KB Home (KBH) 10-Q 6 Jul 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	May 31, 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	May 31, 2018
Amendment Flag	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--11-30
Entity Filer Category	Large Accelerated Filer
Entity Common Stock Shares Outstanding	87,688,801

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		May 31, 2018	May 31, 2017	May 31, 2018	May 31, 2017
Total revenues		$ 1,101,423	$ 1,002,794	$ 1,973,046	$ 1,821,390
Homebuilding:
Revenues		1,098,673	1,000,072	1,967,878	1,816,318
Construction and land costs		(911,244)	(846,596)	(1,640,722)	(1,544,676)
Selling, general and administrative expenses		(113,231)	(103,917)	(208,955)	(196,806)
Operating income		74,198	49,559	118,201	74,836
Interest income		1,278	202	2,281	400
Interest expense	[1]	0	0	0	(6,307)
Equity in income of unconsolidated joint ventures				613	1,075
Total pretax income (loss)		78,308	51,982	124,353	73,441
Financial services:
Revenues		2,750	2,722	5,168	5,072
Expenses		(957)	(816)	(1,910)	(1,635)
Income tax expense		(21,000)	(20,200)	(138,300)	(27,400)
Net income (loss)		$ 57,308	$ 31,782	$ (13,947)	$ 46,041
Earnings Per Share, Basic (in dollars per share)		$ 0.65	$ 0.37	$ (0.16)	$ 0.54
Earnings Per Share, Diluted (in dollars per share)		$ 0.57	$ 0.33	$ (0.16)	$ 0.49
Weighted average shares outstanding — basic (in shares)		87,581	85,445	87,370	85,285
Weighted average shares outstanding — diluted (in shares)		101,159	97,732	87,370	96,975
Cash dividends declared per common share (in dollars per share)		$ 0.0250	$ 0.025	$ 0.05	$ 0.05
Homebuilding [Member]
Homebuilding:
Equity in income of unconsolidated joint ventures		$ (322)	$ (596)	$ (1,167)	$ 135
Total pretax income (loss)		75,154	49,165	119,315	69,064
Financial services [Member]
Homebuilding:
Operating income		1,793	1,906	3,258	3,437
Equity in income of unconsolidated joint ventures		1,361	911	1,780	940
Total pretax income (loss)		$ 3,154	$ 2,817	$ 5,038	$ 4,377
[1]	Interest incurred and interest expensed for the six months ended May 31, 2017 included a charge of $5.7 million for the early extinguishment of debt

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	May 31, 2018	Nov. 30, 2017
Assets
Cash and cash equivalents	$ 670,554	$ 720,861
Receivables	275,620	244,213
Inventories	3,464,002	3,263,386
Investments in unconsolidated joint ventures	69,015	64,794
Deferred tax assets, net	495,969	633,637
Other assets	111,024	102,498
Total assets	5,094,736	5,041,515
Liabilities and stockholders' equity
Accounts payable	230,606	213,463
Accrued expenses and other liabilities	594,415	575,930
Mortgages and notes payable	2,353,848	2,324,845
Financial services	1,224	966
Common stock	118,397	117,946
Paid-in capital	736,047	727,483
Retained earnings	1,717,248	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	1,914,643	1,926,311
Total liabilities and stockholders’ equity	5,094,736	5,041,515
Homebuilding [Member]
Assets
Cash and cash equivalents	669,798	720,630
Total assets	5,085,428	5,029,158
Liabilities and stockholders' equity
Total Liabilities Homebuilding	3,178,869	3,114,238
Financial services [Member]
Assets
Cash and cash equivalents	756	231
Receivables	1,535	1,724
Investments in unconsolidated joint ventures	6,973	10,340
Other assets	44	62
Total assets	$ 9,308	$ 12,357

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	May 31, 2018	May 31, 2017
Cash flows from operating activities:
Net income (loss)	$ (13,947)	$ 46,041
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Equity in income of unconsolidated joint ventures	(613)	(1,075)
Proceeds from Equity Method Investment, Distribution	5,147	0
Amortization of discounts and issuance costs	3,125	3,314
Depreciation and amortization	1,251	1,500
Deferred income taxes	137,668	27,100
Loss on early extinguishment of debt	0	5,685
Stock-based compensation	8,795	7,037
Inventory impairments and land option contract abandonments	11,511	10,009
Changes in assets and liabilities:
Receivables	(31,218)	(2,905)
Inventories	(152,799)	(100,520)
Accounts payable, accrued expenses and other liabilities	18,369	(54,673)
Other, net	(6,658)	(6,093)
Net cash used in operating activities	(19,369)	(64,580)
Cash flows from investing activities:
Contributions to unconsolidated joint ventures	(11,600)	(11,105)
Proceeds from Equity Method Investment, Distribution, Return of Capital	1,099	6,958
Purchases of property and equipment, net	(3,427)	(4,100)
Net cash used in investing activities	(13,928)	(8,247)
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	(10,494)	(61,640)
Issuance of common stock under employee stock plans	4,771	3,049
Payments of cash dividends	(4,500)	(4,341)
Tax payments associated with stock-based compensation awards	(6,787)	(2,543)
Net cash used in financing activities	(17,010)	(170,801)
Net decrease in cash and cash equivalents	(50,307)	(243,628)
Cash and cash equivalents at beginning of period	720,861	593,000
Cash and cash equivalents at end of period	$ 670,554	$ 349,372

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
	May 31, 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 May 31, 2018 , the results of our consolidated operations for the three months and six months ended May 31, 2018 and 2017, and our consolidated cash flows for the six months ended May 31, 2018 and 2017. The results of our consolidated operations for the three months and six months ended May 31, 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 $465.2 million at May 31, 2018 and $481.1 million at November 30, 2017 . At May 31, 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 income was $57.3 million for the three months ended May 31, 2018 and $31.8 million for the three months ended May 31, 2017 . Our comprehensive loss for the six months ended May 31, 2018 was $13.9 million . For the six months ended May 31, 2017 , our comprehensive income was $46.0 million . Our comprehensive income (loss) for each of the three-month and six-month periods ended May 31, 2018 and 2017 was equal to our net income (loss) for the respective periods. Adoption of New Accounting Pronouncement . In March 2016, the Financial Accounting Standards Board (“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 reductions in our income tax expense of $.2 million and $2.4 million for the three-month and six-month periods ended May 31, 2018 , respectively. The remaining aspects of adopting this guidance did not have a material impact on our consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted . In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). ASU 2014-09 supersedes the revenue guidance in Accounting Standards Codification Topic 605, “Revenue Recognition,” most industry-specific revenue and cost guidance throughout the industry topics of the accounting standards codification, and some cost guidance related to construction-type and production-type contracts. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides a principles-based, five-step model to be applied to contracts with customers in determining the timing and amount of revenue to recognize: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract, if applicable; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. ASU 2014-09 and its related amendments (collectively, “ASC 606”) are effective for us beginning December 1, 2018. We intend to adopt ASC 606 under the modified retrospective method applied to contracts that are not complete as of the date of adoption. As a result, we expect to record a cumulative adjustment to beginning retained earnings as of December 1, 2018. We do not expect the adoption of ASC 606 to have a material impact on our recognition of homebuilding revenues in our consolidated financial statements. The primary impacts to our consolidated financial statements are expected to be the following: • Within our homebuilding operations, ASC 606 will impact the classification and timing of recognition in our consolidated financial statements of certain community sales office, model and other marketing-related costs, which we currently capitalize to inventories and amortize through construction and land costs with each home delivered in a community. Under ASC 606, these costs will be capitalized to property and equipment and depreciated to selling, general and administrative expenses, or will be expensed when incurred. Upon adopting ASC 606, we will reclassify certain of these community sales office, model and other marketing-related costs from inventories to property and equipment in our consolidated financial statements. The change in the classification and timing of these costs will also result in lower construction and land costs, and higher selling, general and administrative expenses, as compared to amounts reported under the existing guidance. In addition, under ASC 606, forfeited customer deposits, which are currently reflected as other income, will be included in revenues. • Within our financial services operations, ASC 606 will impact the timing of recognition of insurance commissions for insurance policy renewals. We currently recognize insurance commissions for renewals as revenue only when policies are renewed. Under ASC 606, insurance commissions for estimated future renewals will be recognized as revenue when the customer executes an initial insurance policy with the insurance carrier. Upon adopting ASC 606, we will record a contract asset for the revenues that would have been recognized in previous periods for existing policies as of December 1, 2018. We are in the process of quantifying the above-mentioned items. While individual financial statement line items may be affected, we currently believe the adoption of ASC 606 will not have a material impact on our consolidated net income. We are also continuing to evaluate the impact that 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. In June 2018, the FASB issued Accounting Standards Update No. 2018-07, “Compensation — Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting” (“ASU 2018-07”), which expands the scope of Topic 718 to include all share-based payment transactions for acquiring goods and services from nonemployees. ASU 2018-07 specifies that Topic 718 applies to all share-based payment transactions in which the grantor acquires goods and services to be used or consumed in its own operations by issuing share-based payment awards. ASU 2018-07 also clarifies that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under ASC 606. ASU 2018-07 is effective for us beginning December 1, 2019, with early adoption permitted, but no earlier than our adoption of ASC 606. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements.

Segment Information

Segment Information	6 Months Ended
	May 31, 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 May 31, 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 May 31, Six Months Ended May 31, 2018 2017 2018 2017 Revenues: West Coast $ 496,740 $ 460,600 $ 883,392 $ 816,432 Southwest 180,917 126,189 332,816 243,825 Central 313,806 292,746 557,987 535,002 Southeast 107,210 120,537 193,683 221,059 Total $ 1,098,673 $ 1,000,072 $ 1,967,878 $ 1,816,318 Pretax income (loss): West Coast $ 51,883 $ 36,496 $ 83,476 $ 59,349 Southwest 20,577 9,949 35,554 18,621 Central 29,075 26,985 48,170 46,663 Southeast 787 479 2,107 (1,734 ) Corporate and other (27,168 ) (24,744 ) (49,992 ) (53,835 ) Total $ 75,154 $ 49,165 $ 119,315 $ 69,064 Inventory impairment charges: West Coast $ 5,993 $ 3,144 $ 10,692 $ 3,144 Southwest — — — 1,343 Central — — — — Southeast — 1,158 — 3,032 Total $ 5,993 $ 4,302 $ 10,692 $ 7,519 Land option contract abandonments: West Coast $ 388 $ 1,044 $ 596 $ 1,835 Southwest — — — — Central 145 518 223 518 Southeast — 137 — 137 Total $ 533 $ 1,699 $ 819 $ 2,490 May 31, November 30, Inventories: Homes under construction West Coast $ 749,329 $ 638,639 Southwest 191,888 179,240 Central 337,259 320,205 Southeast 119,314 98,764 Subtotal 1,397,790 1,236,848 May 31, November 30, Land under development West Coast 828,911 723,761 Southwest 289,784 309,672 Central 446,232 435,373 Southeast 196,390 182,533 Subtotal 1,761,317 1,651,339 Land held for future development or sale West Coast 166,910 233,188 Southwest 62,101 62,475 Central 12,229 12,654 Southeast 63,655 66,882 Subtotal 304,895 375,199 Total $ 3,464,002 $ 3,263,386 Assets: West Coast $ 1,926,823 $ 1,747,786 Southwest 588,196 586,666 Central 925,966 901,516 Southeast 406,066 359,307 Corporate and other 1,238,377 1,433,883 Total $ 5,085,428 $ 5,029,158

Financial Services

Financial Services	6 Months Ended
	May 31, 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 May 31, Six Months Ended May 31, 2018 2017 2018 2017 Revenues Insurance commissions $ 1,463 $ 1,408 $ 2,815 $ 2,618 Title services 1,287 1,314 2,353 2,449 Interest income — — — 5 Total 2,750 2,722 5,168 5,072 Expenses General and administrative (957 ) (816 ) (1,910 ) (1,635 ) Operating income 1,793 1,906 3,258 3,437 Equity in income of unconsolidated joint ventures 1,361 911 1,780 940 Pretax income $ 3,154 $ 2,817 $ 5,038 $ 4,377 May 31, November 30, Assets Cash and cash equivalents $ 756 $ 231 Receivables 1,535 1,724 Investments in unconsolidated joint ventures 6,973 10,340 Other assets 44 62 Total assets $ 9,308 $ 12,357 Liabilities Accounts payable and accrued expenses $ 1,224 $ 966 Total liabilities $ 1,224 $ 966

Earnings Per Share

Earnings Per Share	6 Months Ended
	May 31, 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 May 31, Six Months Ended May 31, 2018 2017 2018 2017 Numerator: Net income (loss) $ 57,308 $ 31,782 $ (13,947 ) $ 46,041 Less: Distributed earnings allocated to nonvested restricted stock (12 ) (14 ) — (29 ) Less: Undistributed earnings allocated to nonvested restricted stock (310 ) (200 ) — (285 ) Numerator for basic earnings (loss) per share 56,986 31,568 (13,947 ) 45,727 Effect of dilutive securities: Interest expense and amortization of debt issuance costs associated with convertible senior notes, net of taxes 796 664 — 1,327 Add: Undistributed earnings allocated to nonvested restricted stock 310 200 — 285 Less: Undistributed earnings reallocated to nonvested restricted stock (269 ) (175 ) — (251 ) Numerator for diluted earnings (loss) per share $ 57,823 $ 32,257 $ (13,947 ) $ 47,088 Denominator: Weighted average shares outstanding — basic 87,581 85,445 87,370 85,285 Effect of dilutive securities: Share-based payments 5,176 3,885 — 3,288 Convertible senior notes 8,402 8,402 — 8,402 Weighted average shares outstanding — diluted 101,159 97,732 87,370 96,975 Basic earnings (loss) per share $ .65 $ .37 $ (.16 ) $ .54 Diluted earnings (loss) per share $ .57 $ .33 $ (.16 ) $ .49 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 May 31, 2018 or 2017. For the three-month period ended May 31, 2018 , outstanding stock options to purchase 1.6 million shares of our common stock were excluded from the diluted earnings per share calculation because the effect of their inclusion would be antidilutive. For the six-month period ended May 31, 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-month and six-month periods ended May 31, 2017, outstanding stock options to purchase 3.6 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 (loss) per share calculations for the periods presented, as the applicable vesting conditions had not been satisfied.

