KB Home (KBH) 10-Q 9 Jul 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	May 31, 2019	Feb. 28, 2019	Nov. 30, 2018	May 31, 2018	Feb. 28, 2018	Nov. 30, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	KB HOME
Entity Central Index Key	0000795266
Document Type	10-Q
Document Period End Date	May 31, 2019
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--11-30
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock Shares Outstanding	88,226,142
Entity Current Reporting Status	Yes
Entity Shell Company	false
Grantor Stock Ownership Trust
Document Information [Line Items]
Common Stock, Shares, Outstanding	7,859,975	7,860,000	8,157,000	8,460,000	8,460,000	8,898,000

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2019	May 31, 2018	May 31, 2019	May 31, 2018
Total revenues	$ 1,021,803	$ 1,101,423	$ 1,833,286	$ 1,973,046
Equity in income of unconsolidated joint ventures			2,527	613
Total pretax income	56,761	78,308	91,272	124,353
Income tax expense	(9,300)	(21,000)	(13,800)	(138,300)
Net income (loss)	$ 47,461	$ 57,308	$ 77,472	$ (13,947)
Earnings (loss) per share:
Basic (in dollars per share)	$ 0.54	$ 0.65	$ 0.88	$ (0.16)
Diluted (in dollars per share)	$ 0.51	$ 0.57	$ 0.82	$ (0.16)
Weighted average shares outstanding:
Basic (in shares)	87,641	87,581	87,310	87,370
Diluted (in shares)	92,366	101,159	94,635	87,370
Cash dividends declared per common share (in dollars per share)	$ 0.0250	$ 0.025	$ 0.05	$ 0.05
Home Building [Member]
Total revenues	$ 1,018,671	$ 1,098,673	$ 1,827,459	$ 1,967,878
Costs of goods and services sold	(843,744)	(911,244)	(1,514,599)	(1,640,722)
Selling, general and administrative expenses	(122,828)	(113,231)	(229,422)	(208,955)
Operating income	52,099	74,198	83,438	118,201
Interest income	439	1,278	1,544	2,281
Equity in income of unconsolidated joint ventures	(369)	(322)	(775)	(1,167)
Total pretax income	52,169	75,154	84,207	119,315
Financial Service [Member]
Total revenues	3,132	2,750	5,827	5,168
Selling, general and administrative expenses	(1,040)	(957)	(2,064)	(1,910)
Operating income	2,092	1,793	3,763	3,258
Equity in income of unconsolidated joint ventures	2,500	1,361	3,302	1,780
Total pretax income	$ 4,592	$ 3,154	$ 7,065	$ 5,038

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		May 31, 2019	Nov. 30, 2018
Assets
Cash and cash equivalents		$ 179,764	$ 575,119
Receivables		299,708	292,830
Inventories		3,780,853	3,582,839
Investments in unconsolidated joint ventures		56,446	61,960
Property and equipment, net		61,221	24,283
Other assets		87,734	83,100
Total assets		4,919,953	5,073,571
Liabilities and stockholders’ equity
Accrued expenses and other liabilities		605,816	666,268
Mortgages and notes payable		1,854,556	2,060,263
Common stock		120,350	119,196
Paid-in capital		775,693	753,570
Retained earnings		1,981,795	1,897,168
Accumulated other comprehensive loss		(9,565)	(9,565)
Grantor stock ownership trust, at cost		(85,246)	(88,472)
Treasury stock, at cost		(587,817)	(584,397)
Total stockholders’ equity		2,195,210	2,087,500
Total liabilities and stockholders’ equity		4,919,953	5,073,571
Home Building [Member]
Assets
Cash and cash equivalents		178,876	574,359
Receivables		299,708	292,830
Inventories		3,780,853	3,582,839
Investments in unconsolidated joint ventures		56,446	61,960
Property and equipment, net		61,221	24,283
Deferred tax assets, net		424,395	441,820
Other assets		87,734	83,100
Total assets		4,889,233	5,061,191
Liabilities and stockholders’ equity
Accounts payable		262,920	258,045
Accrued expenses and other liabilities		605,816	666,268
Mortgages and notes payable		1,854,556	2,060,263
Total Liabilities		2,723,292	2,984,576
Financial Service [Member]
Assets
Cash and cash equivalents		888	760
Receivables		1,415	2,885
Investments in unconsolidated joint ventures		8,346	8,594
Other assets	[1]	20,071	141
Total assets		30,720	12,380
Liabilities and stockholders’ equity
Financial services		$ 1,451	$ 1,495
[1]	Other assets at May 31, 2019 included $19.9 million of contract assets for estimated future renewal commissions due to our adoption of ASC 606 effective December 1, 2018, as described in Note 1 – Basis of Presentation and Significant Accounting Policies.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	May 31, 2019	May 31, 2018
Cash flows from operating activities:
Net income (loss)	$ 77,472	$ (13,947)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Equity in income of unconsolidated joint ventures	(2,527)	(613)
Distributions of earnings from unconsolidated joint ventures	3,550	5,147
Amortization of discounts, premiums and issuance costs	2,597	3,125
Depreciation and amortization	12,780	1,251
Deferred income taxes	13,401	137,668
Stock-based compensation	9,966	8,795
Inventory impairments and land option contract abandonments	7,892	11,511
Changes in assets and liabilities:
Receivables	(5,408)	(31,218)
Inventories	(253,473)	(152,799)
Accounts payable, accrued expenses and other liabilities	(41,440)	18,369
Other, net	(5,144)	(6,658)
Net cash used in operating activities	(180,334)	(19,369)
Cash flows from investing activities:
Contributions to unconsolidated joint ventures	(4,245)	(11,600)
Return of investments in unconsolidated joint ventures	5,001	1,099
Proceeds from sale of building	5,804	0
Purchases of property and equipment, net	(22,264)	(3,427)
Net cash used in investing activities	(15,704)	(13,928)
Cash flows from financing activities:
Proceeds from issuance of debt	405,250	0
Issuance costs for unsecured revolving credit facility	(5,209)	0
Repayment of senior notes	(630,000)	0
Borrowings under revolving credit facility	330,000	0
Repayments under revolving credit facility	(280,000)	0
Payments on mortgages and land contracts due to land sellers and other loans	(28,020)	(10,494)
Issuance of common stock under employee stock plans	16,462	4,771
Tax payments associated with stock-based compensation awards	(3,345)	(6,787)
Payments of cash dividends	(4,455)	(4,500)
Net cash used in financing activities	(199,317)	(17,010)
Net decrease in cash and cash equivalents	(395,355)	(50,307)
Cash and cash equivalents at beginning of period	575,119	720,861
Cash and cash equivalents at end of period	$ 179,764	$ 670,554

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
	May 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Basis of Presentation. The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with GAAP have been condensed or omitted. In our opinion, the accompanying unaudited consolidated financial statements contain all adjustments (consisting only of normal recurring accruals) necessary to present fairly our consolidated financial position as of May 31, 2019 , the results of our consolidated operations for the three months and six months ended May 31, 2019 and 2018, and our consolidated cash flows for the six months ended May 31, 2019 and 2018. The results of our consolidated operations for the three months and six months ended May 31, 2019 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, 2018 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, 2018 , 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 $27.4 million at May 31, 2019 and $385.2 million at November 30, 2018 . At May 31, 2019 and November 30, 2018 , our cash equivalents were invested in interest-bearing bank deposit accounts. Comprehensive Income (Loss). Our comprehensive income was $47.5 million for the three months ended May 31, 2019 and $57.3 million for the three months ended May 31, 2018. Our comprehensive income was $77.5 million for the six months ended May 31, 2019 . For the six months ended May 31, 2018 , our comprehensive loss was $13.9 million . Our comprehensive income (loss) for each of the three-month and six-month periods ended May 31, 2019 and 2018 was equal to our net income (loss) for the respective periods. Adoption of New Accounting Pronouncements . In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). 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. On December 1, 2018, we adopted ASU 2014-09 and its related amendments (collectively, “ASC 606”), using the modified retrospective method applied to contracts that were not completed as of the adoption date. Results for reporting periods beginning December 1, 2018 and after are presented under ASC 606, while results for prior reporting periods have not been adjusted and continue to be presented under the accounting guidance in effect for those periods. We recorded the following cumulative effect adjustment to increase beginning retained earnings as of December 1, 2018 (in thousands): Balance Sheet Balance at November 30, 2018 Adjustments due to ASC 606 Balance at December 1, 2018 Assets Homebuilding: Inventories $ 3,582,839 $ (35,288 ) $ 3,547,551 Deferred tax assets, net 441,820 (4,024 ) 437,796 Property and equipment, net 24,283 31,194 55,477 Financial services 12,380 19,728 32,108 Stockholders’ equity: Retained earnings 1,897,168 11,610 1,908,778 Within our homebuilding operations, ASC 606 impacts the classification and timing of recognition in our consolidated financial statements of certain community sales office and other marketing- and model home-related costs, which we previously capitalized to inventories and amortized through construction and land costs with each home delivered in a community. With our adoption of ASC 606, these costs are capitalized to property and equipment and depreciated to selling, general and administrative expenses, or expensed to selling, general and administrative expenses as incurred. Upon adopting ASC 606, we reclassified these community sales office and other marketing- and model home-related costs and related accumulated amortization from inventories to either property and equipment, net or retained earnings in our consolidated balance sheet. Forfeited deposits related to cancelled home sale and land sale contracts, which were previously reflected as other income within selling, general and administrative expenses, are included in homebuilding revenues under ASC 606. Within our financial services operations, ASC 606 impacts the timing of recognition in our consolidated financial statements of insurance commissions for insurance policy renewals. We previously recognized such insurance commissions as revenue when policies were renewed. With our adoption of ASC 606, insurance commissions for future policy renewals are estimated and recognized as revenue when the insurance carrier issues an initial insurance policy to our homebuyer, which generally occurs at the time each applicable home sale is closed. Upon adopting ASC 606, we recognized contract assets for the estimated future renewal commissions related to existing insurance policies as of December 1, 2018. There were no significant changes to our business processes or internal control over financial reporting as a result of adopting ASC 606. The impacts of adopting ASC 606 on our consolidated statements of operations for the three months and six months ended May 31, 2019 and consolidated balance sheet as of May 31, 2019 were as follows (in thousands, except per share amounts): Three Months Ended May 31, 2019 Six Months Ended May 31, 2019 Statement of Operations As Reported Amounts without the Adoption of ASC 606 Effect of Change Higher/(Lower) As Reported Amounts without the Adoption of ASC 606 Effect of Change Higher/(Lower) Homebuilding: Revenues $ 1,018,671 $ 1,017,934 $ 737 $ 1,827,459 $ 1,826,089 $ 1,370 Construction and land costs (843,744 ) (850,855 ) (7,111 ) (1,514,599 ) (1,526,970 ) (12,371 ) Selling, general and administrative expenses (122,828 ) (114,638 ) 8,190 (229,422 ) (213,919 ) 15,503 Operating income 52,099 52,441 (342 ) 83,438 85,200 (1,762 ) Financial services: Revenues 3,132 3,025 107 5,827 5,615 212 Total pretax income 56,761 56,996 (235 ) 91,272 92,822 (1,550 ) Income tax expense (9,300 ) (9,400 ) (100 ) (13,800 ) (14,200 ) (400 ) Net income 47,461 47,596 (135 ) 77,472 78,622 (1,150 ) Diluted earnings per share .51 .52 (.01 ) .82 .83 (.01 ) As of May 31, 2019 Balance Sheet As Reported Amounts without the Adoption of ASC 606 Effect of Change Higher/(Lower) Assets Homebuilding: Inventories $ 3,780,853 $ 3,824,765 $ (43,912 ) Deferred tax assets, net 424,395 428,019 (3,624 ) Property and equipment, net 61,221 23,165 38,056 Financial services 30,720 10,780 19,940 Stockholders’ equity: Retained earnings 1,981,795 1,971,335 10,460 As a result of our adoption of ASC 606, we updated our significant accounting policies as follows: Homebuilding Revenues . We apply the following steps 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) we satisfy a performance obligation. Our home sale transactions are made pursuant to contracts under which we typically have a single performance obligation to deliver a completed home to the homebuyer when closing conditions are met. Revenues from home sales are recognized when we have satisfied the performance obligation within the sales contract, which is generally when title to and possession of the home and the risks and rewards of ownership are transferred to the homebuyer on the closing date. Under our home sale contracts, we typically receive an initial cash deposit from the homebuyer at the time the sales contract is executed and receive the remaining consideration to which we are entitled, through a third-party escrow agent, at closing. Customer deposits related to sold but undelivered homes, totaled $24.1 million and $19.5 million at May 31, 2019 and November 30, 2018, respectively, and are included in accrued expenses and other liabilities. Concurrent with the recognition of revenues in our consolidated statements of operations, sales incentives in the form of price concessions on the selling price of a home are recorded as a reduction of revenues. The costs of sales incentives in the form of free or discounted products or services provided to homebuyers, including option upgrades and closing cost allowances, are reflected as construction and land costs because such incentives are identified in our home sale contracts with homebuyers as an intrinsic part of our single performance obligation to deliver and transfer title to their home for the transaction price stated in the contracts. Sales incentives that we may provide in the form of closing cost allowances are immaterial to the related revenues. Cash proceeds from home sale closings held by third-party escrow agents for our benefit, typically for less than five days, are considered deposits in-transit and classified as cash. Land sale transactions are made pursuant to contracts under which we typically have a performance obligation(s) to deliver specified land parcels to the buyer when closing conditions are met. We evaluate each land sale contract to determine our performance obligation(s) under the contract, including whether we have a distinct promise to perform post-closing land development work that is material within the context of the contract, and use objective criteria to determine our completion of the applicable performance obligation(s), whether at a point in time or over time. Revenues from land sales are recognized when we have satisfied the performance obligation(s) within the sales contract, which is generally when title to and possession of the land and the risks and rewards of ownership are transferred to the land buyer on the closing date. Under our land sale contracts, we typically receive an initial cash deposit from the buyer at the time the contract is executed and receive the remaining consideration to which we are entitled, through a third-party escrow agent, at closing. In the limited circumstances where we provide financing to the land buyer, we determine that collectibility of the receivable is reasonably assured before we recognize revenue. In instances where we have a distinct and material performance obligation(s) within the context of a land sale contract to perform land development work after the closing date, a portion of the transaction price under the contract is allocated to such performance obligation(s) and is recognized as revenue over time based upon our estimated progress toward the satisfaction of the performance obligation(s). We generally measure our progress based on our costs incurred relative to the total costs expected to satisfy the performance obligation(s). While the payment terms for such a performance obligation(s) vary, we generally receive the final payment when we have completed our land development work to the specifications detailed in the applicable land sale contract and it has been accepted by the land buyer. Homebuilding revenues include forfeited deposits, which occur when home sale or land sale contracts that include a nonrefundable deposit are cancelled. Revenues from forfeited deposits are immaterial. Within our homebuilding operations, substantially all of our contracts with customers and the related performance obligations have an original expected duration of one year or less. Community Sales Office and Other Marketing- and Model Home-Related Costs . Community sales office and other marketing- and model home-related costs are either recorded as inventories, capitalized as property and equipment, or expensed to selling, general and administrative expenses as incurred. Costs related to the construction of a model home, inclusive of upgrades that will be sold as part of the home, are recorded as inventories and recognized as construction and land costs when the model home is delivered to a homebuyer. Costs to furnish and ready a model home or on-site community sales facility that will not be sold as part of the model home, such as model furnishings, community sales office and model complex grounds, sales office construction and sales office furniture and equipment, are capitalized as property and equipment under “model furnishings and sales office improvements.” Model furnishings and sales office improvements are depreciated to selling, general and administrative expenses over their estimated useful lives. Other costs related to the marketing of a community, removing the on-site community sales facility and readying a completed (model) home for sale are expensed to selling, general and administrative expenses as incurred. Financial Services Revenues . Our financial services reporting segment generates revenues primarily from title services and insurance commissions. Revenues from title services are recognized when policies are issued, which generally occurs at the time each applicable home sale is closed. We receive insurance commissions from various third-party insurance carriers for arranging for the carriers to provide homeowner and other insurance policies for our homebuyers that elect to obtain such coverage. In addition, each time a homebuyer renews their insurance policy with the insurance carrier, we receive a renewal commission. Revenues from insurance commissions are recognized when the insurance carrier issues an initial insurance policy to our homebuyer, which generally occurs at the time each applicable home sale is closed. As our performance obligations for policy renewal commissions are satisfied upon issuance of the initial insurance policy, insurance commissions for renewals are considered variable consideration under ASC 606. Accordingly, we estimate the probable future renewal commissions when an initial policy is issued and record a corresponding contract asset and insurance commission revenues. We estimate the amount of variable consideration based on historical renewal trends and constrain the estimate such that it is probable that a significant reversal of cumulative recognized revenue will not occur. We also consider the likelihood and magnitude of a potential future reversal of revenue and update our assessment at the end of each reporting period. The contract assets for estimated future renewal commissions are included in other assets within our financial services reporting segment and totaled $19.9 million at May 31, 2019 . Contract assets totaling $19.7 million were recognized on December 1, 2018 in connection with the adoption of ASC 606. Disaggregation of Revenues . Our homebuilding operations accounted for 99.7% of our total revenues for the year ended November 30, 2018, with most of those revenues generated from home sale contracts with customers. Our financial services operations accounted for the remaining .3% of total revenues for the year ended November 30, 2018. Due to the nature of our revenue-generating activities, we believe the disaggregation of revenues as reported in our consolidated statement of operations, and as disclosed by homebuilding reporting segment in Note 2 – Segment Information and for our financial services reporting segment in Note 3 – Financial Services, fairly depict how the nature, amount, timing and uncertainty of cash flows are affected by economic factors. SEC Disclosure Update and Simplification . In August 2018, the SEC issued Final Rule Release No. 33-10532, “Disclosure Update and Simplification,” which makes a number of changes meant to simplify interim disclosures. In complying with the relevant aspects of the rule within this quarterly report, we have removed the presentation of cash dividends declared per common share from our consolidated statements of operations and expanded our analysis of stockholders ’ equity in Note 18 – Stockholders’ Equity. Recent Accounting Pronouncements Not Yet Adopted . 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 previous lease accounting guidance. 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 Accounting Standards Update No. 2018-11, “Leases (Topic 842): Targeted Improvements” (“ASU 2018-11”), 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. In March 2019, the FASB issued Accounting Standards Update No. 2019-01, “Leases (Topic 842): Codification Improvements” (“ASU 2019-01”), which makes targeted changes to lessor accounting and clarifies interim disclosure requirements. We expect to adopt ASU 2016-02, ASU 2018-10, ASU 2018-11 and ASU 2019-01 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 expect to adopt ASU 2018-02 beginning December 1, 2019. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements. Reclassifications. Certain amounts in our consolidated financial statements of prior periods have been reclassified to conform to the current period presentation.

