KB Home (KBH) 10-Q 9 Oct 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Aug. 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	Aug. 31, 2018
Amendment Flag	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--11-30
Entity Filer Category	Large Accelerated Filer
Entity Common Stock Shares Outstanding	88,387,928

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2018	Aug. 31, 2017
Total revenues		$ 1,225,347	$ 1,144,001	$ 3,198,393	$ 2,965,391
Homebuilding:
Revenues		1,221,875	1,140,787	3,189,753	2,957,105
Construction and land costs		(1,001,509)	(955,001)	(2,642,231)	(2,499,677)
Selling, general and administrative expenses		(114,753)	(109,095)	(323,708)	(305,901)
Operating income		105,613	76,691	223,814	151,527
Interest income		458	347	2,739	747
Interest expense	[1]	0	0	0	(6,307)
Equity in income of unconsolidated joint ventures				6,691	921
Total pretax income (loss)		114,676	79,208	239,029	152,649
Financial services:
Revenues		3,472	3,214	8,640	8,286
Expenses		(945)	(890)	(2,855)	(2,525)
Income tax expense		(27,200)	(29,000)	(165,500)	(56,400)
Net income		$ 87,476	$ 50,208	$ 73,529	$ 96,249
Earnings Per Share, Basic (in dollars per share)		$ 0.99	$ 0.58	$ 0.83	$ 1.12
Earnings Per Share, Diluted (in dollars per share)		$ 0.87	$ 0.51	$ 0.75	$ 1
Weighted average shares outstanding — basic (in shares)		87,951	85,974	87,565	85,517
Weighted average shares outstanding — diluted (in shares)		101,072	98,912	101,213	97,624
Cash dividends declared per common share (in dollars per share)		$ 0.0250	$ 0.025	$ 0.075	$ 0.075
Common Stock, Dividends, Per Share, Cash Paid		$ 0.0250	$ 0.0250	$ 0.075	$ 0.075
Homebuilding [Member]
Homebuilding:
Equity in income of unconsolidated joint ventures		$ 3,493	$ (814)	$ 2,326	$ (679)
Total pretax income (loss)		109,564	76,224	228,879	145,288
Financial services [Member]
Homebuilding:
Operating income		2,527	2,324	5,785	5,761
Equity in income of unconsolidated joint ventures		2,585	660	4,365	1,600
Total pretax income (loss)		$ 5,112	$ 2,984	$ 10,150	$ 7,361
[1]	Interest incurred and interest expensed for the nine months ended August 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	Aug. 31, 2018	Nov. 30, 2017
Assets
Cash and cash equivalents	$ 354,976	$ 720,861
Receivables	279,608	244,213
Inventories	3,688,855	3,263,386
Investments in unconsolidated joint ventures	62,436	64,794
Deferred tax assets, net	468,969	633,637
Other assets	108,919	102,498
Total assets	4,974,689	5,041,515
Liabilities and stockholders' equity
Accounts payable	259,947	213,463
Accrued expenses and other liabilities	634,466	575,930
Mortgages and notes payable	2,063,127	2,324,845
Financial services	1,200	966
Common stock	119,049	117,946
Paid-in capital	750,254	727,483
Retained earnings	1,802,538	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	(547,208)	(541,380)
Total stockholders’ equity	2,015,949	1,926,311
Total liabilities and stockholders’ equity	4,974,689	5,041,515
Homebuilding [Member]
Assets
Cash and cash equivalents	354,361	720,630
Total assets	4,963,148	5,029,158
Liabilities and stockholders' equity
Total Liabilities Homebuilding	2,957,540	3,114,238
Financial services [Member]
Assets
Cash and cash equivalents	615	231
Receivables	2,358	1,724
Investments in unconsolidated joint ventures	8,408	10,340
Other assets	160	62
Total assets	$ 11,541	$ 12,357

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Aug. 31, 2018	Aug. 31, 2017
Cash flows from operating activities:
Net income	$ 73,529	$ 96,249
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in income of unconsolidated joint ventures	(6,691)	(921)
Distributions of earnings from unconsolidated joint ventures	6,297	0
Amortization of discounts and issuance costs	4,677	5,006
Depreciation and amortization	1,882	2,151
Deferred income taxes	164,668	55,900
Loss on early extinguishment of debt	0	5,685
Stock-based compensation	12,149	9,893
Inventory impairments and land option contract abandonments	19,925	18,122
Changes in assets and liabilities:
Receivables	(36,030)	2,172
Inventories	(370,048)	(95,850)
Accounts payable, accrued expenses and other liabilities	84,885	9,926
Other, net	(4,751)	(5,063)
Net cash provided by (used in) operating activities	(49,508)	103,270
Cash flows from investing activities:
Contributions to unconsolidated joint ventures	(15,640)	(15,154)
Return of investments in unconsolidated joint ventures	9,934	8,159
Purchases of property and equipment, net	(4,137)	(6,643)
Net cash used in investing activities	(9,843)	(13,638)
Cash flows from financing activities:
Repayment of senior notes	(300,000)	(105,326)
Borrowings under revolving credit facility	70,000	0
Repayments under revolving credit facility	(70,000)	0
Issuance costs for unsecured revolving credit facility	0	1,711
Payments on mortgages and land contracts due to land sellers and other loans	(10,494)	(92,443)
Issuance of common stock under employee stock plans	17,433	20,677
Payments of cash dividends	(6,686)	(6,479)
Tax payments associated with stock-based compensation awards	(6,787)	(2,543)
Net cash used in financing activities	(306,534)	(187,825)
Net decrease in cash and cash equivalents	(365,885)	(98,193)
Cash and cash equivalents at beginning of period	720,861	593,000
Cash and cash equivalents at end of period	$ 354,976	$ 494,807

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Aug. 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 August 31, 2018 , the results of our consolidated operations for the three months and nine months ended August 31, 2018 and 2017, and our consolidated cash flows for the nine months ended August 31, 2018 and 2017. The results of our consolidated operations for the three months and nine months ended August 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 $195.7 million at August 31, 2018 and $481.1 million at November 30, 2017 . At August 31, 2018 and November 30, 2017, the majority of our cash and cash equivalents was invested in interest-bearing bank deposit accounts. Comprehensive Income. Our comprehensive income was $87.5 million for the three months ended August 31, 2018 and $50.2 million for the three months ended August 31, 2017 . For the nine months ended August 31, 2018 and 2017, our comprehensive income was $73.5 million and $96.2 million , respectively. Our comprehensive income for each of the three-month and nine-month periods ended August 31, 2018 and 2017 was equal to our net income for the respective periods. Adoption of New Accounting Pronouncements . 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 $.6 million and $3.0 million for the three-month and nine-month periods ended August 31, 2018 , respectively. The remaining aspects of adopting this guidance did not have a material impact on our consolidated financial statements. In January 2017, the FASB issued Accounting Standards Update No. 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business” (“ASU 2017-01”). ASU 2017-01 clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 is effective for annual and interim periods beginning after December 15, 2017 (with early adoption permitted). Our early adoption of this guidance in the 2018 third quarter 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,” and most industry-specific revenue and cost guidance in the accounting standards codification, including 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. Certain contracts may contain terms that require more management judgment and estimates than currently applicable guidance to determine the appropriate revenue recognition, including with respect to identifying the performance obligations in the contract, estimating the amount of variable consideration, if any, to include in the transaction price, and allocating the transaction price to the applicable performance obligations, among other things. 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 as 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 when policies are renewed. Under ASC 606, insurance commissions for estimated future policy 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 estimated future renewal commissions related to 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. In addition, we do not expect significant changes to our business processes or internal control over financial reporting as a result of the adoption. 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). Originally, entities were required to adopt ASU 2016-02 using a modified retrospective transition method. However, in July 2018, the FASB issued ASU 2018-11, “Leases (Topic 842): Targeted Improvements,” which provides entities with an additional transition method. Under ASU 2018-11, entities have the option of recognizing the cumulative effect of applying the new standard as an adjustment to beginning retained earnings in the year of adoption while continuing to present all prior periods under previous lease accounting guidance. In July 2018, the FASB also issued Accounting Standards Update No. 2018-10, “Codification Improvements to Topic 842, Leases” (“ASU 2018-10”), which clarifies how to apply certain aspects of ASU 2016-02. We expect to adopt ASU 2016-02, ASU 2018-10 and ASU 2018-11 beginning December 1, 2019. 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 August 2018, the FASB issued Accounting Standards Update No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”), which modifies the disclosure requirements on fair value measurements by removing, modifying, or adding certain disclosures. ASU 2018-13 is effective for us beginning December 1, 2020 (with early adoption permitted). Certain disclosures in ASU 2018-13 are required to be applied on a retrospective basis and others on a prospective basis. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements. In August 2018, the FASB issued Accounting Standards Update No. 2018-14, “Compensation — Retirement Benefits — Defined Benefit Plans — General (Subtopic 715-20): Disclosure Framework — Changes to the Disclosure Requirements for Defined Benefit Plans” (“ASU 2018-14”), which modifies the disclosure requirements for employers that sponsor defined benefit plans or other postretirement plans. ASU 2018-14 is effective for our year ending November 30, 2021 (with early adoption permitted). ASU 2018-14 is required to be applied on a retrospective basis to all periods presented. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements. In August 2018, the FASB issued Accounting Standards Update No. 2018-15, “Intangibles — Goodwill and Other — Internal-Use Software — (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract” (“ASU 2018-15”), which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The standard is effective for us beginning December 1, 2020 (with early adoption permitted). ASC 2018-15 is required to be applied either retrospectively or prospectively to all implementation costs after the date of adoption. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements.

Segment Information

Segment Information	9 Months Ended
	Aug. 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 August 31, 2018 , our homebuilding reporting segments conducted ongoing operations in the following states: West Coast: California and Washington Southwest: Arizona and Nevada Central: Colorado and Texas Southeast: Florida and North Carolina In the 2018 third quarter, we expanded into Washington with our entrance into the Seattle market. 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 August 31, Nine Months Ended August 31, 2018 2017 2018 2017 Revenues: West Coast $ 571,880 $ 609,598 $ 1,455,272 $ 1,426,030 Southwest 196,056 132,307 528,872 376,132 Central 327,888 291,006 885,875 826,008 Southeast 126,051 107,876 319,734 328,935 Total $ 1,221,875 $ 1,140,787 $ 3,189,753 $ 2,957,105 Pretax income (loss): West Coast $ 72,996 $ 58,922 $ 156,472 $ 118,271 Southwest 31,065 11,648 66,619 30,269 Central 32,294 28,921 80,464 75,584 Southeast (702 ) 1,129 1,405 (605 ) Corporate and other (26,089 ) (24,396 ) (76,081 ) (78,231 ) Total $ 109,564 $ 76,224 $ 228,879 $ 145,288 Inventory impairment charges: West Coast $ 4,190 $ 4,992 $ 14,882 $ 8,136 Southwest — 2,102 — 3,445 Central 654 — 654 — Southeast 2,291 — 2,291 3,032 Total $ 7,135 $ 7,094 $ 17,827 $ 14,613 Three Months Ended August 31, Nine Months Ended August 31, 2018 2017 2018 2017 Land option contract abandonments: West Coast $ 219 $ 903 $ 815 $ 2,738 Southwest 432 — 432 — Central 477 — 700 518 Southeast 151 116 151 253 Total $ 1,279 $ 1,019 $ 2,098 $ 3,509 August 31, November 30, Inventories: Homes under construction West Coast $ 700,305 $ 638,639 Southwest 183,226 179,240 Central 356,722 320,205 Southeast 154,642 98,764 Subtotal 1,394,895 1,236,848 Land under development West Coast 967,099 723,761 Southwest 376,413 309,672 Central 502,415 435,373 Southeast 207,995 182,533 Subtotal 2,053,922 1,651,339 Land held for future development or sale West Coast 146,947 233,188 Southwest 21,141 62,475 Central 11,951 12,654 Southeast 59,999 66,882 Subtotal 240,038 375,199 Total $ 3,688,855 $ 3,263,386 Assets: West Coast $ 1,984,393 $ 1,747,786 Southwest 614,214 586,666 Central 1,004,464 901,516 Southeast 462,427 359,307 Corporate and other 897,650 1,433,883 Total $ 4,963,148 $ 5,029,158

Financial Services

Financial Services	9 Months Ended
	Aug. 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 August 31, Nine Months Ended August 31, 2018 2017 2018 2017 Revenues Insurance commissions $ 1,928 $ 1,897 $ 4,743 $ 4,515 Title services 1,544 1,317 3,897 3,766 Interest income — — — 5 Total 3,472 3,214 8,640 8,286 Expenses General and administrative (945 ) (890 ) (2,855 ) (2,525 ) Operating income 2,527 2,324 5,785 5,761 Equity in income of unconsolidated joint ventures 2,585 660 4,365 1,600 Pretax income $ 5,112 $ 2,984 $ 10,150 $ 7,361 August 31, November 30, Assets Cash and cash equivalents $ 615 $ 231 Receivables 2,358 1,724 Investments in unconsolidated joint ventures 8,408 10,340 Other assets 160 62 Total assets $ 11,541 $ 12,357 Liabilities Accounts payable and accrued expenses $ 1,200 $ 966 Total liabilities $ 1,200 $ 966

Earnings Per Share

Earnings Per Share	9 Months Ended
	Aug. 31, 2018
Earnings Per Share, Basic and Diluted [Abstract]
Earnings Per Share	Earnings Per Share Basic and diluted earnings per share were calculated as follows (in thousands, except per share amounts): Three Months Ended August 31, Nine Months Ended August 31, 2018 2017 2018 2017 Numerator: Net income $ 87,476 $ 50,208 $ 73,529 $ 96,249 Less: Distributed earnings allocated to nonvested restricted stock (12 ) (14 ) (37 ) (43 ) Less: Undistributed earnings allocated to nonvested restricted stock (472 ) (307 ) (388 ) (602 ) Numerator for basic earnings per share 86,992 49,887 73,104 95,604 Three Months Ended August 31, Nine Months Ended August 31, 2018 2017 2018 2017 Effect of dilutive securities: Interest expense and amortization of debt issuance costs associated with convertible senior notes, net of taxes 796 664 2,389 1,990 Add: Undistributed earnings allocated to nonvested restricted stock 472 307 388 602 Less: Undistributed earnings reallocated to nonvested restricted stock (416 ) (267 ) (335 ) (528 ) Numerator for diluted earnings per share $ 87,844 $ 50,591 $ 75,546 $ 97,668 Denominator: Weighted average shares outstanding — basic 87,951 85,974 87,565 85,517 Effect of dilutive securities: Share-based payments 4,719 4,536 5,246 3,705 Convertible senior notes 8,402 8,402 8,402 8,402 Weighted average shares outstanding — diluted 101,072 98,912 101,213 97,624 Basic earnings per share $ .99 $ .58 $ .83 $ 1.12 Diluted earnings per share $ .87 $ .51 $ .75 $ 1.00 We compute earnings per share using the two-class method, which is an allocation of earnings between the holders of common stock and a company’s participating security holders. Our outstanding nonvested shares of restricted stock contain non-forfeitable rights to dividends and, therefore, are considered participating securities for purposes of computing earnings per share pursuant to the two-class method. We had no other participating securities at August 31, 2018 or 2017. For the three-month and nine-month periods ended August 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 three-month and nine-month periods ended August 31, 2017, outstanding stock options to purchase 2.5 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 performance-based restricted stock units (each, a “PSU”) were not included in the basic earnings per share calculations for the periods presented, as the applicable vesting conditions had not been satisfied.