Receivables (Notes)

Receivables (Notes)	6 Months Ended
	May 31, 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): May 31, November 30, Due from utility companies, improvement districts and municipalities $ 124,704 $ 113,744 Recoveries related to self-insurance and other legal claims 101,965 91,763 Refundable deposits and bonds 13,675 13,829 Recoveries related to warranty and other claims 3,028 4,073 Other 44,882 33,797 Subtotal 288,254 257,206 Allowance for doubtful accounts (12,634 ) (12,993 ) Total $ 275,620 $ 244,213

Inventories

Inventories	6 Months Ended
	May 31, 2018
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following (in thousands): May 31, November 30, Homes under construction $ 1,397,790 $ 1,236,848 Land under development 1,761,317 1,651,339 Land held for future development or sale (a) 304,895 375,199 Total $ 3,464,002 $ 3,263,386 (a) Land held for sale totaled $22.6 million at May 31, 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 May 31, Six Months Ended May 31, 2018 2017 2018 2017 Capitalized interest at beginning of period $ 259,785 $ 311,111 $ 262,191 $ 306,723 Interest incurred (a) 39,924 43,344 79,868 93,423 Interest expensed (a) — — — (6,307 ) Interest amortized to construction and land costs (b) (52,433 ) (50,471 ) (94,783 ) (89,855 ) Capitalized interest at end of period (c) $ 247,276 $ 303,984 $ 247,276 $ 303,984 (a) Interest incurred and interest expensed for the six months ended May 31, 2017 included a charge of $5.7 million for the early extinguishment of debt. (b) Interest amortized to construction and land costs for the three months ended May 31, 2018 and 2017 included $3.1 million and $1.1 million , respectively, related to land sales during those periods. Interest amortized to construction and land costs for the six months ended May 31, 2018 and 2017 included $4.1 million and $1.6 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	6 Months Ended
	May 31, 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 42 and 43 communities or land parcels for recoverability during the six months ended May 31, 2018 and 2017, respectively. The carrying value of those communities or land parcels evaluated during the six months ended May 31, 2018 and 2017 was $284.1 million and $381.1 million , respectively. The communities or land parcels evaluated during the six months ended May 31, 2018 and 2017 included certain communities or land parcels previously held for future development that were reactivated 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 $6.0 million for the three months ended May 31, 2018 and $10.7 million for the six months ended May 31, 2018 . For the three months and six months ended May 31, 2017 , we recognized inventory impairment charges of $4.3 million and $7.5 million , respectively. The inventory impairment charges for the three-month and six-month periods ended May 31, 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 May 31, Six Months Ended May 31, Unobservable Input (a) 2018 2017 2018 2017 Average selling price $339,400 - $460,500 $231,000 - $399,800 $339,400 - $774,100 $231,000 - $399,800 Deliveries per month 4 - 5 3 - 4 3 - 5 3 - 4 Discount rate 17% 18% 17% - 18% 17% - 18% (a) The ranges of inputs used in each period primarily reflect differences between the housing markets where each impacted community is located, rather than fluctuations in prevailing market conditions. As of May 31, 2018 , the aggregate carrying value of our inventory that had been impacted by inventory impairment charges was $169.8 million , representing 18 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 $.5 million for the three months ended May 31, 2018 and $.8 million for the six months ended May 31, 2018 . For the three-month and six-month periods ended May 31, 2017 , we recognized land option contract abandonment charges of $1.7 million and $2.5 million , respectively. 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	6 Months Ended
	May 31, 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 May 31, 2018 and November 30, 2017 was a VIE, but we were not the primary beneficiary of the VIE. All of our joint ventures at May 31, 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 May 31, 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): May 31, 2018 November 30, 2017 Cash Deposits Aggregate Purchase Price Cash Deposits Aggregate Purchase Price Unconsolidated VIEs $ 25,107 $ 710,872 $ 43,171 $ 653,858 Other land option contracts and other similar contracts 18,871 454,576 21,531 440,229 Total $ 43,978 $ 1,165,448 $ 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 $36.8 million at May 31, 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 $23.2 million at May 31, 2018 and $5.7 million at November 30, 2017 .

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures	6 Months Ended
	May 31, 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 May 31, Six Months Ended May 31, 2018 2017 2018 2017 Revenues $ 7,827 $ 7,080 $ 16,624 $ 26,802 Construction and land costs (7,839 ) (6,898 ) (16,655 ) (24,793 ) Other expense, net (611 ) (1,157 ) (1,983 ) (2,253 ) Loss $ (623 ) $ (975 ) $ (2,014 ) $ (244 ) The following table presents combined condensed balance sheet information for our unconsolidated joint ventures (in thousands): May 31, November 30, Assets Cash $ 17,237 $ 21,193 Receivables 226 688 Inventories 143,136 145,519 Other assets 959 1,398 Total assets $ 161,558 $ 168,798 Liabilities and equity Accounts payable and other liabilities $ 22,744 $ 25,426 Notes payable (a) 9,536 20,040 Equity 129,278 123,332 Total liabilities and equity $ 161,558 $ 168,798 (a) As of May 31, 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 May 31, 2018 , $9.1 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 May 31, 2018 or November 30, 2017 . The following table presents additional information relating to our investments in unconsolidated joint ventures (dollars in thousands): May 31, November 30, Number of investments in unconsolidated joint ventures 7 7 Investments in unconsolidated joint ventures $ 69,015 $ 64,794 Number of unconsolidated joint venture lots controlled under land option contracts and other similar contracts 354 377 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 May 31, 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 May 31, 2018 , we are committed to purchase 56 lots from one of our unconsolidated joint ventures in quarterly takedowns over the next two years for an aggregate purchase price of $25.3 million under agreements that we entered into with the unconsolidated joint venture in 2016.

Other Assets

Other Assets	6 Months Ended
	May 31, 2018
Other Assets [Abstract]
Other Assets	Other Assets Other assets consisted of the following (in thousands): May 31, November 30, Cash surrender value of corporate-owned life insurance contracts $ 75,125 $ 75,236 Property and equipment, net 21,690 19,521 Prepaid expenses 12,153 5,360 Debt issuance costs associated with unsecured revolving credit facility 2,056 2,381 Total $ 111,024 $ 102,498

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	6 Months Ended
	May 31, 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): May 31, November 30, Self-insurance and other litigation liabilities $ 243,838 $ 222,808 Employee compensation and related benefits 125,376 143,992 Warranty liability 76,404 69,798 Accrued interest payable 69,008 65,343 Inventory-related obligations (a) 43,932 30,108 Customer deposits 21,508 16,863 Real estate and business taxes 10,497 16,874 Other 3,852 10,144 Total $ 594,415 $ 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	6 Months Ended
	May 31, 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 six months ended May 31, 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 in the 2018 first quarter 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 six months ended May 31, 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 six months ended May 31, 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 the 2018 first half. Income Tax Expense. Our income tax expense and effective tax rates were as follows (dollars in thousands): Three Months Ended May 31, Six Months Ended May 31, 2018 2017 2018 2017 Income tax expense $ 21,000 $ 20,200 $ 138,300 $ 27,400 Effective tax rate 26.8 % 38.9 % 111.2 % 37.3 % Our income tax expense and effective tax rate for the three months ended May 31, 2018 included 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 $.2 million that we earned from building energy efficient homes; and excess tax benefits of $.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. Our income tax expense and effective tax rate for the six months ended May 31, 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 $4.2 million ; and excess tax benefits of $2.4 million related to stock-based compensation. 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-month and six-month periods ended May 31, 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-month and six-month periods ended May 31, 2017 included the favorable net impact of federal energy tax credits of $.1 million and $1.2 million , respectively, that we earned from building energy efficient homes through December 31, 2016. Deferred Tax Asset Valuation Allowance. We evaluate our deferred tax assets quarterly to determine if adjustments to our valuation allowance are required based on the consideration of all available positive and negative evidence using a “more likely than not” standard with respect to whether deferred tax assets will be realized. Our evaluation considers, among other factors, our historical operating results, our expectation of future profitability, the duration of the applicable statutory carryforward periods, and conditions in the housing market and the broader economy. The ultimate realization of our deferred tax assets depends primarily on our ability to generate future taxable income during the periods in which the related deferred tax assets become deductible. The value of our deferred tax assets depends on applicable income tax rates. Our deferred tax assets of $522.9 million as of May 31, 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 six months ended May 31, 2018 . The deferred tax asset valuation allowances as of May 31, 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 May 31, 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 six months ended May 31, 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. As of May 31, 2018 and November 30, 2017 , our gross unrecognized tax benefits (including interest and penalties) totaled $.2 million and $.1 million , respectively, 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 $.2 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	6 Months Ended
	May 31, 2018
Debt Disclosure [Abstract]
Notes Payable	Notes Payable Notes payable consisted of the following (in thousands): May 31, November 30, Mortgages and land contracts due to land sellers and other loans $ 36,406 $ 10,203 7 1/4% Senior notes due June 15, 2018 299,983 299,867 4.75% Senior notes due May 15, 2019 398,933 398,397 8.00% Senior notes due March 15, 2020 346,997 346,238 7.00% Senior notes due December 15, 2021 446,977 446,608 7.50% Senior notes due September 15, 2022 347,478 347,234 7.625% Senior notes due May 15, 2023 247,897 247,726 1.375% Convertible senior notes due February 1, 2019 229,177 228,572 Total $ 2,353,848 $ 2,324,845 The carrying amounts of our senior notes listed above are net of debt issuance costs and discounts, which totaled $12.6 million at May 31, 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 May 31, 2018 , we had no cash borrowings and $36.7 million of letters of credit outstanding under the Credit Facility. Therefore, as of May 31, 2018 , we had $463.3 million available for cash borrowings under the Credit Facility, with up to $213.3 million of that amount available for the issuance of letters of credit. LOC Facility. We maintain the LOC Facility to obtain letters of credit from time to time in the ordinary course of operating our business. As of May 31, 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 May 31, 2018 , inventories having a carrying value of $115.4 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 May 31, 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 May 31, 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 – $666.4 million ; 2020 – $350.0 million ; 2021 – $0 ; 2022 – $800.0 million ; and thereafter – $250.0 million .

Fair Value Disclosures

Fair Value Disclosures	6 Months Ended
	May 31, 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 six months ended May 31, 2018 and the year ended November 30, 2017 (in thousands): May 31, 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 $ 32,604 $ (10,692 ) $ 21,912 $ 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): May 31, 2018 November 30, 2017 Fair Value Hierarchy Carrying Value (a) Fair Value Carrying Value (a) Fair Value Financial Liabilities: Senior notes Level 2 $ 2,088,265 $ 2,191,875 $ 2,086,070 $ 2,292,250 Convertible senior notes Level 2 229,177 246,388 228,572 278,300 (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	6 Months Ended
	May 31, 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 May 31, Six Months Ended May 31, 2018 2017 2018 2017 Balance at beginning of period $ 71,845 $ 57,710 $ 69,798 $ 56,682 Warranties issued 9,889 8,784 17,653 15,924 Payments (5,330 ) (6,457 ) (11,047 ) (12,569 ) Balance at end of period $ 76,404 $ 60,037 $ 76,404 $ 60,037 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 $64.2 million and $71.3 million are included in receivables in our consolidated balance sheets at May 31, 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 May 31, Six Months Ended May 31, 2018 2017 2018 2017 Balance at beginning of period $ 180,695 $ 159,882 $ 177,695 $ 158,584 Self-insurance expense (a) 4,309 3,598 8,710 8,238 Payments (1,277 ) (2,720 ) (2,642 ) (4,760 ) Adjustments (b) (7,012 ) (4,255 ) (7,048 ) (5,557 ) Balance at end of period $ 176,715 $ 156,505 $ 176,715 $ 156,505 (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 $3.0 million at May 31, 2018 and $4.1 million at November 30, 2017 . We believe the 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 May 31, 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 May 31, 2018 , we had $602.2 million of performance bonds and $36.7 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 May 31, 2018 , we had total cash deposits of $44.0 million to purchase land having an aggregate purchase price of $1.17 billion . Our land option contracts and other similar contracts generally do not contain provisions requiring our specific performance.

Legal Matters

Legal Matters	6 Months Ended
	May 31, 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 May 31, 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	6 Months Ended
	May 31, 2018
Equity [Abstract]
Stockholders’ Equity	Stockholders’ Equity A summary of changes in stockholders’ equity is presented below (in thousands): Six Months Ended May 31, 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 — — — — — (13,947 ) — — — (13,947 ) Dividends on common stock — — — — — (4,500 ) — — — (4,500 ) Employee stock options/other 397 — — 397 4,374 — — — — 4,771 Stock awards 54 438 (10 ) 54 (4,605 ) — — 4,749 (198 ) — Stock-based compensation — — — — 8,795 — — — — 8,795 Stock repurchases — — (217 ) — — — — — (6,787 ) (6,787 ) Balance at May 31, 2018 118,397 (8,460 ) (22,248 ) $ 118,397 $ 736,047 $ 1,717,248 $ (16,924 ) $ (91,760 ) $ (548,365 ) $ 1,914,643 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 in the 2018 first quarter to satisfy the recipients’ withholding taxes on the vesting of the PSUs. The shares purchased were not considered repurchases under the authorizations described below. In January 2016, our board of directors authorized us to repurchase a total of up to 10,000,000 shares of our outstanding common stock. As of May 31, 2018 , we had repurchased 8,373,000 shares of our common stock pursuant to this authorization, at a total cost of $85.9 million . On May 14, 2018, our board of directors reaffirmed the remainder of the 2016 authorization and approved and authorized the repurchase of 2,373,000 additional shares of our outstanding common stock, for a total of up to 4,000,000 shares authorized for repurchase. We did not repurchase any of our common stock under this program in the six months ended May 31, 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 May 31, 2018 , we have not repurchased any shares pursuant to the board of directors authorization. On April 12, 2018, we entered into an Amended and Restated Rights Agreement with Computershare Inc., as rights agent, following its approval by our stockholders at our 2018 Annual Meeting held on April 12, 2018. The Amended and Restated Rights Agreement amends and restates the Rights Agreement, dated as of January 22, 2009 (“Prior Rights Agreement”). As with the Prior Rights Agreement, the Amended and Restated Rights Agreement is intended to help protect our NOLs and other deferred tax assets from an ownership change under Section 382 of the Internal Revenue Code. The Amended and Restated Rights Agreement extended the latest possible expiration date of the rights issued pursuant to the Prior Rights Agreement to the close of business on April 30, 2021, and made certain other related changes. Otherwise, the Amended and Restated Rights Agreement’s terms are substantively the same as those of the Prior Rights Agreement, which were disclosed in the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended November 30, 2017. During each of the three-month periods ended May 31, 2018 and 2017, our board of directors declared, and we paid, a quarterly cash dividend of $.025 per share of common stock. Quarterly cash dividends declared and paid during the six months ended May 31, 2018 and 2017 totaled $.050 per share of common stock.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	May 31, 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 six months ended May 31, 2018 : Options Weighted Average Exercise Price Options outstanding at beginning of period 9,265,240 $ 17.64 Granted — — Exercised (397,062 ) 12.02 Cancelled (16,208 ) 15.47 Options outstanding at end of period 8,851,970 $ 17.90 Options exercisable at end of period 7,910,570 $ 18.16 As of May 31, 2018 , the weighted average remaining contractual life of stock options outstanding and stock options exercisable was 3.8 years and 3.3 years , respectively. There was $.5 million of total unrecognized compensation expense related to unvested stock option awards as of May 31, 2018 that is expected to be recognized over a weighted average period of 1.0 year. For the three months ended May 31, 2018 and 2017, stock-based compensation expense associated with stock options totaled $.2 million and $.3 million , respectively. For the six months ended May 31, 2018 and 2017, stock-based compensation expense associated with stock options totaled $.4 million and $1.1 million , respectively. The aggregate intrinsic values of stock options outstanding and stock options exercisable were $91.8 million and $81.8 million , respectively, at May 31, 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 $4.8 million and $3.6 million for the three months ended May 31, 2018 and 2017, respectively, related to restricted stock and PSUs. We recognized total compensation expense of $8.4 million and $5.9 million for the six months ended May 31, 2018 and 2017, respectively, related to restricted stock and PSUs.

