivable		78,900		78,900			84,500
Loss Contingency, Receivable, Period Increase (Decrease)	[2]	(4,255)	$ (8,661)	(5,557)	$ (9,265)
Warranty and Other [Member]
Loss Contingencies [Line Items]
Loss Contingency, Receivable		$ 11,600		$ 11,600			$ 14,600
[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]	Amount for each period represents the changes in the estimated probable insurance and other recoveries that were reclassified to receivables to present our self-insurance liability on a gross basis.

Legal Matters (Details)

Legal Matters (Details) $ in Millions	6 Months Ended
	May 31, 2017USD ($)a
Nevada Development Contract Litigation
Loss Contingencies [Line Items]
Acres of purchased land by LVDA | a	83
Expected interest charges	$ 41
San Diego Region (Basin Plan) [Domain]
Loss Contingencies [Line Items]
Litigation Settlement, Amount	0.3
Maximum [Member] | Nevada Development Contract Litigation
Loss Contingencies [Line Items]
Expected compensatory damages	$ 55

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			$ 1,723,145
Net income	$ 31,782	$ 15,597	46,041	$ 28,724
Dividends on common stock			$ (4,341)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares)			255,623
Stock Issued During Period, Value, Stock Options Exercised			$ 3,049
Stock Issued During Period, Value, Share-based Compensation, Gross			0
Stock-based compensation			7,037
Stock repurchases			(2,543)
Ending balance	$ 1,772,388		$ 1,772,388
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Stock, Shares, Outstanding (in shares)			(116,224,000)
Beginning balance			$ 116,224
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares)			256,000
Stock Issued During Period, Value, Stock Options Exercised			$ 256
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures (in shares)			66,000
Stock Issued During Period, Value, Share-based Compensation, Gross			$ 66
Common Stock, Shares, Outstanding (in shares)	(116,546,000)		(116,546,000)
Ending balance	$ 116,546		$ 116,546
Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			696,938
Stock Issued During Period, Value, Stock Options Exercised			2,793
Stock Issued During Period, Value, Share-based Compensation, Gross			(3,764)
Stock-based compensation			7,037
Ending balance	703,004		703,004
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			1,563,742
Net income			46,041
Dividends on common stock			(4,341)
Ending balance	1,605,442		1,605,442
Accumulated Other Comprehensive Income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			(16,057)
Ending balance	$ (16,057)		$ (16,057)
Grantor Stock Ownership Trust
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Stock, Shares, Outstanding (in shares)			(9,432,000)
Beginning balance			$ (102,300)
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures (in shares)			278,500
Stock Issued During Period, Value, Share-based Compensation, Gross			$ 3,021
Common Stock, Shares, Outstanding (in shares)	(9,153,000)		(9,153,000)
Ending balance	$ (99,279)		$ (99,279)
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Stock, Shares, Outstanding (in shares)			(21,720,000)
Beginning balance			$ (535,402)
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures (in shares)			27,000
Stock Issued During Period, Value, Share-based Compensation, Gross			$ 677
Stock repurchases			$ (2,543)
Treasury Stock, Shares, Acquired (in shares)			(152,000)
Common Stock, Shares, Outstanding (in shares)	(21,845,000)		(21,845,000)
Ending balance	$ (537,268)		$ (537,268)

Stockholders' Equity (Narrative

Stockholders' Equity (Narratives) (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 15, 2017	May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016	Nov. 30, 2016
Debt Instrument [Line Items]
Common stock reserve (in shares)		12,602,735		12,602,735
Stock repurchases				$ 2,543	$ 87,531
Dividend paid in each quarter (in dollars per share)		$ 0.0250	$ 0.0250	$ 0.05	$ 0.050
Cash dividends declared per common share (in dollars per share)		$ 0.0250	$ 0.0250	$ 0.05	$ 0.05
January 2016 Stock Repurchase Program [Member]
Debt Instrument [Line Items]
Number of common stock, authorized, approved under a board approved stock repurchase program (in shares)		1,627,000		1,627,000
Shares Withheld to Pay Taxes [Member]
Debt Instrument [Line Items]
Stock repurchases				$ 2,543
Treasury Stock, Shares, Acquired (in shares)				152,569
PSU 2013 [Domain] | Performance Shares [Member]
Debt Instrument [Line Items]
Common Stock, Shares, Issued (in shares)	278,460
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	125,460
Convertible Notes Payable [Member] | Convertible Senior Notes Due Two Thousand Nineteen At One Point Three Seven Five Percent [Member]
Debt Instrument [Line Items]
Senior notes, rate		1.375%		1.375%		1.375%

