KB Home (KBH) 10-Q 6 Apr 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Feb. 28, 2018shares
Document and Entity Information [Abstract]
Entity Registrant Name	KB HOME
Trading Symbol	KBH
Entity Central Index Key	795,266
Document Type	10-Q
Document Period End Date	Feb. 28, 2018
Amendment Flag	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--11-30
Entity Filer Category	Large Accelerated Filer
Entity Common Stock Shares Outstanding	87,506,230

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Feb. 28, 2018	Feb. 28, 2017
Total revenues		$ 871,623	$ 818,596
Homebuilding:
Revenues		869,205	816,246
Construction and land costs		(729,478)	(698,080)
Selling, general and administrative expenses		(95,724)	(92,889)
Operating income		44,003	25,277
Interest income		1,003	198
Interest expense	[1]	0	(6,307)
Equity in income of unconsolidated joint ventures		(426)	760
Total pretax income (loss)		46,045	21,459
Financial services:
Revenues		2,418	2,350
Expenses		(953)	(819)
Income tax expense		(117,300)	(7,200)
Net income (loss)		$ (71,255)	$ 14,259
Earnings Per Share, Basic (in dollars per share)		$ (0.82)	$ 0.17
Earnings Per Share, Diluted (in dollars per share)		$ (0.82)	$ 0.15
Weighted average shares outstanding — basic (in shares)		87,155	85,122
Weighted average shares outstanding — diluted (in shares)		87,155	96,273
Cash dividends declared per common share (in dollars per share)		$ 0.025	$ 0.025
Homebuilding [Member]
Homebuilding:
Equity in income of unconsolidated joint ventures		$ (845)	$ 731
Total pretax income (loss)		44,161	19,899
Financial services [Member]
Homebuilding:
Operating income		1,465	1,531
Equity in income of unconsolidated joint ventures		419	29
Total pretax income (loss)		$ 1,884	$ 1,560
[1]	Interest incurred and interest expensed for the three months ended February 28, 2017 included a charge of $5.7 million for the early extinguishment of debt

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Feb. 28, 2018	Nov. 30, 2017
Assets
Cash and cash equivalents		$ 560,806	$ 720,861
Receivables		250,472	244,213
Inventories		3,441,574	3,263,386
Investments in unconsolidated joint ventures		68,176	64,794
Deferred tax assets, net		516,569	633,637
Other assets		108,498	102,498
Total assets		4,957,101	5,041,515
Liabilities and stockholders' equity
Accounts payable		192,843	213,463
Accrued expenses and other liabilities		551,069	575,930
Mortgages and notes payable		2,359,570	2,324,845
Financial services		897	966
Common stock		118,214	117,946
Paid-in capital		729,439	727,483
Retained earnings		1,662,118	1,735,695
Accumulated other comprehensive loss		(16,924)	(16,924)
Grantor stock ownership trust, at cost		(91,760)	(96,509)
Treasury stock, at cost		(548,365)	(541,380)
Total stockholders’ equity		1,852,722	1,926,311
Total liabilities and stockholders’ equity		4,957,101	5,041,515
Homebuilding [Member]
Assets
Cash and cash equivalents		560,255	720,630
Total assets		4,945,544	5,029,158
Liabilities and stockholders' equity
Total Liabilities Homebuilding		3,103,482	3,114,238
Financial services [Member]
Assets
Cash and cash equivalents		551	231
Receivables		1,489	1,724
Investments in unconsolidated joint ventures	[1]	9,460	10,340
Other assets		57	62
Total assets		$ 11,557	$ 12,357
[1]	February 28, 2018 November 30, 2017Assets Cash and cash equivalents$551 $231Receivables 1,489 1,724Investments in unconsolidated joint ventures 9,460 10,340Other assets57 62Total assets$11,557 $12,357Liabilities Accounts payable and accrued expenses$897 $966Total liabilities$897 $966

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2018	Feb. 28, 2017
Cash flows from operating activities:
Net income (loss)	$ (71,255)	$ 14,259
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Equity in (income) loss of unconsolidated joint ventures	426	(760)
Proceeds from Equity Method Investment, Distribution	1,300	0
Amortization of discounts and issuance costs	1,552	1,665
Depreciation and amortization	628	802
Deferred income taxes	117,068	7,100
Loss on early extinguishment of debt	0	5,685
Stock-based compensation	3,829	3,152
Inventory impairments and land option contract abandonments	4,985	4,008
Changes in assets and liabilities:
Receivables	(6,024)	(6,788)
Inventories	(135,311)	(36,878)
Accounts payable, accrued expenses and other liabilities	(54,016)	(64,105)
Other, net	(4,862)	(5,182)
Net cash used in operating activities	(141,680)	(77,042)
Cash flows from investing activities:
Contributions to unconsolidated joint ventures	(8,025)	(8,750)
Proceeds from Equity Method Investment, Distribution, Return of Capital	1,099	1,107
Purchases of property and equipment, net	(1,924)	(1,015)
Net cash used in investing activities	(8,850)	(8,658)
Cash flows from financing activities:
Repayment of senior notes	0	(105,326)
Payments on mortgages and land contracts due to land sellers and other loans	(3,362)	(45,428)
Issuance of common stock under employee stock plans	2,946	662
Payments of cash dividends	(2,322)	(2,215)
Tax payments associated with stock-based compensation awards	(6,787)	(2,543)
Net cash used in financing activities	(9,525)	(154,850)
Net decrease in cash and cash equivalents	(160,055)	(240,550)
Cash and cash equivalents at beginning of period	720,861	593,000
Cash and cash equivalents at end of period	$ 560,806	$ 352,450

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Feb. 28, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Basis of Presentation. The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with GAAP have been condensed or omitted. In our opinion, the accompanying unaudited consolidated financial statements contain all adjustments (consisting only of normal recurring accruals) necessary to present fairly our consolidated financial position as of February 28, 2018 , the results of our consolidated operations for the three months ended February 28, 2018 and 2017, and our consolidated cash flows for the three months ended February 28, 2018 and 2017. The results of our consolidated operations for the three months ended February 28, 2018 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, 2017 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, 2017 , 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 $347.1 million at February 28, 2018 and $481.1 million at November 30, 2017 . At February 28, 2018 and November 30, 2017, the majority of our cash and cash equivalents was invested in interest-bearing bank deposit accounts. Comprehensive Income (Loss). Our comprehensive loss for the three months ended February 28, 2018 was $71.3 million . For the three months ended February 28, 2017 , our comprehensive income was $14.3 million . Our comprehensive income (loss) for each of the three-month periods ended February 28, 2018 and 2017 was equal to our net income (loss) 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 this guidance 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 and 2017, the FASB issued accounting standards updates that amended several aspects of ASU 2014-09. ASU 2014-09, as amended, is effective for us beginning December 1, 2018, 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 this guidance, 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 is 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 February 2018, the FASB issued Accounting Standards Update No. 2018-02, “Income Statement — Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” (“ASU 2018-02”), which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act (“TCJA”), and requires certain disclosures about stranded tax effects. ASU 2018-02 is effective for us beginning December 1, 2019 (with early adoption permitted), and shall be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the corporate income tax rate in the TCJA is recognized. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements. Adoption of New Accounting Pronouncement . 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”), which simplified several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of excess tax benefits on the statement of cash flows, treatment of forfeitures, and statutory withholding requirements. We adopted this guidance effective December 1, 2017. ASU 2016-09 requires excess tax benefits and deficiencies from stock-based compensation awards to be recognized prospectively in our consolidated statements of operations as a component of income tax expense, whereas these items were previously recorded in paid-in capital in our consolidated balance sheets. This guidance also requires excess tax benefits to be classified within operating activities in the consolidated statements of cash flows. We previously recognized excess tax benefits as a cash inflow from financing activities and a corresponding cash outflow from operating activities. In connection with the adoption of this guidance, we elected to continue to estimate forfeitures in calculating our stock-based compensation expense, rather than account for forfeitures as they occur. The impact of recognizing excess tax benefits and deficiencies in our consolidated statements of operations resulted in a $2.2 million reduction in our income tax expense for the three months ended February 28, 2018 . The remaining aspects of adopting this guidance did not have a material impact on our consolidated financial statements.

Segment Information

Segment Information	3 Months Ended
	Feb. 28, 2018
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 February 28, 2018 , 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, first 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. In 2016, a subsidiary of ours and a subsidiary of Stearns Lending, LLC (“Stearns”) formed KBHS Home Loans, LLC (“KBHS”), an unconsolidated mortgage banking joint venture to offer mortgage banking services, including mortgage loan originations, to our homebuyers. We and Stearns each have a 50.0% ownership interest in KBHS, with Stearns providing management oversight of KBHS’ operations. KBHS was operational in all of our served markets as of June 2017. The 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 reporting segments follow the same accounting policies used for our consolidated financial statements. The results of each reporting 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 February 28, 2018 2017 Revenues: West Coast $ 386,652 $ 355,832 Southwest 151,899 117,636 Central 244,181 242,256 Southeast 86,473 100,522 Total $ 869,205 $ 816,246 Pretax income (loss): West Coast $ 31,593 $ 22,853 Southwest 14,977 8,672 Central 19,095 19,678 Southeast 1,320 (2,213 ) Corporate and other (22,824 ) (29,091 ) Total $ 44,161 $ 19,899 Inventory impairment charges: West Coast $ 4,699 $ — Southwest — 1,343 Central — — Southeast — 1,874 Total $ 4,699 $ 3,217 Land option contract abandonments: West Coast $ 208 $ 791 Southwest — — Central 78 — Southeast — — Total $ 286 $ 791 February 28, November 30, Inventories: Homes under construction West Coast $ 666,333 $ 638,639 Southwest 188,344 179,240 Central 329,996 320,205 Southeast 109,242 98,764 Subtotal 1,293,915 1,236,848 Land under development West Coast 844,556 723,761 Southwest 289,603 309,672 Central 443,261 435,373 Southeast 188,614 182,533 Subtotal 1,766,034 1,651,339 Land held for future development or sale West Coast 230,592 233,188 Southwest 64,386 62,475 Central 18,890 12,654 Southeast 67,757 66,882 Subtotal 381,625 375,199 Total $ 3,441,574 $ 3,263,386 Assets: West Coast $ 1,890,866 $ 1,747,786 Southwest 588,495 586,666 Central 917,837 901,516 Southeast 375,322 359,307 Corporate and other 1,173,024 1,433,883 Total $ 4,945,544 $ 5,029,158

Financial Services

Financial Services	3 Months Ended
	Feb. 28, 2018
Segment Reporting [Abstract]
Financial Services	Financial Services The following tables present financial information relating to our financial services reporting segment (in thousands): Three Months Ended February 28, 2018 2017 Revenues Insurance commissions $ 1,352 $ 1,210 Title services 1,066 1,135 Interest income — 5 Total 2,418 2,350 Three Months Ended February 28, 2018 2017 Expenses General and administrative (953 ) (819 ) Operating income 1,465 1,531 Equity in income of unconsolidated joint ventures 419 29 Pretax income $ 1,884 $ 1,560 February 28, November 30, Assets Cash and cash equivalents $ 551 $ 231 Receivables 1,489 1,724 Investments in unconsolidated joint ventures 9,460 10,340 Other assets 57 62 Total assets $ 11,557 $ 12,357 Liabilities Accounts payable and accrued expenses $ 897 $ 966 Total liabilities $ 897 $ 966

Earnings Per Share

Earnings Per Share	3 Months Ended
	Feb. 28, 2018
Earnings Per Share, Basic and Diluted [Abstract]
Earnings Per Share	Earnings (Loss) Per Share Basic and diluted earnings (loss) per share were calculated as follows (in thousands, except per share amounts): Three Months Ended February 28, 2018 2017 Numerator: Net income (loss) $ (71,255 ) $ 14,259 Less: Distributed earnings allocated to nonvested restricted stock — (15 ) Less: Undistributed earnings allocated to nonvested restricted stock — (85 ) Numerator for basic earnings (loss) per share (71,255 ) 14,159 Effect of dilutive securities: Interest expense and amortization of debt issuance costs associated with convertible senior notes, net of taxes — 663 Add: Undistributed earnings allocated to nonvested restricted stock — 85 Less: Undistributed earnings reallocated to nonvested restricted stock — (75 ) Numerator for diluted earnings (loss) per share $ (71,255 ) $ 14,832 Three Months Ended February 28, 2018 2017 Denominator: Weighted average shares outstanding — basic 87,155 85,122 Effect of dilutive securities: Share-based payments — 2,749 Convertible senior notes — 8,402 Weighted average shares outstanding — diluted 87,155 96,273 Basic earnings (loss) per share $ (.82 ) $ .17 Diluted earnings (loss) per share $ (.82 ) $ .15 We compute earnings (loss) per share using the two-class method, which is an allocation of earnings (losses) between the holders of common stock and a company’s participating security holders. Our outstanding nonvested shares of restricted stock contain non-forfeitable rights to dividends and, therefore, are considered participating securities for purposes of computing earnings per share pursuant to the two-class method. We had no other participating securities at February 28, 2018 or 2017. For the three months ended February 28, 2018 , all outstanding stock options, contingently issuable shares associated with outstanding performance-based restricted stock units (each, a “PSU”), and the impact of our 1.375% convertible senior notes due 2019 (“ 1.375% Convertible Senior Notes due 2019”), were excluded from the diluted loss per share calculation because the effect of their inclusion would be antidilutive. For the three months ended February 28, 2017, outstanding stock options to purchase 5.1 million shares of our common stock were excluded from the diluted earnings per share calculation because the effect of their inclusion would be antidilutive. Contingently issuable shares associated with outstanding PSUs 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)	3 Months Ended
	Feb. 28, 2018
Receivables [Abstract]
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block]	Receivables Receivables consisted of the following (in thousands): February 28, November 30, Due from utility companies, improvement districts and municipalities $ 115,398 $ 113,744 Recoveries related to self-insurance and other legal claims 91,727 91,763 Refundable deposits and bonds 13,121 13,829 Recoveries related to warranty and other claims 4,037 4,073 Other 38,829 33,797 Subtotal 263,112 257,206 Allowance for doubtful accounts (12,640 ) (12,993 ) Total $ 250,472 $ 244,213

Inventories

Inventories	3 Months Ended
	Feb. 28, 2018
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following (in thousands): February 28, November 30, Homes under construction $ 1,293,915 $ 1,236,848 Land under development 1,766,034 1,651,339 Land held for future development or sale (a) 381,625 375,199 Total $ 3,441,574 $ 3,263,386 (a) Land held for sale totaled $27.8 million at February 28, 2018 and $21.8 million at November 30, 2017 . 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 February 28, 2018 2017 Capitalized interest at beginning of period $ 262,191 $ 306,723 Interest incurred (a) 39,944 50,079 Interest expensed (a) — (6,307 ) Interest amortized to construction and land costs (b) (42,350 ) (39,384 ) Capitalized interest at end of period (c) $ 259,785 $ 311,111 (a) Interest incurred and interest expensed for the three months ended February 28, 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 February 28, 2018 and 2017 included $1.0 million and $.5 million , respectively, related to land sales during those periods. (c) Capitalized interest amounts reflect the gross amount of capitalized interest, as inventory impairment charges recognized, if any, are not generally allocated to specific components of inventory.