Receivables (Notes)

Receivables (Notes)	9 Months Ended
	Aug. 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): August 31, November 30, Due from utility companies, improvement districts and municipalities $ 128,208 $ 113,744 Recoveries related to self-insurance and other legal claims 104,992 91,763 Refundable deposits and bonds 13,435 13,829 Recoveries related to warranty and other claims 4,750 4,073 Other 40,868 33,797 Subtotal 292,253 257,206 Allowance for doubtful accounts (12,645 ) (12,993 ) Total $ 279,608 $ 244,213

Inventories

Inventories	9 Months Ended
	Aug. 31, 2018
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following (in thousands): August 31, November 30, Homes under construction $ 1,394,895 $ 1,236,848 Land under development 2,053,922 1,651,339 Land held for future development or sale (a) 240,038 375,199 Total $ 3,688,855 $ 3,263,386 (a) Land held for sale totaled $13.9 million at August 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 August 31, Nine Months Ended August 31, 2018 2017 2018 2017 Capitalized interest at beginning of period $ 247,276 $ 303,984 $ 262,191 $ 306,723 Interest incurred (a) 35,228 43,434 115,096 136,857 Interest expensed (a) — — — (6,307 ) Interest amortized to construction and land costs (b) (53,288 ) (55,204 ) (148,071 ) (145,059 ) Capitalized interest at end of period (c) $ 229,216 $ 292,214 $ 229,216 $ 292,214 (a) Interest incurred and interest expensed for the nine months ended August 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 August 31, 2018 and 2017 included $.3 million and $.2 million , respectively, related to land sales during those periods. Interest amortized to construction and land costs for the nine months ended August 31, 2018 and 2017 included $4.3 million and $1.8 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	9 Months Ended
	Aug. 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 47 and 49 communities or land parcels for recoverability during the nine months ended August 31, 2018 and 2017, respectively. The carrying value of those communities or land parcels evaluated during the nine months ended August 31, 2018 and 2017 was $303.5 million and $436.7 million , respectively. Some of the communities or land parcels evaluated during the nine months ended August 31, 2018 and 2017 were evaluated in more than one quarterly period. Communities or land parcels evaluated for recoverability in more than one quarterly period were counted only once for each nine-month period. In addition, the communities or land parcels evaluated during the nine months ended August 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 $7.1 million for the three months ended August 31, 2018 and $17.8 million for the nine months ended August 31, 2018 . For the three months and nine months ended August 31, 2017 , we recognized inventory impairment charges of $7.1 million and $14.6 million , respectively. The inventory impairment charges for the three-month and nine-month periods ended August 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 therein, including communities 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 August 31, Nine Months Ended August 31, Unobservable Input (a) 2018 2017 2018 2017 Average selling price $306,400 - $407,300 $207,100 - $1,576,500 $306,400 - $774,100 $207,100 - $1,576,500 Deliveries per month 2 - 6 2 - 4 2 - 6 2 - 4 Discount rate 17% - 18% 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 August 31, 2018 , the aggregate carrying value of our inventory that had been impacted by inventory impairment charges was $171.6 million , representing 20 communities and various other land parcels. As of November 30, 2017 , the aggregate carrying value of our inventory that had been impacted by inventory impairment charges was $177.8 million , representing 24 communities and various other land parcels. Our inventory controlled under land option contracts and other similar contracts is assessed on a quarterly basis to determine whether it continues to meet our investment return standards. When a decision is made not to exercise certain land option contracts and other similar contracts due to market conditions and/or changes in our marketing strategy, we write off the related inventory costs, including non-refundable deposits and unrecoverable pre-acquisition costs. Based on the results of our assessments, we recognized land option contract abandonment charges of $1.3 million for the three months ended August 31, 2018 and $2.1 million for the nine months ended August 31, 2018 . For the three-month and nine-month periods ended August 31, 2017 , we recognized land option contract abandonment charges of $1.0 million and $3.5 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	9 Months Ended
	Aug. 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 August 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 August 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 August 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): August 31, 2018 November 30, 2017 Cash Deposits Aggregate Purchase Price Cash Deposits Aggregate Purchase Price Unconsolidated VIEs $ 19,983 $ 852,560 $ 43,171 $ 653,858 Other land option contracts and other similar contracts 28,793 524,789 21,531 440,229 Total $ 48,776 $ 1,377,349 $ 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 $42.3 million at August 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 $26.1 million at August 31, 2018 and $5.7 million at November 30, 2017 .

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures	9 Months Ended
	Aug. 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 August 31, Nine Months Ended August 31, 2018 2017 2018 2017 Revenues $ 35,391 $ 12,802 $ 52,015 $ 39,604 Construction and land costs (22,211 ) (12,832 ) (38,866 ) (37,625 ) Other expense, net (226 ) (1,294 ) (2,209 ) (3,547 ) Income (loss) $ 12,954 $ (1,324 ) $ 10,940 $ (1,568 ) The year-over-year growth in combined revenues and income for three months and nine months ended August 31, 2018 mainly reflected the sale of land by an unconsolidated joint venture in Arizona, and contingent consideration (profit participation revenues) earned by an unconsolidated joint venture in California. The following table presents combined condensed balance sheet information for our unconsolidated joint ventures (in thousands): August 31, November 30, Assets Cash $ 10,466 $ 21,193 Receivables 26 688 Inventories 131,512 145,519 Other assets 740 1,398 Total assets $ 142,744 $ 168,798 Liabilities and equity Accounts payable and other liabilities $ 9,856 $ 25,426 Notes payable (a) 11,407 20,040 Equity 121,481 123,332 Total liabilities and equity $ 142,744 $ 168,798 (a) As of 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, with the outstanding debt secured by the corresponding underlying property and related project assets and non-recourse to us. The secured debt of one of these unconsolidated joint ventures was repaid in August 2018 upon maturity. All of the outstanding secured debt at August 31, 2018 is scheduled to mature in February 2020. None of our other unconsolidated joint ventures had outstanding debt at August 31, 2018 or November 30, 2017 . The following table presents additional information relating to our investments in unconsolidated joint ventures (dollars in thousands): August 31, November 30, Number of investments in unconsolidated joint ventures 6 7 Investments in unconsolidated joint ventures $ 62,436 $ 64,794 Number of unconsolidated joint venture lots controlled under land option contracts and other similar contracts 46 377 We and our partner in the unconsolidated joint venture that has the above-noted outstanding construction loan agreement at August 31, 2018 provide certain guarantees and indemnities to the lender, including a guaranty to complete the construction of improvements for the project; a guaranty against losses the lender suffers due to certain bad acts or failures to act by the unconsolidated joint venture or its partners; and an indemnity of the lender from environmental issues. 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. However, various financial and non-financial covenants apply with respect to the outstanding secured debt and the related guaranty and indemnity obligations, and a failure to comply with such covenants could result in a default and cause the lender to seek to enforce such guaranty and indemnity obligations, if and as may be applicable. As of August 31, 2018 , we were in compliance with the applicable terms of our relevant covenants with respect to the construction loan agreement. We do not believe that our existing exposure under our guaranty and indemnity obligations related to the outstanding secured debt is material to our consolidated financial statements. We are committed to purchase all 46 unconsolidated joint venture lots controlled under land option and other similar contracts at August 31, 2018 from one of our unconsolidated joint ventures. The purchase will be made in quarterly takedowns over the next two years for an aggregate purchase price of $21.1 million under agreements that we entered into with the unconsolidated joint venture in 2016.

Other Assets

Other Assets	9 Months Ended
	Aug. 31, 2018
Other Assets [Abstract]
Other Assets	Other Assets Other assets consisted of the following (in thousands): August 31, November 30, Cash surrender value of corporate-owned life insurance contracts $ 75,893 $ 75,236 Property and equipment, net 21,695 19,521 Prepaid expenses 9,437 5,360 Debt issuance costs associated with unsecured revolving credit facility 1,894 2,381 Total $ 108,919 $ 102,498

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	9 Months Ended
	Aug. 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): August 31, November 30, Self-insurance and other litigation liabilities $ 250,148 $ 222,808 Employee compensation and related benefits 145,389 143,992 Warranty liability 79,971 69,798 Accrued interest payable 74,744 65,343 Inventory-related obligations (a) 43,788 30,108 Customer deposits 23,095 16,863 Real estate and business taxes 13,114 16,874 Other 4,217 10,144 Total $ 634,466 $ 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	9 Months Ended
	Aug. 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 nine months ended August 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 consolidated financial statements for the nine months ended August 31, 2018 : • In the first quarter, 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 nine months ended August 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 along with recent IRS guidance in this area. Based on our analysis of the current transition rule standards and IRS guidance, we did not record an impact for this change in tax law in the nine months ended August 31, 2018. Income Tax Expense. Our income tax expense and effective tax rates were as follows (dollars in thousands): Three Months Ended August 31, Nine Months Ended August 31, 2018 2017 2018 2017 Income tax expense $ 27,200 $ 29,000 $ 165,500 $ 56,400 Effective tax rate 23.7 % 36.6 % 69.2 % 36.9 % Our income tax expense and effective tax rate for the three months ended August 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 $3.0 million that we earned from building energy efficient homes; and excess tax benefits of $.6 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 nine months ended August 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 $7.2 million ; and excess tax benefits of $3.0 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 nine-month periods ended August 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 nine-month periods ended August 31, 2017 included the favorable net impact of federal energy tax credits of $2.6 million and $3.8 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 $495.9 million as of August 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 nine months ended August 31, 2018 . The deferred tax asset valuation allowances as of August 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 August 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 nine months ended August 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 August 31, 2018 , we had no gross unrecognized tax benefits. As of November 30, 2017 , our gross unrecognized tax benefits (including interest and penalties) totaled $.1 million . The fiscal years ending 2015 and later remain open to federal examinations, while 2014 and later remain open to state examinations.

Notes Payable

Notes Payable	9 Months Ended
	Aug. 31, 2018
Debt Disclosure [Abstract]
Notes Payable	Notes Payable Notes payable consisted of the following (in thousands): August 31, November 30, Mortgages and land contracts due to land sellers and other loans $ 44,295 $ 10,203 7 1/4% Senior notes due June 15, 2018 — 299,867 4.75% Senior notes due May 15, 2019 399,207 398,397 8.00% Senior notes due March 15, 2020 347,390 346,238 7.00% Senior notes due December 15, 2021 447,166 446,608 7.50% Senior notes due September 15, 2022 347,603 347,234 7.625% Senior notes due May 15, 2023 247,984 247,726 1.375% Convertible senior notes due February 1, 2019 229,482 228,572 Total $ 2,063,127 $ 2,324,845 The carrying amounts of our senior notes listed above are net of debt issuance costs and discounts, which totaled $11.2 million at August 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 August 31, 2018 , we had no cash borrowings and $37.7 million of letters of credit outstanding under the Credit Facility. Therefore, as of August 31, 2018 , we had $462.3 million available for cash borrowings under the Credit Facility, with up to $212.3 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 August 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 August 31, 2018 , inventories having a carrying value of $145.7 million were pledged to collateralize mortgages and land contracts due to land sellers and other loans. Shelf Registration. We have an automatically effective universal shelf registration statement that was filed with the SEC on July 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 August 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 (“ 1.375% Convertible Senior Notes due 2019”). These notes are initially convertible into shares of our common stock at a conversion rate of 36.5297 shares for each $1,000 principal amount of the notes, which represents an initial conversion price of approximately $27.37 per share. This initial conversion rate equates to 8,401,831 shares of our common stock and is subject to adjustment upon the occurrence of certain events, as described in the instruments governing these notes. On June 15, 2018, we repaid the entire $300.0 million in aggregate principal amount of our 7 1/4% Senior Notes at their maturity using internally generated cash. 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 contain certain limitations related to mergers, consolidations, and sales of assets. As of August 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 – $0 ; 2019 – $674.3 million ; 2020 – $350.0 million ; 2021 – $0 ; 2022 – $800.0 million ; and thereafter – $250.0 million .

Fair Value Disclosures

Fair Value Disclosures	9 Months Ended
	Aug. 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 nine months ended August 31, 2018 and the year ended November 30, 2017 (in thousands): August 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 $ 49,571 $ (17,827 ) $ 31,744 $ 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): August 31, 2018 November 30, 2017 Fair Value Hierarchy Carrying Value (a) Fair Value Carrying Value (a) Fair Value Financial Liabilities: Senior notes Level 2 $ 1,789,350 $ 1,884,875 $ 2,086,070 $ 2,292,250 Convertible senior notes Level 2 229,482 238,913 228,572 278,300 (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	9 Months Ended
	Aug. 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 August 31, Nine Months Ended August 31, 2018 2017 2018 2017 Balance at beginning of period $ 76,404 $ 60,037 $ 69,798 $ 56,682 Warranties issued 9,590 10,041 27,243 25,965 Payments (6,023 ) (6,267 ) (17,070 ) (18,836 ) Balance at end of period $ 79,971 $ 63,811 $ 79,971 $ 63,811 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 $63.2 million and $71.3 million are included in receivables in our consolidated balance sheets at August 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 August 31, Nine Months Ended August 31, 2018 2017 2018 2017 Balance at beginning of period $ 176,715 $ 156,505 $ 177,695 $ 158,584 Self-insurance expense (a) 5,554 5,573 14,264 13,811 Payments (2,473 ) (2,291 ) (5,115 ) (7,051 ) Adjustments (b) (1,023 ) 17,772 (8,071 ) 12,215 Balance at end of period $ 178,773 $ 177,559 $ 178,773 $ 177,559 (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. The amounts for the three months and nine months ended August 31, 2017 also included a $21.7 million change in estimate to increase our self-insurance liability based on an actuarially determined estimate that we believed had a higher probability of being adequate to cover future payments associated with unresolved claims, including claims incurred but not yet reported. For most of our claims, there is no interaction between our warranty liability and self-insurance liability. Typically, if a matter is identified at its outset as either a warranty or self-insurance claim, it remains as such through its resolution. However, there can be instances of interaction between the liabilities, such as where individual homeowners in a community separately request warranty repairs to their homes to address a similar condition or issue and subsequently join together to initiate, or potentially initiate, a legal process with respect to that condition or issue and/or the repair work we have undertaken. In these instances, the claims and related repair work generally are initially covered by our warranty liability, and the costs associated with resolving the legal matter (including any additional repair work) are covered by our self-insurance liability. The payments we make in connection with claims and related repair work, whether covered within our warranty liability and/or our self-insurance liability, may be recovered from our insurers to the extent such payments exceed the self-insured retentions or deductibles under our general liability insurance policies. Also, in certain instances, in the course of resolving a claim, we pay amounts in advance of and/or on behalf of a subcontractor(s) or their insurer(s) and believe we will be reimbursed for such payments. Estimates of all such amounts, if any, are recorded as receivables in our consolidated balance sheets when any such recovery is considered probable. Such receivables associated with our warranty and other claims totaled $4.8 million at August 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 continue to investigate these allegations, and we currently expect it may take up to several quarters to fully evaluate them. At August 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 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. In September 2018, an arbitration proceeding on this matter was scheduled for July 1, 2019. Florida Chapter 558 Actions . We and certain of our subcontractors have received a growing number of claims from attorneys on behalf of individual owners of our homes pursuant to Chapter 558 of the Florida Statutes that allege various construction defects, with most relating to stucco and water-intrusion issues. The claims primarily involve homes in our Jacksonville and Orlando operations. Under Chapter 558, homeowners must serve written notice of a construction defect(s) and provide the served construction and/or design contractor(s) with an opportunity to respond to the noticed issue(s) before they can file a lawsuit. Although we have resolved several of these claims without litigation, and a number of others have been resolved with applicable subcontractors or their insurers covering the related costs, as of August 31, 2018, we had approximately 500 outstanding noticed claims, and some are scheduled for trial over the next few quarters and beyond. In addition, some of our subcontractors’ insurers in some of these cases have recently informed us of their inability to continue to pay claims-related costs. At August 31, 2018 , we had an accrual for our estimated probable loss for these matters. While it is reasonably possible that our loss could exceed the amount accrued, at this time, we are unable to estimate the total amount of the loss in excess of the accrued amount that is reasonably possible. Performance Bonds and Letters of Credit . We are often required to provide to various municipalities and other government agencies performance bonds and/or letters of credit to secure the completion of our projects and/or in support of obligations to build community improvements such as roads, sewers, water systems and other utilities, and to support similar development activities by certain of our unconsolidated joint ventures. At August 31, 2018 , we had $655.7 million of performance bonds and $37.7 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 August 31, 2018 , we had total cash deposits of $48.8 million to purchase land having an aggregate purchase price of $1.38 billion . Our land option contracts and other similar contracts generally do not contain provisions requiring our specific performance.