Supplemental Disclosure to Cons

Supplemental Disclosure to Consolidated Statements of Cash Flows	6 Months Ended
	May 31, 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): Six Months Ended May 31, 2018 2017 Summary of cash and cash equivalents at end of period: Homebuilding $ 669,798 $ 348,588 Financial services 756 784 Total $ 670,554 $ 349,372 Supplemental disclosures of cash flow information: Interest paid, net of amounts capitalized $ (3,665 ) $ 2,105 Income taxes paid 7,595 3,039 Supplemental disclosures of noncash activities: Increase (decrease) in consolidated inventories not owned $ 17,518 $ (37,371 ) Increase in inventories due to distributions of land and land development from an unconsolidated joint venture 5,113 3,676 Inventories acquired through seller financing 36,697 28,160

Supplemental Guarantor Informat

Supplemental Guarantor Information	6 Months Ended
	May 31, 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 May 31, 2018 . Condensed Consolidating Statements of Operations (in thousands) Three Months Ended May 31, 2018 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Total revenues $ — $ 995,927 $ 105,496 $ — $ 1,101,423 Homebuilding: Revenues $ — $ 995,927 $ 102,746 $ — $ 1,098,673 Construction and land costs — (821,077 ) (90,167 ) — (911,244 ) Selling, general and administrative expenses (26,815 ) (76,986 ) (9,430 ) — (113,231 ) Operating income (loss) (26,815 ) 97,864 3,149 — 74,198 Interest income 1,181 4 93 — 1,278 Interest expense (37,942 ) (634 ) (1,348 ) 39,924 — Intercompany interest 75,277 (32,816 ) (2,537 ) (39,924 ) — Equity in loss of unconsolidated joint ventures — (321 ) (1 ) — (322 ) Homebuilding pretax income (loss) 11,701 64,097 (644 ) — 75,154 Financial services pretax income — — 3,154 — 3,154 Total pretax income 11,701 64,097 2,510 — 78,308 Income tax expense (2,400 ) (17,700 ) (900 ) — (21,000 ) Equity in net income of subsidiaries 48,007 — — (48,007 ) — Net income $ 57,308 $ 46,397 $ 1,610 $ (48,007 ) $ 57,308 Three Months Ended May 31, 2017 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Total revenues $ — $ 893,561 $ 109,233 $ — $ 1,002,794 Homebuilding: Revenues $ — $ 893,561 $ 106,511 $ — $ 1,000,072 Construction and land costs — (751,172 ) (95,424 ) — (846,596 ) Selling, general and administrative expenses (23,322 ) (70,929 ) (9,666 ) — (103,917 ) Operating income (loss) (23,322 ) 71,460 1,421 — 49,559 Interest income 198 2 2 — 202 Interest expense (41,693 ) (426 ) (1,225 ) 43,344 — Intercompany interest 75,610 (29,862 ) (2,404 ) (43,344 ) — Equity in loss of unconsolidated joint ventures — (595 ) (1 ) — (596 ) Homebuilding pretax income (loss) 10,793 40,579 (2,207 ) — 49,165 Financial services pretax income — — 2,817 — 2,817 Total pretax income 10,793 40,579 610 — 51,982 Income tax expense (2,500 ) (17,300 ) (400 ) — (20,200 ) Equity in net income of subsidiaries 23,489 — — (23,489 ) — Net income $ 31,782 $ 23,279 $ 210 $ (23,489 ) $ 31,782 Six Months Ended May 31, 2018 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Total revenues $ — $ 1,771,622 $ 201,424 $ — $ 1,973,046 Homebuilding: Revenues $ — $ 1,771,622 $ 196,256 $ — $ 1,967,878 Construction and land costs — (1,469,196 ) (171,526 ) — (1,640,722 ) Selling, general and administrative expenses (48,981 ) (142,827 ) (17,147 ) — (208,955 ) Operating income (loss) (48,981 ) 159,599 7,583 — 118,201 Interest income 2,179 9 93 — 2,281 Interest expense (75,914 ) (1,323 ) (2,631 ) 79,868 — Intercompany interest 148,123 (63,315 ) (4,940 ) (79,868 ) — Equity in loss of unconsolidated joint ventures — (1,166 ) (1 ) — (1,167 ) Homebuilding pretax income 25,407 93,804 104 — 119,315 Financial services pretax income — — 5,038 — 5,038 Total pretax income 25,407 93,804 5,142 — 124,353 Income tax expense (47,100 ) (65,800 ) (25,400 ) — (138,300 ) Equity in net income of subsidiaries 7,746 — — (7,746 ) — Net income (loss) $ (13,947 ) $ 28,004 $ (20,258 ) $ (7,746 ) $ (13,947 ) Six Months Ended May 31, 2017 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Total revenues $ — $ 1,623,488 $ 197,902 $ — $ 1,821,390 Homebuilding: Revenues $ — $ 1,623,488 $ 192,830 $ — $ 1,816,318 Construction and land costs — (1,369,624 ) (175,052 ) — (1,544,676 ) Selling, general and administrative expenses (45,589 ) (133,827 ) (17,390 ) — (196,806 ) Operating income (loss) (45,589 ) 120,037 388 — 74,836 Interest income 395 3 2 — 400 Interest expense (90,042 ) (994 ) (2,387 ) 87,116 (6,307 ) Intercompany interest 149,103 (56,465 ) (5,522 ) (87,116 ) — Equity in income (loss) of unconsolidated joint ventures — 136 (1 ) — 135 Homebuilding pretax income (loss) 13,867 62,717 (7,520 ) — 69,064 Financial services pretax income — — 4,377 — 4,377 Total pretax income (loss) 13,867 62,717 (3,143 ) — 73,441 Income tax expense (1,200 ) (26,100 ) (100 ) — (27,400 ) Equity in net income of subsidiaries 33,374 — — (33,374 ) — Net income (loss) $ 46,041 $ 36,617 $ (3,243 ) $ (33,374 ) $ 46,041 Condensed Consolidating Balance Sheets (in thousands) May 31, 2018 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets Homebuilding: Cash and cash equivalents $ 542,126 $ 93,948 $ 33,724 $ — $ 669,798 Receivables 7,486 189,853 78,281 — 275,620 Inventories — 3,122,164 341,838 — 3,464,002 Investments in unconsolidated joint ventures — 66,512 2,503 — 69,015 Deferred tax assets, net 204,006 178,134 113,829 — 495,969 Other assets 97,866 10,331 2,827 — 111,024 851,484 3,660,942 573,002 — 5,085,428 Financial services — — 9,308 — 9,308 Intercompany receivables 3,470,462 — 126,744 (3,597,206 ) — Investments in subsidiaries 55,834 — — (55,834 ) — Total assets $ 4,377,780 $ 3,660,942 $ 709,054 $ (3,653,040 ) $ 5,094,736 Liabilities and stockholders’ equity Homebuilding: Accounts payable, accrued expenses and other liabilities $ 135,927 $ 441,864 $ 247,230 $ — $ 825,021 Notes payable 2,292,332 36,406 25,110 — 2,353,848 2,428,259 478,270 272,340 — 3,178,869 Financial services — — 1,224 — 1,224 Intercompany payables 34,878 3,182,672 379,656 (3,597,206 ) — Stockholders’ equity 1,914,643 — 55,834 (55,834 ) 1,914,643 Total liabilities and stockholders’ equity $ 4,377,780 $ 3,660,942 $ 709,054 $ (3,653,040 ) $ 5,094,736 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) Six Months Ended May 31, 2018 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net cash provided by (used in) operating activities $ 18,931 $ (33,782 ) $ (4,518 ) $ — $ (19,369 ) Cash flows from investing activities: Contributions to unconsolidated joint ventures — (11,600 ) — — (11,600 ) Return of investments in unconsolidated joint ventures — 1,099 — — 1,099 Purchases of property and equipment, net (3,102 ) (277 ) (48 ) — (3,427 ) Intercompany (42,380 ) — — 42,380 — Net cash used in investing activities (45,482 ) (10,778 ) (48 ) 42,380 (13,928 ) Cash flows from financing activities: Payments on mortgages and land contracts due to land sellers and other loans — (9,574 ) (920 ) — (10,494 ) Issuance of common stock under employee stock plans 4,771 — — — 4,771 Payments of cash dividends (4,500 ) — — — (4,500 ) Stock repurchases (6,787 ) — — — (6,787 ) Intercompany — 45,421 (3,041 ) (42,380 ) — Net cash provided by (used in) financing activities (6,516 ) 35,847 (3,961 ) (42,380 ) (17,010 ) Net decrease in cash and cash equivalents (33,067 ) (8,713 ) (8,527 ) — (50,307 ) Cash and cash equivalents at beginning of period 575,193 102,661 43,007 — 720,861 Cash and cash equivalents at end of period $ 542,126 $ 93,948 $ 34,480 $ — $ 670,554 Six Months Ended May 31, 2017 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net cash provided by (used in) operating activities $ 24,724 $ (83,371 ) $ (5,933 ) $ — $ (64,580 ) Cash flows from investing activities: Contributions to unconsolidated joint ventures — (5,852 ) (5,253 ) — (11,105 ) Return of investments in unconsolidated joint ventures — 1,969 4,989 — 6,958 Purchases of property and equipment, net (3,724 ) (344 ) (32 ) — (4,100 ) Intercompany (77,681 ) — — 77,681 — Net cash used in investing activities (81,405 ) (4,227 ) (296 ) 77,681 (8,247 ) Cash flows from financing activities: Repayment of senior notes (105,326 ) — — — (105,326 ) Payments on mortgages and land contracts due to land sellers and other loans — (61,640 ) — — (61,640 ) Issuance of common stock under employee stock plans 3,049 — — — 3,049 Payments of cash dividends (4,341 ) — — — (4,341 ) Stock repurchases (2,543 ) — — — (2,543 ) Intercompany — 91,185 (13,504 ) (77,681 ) — Net cash provided by (used in) financing activities (109,161 ) 29,545 (13,504 ) (77,681 ) (170,801 ) Net decrease in cash and cash equivalents (165,842 ) (58,053 ) (19,733 ) — (243,628 ) Cash and cash equivalents at beginning of period 463,100 100,439 29,461 — 593,000 Cash and cash equivalents at end of period $ 297,258 $ 42,386 $ 9,728 $ — $ 349,372

Subsequent Event (Notes)

Subsequent Event (Notes)	6 Months Ended
	May 31, 2018
Subsequent Event [Line Items]
Subsequent Events [Text Block]	Subsequent Event On June 15, 2018, we repaid the entire $300.0 million in aggregate principal amount of our 7 1/4% Senior Notes due 2018 at their maturity using internally generated cash.