Stock-Based Compensation (Outst

Stock-Based Compensation (Outstanding and Exercisable Stock Options) (Details)	6 Months Ended
	May 31, 2017$ / sharesshares
Options
Options outstanding at beginning of period, options (in shares) | shares	12,731,545
Granted, options (in shares) | shares	0
Exercised, options (in shares) | shares	(255,623)
Cancelled, options (in shares) | shares	(344,528)
Options outstanding at end of period, options (in shares) | shares	12,131,394
Options exercisable at end of period (in shares) | shares	10,082,581
Weighted Average Exercise Price in dollars per share
Options outstanding at beginning of period, weighted average exercise price (in dollars per share) | $ / shares	$ 18.95
Granted, weighted average exercise price (in dollars per share) | $ / shares	0
Exercised, weighted average exercise price (in dollars per share) | $ / shares	11.93
Cancelled, weighted average exercise price (in dollars per share) | $ / shares	18.26
Options outstanding at end of period, weighted average exercise price (in dollars per share) | $ / shares	19.12
Options exercisable at end of period (in dollars per share) | $ / shares	$ 19.87

Stock-Based Compensation (Narra

Stock-Based Compensation (Narratives) (Details) - USD ($) $ in Millions	Apr. 13, 2017	May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining contractual life of stock options outstanding (in years)				3 years 11 months 30 days
Weighted average remaining contractual life of stock options exercisable (in years)				3 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value		$ 62.8		$ 62.8
Intrinsic value of stock options exercisable		51.4		51.4
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, total		2.1		$ 2.1
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition				1 year 3 months
Stock-based compensation expense (income) associated with stock options, total		0.3	$ 1.1	$ 1.1	$ 2
Restricted Stock and Performance Unit Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense (income) associated with stock options, total		$ 3.6	$ 3.5	$ 5.9	$ 5.5
Non-Employee Directors Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares)	22,994
Non-Employee Director Stock Units [Domain]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	43,499

Supplemental Disclosure to Co72

Supplemental Disclosure to Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	May 31, 2017	May 31, 2016	Nov. 30, 2016	Nov. 30, 2015
Summary of cash and cash equivalents at end of period:
Cash and cash equivalents	$ 349,372	$ 276,549	$ 593,000	$ 560,341
Supplemental disclosures of cash flow information:
Interest paid, net of amounts capitalized	2,105	2,729
Income taxes paid	3,039	2,635
Supplemental disclosures of noncash activities:
Increase (decrease) in consolidated inventories not owned	(37,371)	(32,324)
Cost of inventories acquired through seller financing	28,160	32,436
Homebuilding
Summary of cash and cash equivalents at end of period:
Cash and cash equivalents	348,588	274,849	592,086
Financial Services
Summary of cash and cash equivalents at end of period:
Cash and cash equivalents	784	1,700	$ 914
Inspirada Builders LLC [Member]
Supplemental disclosures of noncash activities:
Increase in inventories due to distribution of land from unconsolidated joint venture	3,676	4,875
Warranty Reserves [Member]
Supplemental disclosures of cash flow information:
Loss Contingency, Receivable, Period Increase (Decrease)	$ 0	$ 2,151

Supplemental Guarantor Inform73

Supplemental Guarantor Information (Narrative) (Details)	6 Months Ended
	May 31, 2017
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 Inform74