Legal Matters

Legal Matters	9 Months Ended
	Aug. 31, 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 August 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	9 Months Ended
	Aug. 31, 2018
Equity [Abstract]
Stockholders’ Equity	Stockholders’ Equity A summary of changes in stockholders’ equity is presented below (in thousands): Nine Months Ended August 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 income — — — — — 73,529 — — — 73,529 Dividends on common stock — — — — — (6,686 ) — — — (6,686 ) Employee stock options/other 1,049 — — 1,049 16,384 — — — — 17,433 Stock awards 54 438 37 54 (5,762 ) — — 4,749 959 — Stock-based compensation — — — — 12,149 — — — — 12,149 Tax payments associated with stock-based payment awards — — (217 ) — — — — — (6,787 ) (6,787 ) Balance at August 31, 2018 119,049 (8,460 ) (22,201 ) $ 119,049 $ 750,254 $ 1,802,538 $ (16,924 ) $ (91,760 ) $ (547,208 ) $ 2,015,949 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 August 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 nine months ended August 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 August 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 August 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 nine months ended August 31, 2018 and 2017 totaled $.075 per share of common stock.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Aug. 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 nine months ended August 31, 2018 : Options Weighted Average Exercise Price Options outstanding at beginning of period 9,265,240 $ 17.64 Granted — — Exercised (1,049,260 ) 16.62 Cancelled (33,706 ) 17.29 Options outstanding at end of period 8,182,274 $ 17.78 Options exercisable at end of period 7,254,706 $ 18.04 As of August 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 $.3 million of total unrecognized compensation expense related to unvested stock option awards as of August 31, 2018 that is expected to be recognized over a weighted average period of 0.9 years. For the three months ended August 31, 2018 and 2017, stock-based compensation expense associated with stock options totaled $.2 million and $.6 million , respectively. For the nine months ended August 31, 2018 and 2017, stock-based compensation expense associated with stock options totaled $.5 million and $1.7 million , respectively. The aggregate intrinsic values of stock options outstanding and stock options exercisable were $77.3 million and $68.8 million , respectively, at August 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 $3.2 million and $2.3 million for the three months ended August 31, 2018 and 2017, respectively, related to restricted stock and PSUs. We recognized total compensation expense of $11.6 million and $8.1 million for the nine months ended August 31, 2018 and 2017, respectively, related to restricted stock and PSUs.

Supplemental Disclosure to Cons

Supplemental Disclosure to Consolidated Statements of Cash Flows	9 Months Ended
	Aug. 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): Nine Months Ended August 31, 2018 2017 Summary of cash and cash equivalents at end of period: Homebuilding $ 354,361 $ 494,053 Financial services 615 754 Total $ 354,976 $ 494,807 Supplemental disclosures of cash flow information: Interest paid, net of amounts capitalized $ (9,401 ) $ (17,111 ) Income taxes paid 9,808 3,464 Supplemental disclosures of noncash activities: Increase (decrease) in consolidated inventories not owned $ 20,370 $ (22,018 ) Increase in inventories due to distributions of land and land development from an unconsolidated joint venture 10,390 5,198 Inventories acquired through seller financing 44,586 49,658

Supplemental Guarantor Informat

Supplemental Guarantor Information	9 Months Ended
	Aug. 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 August 31, 2018 . Condensed Consolidating Statements of Operations (in thousands) Three Months Ended August 31, 2018 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Total revenues $ — $ 1,115,373 $ 109,974 $ — $ 1,225,347 Homebuilding: Revenues $ — $ 1,115,373 $ 106,502 $ — $ 1,221,875 Construction and land costs — (907,027 ) (94,482 ) — (1,001,509 ) Selling, general and administrative expenses (24,688 ) (80,196 ) (9,869 ) — (114,753 ) Operating income (loss) (24,688 ) 128,150 2,151 — 105,613 Interest income 380 — 78 — 458 Interest expense (33,319 ) (669 ) (1,240 ) 35,228 — Intercompany interest 78,519 (39,896 ) (3,395 ) (35,228 ) — Equity in income of unconsolidated joint ventures — 3,493 — — 3,493 Homebuilding pretax income (loss) 20,892 91,078 (2,406 ) — 109,564 Financial services pretax income — — 5,112 — 5,112 Total pretax income 20,892 91,078 2,706 — 114,676 Income tax expense (3,500 ) (22,700 ) (1,000 ) — (27,200 ) Equity in net income of subsidiaries 70,084 — — (70,084 ) — Net income $ 87,476 $ 68,378 $ 1,706 $ (70,084 ) $ 87,476 Three Months Ended August 31, 2017 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Total revenues $ — $ 1,048,045 $ 95,956 $ — $ 1,144,001 Homebuilding: Revenues $ — $ 1,048,045 $ 92,742 $ — $ 1,140,787 Construction and land costs — (871,350 ) (83,651 ) — (955,001 ) Selling, general and administrative expenses (23,220 ) (72,686 ) (13,189 ) — (109,095 ) Operating income (loss) (23,220 ) 104,009 (4,098 ) — 76,691 Interest income 345 2 — — 347 Interest expense (41,746 ) (434 ) (1,254 ) 43,434 — Intercompany interest 77,367 (31,059 ) (2,874 ) (43,434 ) — Equity in loss of unconsolidated joint ventures — (814 ) — — (814 ) Homebuilding pretax income (loss) 12,746 71,704 (8,226 ) — 76,224 Financial services pretax income — — 2,984 — 2,984 Total pretax income (loss) 12,746 71,704 (5,242 ) — 79,208 Income tax benefit (expense) (3,700 ) (26,200 ) 900 — (29,000 ) Equity in net income of subsidiaries 41,162 — — (41,162 ) — Net income (loss) $ 50,208 $ 45,504 $ (4,342 ) $ (41,162 ) $ 50,208 Nine Months Ended August 31, 2018 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Total revenues $ — $ 2,886,995 $ 311,398 $ — $ 3,198,393 Homebuilding: Revenues $ — $ 2,886,995 $ 302,758 $ — $ 3,189,753 Construction and land costs — (2,376,223 ) (266,008 ) — (2,642,231 ) Selling, general and administrative expenses (73,669 ) (223,023 ) (27,016 ) — (323,708 ) Operating income (loss) (73,669 ) 287,749 9,734 — 223,814 Interest income 2,559 9 171 — 2,739 Interest expense (109,233 ) (1,992 ) (3,871 ) 115,096 — Intercompany interest 226,642 (103,211 ) (8,335 ) (115,096 ) — Equity in income (loss) of unconsolidated joint ventures — 2,327 (1 ) — 2,326 Homebuilding pretax income (loss) 46,299 184,882 (2,302 ) — 228,879 Financial services pretax income — — 10,150 — 10,150 Total pretax income 46,299 184,882 7,848 — 239,029 Income tax expense (50,600 ) (88,500 ) (26,400 ) — (165,500 ) Equity in net income of subsidiaries 77,830 — — (77,830 ) — Net income (loss) $ 73,529 $ 96,382 $ (18,552 ) $ (77,830 ) $ 73,529 Nine Months Ended August 31, 2017 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Total revenues $ — $ 2,671,533 $ 293,858 $ — $ 2,965,391 Homebuilding: Revenues $ — $ 2,671,533 $ 285,572 $ — $ 2,957,105 Construction and land costs — (2,240,974 ) (258,703 ) — (2,499,677 ) Selling, general and administrative expenses (68,809 ) (206,513 ) (30,579 ) — (305,901 ) Operating income (loss) (68,809 ) 224,046 (3,710 ) — 151,527 Interest income 740 5 2 — 747 Interest expense (131,788 ) (1,428 ) (3,641 ) 130,550 (6,307 ) Intercompany interest 226,470 (87,524 ) (8,396 ) (130,550 ) — Equity in loss of unconsolidated joint ventures — (678 ) (1 ) — (679 ) Homebuilding pretax income (loss) 26,613 134,421 (15,746 ) — 145,288 Financial services pretax income — — 7,361 — 7,361 Total pretax income (loss) 26,613 134,421 (8,385 ) — 152,649 Income tax benefit (expense) (4,900 ) (52,300 ) 800 — (56,400 ) Equity in net income of subsidiaries 74,536 — — (74,536 ) — Net income (loss) $ 96,249 $ 82,121 $ (7,585 ) $ (74,536 ) $ 96,249 Condensed Consolidating Balance Sheets (in thousands) August 31, 2018 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets Homebuilding: Cash and cash equivalents $ 245,197 $ 86,201 $ 22,963 $ — $ 354,361 Receivables 5,707 189,793 84,108 — 279,608 Inventories — 3,317,712 371,143 — 3,688,855 Investments in unconsolidated joint ventures — 59,932 2,504 — 62,436 Deferred tax assets, net 200,610 155,451 112,908 — 468,969 Other assets 97,542 8,670 2,707 — 108,919 549,056 3,817,759 596,333 — 4,963,148 Financial services — — 11,541 — 11,541 Intercompany receivables 3,484,619 — 153,446 (3,638,065 ) — Investments in subsidiaries 150,900 — — (150,900 ) — Total assets $ 4,184,575 $ 3,817,759 $ 761,320 $ (3,788,965 ) $ 4,974,689 Liabilities and stockholders’ equity Homebuilding: Accounts payable, accrued expenses and other liabilities $ 137,171 $ 530,309 $ 226,933 $ — $ 894,413 Notes payable 1,993,722 44,295 25,110 — 2,063,127 2,130,893 574,604 252,043 — 2,957,540 Financial services — — 1,200 — 1,200 Intercompany payables 37,733 3,152,077 448,255 (3,638,065 ) — Stockholders’ equity 2,015,949 91,078 59,822 (150,900 ) 2,015,949 Total liabilities and stockholders’ equity $ 4,184,575 $ 3,817,759 $ 761,320 $ (3,788,965 ) $ 4,974,689 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) Nine Months Ended August 31, 2018 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net cash provided by (used in) operating activities $ 50,507 $ (38,248 ) $ (61,767 ) $ — $ (49,508 ) Cash flows from investing activities: Contributions to unconsolidated joint ventures — (15,640 ) — — (15,640 ) Return of investments in unconsolidated joint ventures — 9,934 — — 9,934 Purchases of property and equipment, net (3,508 ) (457 ) (172 ) — (4,137 ) Intercompany (80,955 ) — — 80,955 — Net cash used in investing activities (84,463 ) (6,163 ) (172 ) 80,955 (9,843 ) Cash flows from financing activities: Repayment of senior notes (300,000 ) — — — (300,000 ) Borrowings under revolving credit facility 70,000 — — — 70,000 Repayments under revolving credit facility (70,000 ) — — — (70,000 ) 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 17,433 — — — 17,433 Payments of cash dividends (6,686 ) — — — (6,686 ) Tax payments associated with stock-based compensation awards (6,787 ) — — — (6,787 ) Intercompany — 37,525 43,430 (80,955 ) — Net cash provided by (used in) financing activities (296,040 ) 27,951 42,510 (80,955 ) (306,534 ) Net decrease in cash and cash equivalents (329,996 ) (16,460 ) (19,429 ) — (365,885 ) Cash and cash equivalents at beginning of period 575,193 102,661 43,007 — 720,861 Cash and cash equivalents at end of period $ 245,197 $ 86,201 $ 23,578 $ — $ 354,976 Nine Months Ended August 31, 2017 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net cash provided by (used in) operating activities $ 82,480 $ 30,480 $ (9,690 ) $ — $ 103,270 Cash flows from investing activities: Contributions to unconsolidated joint ventures — (9,899 ) (5,255 ) — (15,154 ) Return of investments in unconsolidated joint ventures — 3,169 4,990 — 8,159 Purchases of property and equipment, net (5,875 ) (719 ) (49 ) — (6,643 ) Intercompany (43,367 ) — — 43,367 — Net cash used in investing activities (49,242 ) (7,449 ) (314 ) 43,367 (13,638 ) Cash flows from financing activities: Repayment of senior notes (105,326 ) — — — (105,326 ) Issuance costs for unsecured revolving credit facility (1,711 ) — — — (1,711 ) Payments on mortgages and land contracts due to land sellers and other loans — (92,443 ) — — (92,443 ) Issuance of common stock under employee stock plans 20,677 — — — 20,677 Payments of cash dividends (6,479 ) — — — (6,479 ) Tax payments associated with stock-based compensation awards (2,543 ) — — — (2,543 ) Intercompany — 51,595 (8,228 ) (43,367 ) — Net cash used in financing activities (95,382 ) (40,848 ) (8,228 ) (43,367 ) (187,825 ) Net decrease in cash and cash equivalents (62,144 ) (17,817 ) (18,232 ) — (98,193 ) Cash and cash equivalents at beginning of period 463,100 100,439 29,461 — 593,000 Cash and cash equivalents at end of period $ 400,956 $ 82,622 $ 11,229 $ — $ 494,807