Basis of Presentation and Sig26

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	May 31, 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 $465.2 million at May 31, 2018 and $481.1 million at November 30, 2017 . At May 31, 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 income was $57.3 million for the three months ended May 31, 2018 and $31.8 million for the three months ended May 31, 2017 . Our comprehensive loss for the six months ended May 31, 2018 was $13.9 million . For the six months ended May 31, 2017 , our comprehensive income was $46.0 million . Our comprehensive income (loss) for each of the three-month and six-month periods ended May 31, 2018 and 2017 was equal to our net income (loss) for the respective periods.
Recent Accounting Pronouncements	In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). ASU 2014-09 supersedes the revenue guidance in Accounting Standards Codification Topic 605, “Revenue Recognition,” most industry-specific revenue and cost guidance throughout the industry topics of the accounting standards codification, and some cost guidance related to construction-type and production-type contracts. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides a principles-based, five-step model to be applied to contracts with customers in determining the timing and amount of revenue to recognize: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract, if applicable; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. ASU 2014-09 and its related amendments (collectively, “ASC 606”) are effective for us beginning December 1, 2018. We intend to adopt ASC 606 under the modified retrospective method applied to contracts that are not complete as of the date of adoption. As a result, we expect to record a cumulative adjustment to beginning retained earnings as of December 1, 2018. We do not expect the adoption of ASC 606 to have a material impact on our recognition of homebuilding revenues in our consolidated financial statements. The primary impacts to our consolidated financial statements are expected to be the following: • Within our homebuilding operations, ASC 606 will impact the classification and timing of recognition in our consolidated financial statements of certain community sales office, model and other marketing-related costs, which we currently capitalize to inventories and amortize through construction and land costs with each home delivered in a community. Under ASC 606, these costs will be capitalized to property and equipment and depreciated to selling, general and administrative expenses, or will be expensed when incurred. Upon adopting ASC 606, we will reclassify certain of these community sales office, model and other marketing-related costs from inventories to property and equipment in our consolidated financial statements. The change in the classification and timing of these costs will also result in lower construction and land costs, and higher selling, general and administrative expenses, as compared to amounts reported under the existing guidance. In addition, under ASC 606, forfeited customer deposits, which are currently reflected as other income, will be included in revenues. • Within our financial services operations, ASC 606 will impact the timing of recognition of insurance commissions for insurance policy renewals. We currently recognize insurance commissions for renewals as revenue only when policies are renewed. Under ASC 606, insurance commissions for estimated future renewals will be recognized as revenue when the customer executes an initial insurance policy with the insurance carrier. Upon adopting ASC 606, we will record a contract asset for the revenues that would have been recognized in previous periods for existing policies as of December 1, 2018. We are in the process of quantifying the above-mentioned items. While individual financial statement line items may be affected, we currently believe the adoption of ASC 606 will not have a material impact on our consolidated net income. We are also continuing to evaluate the impact that 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. In June 2018, the FASB issued Accounting Standards Update No. 2018-07, “Compensation — Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting” (“ASU 2018-07”), which expands the scope of Topic 718 to include all share-based payment transactions for acquiring goods and services from nonemployees. ASU 2018-07 specifies that Topic 718 applies to all share-based payment transactions in which the grantor acquires goods and services to be used or consumed in its own operations by issuing share-based payment awards. ASU 2018-07 also clarifies that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under ASC 606. ASU 2018-07 is effective for us beginning December 1, 2019, with early adoption permitted, but no earlier than our adoption of ASC 606. 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 May 31, 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 May 31, 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 May 31, 2018 and November 30, 2017 was a VIE, but we were not the primary beneficiary of the VIE. All of our joint ventures at May 31, 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 May 31, 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 $23.2 million at May 31, 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 $64.2 million and $71.3 million are included in receivables in our consolidated balance sheets at May 31, 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 Financial Accounting Standards Board (“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 reductions in our income tax expense of $.2 million and $2.4 million for the three-month and six-month periods ended May 31, 2018 , respectively. The remaining aspects of adopting this guidance did not have a material impact on our consolidated financial statements.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	May 31, 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 May 31, Six Months Ended May 31, 2018 2017 2018 2017 Revenues: West Coast $ 496,740 $ 460,600 $ 883,392 $ 816,432 Southwest 180,917 126,189 332,816 243,825 Central 313,806 292,746 557,987 535,002 Southeast 107,210 120,537 193,683 221,059 Total $ 1,098,673 $ 1,000,072 $ 1,967,878 $ 1,816,318 Pretax income (loss): West Coast $ 51,883 $ 36,496 $ 83,476 $ 59,349 Southwest 20,577 9,949 35,554 18,621 Central 29,075 26,985 48,170 46,663 Southeast 787 479 2,107 (1,734 ) Corporate and other (27,168 ) (24,744 ) (49,992 ) (53,835 ) Total $ 75,154 $ 49,165 $ 119,315 $ 69,064 Inventory impairment charges: West Coast $ 5,993 $ 3,144 $ 10,692 $ 3,144 Southwest — — — 1,343 Central — — — — Southeast — 1,158 — 3,032 Total $ 5,993 $ 4,302 $ 10,692 $ 7,519 Land option contract abandonments: West Coast $ 388 $ 1,044 $ 596 $ 1,835 Southwest — — — — Central 145 518 223 518 Southeast — 137 — 137 Total $ 533 $ 1,699 $ 819 $ 2,490 May 31, November 30, Inventories: Homes under construction West Coast $ 749,329 $ 638,639 Southwest 191,888 179,240 Central 337,259 320,205 Southeast 119,314 98,764 Subtotal 1,397,790 1,236,848 May 31, November 30, Land under development West Coast 828,911 723,761 Southwest 289,784 309,672 Central 446,232 435,373 Southeast 196,390 182,533 Subtotal 1,761,317 1,651,339 Land held for future development or sale West Coast 166,910 233,188 Southwest 62,101 62,475 Central 12,229 12,654 Southeast 63,655 66,882 Subtotal 304,895 375,199 Total $ 3,464,002 $ 3,263,386 Assets: West Coast $ 1,926,823 $ 1,747,786 Southwest 588,196 586,666 Central 925,966 901,516 Southeast 406,066 359,307 Corporate and other 1,238,377 1,433,883 Total $ 5,085,428 $ 5,029,158

Financial Services (Tables)

Financial Services (Tables)	6 Months Ended
	May 31, 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 May 31, Six Months Ended May 31, 2018 2017 2018 2017 Revenues Insurance commissions $ 1,463 $ 1,408 $ 2,815 $ 2,618 Title services 1,287 1,314 2,353 2,449 Interest income — — — 5 Total 2,750 2,722 5,168 5,072 Expenses General and administrative (957 ) (816 ) (1,910 ) (1,635 ) Operating income 1,793 1,906 3,258 3,437 Equity in income of unconsolidated joint ventures 1,361 911 1,780 940 Pretax income $ 3,154 $ 2,817 $ 5,038 $ 4,377
Financial services [Member]
Segment Reporting Information [Line Items]
Schedule of Financial Services Assets and Liabilities	May 31, November 30, Assets Cash and cash equivalents $ 756 $ 231 Receivables 1,535 1,724 Investments in unconsolidated joint ventures 6,973 10,340 Other assets 44 62 Total assets $ 9,308 $ 12,357 Liabilities Accounts payable and accrued expenses $ 1,224 $ 966 Total liabilities $ 1,224 $ 966

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	May 31, 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 May 31, Six Months Ended May 31, 2018 2017 2018 2017 Numerator: Net income (loss) $ 57,308 $ 31,782 $ (13,947 ) $ 46,041 Less: Distributed earnings allocated to nonvested restricted stock (12 ) (14 ) — (29 ) Less: Undistributed earnings allocated to nonvested restricted stock (310 ) (200 ) — (285 ) Numerator for basic earnings (loss) per share 56,986 31,568 (13,947 ) 45,727 Effect of dilutive securities: Interest expense and amortization of debt issuance costs associated with convertible senior notes, net of taxes 796 664 — 1,327 Add: Undistributed earnings allocated to nonvested restricted stock 310 200 — 285 Less: Undistributed earnings reallocated to nonvested restricted stock (269 ) (175 ) — (251 ) Numerator for diluted earnings (loss) per share $ 57,823 $ 32,257 $ (13,947 ) $ 47,088 Denominator: Weighted average shares outstanding — basic 87,581 85,445 87,370 85,285 Effect of dilutive securities: Share-based payments 5,176 3,885 — 3,288 Convertible senior notes 8,402 8,402 — 8,402 Weighted average shares outstanding — diluted 101,159 97,732 87,370 96,975 Basic earnings (loss) per share $ .65 $ .37 $ (.16 ) $ .54 Diluted earnings (loss) per share $ .57 $ .33 $ (.16 ) $ .49

Receivables (Tables)

Receivables (Tables)	6 Months Ended
	May 31, 2018
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	Receivables consisted of the following (in thousands): May 31, November 30, Due from utility companies, improvement districts and municipalities $ 124,704 $ 113,744 Recoveries related to self-insurance and other legal claims 101,965 91,763 Refundable deposits and bonds 13,675 13,829 Recoveries related to warranty and other claims 3,028 4,073 Other 44,882 33,797 Subtotal 288,254 257,206 Allowance for doubtful accounts (12,634 ) (12,993 ) Total $ 275,620 $ 244,213

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	May 31, 2018
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following (in thousands): May 31, November 30, Homes under construction $ 1,397,790 $ 1,236,848 Land under development 1,761,317 1,651,339 Land held for future development or sale (a) 304,895 375,199 Total $ 3,464,002 $ 3,263,386
Schedule of Capitalized Interest Costs	Our interest costs were as follows (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2018 2017 2018 2017 Capitalized interest at beginning of period $ 259,785 $ 311,111 $ 262,191 $ 306,723 Interest incurred (a) 39,924 43,344 79,868 93,423 Interest expensed (a) — — — (6,307 ) Interest amortized to construction and land costs (b) (52,433 ) (50,471 ) (94,783 ) (89,855 ) Capitalized interest at end of period (c) $ 247,276 $ 303,984 $ 247,276 $ 303,984 (a) Interest incurred and interest expensed for the six months ended May 31, 2017 included a charge of $5.7 million for the early extinguishment of debt. (b) Interest amortized to construction and land costs for the three months ended May 31, 2018 and 2017 included $3.1 million and $1.1 million , respectively, related to land sales during those periods. Interest amortized to construction and land costs for the six months ended May 31, 2018 and 2017 included $4.1 million and $1.6 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 Lan32

Inventory Impairments and Land Option Contract Abandonments (Tables)	6 Months Ended
	May 31, 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 May 31, Six Months Ended May 31, Unobservable Input (a) 2018 2017 2018 2017 Average selling price $339,400 - $460,500 $231,000 - $399,800 $339,400 - $774,100 $231,000 - $399,800 Deliveries per month 4 - 5 3 - 4 3 - 5 3 - 4 Discount rate 17% 18% 17% - 18% 17% - 18% (a) The ranges of inputs used in each period primarily reflect differences between the housing markets where each impacted community is located, rather than fluctuations in prevailing market conditions.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	May 31, 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): May 31, 2018 November 30, 2017 Cash Deposits Aggregate Purchase Price Cash Deposits Aggregate Purchase Price Unconsolidated VIEs $ 25,107 $ 710,872 $ 43,171 $ 653,858 Other land option contracts and other similar contracts 18,871 454,576 21,531 440,229 Total $ 43,978 $ 1,165,448 $ 64,702 $ 1,094,087

Investments in Unconsolidated34

Investments in Unconsolidated Joint Ventures (Tables)	6 Months Ended
	May 31, 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 May 31, Six Months Ended May 31, 2018 2017 2018 2017 Revenues $ 7,827 $ 7,080 $ 16,624 $ 26,802 Construction and land costs (7,839 ) (6,898 ) (16,655 ) (24,793 ) Other expense, net (611 ) (1,157 ) (1,983 ) (2,253 ) Loss $ (623 ) $ (975 ) $ (2,014 ) $ (244 )
Balance Sheets of Unconsolidated Joint Ventures	The following table presents combined condensed balance sheet information for our unconsolidated joint ventures (in thousands): May 31, November 30, Assets Cash $ 17,237 $ 21,193 Receivables 226 688 Inventories 143,136 145,519 Other assets 959 1,398 Total assets $ 161,558 $ 168,798 Liabilities and equity Accounts payable and other liabilities $ 22,744 $ 25,426 Notes payable (a) 9,536 20,040 Equity 129,278 123,332 Total liabilities and equity $ 161,558 $ 168,798 (a) As of May 31, 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 May 31, 2018 , $9.1 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 May 31, 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): May 31, November 30, Number of investments in unconsolidated joint ventures 7 7 Investments in unconsolidated joint ventures $ 69,015 $ 64,794 Number of unconsolidated joint venture lots controlled under land option contracts and other similar contracts 354 377

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	May 31, 2018
Other Assets [Abstract]
Schedule of Other Assets	Other assets consisted of the following (in thousands): May 31, November 30, Cash surrender value of corporate-owned life insurance contracts $ 75,125 $ 75,236 Property and equipment, net 21,690 19,521 Prepaid expenses 12,153 5,360 Debt issuance costs associated with unsecured revolving credit facility 2,056 2,381 Total $ 111,024 $ 102,498

Accrued Expenses and Other Li36

Accrued Expenses and Other Liabilities (Tables)	6 Months Ended
	May 31, 2018
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities consisted of the following (in thousands): May 31, November 30, Self-insurance and other litigation liabilities $ 243,838 $ 222,808 Employee compensation and related benefits 125,376 143,992 Warranty liability 76,404 69,798 Accrued interest payable 69,008 65,343 Inventory-related obligations (a) 43,932 30,108 Customer deposits 21,508 16,863 Real estate and business taxes 10,497 16,874 Other 3,852 10,144 Total $ 594,415 $ 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 (Tables)

Income Taxes (Tables)	6 Months Ended
	May 31, 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 May 31, Six Months Ended May 31, 2018 2017 2018 2017 Income tax expense $ 21,000 $ 20,200 $ 138,300 $ 27,400 Effective tax rate 26.8 % 38.9 % 111.2 % 37.3 % Our income tax expense and effective tax rate for the three months ended May 31, 2018 included 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 $.2 million that we earned from building energy efficient homes; and excess tax benefits of $.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. Our income tax expense and effective tax rate for the six months ended May 31, 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 $4.2 million ; and excess tax benefits of $2.4 million related to stock-based compensation. 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-month and six-month periods ended May 31, 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-month and six-month periods ended May 31, 2017 included the favorable net impact of federal energy tax credits of $.1 million and $1.2 million , respectively, that we earned from building energy efficient homes through December 31, 2016.