Inventory Impairments and Land

Inventory Impairments and Land Option Contract Abandonments	3 Months Ended
	Feb. 28, 2018
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 29 and 39 communities or land parcels for recoverability during the three months ended February 28, 2018 and 2017, respectively. The carrying value of those communities or land parcels evaluated during the three months ended February 28, 2018 and 2017 was $200.1 million and $366.4 million , respectively. The communities or land parcels evaluated during the three months ended February 28, 2018 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 $4.7 million for the three months ended February 28, 2018 and $3.2 million for the three months ended February 28, 2017 . The inventory impairment charges for the three months ended February 28, 2018 and 2017 reflected our decisions to make changes in our operational strategies aimed at more quickly monetizing our investment in certain communities by accelerating the overall pace for selling, building and delivering homes on land previously held for future development. 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 February 28, Unobservable Input (a) 2018 2017 Average selling price $774,100 $299,800 - $307,900 Deliveries per month 3 3 - 4 Discount rate 18% 17% (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 February 28, 2018 , the aggregate carrying value of our inventory that had been impacted by inventory impairment charges was $178.4 million , representing 20 communities and various other land parcels. As of November 30, 2017 , the aggregate carrying value of our inventory that had been impacted by inventory impairment charges was $177.8 million , representing 24 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 $.3 million for the three months ended February 28, 2018 and $.8 million for the three months ended February 28, 2017 . 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, it is possible that actual results could differ substantially from those estimated.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Feb. 28, 2018
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 February 28, 2018 and November 30, 2017 was a VIE, but we were not the primary beneficiary of the VIE. All of our joint ventures at February 28, 2018 and November 30, 2017 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 February 28, 2018 and November 30, 2017 , 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): February 28, 2018 November 30, 2017 Cash Deposits Aggregate Purchase Price Cash Deposits Aggregate Purchase Price Unconsolidated VIEs $ 18,995 $ 463,115 $ 43,171 $ 653,858 Other land option contracts and other similar contracts 25,632 466,109 21,531 440,229 Total $ 44,627 $ 929,224 $ 64,702 $ 1,094,087 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 $31.3 million at February 28, 2018 and $26.8 million at November 30, 2017 . 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 $14.2 million at February 28, 2018 and $5.7 million at November 30, 2017 .

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures	3 Months Ended
	Feb. 28, 2018
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Joint Ventures	Investments in Unconsolidated Joint Ventures We have investments in unconsolidated joint ventures that conduct land acquisition, land development and/or other homebuilding activities in various markets where our homebuilding operations are located. We and our unconsolidated joint venture partners make initial and/or ongoing capital contributions to these unconsolidated joint ventures, typically on a pro rata basis, according to our respective equity interests. The obligations to make capital contributions are governed by each such unconsolidated joint venture’s respective operating agreement and related governing documents. We typically have obtained rights to acquire portions of the land held by the unconsolidated joint ventures in which we currently participate. When an unconsolidated joint venture sells land to our homebuilding operations, we defer recognition of our share of such unconsolidated joint venture’s earnings (losses) until a home sale is closed and title passes to a homebuyer, at which time we account for those earnings (losses) as a reduction (increase) to the cost of purchasing the land from the unconsolidated joint venture. We defer recognition of our share of such unconsolidated joint venture losses only to the extent profits are to be generated from the sale of the home to a homebuyer. We share in the earnings (losses) of these unconsolidated joint ventures generally in accordance with our respective equity interests. In some instances, we recognize earnings (losses) related to our investment in an unconsolidated joint venture that differ from our equity interest in the unconsolidated joint venture. This typically arises from our deferral of the unconsolidated joint venture’s earnings (losses) from land sales to us, or other items. The following table presents combined condensed information from the statements of operations of our unconsolidated joint ventures (in thousands): Three Months Ended February 28, 2018 2017 Revenues $ 8,797 $ 19,722 Construction and land costs (8,816 ) (17,895 ) Other expense, net (1,372 ) (1,096 ) Income (loss) $ (1,391 ) $ 731 The following table presents combined condensed balance sheet information for our unconsolidated joint ventures (in thousands): February 28, November 30, Assets Cash $ 19,992 $ 21,193 Receivables 507 688 Inventories 140,288 145,519 Other assets 1,180 1,398 Total assets $ 161,967 $ 168,798 Liabilities and equity Accounts payable and other liabilities $ 19,850 $ 25,426 Notes payable (a) 14,464 20,040 Equity 127,653 123,332 Total liabilities and equity $ 161,967 $ 168,798 (a) As of February 28, 2018 and November 30, 2017 , two of our unconsolidated joint ventures had separate construction loan agreements with different third-party lenders to finance their respective land development activities. The outstanding debt under these agreements is secured by the corresponding underlying property and related project assets and is non-recourse to us. Of this outstanding secured debt at February 28, 2018 , $14.1 million is scheduled to mature in August 2018 and the remainder is scheduled to mature in February 2020. None of our other unconsolidated joint ventures had outstanding debt at February 28, 2018 or November 30, 2017 . The following table presents additional information relating to our investments in unconsolidated joint ventures (dollars in thousands): February 28, November 30, Number of investments in unconsolidated joint ventures 7 7 Investments in unconsolidated joint ventures $ 68,176 $ 64,794 Number of unconsolidated joint venture lots controlled under land option contracts and other similar contracts 365 377 We and our partners in the unconsolidated joint ventures that have the above-noted construction loan agreements provide certain guarantees and indemnities to the applicable lender, including a guaranty to complete the construction of improvements for the applicable 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; an indemnity of the lender from environmental issues; and in one case, a guaranty of interest payments on the outstanding balance of the secured debt under the construction loan agreement. In each instance, 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 outstanding secured debt of these unconsolidated joint ventures. 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 an applicable lender to seek to enforce such guaranty and indemnity obligations, if and as may be applicable. As of February 28, 2018 , we were in compliance with the applicable terms of our relevant covenants with respect to the construction loan agreements. We do not believe that our existing exposure under our guaranty and indemnity obligations related to the outstanding secured debt of these unconsolidated joint ventures is material to our consolidated financial statements. Of the unconsolidated joint venture lots controlled under land option and other similar contracts at February 28, 2018 , we are committed to purchase 67 lots from one of our unconsolidated joint ventures in quarterly takedowns over the next three years for an aggregate purchase price of $30.0 million under agreements that we entered into with the unconsolidated joint venture in 2016.

Other Assets

Other Assets	3 Months Ended
	Feb. 28, 2018
Other Assets [Abstract]
Other Assets	Other Assets Other assets consisted of the following (in thousands): February 28, November 30, Cash surrender value of corporate-owned life insurance contracts $ 74,761 $ 75,236 Property and equipment, net 20,807 19,521 Prepaid expenses 10,711 5,360 Debt issuance costs associated with unsecured revolving credit facility 2,219 2,381 Total $ 108,498 $ 102,498

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	3 Months Ended
	Feb. 28, 2018
Payables and Accruals [Abstract]
Accrued Expenses and Other Liabilities	Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following (in thousands): February 28, November 30, Self-insurance and other litigation liabilities $ 222,379 $ 222,808 Employee compensation and related benefits 106,719 143,992 Accrued interest payable 76,324 65,343 Warranty liability 71,845 69,798 Inventory-related obligations (a) 36,858 30,108 Customer deposits 19,537 16,863 Real estate and business taxes 10,659 16,874 Other 6,748 10,144 Total $ 551,069 $ 575,930 (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	3 Months Ended
	Feb. 28, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes On December 22, 2017, the TCJA was enacted into law. The TCJA made significant changes to U.S. tax laws, including, but not limited to, the following: (a) reducing the federal corporate income tax rate from 35% to 21%, effective January 1, 2018; (b) eliminating the federal corporate alternative minimum tax (“AMT”) and changing how existing AMT credits can be realized; and (c) eliminating several business deductions and credits, including deductions for certain executive compensation in excess of $1 million . Overall, we expect the TCJA to favorably impact our effective tax rate, net income and cash flows in future periods. In December 2017, the SEC issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provides guidance on accounting for the income tax effects of the TCJA. SAB 118 provides a measurement period that should not extend beyond one year from the TCJA enactment date for companies to complete the accounting relating to the TCJA under Accounting Standards Codification Topic 740, “Income Taxes” (“ASC 740”). In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the TCJA for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for TCJA-related income tax effects is incomplete, but the company is able to determine a reasonable estimate, it must record a provisional estimate in its financial statements. If a company cannot determine a provisional estimate to be included in its financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before the enactment of the TCJA. We have not completed our analysis of the TCJA’s income tax effects; however, as described below, we have provided provisional estimates of the TCJA’s impact on our income tax expense for the three months ended February 28, 2018 in accordance with the guidance and interpretations available. In total, we recorded a non-cash charge of $111.2 million to income tax expense for TCJA-related impacts. In accordance with SAB 118, TCJA-related income tax effects initially reported as provisional estimates may be refined as additional analysis is completed based on obtaining, preparing, or analyzing additional information about facts and circumstances that existed as of the enactment date. In addition, the provisional amounts may be affected by our results for the year ending November 30, 2018 as well as additional regulatory guidance or related interpretations that may be issued by the Internal Revenue Service (“IRS”), changes in accounting standards, or federal or state legislative actions. We anticipate finalizing our analysis within SAB 118’s one-year measurement period. The following provisional estimates of TCJA-related impacts were reflected in our financial statements for the three months ended February 28, 2018 : • We recorded a charge of $107.9 million in income tax expense due to the accounting re-measurement of our deferred tax assets based on the lower federal corporate income tax rate under the TCJA. However, we are still analyzing certain aspects of the TCJA and refining our calculations, which could potentially affect the measurement of our deferred tax assets or result in new deferred tax amounts. • We have AMT credit carryforwards that do not expire and can be used to offset regular income taxes in future years. Under the TCJA, we may claim a refund of 50% of our remaining AMT credits in 2019, 2020, and 2021 to the extent the credits exceed regular tax for any such year. Any AMT credits remaining after our fiscal year ending November 30, 2021 will be refunded in 2022. We currently estimate our refund will total approximately $50.0 million . As the refund is subject to a sequestration reduction rate of approximately 6.6% , we established a federal deferred tax valuation allowance of $3.3 million during the three months ended February 28, 2018 . Our accounting policy regarding the balance sheet presentation of the AMT credits is to maintain the balance in deferred tax assets until a tax return is filed claiming a refund of a portion of the credit, at which time the amount will be presented in receivables. We evaluated the future deductibility of executive compensation due to the TCJA’s elimination of a federal tax law provision that permitted certain performance-based compensation to be deductible, as well as its modification of who is a covered employee with respect to the deduction limit, and a transition rule that would preserve the deductibility of certain 2018 performance-based compensation payable under written binding contracts in place prior to November 2, 2017 that have not been modified in any material respect. We are still analyzing the applicable aspects of the TCJA and anticipate that the IRS will provide future guidance in this area. Based on our analysis of the current transition rule standards, we did not record an impact for this change in tax law in our 2018 first quarter. Income Tax Expense. Our income tax expense and effective tax rates were as follows (dollars in thousands): Three Months Ended February 28, 2018 2017 Income tax expense $ 117,300 $ 7,200 Effective tax rate 254.8 % 33.6 % Our income tax expense and effective tax rate for the three months ended February 28, 2018 included the above-described charge of $111.2 million for TCJA-related impacts; the favorable effect of the reduction in the federal corporate income tax rate under the TCJA; the favorable net impact of federal energy tax credits of $4.0 million that we earned from building energy efficient homes; and excess tax benefits of $2.2 million related to stock-based compensation due to our adoption of ASU 2016-09, as further described in Note 1 – Basis of Presentation and Significant Accounting Policies. The TCJA requires us to use a blended federal tax rate for our 2018 fiscal year by applying a prorated percentage of days before and after the January 1, 2018 effective date. As a result, our 2018 annual federal statutory tax rate has been reduced to 22.2% . The federal energy tax credits for the three months ended February 28, 2018 resulted from legislation enacted on February 9, 2018, which among other things, extended the availability of a business tax credit for building new energy efficient homes through December 31, 2017. Prior to this legislation, the tax credit expired on December 31, 2016. Our income tax expense and effective tax rate for the three months ended February 28, 2017 included the favorable net impact of federal energy tax credits of $1.1 million that we earned from building energy efficient homes through December 31, 2016. Excluding the TCJA-related charge of $111.2 million , our adjusted income tax expense and adjusted effective tax rate for the three months ended February 28, 2018 were $6.1 million and 13.2% , respectively. Without the above-mentioned federal energy tax credits and excess tax benefits, our adjusted effective tax rate for the three months ended February 28, 2018 would have approximated 27% . 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 deferred tax assets become deductible. The value of our deferred tax assets depends on applicable income tax rates. Our deferred tax assets of $543.5 million as of February 28, 2018 , after the above-described accounting re-measurement, and $657.2 million as of November 30, 2017 were partly offset by valuation allowances of $26.9 million and $23.6 million , respectively. As part of our analysis of the TCJA’s income tax effects described above, we increased our deferred tax asset valuation allowance by $3.3 million during the three months ended February 28, 2018. The deferred tax asset valuation allowances as of February 28, 2018 and November 30, 2017 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 February 28, 2018 , we determined that most of our deferred tax assets would be realized. Therefore, other than the $3.3 million discussed above, no adjustments to our deferred tax valuation allowance were needed for the three months ended February 28, 2018 . 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 actual tax results and the realization of deferred tax assets over time. Unrecognized Tax Benefits. At both February 28, 2018 and November 30, 2017 , our gross unrecognized tax benefits (including interest and penalties) totaled $.1 million , all of which, if recognized, would affect our effective tax rate. We anticipate that these gross unrecognized tax benefits will decrease by an amount ranging from zero to $.1 million during the 12 months from this reporting date. The fiscal years ending 2014 and later remain open to federal examinations, while 2013 and later remain open to state examinations.

Notes Payable

Notes Payable	3 Months Ended
	Feb. 28, 2018
Debt Disclosure [Abstract]
Notes Payable	Notes Payable Notes payable consisted of the following (in thousands): February 28, November 30, Mortgages and land contracts due to land sellers and other loans $ 43,538 $ 10,203 7 1/4% Senior notes due June 15, 2018 299,924 299,867 4.75% Senior notes due May 15, 2019 398,663 398,397 8.00% Senior notes due March 15, 2020 346,614 346,238 7.00% Senior notes due December 15, 2021 446,791 446,608 7.50% Senior notes due September 15, 2022 347,355 347,234 7.625% Senior notes due May 15, 2023 247,811 247,726 1.375% Convertible senior notes due February 1, 2019 228,874 228,572 Total $ 2,359,570 $ 2,324,845 The carrying amounts of our senior notes listed above are net of debt issuance costs and discounts, which totaled $14.0 million at February 28, 2018 and $15.4 million at November 30, 2017 . Unsecured Revolving Credit Facility. We have a $500.0 million unsecured revolving credit facility with various banks (“Credit Facility”) that will mature on July 27, 2021 . The Credit Facility contains an uncommitted accordion feature under which the aggregate principal amount of available loans can be increased to a maximum of $600.0 million under certain conditions, including obtaining additional bank commitments. The Credit Facility also contains a sublimit of $250.0 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 at least 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 at a per annum rate ranging from .30% to .45% of the unused commitment, based on our Leverage Ratio. Under the terms of the Credit Facility, we are required, among other things, to maintain compliance with various covenants, including financial covenants relating to our consolidated tangible net worth, Leverage Ratio, and either a consolidated interest coverage ratio (“Interest Coverage Ratio”) or minimum level of liquidity, each as defined therein. The amount of the Credit Facility available for cash borrowings or the issuance of letters of credit depends on the total cash borrowings and letters of credit outstanding under the Credit Facility and the maximum available amount under the terms of the Credit Facility. As of February 28, 2018 , we had no cash borrowings and $36.9 million of letters of credit outstanding under the Credit Facility. Therefore, as of February 28, 2018 , we had $463.1 million available for cash borrowings under the Credit Facility, with up to $213.1 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 February 28, 2018 and November 30, 2017 , we had no letters of credit outstanding under the LOC Facility. Mortgages and Land Contracts Due to Land Sellers and Other Loans. As of February 28, 2018 , inventories having a carrying value of $130.9 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 14, 2017 (“2017 Shelf Registration”). Issuances of securities under our 2017 Shelf Registration require the filing of a prospectus supplement identifying the amount and terms of the securities to be issued. Our ability to issue securities is subject to market conditions and other factors impacting our borrowing capacity. Senior Notes. All of our senior notes outstanding at February 28, 2018 and November 30, 2017 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 our 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. The indenture governing our 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, our senior notes, with the exception of our 7 1/4% senior notes due 2018 (“7 1/4% Senior Notes due 2018”), contain certain limitations related to mergers, consolidations, and sales of assets. As of February 28, 2018 , 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: 2018 – $300.0 million ; 2019 – $673.5 million ; 2020 – $350.0 million ; 2021 – $0 ; 2022 – $800.0 million ; and thereafter – $250.0 million .