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Aug. 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 $195.7 million at August 31, 2018 and $481.1 million at November 30, 2017 . At August 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 $87.5 million for the three months ended August 31, 2018 and $50.2 million for the three months ended August 31, 2017 . For the nine months ended August 31, 2018 and 2017, our comprehensive income was $73.5 million and $96.2 million , respectively. Our comprehensive income for each of the three-month and nine-month periods ended August 31, 2018 and 2017 was equal to our net income for the respective periods.
Recent Accounting Pronouncements	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,” and most industry-specific revenue and cost guidance in the accounting standards codification, including 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. Certain contracts may contain terms that require more management judgment and estimates than currently applicable guidance to determine the appropriate revenue recognition, including with respect to identifying the performance obligations in the contract, estimating the amount of variable consideration, if any, to include in the transaction price, and allocating the transaction price to the applicable performance obligations, among other things. 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 as 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 when policies are renewed. Under ASC 606, insurance commissions for estimated future policy 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 estimated future renewal commissions related to 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. In addition, we do not expect significant changes to our business processes or internal control over financial reporting as a result of the adoption. 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). Originally, entities were required to adopt ASU 2016-02 using a modified retrospective transition method. However, in July 2018, the FASB issued ASU 2018-11, “Leases (Topic 842): Targeted Improvements,” which provides entities with an additional transition method. Under ASU 2018-11, entities have the option of recognizing the cumulative effect of applying the new standard as an adjustment to beginning retained earnings in the year of adoption while continuing to present all prior periods under previous lease accounting guidance. In July 2018, the FASB also issued Accounting Standards Update No. 2018-10, “Codification Improvements to Topic 842, Leases” (“ASU 2018-10”), which clarifies how to apply certain aspects of ASU 2016-02. We expect to adopt ASU 2016-02, ASU 2018-10 and ASU 2018-11 beginning December 1, 2019. 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 August 2018, the FASB issued Accounting Standards Update No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”), which modifies the disclosure requirements on fair value measurements by removing, modifying, or adding certain disclosures. ASU 2018-13 is effective for us beginning December 1, 2020 (with early adoption permitted). Certain disclosures in ASU 2018-13 are required to be applied on a retrospective basis and others on a prospective basis. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements. In August 2018, the FASB issued Accounting Standards Update No. 2018-14, “Compensation — Retirement Benefits — Defined Benefit Plans — General (Subtopic 715-20): Disclosure Framework — Changes to the Disclosure Requirements for Defined Benefit Plans” (“ASU 2018-14”), which modifies the disclosure requirements for employers that sponsor defined benefit plans or other postretirement plans. ASU 2018-14 is effective for our year ending November 30, 2021 (with early adoption permitted). ASU 2018-14 is required to be applied on a retrospective basis to all periods presented. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements. In August 2018, the FASB issued Accounting Standards Update No. 2018-15, “Intangibles — Goodwill and Other — Internal-Use Software — (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract” (“ASU 2018-15”), which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The standard is effective for us beginning December 1, 2020 (with early adoption permitted). ASC 2018-15 is required to be applied either retrospectively or prospectively to all implementation costs after the date of adoption. 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 August 31, 2018 , our homebuilding reporting segments conducted ongoing operations in the following states: West Coast: California and Washington Southwest: Arizona and Nevada Central: Colorado and Texas Southeast: Florida and North Carolina In the 2018 third quarter, we expanded into Washington with our entrance into the Seattle market. 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 per share using the two-class method, which is an allocation of earnings between the holders of common stock and a company’s participating security holders. Our outstanding nonvested shares of restricted stock contain non-forfeitable rights to dividends and, therefore, are considered participating securities for purposes of computing earnings per share pursuant to the two-class method. We had no other participating securities at August 31, 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 August 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 August 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 August 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 $26.1 million at August 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 $63.2 million and $71.3 million are included in receivables in our consolidated balance sheets at August 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 Pronouncements . 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 $.6 million and $3.0 million for the three-month and nine-month periods ended August 31, 2018 , respectively. The remaining aspects of adopting this guidance did not have a material impact on our consolidated financial statements. In January 2017, the FASB issued Accounting Standards Update No. 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business” (“ASU 2017-01”). ASU 2017-01 clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 is effective for annual and interim periods beginning after December 15, 2017 (with early adoption permitted). Our early adoption of this guidance in the 2018 third quarter did not have a material impact on our consolidated financial statements.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Aug. 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 August 31, Nine Months Ended August 31, 2018 2017 2018 2017 Revenues: West Coast $ 571,880 $ 609,598 $ 1,455,272 $ 1,426,030 Southwest 196,056 132,307 528,872 376,132 Central 327,888 291,006 885,875 826,008 Southeast 126,051 107,876 319,734 328,935 Total $ 1,221,875 $ 1,140,787 $ 3,189,753 $ 2,957,105 Pretax income (loss): West Coast $ 72,996 $ 58,922 $ 156,472 $ 118,271 Southwest 31,065 11,648 66,619 30,269 Central 32,294 28,921 80,464 75,584 Southeast (702 ) 1,129 1,405 (605 ) Corporate and other (26,089 ) (24,396 ) (76,081 ) (78,231 ) Total $ 109,564 $ 76,224 $ 228,879 $ 145,288 Inventory impairment charges: West Coast $ 4,190 $ 4,992 $ 14,882 $ 8,136 Southwest — 2,102 — 3,445 Central 654 — 654 — Southeast 2,291 — 2,291 3,032 Total $ 7,135 $ 7,094 $ 17,827 $ 14,613 Three Months Ended August 31, Nine Months Ended August 31, 2018 2017 2018 2017 Land option contract abandonments: West Coast $ 219 $ 903 $ 815 $ 2,738 Southwest 432 — 432 — Central 477 — 700 518 Southeast 151 116 151 253 Total $ 1,279 $ 1,019 $ 2,098 $ 3,509 August 31, November 30, Inventories: Homes under construction West Coast $ 700,305 $ 638,639 Southwest 183,226 179,240 Central 356,722 320,205 Southeast 154,642 98,764 Subtotal 1,394,895 1,236,848 Land under development West Coast 967,099 723,761 Southwest 376,413 309,672 Central 502,415 435,373 Southeast 207,995 182,533 Subtotal 2,053,922 1,651,339 Land held for future development or sale West Coast 146,947 233,188 Southwest 21,141 62,475 Central 11,951 12,654 Southeast 59,999 66,882 Subtotal 240,038 375,199 Total $ 3,688,855 $ 3,263,386 Assets: West Coast $ 1,984,393 $ 1,747,786 Southwest 614,214 586,666 Central 1,004,464 901,516 Southeast 462,427 359,307 Corporate and other 897,650 1,433,883 Total $ 4,963,148 $ 5,029,158

Financial Services (Tables)

Financial Services (Tables)	9 Months Ended
	Aug. 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 August 31, Nine Months Ended August 31, 2018 2017 2018 2017 Revenues Insurance commissions $ 1,928 $ 1,897 $ 4,743 $ 4,515 Title services 1,544 1,317 3,897 3,766 Interest income — — — 5 Total 3,472 3,214 8,640 8,286 Expenses General and administrative (945 ) (890 ) (2,855 ) (2,525 ) Operating income 2,527 2,324 5,785 5,761 Equity in income of unconsolidated joint ventures 2,585 660 4,365 1,600 Pretax income $ 5,112 $ 2,984 $ 10,150 $ 7,361
Financial services [Member]
Segment Reporting Information [Line Items]
Schedule of Financial Services Assets and Liabilities	August 31, November 30, Assets Cash and cash equivalents $ 615 $ 231 Receivables 2,358 1,724 Investments in unconsolidated joint ventures 8,408 10,340 Other assets 160 62 Total assets $ 11,541 $ 12,357 Liabilities Accounts payable and accrued expenses $ 1,200 $ 966 Total liabilities $ 1,200 $ 966

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Aug. 31, 2018
Earnings Per Share, Basic and Diluted [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Basic and diluted earnings per share were calculated as follows (in thousands, except per share amounts): Three Months Ended August 31, Nine Months Ended August 31, 2018 2017 2018 2017 Numerator: Net income $ 87,476 $ 50,208 $ 73,529 $ 96,249 Less: Distributed earnings allocated to nonvested restricted stock (12 ) (14 ) (37 ) (43 ) Less: Undistributed earnings allocated to nonvested restricted stock (472 ) (307 ) (388 ) (602 ) Numerator for basic earnings per share 86,992 49,887 73,104 95,604 Three Months Ended August 31, Nine Months Ended August 31, 2018 2017 2018 2017 Effect of dilutive securities: Interest expense and amortization of debt issuance costs associated with convertible senior notes, net of taxes 796 664 2,389 1,990 Add: Undistributed earnings allocated to nonvested restricted stock 472 307 388 602 Less: Undistributed earnings reallocated to nonvested restricted stock (416 ) (267 ) (335 ) (528 ) Numerator for diluted earnings per share $ 87,844 $ 50,591 $ 75,546 $ 97,668 Denominator: Weighted average shares outstanding — basic 87,951 85,974 87,565 85,517 Effect of dilutive securities: Share-based payments 4,719 4,536 5,246 3,705 Convertible senior notes 8,402 8,402 8,402 8,402 Weighted average shares outstanding — diluted 101,072 98,912 101,213 97,624 Basic earnings per share $ .99 $ .58 $ .83 $ 1.12 Diluted earnings per share $ .87 $ .51 $ .75 $ 1.00

Receivables (Tables)

Receivables (Tables)	9 Months Ended
	Aug. 31, 2018
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	Receivables consisted of the following (in thousands): August 31, November 30, Due from utility companies, improvement districts and municipalities $ 128,208 $ 113,744 Recoveries related to self-insurance and other legal claims 104,992 91,763 Refundable deposits and bonds 13,435 13,829 Recoveries related to warranty and other claims 4,750 4,073 Other 40,868 33,797 Subtotal 292,253 257,206 Allowance for doubtful accounts (12,645 ) (12,993 ) Total $ 279,608 $ 244,213

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Aug. 31, 2018
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following (in thousands): August 31, November 30, Homes under construction $ 1,394,895 $ 1,236,848 Land under development 2,053,922 1,651,339 Land held for future development or sale (a) 240,038 375,199 Total $ 3,688,855 $ 3,263,386 (a) Land held for sale totaled $13.9 million at August 31, 2018 and $21.8 million at November 30, 2017
Schedule of Capitalized Interest Costs	Our interest costs were as follows (in thousands): Three Months Ended August 31, Nine Months Ended August 31, 2018 2017 2018 2017 Capitalized interest at beginning of period $ 247,276 $ 303,984 $ 262,191 $ 306,723 Interest incurred (a) 35,228 43,434 115,096 136,857 Interest expensed (a) — — — (6,307 ) Interest amortized to construction and land costs (b) (53,288 ) (55,204 ) (148,071 ) (145,059 ) Capitalized interest at end of period (c) $ 229,216 $ 292,214 $ 229,216 $ 292,214 (a) Interest incurred and interest expensed for the nine months ended August 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 August 31, 2018 and 2017 included $.3 million and $.2 million , respectively, related to land sales during those periods. Interest amortized to construction and land costs for the nine months ended August 31, 2018 and 2017 included $4.3 million and $1.8 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 Lan_2

Inventory Impairments and Land Option Contract Abandonments (Tables)	9 Months Ended
	Aug. 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 August 31, Nine Months Ended August 31, Unobservable Input (a) 2018 2017 2018 2017 Average selling price $306,400 - $407,300 $207,100 - $1,576,500 $306,400 - $774,100 $207,100 - $1,576,500 Deliveries per month 2 - 6 2 - 4 2 - 6 2 - 4 Discount rate 17% - 18% 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)	9 Months Ended
	Aug. 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): August 31, 2018 November 30, 2017 Cash Deposits Aggregate Purchase Price Cash Deposits Aggregate Purchase Price Unconsolidated VIEs $ 19,983 $ 852,560 $ 43,171 $ 653,858 Other land option contracts and other similar contracts 28,793 524,789 21,531 440,229 Total $ 48,776 $ 1,377,349 $ 64,702 $ 1,094,087

Investments in Unconsolidated_2

Investments in Unconsolidated Joint Ventures (Tables)	9 Months Ended
	Aug. 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 August 31, Nine Months Ended August 31, 2018 2017 2018 2017 Revenues $ 35,391 $ 12,802 $ 52,015 $ 39,604 Construction and land costs (22,211 ) (12,832 ) (38,866 ) (37,625 ) Other expense, net (226 ) (1,294 ) (2,209 ) (3,547 ) Income (loss) $ 12,954 $ (1,324 ) $ 10,940 $ (1,568 )
Balance Sheets of Unconsolidated Joint Ventures	The following table presents combined condensed balance sheet information for our unconsolidated joint ventures (in thousands): August 31, November 30, Assets Cash $ 10,466 $ 21,193 Receivables 26 688 Inventories 131,512 145,519 Other assets 740 1,398 Total assets $ 142,744 $ 168,798 Liabilities and equity Accounts payable and other liabilities $ 9,856 $ 25,426 Notes payable (a) 11,407 20,040 Equity 121,481 123,332 Total liabilities and equity $ 142,744 $ 168,798 (a) As of 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, with the outstanding debt secured by the corresponding underlying property and related project assets and non-recourse to us. The secured debt of one of these unconsolidated joint ventures was repaid in August 2018 upon maturity. All of the outstanding secured debt at August 31, 2018 is scheduled to mature in February 2020. None of our other unconsolidated joint ventures had outstanding debt at August 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): August 31, November 30, Number of investments in unconsolidated joint ventures 6 7 Investments in unconsolidated joint ventures $ 62,436 $ 64,794 Number of unconsolidated joint venture lots controlled under land option contracts and other similar contracts 46 377

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
	Aug. 31, 2018
Other Assets [Abstract]
Schedule of Other Assets	Other assets consisted of the following (in thousands): August 31, November 30, Cash surrender value of corporate-owned life insurance contracts $ 75,893 $ 75,236 Property and equipment, net 21,695 19,521 Prepaid expenses 9,437 5,360 Debt issuance costs associated with unsecured revolving credit facility 1,894 2,381 Total $ 108,919 $ 102,498

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	9 Months Ended
	Aug. 31, 2018
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities consisted of the following (in thousands): August 31, November 30, Self-insurance and other litigation liabilities $ 250,148 $ 222,808 Employee compensation and related benefits 145,389 143,992 Warranty liability 79,971 69,798 Accrued interest payable 74,744 65,343 Inventory-related obligations (a) 43,788 30,108 Customer deposits 23,095 16,863 Real estate and business taxes 13,114 16,874 Other 4,217 10,144 Total $ 634,466 $ 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)	9 Months Ended
	Aug. 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 August 31, Nine Months Ended August 31, 2018 2017 2018 2017 Income tax expense $ 27,200 $ 29,000 $ 165,500 $ 56,400 Effective tax rate 23.7 % 36.6 % 69.2 % 36.9 % Our income tax expense and effective tax rate for the three months ended August 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 $3.0 million that we earned from building energy efficient homes; and excess tax benefits of $.6 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 nine months ended August 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 $7.2 million ; and excess tax benefits of $3.0 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 nine-month periods ended August 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 nine-month periods ended August 31, 2017 included the favorable net impact of federal energy tax credits of $2.6 million and $3.8 million , respectively, that we earned from building energy efficient homes through December 31, 2016.