Segment Information

Segment Information	6 Months Ended
	May 31, 2019
Segment Reporting [Abstract]
Segment Information	Segment Information We have identified five operating reporting segments, comprised of four homebuilding reporting segments and one financial services reporting segment. As of May 31, 2019 , 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 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. We offer mortgage banking services, including residential consumer mortgage loan (“mortgage loan”) originations, to our homebuyers indirectly through KBHS Home Loans, LLC (“KBHS”), an unconsolidated joint venture we formed with Stearns Ventures, LLC (“Stearns”). We and Stearns each have a 50.0% ownership interest, with Stearns providing management oversight of KBHS’ operations. The financial services reporting segment is separately reported in our consolidated financial statements. Corporate and other is a non-operating segment that develops and oversees the implementation of company-wide strategic initiatives and provides support to our reporting segments by centralizing certain administrative functions. Corporate management is responsible for, among other things, evaluating and selecting the geographic markets in which we operate, consistent with our overall business strategy; allocating capital resources to markets for land acquisition and development activities; making major personnel decisions related to employee compensation and benefits; and monitoring the financial and operational performance of our divisions. Corporate and other includes general and administrative expenses related to operating our corporate headquarters. A portion of the expenses incurred by Corporate and other is allocated to our homebuilding reporting segments. Our reporting segments follow the same accounting policies used for our consolidated financial statements. The results of each reporting segment are not necessarily indicative of the results that would have occurred had the segment been an independent, stand-alone entity during the periods presented, nor are they indicative of the results to be expected in future periods. The following tables present financial information relating to our homebuilding reporting segments (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2019 2018 2019 2018 Revenues: West Coast $ 391,264 $ 496,740 $ 697,074 $ 883,392 Southwest 184,827 180,917 342,483 332,816 Central 307,080 313,806 548,672 557,987 Southeast 135,500 107,210 239,230 193,683 Total $ 1,018,671 $ 1,098,673 $ 1,827,459 $ 1,967,878 Pretax income (loss): West Coast $ 24,789 $ 51,883 $ 42,705 $ 83,476 Southwest 27,995 20,577 50,067 35,554 Central 27,199 29,075 45,782 48,170 Southeast 589 787 44 2,107 Corporate and other (28,403 ) (27,168 ) (54,391 ) (49,992 ) Total $ 52,169 $ 75,154 $ 84,207 $ 119,315 Inventory impairment charges: West Coast $ 3,441 $ 5,993 $ 6,637 $ 10,692 Southwest — — — — Central — — — — Southeast — — — — Total $ 3,441 $ 5,993 $ 6,637 $ 10,692 Land option contract abandonment charges: West Coast $ 391 $ 388 $ 446 $ 596 Southwest 223 — 282 — Central 121 145 366 223 Southeast 161 — 161 — Total $ 896 $ 533 $ 1,255 $ 819 May 31, November 30, Inventories: Homes under construction West Coast $ 690,525 $ 514,099 Southwest 184,154 173,036 Central 313,181 312,366 Southeast 152,523 125,651 Subtotal 1,340,383 1,125,152 May 31, November 30, Land under development West Coast 1,029,843 1,059,432 Southwest 422,507 404,201 Central 576,014 543,472 Southeast 214,370 212,831 Subtotal 2,242,734 2,219,936 Land held for future development or sale West Coast 118,455 154,462 Southwest 30,141 21,137 Central 7,857 9,346 Southeast 41,283 52,806 Subtotal 197,736 237,751 Total $ 3,780,853 $ 3,582,839 Assets: West Coast $ 2,045,818 $ 1,880,516 Southwest 678,270 631,509 Central 1,030,839 1,017,490 Southeast 448,302 463,224 Corporate and other 686,004 1,068,452 Total $ 4,889,233 $ 5,061,191

Financial Services

Financial Services	6 Months Ended
	May 31, 2019
Segment Reporting [Abstract]
Financial Services	Financial Services The following tables present financial information relating to our financial services reporting segment (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2019 2018 2019 2018 Revenues Insurance commissions $ 1,646 $ 1,463 $ 3,118 $ 2,815 Title services 1,486 1,287 2,703 2,353 Interest income — — 6 — Total 3,132 2,750 5,827 5,168 Expenses General and administrative (1,040 ) (957 ) (2,064 ) (1,910 ) Operating income 2,092 1,793 3,763 3,258 Equity in income of unconsolidated joint ventures 2,500 1,361 3,302 1,780 Pretax income $ 4,592 $ 3,154 $ 7,065 $ 5,038 May 31, November 30, Assets Cash and cash equivalents $ 888 $ 760 Receivables 1,415 2,885 Investments in unconsolidated joint ventures 8,346 8,594 Other assets (a) 20,071 141 Total assets $ 30,720 $ 12,380 Liabilities Accounts payable and accrued expenses $ 1,451 $ 1,495 Total liabilities $ 1,451 $ 1,495 (a) Other assets at May 31, 2019 included $19.9 million of contract assets for estimated future renewal commissions due to our adoption of ASC 606 effective December 1, 2018, as described in Note 1 – Basis of Presentation and Significant Accounting Policies.

Earnings Per Share

Earnings Per Share	6 Months Ended
	May 31, 2019
Earnings Per Share, Basic and Diluted [Abstract]
Earnings Per Share	Earnings (Loss) Per Share Basic and diluted earnings (loss) per share were calculated as follows (in thousands, except per share amounts): Three Months Ended May 31, Six Months Ended May 31, 2019 2018 2019 2018 Numerator: Net income (loss) $ 47,461 $ 57,308 $ 77,472 $ (13,947 ) Less: Distributed earnings allocated to nonvested restricted stock (14 ) (12 ) (27 ) — Less: Undistributed earnings allocated to nonvested restricted stock (280 ) (310 ) (456 ) — Numerator for basic earnings (loss) per share 47,167 56,986 76,989 (13,947 ) Effect of dilutive securities: Interest expense and amortization of debt issuance costs associated with convertible senior notes, net of taxes — 796 541 — Add: Undistributed earnings allocated to nonvested restricted stock 280 310 456 — Less: Undistributed earnings reallocated to nonvested restricted stock (265 ) (269 ) (421 ) — Numerator for diluted earnings (loss) per share $ 47,182 $ 57,823 $ 77,565 $ (13,947 ) Denominator: Weighted average shares outstanding — basic 87,641 87,581 87,310 87,370 Effect of dilutive securities: Share-based payments 4,725 5,176 4,463 — Convertible senior notes — 8,402 2,862 — Weighted average shares outstanding — diluted 92,366 101,159 94,635 87,370 Basic earnings (loss) per share $ .54 $ .65 $ .88 $ (.16 ) Diluted earnings (loss) per share $ .51 $ .57 $ .82 $ (.16 ) We compute earnings (loss) per share using the two-class method, which is an allocation of earnings (losses) between the holders of common stock and a company’s participating security holders. Our outstanding nonvested shares of restricted stock contain non-forfeitable rights to dividends and, therefore, are considered participating securities for purposes of computing earnings per share pursuant to the two-class method. We had no other participating securities at May 31, 2019 or 2018. For the three-month and six-month periods ended May 31, 2019 , outstanding stock options to purchase .8 million shares of our common stock were excluded from the diluted earnings per share calculation because the effect of their inclusion would be antidilutive. The diluted earnings per share calculation for the six months ended May 31, 2019 included the dilutive effect of the $230.0 million in aggregate principal amount of our 1.375% convertible senior notes due 2019 (“1.375% Convertible Senior Notes due 2019”) based on the number of days they were outstanding during the period. We repaid the notes at their February 1, 2019 maturity. For the three-month period ended May 31, 2018 , outstanding stock options to purchase 1.6 million shares of our common stock were excluded from the diluted earnings per share calculation because the effect of their inclusion would be antidilutive. For the six-month period ended May 31, 2018 , all outstanding stock options, contingently issuable shares associated with outstanding performance-based restricted stock units (each, a “PSU”), and the impact of our 1.375% Convertible Senior Notes due 2019 were excluded from the diluted loss per share calculation because the effect of their inclusion would be antidilutive. Contingently issuable shares associated with outstanding PSUs were not included in the basic earnings per share calculations for the periods presented as the applicable vesting conditions had not been satisfied.