Fair Value Disclosures

Fair Value Disclosures	3 Months Ended
	Feb. 28, 2018
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, pre-impairment value, inventory impairment charges and fair value for our assets measured at fair value on a nonrecurring basis for the three months ended February 28, 2018 and the year ended November 30, 2017 (in thousands): February 28, 2018 November 30, 2017 Description Fair Value Hierarchy Pre-Impairment Value Inventory Impairment Charges Fair Value (a) Pre-Impairment Value Inventory Impairment Charges Fair Value (a) Inventories Level 3 $ 17,301 $ (4,699 ) $ 12,602 $ 58,962 $ (20,605 ) $ 38,357 (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. 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. The following table presents the fair value hierarchy, carrying values and fair values of our financial instruments, except those for which the carrying values approximate fair values (in thousands): February 28, 2018 November 30, 2017 Fair Value Hierarchy Carrying Value (a) Fair Value Carrying Value (a) Fair Value Financial Liabilities: Senior notes Level 2 $ 2,087,158 $ 2,235,750 $ 2,086,070 $ 2,292,250 Convertible senior notes Level 2 228,874 253,575 228,572 278,300 (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	3 Months Ended
	Feb. 28, 2018
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 February 28, 2018 2017 Balance at beginning of period $ 69,798 $ 56,682 Warranties issued 7,764 7,140 Payments (5,717 ) (6,112 ) Balance at end of period $ 71,845 $ 57,710 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 insurance and other recoveries of $71.2 million and $71.3 million are included in receivables in our consolidated balance sheets at February 28, 2018 and November 30, 2017 , 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 February 28, 2018 2017 Balance at beginning of period $ 177,695 $ 158,584 Self-insurance expense (a) 4,401 4,640 Payments (1,365 ) (2,040 ) Adjustments (b) (36 ) (1,302 ) Balance at end of period $ 180,695 $ 159,882 (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) The amount for each period reflects changes in our self-insurance liability that were offset by changes in the receivable for estimated probable insurance and other recoveries 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 $4.0 million at February 28, 2018 and $4.1 million at November 30, 2017 . We believe collection of these receivables is probable based on our history of collections for similar claims. Northern California Claims. In the 2017 third quarter, we received claims from a homeowners’ association alleging approximately $100.0 million of damages from purported construction defects at a completed townhome community in Northern California. We are investigating these allegations, and we currently expect it may take up to several quarters to fully evaluate them. At February 28, 2018 , we had an accrual for our estimated probable loss in this matter and a receivable for estimated probable insurance recoveries. While it is reasonably possible that our loss could exceed the amount accrued, at this preliminary stage of our investigation into these allegations, we are unable to estimate the total amount of the loss in excess of the accrued amount that is reasonably possible. Our investigation will also involve identifying potentially responsible parties, including insurers, to pay for or perform any necessary repairs. Performance Bonds and Letters of Credit . We are often required to provide to various municipalities and other government agencies performance bonds and/or letters of credit to secure the completion of our projects and/or in support of obligations to build community improvements such as roads, sewers, water systems and other utilities, and to support similar development activities by certain of our unconsolidated joint ventures. At February 28, 2018 , we had $593.8 million of performance bonds and $36.9 million of letters of credit outstanding. At November 30, 2017 , we had $606.7 million of performance bonds and $37.6 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 is completed. The expiration dates of some letters of credit issued in connection with community improvements coincide with the expected completion dates of the related projects or obligations. Most letters of credit, however, are issued with an initial term of one year and are typically extended on a year-to-year basis until the related performance obligations are completed. Land Option Contracts and Other Similar Contracts . In the ordinary course of our business, we enter into land option contracts and other similar contracts to acquire rights to land for the construction of homes. At February 28, 2018 , we had total cash deposits of $44.6 million to purchase land having an aggregate purchase price of $929.2 million . Our land option contracts and other similar contracts generally do not contain provisions requiring our specific performance.

Legal Matters

Legal Matters	3 Months Ended
	Feb. 28, 2018
Commitments and Contingencies Disclosure [Abstract]
Legal Matters	16. Legal Matters We are involved in litigation and regulatory proceedings incidental to our business that are in various procedural stages. We believe that the accruals we have recorded for probable and reasonably estimable losses with respect to these proceedings are adequate and that, as of February 28, 2018 , it was not reasonably possible that an additional material loss had been incurred in an amount in excess of the estimated amounts already recognized or disclosed 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	3 Months Ended
	Feb. 28, 2018
Equity [Abstract]
Stockholders’ Equity	Stockholders’ Equity A summary of changes in stockholders’ equity is presented below (in thousands): Three Months Ended February 28, 2018 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, 2017 117,946 (8,898 ) (22,021 ) $ 117,946 $ 727,483 $ 1,735,695 $ (16,924 ) $ (96,509 ) $ (541,380 ) $ 1,926,311 Net loss — — — — — (71,255 ) — — — (71,255 ) Dividends on common stock — — — — — (2,322 ) — — — (2,322 ) Employee stock options/other 268 — — 268 2,678 — — — — 2,946 Stock awards — 438 (10 ) — (4,551 ) — — 4,749 (198 ) — Stock-based compensation — — — — 3,829 — — — — 3,829 Stock repurchases — — (217 ) — — — — — (6,787 ) (6,787 ) Balance at February 28, 2018 118,214 (8,460 ) (22,248 ) $ 118,214 $ 729,439 $ 1,662,118 $ (16,924 ) $ (91,760 ) $ (548,365 ) $ 1,852,722 We maintain 12,602,735 shares of our common stock to meet conversions of our 1.375% Convertible Senior Notes due 2019 if and when they occur. This represents the maximum number of shares of our common stock potentially deliverable upon conversion to holders of our 1.375% Convertible Senior Notes due 2019 based on the terms of their governing instruments. The maximum number of shares would potentially be deliverable to holders only in certain limited circumstances as set forth in the instruments governing these notes. On February 14, 2018, the management development and compensation committee of our board of directors approved the payout of 437,689 shares of our common stock in connection with the vesting of PSUs that were granted to certain employees on October 9, 2014. The shares paid out under the PSUs reflected our achievement of certain performance measures that were based on average return on invested capital and cumulative earnings per share, and revenue growth relative to a peer group of high-production public homebuilding companies over the three-year period from December 1, 2014 through November 30, 2017. Of the shares of common stock paid out, 217,006 shares or $6.8 million , were purchased by us to satisfy the recipients’ withholding taxes on the vesting of the PSUs. The shares purchased were not considered repurchases under the authorizations described below. As of February 28, 2018 , we were authorized to repurchase 1,627,000 shares of our common stock under a board of directors approved share repurchase program. We did not repurchase any of our common stock under this program in the three months ended February 28, 2018 . Unrelated to the share repurchase program, our board of directors authorized in 2014 the repurchase of not more than 680,000 shares of our outstanding common stock solely as necessary for director compensation elections with respect to settling outstanding stock appreciation rights awards granted under our Non-Employee Directors Compensation Plan. As of February 28, 2018 , we have not repurchased any shares pursuant to the board of directors authorization. During each of the three-month periods ended February 28, 2018 and 2017, our board of directors declared, and we paid, a quarterly cash dividend of $.025 per share of common stock.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Feb. 28, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation Stock Options. We estimate the grant-date fair value of stock options using the Black-Scholes option-pricing model. The following table summarizes stock option transactions for the three months ended February 28, 2018 : Options Weighted Average Exercise Price Options outstanding at beginning of period 9,265,240 $ 17.64 Granted — — Exercised (268,954 ) 10.96 Cancelled (16,208 ) 15.47 Options outstanding at end of period 8,980,078 $ 17.85 Options exercisable at end of period 8,038,678 $ 18.09 As of February 28, 2018 , the weighted average remaining contractual life of stock options outstanding and stock options exercisable was 4.1 years and 3.6 years , respectively. There was $.7 million of total unrecognized compensation expense related to unvested stock option awards as of February 28, 2018 that is expected to be recognized over a weighted average period of 1.1 years . For the three months ended February 28, 2018 and 2017, stock-based compensation expense associated with stock options totaled $.2 million and $.8 million , respectively. The aggregate intrinsic values of stock options outstanding and stock options exercisable were $103.8 million and $92.5 million , respectively, at February 28, 2018 . (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 $3.7 million and $2.3 million for the three months ended February 28, 2018 and 2017, respectively, related to restricted stock and PSUs.

Supplemental Disclosure to Cons

Supplemental Disclosure to Consolidated Statements of Cash Flows	3 Months Ended
	Feb. 28, 2018
Supplemental Cash Flow Information [Abstract]
Supplemental Disclosure to Consolidated Statements of Cash Flows	Supplemental Disclosure to Consolidated Statements of Cash Flows The following are supplemental disclosures to the consolidated statements of cash flows (in thousands): Three Months Ended February 28, 2018 2017 Summary of cash and cash equivalents at end of period: Homebuilding $ 560,255 $ 351,880 Financial services 551 570 Total $ 560,806 $ 352,450 Supplemental disclosures of cash flow information: Interest paid, net of amounts capitalized $ (10,981 ) $ (9,536 ) Income taxes paid 1,639 836 Three Months Ended February 28, 2018 2017 Supplemental disclosures of noncash activities: Increase (decrease) in consolidated inventories not owned $ 8,466 $ (22,554 ) Increase in inventories due to distributions of land and land development from an unconsolidated joint venture 2,699 1,986 Inventories acquired through seller financing 36,697 7,814

Supplemental Guarantor Informat

Supplemental Guarantor Information	3 Months Ended
	Feb. 28, 2018
Guarantees [Abstract]
Supplemental Guarantor Information	Supplemental Guarantor Information Our obligations to pay principal, premium, if any, and interest on the senior notes and borrowings, if any, under the Credit Facility are guaranteed on a joint and several basis by certain of our subsidiaries (“Guarantor Subsidiaries”). The guarantees are full and unconditional and the Guarantor Subsidiaries are 100% owned by us. Pursuant to the terms of the indenture governing the senior notes and the terms of the Credit Facility, if any of the Guarantor Subsidiaries ceases to be a “significant subsidiary” as defined by Rule 1-02 of Regulation S-X (as in effect on June 1, 1996) using a 5% rather than a 10% threshold (provided that the assets of our non-guarantor subsidiaries do not in the aggregate exceed 10% of an adjusted measure of our consolidated total assets), it will be automatically and unconditionally released and discharged from its guaranty of the senior notes and the Credit Facility so long as all guarantees by such Guarantor Subsidiary of any other of our or our subsidiaries’ indebtedness are terminated at or prior to the time of such release. We have determined that separate, full financial statements of the Guarantor Subsidiaries would not be material to investors and, accordingly, supplemental financial information for the Guarantor Subsidiaries is presented. The supplemental financial information for all periods presented below reflects the relevant subsidiaries that were Guarantor Subsidiaries as of February 28, 2018 . Condensed Consolidating Statements of Operations (in thousands) Three Months Ended February 28, 2018 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Total revenues $ — $ 775,695 $ 95,928 $ — $ 871,623 Homebuilding: Revenues $ — $ 775,695 $ 93,510 $ — $ 869,205 Construction and land costs — (648,119 ) (81,359 ) — (729,478 ) Selling, general and administrative expenses (22,166 ) (65,841 ) (7,717 ) — (95,724 ) Operating income (loss) (22,166 ) 61,735 4,434 — 44,003 Interest income 998 5 — — 1,003 Interest expense (37,972 ) (689 ) (1,283 ) 39,944 — Intercompany interest 72,846 (30,499 ) (2,403 ) (39,944 ) — Equity in loss of unconsolidated joint ventures — (845 ) — — (845 ) Homebuilding pretax income 13,706 29,707 748 — 44,161 Financial services pretax income — — 1,884 — 1,884 Total pretax income 13,706 29,707 2,632 — 46,045 Income tax expense (44,700 ) (48,100 ) (24,500 ) — (117,300 ) Equity in net loss of subsidiaries (40,261 ) — — 40,261 — Net loss $ (71,255 ) $ (18,393 ) $ (21,868 ) $ 40,261 $ (71,255 ) Three Months Ended February 28, 2017 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Total revenues $ — $ 729,927 $ 88,669 $ — $ 818,596 Homebuilding: Revenues $ — $ 729,927 $ 86,319 $ — $ 816,246 Construction and land costs — (618,452 ) (79,628 ) — (698,080 ) Selling, general and administrative expenses (22,267 ) (62,898 ) (7,724 ) — (92,889 ) Operating income (loss) (22,267 ) 48,577 (1,033 ) — 25,277 Interest income 197 1 — — 198 Interest expense (48,349 ) (568 ) (1,162 ) 43,772 (6,307 ) Intercompany interest 73,493 (26,603 ) (3,118 ) (43,772 ) — Equity in income of unconsolidated joint ventures — 731 — — 731 Homebuilding pretax income (loss) 3,074 22,138 (5,313 ) — 19,899 Financial services pretax income — — 1,560 — 1,560 Total pretax income (loss) 3,074 22,138 (3,753 ) — 21,459 Income tax benefit (expense) 1,300 (8,800 ) 300 — (7,200 ) Equity in net income of subsidiaries 9,885 — — (9,885 ) — Net income (loss) $ 14,259 $ 13,338 $ (3,453 ) $ (9,885 ) $ 14,259 Condensed Consolidating Balance Sheets (in thousands) February 28, 2018 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets Homebuilding: Cash and cash equivalents $ 455,629 $ 72,731 $ 31,895 $ — $ 560,255 Receivables 4,309 170,217 75,946 — 250,472 Inventories — 3,100,304 341,270 — 3,441,574 Investments in unconsolidated joint ventures — 65,672 2,504 — 68,176 Deferred tax assets, net 206,206 195,606 114,757 — 516,569 Other assets 97,950 8,109 2,439 — 108,498 764,094 3,612,639 568,811 — 4,945,544 Financial services — — 11,557 — 11,557 Intercompany receivables 3,461,046 — 120,795 (3,581,841 ) — Investments in subsidiaries 84,467 — — (84,467 ) — Total assets $ 4,309,607 $ 3,612,639 $ 701,163 $ (3,666,308 ) $ 4,957,101 Liabilities and stockholders’ equity Homebuilding: Accounts payable, accrued expenses and other liabilities $ 136,816 $ 364,322 $ 242,774 $ — $ 743,912 Notes payable 2,290,922 43,541 25,107 — 2,359,570 2,427,738 407,863 267,881 — 3,103,482 Financial services — — 897 — 897 Intercompany payables 29,147 3,175,070 377,624 (3,581,841 ) — Stockholders’ equity 1,852,722 29,706 54,761 (84,467 ) 1,852,722 Total liabilities and stockholders’ equity $ 4,309,607 $ 3,612,639 $ 701,163 $ (3,666,308 ) $ 4,957,101 November 30, 2017 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets Homebuilding: Cash and cash equivalents $ 575,193 $ 102,661 $ 42,776 $ — $ 720,630 Receivables 24,815 144,076 75,322 — 244,213 Inventories — 2,929,466 333,920 — 3,263,386 Investments in unconsolidated joint ventures — 62,290 2,504 — 64,794 Deferred tax assets, net 250,747 243,523 139,367 — 633,637 Other assets 91,592 8,424 2,482 — 102,498 942,347 3,490,440 596,371 — 5,029,158 Financial services — — 12,357 — 12,357 Intercompany receivables 3,414,237 — 107,992 (3,522,229 ) — Investments in subsidiaries 49,776 — — (49,776 ) — Total assets $ 4,406,360 $ 3,490,440 $ 716,720 $ (3,572,005 ) $ 5,041,515 Liabilities and stockholders’ equity Homebuilding: Accounts payable, accrued expenses and other liabilities $ 163,984 $ 371,909 $ 253,500 $ — $ 789,393 Notes payable 2,289,532 9,283 26,030 — 2,324,845 2,453,516 381,192 279,530 — 3,114,238 Financial services — — 966 — 966 Intercompany payables 26,533 3,109,248 386,448 (3,522,229 ) — Stockholders’ equity 1,926,311 — 49,776 (49,776 ) 1,926,311 Total liabilities and stockholders’ equity $ 4,406,360 $ 3,490,440 $ 716,720 $ (3,572,005 ) $ 5,041,515 Condensed Consolidating Statements of Cash Flows (in thousands) Three Months Ended February 28, 2018 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net cash provided by (used in) operating activities $ 3,066 $ (134,364 ) $ (10,382 ) $ — $ (141,680 ) Cash flows from investing activities: Contributions to unconsolidated joint ventures — (8,025 ) — — (8,025 ) Return of investments in unconsolidated joint ventures — 1,099 — — 1,099 Purchases of property and equipment, net (1,776 ) (125 ) (23 ) — (1,924 ) Intercompany (114,691 ) — — 114,691 — Net cash used in investing activities (116,467 ) (7,051 ) (23 ) 114,691 (8,850 ) Cash flows from financing activities: Payments on mortgages and land contracts due to land sellers and other loans — (2,442 ) (920 ) — (3,362 ) Issuance of common stock under employee stock plans 2,946 — — — 2,946 Payments of cash dividends (2,322 ) — — — (2,322 ) Stock repurchases (6,787 ) — — — (6,787 ) Intercompany — 113,927 764 (114,691 ) — Net cash provided by (used in) financing activities (6,163 ) 111,485 (156 ) (114,691 ) (9,525 ) Net decrease in cash and cash equivalents (119,564 ) (29,930 ) (10,561 ) — (160,055 ) Cash and cash equivalents at beginning of period 575,193 102,661 43,007 — 720,861 Cash and cash equivalents at end of period $ 455,629 $ 72,731 $ 32,446 $ — $ 560,806 Three Months Ended February 28, 2017 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net cash provided by (used in) operating activities $ 11,773 $ (71,130 ) $ (17,685 ) $ — $ (77,042 ) Cash flows from investing activities: Contributions to unconsolidated joint ventures — (3,500 ) (5,250 ) — (8,750 ) Return of investments in unconsolidated joint ventures — 1,107 — — 1,107 Purchases of property and equipment, net (892 ) (113 ) (10 ) — (1,015 ) Intercompany (106,903 ) — — 106,903 — Net cash used in investing activities (107,795 ) (2,506 ) (5,260 ) 106,903 (8,658 ) 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 — (45,428 ) — — (45,428 ) Issuance of common stock under employee stock plans 662 — — — 662 Payments of cash dividends (2,215 ) — — — (2,215 ) Stock repurchases (2,543 ) — — — (2,543 ) Intercompany — 102,302 4,601 (106,903 ) — Net cash provided by (used in) financing activities (109,422 ) 56,874 4,601 (106,903 ) (154,850 ) Net decrease in cash and cash equivalents (205,444 ) (16,762 ) (18,344 ) — (240,550 ) Cash and cash equivalents at beginning of period 463,100 100,439 29,461 — 593,000 Cash and cash equivalents at end of period $ 257,656 $ 83,677 $ 11,117 $ — $ 352,450