Supplemental Guarantor Information (Condensed Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016
Condensed Consolidated Statements of Operations
Revenues		$ 1,002,794	$ 811,050	$ 1,821,390	$ 1,489,421
Homebuilding:
Revenues		1,000,072	808,462	1,816,318	1,484,204
Construction and land costs		(846,596)	(688,714)	(1,544,676)	(1,257,532)
Selling, general and administrative expenses		(103,917)	(93,810)	(196,806)	(181,742)
Operating income (loss)		49,559	25,938	74,836	44,930
Interest income		202	134	400	286
Interest expense	[1]	0	(1,970)	(6,307)	(5,667)
Intercompany Interest Income (Expense)		0	0	0	0
Equity in income (loss) of unconsolidated joint ventures				1,075	(2,212)
Total pretax income (loss)		51,982	24,797	73,441	40,824
Income tax expense	[2]	(20,200)	(9,200)	(27,400)	(12,100)
Income (Loss) from Subsidiaries, Net of Tax		0	0	0	0
Net income		31,782	15,597	46,041	28,724
KB Home Corporate
Condensed Consolidated Statements of Operations
Revenues		0	0	0	0
Homebuilding:
Revenues		0	0	0	0
Construction and land costs		0	0	0	0
Selling, general and administrative expenses		(23,322)	(18,976)	(45,589)	(43,316)
Operating income (loss)		(23,322)	(18,976)	(45,589)	(43,316)
Interest income		198	106	395	240
Interest expense		(41,693)	(44,337)	(90,042)	(88,707)
Intercompany Interest Income (Expense)		75,610	75,719	149,103	149,762
Total pretax income (loss)		10,793	12,512	13,867	17,979
Income tax expense		(2,500)	(2,800)	(1,200)	(2,100)
Income (Loss) from Subsidiaries, Net of Tax		23,489	5,885	33,374	12,845
Net income		31,782	15,597	46,041	28,724
Guarantor Subsidiaries
Condensed Consolidated Statements of Operations
Revenues		893,561	700,768	1,623,488	1,302,111
Homebuilding:
Revenues		893,561	700,768	1,623,488	1,302,111
Construction and land costs		(751,172)	(586,807)	(1,369,624)	(1,087,771)
Selling, general and administrative expenses		(70,929)	(64,010)	(133,827)	(117,474)
Operating income (loss)		71,460	49,951	120,037	96,866
Interest income		2	24	3	42
Interest expense		(426)	(821)	(994)	(1,641)
Intercompany Interest Income (Expense)		(29,862)	(27,479)	(56,465)	(54,987)
Total pretax income (loss)		40,579	20,853	62,717	38,855
Income tax expense		(17,300)	(8,400)	(26,100)	(12,300)
Income (Loss) from Subsidiaries, Net of Tax		0	0	0	0
Net income		23,279	12,453	36,617	26,555
Non-Guarantor Subsidiaries
Condensed Consolidated Statements of Operations
Revenues		109,233	110,282	197,902	187,310
Homebuilding:
Revenues		106,511	107,694	192,830	182,093
Construction and land costs		(95,424)	(101,907)	(175,052)	(169,761)
Selling, general and administrative expenses		(9,666)	(10,824)	(17,390)	(20,952)
Operating income (loss)		1,421	(5,037)	388	(8,620)
Interest income		2	4	2	4
Interest expense		(1,225)	(1,100)	(2,387)	(2,161)
Intercompany Interest Income (Expense)		(2,404)	(3,952)	(5,522)	(7,933)