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
	May 31, 2018
Debt Disclosure [Abstract]
Schedule of Mortgages and Notes Payable	Notes payable consisted of the following (in thousands): May 31, November 30, Mortgages and land contracts due to land sellers and other loans $ 36,406 $ 10,203 7 1/4% Senior notes due June 15, 2018 299,983 299,867 4.75% Senior notes due May 15, 2019 398,933 398,397 8.00% Senior notes due March 15, 2020 346,997 346,238 7.00% Senior notes due December 15, 2021 446,977 446,608 7.50% Senior notes due September 15, 2022 347,478 347,234 7.625% Senior notes due May 15, 2023 247,897 247,726 1.375% Convertible senior notes due February 1, 2019 229,177 228,572 Total $ 2,353,848 $ 2,324,845

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	6 Months Ended
	May 31, 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 six months ended May 31, 2018 and the year ended November 30, 2017 (in thousands): May 31, 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 $ 32,604 $ (10,692 ) $ 21,912 $ 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): May 31, 2018 November 30, 2017 Fair Value Hierarchy Carrying Value (a) Fair Value Carrying Value (a) Fair Value Financial Liabilities: Senior notes Level 2 $ 2,088,265 $ 2,191,875 $ 2,086,070 $ 2,292,250 Convertible senior notes Level 2 229,177 246,388 228,572 278,300

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	May 31, 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 May 31, Six Months Ended May 31, 2018 2017 2018 2017 Balance at beginning of period $ 71,845 $ 57,710 $ 69,798 $ 56,682 Warranties issued 9,889 8,784 17,653 15,924 Payments (5,330 ) (6,457 ) (11,047 ) (12,569 ) Balance at end of period $ 76,404 $ 60,037 $ 76,404 $ 60,037
Schedule of Self-Insurance Liability	The changes in our self-insurance liability were as follows (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2018 2017 2018 2017 Balance at beginning of period $ 180,695 $ 159,882 $ 177,695 $ 158,584 Self-insurance expense (a) 4,309 3,598 8,710 8,238 Payments (1,277 ) (2,720 ) (2,642 ) (4,760 ) Adjustments (b) (7,012 ) (4,255 ) (7,048 ) (5,557 ) Balance at end of period $ 176,715 $ 156,505 $ 176,715 $ 156,505 (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)	6 Months Ended
	May 31, 2018
Equity [Abstract]
Summary of Changes in Stockholders’ Equity	A summary of changes in stockholders’ equity is presented below (in thousands): Six Months Ended May 31, 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 — — — — — (13,947 ) — — — (13,947 ) Dividends on common stock — — — — — (4,500 ) — — — (4,500 ) Employee stock options/other 397 — — 397 4,374 — — — — 4,771 Stock awards 54 438 (10 ) 54 (4,605 ) — — 4,749 (198 ) — Stock-based compensation — — — — 8,795 — — — — 8,795 Stock repurchases — — (217 ) — — — — — (6,787 ) (6,787 ) Balance at May 31, 2018 118,397 (8,460 ) (22,248 ) $ 118,397 $ 736,047 $ 1,717,248 $ (16,924 ) $ (91,760 ) $ (548,365 ) $ 1,914,643

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	May 31, 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 six months ended May 31, 2018 : Options Weighted Average Exercise Price Options outstanding at beginning of period 9,265,240 $ 17.64 Granted — — Exercised (397,062 ) 12.02 Cancelled (16,208 ) 15.47 Options outstanding at end of period 8,851,970 $ 17.90 Options exercisable at end of period 7,910,570 $ 18.16

Supplemental Disclosure to Co43

Supplemental Disclosure to Consolidated Statements of Cash Flows (Tables)	6 Months Ended
	May 31, 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): Six Months Ended May 31, 2018 2017 Summary of cash and cash equivalents at end of period: Homebuilding $ 669,798 $ 348,588 Financial services 756 784 Total $ 670,554 $ 349,372 Supplemental disclosures of cash flow information: Interest paid, net of amounts capitalized $ (3,665 ) $ 2,105 Income taxes paid 7,595 3,039 Supplemental disclosures of noncash activities: Increase (decrease) in consolidated inventories not owned $ 17,518 $ (37,371 ) Increase in inventories due to distributions of land and land development from an unconsolidated joint venture 5,113 3,676 Inventories acquired through seller financing 36,697 28,160

Supplemental Guarantor Inform44

Supplemental Guarantor Information (Tables)	6 Months Ended
	May 31, 2018
Guarantees [Abstract]
Condensed Consolidated Statements of Operations	Three Months Ended May 31, 2018 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Total revenues $ — $ 995,927 $ 105,496 $ — $ 1,101,423 Homebuilding: Revenues $ — $ 995,927 $ 102,746 $ — $ 1,098,673 Construction and land costs — (821,077 ) (90,167 ) — (911,244 ) Selling, general and administrative expenses (26,815 ) (76,986 ) (9,430 ) — (113,231 ) Operating income (loss) (26,815 ) 97,864 3,149 — 74,198 Interest income 1,181 4 93 — 1,278 Interest expense (37,942 ) (634 ) (1,348 ) 39,924 — Intercompany interest 75,277 (32,816 ) (2,537 ) (39,924 ) — Equity in loss of unconsolidated joint ventures — (321 ) (1 ) — (322 ) Homebuilding pretax income (loss) 11,701 64,097 (644 ) — 75,154 Financial services pretax income — — 3,154 — 3,154 Total pretax income 11,701 64,097 2,510 — 78,308 Income tax expense (2,400 ) (17,700 ) (900 ) — (21,000 ) Equity in net income of subsidiaries 48,007 — — (48,007 ) — Net income $ 57,308 $ 46,397 $ 1,610 $ (48,007 ) $ 57,308 Three Months Ended May 31, 2017 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Total revenues $ — $ 893,561 $ 109,233 $ — $ 1,002,794 Homebuilding: Revenues $ — $ 893,561 $ 106,511 $ — $ 1,000,072 Construction and land costs — (751,172 ) (95,424 ) — (846,596 ) Selling, general and administrative expenses (23,322 ) (70,929 ) (9,666 ) — (103,917 ) Operating income (loss) (23,322 ) 71,460 1,421 — 49,559 Interest income 198 2 2 — 202 Interest expense (41,693 ) (426 ) (1,225 ) 43,344 — Intercompany interest 75,610 (29,862 ) (2,404 ) (43,344 ) — Equity in loss of unconsolidated joint ventures — (595 ) (1 ) — (596 ) Homebuilding pretax income (loss) 10,793 40,579 (2,207 ) — 49,165 Financial services pretax income — — 2,817 — 2,817 Total pretax income 10,793 40,579 610 — 51,982 Income tax expense (2,500 ) (17,300 ) (400 ) — (20,200 ) Equity in net income of subsidiaries 23,489 — — (23,489 ) — Net income $ 31,782 $ 23,279 $ 210 $ (23,489 ) $ 31,782 Six Months Ended May 31, 2018 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Total revenues $ — $ 1,771,622 $ 201,424 $ — $ 1,973,046 Homebuilding: Revenues $ — $ 1,771,622 $ 196,256 $ — $ 1,967,878 Construction and land costs — (1,469,196 ) (171,526 ) — (1,640,722 ) Selling, general and administrative expenses (48,981 ) (142,827 ) (17,147 ) — (208,955 ) Operating income (loss) (48,981 ) 159,599 7,583 — 118,201 Interest income 2,179 9 93 — 2,281 Interest expense (75,914 ) (1,323 ) (2,631 ) 79,868 — Intercompany interest 148,123 (63,315 ) (4,940 ) (79,868 ) — Equity in loss of unconsolidated joint ventures — (1,166 ) (1 ) — (1,167 ) Homebuilding pretax income 25,407 93,804 104 — 119,315 Financial services pretax income — — 5,038 — 5,038 Total pretax income 25,407 93,804 5,142 — 124,353 Income tax expense (47,100 ) (65,800 ) (25,400 ) — (138,300 ) Equity in net income of subsidiaries 7,746 — — (7,746 ) — Net income (loss) $ (13,947 ) $ 28,004 $ (20,258 ) $ (7,746 ) $ (13,947 ) Six Months Ended May 31, 2017 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Total revenues $ — $ 1,623,488 $ 197,902 $ — $ 1,821,390 Homebuilding: Revenues $ — $ 1,623,488 $ 192,830 $ — $ 1,816,318 Construction and land costs — (1,369,624 ) (175,052 ) — (1,544,676 ) Selling, general and administrative expenses (45,589 ) (133,827 ) (17,390 ) — (196,806 ) Operating income (loss) (45,589 ) 120,037 388 — 74,836 Interest income 395 3 2 — 400 Interest expense (90,042 ) (994 ) (2,387 ) 87,116 (6,307 ) Intercompany interest 149,103 (56,465 ) (5,522 ) (87,116 ) — Equity in income (loss) of unconsolidated joint ventures — 136 (1 ) — 135 Homebuilding pretax income (loss) 13,867 62,717 (7,520 ) — 69,064 Financial services pretax income — — 4,377 — 4,377 Total pretax income (loss) 13,867 62,717 (3,143 ) — 73,441 Income tax expense (1,200 ) (26,100 ) (100 ) — (27,400 ) Equity in net income of subsidiaries 33,374 — — (33,374 ) — Net income (loss) $ 46,041 $ 36,617 $ (3,243 ) $ (33,374 ) $ 46,041
Condensed Consolidated Balance Sheets	Condensed Consolidating Balance Sheets (in thousands) May 31, 2018 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets Homebuilding: Cash and cash equivalents $ 542,126 $ 93,948 $ 33,724 $ — $ 669,798 Receivables 7,486 189,853 78,281 — 275,620 Inventories — 3,122,164 341,838 — 3,464,002 Investments in unconsolidated joint ventures — 66,512 2,503 — 69,015 Deferred tax assets, net 204,006 178,134 113,829 — 495,969 Other assets 97,866 10,331 2,827 — 111,024 851,484 3,660,942 573,002 — 5,085,428 Financial services — — 9,308 — 9,308 Intercompany receivables 3,470,462 — 126,744 (3,597,206 ) — Investments in subsidiaries 55,834 — — (55,834 ) — Total assets $ 4,377,780 $ 3,660,942 $ 709,054 $ (3,653,040 ) $ 5,094,736 Liabilities and stockholders’ equity Homebuilding: Accounts payable, accrued expenses and other liabilities $ 135,927 $ 441,864 $ 247,230 $ — $ 825,021 Notes payable 2,292,332 36,406 25,110 — 2,353,848 2,428,259 478,270 272,340 — 3,178,869 Financial services — — 1,224 — 1,224 Intercompany payables 34,878 3,182,672 379,656 (3,597,206 ) — Stockholders’ equity 1,914,643 — 55,834 (55,834 ) 1,914,643 Total liabilities and stockholders’ equity $ 4,377,780 $ 3,660,942 $ 709,054 $ (3,653,040 ) $ 5,094,736 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) Six Months Ended May 31, 2018 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net cash provided by (used in) operating activities $ 18,931 $ (33,782 ) $ (4,518 ) $ — $ (19,369 ) Cash flows from investing activities: Contributions to unconsolidated joint ventures — (11,600 ) — — (11,600 ) Return of investments in unconsolidated joint ventures — 1,099 — — 1,099 Purchases of property and equipment, net (3,102 ) (277 ) (48 ) — (3,427 ) Intercompany (42,380 ) — — 42,380 — Net cash used in investing activities (45,482 ) (10,778 ) (48 ) 42,380 (13,928 ) Cash flows from financing activities: Payments on mortgages and land contracts due to land sellers and other loans — (9,574 ) (920 ) — (10,494 ) Issuance of common stock under employee stock plans 4,771 — — — 4,771 Payments of cash dividends (4,500 ) — — — (4,500 ) Stock repurchases (6,787 ) — — — (6,787 ) Intercompany — 45,421 (3,041 ) (42,380 ) — Net cash provided by (used in) financing activities (6,516 ) 35,847 (3,961 ) (42,380 ) (17,010 ) Net decrease in cash and cash equivalents (33,067 ) (8,713 ) (8,527 ) — (50,307 ) Cash and cash equivalents at beginning of period 575,193 102,661 43,007 — 720,861 Cash and cash equivalents at end of period $ 542,126 $ 93,948 $ 34,480 $ — $ 670,554 Six Months Ended May 31, 2017 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net cash provided by (used in) operating activities $ 24,724 $ (83,371 ) $ (5,933 ) $ — $ (64,580 ) Cash flows from investing activities: Contributions to unconsolidated joint ventures — (5,852 ) (5,253 ) — (11,105 ) Return of investments in unconsolidated joint ventures — 1,969 4,989 — 6,958 Purchases of property and equipment, net (3,724 ) (344 ) (32 ) — (4,100 ) Intercompany (77,681 ) — — 77,681 — Net cash used in investing activities (81,405 ) (4,227 ) (296 ) 77,681 (8,247 ) Cash flows from financing activities: Repayment of senior notes (105,326 ) — — — (105,326 ) Payments on mortgages and land contracts due to land sellers and other loans — (61,640 ) — — (61,640 ) Issuance of common stock under employee stock plans 3,049 — — — 3,049 Payments of cash dividends (4,341 ) — — — (4,341 ) Stock repurchases (2,543 ) — — — (2,543 ) Intercompany — 91,185 (13,504 ) (77,681 ) — Net cash provided by (used in) financing activities (109,161 ) 29,545 (13,504 ) (77,681 ) (170,801 ) Net decrease in cash and cash equivalents (165,842 ) (58,053 ) (19,733 ) — (243,628 ) Cash and cash equivalents at beginning of period 463,100 100,439 29,461 — 593,000 Cash and cash equivalents at end of period $ 297,258 $ 42,386 $ 9,728 $ — $ 349,372

Basis of Presentation and Sig45

Basis of Presentation and Significant Accounting Policies (Narratives) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2018	May 31, 2017	May 31, 2018	May 31, 2017	Nov. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense	$ 0.2		$ 2.4
Cash equivalents	465.2		465.2		$ 481.1
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ (57.3)	$ 31.8	$ (13.9)	$ 46