Notes Payable (Tables)

Notes Payable (Tables)	9 Months Ended
	Aug. 31, 2018
Debt Disclosure [Abstract]
Schedule of Mortgages and Notes Payable	Notes payable consisted of the following (in thousands): August 31, November 30, Mortgages and land contracts due to land sellers and other loans $ 44,295 $ 10,203 7 1/4% Senior notes due June 15, 2018 — 299,867 4.75% Senior notes due May 15, 2019 399,207 398,397 8.00% Senior notes due March 15, 2020 347,390 346,238 7.00% Senior notes due December 15, 2021 447,166 446,608 7.50% Senior notes due September 15, 2022 347,603 347,234 7.625% Senior notes due May 15, 2023 247,984 247,726 1.375% Convertible senior notes due February 1, 2019 229,482 228,572 Total $ 2,063,127 $ 2,324,845

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	9 Months Ended
	Aug. 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 nine months ended August 31, 2018 and the year ended November 30, 2017 (in thousands): August 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 $ 49,571 $ (17,827 ) $ 31,744 $ 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): August 31, 2018 November 30, 2017 Fair Value Hierarchy Carrying Value (a) Fair Value Carrying Value (a) Fair Value Financial Liabilities: Senior notes Level 2 $ 1,789,350 $ 1,884,875 $ 2,086,070 $ 2,292,250 Convertible senior notes Level 2 229,482 238,913 228,572 278,300

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Aug. 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 August 31, Nine Months Ended August 31, 2018 2017 2018 2017 Balance at beginning of period $ 76,404 $ 60,037 $ 69,798 $ 56,682 Warranties issued 9,590 10,041 27,243 25,965 Payments (6,023 ) (6,267 ) (17,070 ) (18,836 ) Balance at end of period $ 79,971 $ 63,811 $ 79,971 $ 63,811
Schedule of Self-Insurance Liability	The changes in our self-insurance liability were as follows (in thousands): Three Months Ended August 31, Nine Months Ended August 31, 2018 2017 2018 2017 Balance at beginning of period $ 176,715 $ 156,505 $ 177,695 $ 158,584 Self-insurance expense (a) 5,554 5,573 14,264 13,811 Payments (2,473 ) (2,291 ) (5,115 ) (7,051 ) Adjustments (b) (1,023 ) 17,772 (8,071 ) 12,215 Balance at end of period $ 178,773 $ 177,559 $ 178,773 $ 177,559 (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. The amounts for the three months and nine months ended August 31, 2017 also included a $21.7 million change in estimate to increase our self-insurance liability based on an actuarially determined estimate that we believed had a higher probability of being adequate to cover future payments associated with unresolved claims, including claims incurred but not yet reported.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Aug. 31, 2018
Equity [Abstract]
Summary of Changes in Stockholders’ Equity	A summary of changes in stockholders’ equity is presented below (in thousands): Nine Months Ended August 31, 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 income — — — — — 73,529 — — — 73,529 Dividends on common stock — — — — — (6,686 ) — — — (6,686 ) Employee stock options/other 1,049 — — 1,049 16,384 — — — — 17,433 Stock awards 54 438 37 54 (5,762 ) — — 4,749 959 — Stock-based compensation — — — — 12,149 — — — — 12,149 Tax payments associated with stock-based payment awards — — (217 ) — — — — — (6,787 ) (6,787 ) Balance at August 31, 2018 119,049 (8,460 ) (22,201 ) $ 119,049 $ 750,254 $ 1,802,538 $ (16,924 ) $ (91,760 ) $ (547,208 ) $ 2,015,949

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Aug. 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 nine months ended August 31, 2018 : Options Weighted Average Exercise Price Options outstanding at beginning of period 9,265,240 $ 17.64 Granted — — Exercised (1,049,260 ) 16.62 Cancelled (33,706 ) 17.29 Options outstanding at end of period 8,182,274 $ 17.78 Options exercisable at end of period 7,254,706 $ 18.04

Supplemental Disclosure to Co_2

Supplemental Disclosure to Consolidated Statements of Cash Flows (Tables)	9 Months Ended
	Aug. 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): Nine Months Ended August 31, 2018 2017 Summary of cash and cash equivalents at end of period: Homebuilding $ 354,361 $ 494,053 Financial services 615 754 Total $ 354,976 $ 494,807 Supplemental disclosures of cash flow information: Interest paid, net of amounts capitalized $ (9,401 ) $ (17,111 ) Income taxes paid 9,808 3,464 Supplemental disclosures of noncash activities: Increase (decrease) in consolidated inventories not owned $ 20,370 $ (22,018 ) Increase in inventories due to distributions of land and land development from an unconsolidated joint venture 10,390 5,198 Inventories acquired through seller financing 44,586 49,658

Supplemental Guarantor Inform_2

Supplemental Guarantor Information (Tables)	9 Months Ended
	Aug. 31, 2018
Guarantees [Abstract]
Condensed Consolidated Statements of Operations	Three Months Ended August 31, 2018 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Total revenues $ — $ 1,115,373 $ 109,974 $ — $ 1,225,347 Homebuilding: Revenues $ — $ 1,115,373 $ 106,502 $ — $ 1,221,875 Construction and land costs — (907,027 ) (94,482 ) — (1,001,509 ) Selling, general and administrative expenses (24,688 ) (80,196 ) (9,869 ) — (114,753 ) Operating income (loss) (24,688 ) 128,150 2,151 — 105,613 Interest income 380 — 78 — 458 Interest expense (33,319 ) (669 ) (1,240 ) 35,228 — Intercompany interest 78,519 (39,896 ) (3,395 ) (35,228 ) — Equity in income of unconsolidated joint ventures — 3,493 — — 3,493 Homebuilding pretax income (loss) 20,892 91,078 (2,406 ) — 109,564 Financial services pretax income — — 5,112 — 5,112 Total pretax income 20,892 91,078 2,706 — 114,676 Income tax expense (3,500 ) (22,700 ) (1,000 ) — (27,200 ) Equity in net income of subsidiaries 70,084 — — (70,084 ) — Net income $ 87,476 $ 68,378 $ 1,706 $ (70,084 ) $ 87,476 Three Months Ended August 31, 2017 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Total revenues $ — $ 1,048,045 $ 95,956 $ — $ 1,144,001 Homebuilding: Revenues $ — $ 1,048,045 $ 92,742 $ — $ 1,140,787 Construction and land costs — (871,350 ) (83,651 ) — (955,001 ) Selling, general and administrative expenses (23,220 ) (72,686 ) (13,189 ) — (109,095 ) Operating income (loss) (23,220 ) 104,009 (4,098 ) — 76,691 Interest income 345 2 — — 347 Interest expense (41,746 ) (434 ) (1,254 ) 43,434 — Intercompany interest 77,367 (31,059 ) (2,874 ) (43,434 ) — Equity in loss of unconsolidated joint ventures — (814 ) — — (814 ) Homebuilding pretax income (loss) 12,746 71,704 (8,226 ) — 76,224 Financial services pretax income — — 2,984 — 2,984 Total pretax income (loss) 12,746 71,704 (5,242 ) — 79,208 Income tax benefit (expense) (3,700 ) (26,200 ) 900 — (29,000 ) Equity in net income of subsidiaries 41,162 — — (41,162 ) — Net income (loss) $ 50,208 $ 45,504 $ (4,342 ) $ (41,162 ) $ 50,208 Nine Months Ended August 31, 2018 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Total revenues $ — $ 2,886,995 $ 311,398 $ — $ 3,198,393 Homebuilding: Revenues $ — $ 2,886,995 $ 302,758 $ — $ 3,189,753 Construction and land costs — (2,376,223 ) (266,008 ) — (2,642,231 ) Selling, general and administrative expenses (73,669 ) (223,023 ) (27,016 ) — (323,708 ) Operating income (loss) (73,669 ) 287,749 9,734 — 223,814 Interest income 2,559 9 171 — 2,739 Interest expense (109,233 ) (1,992 ) (3,871 ) 115,096 — Intercompany interest 226,642 (103,211 ) (8,335 ) (115,096 ) — Equity in income (loss) of unconsolidated joint ventures — 2,327 (1 ) — 2,326 Homebuilding pretax income (loss) 46,299 184,882 (2,302 ) — 228,879 Financial services pretax income — — 10,150 — 10,150 Total pretax income 46,299 184,882 7,848 — 239,029 Income tax expense (50,600 ) (88,500 ) (26,400 ) — (165,500 ) Equity in net income of subsidiaries 77,830 — — (77,830 ) — Net income (loss) $ 73,529 $ 96,382 $ (18,552 ) $ (77,830 ) $ 73,529 Nine Months Ended August 31, 2017 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Total revenues $ — $ 2,671,533 $ 293,858 $ — $ 2,965,391 Homebuilding: Revenues $ — $ 2,671,533 $ 285,572 $ — $ 2,957,105 Construction and land costs — (2,240,974 ) (258,703 ) — (2,499,677 ) Selling, general and administrative expenses (68,809 ) (206,513 ) (30,579 ) — (305,901 ) Operating income (loss) (68,809 ) 224,046 (3,710 ) — 151,527 Interest income 740 5 2 — 747 Interest expense (131,788 ) (1,428 ) (3,641 ) 130,550 (6,307 ) Intercompany interest 226,470 (87,524 ) (8,396 ) (130,550 ) — Equity in loss of unconsolidated joint ventures — (678 ) (1 ) — (679 ) Homebuilding pretax income (loss) 26,613 134,421 (15,746 ) — 145,288 Financial services pretax income — — 7,361 — 7,361 Total pretax income (loss) 26,613 134,421 (8,385 ) — 152,649 Income tax benefit (expense) (4,900 ) (52,300 ) 800 — (56,400 ) Equity in net income of subsidiaries 74,536 — — (74,536 ) — Net income (loss) $ 96,249 $ 82,121 $ (7,585 ) $ (74,536 ) $ 96,249
Condensed Consolidated Balance Sheets	Condensed Consolidating Balance Sheets (in thousands) August 31, 2018 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets Homebuilding: Cash and cash equivalents $ 245,197 $ 86,201 $ 22,963 $ — $ 354,361 Receivables 5,707 189,793 84,108 — 279,608 Inventories — 3,317,712 371,143 — 3,688,855 Investments in unconsolidated joint ventures — 59,932 2,504 — 62,436 Deferred tax assets, net 200,610 155,451 112,908 — 468,969 Other assets 97,542 8,670 2,707 — 108,919 549,056 3,817,759 596,333 — 4,963,148 Financial services — — 11,541 — 11,541 Intercompany receivables 3,484,619 — 153,446 (3,638,065 ) — Investments in subsidiaries 150,900 — — (150,900 ) — Total assets $ 4,184,575 $ 3,817,759 $ 761,320 $ (3,788,965 ) $ 4,974,689 Liabilities and stockholders’ equity Homebuilding: Accounts payable, accrued expenses and other liabilities $ 137,171 $ 530,309 $ 226,933 $ — $ 894,413 Notes payable 1,993,722 44,295 25,110 — 2,063,127 2,130,893 574,604 252,043 — 2,957,540 Financial services — — 1,200 — 1,200 Intercompany payables 37,733 3,152,077 448,255 (3,638,065 ) — Stockholders’ equity 2,015,949 91,078 59,822 (150,900 ) 2,015,949 Total liabilities and stockholders’ equity $ 4,184,575 $ 3,817,759 $ 761,320 $ (3,788,965 ) $ 4,974,689 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) Nine Months Ended August 31, 2018 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net cash provided by (used in) operating activities $ 50,507 $ (38,248 ) $ (61,767 ) $ — $ (49,508 ) Cash flows from investing activities: Contributions to unconsolidated joint ventures — (15,640 ) — — (15,640 ) Return of investments in unconsolidated joint ventures — 9,934 — — 9,934 Purchases of property and equipment, net (3,508 ) (457 ) (172 ) — (4,137 ) Intercompany (80,955 ) — — 80,955 — Net cash used in investing activities (84,463 ) (6,163 ) (172 ) 80,955 (9,843 ) Cash flows from financing activities: Repayment of senior notes (300,000 ) — — — (300,000 ) Borrowings under revolving credit facility 70,000 — — — 70,000 Repayments under revolving credit facility (70,000 ) — — — (70,000 ) 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 17,433 — — — 17,433 Payments of cash dividends (6,686 ) — — — (6,686 ) Tax payments associated with stock-based compensation awards (6,787 ) — — — (6,787 ) Intercompany — 37,525 43,430 (80,955 ) — Net cash provided by (used in) financing activities (296,040 ) 27,951 42,510 (80,955 ) (306,534 ) Net decrease in cash and cash equivalents (329,996 ) (16,460 ) (19,429 ) — (365,885 ) Cash and cash equivalents at beginning of period 575,193 102,661 43,007 — 720,861 Cash and cash equivalents at end of period $ 245,197 $ 86,201 $ 23,578 $ — $ 354,976 Nine Months Ended August 31, 2017 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net cash provided by (used in) operating activities $ 82,480 $ 30,480 $ (9,690 ) $ — $ 103,270 Cash flows from investing activities: Contributions to unconsolidated joint ventures — (9,899 ) (5,255 ) — (15,154 ) Return of investments in unconsolidated joint ventures — 3,169 4,990 — 8,159 Purchases of property and equipment, net (5,875 ) (719 ) (49 ) — (6,643 ) Intercompany (43,367 ) — — 43,367 — Net cash used in investing activities (49,242 ) (7,449 ) (314 ) 43,367 (13,638 ) Cash flows from financing activities: Repayment of senior notes (105,326 ) — — — (105,326 ) Issuance costs for unsecured revolving credit facility (1,711 ) — — — (1,711 ) Payments on mortgages and land contracts due to land sellers and other loans — (92,443 ) — — (92,443 ) Issuance of common stock under employee stock plans 20,677 — — — 20,677 Payments of cash dividends (6,479 ) — — — (6,479 ) Tax payments associated with stock-based compensation awards (2,543 ) — — — (2,543 ) Intercompany — 51,595 (8,228 ) (43,367 ) — Net cash used in financing activities (95,382 ) (40,848 ) (8,228 ) (43,367 ) (187,825 ) Net decrease in cash and cash equivalents (62,144 ) (17,817 ) (18,232 ) — (98,193 ) Cash and cash equivalents at beginning of period 463,100 100,439 29,461 — 593,000 Cash and cash equivalents at end of period $ 400,956 $ 82,622 $ 11,229 $ — $ 494,807