Total pretax income (loss)		610	(8,568)	(3,143)	(16,010)
Income tax expense		(400)	2,000	(100)	2,300
Income (Loss) from Subsidiaries, Net of Tax		0	0	0	0
Net income		210	(6,568)	(3,243)	(13,710)
Homebuilding [Member]
Homebuilding:
Equity in income (loss) of unconsolidated joint ventures		(596)	(825)	135	(1,428)
Total pretax income (loss)		49,165	23,277	69,064	38,121
Homebuilding [Member] | KB Home Corporate
Homebuilding:
Equity in income (loss) of unconsolidated joint ventures		0	0	0	0
Total pretax income (loss)		10,793	12,512	13,867	17,979
Homebuilding [Member] | Guarantor Subsidiaries
Homebuilding:
Equity in income (loss) of unconsolidated joint ventures		(595)	(822)	136	(1,425)
Total pretax income (loss)		40,579	20,853	62,717	38,855
Homebuilding [Member] | Non-Guarantor Subsidiaries
Homebuilding:
Equity in income (loss) of unconsolidated joint ventures		(1)	(3)	(1)	(3)
Total pretax income (loss)		(2,207)	(10,088)	(7,520)	(18,713)
Financial services [Member]
Homebuilding:
Operating income (loss)		1,906	1,717	3,437	3,487
Equity in income (loss) of unconsolidated joint ventures		911	(197)	940	(784)
Total pretax income (loss)		2,817	1,520	4,377	2,703
Financial services [Member] | KB Home Corporate
Homebuilding:
Total pretax income (loss)		0	0	0	0
Financial services [Member] | Guarantor Subsidiaries
Homebuilding:
Total pretax income (loss)		0	0	0	0
Financial services [Member] | Non-Guarantor Subsidiaries
Homebuilding:
Total pretax income (loss)		2,817	1,520	4,377	2,703
Consolidating Adjustments
Condensed Consolidated Statements of Operations
Revenues		0	0	0	0
Homebuilding:
Revenues		0	0	0	0
Construction and land costs		0	0	0	0
Selling, general and administrative expenses		0	0	0	0
Operating income (loss)		0	0	0	0
Interest income		0	0	0	0
Interest expense		43,344	44,288	87,116	86,842
Intercompany Interest Income (Expense)		(43,344)	(44,288)	(87,116)	(86,842)
Total pretax income (loss)		0	0	0	0
Income tax expense		0	0	0	0
Income (Loss) from Subsidiaries, Net of Tax		(23,489)	(5,885)	(33,374)	(12,845)
Net income		(23,489)	(5,885)	(33,374)	(12,845)
Consolidating Adjustments | Homebuilding [Member]
Homebuilding:
Equity in income (loss) of unconsolidated joint ventures		0	0	0	0
Total pretax income (loss)		0	0	0	0
Consolidating Adjustments | Financial services [Member]
Homebuilding:
Total pretax income (loss)		$ 0	$ 0	$ 0	$ 0
[1]	Interest incurred and interest expensed for the six months ended May 31, 2017 included a charge of $5.7 million for the early extinguishment of debt
[2]	(a) Amounts reflect the favorable net impact of federal energy tax credits we earned from building energy-efficient homes. The net impact of these tax credits was $.1 million and $.4 million for the three months ended May 31, 2017 and 2016, respectively, and $1.2 million and $3.7 million for the six months ended May 31, 2017 and 2016, respectively.