Basis of Presentation and Sig25

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Feb. 28, 2018
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 $347.1 million at February 28, 2018 and $481.1 million at November 30, 2017 . At February 28, 2018 and November 30, 2017, the majority of our cash and cash equivalents was invested in interest-bearing bank deposit accounts.
Presentation of Comprehensive Income	Our comprehensive loss for the three months ended February 28, 2018 was $71.3 million . For the three months ended February 28, 2017 , our comprehensive income was $14.3 million . Our comprehensive income (loss) for each of the three-month periods ended February 28, 2018 and 2017 was equal to our net income (loss) 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 this guidance 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 and 2017, the FASB issued accounting standards updates that amended several aspects of ASU 2014-09. ASU 2014-09, as amended, is effective for us beginning December 1, 2018, 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 this guidance, 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 is 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 February 2018, the FASB issued Accounting Standards Update No. 2018-02, “Income Statement — Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” (“ASU 2018-02”), which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act (“TCJA”), and requires certain disclosures about stranded tax effects. ASU 2018-02 is effective for us beginning December 1, 2019 (with early adoption permitted), and shall be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the corporate income tax rate in the TCJA is recognized. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements.
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 February 28, 2018 , 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, first 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. In 2016, a subsidiary of ours and a subsidiary of Stearns Lending, LLC (“Stearns”) formed KBHS Home Loans, LLC (“KBHS”), an unconsolidated mortgage banking joint venture to offer mortgage banking services, including mortgage loan originations, to our homebuyers. We and Stearns each have a 50.0% ownership interest in KBHS, with Stearns providing management oversight of KBHS’ operations. KBHS was operational in all of our served markets as of June 2017. The 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 reporting segments follow the same accounting policies used for our consolidated financial statements. The results of each reporting 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 (loss) per share using the two-class method, which is an allocation of earnings (losses) between the holders of common stock and a company’s participating security holders. Our outstanding nonvested shares of restricted stock contain non-forfeitable rights to dividends and, therefore, are considered participating securities for purposes of computing earnings per share pursuant to the two-class method. We had no other participating securities at February 28, 2018 or 2017.
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 February 28, 2018 and November 30, 2017 was a VIE, but we were not the primary beneficiary of the VIE. All of our joint ventures at February 28, 2018 and November 30, 2017 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 February 28, 2018 and November 30, 2017 , 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 $14.2 million at February 28, 2018 and $5.7 million at November 30, 2017 .
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 deferred tax 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 insurance and other recoveries of $71.2 million and $71.3 million are included in receivables in our consolidated balance sheets at February 28, 2018 and November 30, 2017 , 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.
New Accounting Pronouncements, Policy [Policy Text Block]	Adoption of New Accounting Pronouncement . 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”), which simplified several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of excess tax benefits on the statement of cash flows, treatment of forfeitures, and statutory withholding requirements. We adopted this guidance effective December 1, 2017. ASU 2016-09 requires excess tax benefits and deficiencies from stock-based compensation awards to be recognized prospectively in our consolidated statements of operations as a component of income tax expense, whereas these items were previously recorded in paid-in capital in our consolidated balance sheets. This guidance also requires excess tax benefits to be classified within operating activities in the consolidated statements of cash flows. We previously recognized excess tax benefits as a cash inflow from financing activities and a corresponding cash outflow from operating activities. In connection with the adoption of this guidance, we elected to continue to estimate forfeitures in calculating our stock-based compensation expense, rather than account for forfeitures as they occur. The impact of recognizing excess tax benefits and deficiencies in our consolidated statements of operations resulted in a $2.2 million reduction in our income tax expense for the three months ended February 28, 2018 . The remaining aspects of adopting this guidance did not have a material impact on our consolidated financial statements.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Feb. 28, 2018
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 February 28, 2018 2017 Revenues: West Coast $ 386,652 $ 355,832 Southwest 151,899 117,636 Central 244,181 242,256 Southeast 86,473 100,522 Total $ 869,205 $ 816,246 Pretax income (loss): West Coast $ 31,593 $ 22,853 Southwest 14,977 8,672 Central 19,095 19,678 Southeast 1,320 (2,213 ) Corporate and other (22,824 ) (29,091 ) Total $ 44,161 $ 19,899 Inventory impairment charges: West Coast $ 4,699 $ — Southwest — 1,343 Central — — Southeast — 1,874 Total $ 4,699 $ 3,217 Land option contract abandonments: West Coast $ 208 $ 791 Southwest — — Central 78 — Southeast — — Total $ 286 $ 791 February 28, November 30, Inventories: Homes under construction West Coast $ 666,333 $ 638,639 Southwest 188,344 179,240 Central 329,996 320,205 Southeast 109,242 98,764 Subtotal 1,293,915 1,236,848 Land under development West Coast 844,556 723,761 Southwest 289,603 309,672 Central 443,261 435,373 Southeast 188,614 182,533 Subtotal 1,766,034 1,651,339 Land held for future development or sale West Coast 230,592 233,188 Southwest 64,386 62,475 Central 18,890 12,654 Southeast 67,757 66,882 Subtotal 381,625 375,199 Total $ 3,441,574 $ 3,263,386 Assets: West Coast $ 1,890,866 $ 1,747,786 Southwest 588,495 586,666 Central 917,837 901,516 Southeast 375,322 359,307 Corporate and other 1,173,024 1,433,883 Total $ 4,945,544 $ 5,029,158

Financial Services (Tables)

Financial Services (Tables)	3 Months Ended
	Feb. 28, 2018
Segment Reporting Information [Line Items]
Financial Services Income (Loss)	The following tables present financial information relating to our financial services reporting segment (in thousands): Three Months Ended February 28, 2018 2017 Revenues Insurance commissions $ 1,352 $ 1,210 Title services 1,066 1,135 Interest income — 5 Total 2,418 2,350 Three Months Ended February 28, 2018 2017 Expenses General and administrative (953 ) (819 ) Operating income 1,465 1,531 Equity in income of unconsolidated joint ventures 419 29 Pretax income $ 1,884 $ 1,560
Financial services [Member]
Segment Reporting Information [Line Items]
Schedule of Financial Services Assets and Liabilities	February 28, November 30, Assets Cash and cash equivalents $ 551 $ 231 Receivables 1,489 1,724 Investments in unconsolidated joint ventures 9,460 10,340 Other assets 57 62 Total assets $ 11,557 $ 12,357 Liabilities Accounts payable and accrued expenses $ 897 $ 966 Total liabilities $ 897 $ 966

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Feb. 28, 2018
Earnings Per Share, Basic and Diluted [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Basic and diluted earnings (loss) per share were calculated as follows (in thousands, except per share amounts): Three Months Ended February 28, 2018 2017 Numerator: Net income (loss) $ (71,255 ) $ 14,259 Less: Distributed earnings allocated to nonvested restricted stock — (15 ) Less: Undistributed earnings allocated to nonvested restricted stock — (85 ) Numerator for basic earnings (loss) per share (71,255 ) 14,159 Effect of dilutive securities: Interest expense and amortization of debt issuance costs associated with convertible senior notes, net of taxes — 663 Add: Undistributed earnings allocated to nonvested restricted stock — 85 Less: Undistributed earnings reallocated to nonvested restricted stock — (75 ) Numerator for diluted earnings (loss) per share $ (71,255 ) $ 14,832 Three Months Ended February 28, 2018 2017 Denominator: Weighted average shares outstanding — basic 87,155 85,122 Effect of dilutive securities: Share-based payments — 2,749 Convertible senior notes — 8,402 Weighted average shares outstanding — diluted 87,155 96,273 Basic earnings (loss) per share $ (.82 ) $ .17 Diluted earnings (loss) per share $ (.82 ) $ .15

Receivables (Tables)

Receivables (Tables)	3 Months Ended
	Feb. 28, 2018
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	Receivables consisted of the following (in thousands): February 28, November 30, Due from utility companies, improvement districts and municipalities $ 115,398 $ 113,744 Recoveries related to self-insurance and other legal claims 91,727 91,763 Refundable deposits and bonds 13,121 13,829 Recoveries related to warranty and other claims 4,037 4,073 Other 38,829 33,797 Subtotal 263,112 257,206 Allowance for doubtful accounts (12,640 ) (12,993 ) Total $ 250,472 $ 244,213

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Feb. 28, 2018
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following (in thousands): February 28, November 30, Homes under construction $ 1,293,915 $ 1,236,848 Land under development 1,766,034 1,651,339 Land held for future development or sale (a) 381,625 375,199 Total $ 3,441,574 $ 3,263,386
Schedule of Capitalized Interest Costs	Our interest costs were as follows (in thousands): Three Months Ended February 28, 2018 2017 Capitalized interest at beginning of period $ 262,191 $ 306,723 Interest incurred (a) 39,944 50,079 Interest expensed (a) — (6,307 ) Interest amortized to construction and land costs (b) (42,350 ) (39,384 ) Capitalized interest at end of period (c) $ 259,785 $ 311,111 (a) Interest incurred and interest expensed for the three months ended February 28, 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 February 28, 2018 and 2017 included $1.0 million and $.5 million , respectively, related to land sales during those periods. (c) Capitalized interest amounts 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)	3 Months Ended
	Feb. 28, 2018
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 February 28, Unobservable Input (a) 2018 2017 Average selling price $774,100 $299,800 - $307,900 Deliveries per month 3 3 - 4 Discount rate 18% 17% (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)	3 Months Ended
	Feb. 28, 2018
Variable Interest Entities [Abstract]
Summary of Interests in Land Option Contracts	The following table presents a summary of our interests in land option contracts and other similar contracts (in thousands): February 28, 2018 November 30, 2017 Cash Deposits Aggregate Purchase Price Cash Deposits Aggregate Purchase Price Unconsolidated VIEs $ 18,995 $ 463,115 $ 43,171 $ 653,858 Other land option contracts and other similar contracts 25,632 466,109 21,531 440,229 Total $ 44,627 $ 929,224 $ 64,702 $ 1,094,087

Investments in Unconsolidated33

Investments in Unconsolidated Joint Ventures (Tables)	3 Months Ended
	Feb. 28, 2018
Equity Method Investments and Joint Ventures [Abstract]
Statements of Operations of Unconsolidated Joint Ventures	The following table presents combined condensed information from the statements of operations of our unconsolidated joint ventures (in thousands): Three Months Ended February 28, 2018 2017 Revenues $ 8,797 $ 19,722 Construction and land costs (8,816 ) (17,895 ) Other expense, net (1,372 ) (1,096 ) Income (loss) $ (1,391 ) $ 731
Balance Sheets of Unconsolidated Joint Ventures	The following table presents combined condensed balance sheet information for our unconsolidated joint ventures (in thousands): February 28, November 30, Assets Cash $ 19,992 $ 21,193 Receivables 507 688 Inventories 140,288 145,519 Other assets 1,180 1,398 Total assets $ 161,967 $ 168,798 Liabilities and equity Accounts payable and other liabilities $ 19,850 $ 25,426 Notes payable (a) 14,464 20,040 Equity 127,653 123,332 Total liabilities and equity $ 161,967 $ 168,798 (a) As of February 28, 2018 and November 30, 2017 , two of our unconsolidated joint ventures had separate construction loan agreements with different third-party lenders to finance their respective land development activities. The outstanding debt under these agreements is secured by the corresponding underlying property and related project assets and is non-recourse to us. Of this outstanding secured debt at February 28, 2018 , $14.1 million is scheduled to mature in August 2018 and the remainder is scheduled to mature in February 2020. None of our other unconsolidated joint ventures had outstanding debt at February 28, 2018 or November 30, 2017
Information Related Investments in Unconsolidated Joint Ventures	The following table presents additional information relating to our investments in unconsolidated joint ventures (dollars in thousands): February 28, November 30, Number of investments in unconsolidated joint ventures 7 7 Investments in unconsolidated joint ventures $ 68,176 $ 64,794 Number of unconsolidated joint venture lots controlled under land option contracts and other similar contracts 365 377