Receivables

Receivables	6 Months Ended
	May 31, 2019
Receivables [Abstract]
Receivables	Receivables Receivables consisted of the following (in thousands): May 31, November 30, Recoveries related to self-insurance and other legal claims $ 124,990 $ 138,261 Due from utility companies, improvement districts and municipalities 124,433 113,434 Refundable deposits and bonds 12,480 14,115 Recoveries related to warranty and other claims 4,111 4,750 Other 43,031 33,775 Subtotal 309,045 304,335 Allowance for doubtful accounts (9,337 ) (11,505 ) Total $ 299,708 $ 292,830

Inventories

Inventories	6 Months Ended
	May 31, 2019
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following (in thousands): May 31, November 30, Homes under construction $ 1,340,383 $ 1,125,152 Land under development 2,242,734 2,219,936 Land held for future development or sale (a) 197,736 237,751 Total $ 3,780,853 $ 3,582,839 (a) Land held for sale totaled $31.6 million at May 31, 2019 and $9.8 million at November 30, 2018 . Interest is capitalized to inventories while the related communities or land parcels 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). For land held for future development or sale, applicable interest is expensed as incurred. Our interest costs were as follows (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2019 2018 2019 2018 Capitalized interest at beginning of period $ 213,370 $ 259,785 $ 209,129 $ 262,191 Interest incurred 36,544 39,924 71,332 79,868 Interest amortized to construction and land costs (a) (37,754 ) (52,433 ) (68,301 ) (94,783 ) Capitalized interest at end of period (b) $ 212,160 $ 247,276 $ 212,160 $ 247,276 (a) Interest amortized to construction and land costs for the three months ended May 31, 2019 and 2018 included a nominal amount and $3.1 million , respectively, related to land sales during the periods. Interest amortized to construction and land costs for the six months ended May 31, 2019 and 2018 included $.6 million and $4.1 million , respectively, related to land sales during the periods. (b) Capitalized interest amounts reflect the gross amount of capitalized interest, as inventory impairment charges recognized, if any, are not generally allocated to specific components of inventory.

Inventory Impairments and Land

Inventory Impairments and Land Option Contract Abandonments	6 Months Ended
	May 31, 2019
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 24 and 42 communities or land parcels for recoverability during the six months ended May 31, 2019 and 2018, respectively. The carrying value of those communities or land parcels evaluated during the six months ended May 31, 2019 and 2018 was $164.0 million and $284.1 million , respectively. Some of the communities or land parcels evaluated during the six months ended May 31, 2019 and 2018 were evaluated in more than one quarterly period. Communities or land parcels evaluated for recoverability in more than one quarterly period were counted only once for each six-month period. In addition, the communities or land parcels evaluated during the six months ended May 31, 2019 and 2018 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 $3.4 million for the three months ended May 31, 2019 and $6.6 million for the six months ended May 31, 2019 . For the three months and six months ended May 31, 2018 , we recognized inventory impairment charges of $6.0 million and $10.7 million , respectively. The impairment charges for the three-month and six-month periods ended May 31, 2019 and 2018 reflected our decisions to make changes in our operational strategies aimed at more quickly monetizing our investment in certain communities by accelerating the overall pace for selling, building and delivering homes on land previously held for future development. The following table summarizes significant quantitative unobservable inputs we utilized in our fair value measurements with respect to the impaired communities written down to fair value during the periods presented: Three Months Ended May 31, Six Months Ended May 31, Unobservable Input (a) 2019 2018 2019 2018 Average selling price $315,000 - $398,500 $339,400 - $460,500 $315,000 - $1,045,400 $339,400 - $774,100 Deliveries per month 4 4 - 5 1 - 4 3 - 5 Discount rate 17% 17% 17% 17% - 18% (a) The ranges of inputs used in each period primarily reflect differences between the housing markets where each impacted community is located, rather than fluctuations in prevailing market conditions. As of May 31, 2019 , the aggregate carrying value of our inventory that had been impacted by inventory impairment charges was $144.5 million , representing 22 communities and various other land parcels. As of November 30, 2018 , the aggregate carrying value of our inventory that had been impacted by inventory impairment charges was $156.1 million , representing 22 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 $.9 million for the three months ended May 31, 2019 and $1.3 million for the six months ended May 31, 2019 . For the three-month and six-month periods ended May 31, 2018 , we recognized land option contract abandonment charges of $.5 million and $.8 million , respectively. Due to the judgment and assumptions applied in our inventory impairment and land option contract abandonment assessment processes, particularly as to land held for future development, it is possible that actual results could differ substantially from those estimated.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	May 31, 2019
Variable Interest Entities [Abstract]
Variable Interest Entities	Variable Interest Entities Unconsolidated Joint Ventures. We participate in joint ventures from time to time that conduct land acquisition, land development and/or other homebuilding activities in various markets where our homebuilding operations are located. Our investments in these joint ventures may create a variable interest in a variable interest entity (“VIE”), depending on the contractual terms of the arrangement. We analyze our joint ventures under the variable interest model to determine whether they are VIEs and, if so, whether we are the primary beneficiary. Based on our analyses, we determined that one of our joint ventures at May 31, 2019 and November 30, 2018 was a VIE, but we were not the primary beneficiary of the VIE. All of our joint ventures at May 31, 2019 and November 30, 2018 were unconsolidated and accounted for under the equity method because we did not have a controlling financial interest. Land Option Contracts and Other Similar Contracts. In the ordinary course of our business, we enter into land option contracts and other similar contracts with third parties and unconsolidated entities to acquire rights to land for the construction of homes. Under these contracts, we typically make a specified option payment or earnest money deposit in consideration for the right to purchase land in the future, usually at a predetermined price. We analyze each of our land option contracts and other similar contracts under the variable interest model to determine whether the land seller is a VIE and, if so, whether we are the primary beneficiary. Although we do not have legal title to the underlying land, we are required to consolidate a VIE if we are the primary beneficiary. As a result of our analyses, we determined that as of May 31, 2019 and November 30, 2018 , we were not the primary beneficiary of any VIEs from which we have acquired rights to land under land option contracts and other similar contracts. We perform ongoing reassessments of whether we are the primary beneficiary of a VIE. The following table presents a summary of our interests in land option contracts and other similar contracts (in thousands): May 31, 2019 November 30, 2018 Cash Deposits Aggregate Purchase Price Cash Deposits Aggregate Purchase Price Unconsolidated VIEs $ 22,820 $ 859,141 $ 26,542 $ 784,334 Other land option contracts and other similar contracts 25,829 518,042 27,288 586,904 Total $ 48,649 $ 1,377,183 $ 53,830 $ 1,371,238 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 $46.6 million at May 31, 2019 and $46.9 million at November 30, 2018 . 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 $5.5 million at May 31, 2019 and $21.8 million at November 30, 2018 .

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures	6 Months Ended
	May 31, 2019
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. For distributions we receive from these unconsolidated joint ventures, we have elected to use the cumulative earnings approach for our consolidated statements of cash flows. Under the cumulative earnings approach, distributions up to the amount of cumulative equity in earnings recognized are treated as returns on investment within operating cash flows and those in excess of that amount are treated as returns of investment within investing cash flows. We typically have obtained rights to acquire portions of the land held by the unconsolidated joint ventures in which we currently participate. When an unconsolidated joint venture sells land to our homebuilding operations, we defer recognition of our share of such unconsolidated joint venture’s earnings (losses) until a home sale is closed and title passes to a homebuyer, at which time we account for those earnings (losses) as a reduction (increase) to the cost of purchasing the land from the unconsolidated joint venture. We defer recognition of our share of such unconsolidated joint venture losses only to the extent profits are to be generated from the sale of the home to a homebuyer. We share in the earnings (losses) of these unconsolidated joint ventures generally in accordance with our respective equity interests. In some instances, we recognize earnings (losses) related to our investment in an unconsolidated joint venture that differ from our equity interest in the unconsolidated joint venture. This typically arises from our deferral of the unconsolidated joint venture’s earnings (losses) from land sales to us, or other items. The following table presents combined condensed information from the statements of operations of our unconsolidated joint ventures (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2019 2018 2019 2018 Revenues $ 3,786 $ 7,827 $ 15,978 $ 16,624 Construction and land costs (3,798 ) (7,839 ) (16,018 ) (16,655 ) Other expense, net (610 ) (611 ) (1,238 ) (1,983 ) Loss $ (622 ) $ (623 ) $ (1,278 ) $ (2,014 ) The following table presents combined condensed balance sheet information for our unconsolidated joint ventures (in thousands): May 31, November 30, Assets Cash $ 18,644 $ 18,567 Inventories 130,064 131,074 Other assets 404 530 Total assets $ 149,112 $ 150,171 May 31, November 30, Liabilities and equity Accounts payable and other liabilities $ 10,916 $ 11,374 Notes payable (a) 27,970 17,956 Equity 110,226 120,841 Total liabilities and equity $ 149,112 $ 150,171 (a) As of May 31, 2019 and November 30, 2018 , one of our unconsolidated joint ventures had a construction loan agreement with a third-party lender to finance its land development activities, with the outstanding debt secured by the underlying property and related project assets and non-recourse to us. All of the outstanding secured debt at May 31, 2019 is scheduled to mature in February 2020. None of our other unconsolidated joint ventures had outstanding debt at May 31, 2019 or November 30, 2018 . The following table presents additional information relating to our investments in unconsolidated joint ventures (dollars in thousands): May 31, November 30, Number of investments in unconsolidated joint ventures 6 6 Investments in unconsolidated joint ventures $ 56,446 $ 61,960 Number of unconsolidated joint venture lots controlled under land option contracts and other similar contracts 17 36 We and our partner in the unconsolidated joint venture that has the above-noted outstanding construction loan agreement at May 31, 2019 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. 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 May 31, 2019 , 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 17 unconsolidated joint venture lots controlled under land option and other similar contracts at May 31, 2019 from one of our unconsolidated joint ventures. The purchase will be made in quarterly takedowns over the next year for an aggregate purchase price of $8.0 million under agreements that we entered into with the unconsolidated joint venture in 2016.

Property and Equipment, Net Pro

Property and Equipment, Net Property and Equipment, Net	6 Months Ended
	May 31, 2019
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): May 31, November 30, Computer software and equipment $ 24,223 $ 20,940 Model furnishings and sales office improvements (a) 70,347 — Leasehold improvements, office furniture and equipment (b) 15,605 23,491 Subtotal 110,175 44,431 Less accumulated depreciation (a) (48,954 ) (20,148 ) Total $ 61,221 $ 24,283 (a) The balance at May 31, 2019 reflects a change in the classification of certain community sales office and other marketing- and model home-related costs and related accumulated amortization from inventories to property and equipment, net due to our adoption of ASC 606 effective December 1, 2018, as described in Note 1 – Basis of Presentation and Significant Accounting Policies. (b) In January 2019, we completed the sale and leaseback of our office building in San Antonio, Texas. The sale generated net cash proceeds of $5.8 million and a gain of $2.2 million , which will be recognized on a straight-line basis over a 10-year lease term until our adoption of ASU 2016-02, when the remaining gain will be recognized as a transition adjustment to retained earnings.

Other Assets

Other Assets	6 Months Ended
	May 31, 2019
Other Assets [Abstract]
Other Assets	Other Assets Other assets consisted of the following (in thousands): May 31, November 30, Cash surrender value of corporate-owned life insurance contracts $ 75,010 $ 73,721 Prepaid expenses and other 12,724 9,379 Total $ 87,734 $ 83,100

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	6 Months Ended
	May 31, 2019
Payables and Accruals [Abstract]
Accrued Expenses and Other Liabilities	Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following (in thousands): May 31, November 30, Self-insurance and other litigation liabilities $ 272,851 $ 283,651 Employee compensation and related benefits 116,882 148,549 Warranty liability 83,030 82,490 Accrued interest payable 33,989 31,180 Customer deposits 24,088 19,491 Inventory-related obligations (a) 21,840 40,892 Real estate and business taxes 8,212 16,639 Other 44,924 43,376 Total $ 605,816 $ 666,268 (a) Represents liabilities for financing arrangements discussed in Note 8 – Variable Interest Entities, as well as liabilities for fixed or determinable amounts associated with tax increment financing entity (“TIFE”) assessments. As homes are delivered, our obligation to pay the remaining TIFE assessments associated with each underlying lot is transferred to the homebuyer. As such, these assessment obligations will be paid by us only to the extent we do not deliver homes on applicable lots before the related TIFE obligations mature.