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Narratives) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2018	Aug. 31, 2017	Nov. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense	$ 0.6		$ 3
Cash equivalents	195.7		195.7		$ 481.1
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ 87.5	$ 50.2	$ 73.5	$ 96.2

Segment Information (Narratives

Segment Information (Narratives) (Details)	3 Months Ended
	Aug. 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		9 Months Ended
		Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2018	Aug. 31, 2017	Nov. 30, 2017
Segment Reporting Information [Line Items]
Impairment of Real Estate		$ 7,135	$ 7,094	$ 17,827	$ 14,613
Inventory, Homes under Construction		1,394,895		1,394,895		$ 1,236,848
Inventory, Real Estate, Land and Land Development Costs		2,053,922		2,053,922		1,651,339
Inventory, Land Held for Development and Sale	[1]	240,038		240,038		375,199
Inventory, Operative Builders		3,688,855		3,688,855		3,263,386
Revenues:
Home Building Revenue		1,221,875	1,140,787	3,189,753	2,957,105
Pretax income (loss):
Total pretax income (loss)		114,676	79,208	239,029	152,649
Assets:
Total assets		4,974,689		4,974,689		5,041,515
Homebuilding [Member]
Pretax income (loss):
Total pretax income (loss)		109,564	76,224	228,879	145,288
Assets:
Total assets		4,963,148		4,963,148		5,029,158
Financial services [Member]
Pretax income (loss):
Total pretax income (loss)		5,112	2,984	10,150	7,361
Assets:
Total assets		11,541		11,541		12,357
West Coast [Member]
Segment Reporting Information [Line Items]
Impairment of Real Estate		4,190	4,992	14,882	8,136
Inventory, Homes under Construction		700,305		700,305		638,639
Inventory, Real Estate, Land and Land Development Costs		967,099		967,099		723,761
Inventory, Land Held for Development and Sale		146,947		146,947		233,188
Revenues:
Home Building Revenue		571,880	609,598	1,455,272	1,426,030
West Coast [Member] | Homebuilding [Member]
Pretax income (loss):
Total pretax income (loss)		72,996	58,922	156,472	118,271
Assets:
Total assets		1,984,393		1,984,393		1,747,786
Southwest [Member]
Segment Reporting Information [Line Items]
Impairment of Real Estate		0	2,102	0	3,445
Inventory, Homes under Construction		183,226		183,226		179,240
Inventory, Real Estate, Land and Land Development Costs		376,413		376,413		309,672
Inventory, Land Held for Development and Sale		21,141		21,141		62,475
Revenues:
Home Building Revenue		196,056	132,307	528,872	376,132
Southwest [Member] | Homebuilding [Member]
Pretax income (loss):
Total pretax income (loss)		31,065	11,648	66,619	30,269
Assets:
Total assets		614,214		614,214		586,666
Central [Member]
Segment Reporting Information [Line Items]
Impairment of Real Estate		654	0	654	0
Inventory, Homes under Construction		356,722		356,722		320,205
Inventory, Real Estate, Land and Land Development Costs		502,415		502,415		435,373
Inventory, Land Held for Development and Sale		11,951		11,951		12,654
Revenues:
Home Building Revenue		327,888	291,006	885,875	826,008
Central [Member] | Homebuilding [Member]
Pretax income (loss):
Total pretax income (loss)		32,294	28,921	80,464	75,584
Assets:
Total assets		1,004,464		1,004,464		901,516
Southeast [Member]
Segment Reporting Information [Line Items]
Impairment of Real Estate		2,291	0	2,291	3,032
Inventory, Homes under Construction		154,642		154,642		98,764
Inventory, Real Estate, Land and Land Development Costs		207,995		207,995		182,533
Inventory, Land Held for Development and Sale		59,999		59,999		66,882
Revenues:
Home Building Revenue		126,051	107,876	319,734	328,935
Southeast [Member] | Homebuilding [Member]
Pretax income (loss):
Total pretax income (loss)		(702)	1,129	1,405	(605)
Assets:
Total assets		462,427		462,427		359,307
Corporate and Other [Member] | Homebuilding [Member]
Pretax income (loss):
Total pretax income (loss)		(26,089)	(24,396)	(76,081)	(78,231)
Assets:
Total assets		897,650		897,650		$ 1,433,883
Land Option Contract Abandonment [Member]
Segment Reporting Information [Line Items]
Loss on Contract Termination		1,279	1,019	2,098	3,509
Land Option Contract Abandonment [Member] | West Coast [Member]
Segment Reporting Information [Line Items]
Loss on Contract Termination		219	903	815	2,738
Land Option Contract Abandonment [Member] | Southwest [Member]
Segment Reporting Information [Line Items]
Loss on Contract Termination		432	0	432	0
Land Option Contract Abandonment [Member] | Central [Member]
Segment Reporting Information [Line Items]
Loss on Contract Termination		477	0	700	518
Land Option Contract Abandonment [Member] | Southeast [Member]
Segment Reporting Information [Line Items]
Loss on Contract Termination		$ 151	$ 116	$ 151	$ 253
[1]	Land held for sale totaled $13.9 million at August 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		9 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2018	Aug. 31, 2017
Segment Reporting Information [Line Items]
Interest and Other Income	$ 0	$ 0	$ 0	$ 5
Revenues
Insurance commissions	1,928	1,897	4,743	4,515
Title services	1,544	1,317	3,897	3,766
Total	3,472	3,214	8,640	8,286
Expenses
General and administrative	(945)	(890)	(2,855)	(2,525)
Operating income	105,613	76,691	223,814	151,527
Equity in income of unconsolidated joint ventures			6,691	921
Total pretax income (loss)	114,676	79,208	239,029	152,649
Financial services [Member]
Expenses
Operating income	2,527	2,324	5,785	5,761
Equity in income of unconsolidated joint ventures	2,585	660	4,365	1,600
Total pretax income (loss)	$ 5,112	$ 2,984	$ 10,150	$ 7,361

Financial Services (Schedule _2

Financial Services (Schedule of Assets and Liabilities) (Details) - USD ($) $ in Thousands	Aug. 31, 2018	Nov. 30, 2017	Aug. 31, 2017	Nov. 30, 2016
Assets
Cash and cash equivalents	$ 354,976	$ 720,861	$ 494,807	$ 593,000
Receivables	279,608	244,213
Investments in unconsolidated joint ventures	62,436	64,794
Other assets	108,919	102,498
Total assets	4,974,689	5,041,515
Liabilities
Accounts payable and accrued expenses	894,413	789,393
Total liabilities	1,200	966
Financial services [Member]
Assets
Cash and cash equivalents	615	231	$ 754
Receivables	2,358	1,724
Investments in unconsolidated joint ventures	8,408	10,340
Other assets	160	62
Total assets	11,541	12,357
Liabilities
Accounts payable and accrued expenses	$ 1,200	$ 966

Earnings Per Share (Basic and D

Earnings Per Share (Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2018	Aug. 31, 2017
Numerator:
Net income	$ 87,476	$ 50,208	$ 73,529	$ 96,249
Less: Distributed earnings allocated to nonvested restricted stock	(12)	(14)	(37)	(43)
Less: Undistributed earnings allocated to nonvested restricted stock	(472)	(307)	(388)	(602)
Numerator for basic earnings per share	86,992	49,887	73,104	95,604
Interest expense and amortization of debt issuance costs associated with convertible senior notes, net of taxes	796	664	2,389	1,990
Add: Undistributed earnings allocated to nonvested restricted stock	472	307	388	602
Less: Undistributed earnings reallocated to nonvested restricted stock	(416)	(267)	(335)	(528)
Numerator for diluted earnings per share	$ 87,844	$ 50,591	$ 75,546	$ 97,668
Denominator:
Weighted average shares outstanding — basic (in shares)	87,951	85,974	87,565	85,517
Effect of dilutive securities: Share-based payments (in shares)	4,719	4,536	5,246	3,705
Effect of dilutive securities: Convertible senior notes (in shares)	8,402	8,402	8,402	8,402
Weighted average shares outstanding — diluted (in shares)	101,072	98,912	101,213	97,624
Basic earnings per share (in dollars per share)	$ 0.99	$ 0.58	$ 0.83	$ 1.12
Diluted earnings per share (in dollars per share)	$ 0.87	$ 0.51	$ 0.75	$ 1
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	1,600	2,500	1,600	2,500

Receivables (Details)

Receivables (Details) - USD ($) $ in Thousands	Aug. 31, 2018	Nov. 30, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Utility and Municipality Receivable	$ 128,208	$ 113,744
Deposits Assets	13,435	13,829
Other Receivables	40,868	33,797
Accounts Receivable, Gross	292,253	257,206
Allowance for Doubtful Accounts Receivable	(12,645)	(12,993)
Accounts and Notes Receivable, Net	279,608	244,213
Self Insurance [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loss Contingency, Receivable	104,992	91,763
Warranty and Other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loss Contingency, Receivable	$ 4,750	$ 4,073

Inventories (Schedule of Invent

Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands		9 Months Ended
		Aug. 31, 2018	Aug. 31, 2017	Nov. 30, 2017
Inventory Disclosure [Abstract]
Gain (Loss) on Extinguishment of Debt		$ 0	$ (5,685)
Inventory, Land Held-for-sale		13,900		$ 21,800
Inventories
Homes under construction		1,394,895		1,236,848
Land under development		2,053,922		1,651,339
Land held for future development	[1]	240,038		375,199
Total		$ 3,688,855		$ 3,263,386
[1]	Land held for sale totaled $13.9 million at August 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		9 Months Ended
		Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2018	Aug. 31, 2017
Interest Costs
Capitalized interest at beginning of period		$ 247,276	$ 303,984	$ 262,191	$ 306,723
Interest incurred	[1]	35,228	43,434	115,096	136,857
Interest expense	[1]	0	0	0	(6,307)
Interest amortized to construction and land costs	[2]	(53,288)	(55,204)	(148,071)	(145,059)
Capitalized interest at end of period	[3]	229,216	292,214	229,216	292,214
Loss on early extinguishment of debt				0	5,685
Land [Member]
Interest Costs
Interest amortized to construction and land costs		$ (300)	$ (200)	$ (4,300)	$ (1,800)
[1]	Interest incurred and interest expensed for the nine months ended August 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 August 31, 2018 and 2017 included $.3 million and $.2 million, respectively, related to land sales during those periods. Interest amortized to construction and land costs for the nine months ended August 31, 2018 and 2017 included $4.3 million and $1.8 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 Lan_3

Inventory Impairments and Land Option Contract Abandonments (Narratives) (Details)		3 Months Ended		9 Months Ended
		Aug. 31, 2018USD ($)lotdelivery	Aug. 31, 2017USD ($)delivery	Aug. 31, 2018USD ($)lotdeliveryproperty	Aug. 31, 2017USD ($)deliveryproperty	Nov. 30, 2017USD ($)property
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Real Estate Inventory, Capitalized Interest Costs, Cost of Sales	[1]	$ 53,288,000	$ 55,204,000	$ 148,071,000	$ 145,059,000
Impairment of Real Estate		7,135,000	7,094,000	$ 17,827,000	$ 14,613,000
Number of land parcels or communities evaluated for recoverability | property				47	49
Carrying Value of Communities or Land Parcels Evaluated for Impairment		303,500,000	436,700,000	$ 303,500,000	$ 436,700,000
Aggregate carrying value of inventory impacted by pretax, noncash inventory impairment charges		$ 171,600,000		$ 171,600,000		$ 177,800,000
Number of communities and various other land parcels impacted by pretax, noncash inventory impairment charges		20		20		24
Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Estimate Input at Average Selling Price		$ 407,300	$ 1,576,500	$ 774,100	$ 1,576,500
Fair Value Estimate Input, Delivery For Period | delivery		6	4	6	4
Fair Value Inputs, Discount Rate		18.00%	18.00%	18.00%	18.00%
Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Estimate Input at Average Selling Price		$ 306,400	$ 207,100	$ 306,400	$ 207,100
Fair Value Estimate Input, Delivery For Period | delivery		2	2	2	2
Fair Value Inputs, Discount Rate		17.00%	17.00%	17.00%	17.00%
Land Option Contract Abandonment [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Payments to Acquire Land		$ (1,279,000)	$ (1,019,000)	$ (2,098,000)	$ (3,509,000)
West Coast [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Impairment of Real Estate		4,190,000	4,992,000	14,882,000	8,136,000
West Coast [Member] | Land Option Contract Abandonment [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Payments to Acquire Land		(219,000)	(903,000)	(815,000)	(2,738,000)
Central [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Impairment of Real Estate		654,000	0	654,000	0
Central [Member] | Land Option Contract Abandonment [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Payments to Acquire Land		(477,000)	0	(700,000)	(518,000)
Southeast [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Impairment of Real Estate		2,291,000	0	2,291,000	3,032,000
Southeast [Member] | Land Option Contract Abandonment [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Payments to Acquire Land		(151,000)	(116,000)	(151,000)	(253,000)
Land [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Real Estate Inventory, Capitalized Interest Costs, Cost of Sales		$ 300,000	$ 200,000	$ 4,300,000	$ 1,800,000
[1]	Interest amortized to construction and land costs for the three months ended August 31, 2018 and 2017 included $.3 million and $.2 million, respectively, related to land sales during those periods. Interest amortized to construction and land costs for the nine months ended August 31, 2018 and 2017 included $4.3 million and $1.8 million, respectively, related to land sales during those periods.

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands	Aug. 31, 2018USD ($)joint_venture	Nov. 30, 2017USD ($)joint_venture
Variable Interest Entity [Line Items]
Number of Investments in Unconsolidated Joint Ventures | joint_venture	6	7
Cash Deposits	$ 48,776	$ 64,702
Aggregate Purchase Price	1,377,349	1,094,087
Pre-acquisition costs related to land option contracts and other similar contracts	42,300	26,800
Letters of Credit Outstanding, Amount	37,700	37,600
Increase in inventories and accrued expenses and other liabilities	$ 26,100	$ 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	$ 19,983	$ 43,171
Aggregate Purchase Price	852,560	653,858
Non-VIE Other land option contracts and other similar contracts [Member]
Variable Interest Entity [Line Items]
Cash Deposits	28,793	21,531
Aggregate Purchase Price	$ 524,789	$ 440,229

Investments in Unconsolidated_3

Investments in Unconsolidated Joint Ventures (Financial Information for Unconsolidated Joint Ventures) (Details) $ in Thousands		3 Months Ended		9 Months Ended
		Aug. 31, 2018USD ($)joint_venture	Aug. 31, 2017USD ($)	Aug. 31, 2018USD ($)joint_venture	Aug. 31, 2017USD ($)	Nov. 30, 2017USD ($)joint_venture
Schedule of Equity Method Investments [Line Items]
Number of Investments in Unconsolidated Joint Ventures | joint_venture		6		6		7
Statements of operations of unconsolidated joint venture
Revenues		$ 35,391	$ 12,802	$ 52,015	$ 39,604
Construction and land costs		(22,211)	(12,832)	(38,866)	(37,625)
Other expenses, net		(226)	(1,294)	(2,209)	(3,547)
Income (loss)		12,954	$ (1,324)	10,940	$ (1,568)
Assets
Cash		10,466		10,466		$ 21,193
Receivables		26		26		688
Inventories		131,512		131,512		145,519
Other Assets		740		740		1,398
Total assets		142,744		142,744		168,798
Liabilities and equity
Accounts payable and other liabilities		9,856		9,856		25,426
Equity Method Investments Summarized Financial Information Debt	[1]	11,407		11,407		20,040
Equity		121,481		121,481		123,332
Total liabilities and equity		$ 142,744		$ 142,744		$ 168,798
Secured Debt [Member]
Schedule of Equity Method Investments [Line Items]
Number of Investments in Unconsolidated Joint Ventures | joint_venture		1		1
[1]	As of 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, with the outstanding debt secured by the corresponding underlying property and related project assets and non-recourse to us. The secured debt of one of these unconsolidated joint ventures was repaid in August 2018 upon maturity. All of the outstanding secured debt at August 31, 2018 is scheduled to mature in February 2020. None of our other unconsolidated joint ventures had outstanding debt at August 31, 2018 or November 30, 2017.