Segment Information (Narratives

Segment Information (Narratives) (Details)	3 Months Ended
	May 31, 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		6 Months Ended
		May 31, 2018	May 31, 2017	May 31, 2018	May 31, 2017	Nov. 30, 2017
Segment Reporting Information [Line Items]
Impairment of Real Estate		$ 5,993	$ 4,302	$ 10,692	$ 7,519
Inventory, Homes under Construction		1,397,790		1,397,790		$ 1,236,848
Inventory, Real Estate, Land and Land Development Costs		1,761,317		1,761,317		1,651,339
Inventory, Land Held for Development and Sale	[1]	304,895		304,895		375,199
Inventory, Operative Builders		3,464,002		3,464,002		3,263,386
Revenues:
Home Building Revenue		1,098,673	1,000,072	1,967,878	1,816,318
Pretax income (loss):
Total pretax income (loss)		78,308	51,982	124,353	73,441
Assets:
Total assets		5,094,736		5,094,736		5,041,515
Homebuilding [Member]
Pretax income (loss):
Total pretax income (loss)		75,154	49,165	119,315	69,064
Assets:
Total assets		5,085,428		5,085,428		5,029,158
Financial services [Member]
Pretax income (loss):
Total pretax income (loss)		3,154	2,817	5,038	4,377
Assets:
Total assets		9,308		9,308		12,357
West Coast [Member]
Segment Reporting Information [Line Items]
Impairment of Real Estate		5,993	3,144	10,692	3,144
Inventory, Homes under Construction		749,329		749,329		638,639
Inventory, Real Estate, Land and Land Development Costs		828,911		828,911		723,761
Inventory, Land Held for Development and Sale		166,910		166,910		233,188
Revenues:
Home Building Revenue		496,740	460,600	883,392	816,432
West Coast [Member] | Homebuilding [Member]
Pretax income (loss):
Total pretax income (loss)		51,883	36,496	83,476	59,349
Assets:
Total assets		1,926,823		1,926,823		1,747,786
Southwest [Member]
Segment Reporting Information [Line Items]
Impairment of Real Estate		0	0	0	1,343
Inventory, Homes under Construction		191,888		191,888		179,240
Inventory, Real Estate, Land and Land Development Costs		289,784		289,784		309,672
Inventory, Land Held for Development and Sale		62,101		62,101		62,475
Revenues:
Home Building Revenue		180,917	126,189	332,816	243,825
Southwest [Member] | Homebuilding [Member]
Pretax income (loss):
Total pretax income (loss)		20,577	9,949	35,554	18,621
Assets:
Total assets		588,196		588,196		586,666
Central [Member]
Segment Reporting Information [Line Items]
Impairment of Real Estate		0	0	0	0
Inventory, Homes under Construction		337,259		337,259		320,205
Inventory, Real Estate, Land and Land Development Costs		446,232		446,232		435,373
Inventory, Land Held for Development and Sale		12,229		12,229		12,654
Revenues:
Home Building Revenue		313,806	292,746	557,987	535,002
Central [Member] | Homebuilding [Member]
Pretax income (loss):
Total pretax income (loss)		29,075	26,985	48,170	46,663
Assets:
Total assets		925,966		925,966		901,516
Southeast [Member]
Segment Reporting Information [Line Items]
Impairment of Real Estate		0	1,158	0	3,032
Inventory, Homes under Construction		119,314		119,314		98,764
Inventory, Real Estate, Land and Land Development Costs		196,390		196,390		182,533
Inventory, Land Held for Development and Sale		63,655		63,655		66,882
Revenues:
Home Building Revenue		107,210	120,537	193,683	221,059
Southeast [Member] | Homebuilding [Member]
Pretax income (loss):
Total pretax income (loss)		787	479	2,107	(1,734)
Assets:
Total assets		406,066		406,066		359,307
Corporate and Other [Member] | Homebuilding [Member]
Pretax income (loss):
Total pretax income (loss)		(27,168)	(24,744)	(49,992)	(53,835)
Assets:
Total assets		1,238,377		1,238,377		$ 1,433,883
Land Option Contract Abandonment [Member]
Segment Reporting Information [Line Items]
Loss on Contract Termination		533	1,699	819	2,490
Land Option Contract Abandonment [Member] | West Coast [Member]
Segment Reporting Information [Line Items]
Loss on Contract Termination		388	1,044	596	1,835
Land Option Contract Abandonment [Member] | Southwest [Member]
Segment Reporting Information [Line Items]
Loss on Contract Termination		0	0	0	0
Land Option Contract Abandonment [Member] | Central [Member]
Segment Reporting Information [Line Items]
Loss on Contract Termination		145	518	223	518
Land Option Contract Abandonment [Member] | Southeast [Member]
Segment Reporting Information [Line Items]
Loss on Contract Termination		$ 0	$ 137	$ 0	$ 137
[1]	Land held for sale totaled $22.6 million at May 31, 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		6 Months Ended
	May 31, 2018	May 31, 2017	May 31, 2018	May 31, 2017
Segment Reporting Information [Line Items]
Interest and Other Income	$ 0	$ 0	$ 0	$ 5
Revenues
Insurance commissions	1,463	1,408	2,815	2,618
Title services	1,287	1,314	2,353	2,449
Total	2,750	2,722	5,168	5,072
Expenses
General and administrative	(957)	(816)	(1,910)	(1,635)
Operating income	74,198	49,559	118,201	74,836
Equity in income of unconsolidated joint ventures			613	1,075
Total pretax income (loss)	78,308	51,982	124,353	73,441
Financial services [Member]
Expenses
Operating income	1,793	1,906	3,258	3,437
Equity in income of unconsolidated joint ventures	1,361	911	1,780	940
Total pretax income (loss)	$ 3,154	$ 2,817	$ 5,038	$ 4,377

Financial Services (Schedule 49

Financial Services (Schedule of Assets and Liabilities) (Details) - USD ($) $ in Thousands	May 31, 2018	Nov. 30, 2017	May 31, 2017	Nov. 30, 2016
Assets
Cash and cash equivalents	$ 670,554	$ 720,861	$ 349,372	$ 593,000
Receivables	275,620	244,213
Investments in unconsolidated joint ventures	69,015	64,794
Other assets	111,024	102,498
Total assets	5,094,736	5,041,515
Liabilities
Accounts payable and accrued expenses	825,021	789,393
Total liabilities	1,224	966
Financial services [Member]
Assets
Cash and cash equivalents	756	231	$ 784
Receivables	1,535	1,724
Investments in unconsolidated joint ventures	6,973	10,340
Other assets	44	62
Total assets	9,308	12,357
Liabilities
Accounts payable and accrued expenses	$ 1,224	$ 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		6 Months Ended
	May 31, 2018	May 31, 2017	May 31, 2018	May 31, 2017
Debt Instrument [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	1,600	3,600		3,600
Numerator:
Net income (loss)	$ 57,308	$ 31,782	$ (13,947)	$ 46,041
Less: Distributed earnings allocated to nonvested restricted stock	(12)	(14)	0	(29)
Less: Undistributed earnings allocated to nonvested restricted stock	(310)	(200)	0	(285)
Numerator for basic earnings (loss) per share	56,986	31,568	(13,947)	45,727
Interest expense and amortization of debt issuance costs associated with convertible senior notes, net of taxes	796	664	0	1,327
Add: Undistributed earnings allocated to nonvested restricted stock	310	200	0	285
Less: Undistributed earnings reallocated to nonvested restricted stock	(269)	(175)	0	(251)
Numerator for diluted earnings (loss) per share	$ 57,823	$ 32,257	$ (13,947)	$ 47,088
Denominator:
Weighted average shares outstanding — basic (in shares)	87,581	85,445	87,370	85,285
Effect of dilutive securities: Share-based payments (in shares)	5,176	3,885	0	3,288
Effect of dilutive securities: Convertible senior notes (in shares)	8,402	8,402	0	8,402
Weighted average shares outstanding — diluted (in shares)	101,159	97,732	87,370	96,975
Basic earnings per share (in dollars per share)	$ 0.65	$ 0.37	$ (0.16)	$ 0.54
Diluted earnings per share (in dollars per share)	$ 0.57	$ 0.33	$ (0.16)	$ 0.49

Receivables (Details)

Receivables (Details) - USD ($) $ in Thousands	May 31, 2018	Nov. 30, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Utility and Municipality Receivable	$ 124,704	$ 113,744
Deposits Assets	13,675	13,829
Other Receivables	44,882	33,797
Accounts Receivable, Gross	288,254	257,206
Allowance for Doubtful Accounts Receivable	(12,634)	(12,993)
Accounts and Notes Receivable, Net	275,620	244,213
Self Insurance [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loss Contingency, Receivable	101,965	91,763
Warranty and Other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loss Contingency, Receivable	$ 3,028	$ 4,073

Inventories (Schedule of Invent

Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands		6 Months Ended
		May 31, 2018	May 31, 2017	Nov. 30, 2017
Inventory Disclosure [Abstract]
Gain (Loss) on Extinguishment of Debt		$ 0	$ (5,685)
Inventory, Land Held-for-sale		22,600		$ 21,800
Inventories
Homes under construction		1,397,790		1,236,848
Land under development		1,761,317		1,651,339
Land held for future development	[1]	304,895		375,199
Total		$ 3,464,002		$ 3,263,386
[1]	Land held for sale totaled $22.6 million at May 31, 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		6 Months Ended
		May 31, 2018	May 31, 2017	May 31, 2018	May 31, 2017
Interest Costs
Capitalized interest at beginning of period		$ 259,785	$ 311,111	$ 262,191	$ 306,723
Interest incurred	[1]	39,924	43,344	79,868	93,423
Interest expense	[1]	0	0	0	(6,307)
Interest amortized to construction and land costs	[2]	(52,433)	(50,471)	(94,783)	(89,855)
Capitalized interest at end of period	[3]	247,276	303,984	247,276	303,984
Loss on early extinguishment of debt				0	5,685
Land [Member]
Interest Costs
Interest amortized to construction and land costs		$ (3,100)	$ (1,100)	$ (4,100)	$ (1,600)
[1]	Interest incurred and interest expensed for the six months ended May 31, 2017 included a charge of $5.7 million for the early extinguishment of debt
[2]	Interest amortized to construction and land costs for the three months ended May 31, 2018 and 2017 included $3.1 million and $1.1 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 Lan54

Inventory Impairments and Land Option Contract Abandonments (Narratives) (Details)		3 Months Ended		6 Months Ended
		May 31, 2018USD ($)lotdelivery	May 31, 2017USD ($)delivery	May 31, 2018USD ($)lotdeliveryproperty	May 31, 2017USD ($)deliveryproperty	Nov. 30, 2017USD ($)property
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Real Estate Inventory, Capitalized Interest Costs, Cost of Sales	[1]	$ 52,433,000	$ 50,471,000	$ 94,783,000	$ 89,855,000
Impairment of Real Estate		5,993,000	4,302,000	$ 10,692,000	$ 7,519,000
Number of land parcels or communities evaluated for recoverability | property				42	43
Carrying Value of Communities or Land Parcels Evaluated for Impairment		284,100,000	381,100,000	$ 284,100,000	$ 381,100,000
Aggregate carrying value of inventory impacted by pretax, noncash inventory impairment charges		$ 169,800,000		$ 169,800,000		$ 177,800,000
Number of communities and various other land parcels impacted by pretax, noncash inventory impairment charges		18		18		24
Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Estimate Input at Average Selling Price		$ 460,500	$ 399,800	$ 774,100	$ 399,800
Fair Value Estimate Input, Delivery For Period | delivery		5	4	5	4
Fair Value Inputs, Discount Rate		17.00%	18.00%	18.00%	18.00%
Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Estimate Input at Average Selling Price		$ 339,400	$ 231,000	$ 339,400	$ 231,000
Fair Value Estimate Input, Delivery For Period | delivery		4	3	3	3
Fair Value Inputs, Discount Rate		17.00%	18.00%	17.00%	17.00%
Land Option Contract Abandonment [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Payments to Acquire Land		$ (533,000)	$ (1,699,000)	$ (819,000)	$ (2,490,000)
West Coast [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Impairment of Real Estate		5,993,000	3,144,000	10,692,000	3,144,000
West Coast [Member] | Land Option Contract Abandonment [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Payments to Acquire Land		(388,000)	(1,044,000)	(596,000)	(1,835,000)
Central [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Impairment of Real Estate		0	0	0	0
Central [Member] | Land Option Contract Abandonment [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Payments to Acquire Land		(145,000)	(518,000)	(223,000)	(518,000)
Southeast [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Impairment of Real Estate		0	1,158,000	0	3,032,000
Southeast [Member] | Land Option Contract Abandonment [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Payments to Acquire Land		0	(137,000)	0	(137,000)
Land [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Real Estate Inventory, Capitalized Interest Costs, Cost of Sales		$ 3,100,000	$ 1,100,000	$ 4,100,000	$ 1,600,000
[1]	Interest amortized to construction and land costs for the three months ended May 31, 2018 and 2017 included $3.1 million and $1.1 million, respectively, related to land sales during those periods.

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands	May 31, 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	$ 43,978	$ 64,702
Aggregate Purchase Price	1,165,448	1,094,087
Pre-acquisition costs related to land option contracts and other similar contracts	36,800	26,800
Letters of Credit Outstanding, Amount	36,700	37,600
Increase in inventories and accrued expenses and other liabilities	$ 23,200	$ 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	$ 25,107	$ 43,171
Aggregate Purchase Price	710,872	653,858
Non-VIE Other land option contracts and other similar contracts [Member]
Variable Interest Entity [Line Items]
Cash Deposits	18,871	21,531
Aggregate Purchase Price	$ 454,576	$ 440,229

Investments in Unconsolidated56

Investments in Unconsolidated Joint Ventures (Financial Information for Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		May 31, 2018	May 31, 2017	May 31, 2018	May 31, 2017	Nov. 30, 2017
Statements of operations of unconsolidated joint venture
Revenues		$ 7,827	$ 7,080	$ 16,624	$ 26,802
Construction and land costs		(7,839)	(6,898)	(16,655)	(24,793)
Other expenses, net		(611)	(1,157)	(1,983)	(2,253)
Income (loss)		(623)	$ (975)	(2,014)	$ (244)
Assets
Cash		17,237		17,237		$ 21,193
Receivables		226		226		688
Inventories		143,136		143,136		145,519
Other Assets		959		959		1,398
Total assets		161,558		161,558		168,798
Liabilities and equity
Accounts payable and other liabilities		22,744		22,744		25,426
Equity Method Investments Summarized Financial Information Debt	[1]	9,536		9,536		20,040
Equity		129,278		129,278		123,332
Total liabilities and equity		$ 161,558		$ 161,558		$ 168,798
[1]	As of May 31, 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 May 31, 2018, $9.1 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 May 31, 2018 or November 30, 2017.

Investments in Unconsolidated57

Investments in Unconsolidated Joint Ventures (Information for Investments in Unconsolidated Joint Ventures) (Details) $ in Thousands		6 Months Ended
		May 31, 2018USD ($)lotjoint_venture	Nov. 30, 2017USD ($)lotjoint_venture
Schedule of Equity Method Investments [Line Items]
Number of Units in Real Estate Property | lot		56
Long-term Purchase, Commitment, Amount		$ 25,300
Number of investments in unconsolidated joint ventures | joint_venture		7	7
Long-term purchase commitment period		2 years
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures		$ 69,015	$ 64,794
Number of Unconsolidated Joint Venture Lots Controlled Under Land Option Contracts | lot		354	377
Equity Method Investments Summarized Financial Information Debt	[1]	$ 9,536	$ 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		$ 9,100
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 May 31, 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 May 31, 2018, $9.1 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 May 31, 2018 or November 30, 2017.