Income Taxes

Income Taxes	6 Months Ended
	May 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income Tax Expense. Our income tax expense and effective tax rates were as follows (dollars in thousands): Three Months Ended May 31, Six Months Ended May 31, 2019 2018 2019 2018 Income tax expense $ 9,300 $ 21,000 $ 13,800 $ 138,300 Effective tax rate 16.4 % 26.8 % 15.1 % 111.2 % Our income tax expense and effective tax rate for the three months ended May 31, 2019 included the favorable impacts of $4.3 million of federal energy tax credits that we earned from building energy-efficient homes and $.9 million of excess tax benefits related to stock-based compensation. Our income tax expense and effective tax rate for the six months ended May 31, 2019 included the favorable impacts of $4.3 million of federal energy tax credits, a $3.3 million reversal of a deferred tax asset valuation allowance and $2.9 million of excess tax benefits related to stock-based compensation. For the three months ended May 31, 2018 , our income tax expense and effective tax rate included the favorable net impact of federal energy tax credits of $.2 million that we earned from building energy-efficient homes and $.2 million of excess tax benefits related to stock-based compensation. Our income tax expense and effective tax rate for the six months ended May 31, 2018 included a non-cash charge of $111.2 million for the estimated impacts of the TCJA, which was enacted into law on December 22, 2017. Of the total charge, $107.9 million related to the accounting re-measurement of our deferred tax assets based on the reduction in the federal corporate income tax rate from 35% to 21%, effective January 1, 2018, under the TCJA. The remaining $3.3 million was due to our establishing a federal deferred tax asset valuation allowance for the sequestration of refundable alternative minimum tax (“AMT”) credits. Our income tax expense and effective tax rate for the six months ended May 31, 2018 also reflected the favorable net impacts of federal energy tax credits of $4.2 million and excess tax benefits of $2.4 million related to stock-based compensation. The federal energy tax credits for the three-month and six-month periods ended May 31, 2018 resulted from legislation enacted on February 9, 2018, which among other things, extended the availability of a business tax credit for building new energy-efficient homes through December 31, 2017. Prior to this legislation, the tax credit expired on December 31, 2016. 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 $444.7 million as of May 31, 2019 and $465.4 million as of November 30, 2018 were partly offset by valuation allowances of $20.3 million and $23.6 million , respectively. During the six months ended May 31, 2019 , we reversed the above-mentioned $3.3 million federal deferred tax asset valuation allowance due to the Internal Revenue Service’s announcement in January 2019 that refundable AMT credits will not be subject to sequestration for taxable years beginning after December 31, 2017. The deferred tax asset valuation allowances as of May 31, 2019 and November 30, 2018 were primarily related to certain state net operating losses (“NOLs”) that had not met the “more likely than not” realization standard at those dates. Based on our evaluation of our deferred tax assets as of May 31, 2019 , we determined that most of our deferred tax assets would be realized. Therefore, other than the $3.3 million reversal discussed above, no adjustments to our deferred tax valuation allowance were needed for the six months ended May 31, 2019 . We will continue to evaluate both the positive and negative evidence on a quarterly basis in determining the need for a valuation allowance with respect to our deferred tax assets. The accounting for deferred tax assets is based upon estimates of future results. Changes in positive and negative evidence, including differences between estimated and actual results, could result in changes in the valuation of our deferred tax assets that could have a material impact on our consolidated financial statements. Changes in existing federal and state tax laws and corporate income tax rates could also affect actual tax results and the realization of deferred tax assets over time. Unrecognized Tax Benefits. As of May 31, 2019 and November 30, 2018 , we had no gross unrecognized tax benefits (including interest and penalties). 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	6 Months Ended
	May 31, 2019
Debt Disclosure [Abstract]
Notes Payable	Notes Payable Notes payable consisted of the following (in thousands): May 31, November 30, Unsecured revolving credit facility $ 50,000 $ — Mortgages and land contracts due to land sellers and other loans 12,018 40,038 4.75% Senior notes due May 15, 2019 — 399,483 8.00% Senior notes due March 15, 2020 348,617 347,790 7.00% Senior notes due December 15, 2021 447,754 447,359 7.50% Senior notes due September 15, 2022 347,994 347,731 7.625% Senior notes due May 15, 2023 351,973 248,074 6.875% Senior notes due June 15, 2027 296,200 — 1.375% Convertible senior notes due February 1, 2019 — 229,788 Total $ 1,854,556 $ 2,060,263 The carrying amounts of our senior notes listed above are net of unamortized debt issuance costs, premiums and discounts, which totaled $7.5 million at May 31, 2019 and $9.8 million at November 30, 2018 . 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. Interest on amounts borrowed under the Credit Facility is payable at least quarterly in arrears at a rate based on either a Eurodollar or a base rate, plus a spread that depends on our consolidated leverage ratio (“Leverage Ratio”), as defined under the Credit Facility. The Credit Facility also requires the payment of a commitment fee at a per annum rate ranging from .30% to .45% of the unused commitment, based on our Leverage Ratio. Under the terms of the Credit Facility, we are required, among other things, to maintain compliance with various covenants, including financial covenants relating to our consolidated tangible net worth, Leverage Ratio, and either a consolidated interest coverage ratio (“Interest Coverage Ratio”) or minimum level of liquidity, each as defined therein. The amount of the Credit Facility available for cash borrowings or the issuance of letters of credit depends on the total cash borrowings and letters of credit outstanding under the Credit Facility and the maximum available amount under the terms of the Credit Facility. As of May 31, 2019 , we had $50.0 million of cash borrowings and $31.5 million of letters of credit outstanding under the Credit Facility. Therefore, as of May 31, 2019 , we had $418.5 million available for cash borrowings under the Credit Facility, with up to $218.5 million of that amount available for the issuance of letters of credit. Letter of Credit Facilities. On February 13, 2019, we entered into a new unsecured letter of credit agreement with a financial institution (“New LOC Facility”). Under the New LOC Facility, which expires on February 13, 2022, we may issue up to $50.0 million of letters of credit. We maintain the New LOC Facility and a cash-collateralized letter of credit facility (together, the “LOC Facilities”) to obtain letters of credit from time to time in the ordinary course of operating our business. As of May 31, 2019 , we had $2.1 million of letters of credit outstanding under the LOC Facilities, all of which were under the New LOC Facility. We had no letters of credit outstanding under the LOC Facilities at November 30, 2018 . Mortgages and Land Contracts Due to Land Sellers and Other Loans. As of May 31, 2019 , inventories having a carrying value of $138.2 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. On February 1, 2019, we repaid the entire $230.0 million in aggregate principal amount of our 1.375% Convertible Senior Notes due 2019 at their maturity. On February 20, 2019, pursuant to the 2017 Shelf Registration, we completed concurrent public offerings of $300.0 million in aggregate principal amount of 6.875% senior notes due 2027 (“6.875% Senior Notes due 2027”) at 100.000% of their aggregate principal amount, and an additional $100.0 million in aggregate principal amount of our existing series of 7.625% senior notes due 2023 (“7.625% Senior Notes due 2023”) at 105.250% of their aggregate principal amount plus accrued interest from November 15, 2018 (the last date on which interest was paid on the existing 2023 senior notes) to the date of delivery. Net proceeds from these offerings totaled $400.0 million , after deducting the underwriting discount and our expenses relating to the offerings. On March 8, 2019, we applied the net proceeds from the concurrent public offerings toward the optional redemption of the entire $400.0 million in aggregate principal amount of our 4.75% senior notes due 2019 (“4.75% Senior Notes due 2019”) before their May 15, 2019 maturity date. All of our senior notes outstanding at May 31, 2019 and November 30, 2018 represent senior unsecured obligations that are guaranteed by certain of our subsidiaries that guarantee our obligations under the Credit Facility and rank equally in right of payment with all of our other unsecured and unsubordinated indebtedness. Interest on each of these senior notes is payable semi-annually. 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 and leaseback transactions involving property above a certain specified value. In addition, the indenture contains certain limitations related to mergers, consolidations and sales of assets. As of May 31, 2019 , 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. As of May 31, 2019 , principal payments on senior notes, mortgages and land contracts due to land sellers and other loans are due as follows: 2019 – $12.0 million ; 2020 – $350.0 million ; 2021 – $0 ; 2022 – $800.0 million ; 2023 – $350.0 million ; and thereafter – $300.0 million .

Fair Value Disclosures

Fair Value Disclosures	6 Months Ended
	May 31, 2019
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 on a nonrecurring basis for the six months ended May 31, 2019 and the year ended November 30, 2018 (in thousands): May 31, 2019 November 30, 2018 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 $ 19,924 $ (6,637 ) $ 13,287 $ 70,156 $ (26,104 ) $ 44,052 (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 estimated fair values of our financial instruments, except those for which the carrying values approximate fair values (in thousands): May 31, 2019 November 30, 2018 Fair Value Hierarchy Carrying Value (a) Estimated Fair Value Carrying Value (a) Estimated Fair Value Financial Liabilities: Senior notes Level 2 $ 1,792,538 $ 1,908,625 $ 1,790,437 $ 1,853,438 Convertible senior notes Level 2 — — 229,788 229,425 (a) The carrying values for the senior notes and convertible senior notes, as presented, include unamortized debt issuance costs. Debt issuance costs are not factored into the estimated fair values of these notes. The fair values of our senior notes and convertible senior notes are generally estimated based on quoted market prices for these instruments. The carrying values reported for cash and cash equivalents, and mortgages and land contracts due to land sellers and other loans approximate fair values. The carrying value of corporate-owned life insurance is based on the cash surrender value of the policies and, accordingly, approximates fair value.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	May 31, 2019
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 years to five years based on geographic market and state law, and a warranty of one year for other components of the home. Our limited warranty program is ordinarily how we respond to and account for homeowners’ requests to local division offices seeking repairs of certain conditions or defects, including claims where we could have liability under applicable state statutes or tort law for a defective condition in or damages to a home. Our warranty liability covers our costs of repairs associated with homeowner claims made under our limited warranty program. These claims are generally made directly by a homeowner and involve their individual home. We estimate the costs that may be incurred under each limited warranty and record a liability in the amount of such costs at the time the revenue associated with the sale of each home is recognized. Our primary assumption in estimating the amounts we accrue for warranty costs is that historical claims experience is a strong indicator of future claims experience. Factors that affect our warranty liability include the number of homes delivered, historical and anticipated rates of warranty claims, and cost per claim. We periodically assess the adequacy of our accrued warranty liability, which is included in accrued expenses and other liabilities in our consolidated balance sheets, and adjust the amount as necessary based on our assessment. Our assessment includes the review of our actual warranty costs incurred to identify trends and changes in our warranty claims experience, and considers our home construction quality and customer service initiatives and outside events. While we believe the warranty liability currently reflected in our consolidated balance sheets to be adequate, unanticipated changes or developments in the legal environment, local weather, land or environmental conditions, quality of materials or methods used in the construction of homes or customer service practices and/or our warranty claims experience could have a significant impact on our actual warranty costs in future periods and such amounts could differ significantly from our current estimates. The changes in our warranty liability were as follows (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2019 2018 2019 2018 Balance at beginning of period $ 84,191 $ 71,845 $ 82,490 $ 69,798 Warranties issued 8,139 9,889 14,433 17,653 Payments (6,500 ) (5,330 ) (11,093 ) (11,047 ) Adjustments (2,800 ) — (2,800 ) — Balance at end of period $ 83,030 $ 76,404 $ 83,030 $ 76,404 