Supplemental Guarantor Inform75

Supplemental Guarantor Information (Condensed Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands		May 31, 2017	Nov. 30, 2016	May 31, 2016	Nov. 30, 2015
Assets
Cash and Cash Equivalents, at Carrying Value		$ 349,372	$ 593,000	$ 276,549	$ 560,341
Receivables		234,712	231,665
Inventory, Operative Builders		3,488,204	3,403,228
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures		64,000	64,016
Deferred tax assets, net		711,885	738,985
Other assets		99,996	91,145
Investments in and Advances to Affiliates, Amount of Equity		0	0
Total assets		4,958,795	5,131,624
Due from Affiliates		0	0
Liabilities and stockholders' equity
Accounts payable, accrued expenses and other liabilities		674,829	766,327
Mortgages and notes payable		2,510,121	2,640,149
Financial services		1,457	2,003
Due to Affiliate		0	0
Stockholders' equity		1,772,388	1,723,145
Total liabilities and stockholders’ equity		4,958,795	5,131,624
KB Home Corporate
Assets
Cash and Cash Equivalents, at Carrying Value		297,258	463,100	195,383	444,850
Receivables		4,293	4,807
Inventory, Operative Builders		0	0
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures		0	0
Deferred tax assets, net		275,558	276,737
Other assets		88,133	79,526
Investments in and Advances to Affiliates, Amount of Equity		40,811	35,965
Total assets		4,372,920	4,419,147
Due from Affiliates		3,666,867	3,559,012
Liabilities and stockholders' equity
Accounts payable, accrued expenses and other liabilities		129,689	131,530
Mortgages and notes payable		2,451,564	2,548,112
Financial services		0	0
Due to Affiliate		19,279	16,360
Stockholders' equity		1,772,388	1,723,145
Total liabilities and stockholders’ equity		4,372,920	4,419,147
Guarantor Subsidiaries
Assets
Cash and Cash Equivalents, at Carrying Value		42,386	100,439	62,846	96,741
Receivables		145,851	135,915
Inventory, Operative Builders		3,147,848	3,048,132
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures		61,499	61,517
Deferred tax assets, net		292,017	318,077
Other assets		8,498	9,177
Investments in and Advances to Affiliates, Amount of Equity		0	0
Total assets		3,698,099	3,673,257
Due from Affiliates		0	0
Liabilities and stockholders' equity
Accounts payable, accrued expenses and other liabilities		329,052	397,605
Mortgages and notes payable		32,527	66,927
Financial services		0	0
Due to Affiliate		3,336,520	3,208,725
Stockholders' equity		0	0
Total liabilities and stockholders’ equity		3,698,099	3,673,257
Non-Guarantor Subsidiaries
Assets
Cash and Cash Equivalents, at Carrying Value		9,728	29,461	18,320	18,750
Receivables		84,568	90,943
Inventory, Operative Builders		340,356	355,096
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures		2,501	2,499
Deferred tax assets, net		144,310	144,171
Other assets		3,365	2,442
Investments in and Advances to Affiliates, Amount of Equity		0	0
Total assets		695,813	731,259
Due from Affiliates		100,359	97,062
Liabilities and stockholders' equity
Accounts payable, accrued expenses and other liabilities		216,088	237,192
Mortgages and notes payable		26,030	25,110
Financial services		1,457	2,003
Due to Affiliate		411,427	430,989
Stockholders' equity		40,811	35,965
Total liabilities and stockholders’ equity		695,813	731,259
Homebuilding [Member]
Assets
Cash and Cash Equivalents, at Carrying Value		348,588	592,086	274,849
Total assets		4,947,385	5,121,125
Liabilities and stockholders' equity
Total Liabilities Homebuilding		3,184,950	3,406,476
Homebuilding [Member] | KB Home Corporate
Assets
Cash and Cash Equivalents, at Carrying Value		297,258	463,100
Total assets		665,242	824,170
Liabilities and stockholders' equity
Total Liabilities Homebuilding		2,581,253	2,679,642
Homebuilding [Member] | Guarantor Subsidiaries
Assets
Cash and Cash Equivalents, at Carrying Value		42,386	100,439
Total assets		3,698,099	3,673,257
Liabilities and stockholders' equity
Total Liabilities Homebuilding		361,579	464,532
Homebuilding [Member] | Non-Guarantor Subsidiaries
Assets
Cash and Cash Equivalents, at Carrying Value		8,944	28,547
Total assets		584,044	623,698
Liabilities and stockholders' equity
Total Liabilities Homebuilding		242,118	262,302
Financial services [Member]
Assets
Cash and Cash Equivalents, at Carrying Value		784	914	1,700
Receivables		1,622	1,764
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	[1]	8,972	7,771
Other assets		32	50
Total assets		11,410	10,499
Liabilities and stockholders' equity
Accounts payable, accrued expenses and other liabilities		1,457	2,003
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		11,410	10,499
Consolidating Adjustments
Assets
Cash and Cash Equivalents, at Carrying Value		0	0	$ 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		(40,811)	(35,965)
Total assets		(3,808,037)	(3,692,039)
Due from Affiliates		(3,767,226)	(3,656,074)
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		(3,767,226)	(3,656,074)
Stockholders' equity		(40,811)	(35,965)
Total liabilities and stockholders’ equity		(3,808,037)	(3,692,039)
Consolidating Adjustments | Homebuilding [Member]
Assets
Cash and Cash Equivalents, at Carrying Value		0	0
Total assets		0	0
Liabilities and stockholders' equity
Total Liabilities Homebuilding		0	0
Consolidating Adjustments | Financial services [Member]
Assets
Total assets		$ 0	$ 0
[1]	Our investments in unconsolidated joint ventures as of May 31, 2017 included a $5.3 million capital contribution we made to KBHS in the 2017 first quarter, and a $5.0 million distribution we received from HCM in the 2017 second quarter.