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Feb. 28, 2018
Other Assets [Abstract]
Schedule of Other Assets	Other assets consisted of the following (in thousands): February 28, November 30, Cash surrender value of corporate-owned life insurance contracts $ 74,761 $ 75,236 Property and equipment, net 20,807 19,521 Prepaid expenses 10,711 5,360 Debt issuance costs associated with unsecured revolving credit facility 2,219 2,381 Total $ 108,498 $ 102,498

Accrued Expenses and Other Li35

Accrued Expenses and Other Liabilities (Tables)	3 Months Ended
	Feb. 28, 2018
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities consisted of the following (in thousands): February 28, November 30, Self-insurance and other litigation liabilities $ 222,379 $ 222,808 Employee compensation and related benefits 106,719 143,992 Accrued interest payable 76,324 65,343 Warranty liability 71,845 69,798 Inventory-related obligations (a) 36,858 30,108 Customer deposits 19,537 16,863 Real estate and business taxes 10,659 16,874 Other 6,748 10,144 Total $ 551,069 $ 575,930 (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)	3 Months Ended
	Feb. 28, 2018
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 tax rates were as follows (dollars in thousands): Three Months Ended February 28, 2018 2017 Income tax expense $ 117,300 $ 7,200 Effective tax rate 254.8 % 33.6 % Our income tax expense and effective tax rate for the three months ended February 28, 2018 included the above-described charge of $111.2 million for TCJA-related impacts; the favorable effect of the reduction in the federal corporate income tax rate under the TCJA; the favorable net impact of federal energy tax credits of $4.0 million that we earned from building energy efficient homes; and excess tax benefits of $2.2 million related to stock-based compensation due to our adoption of ASU 2016-09, as further described in Note 1 – Basis of Presentation and Significant Accounting Policies. The TCJA requires us to use a blended federal tax rate for our 2018 fiscal year by applying a prorated percentage of days before and after the January 1, 2018 effective date. As a result, our 2018 annual federal statutory tax rate has been reduced to 22.2% . The federal energy tax credits for the three months ended February 28, 2018 resulted from legislation enacted on February 9, 2018, which among other things, extended the availability of a business tax credit for building new energy efficient homes through December 31, 2017. Prior to this legislation, the tax credit expired on December 31, 2016. Our income tax expense and effective tax rate for the three months ended February 28, 2017 included the favorable net impact of federal energy tax credits of $1.1 million that we earned from building energy efficient homes through December 31, 2016. Excluding the TCJA-related charge of $111.2 million , our adjusted income tax expense and adjusted effective tax rate for the three months ended February 28, 2018 were $6.1 million and 13.2% , respectively. Without the above-mentioned federal energy tax credits and excess tax benefits, our adjusted effective tax rate for the three months ended February 28, 2018 would have approximated 27% .

Notes Payable (Tables)

Notes Payable (Tables)	3 Months Ended
	Feb. 28, 2018
Debt Disclosure [Abstract]
Schedule of Mortgages and Notes Payable	Notes payable consisted of the following (in thousands): February 28, November 30, Mortgages and land contracts due to land sellers and other loans $ 43,538 $ 10,203 7 1/4% Senior notes due June 15, 2018 299,924 299,867 4.75% Senior notes due May 15, 2019 398,663 398,397 8.00% Senior notes due March 15, 2020 346,614 346,238 7.00% Senior notes due December 15, 2021 446,791 446,608 7.50% Senior notes due September 15, 2022 347,355 347,234 7.625% Senior notes due May 15, 2023 247,811 247,726 1.375% Convertible senior notes due February 1, 2019 228,874 228,572 Total $ 2,359,570 $ 2,324,845

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	3 Months Ended
	Feb. 28, 2018
Fair Value Disclosures [Abstract]
Schedule of Assets Measured at Fair Value on Nonrecurring Basis	The following table presents the fair value hierarchy, pre-impairment value, inventory impairment charges and fair value for our assets measured at fair value on a nonrecurring basis for the three months ended February 28, 2018 and the year ended November 30, 2017 (in thousands): February 28, 2018 November 30, 2017 Description Fair Value Hierarchy Pre-Impairment Value Inventory Impairment Charges Fair Value (a) Pre-Impairment Value Inventory Impairment Charges Fair Value (a) Inventories Level 3 $ 17,301 $ (4,699 ) $ 12,602 $ 58,962 $ (20,605 ) $ 38,357 (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 fair values of our financial instruments, except those for which the carrying values approximate fair values (in thousands): February 28, 2018 November 30, 2017 Fair Value Hierarchy Carrying Value (a) Fair Value Carrying Value (a) Fair Value Financial Liabilities: Senior notes Level 2 $ 2,087,158 $ 2,235,750 $ 2,086,070 $ 2,292,250 Convertible senior notes Level 2 228,874 253,575 228,572 278,300

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Feb. 28, 2018
Commitments and Contingencies Disclosure [Abstract]
Changes in the Warranty Liability	The changes in our warranty liability were as follows (in thousands): Three Months Ended February 28, 2018 2017 Balance at beginning of period $ 69,798 $ 56,682 Warranties issued 7,764 7,140 Payments (5,717 ) (6,112 ) Balance at end of period $ 71,845 $ 57,710
Schedule of Self-Insurance Liability	The changes in our self-insurance liability were as follows (in thousands): Three Months Ended February 28, 2018 2017 Balance at beginning of period $ 177,695 $ 158,584 Self-insurance expense (a) 4,401 4,640 Payments (1,365 ) (2,040 ) Adjustments (b) (36 ) (1,302 ) Balance at end of period $ 180,695 $ 159,882 (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) The amount for each period reflects changes in our self-insurance liability that were offset by changes in the receivable for estimated probable insurance and other recoveries to present our self-insurance liability on a gross basis.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Feb. 28, 2018
Equity [Abstract]
Summary of Changes in Stockholders’ Equity	A summary of changes in stockholders’ equity is presented below (in thousands): Three Months Ended February 28, 2018 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, 2017 117,946 (8,898 ) (22,021 ) $ 117,946 $ 727,483 $ 1,735,695 $ (16,924 ) $ (96,509 ) $ (541,380 ) $ 1,926,311 Net loss — — — — — (71,255 ) — — — (71,255 ) Dividends on common stock — — — — — (2,322 ) — — — (2,322 ) Employee stock options/other 268 — — 268 2,678 — — — — 2,946 Stock awards — 438 (10 ) — (4,551 ) — — 4,749 (198 ) — Stock-based compensation — — — — 3,829 — — — — 3,829 Stock repurchases — — (217 ) — — — — — (6,787 ) (6,787 ) Balance at February 28, 2018 118,214 (8,460 ) (22,248 ) $ 118,214 $ 729,439 $ 1,662,118 $ (16,924 ) $ (91,760 ) $ (548,365 ) $ 1,852,722

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Feb. 28, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Outstanding and Exercisable Stock Options	The following table summarizes stock option transactions for the three months ended February 28, 2018 : Options Weighted Average Exercise Price Options outstanding at beginning of period 9,265,240 $ 17.64 Granted — — Exercised (268,954 ) 10.96 Cancelled (16,208 ) 15.47 Options outstanding at end of period 8,980,078 $ 17.85 Options exercisable at end of period 8,038,678 $ 18.09

Supplemental Disclosure to Co42

Supplemental Disclosure to Consolidated Statements of Cash Flows (Tables)	3 Months Ended
	Feb. 28, 2018
Supplemental Cash Flow Information [Abstract]
Schedule of Supplemental Cash Flow Disclosures	The following are supplemental disclosures to the consolidated statements of cash flows (in thousands): Three Months Ended February 28, 2018 2017 Summary of cash and cash equivalents at end of period: Homebuilding $ 560,255 $ 351,880 Financial services 551 570 Total $ 560,806 $ 352,450 Supplemental disclosures of cash flow information: Interest paid, net of amounts capitalized $ (10,981 ) $ (9,536 ) Income taxes paid 1,639 836 Three Months Ended February 28, 2018 2017 Supplemental disclosures of noncash activities: Increase (decrease) in consolidated inventories not owned $ 8,466 $ (22,554 ) Increase in inventories due to distributions of land and land development from an unconsolidated joint venture 2,699 1,986 Inventories acquired through seller financing 36,697 7,814

Supplemental Guarantor Inform43

Supplemental Guarantor Information (Tables)	3 Months Ended
	Feb. 28, 2018
Guarantees [Abstract]
Condensed Consolidated Statements of Operations	Three Months Ended February 28, 2018 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Total revenues $ — $ 775,695 $ 95,928 $ — $ 871,623 Homebuilding: Revenues $ — $ 775,695 $ 93,510 $ — $ 869,205 Construction and land costs — (648,119 ) (81,359 ) — (729,478 ) Selling, general and administrative expenses (22,166 ) (65,841 ) (7,717 ) — (95,724 ) Operating income (loss) (22,166 ) 61,735 4,434 — 44,003 Interest income 998 5 — — 1,003 Interest expense (37,972 ) (689 ) (1,283 ) 39,944 — Intercompany interest 72,846 (30,499 ) (2,403 ) (39,944 ) — Equity in loss of unconsolidated joint ventures — (845 ) — — (845 ) Homebuilding pretax income 13,706 29,707 748 — 44,161 Financial services pretax income — — 1,884 — 1,884 Total pretax income 13,706 29,707 2,632 — 46,045 Income tax expense (44,700 ) (48,100 ) (24,500 ) — (117,300 ) Equity in net loss of subsidiaries (40,261 ) — — 40,261 — Net loss $ (71,255 ) $ (18,393 ) $ (21,868 ) $ 40,261 $ (71,255 ) Three Months Ended February 28, 2017 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Total revenues $ — $ 729,927 $ 88,669 $ — $ 818,596 Homebuilding: Revenues $ — $ 729,927 $ 86,319 $ — $ 816,246 Construction and land costs — (618,452 ) (79,628 ) — (698,080 ) Selling, general and administrative expenses (22,267 ) (62,898 ) (7,724 ) — (92,889 ) Operating income (loss) (22,267 ) 48,577 (1,033 ) — 25,277 Interest income 197 1 — — 198 Interest expense (48,349 ) (568 ) (1,162 ) 43,772 (6,307 ) Intercompany interest 73,493 (26,603 ) (3,118 ) (43,772 ) — Equity in income of unconsolidated joint ventures — 731 — — 731 Homebuilding pretax income (loss) 3,074 22,138 (5,313 ) — 19,899 Financial services pretax income — — 1,560 — 1,560 Total pretax income (loss) 3,074 22,138 (3,753 ) — 21,459 Income tax benefit (expense) 1,300 (8,800 ) 300 — (7,200 ) Equity in net income of subsidiaries 9,885 — — (9,885 ) — Net income (loss) $ 14,259 $ 13,338 $ (3,453 ) $ (9,885 ) $ 14,259
Condensed Consolidated Balance Sheets	Condensed Consolidating Balance Sheets (in thousands) February 28, 2018 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets Homebuilding: Cash and cash equivalents $ 455,629 $ 72,731 $ 31,895 $ — $ 560,255 Receivables 4,309 170,217 75,946 — 250,472 Inventories — 3,100,304 341,270 — 3,441,574 Investments in unconsolidated joint ventures — 65,672 2,504 — 68,176 Deferred tax assets, net 206,206 195,606 114,757 — 516,569 Other assets 97,950 8,109 2,439 — 108,498 764,094 3,612,639 568,811 — 4,945,544 Financial services — — 11,557 — 11,557 Intercompany receivables 3,461,046 — 120,795 (3,581,841 ) — Investments in subsidiaries 84,467 — — (84,467 ) — Total assets $ 4,309,607 $ 3,612,639 $ 701,163 $ (3,666,308 ) $ 4,957,101 Liabilities and stockholders’ equity Homebuilding: Accounts payable, accrued expenses and other liabilities $ 136,816 $ 364,322 $ 242,774 $ — $ 743,912 Notes payable 2,290,922 43,541 25,107 — 2,359,570 2,427,738 407,863 267,881 — 3,103,482 Financial services — — 897 — 897 Intercompany payables 29,147 3,175,070 377,624 (3,581,841 ) — Stockholders’ equity 1,852,722 29,706 54,761 (84,467 ) 1,852,722 Total liabilities and stockholders’ equity $ 4,309,607 $ 3,612,639 $ 701,163 $ (3,666,308 ) $ 4,957,101 November 30, 2017 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets Homebuilding: Cash and cash equivalents $ 575,193 $ 102,661 $ 42,776 $ — $ 720,630 Receivables 24,815 144,076 75,322 — 244,213 Inventories — 2,929,466 333,920 — 3,263,386 Investments in unconsolidated joint ventures — 62,290 2,504 — 64,794 Deferred tax assets, net 250,747 243,523 139,367 — 633,637 Other assets 91,592 8,424 2,482 — 102,498 942,347 3,490,440 596,371 — 5,029,158 Financial services — — 12,357 — 12,357 Intercompany receivables 3,414,237 — 107,992 (3,522,229 ) — Investments in subsidiaries 49,776 — — (49,776 ) — Total assets $ 4,406,360 $ 3,490,440 $ 716,720 $ (3,572,005 ) $ 5,041,515 Liabilities and stockholders’ equity Homebuilding: Accounts payable, accrued expenses and other liabilities $ 163,984 $ 371,909 $ 253,500 $ — $ 789,393 Notes payable 2,289,532 9,283 26,030 — 2,324,845 2,453,516 381,192 279,530 — 3,114,238 Financial services — — 966 — 966 Intercompany payables 26,533 3,109,248 386,448 (3,522,229 ) — Stockholders’ equity 1,926,311 — 49,776 (49,776 ) 1,926,311 Total liabilities and stockholders’ equity $ 4,406,360 $ 3,490,440 $ 716,720 $ (3,572,005 ) $ 5,041,515
Condensed Consolidated Statements of Cash Flows	Condensed Consolidating Statements of Cash Flows (in thousands) Three Months Ended February 28, 2018 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net cash provided by (used in) operating activities $ 3,066 $ (134,364 ) $ (10,382 ) $ — $ (141,680 ) Cash flows from investing activities: Contributions to unconsolidated joint ventures — (8,025 ) — — (8,025 ) Return of investments in unconsolidated joint ventures — 1,099 — — 1,099 Purchases of property and equipment, net (1,776 ) (125 ) (23 ) — (1,924 ) Intercompany (114,691 ) — — 114,691 — Net cash used in investing activities (116,467 ) (7,051 ) (23 ) 114,691 (8,850 ) Cash flows from financing activities: Payments on mortgages and land contracts due to land sellers and other loans — (2,442 ) (920 ) — (3,362 ) Issuance of common stock under employee stock plans 2,946 — — — 2,946 Payments of cash dividends (2,322 ) — — — (2,322 ) Stock repurchases (6,787 ) — — — (6,787 ) Intercompany — 113,927 764 (114,691 ) — Net cash provided by (used in) financing activities (6,163 ) 111,485 (156 ) (114,691 ) (9,525 ) Net decrease in cash and cash equivalents (119,564 ) (29,930 ) (10,561 ) — (160,055 ) Cash and cash equivalents at beginning of period 575,193 102,661 43,007 — 720,861 Cash and cash equivalents at end of period $ 455,629 $ 72,731 $ 32,446 $ — $ 560,806 Three Months Ended February 28, 2017 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net cash provided by (used in) operating activities $ 11,773 $ (71,130 ) $ (17,685 ) $ — $ (77,042 ) Cash flows from investing activities: Contributions to unconsolidated joint ventures — (3,500 ) (5,250 ) — (8,750 ) Return of investments in unconsolidated joint ventures — 1,107 — — 1,107 Purchases of property and equipment, net (892 ) (113 ) (10 ) — (1,015 ) Intercompany (106,903 ) — — 106,903 — Net cash used in investing activities (107,795 ) (2,506 ) (5,260 ) 106,903 (8,658 ) 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 — (45,428 ) — — (45,428 ) Issuance of common stock under employee stock plans 662 — — — 662 Payments of cash dividends (2,215 ) — — — (2,215 ) Stock repurchases (2,543 ) — — — (2,543 ) Intercompany — 102,302 4,601 (106,903 ) — Net cash provided by (used in) financing activities (109,422 ) 56,874 4,601 (106,903 ) (154,850 ) Net decrease in cash and cash equivalents (205,444 ) (16,762 ) (18,344 ) — (240,550 ) Cash and cash equivalents at beginning of period 463,100 100,439 29,461 — 593,000 Cash and cash equivalents at end of period $ 257,656 $ 83,677 $ 11,117 $ — $ 352,450