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 the 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 $49.0 million and $56.9 million are included in receivables in our consolidated balance sheets at May 31, 2019 and November 30, 2018 , respectively. These self-insurance recoveries are principally based on actuarially determined amounts and depend on various factors, including, among other things, the above-described claim cost estimates, our insurance policy coverage limits for the applicable policy year(s), historical third-party recovery rates, insurance industry practices, the regulatory environment and legal precedent, and are subject to a high degree of variability from period to period. Because of the inherent uncertainty and variability in these assumptions, our actual insurance recoveries could differ significantly from amounts currently estimated. The changes in our self-insurance liability were as follows (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2019 2018 2019 2018 Balance at beginning of period $ 177,862 $ 180,695 $ 176,841 $ 177,695 Self-insurance expense (a) 4,295 4,309 8,042 8,710 Payments (b) (11,179 ) (8,289 ) (13,905 ) (9,690 ) Balance at end of period $ 170,978 $ 176,715 $ 170,978 $ 176,715 (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) Includes net changes in estimated probable insurance and other recoveries, which are recorded in receivables, to present our self-insurance liability on a gross basis. For most of our claims, there is no interaction between our warranty liability and self-insurance liability. Typically, if a matter is identified at its outset as either a warranty or self-insurance claim, it remains as such through its resolution. However, there can be instances of interaction between the liabilities, such as where individual homeowners in a community separately request warranty repairs to their homes to address a similar condition or issue and subsequently join together to initiate, or potentially initiate, a legal process with respect to that condition or issue and/or the repair work we have undertaken. In these instances, the claims and related repair work generally are initially covered by our warranty liability, and the costs associated with resolving the legal matter (including any additional repair work) are covered by our self-insurance liability. The payments we make in connection with claims and related repair work, whether covered within our warranty liability and/or our self-insurance liability, may be recovered from our insurers to the extent such payments exceed the self-insured retentions or deductibles under our general liability insurance policies. Also, in certain instances, in the course of resolving a claim, we pay amounts in advance of and/or on behalf of a subcontractor(s) or their insurer(s) and believe we will be reimbursed for such payments. Estimates of all such amounts, if any, are recorded as receivables in our consolidated balance sheets when any such recovery is considered probable. Such receivables associated with our warranty and other claims totaled $4.1 million at May 31, 2019 and $4.8 million at November 30, 2018 . 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, which claims increased to $142.0 million in December 2018. In September 2018, a binding arbitration proceeding on this matter was scheduled to begin on July 1, 2019. On May 24, 2019, we reached a settlement with the homeowners association on their claims. At May 31, 2019 , we had an accrual for the amount we have agreed to pay under the settlement, which payment is expected to be made in the 2019 third quarter and is within our previous accrual for this matter. We continue to pursue an additional responsible party for potential recoveries related to this matter. Florida Chapter 558 Actions (Individual and Homeowner Association Claims) . We and certain of our subcontractors have received a growing number of claims from attorneys on behalf of individual owners of our homes and/or homeowners’ associations that allege, pursuant to Chapter 558 of the Florida Statutes, various construction defects, with most relating to stucco and water-intrusion issues. The claims primarily involve homes in our Jacksonville, Orlando, and Tampa 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 many 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 May 31, 2019 , we had approximately 580 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 informed us of their inability to continue to pay claims-related costs. At May 31, 2019 , we had an accrual for our estimated probable loss for these matters and a receivable for estimated probable insurance recoveries. While it is reasonably possible that our loss could exceed the amount accrued and our recoveries could be less than the amount recorded, at this time, we are unable to estimate the total amount of the loss in excess of the accrued amount and/or associated with a shortfall in the recoveries 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 May 31, 2019 , we had $737.5 million of performance bonds and $33.6 million of letters of credit outstanding. At November 30, 2018 , we had $689.3 million of performance bonds and $28.0 million of letters of credit outstanding. If any such performance bonds or letters of credit are called, we would be obligated to reimburse the issuer of the performance bond or letter of credit. We do not believe that a material amount of any currently outstanding performance bonds or letters of credit will be called. Performance bonds do not have stated expiration dates. Rather, we are released from the performance bonds as the underlying performance is completed. The expiration dates of some letters of credit issued in connection with community improvements coincide with the expected completion dates of the related projects or obligations. Most letters of credit, however, are issued with an initial term of one year and are typically extended on a year-to-year basis until the related performance obligations are completed. Land Option Contracts and Other Similar Contracts . In the ordinary course of our business, we enter into land option contracts and other similar contracts to acquire rights to land for the construction of homes. At May 31, 2019 , we had total cash deposits of $48.6 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	6 Months Ended
	May 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Legal Matters	Legal Matters We are involved in litigation and regulatory proceedings incidental to our business that are in various procedural stages. We believe that the accruals we have recorded for probable and reasonably estimable losses with respect to these proceedings are adequate and that, as of May 31, 2019 , 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. Our accruals for litigation and regulatory proceedings are presented on a gross basis without consideration of recoveries and amounts we have paid on behalf of and expect to recover from other parties, if any. Estimates of recoveries and amounts we have paid on behalf of and expect to recover from other parties, if any, are recorded as receivables when such recoveries are considered probable. Based on our experience, we believe that the amounts that may be claimed or alleged against us in these proceedings are not a meaningful indicator of our potential liability. The outcome of any of these proceedings, including the defense and other litigation-related costs and expenses we may incur, however, is inherently uncertain and could differ significantly from the estimate reflected in a related accrual, if made. Therefore, it is possible that the ultimate outcome of any proceeding, if in excess of a related accrual or if an accrual had not been made, could be material to our consolidated financial statements.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	May 31, 2019
Equity [Abstract]
Stockholders’ Equity	Stockholders’ Equity A summary of changes in stockholders’ equity is presented below (in thousands): Three Months Ended May 31, 2019 and 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 February 28, 2019 119,258 (7,860 ) (24,264 ) $ 119,258 $ 755,341 $ 1,936,523 $ (9,565 ) $ (85,246 ) $ (587,814 ) $ 2,128,497 Net income — — — — — 47,461 — — — 47,461 Dividends on common stock — — — — — (2,189 ) — — — (2,189 ) Employee stock options/other 1,036 — — 1,036 14,594 — — — — 15,630 Stock awards 56 — — 56 (56 ) — — — — — Stock-based compensation — — — — 5,814 — — — — 5,814 Tax payments associated with stock-based compensation awards — — — — — — — — (3 ) (3 ) Balance at May 31, 2019 120,350 (7,860 ) (24,264 ) $ 120,350 $ 775,693 $ 1,981,795 $ (9,565 ) $ (85,246 ) $ (587,817 ) $ 2,195,210 Balance at February 28, 2018 118,214 (8,460 ) (22,248 ) $ 118,214 $ 729,439 $ 1,662,118 $ (16,924 ) $ (91,760 ) $ (548,365 ) $ 1,852,722 Net income — — — — — 57,308 — — — 57,308 Dividends on common stock — — — — — (2,178 ) — — — (2,178 ) Employee stock options/other 129 — — 129 1,696 — — — — 1,825 Stock awards 54 — — 54 (54 ) — — — — — Stock-based compensation — — — — 4,966 — — — — 4,966 Balance at May 31, 2018 118,397 (8,460 ) (22,248 ) $ 118,397 $ 736,047 $ 1,717,248 $ (16,924 ) $ (91,760 ) $ (548,365 ) $ 1,914,643 Six Months Ended May 31, 2019 and 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, 2018 119,196 (8,157 ) (24,113 ) $ 119,196 $ 753,570 $ 1,897,168 $ (9,565 ) $ (88,472 ) $ (584,397 ) $ 2,087,500 Cumulative effect of adoption of ASC 606 — — — — — 11,610 — — — 11,610 Net income — — — — — 77,472 — — — 77,472 Dividends on common stock — — — — — (4,455 ) — — — (4,455 ) Employee stock options/other 1,098 — — 1,098 15,364 — — — — 16,462 Stock awards 56 297 (4 ) 56 (3,207 ) — — 3,226 (75 ) — Stock-based compensation — — — — 9,966 — — — — 9,966 Tax payments associated with stock-based compensation awards — — (147 ) — — — — — (3,345 ) (3,345 ) Balance at May 31, 2019 120,350 (7,860 ) (24,264 ) $ 120,350 $ 775,693 $ 1,981,795 $ (9,565 ) $ (85,246 ) $ (587,817 ) $ 2,195,210 Balance at November 30, 2017 117,946 (8,898 ) (22,021 ) $ 117,946 $ 727,483 $ 1,735,695 $ (16,924 ) $ (96,509 ) $ (541,380 ) $ 1,926,311 Net loss — — — — — (13,947 ) — — — (13,947 ) Dividends on common stock — — — — — (4,500 ) — — — (4,500 ) Employee stock options/other 397 — — 397 4,374 — — — — 4,771 Stock awards 54 438 (10 ) 54 (4,605 ) — — 4,749 (198 ) — Stock-based compensation — — — — 8,795 — — — — 8,795 Tax payments associated with stock-based compensation awards — — (217 ) — — — — — (6,787 ) (6,787 ) Balance at May 31, 2018 118,397 (8,460 ) (22,248 ) $ 118,397 $ 736,047 $ 1,717,248 $ (16,924 ) $ (91,760 ) $ (548,365 ) $ 1,914,643 On February 15, 2019, the management development and compensation committee of our board of directors approved the payout of 297,260 shares of our common stock in connection with the vesting of PSUs that were granted to certain employees on October 8, 2015. The shares paid out under the PSUs reflected our achievement of certain performance measures that were based on average return on invested capital, 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, 2015 through November 30, 2018. Of the shares of common stock paid out, 147,382 shares or $3.3 million , were purchased by us in the 2019 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. As of May 31, 2019 , we were authorized to repurchase 2,193,947 shares of our common stock under a board of directors approved share repurchase program. We did not repurchase any of our common stock under this program in the six months ended May 31, 2019 . 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, and also authorized potential future grants of up to 680,000 stock payment awards under the KB Home 2014 Equity Incentive Plan (“2014 Plan”), in each case solely as necessary to settle outstanding stock appreciation rights awards granted under our Non-Employee Directors Compensation Plan. As of May 31, 2019 , we have not repurchased any shares and no stock payment awards have been granted under the 2014 Plan pursuant to the board of directors authorization. During each of the three-month periods ended May 31, 2019 and 2018, 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 each of the six-month periods ended May 31, 2019 and 2018 totaled $.050 per share of common stock.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	May 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation Stock Options. We estimate the grant-date fair value of stock options using the Black-Scholes option-pricing model. The following table summarizes stock option transactions for the six months ended May 31, 2019 : Options Weighted Average Exercise Price Options outstanding at beginning of period 7,237,544 $ 16.02 Granted — — Exercised (1,097,927 ) 14.95 Cancelled (30,000 ) 38.24 Options outstanding at end of period 6,109,617 $ 16.11 Options exercisable at end of period 5,820,743 $ 16.10 As of May 31, 2019 , the weighted average remaining contractual life of stock options outstanding and stock options exercisable was 3.9 years and 3.7 years , respectively. Total unrecognized compensation expense related to unvested stock option awards was nominal as of May 31, 2019 and is expected to be recognized over a weighted average period of 0.4 years. For the three months ended May 31, 2019 , stock-based compensation expense was nominal compared to $.2 million for the three months ended May 31, 2018 . For the six months ended May 31, 2019 and 2018, stock-based compensation expense associated with stock options totaled $.1 million and $.4 million , respectively. The aggregate intrinsic values of stock options outstanding and stock options exercisable were $66.7 million and $64.1 million , respectively, at May 31, 2019 . (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 $5.8 million and $4.8 million for the three months ended May 31, 2019 and 2018, respectively, related to restricted stock and PSUs. We recognized total compensation expense of $9.9 million and $8.4 million for the six months ended May 31, 2019 and 2018, respectively, related to restricted stock and PSUs.