Supplemental Guarantor Inform76

Supplemental Guarantor Information (Condensed Consolidated Statements of Cash Flows) (Details) - USD ($) $ in Thousands	6 Months Ended
	May 31, 2017	May 31, 2016
Cash flows from operating activities:
Net cash used in operating activities	$ (64,580)	$ (167,459)
Cash flows from investing activities:
Contributions to unconsolidated joint ventures	(11,105)	(750)
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital	6,958	0
Purchases of property and equipment, net	(4,100)	(2,876)
Intercompany	0	0
Net cash used in investing activities	(8,247)	(3,626)
Cash flows from financing activities:
Change in restricted cash	0	(5,827)
Repayment of senior notes	(105,326)	0
Payments on mortgages and land contracts due to land sellers and other loans	(61,640)	(26,639)
Issuance of common stock under employee stock plans	3,049	0
Payments of cash dividends	(4,341)	(4,364)
Stock repurchases	(2,543)	(87,531)
Intercompany	0	0
Net cash used in financing activities	(170,801)	(112,707)
Net decrease in cash and cash equivalents	(243,628)	(283,792)
Cash and cash equivalents at beginning of period	593,000	560,341
Cash and cash equivalents at end of period	349,372	276,549
KB Home Corporate
Cash flows from operating activities:
Net cash used in operating activities	24,724	6,508
Cash flows from investing activities:
Contributions to unconsolidated joint ventures	0	0
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital	0
Purchases of property and equipment, net	(3,724)	(2,437)
Intercompany	(77,681)	(167,470)
Net cash used in investing activities	(81,405)	(169,907)
Cash flows from financing activities:
Change in restricted cash		(5,827)
Repayment of senior notes	(105,326)
Payments on mortgages and land contracts due to land sellers and other loans	0	0
Issuance of common stock under employee stock plans	3,049
Payments of cash dividends	(4,341)	(4,364)
Stock repurchases	(2,543)	(87,531)
Intercompany	0	0
Net cash used in financing activities	(109,161)	(86,068)
Net decrease in cash and cash equivalents	(165,842)	(249,467)
Cash and cash equivalents at beginning of period	463,100	444,850
Cash and cash equivalents at end of period	297,258	195,383
Guarantor Subsidiaries
Cash flows from operating activities:
Net cash used in operating activities	(83,371)	(215,372)
Cash flows from investing activities:
Contributions to unconsolidated joint ventures	(5,852)	(750)
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital	1,969
Purchases of property and equipment, net	(344)	(331)
Intercompany	0	0
Net cash used in investing activities	(4,227)	(1,081)
Cash flows from financing activities:
Change in restricted cash		0
Repayment of senior notes	0
Payments on mortgages and land contracts due to land sellers and other loans	(61,640)	(26,639)
Issuance of common stock under employee stock plans	0
Payments of cash dividends	0	0
Stock repurchases	0	0
Intercompany	91,185	209,197
Net cash used in financing activities	29,545	182,558
Net decrease in cash and cash equivalents	(58,053)	(33,895)
Cash and cash equivalents at beginning of period	100,439	96,741
Cash and cash equivalents at end of period	42,386	62,846
Non-Guarantor Subsidiaries
Cash flows from operating activities:
Net cash used in operating activities	(5,933)	41,405
Cash flows from investing activities:
Contributions to unconsolidated joint ventures	(5,253)	0
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital	4,989
Purchases of property and equipment, net	(32)	(108)
Intercompany	0	0
Net cash used in investing activities	(296)	(108)
Cash flows from financing activities:
Change in restricted cash		0
Repayment of senior notes	0
Payments on mortgages and land contracts due to land sellers and other loans	0	0
Issuance of common stock under employee stock plans	0
Payments of cash dividends	0	0
Stock repurchases	0	0
Intercompany	(13,504)	(41,727)
Net cash used in financing activities	(13,504)	(41,727)
Net decrease in cash and cash equivalents	(19,733)	(430)
Cash and cash equivalents at beginning of period	29,461	18,750
Cash and cash equivalents at end of period	9,728	18,320
Consolidating Adjustments
Cash flows from operating activities:
Net cash used in operating activities	0	0
Cash flows from investing activities:
Contributions to unconsolidated joint ventures	0	0
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital	0
Purchases of property and equipment, net	0	0
Intercompany	77,681	167,470
Net cash used in investing activities	77,681	167,470
Cash flows from financing activities:
Change in restricted cash		0
Repayment of senior notes	0
Payments on mortgages and land contracts due to land sellers and other loans	0	0
Issuance of common stock under employee stock plans	0
Payments of cash dividends	0	0
Stock repurchases	0	0
Intercompany	(77,681)	(167,470)
Net cash used in financing activities	(77,681)	(167,470)
Net decrease in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	$ 0	$ 0