Investments in Unconsolidated_4

Investments in Unconsolidated Joint Ventures (Information for Investments in Unconsolidated Joint Ventures) (Details) $ in Thousands		9 Months Ended
		Aug. 31, 2018USD ($)lotjoint_venture	Nov. 30, 2017USD ($)lotjoint_venture
Schedule of Equity Method Investments [Line Items]
Number of Units in Real Estate Property | lot		46
Long-term Purchase, Commitment, Amount | $		$ 21,100
Number of investments in unconsolidated joint ventures | joint_venture		6	7
Long-term purchase commitment period		2 years
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $		$ 62,436	$ 64,794
Number of Unconsolidated Joint Venture Lots Controlled Under Land Option Contracts | lot		46	377
Equity Method Investments Summarized Financial Information Debt | $	[1]	$ 11,407	$ 20,040
Investments in Unconsolidated Joint Ventures with Debt
Schedule of Equity Method Investments [Line Items]
Number of investments in unconsolidated joint ventures | joint_venture			2
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 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, with the outstanding debt secured by the corresponding underlying property and related project assets and non-recourse to us. The secured debt of one of these unconsolidated joint ventures was repaid in August 2018 upon maturity. All of the outstanding secured debt at August 31, 2018 is scheduled to mature in February 2020. None of our other unconsolidated joint ventures had outstanding debt at August 31, 2018 or November 30, 2017.

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Aug. 31, 2018	Nov. 30, 2017
Other Assets [Abstract]
Cash surrender value of corporate-owned life insurance contracts	$ 75,893	$ 75,236
Property and equipment, net	21,695	19,521
Prepaid expenses	9,437	5,360
Debt issuance costs associated with unsecured revolving credit facility	1,894	2,381
Total	$ 108,919	$ 102,498

Accrued Expenses and Other Li_3

Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands		Aug. 31, 2018	May 31, 2018	Nov. 30, 2017	Aug. 31, 2017	May 31, 2017	Nov. 30, 2016
Payables and Accruals [Abstract]
Employee compensation and related benefits		$ 145,389		$ 143,992
Inventory-related liabilities	[1]	43,788		30,108
Self-Insurance and Other Legal Liabilities		250,148		222,808
Accrued interest payable		74,744		65,343
Warranty liability		79,971	$ 76,404	69,798	$ 63,811	$ 60,037	$ 56,682
Customer Advances and Deposits		23,095		16,863
Real estate and business taxes		13,114		16,874
Other		4,217		10,144
Total		$ 634,466		$ 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		9 Months Ended		12 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2018	Aug. 31, 2017	Nov. 30, 2022	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Income Tax Expense (Benefit), Continuing Operations [Abstract]
Income tax expense	$ 27,200,000	$ 29,000,000	$ 165,500,000	$ 56,400,000
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	3,000,000	$ 2,600,000	7,200,000	$ 3,800,000
Unrecognized Tax Benefits	0		0					$ 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	(600,000)		(3,000,000)
Valuation allowance	26,900,000		26,900,000					23,600,000
Income Tax Contingency [Line Items]
Deferred Tax Assets, Gross	$ 495,900,000		$ 495,900,000					$ 657,200,000
Effective Income Tax Rate Reconciliation, Percent	23.70%	36.60%	69.20%	36.90%
Maximum [Member]
Income Tax Contingency [Line Items]
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation	$ 1,000,000		$ 1,000,000
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	Aug. 31, 2018	Nov. 30, 2017
Debt Instrument [Line Items]
Mortgages and notes payable	$ 2,063,127	$ 2,324,845
Mortgages and Land Contracts Due to Land Sellers and Other Loans [Member]
Debt Instrument [Line Items]
Mortgages and notes payable	44,295	$ 10,203
Senior Notes [Member] | Senior notes due June 15, 2018 at 7 1/4%
Debt Instrument [Line Items]
Senior notes, rate		7.25%
Mortgages and notes payable	$ 0	$ 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	$ 399,207	$ 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	$ 347,390	$ 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	$ 447,166	$ 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	$ 347,603	$ 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	$ 247,984	$ 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	$ 229,482	$ 228,572

Notes Payable (Narratives) (Det

Notes Payable (Narratives) (Details)	Jun. 15, 2018USD ($)	Aug. 31, 2018USD ($)$ / sharesshares	Aug. 31, 2017shares	Aug. 31, 2018USD ($)$ / sharesshares	Aug. 31, 2017USD ($)shares	Nov. 30, 2017USD ($)
Debt Instrument [Line Items]
Debt Issuance Costs, Net		$ 11,200,000		$ 11,200,000		$ 15,400,000
Line of Credit Facility, Current Borrowing Capacity		500,000,000		500,000,000
Letters of credit outstanding		$ 37,700,000		$ 37,700,000		37,600,000
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities (in shares) | shares		8,402,000	8,402,000	8,402,000	8,402,000
Gain (Loss) on Extinguishment of Debt				$ 0	$ (5,685,000)
Notes and Loans Payable		$ 2,063,127,000		2,063,127,000		2,324,845,000
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months		0		0
Long-term Debt, Maturities, Repayments of Principal in Year Two		674,300,000		674,300,000
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		$ 145,700,000		145,700,000
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		$ 462,300,000		462,300,000
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		37,700,000		37,700,000
Unsecured revolving credit facility, remaining borrowing capacity		212,300,000		212,300,000
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		$ 44,295,000		$ 44,295,000		$ 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		$ 229,482,000		$ 229,482,000		$ 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%
Extinguishment of Debt, Amount	$ 300,000,000
Notes and Loans Payable		$ 0		$ 0		$ 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		$ 399,207,000		$ 399,207,000		$ 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		$ 347,390,000		$ 347,390,000		$ 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		$ 347,603,000		$ 347,603,000		$ 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		$ 247,984,000		$ 247,984,000		$ 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		9 Months Ended		12 Months Ended
		Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2018	Aug. 31, 2017	Nov. 30, 2017
Assets measured at fair value on a nonrecurring basis
Impairment of Real Estate		$ (7,135)	$ (7,094)	$ (17,827)	$ (14,613)
Fair Value, Measurements, Nonrecurring [Member] | Level 3
Assets measured at fair value on a nonrecurring basis
Assets, Fair Value Disclosure	[1]	31,744		31,744		$ 38,357
Inventory Impacted by Pretax Noncash Inventory Impairment Charges, Carrying Value		$ 49,571		49,571		58,962
Impairment of Real Estate				$ (17,827)		$ (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		9 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2018	Aug. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of Real Estate	$ 7,135	$ 7,094	$ 17,827	$ 14,613

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		Aug. 31, 2018	Nov. 30, 2017
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Debt, Fair Value Disclosures	[1]	$ 229,482	$ 228,572
Carrying Value | Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated Fair Value	[1]	1,789,350	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		238,913	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		$ 1,884,875	$ 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 Contingencies_2

Commitments and Contingencies (Narratives) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2018USD ($)	Aug. 31, 2017USD ($)	Aug. 31, 2018USD ($)Homeclaim_filed	Aug. 31, 2017USD ($)	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	$ (6,023)	$ (6,267)	$ (17,070)	$ (18,836)
Performance bonds	655,700		655,700		$ 606,700
Letters of credit outstanding	37,700		37,700		37,600
Cash deposits	48,776		48,776		64,702
Aggregate purchase price of land	1,377,349		$ 1,377,349		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		$ 21,700		$ 21,700
Loss Contingency, Receivable	$ 63,200		$ 63,200		$ 71,300
Chapter 558 of the Florida Statutes [Member]
Loss Contingencies [Line Items]
Loss Contingency, New Claims Filed, Number | claim_filed			500

Commitments and Contingencies_3

Commitments and Contingencies (Changes in the Warranty Liability) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2018	Aug. 31, 2017	May 31, 2018	Nov. 30, 2017	May 31, 2017	Nov. 30, 2016
Loss Contingencies [Line Items]
Self Insurance Reserve		$ 178,773	$ 177,559	$ 178,773	$ 177,559	$ 176,715	$ 177,695	$ 156,505	$ 158,584
Expenses Associated with Self Insurance	[1]	5,554	5,573	14,264	13,811
Payments, Net of Recoveries for Self Insurance		(2,473)	(2,291)	(5,115)	(7,051)
Changes in the Warranty Liability
Balance at beginning of period		76,404	60,037	69,798	56,682
Warranties issued		9,590	10,041	27,243	25,965
Payments		(6,023)	(6,267)	(17,070)	(18,836)
Balance at end of period		79,971	63,811	79,971	63,811
Self Insurance [Member]
Loss Contingencies [Line Items]
Loss Contingency, Receivable		63,200		63,200			71,300
Increase (Decrease) in Insurance Liabilities	[2]	(1,023)	$ 17,772	(8,071)	$ 12,215
Warranty and Other [Member]
Loss Contingencies [Line Items]
Loss Contingency, Receivable		$ 4,800		$ 4,800			$ 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. The amounts for the three months and nine months ended August 31, 2017 also included a $21.7 million change in estimate to increase our self-insurance liability based on an actuarially determined estimate that we believed had a higher probability of being adequate to cover future payments associated with unresolved claims, including claims incurred but not yet reported.

Legal Matters (Details)

Legal Matters (Details) $ in Millions	9 Months Ended
	Aug. 31, 2018USD ($)claim_filed
Northern California Townhome Community [Member]
Loss Contingencies [Line Items]
Expected compensatory damages | $	$ 100
Chapter 558 of the Florida Statutes [Member]
Loss Contingencies [Line Items]
Loss Contingency, New Claims Filed, Number | claim_filed	500

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2018	Aug. 31, 2017
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			$ 1,926,311
Net income	$ 87,476	$ 50,208	73,529	$ 96,249
Dividends on common stock			$ (6,686)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares)			1,049,260
Stock Issued During Period, Value, Stock Options Exercised			$ 17,433
Stock Issued During Period, Value, Share-based Compensation, Gross			0
Stock-based compensation			12,149
Tax payments associated with stock-based payment awards			(6,787)
Ending balance	$ 2,015,949		$ 2,015,949
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)			1,049,000
Stock Issued During Period, Value, Stock Options Exercised			$ 1,049
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)	(119,049,000)		(119,049,000)
Ending balance	$ 119,049		$ 119,049
Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			727,483
Stock Issued During Period, Value, Stock Options Exercised			16,384
Stock Issued During Period, Value, Share-based Compensation, Gross			(5,762)
Stock-based compensation			12,149
Ending balance	750,254		750,254
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			1,735,695
Net income			73,529
Dividends on common stock			(6,686)
Ending balance	1,802,538		1,802,538
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)			37,000
Stock Issued During Period, Value, Share-based Compensation, Gross			$ 959
Tax payments associated with stock-based payment awards			$ (6,787)
Common stock repurchased (in shares)			(217,000)
Common Stock, Shares, Outstanding (in shares)	(22,201,000)		(22,201,000)
Ending balance	$ (547,208)		$ (547,208)

Stockholders' Equity (Narrative

Stockholders' Equity (Narratives) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2018	Aug. 31, 2017	Nov. 30, 2016	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
Payments Related to Tax Withholding for Share-based Compensation			$ 6,787	$ 2,543
Dividend paid in each quarter (in dollars per share)	$ 0.0250	$ 0.0250	$ 0.075	$ 0.075
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]
Common stock repurchased (in shares)			217,006
Payments Related to Tax Withholding for Share-based Compensation			$ 6,800
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)	9 Months Ended
	Aug. 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	(1,049,260)
Cancelled, options (in shares) | shares	(33,706)
Options outstanding at end of period, options (in shares) | shares	8,182,274
Options exercisable at end of period (in shares) | shares	7,254,706
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	16.62
Cancelled, weighted average exercise price (in dollars per share) | $ / shares	17.29
Options outstanding at end of period, weighted average exercise price (in dollars per share) | $ / shares	17.78
Options exercisable at end of period (in dollars per share) | $ / shares	$ 18.04

Stock-Based Compensation (Narra

Stock-Based Compensation (Narratives) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2018	Aug. 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	$ 77.3		$ 77.3
Intrinsic value of stock options exercisable	68.8		68.8
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, total	0.3		$ 0.3
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			11 months
Stock-based compensation expense (income) associated with stock options, total	0.2	$ 0.6	$ 0.5	$ 1.7
Restricted Stock and Performance Unit Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense (income) associated with stock options, total	$ 3.2	$ 2.3	$ 11.6	$ 8.1

Supplemental Disclosure to Co_3

Supplemental Disclosure to Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Nov. 30, 2017	Nov. 30, 2016
Summary of cash and cash equivalents at end of period:
Cash and cash equivalents	$ 354,976	$ 494,807	$ 720,861	$ 593,000
Interest Paid, Net	(9,401)	(17,111)
Supplemental disclosures of cash flow information:
Income taxes paid	9,808	3,464
Supplemental disclosures of noncash activities:
Increase (decrease) in consolidated inventories not owned	20,370	(22,018)
Inventories acquired through seller financing	44,586	49,658
Homebuilding
Summary of cash and cash equivalents at end of period:
Cash and cash equivalents	354,361	494,053	720,630
Financial Services
Summary of cash and cash equivalents at end of period:
Cash and cash equivalents	615	754	$ 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	$ 10,390	$ 5,198

Supplemental Guarantor Inform_3

Supplemental Guarantor Information (Narrative) (Details)	9 Months Ended
	Aug. 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 Inform_4