Basis of Presentation and Sig44

Basis of Presentation and Significant Accounting Policies (Narratives) (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Nov. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense	$ 2.2
Cash equivalents	347.1		$ 481.1
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ (71.3)	$ 14.3

Segment Information (Narratives

Segment Information (Narratives) (Details)	3 Months Ended
	Feb. 28, 2018segment
Schedule of Equity Method Investments [Line Items]
Number of reporting segments	5
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
		Feb. 28, 2018	Feb. 28, 2017	Nov. 30, 2017
Segment Reporting Information [Line Items]
Impairment of Real Estate		$ 4,699	$ 3,217
Inventory, Homes under Construction		1,293,915		$ 1,236,848
Inventory, Real Estate, Land and Land Development Costs		1,766,034		1,651,339
Inventory, Land Held for Development and Sale	[1]	381,625		375,199
Inventory, Operative Builders		3,441,574		3,263,386
Revenues:
Home Building Revenue		869,205	816,246
Pretax income (loss):
Total pretax income (loss)		46,045	21,459
Assets:
Total assets		4,957,101		5,041,515
Homebuilding [Member]
Pretax income (loss):
Total pretax income (loss)		44,161	19,899
Assets:
Total assets		4,945,544		5,029,158
Financial services [Member]
Pretax income (loss):
Total pretax income (loss)		1,884	1,560
Assets:
Total assets		11,557		12,357
West Coast [Member]
Segment Reporting Information [Line Items]
Impairment of Real Estate		4,699	0
Inventory, Homes under Construction		666,333		638,639
Inventory, Real Estate, Land and Land Development Costs		844,556		723,761
Inventory, Land Held for Development and Sale		230,592		233,188
Revenues:
Home Building Revenue		386,652	355,832
West Coast [Member] | Homebuilding [Member]
Pretax income (loss):
Total pretax income (loss)		31,593	22,853
Assets:
Total assets		1,890,866		1,747,786
Southwest [Member]
Segment Reporting Information [Line Items]
Impairment of Real Estate		0	1,343
Inventory, Homes under Construction		188,344		179,240
Inventory, Real Estate, Land and Land Development Costs		289,603		309,672
Inventory, Land Held for Development and Sale		64,386		62,475
Revenues:
Home Building Revenue		151,899	117,636
Southwest [Member] | Homebuilding [Member]
Pretax income (loss):
Total pretax income (loss)		14,977	8,672
Assets:
Total assets		588,495		586,666
Central [Member]
Segment Reporting Information [Line Items]
Impairment of Real Estate		0	0
Inventory, Homes under Construction		329,996		320,205
Inventory, Real Estate, Land and Land Development Costs		443,261		435,373
Inventory, Land Held for Development and Sale		18,890		12,654
Revenues:
Home Building Revenue		244,181	242,256
Central [Member] | Homebuilding [Member]
Pretax income (loss):
Total pretax income (loss)		19,095	19,678
Assets:
Total assets		917,837		901,516
Southeast [Member]
Segment Reporting Information [Line Items]
Impairment of Real Estate		0	1,874
Inventory, Homes under Construction		109,242		98,764
Inventory, Real Estate, Land and Land Development Costs		188,614		182,533
Inventory, Land Held for Development and Sale		67,757		66,882
Revenues:
Home Building Revenue		86,473	100,522
Southeast [Member] | Homebuilding [Member]
Pretax income (loss):
Total pretax income (loss)		1,320	(2,213)
Assets:
Total assets		375,322		359,307
Corporate and Other [Member] | Homebuilding [Member]
Pretax income (loss):
Total pretax income (loss)		(22,824)	(29,091)
Assets:
Total assets		1,173,024		$ 1,433,883
Land Option Contract Abandonment [Member]
Segment Reporting Information [Line Items]
Loss on Contract Termination		286	791
Land Option Contract Abandonment [Member] | West Coast [Member]
Segment Reporting Information [Line Items]
Loss on Contract Termination		208	791
Land Option Contract Abandonment [Member] | Southwest [Member]
Segment Reporting Information [Line Items]
Loss on Contract Termination		0	0
Land Option Contract Abandonment [Member] | Central [Member]
Segment Reporting Information [Line Items]
Loss on Contract Termination		78	0
Land Option Contract Abandonment [Member] | Southeast [Member]
Segment Reporting Information [Line Items]
Loss on Contract Termination		$ 0	$ 0
[1]	Land held for sale totaled $27.8 million at February 28, 2018 and $21.8 million at November 30, 2017.

Financial Services (Schedule of

Financial Services (Schedule of Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2018	Feb. 28, 2017
Segment Reporting Information [Line Items]
Interest and Other Income	$ 0	$ 5
Revenues
Insurance commissions	1,352	1,210
Title services	1,066	1,135
Total	2,418	2,350
Expenses
General and administrative	(953)	(819)
Operating income	44,003	25,277
Equity in income of unconsolidated joint ventures	(426)	760
Total pretax income (loss)	46,045	21,459
Financial services [Member]
Expenses
Operating income	1,465	1,531
Equity in income of unconsolidated joint ventures	419	29
Total pretax income (loss)	$ 1,884	$ 1,560

Financial Services (Schedule 48

Financial Services (Schedule of Assets and Liabilities) (Details) - USD ($) $ in Thousands		Feb. 28, 2018	Nov. 30, 2017	Feb. 28, 2017	Nov. 30, 2016
Assets
Cash and cash equivalents		$ 560,806	$ 720,861	$ 352,450	$ 593,000
Receivables		250,472	244,213
Investments in unconsolidated joint ventures		68,176	64,794
Other assets		108,498	102,498
Total assets		4,957,101	5,041,515
Liabilities
Accounts payable and accrued expenses		743,912	789,393
Total liabilities		897	966
Financial services [Member]
Assets
Cash and cash equivalents		551	231	$ 570
Receivables		1,489	1,724
Investments in unconsolidated joint ventures	[1]	9,460	10,340
Other assets		57	62
Total assets		11,557	12,357
Liabilities
Accounts payable and accrued expenses		$ 897	$ 966
[1]	February 28, 2018 November 30, 2017Assets Cash and cash equivalents$551 $231Receivables 1,489 1,724Investments in unconsolidated joint ventures 9,460 10,340Other assets57 62Total assets$11,557 $12,357Liabilities Accounts payable and accrued expenses$897 $966Total liabilities$897 $966

Earnings Per Share (Basic and D

Earnings Per Share (Basic and Diluted Earnings (Loss) Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Feb. 28, 2018	Feb. 28, 2017
Debt Instrument [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)		5,100
Numerator:
Net income (loss)	$ (71,255)	$ 14,259
Less: Distributed earnings allocated to nonvested restricted stock	0	(15)
Less: Undistributed earnings allocated to nonvested restricted stock	0	(85)
Numerator for basic earnings (loss) per share	(71,255)	14,159
Interest expense and amortization of debt issuance costs associated with convertible senior notes, net of taxes	0	663
Add: Undistributed earnings allocated to nonvested restricted stock	0	85
Less: Undistributed earnings reallocated to nonvested restricted stock	0	(75)
Numerator for diluted earnings (loss) per share	$ (71,255)	$ 14,832
Denominator:
Weighted average shares outstanding — basic (in shares)	87,155	85,122
Effect of dilutive securities: Share-based payments (in shares)	0	2,749
Effect of dilutive securities: Convertible senior notes (in shares)	0	8,402
Weighted average shares outstanding — diluted (in shares)	87,155	96,273
Basic earnings per share (in dollars per share)	$ (0.82)	$ 0.17
Diluted earnings per share (in dollars per share)	$ (0.82)	$ 0.15

Receivables (Details)

Receivables (Details) - USD ($) $ in Thousands	Feb. 28, 2018	Nov. 30, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Utility and Municipality Receivable	$ 115,398	$ 113,744
Deposits Assets	13,121	13,829
Other Receivables	38,829	33,797
Accounts Receivable, Gross	263,112	257,206
Allowance for Doubtful Accounts Receivable	(12,640)	(12,993)
Accounts and Notes Receivable, Net	250,472	244,213
Self Insurance [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loss Contingency, Receivable	91,727	91,763
Warranty and Other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loss Contingency, Receivable	$ 4,037	$ 4,073

Inventories (Schedule of Invent

Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands		3 Months Ended
		Feb. 28, 2018	Feb. 28, 2017	Nov. 30, 2017
Inventory Disclosure [Abstract]
Gain (Loss) on Extinguishment of Debt		$ 0	$ (5,685)
Inventory, Land Held-for-sale		27,800		$ 21,800
Inventories
Homes under construction		1,293,915		1,236,848
Land under development		1,766,034		1,651,339
Land held for future development	[1]	381,625		375,199
Total		$ 3,441,574		$ 3,263,386
[1]	Land held for sale totaled $27.8 million at February 28, 2018 and $21.8 million at November 30, 2017.

Inventories (Schedule of Capita

Inventories (Schedule of Capitalized Interest Costs) (Details) - USD ($) $ in Thousands		3 Months Ended
		Feb. 28, 2018	Feb. 28, 2017
Interest Costs
Capitalized interest at beginning of period		$ 262,191	$ 306,723
Interest incurred	[1]	39,944	50,079
Interest Expense	[1]	0	(6,307)
Interest amortized to construction and land costs	[2]	(42,350)	(39,384)
Capitalized interest at end of period	[3]	259,785	311,111
Loss on early extinguishment of debt		0	5,685
Land [Member]
Interest Costs
Interest amortized to construction and land costs		$ (1,000)	$ (500)
[1]	Interest incurred and interest expensed for the three months ended February 28, 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 February 28, 2018 and 2017 included $1.0 million and $.5 million, respectively, related to land sales during those periods.
[3]	Capitalized interest amounts 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
	Feb. 28, 2018USD ($)propertylotdelivery	Feb. 28, 2017USD ($)propertydelivery	Nov. 30, 2017USD ($)property
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Impairment of Real Estate	$ 4,699,000	$ 3,217,000
Number of land parcels or communities evaluated for recoverability | property	29	39
Carrying Value of Communities or Land Parcels Evaluated for Impairment	$ 200,100,000	$ 366,400,000
Aggregate carrying value of inventory impacted by pretax, noncash inventory impairment charges	$ 178,400,000		$ 177,800,000
Number of communities and various other land parcels impacted by pretax, noncash inventory impairment charges	20		24
Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Estimate Input at Average Selling Price	$ 774,100	$ 307,900
Fair Value Estimate Input, Delivery For Period | delivery	3	4
Fair Value Inputs, Discount Rate	18.00%	17.00%
Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Estimate Input at Average Selling Price	$ 774,100	$ 299,800
Fair Value Estimate Input, Delivery For Period | delivery	3	3
Fair Value Inputs, Discount Rate	18.00%	17.00%
Land Option Contract Abandonment [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Payments to Acquire Land	$ (286,000)	$ (791,000)
West Coast [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Impairment of Real Estate	4,699,000	0
West Coast [Member] | Land Option Contract Abandonment [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Payments to Acquire Land	(208,000)	(791,000)
Central [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Impairment of Real Estate	0	0
Central [Member] | Land Option Contract Abandonment [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Payments to Acquire Land	(78,000)	0
Southeast [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Impairment of Real Estate	0	1,874,000
Southeast [Member] | Land Option Contract Abandonment [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Payments to Acquire Land	$ 0	$ 0

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands	Feb. 28, 2018USD ($)joint_venture	Nov. 30, 2017USD ($)joint_venture
Variable Interest Entity [Line Items]
Number of Investments in Unconsolidated Joint Ventures | joint_venture	7	7
Cash Deposits	$ 44,627	$ 64,702
Aggregate Purchase Price	929,224	1,094,087
Pre-acquisition costs related to land option contracts and other similar contracts	31,300	26,800
Letters of Credit Outstanding, Amount	36,900	37,600
Increase in inventories and accrued expenses and other liabilities	$ 14,200	$ 5,700
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	$ 18,995	$ 43,171
Aggregate Purchase Price	463,115	653,858
Non-VIE Other land option contracts and other similar contracts [Member]
Variable Interest Entity [Line Items]
Cash Deposits	25,632	21,531
Aggregate Purchase Price	$ 466,109	$ 440,229

Investments in Unconsolidated55

Investments in Unconsolidated Joint Ventures (Financial Information for Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands		3 Months Ended
		Feb. 28, 2018	Feb. 28, 2017	Nov. 30, 2017
Statements of operations of unconsolidated joint venture
Revenues		$ 8,797	$ 19,722
Construction and land costs		(8,816)	(17,895)
Other expenses, net		(1,372)	(1,096)
Income (loss)		(1,391)	$ 731
Assets
Cash		19,992		$ 21,193
Receivables		507		688
Inventories		140,288		145,519
Other Assets		1,180		1,398
Total assets		161,967		168,798
Liabilities and equity
Accounts payable and other liabilities		19,850		25,426
Equity Method Investments Summarized Financial Information Debt	[1]	14,464		20,040
Equity		127,653		123,332
Total liabilities and equity		$ 161,967		$ 168,798
[1]	As of February 28, 2018 and November 30, 2017, two of our unconsolidated joint ventures had separate construction loan agreements with different third-party lenders to finance their respective land development activities. The outstanding debt under these agreements is secured by the corresponding underlying property and related project assets and is non-recourse to us. Of this outstanding secured debt at February 28, 2018, $14.1 million is scheduled to mature in August 2018 and the remainder is scheduled to mature in February 2020. None of our other unconsolidated joint ventures had outstanding debt at February 28, 2018 or November 30, 2017.

Investments in Unconsolidated56

Investments in Unconsolidated Joint Ventures (Information for Investments in Unconsolidated Joint Ventures) (Details) $ in Thousands		3 Months Ended
		Feb. 28, 2018USD ($)lotjoint_venture	Nov. 30, 2017USD ($)lotjoint_venture
Schedule of Equity Method Investments [Line Items]
Number of Units in Real Estate Property | lot		67
Long-term Purchase, Commitment, Amount		$ 30,000
Number of investments in unconsolidated joint ventures | joint_venture		7	7
Long-term purchase commitment period		3 years
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures		$ 68,176	$ 64,794
Number of Unconsolidated Joint Venture Lots Controlled Under Land Option Contracts | lot		365	377
Equity Method Investments Summarized Financial Information Debt	[1]	$ 14,464	$ 20,040
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months		$ 300,000
Investments in Unconsolidated Joint Ventures with Debt
Schedule of Equity Method Investments [Line Items]
Number of investments in unconsolidated joint ventures | joint_venture		2	2
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months		$ 14,100
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]	As of February 28, 2018 and November 30, 2017, two of our unconsolidated joint ventures had separate construction loan agreements with different third-party lenders to finance their respective land development activities. The outstanding debt under these agreements is secured by the corresponding underlying property and related project assets and is non-recourse to us. Of this outstanding secured debt at February 28, 2018, $14.1 million is scheduled to mature in August 2018 and the remainder is scheduled to mature in February 2020. None of our other unconsolidated joint ventures had outstanding debt at February 28, 2018 or November 30, 2017.