Supplemental Disclosure to Cons

Supplemental Disclosure to Consolidated Statements of Cash Flows	6 Months Ended
	May 31, 2019
Supplemental Cash Flow Information [Abstract]
Supplemental Disclosure to Consolidated Statements of Cash Flows	Supplemental Disclosure to Consolidated Statements of Cash Flows The following are supplemental disclosures to the consolidated statements of cash flows (in thousands): Six Months Ended May 31, 2019 2018 Summary of cash and cash equivalents at end of period: Homebuilding $ 178,876 $ 669,798 Financial services 888 756 Total $ 179,764 $ 670,554 Supplemental disclosures of cash flow information: Interest paid, net of amounts capitalized $ (2,809 ) $ (3,665 ) Income taxes paid 3,163 7,595 Supplemental disclosures of non-cash activities: Decrease in inventories due to adoption of ASC 606 $ (35,288 ) $ — Increase in property and equipment, net due to adoption of ASC 606 31,194 — Increase (decrease) in consolidated inventories not owned (16,262 ) 17,518 Increase in inventories due to distributions of land and land development from an unconsolidated joint venture 3,983 5,113 Inventories acquired through seller financing — 36,697

Supplemental Guarantor Informat

Supplemental Guarantor Information	6 Months Ended
	May 31, 2019
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 using a 5% rather than a 10% threshold (provided that the assets of our non-guarantor subsidiaries do not in the aggregate exceed 10% of an adjusted measure of our consolidated total assets), it will be automatically and unconditionally released and discharged from its guaranty of the senior notes and the Credit Facility so long as all guarantees by such Guarantor Subsidiary of any other of our or our subsidiaries’ indebtedness are terminated at or prior to the time of such release. We have determined that separate, full financial statements of the Guarantor Subsidiaries would not be material to investors and, accordingly, supplemental financial information for the Guarantor Subsidiaries is presented. The supplemental financial information for all periods presented below reflects the relevant subsidiaries that were Guarantor Subsidiaries as of May 31, 2019 . Condensed Consolidating Statements of Operations (in thousands) Three Months Ended May 31, 2019 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Total revenues $ — $ 932,945 $ 88,858 $ — $ 1,021,803 Homebuilding: Revenues $ — $ 932,945 $ 85,726 $ — $ 1,018,671 Construction and land costs — (756,055 ) (87,689 ) — (843,744 ) Selling, general and administrative expenses (27,506 ) (97,590 ) 2,268 — (122,828 ) Operating income (loss) (27,506 ) 79,300 305 — 52,099 Interest income 395 — 44 — 439 Interest expense (35,080 ) (134 ) (1,330 ) 36,544 — Intercompany interest 82,238 (42,578 ) (3,116 ) (36,544 ) — Equity in loss of unconsolidated joint ventures — (369 ) — — (369 ) Homebuilding pretax income (loss) 20,047 36,219 (4,097 ) — 52,169 Financial services pretax income — — 4,592 — 4,592 Total pretax income 20,047 36,219 495 — 56,761 Income tax expense (2,800 ) (3,000 ) (3,500 ) — (9,300 ) Equity in net income of subsidiaries 30,214 — — (30,214 ) — Net income (loss) $ 47,461 $ 33,219 $ (3,005 ) $ (30,214 ) $ 47,461 Three Months Ended May 31, 2018 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Total revenues $ — $ 1,026,887 $ 74,536 $ — $ 1,101,423 Homebuilding: Revenues $ — $ 1,026,887 $ 71,786 $ — $ 1,098,673 Construction and land costs — (844,637 ) (66,607 ) — (911,244 ) Selling, general and administrative expenses (26,815 ) (78,823 ) (7,593 ) — (113,231 ) Operating income (loss) (26,815 ) 103,427 (2,414 ) — 74,198 Interest income 1,181 4 93 — 1,278 Interest expense (37,942 ) (634 ) (1,348 ) 39,924 — Intercompany interest 75,277 (32,791 ) (2,562 ) (39,924 ) — Equity in loss of unconsolidated joint ventures — (321 ) (1 ) — (322 ) Homebuilding pretax income (loss) 11,701 69,685 (6,232 ) — 75,154 Financial services pretax income — — 3,154 — 3,154 Total pretax income (loss) 11,701 69,685 (3,078 ) — 78,308 Income tax expense (2,400 ) (17,700 ) (900 ) — (21,000 ) Equity in net income of subsidiaries 48,007 — — (48,007 ) — Net income (loss) $ 57,308 $ 51,985 $ (3,978 ) $ (48,007 ) $ 57,308 Six Months Ended May 31, 2019 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Total revenues $ — $ 1,677,398 $ 155,888 $ — $ 1,833,286 Homebuilding: Revenues $ — $ 1,677,398 $ 150,061 $ — $ 1,827,459 Construction and land costs — (1,367,096 ) (147,503 ) — (1,514,599 ) Selling, general and administrative expenses (52,888 ) (173,130 ) (3,404 ) — (229,422 ) Operating income (loss) (52,888 ) 137,172 (846 ) — 83,438 Interest income 1,409 — 135 — 1,544 Interest expense (68,275 ) (455 ) (2,602 ) 71,332 — Intercompany interest 160,210 (84,316 ) (4,562 ) (71,332 ) — Equity in loss of unconsolidated joint ventures — (775 ) — — (775 ) Homebuilding pretax income (loss) 40,456 51,626 (7,875 ) — 84,207 Financial services pretax income — — 7,065 — 7,065 Total pretax income (loss) 40,456 51,626 (810 ) — 91,272 Income tax expense (3,500 ) (6,400 ) (3,900 ) — (13,800 ) Equity in net income of subsidiaries 40,516 — — (40,516 ) — Net income (loss) $ 77,472 $ 45,226 $ (4,710 ) $ (40,516 ) $ 77,472 Six Months Ended May 31, 2018 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Total revenues $ — $ 1,821,576 $ 151,470 $ — $ 1,973,046 Homebuilding: Revenues $ — $ 1,821,576 $ 146,302 $ — $ 1,967,878 Construction and land costs — (1,508,733 ) (131,989 ) — (1,640,722 ) Selling, general and administrative expenses (48,981 ) (145,940 ) (14,034 ) — (208,955 ) Operating income (loss) (48,981 ) 166,903 279 — 118,201 Interest income 2,179 9 93 — 2,281 Interest expense (75,914 ) (1,323 ) (2,631 ) 79,868 — Intercompany interest 148,123 (63,745 ) (4,510 ) (79,868 ) — Equity in loss of unconsolidated joint ventures — (1,166 ) (1 ) — (1,167 ) Homebuilding pretax income (loss) 25,407 100,678 (6,770 ) — 119,315 Financial services pretax income — — 5,038 — 5,038 Total pretax income (loss) 25,407 100,678 (1,732 ) — 124,353 Income tax expense (47,100 ) (65,800 ) (25,400 ) — (138,300 ) Equity in net income of subsidiaries 7,746 — — (7,746 ) — Net income (loss) $ (13,947 ) $ 34,878 $ (27,132 ) $ (7,746 ) $ (13,947 ) Condensed Consolidating Balance Sheets (in thousands) May 31, 2019 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets Homebuilding: Cash and cash equivalents $ 94,391 $ 71,436 $ 13,049 $ — $ 178,876 Receivables 4,192 225,448 70,068 — 299,708 Inventories — 3,496,318 284,535 — 3,780,853 Investments in unconsolidated joint ventures — 56,446 — — 56,446 Property and equipment, net 21,382 36,420 3,419 — 61,221 Deferred tax assets, net 78,039 296,769 49,587 — 424,395 Other assets 82,905 2,889 1,940 — 87,734 280,909 4,185,726 422,598 — 4,889,233 Financial services — — 30,720 — 30,720 Intercompany receivables 3,802,227 — 177,745 (3,979,972 ) — Investments in subsidiaries 95,776 — — (95,776 ) — Total assets $ 4,178,912 $ 4,185,726 $ 631,063 $ (4,075,748 ) $ 4,919,953 Liabilities and stockholders’ equity Homebuilding: Accounts payable, accrued expenses and other liabilities $ 114,162 $ 484,752 $ 269,822 $ — $ 868,736 Notes payable 1,817,428 12,018 25,110 — 1,854,556 1,931,590 496,770 294,932 — 2,723,292 Financial services — — 1,451 — 1,451 Intercompany payables 52,112 3,688,956 238,904 (3,979,972 ) — Stockholders’ equity 2,195,210 — 95,776 (95,776 ) 2,195,210 Total liabilities and stockholders’ equity $ 4,178,912 $ 4,185,726 $ 631,063 $ (4,075,748 ) $ 4,919,953 November 30, 2018 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets Homebuilding: Cash and cash equivalents $ 429,977 $ 114,269 $ 30,113 $ — $ 574,359 Receivables 5,135 198,465 89,230 — 292,830 Inventories — 3,314,386 268,453 — 3,582,839 Investments in unconsolidated joint ventures — 61,960 — — 61,960 Property and equipment, net 18,450 5,523 310 — 24,283 Deferred tax assets, net 84,564 303,669 53,587 — 441,820 Other assets 77,288 4,007 1,805 — 83,100 615,414 4,002,279 443,498 — 5,061,191 Financial services — — 12,380 — 12,380 Intercompany receivables 3,569,422 — 158,760 (3,728,182 ) — Investments in subsidiaries 67,657 — — (67,657 ) — Total assets $ 4,252,493 $ 4,002,279 $ 614,638 $ (3,795,839 ) $ 5,073,571 Liabilities and stockholders’ equity Homebuilding: Accounts payable, accrued expenses and other liabilities $ 126,176 $ 584,321 $ 213,816 $ — $ 924,313 Notes payable 1,995,115 40,038 25,110 — 2,060,263 2,121,291 624,359 238,926 — 2,984,576 Financial services — — 1,495 — 1,495 Intercompany payables 43,702 3,377,920 306,560 (3,728,182 ) — Stockholders’ equity 2,087,500 — 67,657 (67,657 ) 2,087,500 Total liabilities and stockholders’ equity $ 4,252,493 $ 4,002,279 $ 614,638 $ (3,795,839 ) $ 5,073,571 Condensed Consolidating Statements of Cash Flows (in thousands) Six Months Ended May 31, 2019 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net cash provided by (used in) operating activities $ 35,547 $ (308,291 ) $ 92,410 $ — $ (180,334 ) Cash flows from investing activities: Contributions to unconsolidated joint ventures — (4,245 ) — — (4,245 ) Return of investments in unconsolidated joint ventures — 5,001 — — 5,001 Proceeds from sale of building — 5,804 — — 5,804 Purchases of property and equipment, net (3,241 ) (11,360 ) (7,663 ) — (22,264 ) Intercompany (196,595 ) — — 196,595 — Net cash used in investing activities (199,836 ) (4,800 ) (7,663 ) 196,595 (15,704 ) Cash flows from financing activities: Proceeds from issuance of debt 405,250 — — — 405,250 Payment of debt issuance costs (5,209 ) — — — (5,209 ) Repayment of senior notes (630,000 ) — — — (630,000 ) Borrowings under revolving credit facility 330,000 — — — 330,000 Repayments under revolving credit facility (280,000 ) — — — (280,000 ) Payments on mortgages and land contracts due to land sellers and other loans — (28,020 ) — — (28,020 ) Issuance of common stock under employee stock plans 16,462 — — — 16,462 Tax payments associated with stock-based compensation awards (3,345 ) — — — (3,345 ) Payments of cash dividends (4,455 ) — — — (4,455 ) Intercompany — 298,278 (101,683 ) (196,595 ) — Net cash provided by (used in) financing activities (171,297 ) 270,258 (101,683 ) (196,595 ) (199,317 ) Net decrease in cash and cash equivalents (335,586 ) (42,833 ) (16,936 ) — (395,355 ) Cash and cash equivalents at beginning of period 429,977 114,269 30,873 — 575,119 Cash and cash equivalents at end of period $ 94,391 $ 71,436 $ 13,937 $ — $ 179,764 Six Months Ended May 31, 2018 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net cash provided by (used in) operating activities $ 18,931 $ (15,092 ) $ (23,208 ) $ — $ (19,369 ) Cash flows from investing activities: Contributions to unconsolidated joint ventures — (11,600 ) — — (11,600 ) Return of investments in unconsolidated joint ventures — 1,099 — — 1,099 Sale (purchases) of property and equipment, net (3,102 ) (329 ) 4 — (3,427 ) Intercompany (42,380 ) — — 42,380 — Net cash provided by (used in) investing activities (45,482 ) (10,830 ) 4 42,380 (13,928 ) Cash flows from financing activities: Payments on mortgages and land contracts due to land sellers and other loans — (9,574 ) (920 ) — (10,494 ) Issuance of common stock under employee stock plans 4,771 — — — 4,771 Tax payments associated with stock-based compensation awards (6,787 ) — — — (6,787 ) Payments of cash dividends (4,500 ) — — — (4,500 ) Intercompany — 26,807 15,573 (42,380 ) — Net cash provided by (used in) financing activities (6,516 ) 17,233 14,653 (42,380 ) (17,010 ) Net decrease in cash and cash equivalents (33,067 ) (8,689 ) (8,551 ) — (50,307 ) Cash and cash equivalents at beginning of period 575,193 104,120 41,548 — 720,861 Cash and cash equivalents at end of period $ 542,126 $ 95,431 $ 32,997 $ — $ 670,554

Subsequent Event (Notes)