Supplemental Guarantor Information (Condensed Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2018	Aug. 31, 2017
Condensed Consolidated Statements of Operations
Revenues		$ 1,225,347	$ 1,144,001	$ 3,198,393	$ 2,965,391
Homebuilding:
Revenues		1,221,875	1,140,787	3,189,753	2,957,105
Construction and land costs		(1,001,509)	(955,001)	(2,642,231)	(2,499,677)
Selling, general and administrative expenses		(114,753)	(109,095)	(323,708)	(305,901)
Operating income (loss)		105,613	76,691	223,814	151,527
Interest income		458	347	2,739	747
Interest expense	[1]	0	0	0	(6,307)
Intercompany Interest Income (Expense)		0	0	0	0
Equity in income of unconsolidated joint ventures				6,691	921
Total pretax income (loss)		114,676	79,208	239,029	152,649
Income tax expense		(27,200)	(29,000)	(165,500)	(56,400)
Income (Loss) from Subsidiaries, Net of Tax		0	0	0	0
Net income		87,476	50,208	73,529	96,249
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		(24,688)	(23,220)	(73,669)	(68,809)
Operating income (loss)		(24,688)	(23,220)	(73,669)	(68,809)
Interest income		380	345	2,559	740
Interest expense		(33,319)	(41,746)	(109,233)	(131,788)
Intercompany Interest Income (Expense)		78,519	77,367	226,642	226,470
Total pretax income (loss)		20,892	12,746	46,299	26,613
Income tax expense		(3,500)	(3,700)	(50,600)	(4,900)
Income (Loss) from Subsidiaries, Net of Tax		70,084	41,162	77,830	74,536
Net income		87,476	50,208	73,529	96,249
Guarantor Subsidiaries
Condensed Consolidated Statements of Operations
Revenues		1,115,373	1,048,045	2,886,995	2,671,533
Homebuilding:
Revenues		1,115,373	1,048,045	2,886,995	2,671,533
Construction and land costs		(907,027)	(871,350)	(2,376,223)	(2,240,974)
Selling, general and administrative expenses		(80,196)	(72,686)	(223,023)	(206,513)
Operating income (loss)		128,150	104,009	287,749	224,046
Interest income		0	2	9	5
Interest expense		(669)	(434)	(1,992)	(1,428)
Intercompany Interest Income (Expense)		(39,896)	(31,059)	(103,211)	(87,524)
Total pretax income (loss)		91,078	71,704	184,882	134,421
Income tax expense		(22,700)	(26,200)	(88,500)	(52,300)
Income (Loss) from Subsidiaries, Net of Tax		0	0	0	0
Net income		68,378	45,504	96,382	82,121
Non-Guarantor Subsidiaries
Condensed Consolidated Statements of Operations
Revenues		109,974	95,956	311,398	293,858
Homebuilding:
Revenues		106,502	92,742	302,758	285,572
Construction and land costs		(94,482)	(83,651)	(266,008)	(258,703)
Selling, general and administrative expenses		(9,869)	(13,189)	(27,016)	(30,579)
Operating income (loss)		2,151	(4,098)	9,734	(3,710)
Interest income		78	0	171	2
Interest expense		(1,240)	(1,254)	(3,871)	(3,641)
Intercompany Interest Income (Expense)		(3,395)	(2,874)	(8,335)	(8,396)
Total pretax income (loss)		2,706	(5,242)	7,848	(8,385)
Income tax expense		(1,000)	900	(26,400)	800
Income (Loss) from Subsidiaries, Net of Tax		0	0	0	0
Net income		1,706	(4,342)	(18,552)	(7,585)
Homebuilding [Member]
Homebuilding:
Equity in income of unconsolidated joint ventures		3,493	(814)	2,326	(679)
Total pretax income (loss)		109,564	76,224	228,879	145,288
Homebuilding [Member] | KB Home Corporate
Homebuilding:
Equity in income of unconsolidated joint ventures		0	0	0	0
Total pretax income (loss)		20,892	12,746	46,299	26,613
Homebuilding [Member] | Guarantor Subsidiaries
Homebuilding:
Equity in income of unconsolidated joint ventures		3,493	(814)	2,327	(678)
Total pretax income (loss)		91,078	71,704	184,882	134,421
Homebuilding [Member] | Non-Guarantor Subsidiaries
Homebuilding:
Equity in income of unconsolidated joint ventures		0	0	(1)	(1)
Total pretax income (loss)		(2,406)	(8,226)	(2,302)	(15,746)
Financial services [Member]
Homebuilding:
Operating income (loss)		2,527	2,324	5,785	5,761
Equity in income of unconsolidated joint ventures		2,585	660	4,365	1,600
Total pretax income (loss)		5,112	2,984	10,150	7,361
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)		5,112	2,984	10,150	7,361
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		35,228	43,434	115,096	130,550
Intercompany Interest Income (Expense)		(35,228)	(43,434)	(115,096)	(130,550)
Total pretax income (loss)		0	0	0	0
Income tax expense		0	0	0	0
Income (Loss) from Subsidiaries, Net of Tax		(70,084)	(41,162)	(77,830)	(74,536)
Net income		(70,084)	(41,162)	(77,830)	(74,536)
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 nine months ended August 31, 2017 included a charge of $5.7 million for the early extinguishment of debt

Supplemental Guarantor Inform_5

Supplemental Guarantor Information (Condensed Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands	Aug. 31, 2018	Nov. 30, 2017	Aug. 31, 2017	Nov. 30, 2016
Assets
Cash and Cash Equivalents, at Carrying Value	$ 354,976	$ 720,861	$ 494,807	$ 593,000
Receivables	279,608	244,213
Inventory, Operative Builders	3,688,855	3,263,386
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	62,436	64,794
Deferred tax assets, net	468,969	633,637
Other assets	108,919	102,498
Investments in and Advances to Affiliates, Amount of Equity	0	0
Total assets	4,974,689	5,041,515
Due from Affiliates	0	0
Liabilities and stockholders' equity
Accounts payable, accrued expenses and other liabilities	894,413	789,393
Mortgages and notes payable	2,063,127	2,324,845
Financial services	1,200	966
Due to Affiliate	0	0
Stockholders' equity	2,015,949	1,926,311
Total liabilities and stockholders’ equity	4,974,689	5,041,515
KB Home Corporate
Assets
Cash and Cash Equivalents, at Carrying Value	245,197	575,193	400,956	463,100
Receivables	5,707	24,815
Inventory, Operative Builders	0	0
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	0	0
Deferred tax assets, net	200,610	250,747
Other assets	97,542	91,592
Investments in and Advances to Affiliates, Amount of Equity	150,900	49,776
Total assets	4,184,575	4,406,360
Due from Affiliates	3,484,619	3,414,237
Liabilities and stockholders' equity
Accounts payable, accrued expenses and other liabilities	137,171	163,984
Mortgages and notes payable	1,993,722	2,289,532
Financial services	0	0
Due to Affiliate	37,733	26,533
Stockholders' equity	2,015,949	1,926,311
Total liabilities and stockholders’ equity	4,184,575	4,406,360
Guarantor Subsidiaries
Assets
Cash and Cash Equivalents, at Carrying Value	86,201	102,661	82,622	100,439
Receivables	189,793	144,076
Inventory, Operative Builders	3,317,712	2,929,466
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	59,932	62,290
Deferred tax assets, net	155,451	243,523
Other assets	8,670	8,424
Investments in and Advances to Affiliates, Amount of Equity	0	0
Total assets	3,817,759	3,490,440
Due from Affiliates	0	0
Liabilities and stockholders' equity
Accounts payable, accrued expenses and other liabilities	530,309	371,909
Mortgages and notes payable	44,295	9,283
Financial services	0	0
Due to Affiliate	3,152,077	3,109,248
Stockholders' equity	91,078	0
Total liabilities and stockholders’ equity	3,817,759	3,490,440
Non-Guarantor Subsidiaries
Assets
Cash and Cash Equivalents, at Carrying Value	23,578	43,007	11,229	29,461
Receivables	84,108	75,322
Inventory, Operative Builders	371,143	333,920
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	2,504	2,504
Deferred tax assets, net	112,908	139,367
Other assets	2,707	2,482
Investments in and Advances to Affiliates, Amount of Equity	0	0
Total assets	761,320	716,720
Due from Affiliates	153,446	107,992
Liabilities and stockholders' equity
Accounts payable, accrued expenses and other liabilities	226,933	253,500
Mortgages and notes payable	25,110	26,030
Financial services	1,200	966
Due to Affiliate	448,255	386,448
Stockholders' equity	59,822	49,776
Total liabilities and stockholders’ equity	761,320	716,720
Homebuilding [Member]
Assets
Cash and Cash Equivalents, at Carrying Value	354,361	720,630	494,053
Total assets	4,963,148	5,029,158
Liabilities and stockholders' equity
Total Liabilities Homebuilding	2,957,540	3,114,238
Homebuilding [Member] | KB Home Corporate
Assets
Cash and Cash Equivalents, at Carrying Value	245,197	575,193
Total assets	549,056	942,347
Liabilities and stockholders' equity
Total Liabilities Homebuilding	2,130,893	2,453,516
Homebuilding [Member] | Guarantor Subsidiaries
Assets
Cash and Cash Equivalents, at Carrying Value	86,201	102,661
Total assets	3,817,759	3,490,440
Liabilities and stockholders' equity
Total Liabilities Homebuilding	574,604	381,192
Homebuilding [Member] | Non-Guarantor Subsidiaries
Assets
Cash and Cash Equivalents, at Carrying Value	22,963	42,776
Total assets	596,333	596,371
Liabilities and stockholders' equity
Total Liabilities Homebuilding	252,043	279,530
Financial services [Member]
Assets
Cash and Cash Equivalents, at Carrying Value	615	231	754
Receivables	2,358	1,724
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	8,408	10,340
Other assets	160	62
Total assets	11,541	12,357
Liabilities and stockholders' equity
Accounts payable, accrued expenses and other liabilities	1,200	966
Financial services [Member] | KB Home Corporate
Assets
Total assets	0	0
Financial services [Member] | Guarantor Subsidiaries
Assets
Total assets	0	0
Financial services [Member] | Non-Guarantor Subsidiaries
Assets
Total assets	11,541	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	(150,900)	(49,776)
Total assets	(3,788,965)	(3,572,005)
Due from Affiliates	(3,638,065)	(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	(3,638,065)	(3,522,229)
Stockholders' equity	(150,900)	(49,776)
Total liabilities and stockholders’ equity	(3,788,965)	(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 Inform_6

Supplemental Guarantor Information (Condensed Consolidated Statements of Cash Flows) (Details) - USD ($) $ in Thousands	9 Months Ended
	Aug. 31, 2018	Aug. 31, 2017
Cash flows from operating activities:
Net cash used in operating activities	$ (49,508)	$ 103,270
Cash flows from investing activities:
Contributions to unconsolidated joint ventures	(15,640)	(15,154)
Return of investments in unconsolidated joint ventures	9,934	8,159
Purchases of property and equipment, net	(4,137)	(6,643)
Intercompany	0	0
Net cash used in investing activities	(9,843)	(13,638)
Cash flows from financing activities:
Repayment of senior notes	(300,000)	(105,326)
Issuance costs for unsecured revolving credit facility	0	(1,711)
Borrowings under revolving credit facility	70,000	0
Repayments under revolving credit facility	(70,000)	0
Payments on mortgages and land contracts due to land sellers and other loans	(10,494)	(92,443)
Issuance of common stock under employee stock plans	17,433	20,677
Payments of cash dividends	(6,686)	(6,479)
Tax payments associated with stock-based compensation awards	(6,787)	(2,543)
Intercompany	0	0
Net cash used in financing activities	(306,534)	(187,825)
Net decrease in cash and cash equivalents	(365,885)	(98,193)
Cash and cash equivalents at beginning of period	720,861	593,000
Cash and cash equivalents at end of period	354,976	494,807
KB Home Corporate
Cash flows from operating activities:
Net cash used in operating activities	50,507	82,480
Cash flows from investing activities:
Contributions to unconsolidated joint ventures	0	0
Return of investments in unconsolidated joint ventures	0	0
Purchases of property and equipment, net	(3,508)	(5,875)
Intercompany	(80,955)	(43,367)
Net cash used in investing activities	(84,463)	(49,242)
Cash flows from financing activities:
Repayment of senior notes	(300,000)	(105,326)
Issuance costs for unsecured revolving credit facility		(1,711)
Borrowings under revolving credit facility	70,000
Repayments under revolving credit facility	(70,000)
Payments on mortgages and land contracts due to land sellers and other loans	0	0
Issuance of common stock under employee stock plans	17,433	20,677
Payments of cash dividends	(6,686)	(6,479)
Tax payments associated with stock-based compensation awards	(6,787)	(2,543)
Intercompany	0	0
Net cash used in financing activities	(296,040)	(95,382)
Net decrease in cash and cash equivalents	(329,996)	(62,144)
Cash and cash equivalents at beginning of period	575,193	463,100
Cash and cash equivalents at end of period	245,197	400,956
Guarantor Subsidiaries
Cash flows from operating activities:
Net cash used in operating activities	(38,248)	30,480
Cash flows from investing activities:
Contributions to unconsolidated joint ventures	(15,640)	(9,899)
Return of investments in unconsolidated joint ventures	9,934	3,169
Purchases of property and equipment, net	(457)	(719)
Intercompany	0	0
Net cash used in investing activities	(6,163)	(7,449)
Cash flows from financing activities:
Repayment of senior notes	0	0
Issuance costs for unsecured revolving credit facility		0
Borrowings under revolving credit facility	0
Repayments under revolving credit facility	0
Payments on mortgages and land contracts due to land sellers and other loans	(9,574)	(92,443)
Issuance of common stock under employee stock plans	0	0
Payments of cash dividends	0	0
Tax payments associated with stock-based compensation awards	0	0
Intercompany	37,525	51,595
Net cash used in financing activities	27,951	(40,848)
Net decrease in cash and cash equivalents	(16,460)	(17,817)
Cash and cash equivalents at beginning of period	102,661	100,439
Cash and cash equivalents at end of period	86,201	82,622
Non-Guarantor Subsidiaries
Cash flows from operating activities:
Net cash used in operating activities	(61,767)	(9,690)
Cash flows from investing activities:
Contributions to unconsolidated joint ventures	0	(5,255)
Return of investments in unconsolidated joint ventures	0	4,990
Purchases of property and equipment, net	(172)	(49)
Intercompany	0	0
Net cash used in investing activities	(172)	(314)
Cash flows from financing activities:
Repayment of senior notes	0	0
Issuance costs for unsecured revolving credit facility		0
Borrowings under revolving credit facility	0
Repayments under revolving credit facility	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
Tax payments associated with stock-based compensation awards	0	0
Intercompany	43,430	(8,228)
Net cash used in financing activities	42,510	(8,228)
Net decrease in cash and cash equivalents	(19,429)	(18,232)
Cash and cash equivalents at beginning of period	43,007	29,461
Cash and cash equivalents at end of period	23,578	11,229
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
Return of investments in unconsolidated joint ventures	0	0
Purchases of property and equipment, net	0	0
Intercompany	80,955	43,367
Net cash used in investing activities	80,955	43,367
Cash flows from financing activities:
Repayment of senior notes	0	0
Issuance costs for unsecured revolving credit facility		0
Borrowings under revolving credit facility	0
Repayments under revolving credit facility	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
Tax payments associated with stock-based compensation awards	0	0
Intercompany	(80,955)	(43,367)
Net cash used in financing activities	(80,955)	(43,367)
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