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Feb. 28, 2018	Nov. 30, 2017
Other Assets [Abstract]
Cash surrender value of corporate-owned life insurance contracts	$ 74,761	$ 75,236
Property and equipment, net	20,807	19,521
Prepaid expenses	10,711	5,360
Debt issuance costs associated with unsecured revolving credit facility	2,219	2,381
Total	$ 108,498	$ 102,498

Accrued Expenses and Other Li58

Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands		Feb. 28, 2018	Nov. 30, 2017	Feb. 28, 2017	Nov. 30, 2016
Payables and Accruals [Abstract]
Employee compensation and related benefits		$ 106,719	$ 143,992
Inventory-related liabilities	[1]	36,858	30,108
Self-Insurance and Other Legal Liabilities		222,379	222,808
Accrued interest payable		76,324	65,343
Warranty liability		71,845	69,798	$ 57,710	$ 56,682
Customer Advances and Deposits		19,537	16,863
Real estate and business taxes		10,659	16,874
Other		6,748	10,144
Total		$ 551,069	$ 575,930
[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				12 Months Ended
	Feb. 28, 2018	Feb. 28, 2018	Feb. 28, 2018	Feb. 28, 2017	Nov. 30, 2022	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Income Tax Expense (Benefit), Continuing Operations [Abstract]
Income tax expense			$ (117,300,000)	$ (7,200,000)
Impact of Tax Reform			111,200,000
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount			(6,100,000)
Tax Cuts and Jobs Act of 2017 Incomplete Accounting Change in Tax Rate Provisional Income Tax Expense Benefit			107,900,000
Deferred Tax Assets, Tax Credit Carryforwards	$ 50,000,000	$ 50,000,000	50,000,000
Income Tax Credits and Adjustments			4,000,000	$ 1,100,000
Unrecognized Tax Benefits	100,000	100,000	100,000					$ 100,000
Net (increase) reduction in valuation allowance			(3,300,000)
Deferred Tax Liabilities, Other	0	0	0
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense			(2,200,000)
Valuation allowance	26,900,000	26,900,000	26,900,000					23,600,000
Income Tax Contingency [Line Items]
Deferred Tax Assets, Gross	$ 543,500,000	$ 543,500,000	543,500,000					$ 657,200,000
Future Effective Federal Income Tax Rate Percent	(26.713%)
Effective Income Tax Rate Reconciliation, Percent	(13.20%)	254.80%		33.60%
Minimum [Member]
Income Tax Contingency [Line Items]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	$ 0	$ 0	0
Maximum [Member]
Income Tax Contingency [Line Items]
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation	1,000,000	1,000,000	1,000,000
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	$ 100,000	$ 100,000	$ 100,000
Scenario, Forecast [Member]
Income Tax Contingency [Line Items]
Effective Income Tax Rate Reconciliation, Deduction, Percent						50.00%
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent					6.60%
Future Effective Federal Income Tax Rate Percent							(22.20%)

Notes Payable (Schedule Notes P

Notes Payable (Schedule Notes Payable) (Details) - USD ($) $ in Thousands	Feb. 28, 2018	Nov. 30, 2017
Debt Instrument [Line Items]
Mortgages and notes payable	$ 2,359,570	$ 2,324,845
Mortgages and Land Contracts Due to Land Sellers and Other Loans [Member]
Debt Instrument [Line Items]
Mortgages and notes payable	$ 43,538	$ 10,203
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	$ 299,924	$ 299,867
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	$ 398,663	$ 398,397
Senior Notes [Member] | Senior notes due March 15, 2020 at 8.00%
Debt Instrument [Line Items]
Senior notes, rate	8.00%	8.00%
Mortgages and notes payable	$ 346,614	$ 346,238
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	$ 446,791	$ 446,608
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	$ 347,355	$ 347,234
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	$ 247,811	$ 247,726
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	$ 228,874	$ 228,572

Notes Payable (Narratives) (Det

Notes Payable (Narratives) (Details)	3 Months Ended
	Feb. 28, 2018USD ($)$ / sharesshares	Feb. 28, 2017USD ($)shares	Nov. 30, 2017USD ($)	Jul. 27, 2017USD ($)
Debt Instrument [Line Items]
Debt Issuance Costs, Net	$ 14,000,000		$ 15,400,000
Line of Credit Facility, Current Borrowing Capacity				$ 500,000,000
Letters of credit outstanding	$ 36,900,000		37,600,000
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities (in shares) | shares	0	8,402,000
Gain (Loss) on Extinguishment of Debt	$ 0	$ (5,685,000)
Notes and Loans Payable	2,359,570,000		2,324,845,000
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months	300,000,000
Long-term Debt, Maturities, Repayments of Principal in Year Two	673,500,000
Long-term Debt, Maturities, Repayments of Principal in Year Three	350,000,000
Long-term Debt, Maturities, Repayments of Principal in Year Four	0
Long-term Debt, Maturities, Repayments of Principal in Year Five	800,000,000
Long-term Debt, Maturities, Repayments of Principal after Year Five	250,000,000
Inventories pledged to collateralize mortgages and land contracts, carrying value	$ 130,900,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Unsecured revolving credit facility, expiration date	Jul. 27, 2021
Unsecured revolving credit facility, maximum borrowing capacity	$ 600,000,000
Line of Credit Facility, Amount Outstanding	0
Unsecured revolving credit facility, remaining borrowing capacity	$ 463,100,000
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	0.45%
Letter of Credit [Member]
Debt Instrument [Line Items]
Unsecured revolving credit facility, maximum borrowing capacity	$ 250,000,000
Line of Credit Facility, Amount Outstanding	36,900,000
Unsecured revolving credit facility, remaining borrowing capacity	213,100,000
LOC Facilities [Member]
Debt Instrument [Line Items]
Letters of credit outstanding	0		0
Mortgages and Land Contracts Due to Land Sellers and Other Loans [Member]
Debt Instrument [Line Items]
Notes and Loans Payable	$ 43,538,000		$ 10,203,000
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%
Debt instrument, conversion ratio	0.0365297
Debt instrument, convertible, conversion price (in dollars per share) | $ / shares	$ 27.37
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities (in shares) | shares	8,401,831
Notes and Loans Payable	$ 228,874,000		$ 228,572,000
Senior Notes [Member] | Senior notes due June 15, 2018 at 7 1/4%
Debt Instrument [Line Items]
Senior notes, rate	7.25%		7.25%
Notes and Loans Payable	$ 299,924,000		$ 299,867,000
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%
Notes and Loans Payable	$ 398,663,000		$ 398,397,000
Senior Notes [Member] | Senior notes due March 15, 2020 at 8.00%
Debt Instrument [Line Items]
Senior notes, rate	8.00%		8.00%
Notes and Loans Payable	$ 346,614,000		$ 346,238,000
Senior Notes [Member] | Senior notes due September 15, 2022 at 7.50%
Debt Instrument [Line Items]
Senior notes, rate	7.50%		7.50%
Notes and Loans Payable	$ 347,355,000		$ 347,234,000
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%
Notes and Loans Payable	$ 247,811,000		$ 247,726,000

Fair Value Disclosures (Assets

Fair Value Disclosures (Assets Measured at Fair Value on Nonrecurring Basis) (Details) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
		Feb. 28, 2018	Feb. 28, 2017	Nov. 30, 2017
Assets measured at fair value on a nonrecurring basis
Impairment of Real Estate		$ (4,699)	$ (3,217)
Fair Value, Measurements, Nonrecurring [Member] | Level 3
Assets measured at fair value on a nonrecurring basis
Assets, Fair Value Disclosure	[1]	12,602		$ 38,357
Inventory Impacted by Pretax Noncash Inventory Impairment Charges, Carrying Value		17,301		58,962
Impairment of Real Estate		$ (4,699)		$ (20,605)
[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
	Feb. 28, 2018	Feb. 28, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of Real Estate	$ 4,699	$ 3,217

Fair Value Disclosures (Fair Va

Fair Value Disclosures (Fair Value Hierarchy, Carrying Values, and Estimated Fair Values of Financial Instruments) (Details) - Level 2 - USD ($) $ in Thousands		Feb. 28, 2018	Nov. 30, 2017
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Debt, Fair Value Disclosures	[1]	$ 228,874	$ 228,572
Carrying Value | Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated Fair Value	[1]	2,087,158	2,086,070
Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Debt, Fair Value Disclosures		253,575	278,300
Estimate of Fair Value, Fair Value Disclosure [Member] | Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated Fair Value		$ 2,235,750	$ 2,292,250
[1]	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.

Commitments and Contingencies65

Commitments and Contingencies (Narratives) (Details) $ in Thousands		3 Months Ended
		Feb. 28, 2018USD ($)Home	Feb. 28, 2017USD ($)	Nov. 30, 2017USD ($)
Loss Contingencies [Line Items]
Minimum warranty on electrical and other building systems (in years)		2 years
Maximum warranty on electrical and other building systems (in years)		5 years
Warranty for other components of a home (in years)		1 year
Payments		$ (5,717)	$ (6,112)
Performance bonds		593,800		$ 606,700
Letters of credit outstanding		36,900		37,600
Cash deposits		44,627		64,702
Aggregate purchase price of land		$ 929,224		1,094,087
Warranty for Other Components of Home		1 year
Northern California Townhome Community [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value		$ 100,000
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]
Increase (Decrease) in Insurance Liabilities	[1]	$ (36)	$ (1,302)
Loss Contingency, Receivable		$ 71,200		$ 71,300
[1]	b)The amount for each period reflects changes in our self-insurance liability that were offset by changes in the receivable for estimated probable insurance and other recoveries to present our self-insurance liability on a gross basis.

Commitments and Contingencies66

Commitments and Contingencies (Changes in the Warranty Liability) (Details) - USD ($) $ in Thousands		3 Months Ended
		Feb. 28, 2018	Feb. 28, 2017	Nov. 30, 2017	Nov. 30, 2016
Loss Contingencies [Line Items]
Self Insurance Reserve		$ 180,695	$ 159,882	$ 177,695	$ 158,584
Expenses Associated with Self Insurance	[1]	4,401	4,640
Payments, Net of Recoveries for Self Insurance		(1,365)	(2,040)
Changes in the Warranty Liability
Balance at beginning of period		69,798	56,682
Warranties issued		7,764	7,140
Payments		(5,717)	(6,112)
Balance at end of period		71,845	57,710
Self Insurance [Member]
Loss Contingencies [Line Items]
Loss Contingency, Receivable		71,200		71,300
Increase (Decrease) in Insurance Liabilities	[2]	(36)	$ (1,302)
Warranty and Other [Member]
Loss Contingencies [Line Items]
Loss Contingency, Receivable		$ 4,000		$ 4,100
[1]	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.
[2]	b)The amount for each period reflects changes in our self-insurance liability that were offset by changes in the receivable for estimated probable insurance and other recoveries to present our self-insurance liability on a gross basis.

Legal Matters (Details)

Legal Matters (Details) $ in Millions	3 Months Ended
	Feb. 28, 2018USD ($)
Northern California Townhome Community [Member]
Loss Contingencies [Line Items]
Expected compensatory damages	$ 100

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2018	Feb. 28, 2017
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 1,926,311
Net loss	(71,255)	$ 14,259
Dividends on common stock	$ (2,322)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares)	268,954
Stock Issued During Period, Value, Stock Options Exercised	$ 2,946
Stock Issued During Period, Value, Share-based Compensation, Gross	0
Stock-based compensation	3,829
Stock repurchases	(6,787)
Ending balance	$ 1,852,722
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Stock, Shares, Outstanding (in shares)	(117,946,000)
Beginning balance	$ 117,946
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares)	268,000
Stock Issued During Period, Value, Stock Options Exercised	$ 268
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures (in shares)	0
Stock Issued During Period, Value, Share-based Compensation, Gross	$ 0
Common Stock, Shares, Outstanding (in shares)	(118,214,000)
Ending balance	$ 118,214
Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	727,483
Stock Issued During Period, Value, Stock Options Exercised	2,678
Stock Issued During Period, Value, Share-based Compensation, Gross	(4,551)
Stock-based compensation	3,829
Ending balance	729,439
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	1,735,695
Net loss	(71,255)
Dividends on common stock	(2,322)
Ending balance	1,662,118
Accumulated Other Comprehensive Income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(16,924)
Ending balance	$ (16,924)
Grantor Stock Ownership Trust
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Stock, Shares, Outstanding (in shares)	(8,898,000)
Beginning balance	$ (96,509)
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures (in shares)	(438,000)
Stock Issued During Period, Value, Share-based Compensation, Gross	$ 4,749
Common Stock, Shares, Outstanding (in shares)	(8,460,000)
Ending balance	$ (91,760)
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Stock, Shares, Outstanding (in shares)	(22,021,000)
Beginning balance	$ (541,380)
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures (in shares)	(10,000)
Stock Issued During Period, Value, Share-based Compensation, Gross	$ (198)
Stock repurchases	$ (6,787)
Treasury Stock, Shares, Acquired (in shares)	(217,000)
Common Stock, Shares, Outstanding (in shares)	(22,248,000)
Ending balance	$ (548,365)

Stockholders' Equity (Narrative

Stockholders' Equity (Narratives) (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 14, 2018	Feb. 28, 2018	Feb. 28, 2017	Nov. 30, 2017	Jul. 17, 2014
Debt Instrument [Line Items]
Common stock reserve (in shares)		12,602,735
Stock repurchases		$ 6,787	$ 2,543
Dividend paid in each quarter (in dollars per share)		$ 0.0250	$ 0.0250
Cash dividends declared per common share (in dollars per share)		$ 0.025	$ 0.025
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
Shares Withheld to Pay Taxes [Member]
Debt Instrument [Line Items]
Stock repurchases		$ 6,800
Treasury Stock, Shares, Acquired (in shares)		217,006
PSU 2014 [Domain] | Performance Shares [Member]
Debt Instrument [Line Items]
Common Stock, Shares, Issued (in shares)	437,689
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	194,529
Director Plan SARs [Domain]
Debt Instrument [Line Items]
Number of common stock, authorized, approved under a board approved stock repurchase program (in shares)					680,000
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%

Stock-Based Compensation (Outst

Stock-Based Compensation (Outstanding and Exercisable Stock Options) (Details)	3 Months Ended
	Feb. 28, 2018$ / sharesshares
Options
Options outstanding at beginning of period, options (in shares) | shares	9,265,240
Granted, options (in shares) | shares	0
Exercised, options (in shares) | shares	(268,954)
Cancelled, options (in shares) | shares	(16,208)
Options outstanding at end of period, options (in shares) | shares	8,980,078
Options exercisable at end of period (in shares) | shares	8,038,678
Weighted Average Exercise Price in dollars per share
Options outstanding at beginning of period, weighted average exercise price (in dollars per share) | $ / shares	$ 17.64
Granted, weighted average exercise price (in dollars per share) | $ / shares	0
Exercised, weighted average exercise price (in dollars per share) | $ / shares	10.96
Cancelled, weighted average exercise price (in dollars per share) | $ / shares	15.47
Options outstanding at end of period, weighted average exercise price (in dollars per share) | $ / shares	17.85
Options exercisable at end of period (in dollars per share) | $ / shares	$ 18.09

Stock-Based Compensation (Narra

Stock-Based Compensation (Narratives) (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 28, 2018	Feb. 28, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining contractual life of stock options outstanding (in years)	4 years 1 month 1 day
Weighted average remaining contractual life of stock options exercisable (in years)	3 years 7 months
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value	$ 103.8
Intrinsic value of stock options exercisable	92.5
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, total	$ 0.7
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 1 month
Stock-based compensation expense (income) associated with stock options, total	$ 0.2	$ 0.8
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	$ 3.7	$ 2.3