Subsequent Event (Notes)	6 Months Ended
	May 31, 2019
Subsequent Events [Abstract]
Subsequent Event	22. Subsequent Event On July 9, 2019, the parent company of Stearns, our partner in KBHS, filed a voluntary bankruptcy petition in the United States Bankruptcy Court, Southern District of New York, with Stearns included as a debtor in the case. KBHS is not included in the filing and there are no known plans for it to be included as a debtor. While the debtors are seeking authority from the court to continue Stearns’ business with respect to KBHS in the ordinary course and without interruption, the ultimate resolution of the case and the timing thereof are uncertain. We will be monitoring the status of the bankruptcy proceedings. We believe KBHS is, at present, financially and operationally able to continue to provide mortgage banking services to our homebuyers. However, the bankruptcy process could be disruptive to KBHS’ operations, which may, in turn, adversely impact the number of homes we deliver in future periods. As of the date of this filing, we are unable to estimate the effect, if any, this event may have on our consolidated financial statements.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	May 31, 2019
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 $27.4 million at May 31, 2019 and $385.2 million at November 30, 2018 . At May 31, 2019 and November 30, 2018 , our cash equivalents were invested in interest-bearing bank deposit accounts.
Comprehensive Income (Loss)	Our comprehensive income was $47.5 million for the three months ended May 31, 2019 and $57.3 million for the three months ended May 31, 2018. Our comprehensive income was $77.5 million for the six months ended May 31, 2019 . For the six months ended May 31, 2018 , our comprehensive loss was $13.9 million . Our comprehensive income (loss) for each of the three-month and six-month periods ended May 31, 2019 and 2018 was equal to our net income (loss) for the respective periods.
Adoption of New Accounting Pronouncement and Recent Accounting Pronouncements	Adoption of New Accounting Pronouncements . In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). 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. On December 1, 2018, we adopted ASU 2014-09 and its related amendments (collectively, “ASC 606”), using the modified retrospective method applied to contracts that were not completed as of the adoption date. Results for reporting periods beginning December 1, 2018 and after are presented under ASC 606, while results for prior reporting periods have not been adjusted and continue to be presented under the accounting guidance in effect for those periods. We recorded the following cumulative effect adjustment to increase beginning retained earnings as of December 1, 2018 (in thousands): Balance Sheet Balance at November 30, 2018 Adjustments due to ASC 606 Balance at December 1, 2018 Assets Homebuilding: Inventories $ 3,582,839 $ (35,288 ) $ 3,547,551 Deferred tax assets, net 441,820 (4,024 ) 437,796 Property and equipment, net 24,283 31,194 55,477 Financial services 12,380 19,728 32,108 Stockholders’ equity: Retained earnings 1,897,168 11,610 1,908,778 Within our homebuilding operations, ASC 606 impacts the classification and timing of recognition in our consolidated financial statements of certain community sales office and other marketing- and model home-related costs, which we previously capitalized to inventories and amortized through construction and land costs with each home delivered in a community. With our adoption of ASC 606, these costs are capitalized to property and equipment and depreciated to selling, general and administrative expenses, or expensed to selling, general and administrative expenses as incurred. Upon adopting ASC 606, we reclassified these community sales office and other marketing- and model home-related costs and related accumulated amortization from inventories to either property and equipment, net or retained earnings in our consolidated balance sheet. Forfeited deposits related to cancelled home sale and land sale contracts, which were previously reflected as other income within selling, general and administrative expenses, are included in homebuilding revenues under ASC 606. Within our financial services operations, ASC 606 impacts the timing of recognition in our consolidated financial statements of insurance commissions for insurance policy renewals. We previously recognized such insurance commissions as revenue when policies were renewed. With our adoption of ASC 606, insurance commissions for future policy renewals are estimated and recognized as revenue when the insurance carrier issues an initial insurance policy to our homebuyer, which generally occurs at the time each applicable home sale is closed. Upon adopting ASC 606, we recognized contract assets for the estimated future renewal commissions related to existing insurance policies as of December 1, 2018. There were no significant changes to our business processes or internal control over financial reporting as a result of adopting ASC 606. The impacts of adopting ASC 606 on our consolidated statements of operations for the three months and six months ended May 31, 2019 and consolidated balance sheet as of May 31, 2019 were as follows (in thousands, except per share amounts): Three Months Ended May 31, 2019 Six Months Ended May 31, 2019 Statement of Operations As Reported Amounts without the Adoption of ASC 606 Effect of Change Higher/(Lower) As Reported Amounts without the Adoption of ASC 606 Effect of Change Higher/(Lower) Homebuilding: Revenues $ 1,018,671 $ 1,017,934 $ 737 $ 1,827,459 $ 1,826,089 $ 1,370 Construction and land costs (843,744 ) (850,855 ) (7,111 ) (1,514,599 ) (1,526,970 ) (12,371 ) Selling, general and administrative expenses (122,828 ) (114,638 ) 8,190 (229,422 ) (213,919 ) 15,503 Operating income 52,099 52,441 (342 ) 83,438 85,200 (1,762 ) Financial services: Revenues 3,132 3,025 107 5,827 5,615 212 Total pretax income 56,761 56,996 (235 ) 91,272 92,822 (1,550 ) Income tax expense (9,300 ) (9,400 ) (100 ) (13,800 ) (14,200 ) (400 ) Net income 47,461 47,596 (135 ) 77,472 78,622 (1,150 ) Diluted earnings per share .51 .52 (.01 ) .82 .83 (.01 ) As of May 31, 2019 Balance Sheet As Reported Amounts without the Adoption of ASC 606 Effect of Change Higher/(Lower) Assets Homebuilding: Inventories $ 3,780,853 $ 3,824,765 $ (43,912 ) Deferred tax assets, net 424,395 428,019 (3,624 ) Property and equipment, net 61,221 23,165 38,056 Financial services 30,720 10,780 19,940 Stockholders’ equity: Retained earnings 1,981,795 1,971,335 10,460 As a result of our adoption of ASC 606, we updated our significant accounting policies as follows: Homebuilding Revenues . We apply the following steps 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) we satisfy a performance obligation. Our home sale transactions are made pursuant to contracts under which we typically have a single performance obligation to deliver a completed home to the homebuyer when closing conditions are met. Revenues from home sales are recognized when we have satisfied the performance obligation within the sales contract, which is generally when title to and possession of the home and the risks and rewards of ownership are transferred to the homebuyer on the closing date. Under our home sale contracts, we typically receive an initial cash deposit from the homebuyer at the time the sales contract is executed and receive the remaining consideration to which we are entitled, through a third-party escrow agent, at closing. Customer deposits related to sold but undelivered homes, totaled $24.1 million and $19.5 million at May 31, 2019 and November 30, 2018, respectively, and are included in accrued expenses and other liabilities. Concurrent with the recognition of revenues in our consolidated statements of operations, sales incentives in the form of price concessions on the selling price of a home are recorded as a reduction of revenues. The costs of sales incentives in the form of free or discounted products or services provided to homebuyers, including option upgrades and closing cost allowances, are reflected as construction and land costs because such incentives are identified in our home sale contracts with homebuyers as an intrinsic part of our single performance obligation to deliver and transfer title to their home for the transaction price stated in the contracts. Sales incentives that we may provide in the form of closing cost allowances are immaterial to the related revenues. Cash proceeds from home sale closings held by third-party escrow agents for our benefit, typically for less than five days, are considered deposits in-transit and classified as cash. Land sale transactions are made pursuant to contracts under which we typically have a performance obligation(s) to deliver specified land parcels to the buyer when closing conditions are met. We evaluate each land sale contract to determine our performance obligation(s) under the contract, including whether we have a distinct promise to perform post-closing land development work that is material within the context of the contract, and use objective criteria to determine our completion of the applicable performance obligation(s), whether at a point in time or over time. Revenues from land sales are recognized when we have satisfied the performance obligation(s) within the sales contract, which is generally when title to and possession of the land and the risks and rewards of ownership are transferred to the land buyer on the closing date. Under our land sale contracts, we typically receive an initial cash deposit from the buyer at the time the contract is executed and receive the remaining consideration to which we are entitled, through a third-party escrow agent, at closing. In the limited circumstances where we provide financing to the land buyer, we determine that collectibility of the receivable is reasonably assured before we recognize revenue. In instances where we have a distinct and material performance obligation(s) within the context of a land sale contract to perform land development work after the closing date, a portion of the transaction price under the contract is allocated to such performance obligation(s) and is recognized as revenue over time based upon our estimated progress toward the satisfaction of the performance obligation(s). We generally measure our progress based on our costs incurred relative to the total costs expected to satisfy the performance obligation(s). While the payment terms for such a performance obligation(s) vary, we generally receive the final payment when we have completed our land development work to the specifications detailed in the applicable land sale contract and it has been accepted by the land buyer. Homebuilding revenues include forfeited deposits, which occur when home sale or land sale contracts that include a nonrefundable deposit are cancelled. Revenues from forfeited deposits are immaterial. Within our homebuilding operations, substantially all of our contracts with customers and the related performance obligations have an original expected duration of one year or less. Community Sales Office and Other Marketing- and Model Home-Related Costs . Community sales office and other marketing- and model home-related costs are either recorded as inventories, capitalized as property and equipment, or expensed to selling, general and administrative expenses as incurred. Costs related to the construction of a model home, inclusive of upgrades that will be sold as part of the home, are recorded as inventories and recognized as construction and land costs when the model home is delivered to a homebuyer. Costs to furnish and ready a model home or on-site community sales facility that will not be sold as part of the model home, such as model furnishings, community sales office and model complex grounds, sales office construction and sales office furniture and equipment, are capitalized as property and equipment under “model furnishings and sales office improvements.” Model furnishings and sales office improvements are depreciated to selling, general and administrative expenses over their estimated useful lives. Other costs related to the marketing of a community, removing the on-site community sales facility and readying a completed (model) home for sale are expensed to selling, general and administrative expenses as incurred. Financial Services Revenues . Our financial services reporting segment generates revenues primarily from title services and insurance commissions. Revenues from title services are recognized when policies are issued, which generally occurs at the time each applicable home sale is closed. We receive insurance commissions from various third-party insurance carriers for arranging for the carriers to provide homeowner and other insurance policies for our homebuyers that elect to obtain such coverage. In addition, each time a homebuyer renews their insurance policy with the insurance carrier, we receive a renewal commission. Revenues from insurance commissions are recognized when the insurance carrier issues an initial insurance policy to our homebuyer, which generally occurs at the time each applicable home sale is closed. As our performance obligations for policy renewal commissions are satisfied upon issuance of the initial insurance policy, insurance commissions for renewals are considered variable consideration under ASC 606. Accordingly, we estimate the probable future renewal commissions when an initial policy is issued and record a corresponding contract asset and insurance commission revenues. We estimate the amount of variable consideration based on historical renewal trends and constrain the estimate such that it is probable that a significant reversal of cumulative recognized revenue will not occur. We also consider the likelihood and magnitude of a potential future reversal of revenue and update our assessment at the end of each reporting period. The contract assets for estimated future renewal commissions are included in other assets within our financial services reporting segment and totaled $19.9 million at May 31, 2019 . Contract assets totaling $19.7 million were recognized on December 1, 2018 in connection with the adoption of ASC 606. Disaggregation of Revenues . Our homebuilding operations accounted for 99.7% of our total revenues for the year ended November 30, 2018, with most of those revenues generated from home sale contracts with customers. Our financial services operations accounted for the remaining .3% of total revenues for the year ended November 30, 2018. Due to the nature of our revenue-generating activities, we believe the disaggregation of revenues as reported in our consolidated statement of operations, and as disclosed by homebuilding reporting segment in Note 2 – Segment Information and for our financial services reporting segment in Note 3 – Financial Services, fairly depict how the nature, amount, timing and uncertainty of cash flows are affected by economic factors. SEC Disclosure Update and Simplification . In August 2018, the SEC issued Final Rule Release No. 33-10532, “Disclosure Update and Simplification,” which makes a number of changes meant to simplify interim disclosures. In complying with the relevant aspects of the rule within this quarterly report, we have removed the presentation of cash dividends declared per common share from our consolidated statements of operations and expanded our analysis of stockholders ’ equity in Note 18 – Stockholders’ Equity. Recent Accounting Pronouncements Not Yet Adopted . 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 previous lease accounting guidance. 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 Accounting Standards Update No. 2018-11, “Leases (Topic 842): Targeted Improvements” (“ASU 2018-11”), 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. In March 2019, the FASB issued Accounting Standards Update No. 2019-01, “Leases (Topic 842): Codification Improvements” (“ASU 2019-01”), which makes targeted changes to lessor accounting and clarifies interim disclosure requirements. We expect to adopt ASU 2016-02, ASU 2018-10, ASU 2018-11 and ASU 2019-01 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 expect to adopt ASU 2018-02 beginning December 1, 2019. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements. Reclassifications. Certain amounts in our consolidated financial statements of prior periods have been reclassified to conform to the current period presentation.
Segment Reporting (ASC 280)	We have identified five operating reporting segments, comprised of four homebuilding reporting segments and one financial services reporting segment. As of May 31, 2019 , 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 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. We offer mortgage banking services, including residential consumer mortgage loan (“mortgage loan”) originations, to our homebuyers indirectly through KBHS Home Loans, LLC (“KBHS”), an unconsolidated joint venture we formed with Stearns Ventures, LLC (“Stearns”). We and Stearns each have a 50.0% ownership interest, with Stearns providing management oversight of KBHS’ operations. 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.
Earnings Per Share (ASC 260)	We compute earnings (loss) per share using the two-class method, which is an allocation of earnings (losses) between the holders of common stock and a company’s participating security holders. Our outstanding nonvested shares of restricted stock contain non-forfeitable rights to dividends and, therefore, are considered participating securities for purposes of computing earnings per share pursuant to the two-class method. We had no other participating securities at May 31, 2019 or 2018.
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.
Consolidation (ASC 810)	We participate in joint ventures from time to time that conduct land acquisition, land development and/or other homebuilding activities in various markets where our homebuilding operations are located. Our investments in these joint ventures may create a variable interest in a variable interest entity (“VIE”), depending on the contractual terms of the arrangement. We analyze our joint ventures under the variable interest model to determine whether they are VIEs and, if so, whether we are the primary beneficiary. Based on our analyses, we determined that one of our joint ventures at May 31, 2019 and November 30, 2018 was a VIE, but we were not the primary beneficiary of the VIE. All of our joint ventures at May 31, 2019 and November 30, 2018 were unconsolidated and accounted for under the equity method because we did not have a controlling financial interest. Land Option Contracts and Other Similar Contracts. In the ordinary course of our business, we enter into land option contracts and other similar contracts with third parties and unconsolidated entities to acquire rights to land for the construction of homes. Under these contracts, we typically make a specified option payment or earnest money deposit in consideration for the right to purchase land in the future, usually at a predetermined price. We analyze each of our land option contracts and other similar contracts under the variable interest model to determine whether the land seller is a VIE and, if so, whether we are the primary beneficiary. Although we do not have legal title to the underlying land, we are required to consolidate a VIE if we are the primary beneficiary. As a result of our analyses, we determined that as of May 31, 2019 and November 30, 2018 , 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.
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 $5.5 million at May 31, 2019 and $21.8 million at November 30, 2018 .
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.
Fair Value Measurements and Disclosures (ASC 820)	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.
Guarantees (ASC 460)	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 the 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 $49.0 million and $56.9 million are included in receivables in our consolidated balance sheets at May 31, 2019 and November 30, 2018 , 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 years 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.

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies Basis of Presentation and Significant Accounting Policies (Tables)	6 Months Ended
	May 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of New Accounting Pronouncements	The impacts of adopting ASC 606 on our consolidated statements of operations for the three months and six months ended May 31, 2019 and consolidated balance sheet as of May 31, 2019 were as follows (in thousands, except per share amounts): Three Months Ended May 31, 2019 Six Months Ended May 31, 2019 Statement of Operations As Reported Amounts without the Adoption of ASC 606 Effect of Change Higher/(Lower) As Reported Amounts without the Adoption of ASC 606 Effect of Change Higher/(Lower) Homebuilding: Revenues $ 1,018,671 $ 1,017,934 $ 737 $ 1,827,459 $ 1,826,089 $ 1,370 Construction and land costs (843,744 ) (850,855 ) (7,111 ) (1,514,599 ) (1,526,970 ) (12,371 ) Selling, general and administrative expenses (122,828 ) (114,638 ) 8,190 (229,422 ) (213,919 ) 15,503 Operating income 52,099 52,441 (342 ) 83,438 85,200 (1,762 ) Financial services: Revenues 3,132 3,025 107 5,827 5,615 212 Total pretax income 56,761 56,996 (235 ) 91,272 92,822 (1,550 ) Income tax expense (9,300 ) (9,400 ) (100 ) (13,800 ) (14,200 ) (400 ) Net income 47,461 47,596 (135 ) 77,472 78,622 (1,150 ) Diluted earnings per share .51 .52 (.01 ) .82 .83 (.01 ) As of May 31, 2019 Balance Sheet As Reported Amounts without the Adoption of ASC 606 Effect of Change Higher/(Lower) Assets Homebuilding: Inventories $ 3,780,853 $ 3,824,765 $ (43,912 ) Deferred tax assets, net 424,395 428,019 (3,624 ) Property and equipment, net 61,221 23,165 38,056 Financial services 30,720 10,780 19,940 Stockholders’ equity: Retained earnings 1,981,795 1,971,335 10,460 Balance Sheet Balance at November 30, 2018 Adjustments due to ASC 606 Balance at December 1, 2018 Assets Homebuilding: Inventories $ 3,582,839 $ (35,288 ) $ 3,547,551 Deferred tax assets, net 441,820 (4,024 ) 437,796 Property and equipment, net 24,283 31,194 55,477 Financial services 12,380 19,728 32,108 Stockholders’ equity: Retained earnings 1,897,168 11,610 1,908,778

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	May 31, 2019
Segment Reporting [Abstract]
Financial Information Relating to Company Reporting Segments	The following tables present financial information relating to our homebuilding reporting segments (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2019 2018 2019 2018 Revenues: West Coast $ 391,264 $ 496,740 $ 697,074 $ 883,392 Southwest 184,827 180,917 342,483 332,816 Central 307,080 313,806 548,672 557,987 Southeast 135,500 107,210 239,230 193,683 Total $ 1,018,671 $ 1,098,673 $ 1,827,459 $ 1,967,878 Pretax income (loss): West Coast $ 24,789 $ 51,883 $ 42,705 $ 83,476 Southwest 27,995 20,577 50,067 35,554 Central 27,199 29,075 45,782 48,170 Southeast 589 787 44 2,107 Corporate and other (28,403 ) (27,168 ) (54,391 ) (49,992 ) Total $ 52,169 $ 75,154 $ 84,207 $ 119,315 Inventory impairment charges: West Coast $ 3,441 $ 5,993 $ 6,637 $ 10,692 Southwest — — — — Central — — — — Southeast — — — — Total $ 3,441 $ 5,993 $ 6,637 $ 10,692 Land option contract abandonment charges: West Coast $ 391 $ 388 $ 446 $ 596 Southwest 223 — 282 — Central 121 145 366 223 Southeast 161 — 161 — Total $ 896 $ 533 $ 1,255 $ 819 May 31, November 30, Inventories: Homes under construction West Coast $ 690,525 $ 514,099 Southwest 184,154 173,036 Central 313,181 312,366 Southeast 152,523 125,651 Subtotal 1,340,383 1,125,152 May 31, November 30, Land under development West Coast 1,029,843 1,059,432 Southwest 422,507 404,201 Central 576,014 543,472 Southeast 214,370 212,831 Subtotal 2,242,734 2,219,936 Land held for future development or sale West Coast 118,455 154,462 Southwest 30,141 21,137 Central 7,857 9,346 Southeast 41,283 52,806 Subtotal 197,736 237,751 Total $ 3,780,853 $ 3,582,839 Assets: West Coast $ 2,045,818 $ 1,880,516 Southwest 678,270 631,509 Central 1,030,839 1,017,490 Southeast 448,302 463,224 Corporate and other 686,004 1,068,452 Total $ 4,889,233 $ 5,061,191

Financial Services (Tables)

Financial Services (Tables)	6 Months Ended
	May 31, 2019
Segment Reporting Information [Line Items]
Financial Services Income (Loss)	The following tables present financial information relating to our financial services reporting segment (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2019 2018 2019 2018 Revenues Insurance commissions $ 1,646 $ 1,463 $ 3,118 $ 2,815 Title services 1,486 1,287 2,703 2,353 Interest income — — 6 — Total 3,132 2,750 5,827 5,168 Expenses General and administrative (1,040 ) (957 ) (2,064 ) (1,910 ) Operating income 2,092 1,793 3,763 3,258 Equity in income of unconsolidated joint ventures 2,500 1,361 3,302 1,780 Pretax income $ 4,592 $ 3,154 $ 7,065 $ 5,038
Financial Service [Member]
Segment Reporting Information [Line Items]
Schedule of Financial Services Assets and Liabilities	May 31, November 30, Assets Cash and cash equivalents $ 888 $ 760 Receivables 1,415 2,885 Investments in unconsolidated joint ventures 8,346 8,594 Other assets (a) 20,071 141 Total assets $ 30,720 $ 12,380 Liabilities Accounts payable and accrued expenses $ 1,451 $ 1,495 Total liabilities $ 1,451 $ 1,495