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	May 31, 2018	Nov. 30, 2017
Other Assets [Abstract]
Cash surrender value of corporate-owned life insurance contracts	$ 75,125	$ 75,236
Property and equipment, net	21,690	19,521
Prepaid expenses	12,153	5,360
Debt issuance costs associated with unsecured revolving credit facility	2,056	2,381
Total	$ 111,024	$ 102,498

Accrued Expenses and Other Li59

Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands		May 31, 2018	Feb. 28, 2018	Nov. 30, 2017	May 31, 2017	Feb. 28, 2017	Nov. 30, 2016
Payables and Accruals [Abstract]
Employee compensation and related benefits		$ 125,376		$ 143,992
Inventory-related liabilities	[1]	43,932		30,108
Self-Insurance and Other Legal Liabilities		243,838		222,808
Accrued interest payable		69,008		65,343
Warranty liability		76,404	$ 71,845	69,798	$ 60,037	$ 57,710	$ 56,682
Customer Advances and Deposits		21,508		16,863
Real estate and business taxes		10,497		16,874
Other		3,852		10,144
Total		$ 594,415		$ 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		6 Months Ended		12 Months Ended
	May 31, 2018	May 31, 2017	May 31, 2018	May 31, 2017	Nov. 30, 2022	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Income Tax Expense (Benefit), Continuing Operations [Abstract]
Income tax expense	$ (21,000,000)	$ (20,200,000)	$ (138,300,000)	$ (27,400,000)
Impact of Tax Reform			111,200,000
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
Income Tax Credits and Adjustments	200,000	$ 100,000	4,200,000	$ 1,200,000
Unrecognized Tax Benefits	200,000		200,000					$ 100,000
Net (increase) reduction in valuation allowance			(3,300,000)
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount - Other			0
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense	(200,000)		(2,400,000)
Valuation allowance	26,900,000		26,900,000					23,600,000
Income Tax Contingency [Line Items]
Deferred Tax Assets, Gross	$ 522,900,000		$ 522,900,000					$ 657,200,000
Effective Income Tax Rate Reconciliation, Percent	26.80%	38.90%	111.20%	37.30%
Minimum [Member]
Income Tax Contingency [Line Items]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	$ 0		$ 0
Maximum [Member]
Income Tax Contingency [Line Items]
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation	1,000,000		1,000,000
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	$ 200,000		$ 200,000
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	May 31, 2018	Nov. 30, 2017
Debt Instrument [Line Items]
Mortgages and notes payable	$ 2,353,848	$ 2,324,845
Mortgages and Land Contracts Due to Land Sellers and Other Loans [Member]
Debt Instrument [Line Items]
Mortgages and notes payable	$ 36,406	$ 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	$ 299,983	$ 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	$ 398,933	$ 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	$ 346,997	$ 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	$ 446,977	$ 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	$ 347,478	$ 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	$ 247,897	$ 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	$ 229,177	$ 228,572

Notes Payable (Narratives) (Det

Notes Payable (Narratives) (Details)	3 Months Ended		6 Months Ended
	May 31, 2018USD ($)$ / sharesshares	May 31, 2017shares	May 31, 2018USD ($)$ / sharesshares	May 31, 2017USD ($)shares	Nov. 30, 2017USD ($)
Debt Instrument [Line Items]
Debt Issuance Costs, Net	$ 12,600,000		$ 12,600,000		$ 15,400,000
Line of Credit Facility, Current Borrowing Capacity	500,000,000		500,000,000
Letters of credit outstanding	$ 36,700,000		$ 36,700,000		37,600,000
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities (in shares) | shares	8,402,000	8,402,000	0	8,402,000
Gain (Loss) on Extinguishment of Debt			$ 0	$ (5,685,000)
Notes and Loans Payable	$ 2,353,848,000		2,353,848,000		2,324,845,000
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months	300,000,000		300,000,000
Long-term Debt, Maturities, Repayments of Principal in Year Two	666,400,000		666,400,000
Long-term Debt, Maturities, Repayments of Principal in Year Three	350,000,000		350,000,000
Long-term Debt, Maturities, Repayments of Principal in Year Four	0		0
Long-term Debt, Maturities, Repayments of Principal in Year Five	800,000,000		800,000,000
Long-term Debt, Maturities, Repayments of Principal after Year Five	250,000,000		250,000,000
Inventories pledged to collateralize mortgages and land contracts, carrying value	$ 115,400,000		115,400,000
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		600,000,000
Line of Credit Facility, Amount Outstanding	0		0
Unsecured revolving credit facility, remaining borrowing capacity	$ 463,300,000		463,300,000
Revolving Credit Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage	0.30%
Revolving Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage	0.45%
Letter of Credit [Member]
Debt Instrument [Line Items]
Unsecured revolving credit facility, maximum borrowing capacity	$ 250,000,000		250,000,000
Line of Credit Facility, Amount Outstanding	36,700,000		36,700,000
Unsecured revolving credit facility, remaining borrowing capacity	213,300,000		213,300,000
LOC Facilities [Member]
Debt Instrument [Line Items]
Letters of credit outstanding	0		0		0
Mortgages and Land Contracts Due to Land Sellers and Other Loans [Member]
Debt Instrument [Line Items]
Notes and Loans Payable	$ 36,406,000		$ 36,406,000		$ 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%		1.375%
Debt instrument, conversion ratio	0.0365297
Debt instrument, convertible, conversion price (in dollars per share) | $ / shares	$ 27.37		$ 27.37
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities (in shares) | shares	8,401,831
Notes and Loans Payable	$ 229,177,000		$ 229,177,000		$ 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%		7.25%
Notes and Loans Payable	$ 299,983,000		$ 299,983,000		$ 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%		4.75%
Notes and Loans Payable	$ 398,933,000		$ 398,933,000		$ 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%		8.00%
Notes and Loans Payable	$ 346,997,000		$ 346,997,000		$ 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%		7.50%
Notes and Loans Payable	$ 347,478,000		$ 347,478,000		$ 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%		7.625%
Notes and Loans Payable	$ 247,897,000		$ 247,897,000		$ 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		6 Months Ended		12 Months Ended
		May 31, 2018	May 31, 2017	May 31, 2018	May 31, 2017	Nov. 30, 2017
Assets measured at fair value on a nonrecurring basis
Impairment of Real Estate		$ (5,993)	$ (4,302)	$ (10,692)	$ (7,519)
Fair Value, Measurements, Nonrecurring [Member] | Level 3
Assets measured at fair value on a nonrecurring basis
Assets, Fair Value Disclosure	[1]	21,912		21,912		$ 38,357
Inventory Impacted by Pretax Noncash Inventory Impairment Charges, Carrying Value		$ 32,604		32,604		58,962
Impairment of Real Estate				$ (10,692)		$ (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		6 Months Ended
	May 31, 2018	May 31, 2017	May 31, 2018	May 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of Real Estate	$ 5,993	$ 4,302	$ 10,692	$ 7,519

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		May 31, 2018	Nov. 30, 2017
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Debt, Fair Value Disclosures	[1]	$ 229,177	$ 228,572
Carrying Value | Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated Fair Value	[1]	2,088,265	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		246,388	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		$ 2,191,875	$ 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 Contingencies66

Commitments and Contingencies (Narratives) (Details) $ in Thousands		3 Months Ended		6 Months Ended
		May 31, 2018USD ($)	May 31, 2017USD ($)	May 31, 2018USD ($)Home	May 31, 2017USD ($)	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		$ (5,330)	$ (6,457)	$ (11,047)	$ (12,569)
Performance bonds		602,200		602,200		$ 606,700
Letters of credit outstanding		36,700		36,700		37,600
Cash deposits		43,978		43,978		64,702
Aggregate purchase price of land		1,165,448		$ 1,165,448		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]	(7,012)	$ (4,255)	$ (7,048)	$ (5,557)
Loss Contingency, Receivable		$ 64,200		$ 64,200		$ 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 Contingencies67

Commitments and Contingencies (Changes in the Warranty Liability) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		May 31, 2018	May 31, 2017	May 31, 2018	May 31, 2017	Feb. 28, 2018	Nov. 30, 2017	Feb. 28, 2017	Nov. 30, 2016
Loss Contingencies [Line Items]
Self Insurance Reserve		$ 176,715	$ 156,505	$ 176,715	$ 156,505	$ 180,695	$ 177,695	$ 159,882	$ 158,584
Expenses Associated with Self Insurance	[1]	4,309	3,598	8,710	8,238
Payments, Net of Recoveries for Self Insurance		(1,277)	(2,720)	(2,642)	(4,760)
Changes in the Warranty Liability
Balance at beginning of period		71,845	57,710	69,798	56,682
Warranties issued		9,889	8,784	17,653	15,924
Payments		(5,330)	(6,457)	(11,047)	(12,569)
Balance at end of period		76,404	60,037	76,404	60,037
Self Insurance [Member]
Loss Contingencies [Line Items]
Loss Contingency, Receivable		64,200		64,200			71,300
Increase (Decrease) in Insurance Liabilities	[2]	(7,012)	$ (4,255)	(7,048)	$ (5,557)
Warranty and Other [Member]
Loss Contingencies [Line Items]
Loss Contingency, Receivable		$ 3,000		$ 3,000			$ 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	6 Months Ended
	May 31, 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		6 Months Ended
	May 31, 2018	May 31, 2017	May 31, 2018	May 31, 2017
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			$ 1,926,311
Net loss	$ 57,308	$ 31,782	(13,947)	$ 46,041
Dividends on common stock			$ (4,500)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares)			397,062
Stock Issued During Period, Value, Stock Options Exercised			$ 4,771
Stock Issued During Period, Value, Share-based Compensation, Gross			0
Stock-based compensation			8,795
Stock repurchases			(6,787)
Ending balance	$ 1,914,643		$ 1,914,643
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)			397,000
Stock Issued During Period, Value, Stock Options Exercised			$ 397
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures (in shares)			(54,000)
Stock Issued During Period, Value, Share-based Compensation, Gross			$ 54
Common Stock, Shares, Outstanding (in shares)	(118,397,000)		(118,397,000)
Ending balance	$ 118,397		$ 118,397
Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			727,483
Stock Issued During Period, Value, Stock Options Exercised			4,374
Stock Issued During Period, Value, Share-based Compensation, Gross			(4,605)
Stock-based compensation			8,795
Ending balance	736,047		736,047
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			1,735,695
Net loss			(13,947)
Dividends on common stock			(4,500)
Ending balance	1,717,248		1,717,248
Accumulated Other Comprehensive Income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			(16,924)
Ending balance	$ (16,924)		$ (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)		(8,460,000)
Ending balance	$ (91,760)		$ (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)
Common stock repurchased (in shares)			(217,000)
Common Stock, Shares, Outstanding (in shares)	(22,248,000)		(22,248,000)
Ending balance	$ (548,365)		$ (548,365)

Stockholders' Equity (Narrative

Stockholders' Equity (Narratives) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2018	May 31, 2017	May 31, 2018	May 31, 2017	May 14, 2018	Feb. 14, 2018	Nov. 30, 2017	Jan. 12, 2016	Jul. 17, 2014
Debt Instrument [Line Items]
Common stock reserve (in shares)	12,602,735		12,602,735
Additional shares authorized to be repurchased (in shares)					2,373,000
Stock repurchases			$ 6,787	$ 2,543
Dividend paid in each quarter (in dollars per share)	$ 0.0250	$ 0.0250	$ 0.05	$ 0.05
January 2016 Stock Repurchase Program [Member]
Debt Instrument [Line Items]
Number of common stock, authorized, approved under a board approved stock repurchase program (in shares)	4,000,000		4,000,000					10,000,000
Stock repurchases			$ 85,900
Common stock repurchased (in shares)			8,373,000
Shares Withheld to Pay Taxes [Member]
Debt Instrument [Line Items]
Stock repurchases			$ 6,800
Common stock repurchased (in shares)			217,006
PSU 2014 [Domain] | Performance Shares [Member]
Debt Instrument [Line Items]
Common Stock, Shares, Issued (in shares)						437,689
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%				1.375%

Stock-Based Compensation (Outst

Stock-Based Compensation (Outstanding and Exercisable Stock Options) (Details)	6 Months Ended
	May 31, 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	(397,062)
Cancelled, options (in shares) | shares	(16,208)
Options outstanding at end of period, options (in shares) | shares	8,851,970
Options exercisable at end of period (in shares) | shares	7,910,570
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	12.02
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	17.90
Options exercisable at end of period (in dollars per share) | $ / shares	$ 18.16

Stock-Based Compensation (Narra

Stock-Based Compensation (Narratives) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2018	May 31, 2017	May 31, 2018	May 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining contractual life of stock options outstanding (in years)			3 years 9 months 1 day
Weighted average remaining contractual life of stock options exercisable (in years)			3 years 3 months
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value	$ 91.8		$ 91.8
Intrinsic value of stock options exercisable	81.8		81.8
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, total	0.5		$ 0.5
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			12 months
Stock-based compensation expense (income) associated with stock options, total	0.2	$ 0.3	$ 0.4	$ 1.1
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	$ 4.8	$ 3.6	$ 8.4	$ 5.9

Supplemental Disclosure to Co73

Supplemental Disclosure to Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	May 31, 2018	May 31, 2017	Nov. 30, 2017	Nov. 30, 2016
Summary of cash and cash equivalents at end of period:
Cash and cash equivalents	$ 670,554	$ 349,372	$ 720,861	$ 593,000
Supplemental disclosures of cash flow information:
Interest paid, net of amounts capitalized	(3,665)	2,105
Income taxes paid	7,595	3,039
Supplemental disclosures of noncash activities:
Increase (decrease) in consolidated inventories not owned	17,518	(37,371)
Inventories acquired through seller financing	36,697	28,160
Homebuilding
Summary of cash and cash equivalents at end of period:
Cash and cash equivalents	669,798	348,588	720,630
Financial Services
Summary of cash and cash equivalents at end of period:
Cash and cash equivalents	756	784	$ 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	$ 5,113	$ 3,676

Supplemental Guarantor Inform74

Supplemental Guarantor Information (Narrative) (Details)	6 Months Ended
	May 31, 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 Inform75