Supplemental Disclosure to Co72

Supplemental Disclosure to Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Nov. 30, 2017	Nov. 30, 2016
Summary of cash and cash equivalents at end of period:
Cash and cash equivalents	$ 560,806	$ 352,450	$ 720,861	$ 593,000
Supplemental disclosures of cash flow information:
Interest paid, net of amounts capitalized	(10,981)	(9,536)
Income taxes paid	1,639	836
Supplemental disclosures of noncash activities:
Increase (decrease) in consolidated inventories not owned	8,466	(22,554)
Inventories acquired through seller financing	36,697	7,814
Homebuilding
Summary of cash and cash equivalents at end of period:
Cash and cash equivalents	560,255	351,880	720,630
Financial Services
Summary of cash and cash equivalents at end of period:
Cash and cash equivalents	551	570	$ 231
Inspirada Builders LLC
Supplemental disclosures of noncash activities:
Increase in inventories due to distributions of land and land development from an unconsolidated joint venture	$ 2,699	$ 1,986

Supplemental Guarantor Inform73

Supplemental Guarantor Information (Narrative) (Details)	3 Months Ended
	Feb. 28, 2018
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
		Feb. 28, 2018	Feb. 28, 2017
Condensed Consolidated Statements of Operations
Revenues		$ 871,623	$ 818,596
Homebuilding:
Revenues		869,205	816,246
Construction and land costs		(729,478)	(698,080)
Selling, general and administrative expenses		(95,724)	(92,889)
Operating income (loss)		44,003	25,277
Interest income		1,003	198
Interest expense	[1]	0	(6,307)
Intercompany Interest Income (Expense)		0	0
Equity in income of unconsolidated joint ventures		(426)	760
Total pretax income (loss)		46,045	21,459
Income tax expense		(117,300)	(7,200)
Income (Loss) from Subsidiaries, Net of Tax		0	0
Net income (loss)		(71,255)	14,259
KB Home Corporate
Condensed Consolidated Statements of Operations
Revenues		0	0
Homebuilding:
Revenues		0	0
Construction and land costs		0	0
Selling, general and administrative expenses		(22,166)	(22,267)
Operating income (loss)		(22,166)	(22,267)
Interest income		998	197
Interest expense		(37,972)	(48,349)
Intercompany Interest Income (Expense)		72,846	73,493
Total pretax income (loss)		13,706	3,074
Income tax expense		(44,700)	1,300
Income (Loss) from Subsidiaries, Net of Tax		(40,261)	9,885
Net income (loss)		(71,255)	14,259
Guarantor Subsidiaries
Condensed Consolidated Statements of Operations
Revenues		775,695	729,927
Homebuilding:
Revenues		775,695	729,927
Construction and land costs		(648,119)	(618,452)
Selling, general and administrative expenses		(65,841)	(62,898)
Operating income (loss)		61,735	48,577
Interest income		5	1
Interest expense		(689)	(568)
Intercompany Interest Income (Expense)		(30,499)	(26,603)
Total pretax income (loss)		29,707	22,138
Income tax expense		(48,100)	(8,800)
Income (Loss) from Subsidiaries, Net of Tax		0	0
Net income (loss)		(18,393)	13,338
Non-Guarantor Subsidiaries
Condensed Consolidated Statements of Operations
Revenues		95,928	88,669
Homebuilding:
Revenues		93,510	86,319
Construction and land costs		(81,359)	(79,628)
Selling, general and administrative expenses		(7,717)	(7,724)
Operating income (loss)		4,434	(1,033)
Interest income		0	0
Interest expense		(1,283)	(1,162)
Intercompany Interest Income (Expense)		(2,403)	(3,118)
Total pretax income (loss)		2,632	(3,753)
Income tax expense		(24,500)	300
Income (Loss) from Subsidiaries, Net of Tax		0	0
Net income (loss)		(21,868)	(3,453)
Homebuilding [Member]
Homebuilding:
Equity in income of unconsolidated joint ventures		(845)	731
Total pretax income (loss)		44,161	19,899
Homebuilding [Member] | KB Home Corporate
Homebuilding:
Equity in income of unconsolidated joint ventures		0	0
Total pretax income (loss)		13,706	3,074
Homebuilding [Member] | Guarantor Subsidiaries
Homebuilding:
Equity in income of unconsolidated joint ventures		(845)	731
Total pretax income (loss)		29,707	22,138
Homebuilding [Member] | Non-Guarantor Subsidiaries
Homebuilding:
Equity in income of unconsolidated joint ventures		0	0
Total pretax income (loss)		748	(5,313)
Financial services [Member]
Homebuilding:
Operating income (loss)		1,465	1,531
Equity in income of unconsolidated joint ventures		419	29
Total pretax income (loss)		1,884	1,560
Financial services [Member] | KB Home Corporate
Homebuilding:
Total pretax income (loss)		0	0
Financial services [Member] | Guarantor Subsidiaries
Homebuilding:
Total pretax income (loss)		0	0
Financial services [Member] | Non-Guarantor Subsidiaries
Homebuilding:
Total pretax income (loss)		1,884	1,560
Consolidating Adjustments
Condensed Consolidated Statements of Operations
Revenues		0	0
Homebuilding:
Revenues		0	0
Construction and land costs		0	0
Selling, general and administrative expenses		0	0
Operating income (loss)		0	0
Interest income		0	0
Interest expense		39,944	43,772
Intercompany Interest Income (Expense)		(39,944)	(43,772)
Total pretax income (loss)		0	0
Income tax expense		0	0
Income (Loss) from Subsidiaries, Net of Tax		40,261	(9,885)
Net income (loss)		40,261	(9,885)
Consolidating Adjustments | Homebuilding [Member]
Homebuilding:
Equity in income of unconsolidated joint ventures		0	0
Total pretax income (loss)		0	0
Consolidating Adjustments | Financial services [Member]
Homebuilding:
Total pretax income (loss)		$ 0	$ 0
[1]	Interest incurred and interest expensed for the three months ended February 28, 2017 included a charge of $5.7 million for the early extinguishment of debt

Supplemental Guarantor Inform75

Supplemental Guarantor Information (Condensed Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands		Feb. 28, 2018	Nov. 30, 2017	Feb. 28, 2017	Nov. 30, 2016
Assets
Cash and Cash Equivalents, at Carrying Value		$ 560,806	$ 720,861	$ 352,450	$ 593,000
Receivables		250,472	244,213
Inventory, Operative Builders		3,441,574	3,263,386
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures		68,176	64,794
Deferred tax assets, net		516,569	633,637
Other assets		108,498	102,498
Investments in and Advances to Affiliates, Amount of Equity		0	0
Total assets		4,957,101	5,041,515
Due from Affiliates		0	0
Liabilities and stockholders' equity
Accounts payable, accrued expenses and other liabilities		743,912	789,393
Mortgages and notes payable		2,359,570	2,324,845
Financial services		897	966
Due to Affiliate		0	0
Stockholders' equity		1,852,722	1,926,311
Total liabilities and stockholders’ equity		4,957,101	5,041,515
KB Home Corporate
Assets
Cash and Cash Equivalents, at Carrying Value		455,629	575,193	257,656	463,100
Receivables		4,309	24,815
Inventory, Operative Builders		0	0
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures		0	0
Deferred tax assets, net		206,206	250,747
Other assets		97,950	91,592
Investments in and Advances to Affiliates, Amount of Equity		84,467	49,776
Total assets		4,309,607	4,406,360
Due from Affiliates		3,461,046	3,414,237
Liabilities and stockholders' equity
Accounts payable, accrued expenses and other liabilities		136,816	163,984
Mortgages and notes payable		2,290,922	2,289,532
Financial services		0	0
Due to Affiliate		29,147	26,533
Stockholders' equity		1,852,722	1,926,311
Total liabilities and stockholders’ equity		4,309,607	4,406,360
Guarantor Subsidiaries
Assets
Cash and Cash Equivalents, at Carrying Value		72,731	102,661	83,677	100,439
Receivables		170,217	144,076
Inventory, Operative Builders		3,100,304	2,929,466
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures		65,672	62,290
Deferred tax assets, net		195,606	243,523
Other assets		8,109	8,424
Investments in and Advances to Affiliates, Amount of Equity		0	0
Total assets		3,612,639	3,490,440
Due from Affiliates		0	0
Liabilities and stockholders' equity
Accounts payable, accrued expenses and other liabilities		364,322	371,909
Mortgages and notes payable		43,541	9,283
Financial services		0	0
Due to Affiliate		3,175,070	3,109,248
Stockholders' equity		29,706	0
Total liabilities and stockholders’ equity		3,612,639	3,490,440
Non-Guarantor Subsidiaries
Assets
Cash and Cash Equivalents, at Carrying Value		32,446	43,007	11,117	29,461
Receivables		75,946	75,322
Inventory, Operative Builders		341,270	333,920
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures		2,504	2,504
Deferred tax assets, net		114,757	139,367
Other assets		2,439	2,482
Investments in and Advances to Affiliates, Amount of Equity		0	0
Total assets		701,163	716,720
Due from Affiliates		120,795	107,992
Liabilities and stockholders' equity
Accounts payable, accrued expenses and other liabilities		242,774	253,500
Mortgages and notes payable		25,107	26,030
Financial services		897	966
Due to Affiliate		377,624	386,448
Stockholders' equity		54,761	49,776
Total liabilities and stockholders’ equity		701,163	716,720
Homebuilding [Member]
Assets
Cash and Cash Equivalents, at Carrying Value		560,255	720,630	351,880
Total assets		4,945,544	5,029,158
Liabilities and stockholders' equity
Total Liabilities Homebuilding		3,103,482	3,114,238
Homebuilding [Member] | KB Home Corporate
Assets
Cash and Cash Equivalents, at Carrying Value		455,629	575,193
Total assets		764,094	942,347
Liabilities and stockholders' equity
Total Liabilities Homebuilding		2,427,738	2,453,516
Homebuilding [Member] | Guarantor Subsidiaries
Assets
Cash and Cash Equivalents, at Carrying Value		72,731	102,661
Total assets		3,612,639	3,490,440
Liabilities and stockholders' equity
Total Liabilities Homebuilding		407,863	381,192
Homebuilding [Member] | Non-Guarantor Subsidiaries
Assets
Cash and Cash Equivalents, at Carrying Value		31,895	42,776
Total assets		568,811	596,371
Liabilities and stockholders' equity
Total Liabilities Homebuilding		267,881	279,530
Financial services [Member]
Assets
Cash and Cash Equivalents, at Carrying Value		551	231	570
Receivables		1,489	1,724
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	[1]	9,460	10,340
Other assets		57	62
Total assets		11,557	12,357
Liabilities and stockholders' equity
Accounts payable, accrued expenses and other liabilities		897	966
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		11,557	12,357
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		(84,467)	(49,776)
Total assets		(3,666,308)	(3,572,005)
Due from Affiliates		(3,581,841)	(3,522,229)
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		(3,581,841)	(3,522,229)
Stockholders' equity		(84,467)	(49,776)
Total liabilities and stockholders’ equity		(3,666,308)	(3,572,005)
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]	February 28, 2018 November 30, 2017Assets Cash and cash equivalents$551 $231Receivables 1,489 1,724Investments in unconsolidated joint ventures 9,460 10,340Other assets57 62Total assets$11,557 $12,357Liabilities Accounts payable and accrued expenses$897 $966Total liabilities$897 $966

Supplemental Guarantor Inform76

Supplemental Guarantor Information (Condensed Consolidated Statements of Cash Flows) (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2018	Feb. 28, 2017
Cash flows from operating activities:
Net cash used in operating activities	$ (141,680)	$ (77,042)
Cash flows from investing activities:
Contributions to unconsolidated joint ventures	(8,025)	(8,750)
Proceeds from Equity Method Investment, Distribution, Return of Capital	1,099	1,107
Purchases of property and equipment, net	(1,924)	(1,015)
Intercompany	0	0
Net cash used in investing activities	(8,850)	(8,658)
Cash flows from financing activities:
Repayment of senior notes		(105,326)
Payments on mortgages and land contracts due to land sellers and other loans	(3,362)	(45,428)
Issuance of common stock under employee stock plans	2,946	662
Payments of cash dividends	(2,322)	(2,215)
Stock repurchases	(6,787)	(2,543)
Intercompany	0	0
Net cash used in financing activities	(9,525)	(154,850)
Net decrease in cash and cash equivalents	(160,055)	(240,550)
Cash and cash equivalents at beginning of period	720,861	593,000
Cash and cash equivalents at end of period	560,806	352,450
KB Home Corporate
Cash flows from operating activities:
Net cash used in operating activities	3,066	11,773
Cash flows from investing activities:
Contributions to unconsolidated joint ventures	0	0
Proceeds from Equity Method Investment, Distribution, Return of Capital	0	0
Purchases of property and equipment, net	(1,776)	(892)
Intercompany	(114,691)	(106,903)
Net cash used in investing activities	(116,467)	(107,795)
Cash flows from financing activities:
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	2,946	662
Payments of cash dividends	(2,322)	(2,215)
Stock repurchases	(6,787)	(2,543)
Intercompany	0	0
Net cash used in financing activities	(6,163)	(109,422)
Net decrease in cash and cash equivalents	(119,564)	(205,444)
Cash and cash equivalents at beginning of period	575,193	463,100
Cash and cash equivalents at end of period	455,629	257,656
Guarantor Subsidiaries
Cash flows from operating activities:
Net cash used in operating activities	(134,364)	(71,130)
Cash flows from investing activities:
Contributions to unconsolidated joint ventures	(8,025)	(3,500)
Proceeds from Equity Method Investment, Distribution, Return of Capital	1,099	1,107
Purchases of property and equipment, net	(125)	(113)
Intercompany	0	0
Net cash used in investing activities	(7,051)	(2,506)
Cash flows from financing activities:
Repayment of senior notes		0
Payments on mortgages and land contracts due to land sellers and other loans	(2,442)	(45,428)
Issuance of common stock under employee stock plans	0	0
Payments of cash dividends	0	0
Stock repurchases	0	0
Intercompany	113,927	102,302
Net cash used in financing activities	111,485	56,874
Net decrease in cash and cash equivalents	(29,930)	(16,762)
Cash and cash equivalents at beginning of period	102,661	100,439
Cash and cash equivalents at end of period	72,731	83,677
Non-Guarantor Subsidiaries
Cash flows from operating activities:
Net cash used in operating activities	(10,382)	(17,685)
Cash flows from investing activities:
Contributions to unconsolidated joint ventures	0	(5,250)
Proceeds from Equity Method Investment, Distribution, Return of Capital	0	0
Purchases of property and equipment, net	(23)	(10)
Intercompany	0	0
Net cash used in investing activities	(23)	(5,260)
Cash flows from financing activities:
Repayment of senior notes		0
Payments on mortgages and land contracts due to land sellers and other loans	(920)	0
Issuance of common stock under employee stock plans	0	0
Payments of cash dividends	0	0
Stock repurchases	0	0
Intercompany	764	4,601
Net cash used in financing activities	(156)	4,601
Net decrease in cash and cash equivalents	(10,561)	(18,344)
Cash and cash equivalents at beginning of period	43,007	29,461
Cash and cash equivalents at end of period	32,446	11,117
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, Distribution, Return of Capital	0	0
Purchases of property and equipment, net	0	0
Intercompany	114,691	106,903
Net cash used in investing activities	114,691	106,903
Cash flows from financing activities:
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	0
Payments of cash dividends	0	0
Stock repurchases	0	0
Intercompany	(114,691)	(106,903)
Net cash used in financing activities	(114,691)	(106,903)
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