Supplemental Guarantor Information (Condensed Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		May 31, 2018	May 31, 2017	May 31, 2018	May 31, 2017
Condensed Consolidated Statements of Operations
Revenues		$ 1,101,423	$ 1,002,794	$ 1,973,046	$ 1,821,390
Homebuilding:
Revenues		1,098,673	1,000,072	1,967,878	1,816,318
Construction and land costs		(911,244)	(846,596)	(1,640,722)	(1,544,676)
Selling, general and administrative expenses		(113,231)	(103,917)	(208,955)	(196,806)
Operating income (loss)		74,198	49,559	118,201	74,836
Interest income		1,278	202	2,281	400
Interest expense	[1]	0	0	0	(6,307)
Intercompany Interest Income (Expense)		0	0	0	0
Equity in income of unconsolidated joint ventures				613	1,075
Total pretax income (loss)		78,308	51,982	124,353	73,441
Income tax expense		(21,000)	(20,200)	(138,300)	(27,400)
Income (Loss) from Subsidiaries, Net of Tax		0	0	0	0
Net income (loss)		57,308	31,782	(13,947)	46,041
KB Home Corporate
Condensed Consolidated Statements of Operations
Revenues		0	0	0	0
Homebuilding:
Revenues		0	0	0	0
Construction and land costs		0	0	0	0
Selling, general and administrative expenses		(26,815)	(23,322)	(48,981)	(45,589)
Operating income (loss)		(26,815)	(23,322)	(48,981)	(45,589)
Interest income		1,181	198	2,179	395
Interest expense		(37,942)	(41,693)	(75,914)	(90,042)
Intercompany Interest Income (Expense)		75,277	75,610	148,123	149,103
Total pretax income (loss)		11,701	10,793	25,407	13,867
Income tax expense		(2,400)	(2,500)	(47,100)	(1,200)
Income (Loss) from Subsidiaries, Net of Tax		48,007	23,489	7,746	33,374
Net income (loss)		57,308	31,782	(13,947)	46,041
Guarantor Subsidiaries
Condensed Consolidated Statements of Operations
Revenues		995,927	893,561	1,771,622	1,623,488
Homebuilding:
Revenues		995,927	893,561	1,771,622	1,623,488
Construction and land costs		(821,077)	(751,172)	(1,469,196)	(1,369,624)
Selling, general and administrative expenses		(76,986)	(70,929)	(142,827)	(133,827)
Operating income (loss)		97,864	71,460	159,599	120,037
Interest income		4	2	9	3
Interest expense		(634)	(426)	(1,323)	(994)
Intercompany Interest Income (Expense)		(32,816)	(29,862)	(63,315)	(56,465)
Total pretax income (loss)		64,097	40,579	93,804	62,717
Income tax expense		(17,700)	(17,300)	(65,800)	(26,100)
Income (Loss) from Subsidiaries, Net of Tax		0	0	0	0
Net income (loss)		46,397	23,279	28,004	36,617
Non-Guarantor Subsidiaries
Condensed Consolidated Statements of Operations
Revenues		105,496	109,233	201,424	197,902
Homebuilding:
Revenues		102,746	106,511	196,256	192,830
Construction and land costs		(90,167)	(95,424)	(171,526)	(175,052)
Selling, general and administrative expenses		(9,430)	(9,666)	(17,147)	(17,390)
Operating income (loss)		3,149	1,421	7,583	388
Interest income		93	2	93	2
Interest expense		(1,348)	(1,225)	(2,631)	(2,387)
Intercompany Interest Income (Expense)		(2,537)	(2,404)	(4,940)	(5,522)
Total pretax income (loss)		2,510	610	5,142	(3,143)
Income tax expense		(900)	(400)	(25,400)	(100)
Income (Loss) from Subsidiaries, Net of Tax		0	0	0	0
Net income (loss)		1,610	210	(20,258)	(3,243)
Homebuilding [Member]
Homebuilding:
Equity in income of unconsolidated joint ventures		(322)	(596)	(1,167)	135
Total pretax income (loss)		75,154	49,165	119,315	69,064
Homebuilding [Member] | KB Home Corporate
Homebuilding:
Equity in income of unconsolidated joint ventures		0	0	0	0
Total pretax income (loss)		11,701	10,793	25,407	13,867
Homebuilding [Member] | Guarantor Subsidiaries
Homebuilding:
Equity in income of unconsolidated joint ventures		(321)	(595)	(1,166)	136
Total pretax income (loss)		64,097	40,579	93,804	62,717
Homebuilding [Member] | Non-Guarantor Subsidiaries
Homebuilding:
Equity in income of unconsolidated joint ventures		(1)	(1)	(1)	(1)
Total pretax income (loss)		(644)	(2,207)	104	(7,520)
Financial services [Member]
Homebuilding:
Operating income (loss)		1,793	1,906	3,258	3,437
Equity in income of unconsolidated joint ventures		1,361	911	1,780	940
Total pretax income (loss)		3,154	2,817	5,038	4,377
Financial services [Member] | KB Home Corporate
Homebuilding:
Total pretax income (loss)		0	0	0	0
Financial services [Member] | Guarantor Subsidiaries
Homebuilding:
Total pretax income (loss)		0	0	0	0
Financial services [Member] | Non-Guarantor Subsidiaries
Homebuilding:
Total pretax income (loss)		3,154	2,817	5,038	4,377
Consolidating Adjustments
Condensed Consolidated Statements of Operations
Revenues		0	0	0	0
Homebuilding:
Revenues		0	0	0	0
Construction and land costs		0	0	0	0
Selling, general and administrative expenses		0	0	0	0
Operating income (loss)		0	0	0	0
Interest income		0	0	0	0
Interest expense		39,924	43,344	79,868	87,116
Intercompany Interest Income (Expense)		(39,924)	(43,344)	(79,868)	(87,116)
Total pretax income (loss)		0	0	0	0
Income tax expense		0	0	0	0
Income (Loss) from Subsidiaries, Net of Tax		(48,007)	(23,489)	(7,746)	(33,374)
Net income (loss)		(48,007)	(23,489)	(7,746)	(33,374)
Consolidating Adjustments | Homebuilding [Member]
Homebuilding:
Equity in income of unconsolidated joint ventures		0	0	0	0
Total pretax income (loss)		0	0	0	0
Consolidating Adjustments | Financial services [Member]
Homebuilding:
Total pretax income (loss)		$ 0	$ 0	$ 0	$ 0
[1]	Interest incurred and interest expensed for the six months ended May 31, 2017 included a charge of $5.7 million for the early extinguishment of debt

Supplemental Guarantor Inform76

Supplemental Guarantor Information (Condensed Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands	May 31, 2018	Nov. 30, 2017	May 31, 2017	Nov. 30, 2016
Assets
Cash and Cash Equivalents, at Carrying Value	$ 670,554	$ 720,861	$ 349,372	$ 593,000
Receivables	275,620	244,213
Inventory, Operative Builders	3,464,002	3,263,386
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	69,015	64,794
Deferred tax assets, net	495,969	633,637
Other assets	111,024	102,498
Investments in and Advances to Affiliates, Amount of Equity	0	0
Total assets	5,094,736	5,041,515
Due from Affiliates	0	0
Liabilities and stockholders' equity
Accounts payable, accrued expenses and other liabilities	825,021	789,393
Mortgages and notes payable	2,353,848	2,324,845
Financial services	1,224	966
Due to Affiliate	0	0
Stockholders' equity	1,914,643	1,926,311
Total liabilities and stockholders’ equity	5,094,736	5,041,515
KB Home Corporate
Assets
Cash and Cash Equivalents, at Carrying Value	542,126	575,193	297,258	463,100
Receivables	7,486	24,815
Inventory, Operative Builders	0	0
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	0	0
Deferred tax assets, net	204,006	250,747
Other assets	97,866	91,592
Investments in and Advances to Affiliates, Amount of Equity	55,834	49,776
Total assets	4,377,780	4,406,360
Due from Affiliates	3,470,462	3,414,237
Liabilities and stockholders' equity
Accounts payable, accrued expenses and other liabilities	135,927	163,984
Mortgages and notes payable	2,292,332	2,289,532
Financial services	0	0
Due to Affiliate	34,878	26,533
Stockholders' equity	1,914,643	1,926,311
Total liabilities and stockholders’ equity	4,377,780	4,406,360
Guarantor Subsidiaries
Assets
Cash and Cash Equivalents, at Carrying Value	93,948	102,661	42,386	100,439
Receivables	189,853	144,076
Inventory, Operative Builders	3,122,164	2,929,466
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	66,512	62,290
Deferred tax assets, net	178,134	243,523
Other assets	10,331	8,424
Investments in and Advances to Affiliates, Amount of Equity	0	0
Total assets	3,660,942	3,490,440
Due from Affiliates	0	0
Liabilities and stockholders' equity
Accounts payable, accrued expenses and other liabilities	441,864	371,909
Mortgages and notes payable	36,406	9,283
Financial services	0	0
Due to Affiliate	3,182,672	3,109,248
Stockholders' equity	0	0
Total liabilities and stockholders’ equity	3,660,942	3,490,440
Non-Guarantor Subsidiaries
Assets
Cash and Cash Equivalents, at Carrying Value	34,480	43,007	9,728	29,461
Receivables	78,281	75,322
Inventory, Operative Builders	341,838	333,920
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	2,503	2,504
Deferred tax assets, net	113,829	139,367
Other assets	2,827	2,482
Investments in and Advances to Affiliates, Amount of Equity	0	0
Total assets	709,054	716,720
Due from Affiliates	126,744	107,992
Liabilities and stockholders' equity
Accounts payable, accrued expenses and other liabilities	247,230	253,500
Mortgages and notes payable	25,110	26,030
Financial services	1,224	966
Due to Affiliate	379,656	386,448
Stockholders' equity	55,834	49,776
Total liabilities and stockholders’ equity	709,054	716,720
Homebuilding [Member]
Assets
Cash and Cash Equivalents, at Carrying Value	669,798	720,630	348,588
Total assets	5,085,428	5,029,158
Liabilities and stockholders' equity
Total Liabilities Homebuilding	3,178,869	3,114,238
Homebuilding [Member] | KB Home Corporate
Assets
Cash and Cash Equivalents, at Carrying Value	542,126	575,193
Total assets	851,484	942,347
Liabilities and stockholders' equity
Total Liabilities Homebuilding	2,428,259	2,453,516
Homebuilding [Member] | Guarantor Subsidiaries
Assets
Cash and Cash Equivalents, at Carrying Value	93,948	102,661
Total assets	3,660,942	3,490,440
Liabilities and stockholders' equity
Total Liabilities Homebuilding	478,270	381,192
Homebuilding [Member] | Non-Guarantor Subsidiaries
Assets
Cash and Cash Equivalents, at Carrying Value	33,724	42,776
Total assets	573,002	596,371
Liabilities and stockholders' equity
Total Liabilities Homebuilding	272,340	279,530
Financial services [Member]
Assets
Cash and Cash Equivalents, at Carrying Value	756	231	784
Receivables	1,535	1,724
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	6,973	10,340
Other assets	44	62
Total assets	9,308	12,357
Liabilities and stockholders' equity
Accounts payable, accrued expenses and other liabilities	1,224	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	9,308	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	(55,834)	(49,776)
Total assets	(3,653,040)	(3,572,005)
Due from Affiliates	(3,597,206)	(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	(3,597,206)	(3,522,229)
Stockholders' equity	(55,834)	(49,776)
Total liabilities and stockholders’ equity	(3,653,040)	(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

Supplemental Guarantor Inform77

Supplemental Guarantor Information (Condensed Consolidated Statements of Cash Flows) (Details) - USD ($) $ in Thousands	6 Months Ended
	May 31, 2018	May 31, 2017
Cash flows from operating activities:
Net cash used in operating activities	$ (19,369)	$ (64,580)
Cash flows from investing activities:
Contributions to unconsolidated joint ventures	(11,600)	(11,105)
Proceeds from Equity Method Investment, Distribution, Return of Capital	1,099	6,958
Purchases of property and equipment, net	(3,427)	(4,100)
Intercompany	0	0
Net cash used in investing activities	(13,928)	(8,247)
Cash flows from financing activities:
Repayment of senior notes		(105,326)
Payments on mortgages and land contracts due to land sellers and other loans	(10,494)	(61,640)
Issuance of common stock under employee stock plans	4,771	3,049
Payments of cash dividends	(4,500)	(4,341)
Stock repurchases	(6,787)	(2,543)
Intercompany	0	0
Net cash used in financing activities	(17,010)	(170,801)
Net decrease in cash and cash equivalents	(50,307)	(243,628)
Cash and cash equivalents at beginning of period	720,861	593,000
Cash and cash equivalents at end of period	670,554	349,372
KB Home Corporate
Cash flows from operating activities:
Net cash used in operating activities	18,931	24,724
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	(3,102)	(3,724)
Intercompany	(42,380)	(77,681)
Net cash used in investing activities	(45,482)	(81,405)
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	4,771	3,049
Payments of cash dividends	(4,500)	(4,341)
Stock repurchases	(6,787)	(2,543)
Intercompany	0	0
Net cash used in financing activities	(6,516)	(109,161)
Net decrease in cash and cash equivalents	(33,067)	(165,842)
Cash and cash equivalents at beginning of period	575,193	463,100
Cash and cash equivalents at end of period	542,126	297,258
Guarantor Subsidiaries
Cash flows from operating activities:
Net cash used in operating activities	(33,782)	(83,371)
Cash flows from investing activities:
Contributions to unconsolidated joint ventures	(11,600)	(5,852)
Proceeds from Equity Method Investment, Distribution, Return of Capital	1,099	1,969
Purchases of property and equipment, net	(277)	(344)
Intercompany	0	0
Net cash used in investing activities	(10,778)	(4,227)
Cash flows from financing activities:
Repayment of senior notes		0
Payments on mortgages and land contracts due to land sellers and other loans	(9,574)	(61,640)
Issuance of common stock under employee stock plans	0	0
Payments of cash dividends	0	0
Stock repurchases	0	0
Intercompany	45,421	91,185
Net cash used in financing activities	35,847	29,545
Net decrease in cash and cash equivalents	(8,713)	(58,053)
Cash and cash equivalents at beginning of period	102,661	100,439
Cash and cash equivalents at end of period	93,948	42,386
Non-Guarantor Subsidiaries
Cash flows from operating activities:
Net cash used in operating activities	(4,518)	(5,933)
Cash flows from investing activities:
Contributions to unconsolidated joint ventures	0	(5,253)
Proceeds from Equity Method Investment, Distribution, Return of Capital	0	4,989
Purchases of property and equipment, net	(48)	(32)
Intercompany	0	0
Net cash used in investing activities	(48)	(296)
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	(3,041)	(13,504)
Net cash used in financing activities	(3,961)	(13,504)
Net decrease in cash and cash equivalents	(8,527)	(19,733)
Cash and cash equivalents at beginning of period	43,007	29,461
Cash and cash equivalents at end of period	34,480	9,728
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	42,380	77,681
Net cash used in investing activities	42,380	77,681
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	(42,380)	(77,681)
Net cash used in financing activities	(42,380)	(77,681)
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

Subsequent Event (Details)

Subsequent Event (Details) $ in Millions	Jun. 15, 2018USD ($)
Senior Notes [Member] | Senior notes due June 15, 2018 at 7 1/4% | Subsequent Event [Member]
Subsequent Event [Line Items]
Notes and Loans Payable	$ 300