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	May 31, 2019
Earnings Per Share, Basic and Diluted [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Basic and diluted earnings (loss) per share were calculated as follows (in thousands, except per share amounts): Three Months Ended May 31, Six Months Ended May 31, 2019 2018 2019 2018 Numerator: Net income (loss) $ 47,461 $ 57,308 $ 77,472 $ (13,947 ) Less: Distributed earnings allocated to nonvested restricted stock (14 ) (12 ) (27 ) — Less: Undistributed earnings allocated to nonvested restricted stock (280 ) (310 ) (456 ) — Numerator for basic earnings (loss) per share 47,167 56,986 76,989 (13,947 ) Effect of dilutive securities: Interest expense and amortization of debt issuance costs associated with convertible senior notes, net of taxes — 796 541 — Add: Undistributed earnings allocated to nonvested restricted stock 280 310 456 — Less: Undistributed earnings reallocated to nonvested restricted stock (265 ) (269 ) (421 ) — Numerator for diluted earnings (loss) per share $ 47,182 $ 57,823 $ 77,565 $ (13,947 ) Denominator: Weighted average shares outstanding — basic 87,641 87,581 87,310 87,370 Effect of dilutive securities: Share-based payments 4,725 5,176 4,463 — Convertible senior notes — 8,402 2,862 — Weighted average shares outstanding — diluted 92,366 101,159 94,635 87,370 Basic earnings (loss) per share $ .54 $ .65 $ .88 $ (.16 ) Diluted earnings (loss) per share $ .51 $ .57 $ .82 $ (.16 )

Receivables (Tables)

Receivables (Tables)	6 Months Ended
	May 31, 2019
Receivables [Abstract]
Schedule of Receivables	Receivables consisted of the following (in thousands): May 31, November 30, Recoveries related to self-insurance and other legal claims $ 124,990 $ 138,261 Due from utility companies, improvement districts and municipalities 124,433 113,434 Refundable deposits and bonds 12,480 14,115 Recoveries related to warranty and other claims 4,111 4,750 Other 43,031 33,775 Subtotal 309,045 304,335 Allowance for doubtful accounts (9,337 ) (11,505 ) Total $ 299,708 $ 292,830

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	May 31, 2019
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following (in thousands): May 31, November 30, Homes under construction $ 1,340,383 $ 1,125,152 Land under development 2,242,734 2,219,936 Land held for future development or sale (a) 197,736 237,751 Total $ 3,780,853 $ 3,582,839 (a) Land held for sale totaled $31.6 million at May 31, 2019 and $9.8 million at November 30, 2018
Schedule of Capitalized Interest Costs	Our interest costs were as follows (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2019 2018 2019 2018 Capitalized interest at beginning of period $ 213,370 $ 259,785 $ 209,129 $ 262,191 Interest incurred 36,544 39,924 71,332 79,868 Interest amortized to construction and land costs (a) (37,754 ) (52,433 ) (68,301 ) (94,783 ) Capitalized interest at end of period (b) $ 212,160 $ 247,276 $ 212,160 $ 247,276 (a) Interest amortized to construction and land costs for the three months ended May 31, 2019 and 2018 included a nominal amount and $3.1 million , respectively, related to land sales during the periods. Interest amortized to construction and land costs for the six months ended May 31, 2019 and 2018 included $.6 million and $4.1 million , respectively, related to land sales during the periods. (b) 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)	6 Months Ended
	May 31, 2019
Inventory Impairments and Land Option Contract Abandonments [Abstract]
Schedule of Significant Unobservable Inputs	The following table summarizes significant quantitative unobservable inputs we utilized in our fair value measurements with respect to the impaired communities written down to fair value during the periods presented: Three Months Ended May 31, Six Months Ended May 31, Unobservable Input (a) 2019 2018 2019 2018 Average selling price $315,000 - $398,500 $339,400 - $460,500 $315,000 - $1,045,400 $339,400 - $774,100 Deliveries per month 4 4 - 5 1 - 4 3 - 5 Discount rate 17% 17% 17% 17% - 18%

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	May 31, 2019
Variable Interest Entities [Abstract]
Summary of Interests in Land Option Contracts	The following table presents a summary of our interests in land option contracts and other similar contracts (in thousands): May 31, 2019 November 30, 2018 Cash Deposits Aggregate Purchase Price Cash Deposits Aggregate Purchase Price Unconsolidated VIEs $ 22,820 $ 859,141 $ 26,542 $ 784,334 Other land option contracts and other similar contracts 25,829 518,042 27,288 586,904 Total $ 48,649 $ 1,377,183 $ 53,830 $ 1,371,238

Investments in Unconsolidated_2

Investments in Unconsolidated Joint Ventures (Tables)	6 Months Ended
	May 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Statements of Operations of Unconsolidated Joint Ventures	The following table presents combined condensed information from the statements of operations of our unconsolidated joint ventures (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2019 2018 2019 2018 Revenues $ 3,786 $ 7,827 $ 15,978 $ 16,624 Construction and land costs (3,798 ) (7,839 ) (16,018 ) (16,655 ) Other expense, net (610 ) (611 ) (1,238 ) (1,983 ) Loss $ (622 ) $ (623 ) $ (1,278 ) $ (2,014 )
Balance Sheets of Unconsolidated Joint Ventures	The following table presents combined condensed balance sheet information for our unconsolidated joint ventures (in thousands): May 31, November 30, Assets Cash $ 18,644 $ 18,567 Inventories 130,064 131,074 Other assets 404 530 Total assets $ 149,112 $ 150,171 May 31, November 30, Liabilities and equity Accounts payable and other liabilities $ 10,916 $ 11,374 Notes payable (a) 27,970 17,956 Equity 110,226 120,841 Total liabilities and equity $ 149,112 $ 150,171 (a) As of May 31, 2019 and November 30, 2018 , one of our unconsolidated joint ventures had a construction loan agreement with a third-party lender to finance its land development activities, with the outstanding debt secured by the underlying property and related project assets and non-recourse to us. All of the outstanding secured debt at May 31, 2019 is scheduled to mature in February 2020. None of our other unconsolidated joint ventures had outstanding debt at May 31, 2019 or November 30, 2018
Information Related Investments in Unconsolidated Joint Ventures	The following table presents additional information relating to our investments in unconsolidated joint ventures (dollars in thousands): May 31, November 30, Number of investments in unconsolidated joint ventures 6 6 Investments in unconsolidated joint ventures $ 56,446 $ 61,960 Number of unconsolidated joint venture lots controlled under land option contracts and other similar contracts 17 36

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	6 Months Ended
	May 31, 2019
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): May 31, November 30, Computer software and equipment $ 24,223 $ 20,940 Model furnishings and sales office improvements (a) 70,347 — Leasehold improvements, office furniture and equipment (b) 15,605 23,491 Subtotal 110,175 44,431 Less accumulated depreciation (a) (48,954 ) (20,148 ) Total $ 61,221 $ 24,283 (a) The balance at May 31, 2019 reflects a change in the classification of certain community sales office and other marketing- and model home-related costs and related accumulated amortization from inventories to property and equipment, net due to our adoption of ASC 606 effective December 1, 2018, as described in Note 1 – Basis of Presentation and Significant Accounting Policies. (b) In January 2019, we completed the sale and leaseback of our office building in San Antonio, Texas. The sale generated net cash proceeds of $5.8 million and a gain of $2.2 million , which will be recognized on a straight-line basis over a 10-year lease term until our adoption of ASU 2016-02, when the remaining gain will be recognized as a transition adjustment to retained earnings.

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	May 31, 2019
Other Assets [Abstract]
Schedule of Other Assets	Other assets consisted of the following (in thousands): May 31, November 30, Cash surrender value of corporate-owned life insurance contracts $ 75,010 $ 73,721 Prepaid expenses and other 12,724 9,379 Total $ 87,734 $ 83,100

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	6 Months Ended
	May 31, 2019
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities consisted of the following (in thousands): May 31, November 30, Self-insurance and other litigation liabilities $ 272,851 $ 283,651 Employee compensation and related benefits 116,882 148,549 Warranty liability 83,030 82,490 Accrued interest payable 33,989 31,180 Customer deposits 24,088 19,491 Inventory-related obligations (a) 21,840 40,892 Real estate and business taxes 8,212 16,639 Other 44,924 43,376 Total $ 605,816 $ 666,268 (a) Represents liabilities for financing arrangements discussed in Note 8 – Variable Interest Entities, as well as liabilities for fixed or determinable amounts associated with tax increment financing entity (“TIFE”) assessments. As homes are delivered, our obligation to pay the remaining TIFE assessments associated with each underlying lot is transferred to the homebuyer. As such, these assessment obligations will be paid by us only to the extent we do not deliver homes on applicable lots before the related TIFE obligations mature.

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	May 31, 2019
Income Tax Disclosure [Abstract]
Income tax benefit computed at the statutory U.S federal income tax rate and income tax benefit (expense) provided in the consolidated statements of operations	Our income tax expense and effective tax rates were as follows (dollars in thousands): Three Months Ended May 31, Six Months Ended May 31, 2019 2018 2019 2018 Income tax expense $ 9,300 $ 21,000 $ 13,800 $ 138,300 Effective tax rate 16.4 % 26.8 % 15.1 % 111.2 %

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
	May 31, 2019
Debt Disclosure [Abstract]
Schedule of Mortgages and Notes Payable	Notes payable consisted of the following (in thousands): May 31, November 30, Unsecured revolving credit facility $ 50,000 $ — Mortgages and land contracts due to land sellers and other loans 12,018 40,038 4.75% Senior notes due May 15, 2019 — 399,483 8.00% Senior notes due March 15, 2020 348,617 347,790 7.00% Senior notes due December 15, 2021 447,754 447,359 7.50% Senior notes due September 15, 2022 347,994 347,731 7.625% Senior notes due May 15, 2023 351,973 248,074 6.875% Senior notes due June 15, 2027 296,200 — 1.375% Convertible senior notes due February 1, 2019 — 229,788 Total $ 1,854,556 $ 2,060,263

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	6 Months Ended
	May 31, 2019
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 on a nonrecurring basis for the six months ended May 31, 2019 and the year ended November 30, 2018 (in thousands): May 31, 2019 November 30, 2018 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 $ 19,924 $ (6,637 ) $ 13,287 $ 70,156 $ (26,104 ) $ 44,052 (a) Amounts represent the aggregate fair value for real estate assets impacted by inventory impairment charges during the applicable period as of the date the fair value measurements were made. The carrying value for these real estate assets may have subsequently increased or decreased from the fair value reflected due to activity that has occurred since the measurement date.
Schedule of Fair Value Hierarchy, Carrying Values, and Estimated Fair Values of Financial Instruments	The following table presents the fair value hierarchy, carrying values and estimated fair values of our financial instruments, except those for which the carrying values approximate fair values (in thousands): May 31, 2019 November 30, 2018 Fair Value Hierarchy Carrying Value (a) Estimated Fair Value Carrying Value (a) Estimated Fair Value Financial Liabilities: Senior notes Level 2 $ 1,792,538 $ 1,908,625 $ 1,790,437 $ 1,853,438 Convertible senior notes Level 2 — — 229,788 229,425

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	May 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Changes in the Warranty Liability	The changes in our warranty liability were as follows (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2019 2018 2019 2018 Balance at beginning of period $ 84,191 $ 71,845 $ 82,490 $ 69,798 Warranties issued 8,139 9,889 14,433 17,653 Payments (6,500 ) (5,330 ) (11,093 ) (11,047 ) Adjustments (2,800 ) — (2,800 ) — Balance at end of period $ 83,030 $ 76,404 $ 83,030 $ 76,404
Schedule of Self-Insurance Liability	The changes in our self-insurance liability were as follows (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2019 2018 2019 2018 Balance at beginning of period $ 177,862 $ 180,695 $ 176,841 $ 177,695 Self-insurance expense (a) 4,295 4,309 8,042 8,710 Payments (b) (11,179 ) (8,289 ) (13,905 ) (9,690 ) Balance at end of period $ 170,978 $ 176,715 $ 170,978 $ 176,715 (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) Includes net changes in estimated probable insurance and other recoveries, which are recorded in receivables, to present our self-insurance liability on a gross basis.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	May 31, 2019
Equity [Abstract]
Summary of Changes in Stockholders’ Equity	A summary of changes in stockholders’ equity is presented below (in thousands): Three Months Ended May 31, 2019 and 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 February 28, 2019 119,258 (7,860 ) (24,264 ) $ 119,258 $ 755,341 $ 1,936,523 $ (9,565 ) $ (85,246 ) $ (587,814 ) $ 2,128,497 Net income — — — — — 47,461 — — — 47,461 Dividends on common stock — — — — — (2,189 ) — — — (2,189 ) Employee stock options/other 1,036 — — 1,036 14,594 — — — — 15,630 Stock awards 56 — — 56 (56 ) — — — — — Stock-based compensation — — — — 5,814 — — — — 5,814 Tax payments associated with stock-based compensation awards — — — — — — — — (3 ) (3 ) Balance at May 31, 2019 120,350 (7,860 ) (24,264 ) $ 120,350 $ 775,693 $ 1,981,795 $ (9,565 ) $ (85,246 ) $ (587,817 ) $ 2,195,210 Balance at February 28, 2018 118,214 (8,460 ) (22,248 ) $ 118,214 $ 729,439 $ 1,662,118 $ (16,924 ) $ (91,760 ) $ (548,365 ) $ 1,852,722 Net income — — — — — 57,308 — — — 57,308 Dividends on common stock — — — — — (2,178 ) — — — (2,178 ) Employee stock options/other 129 — — 129 1,696 — — — — 1,825 Stock awards 54 — — 54 (54 ) — — — — — Stock-based compensation — — — — 4,966 — — — — 4,966 Balance at May 31, 2018 118,397 (8,460 ) (22,248 ) $ 118,397 $ 736,047 $ 1,717,248 $ (16,924 ) $ (91,760 ) $ (548,365 ) $ 1,914,643 Six Months Ended May 31, 2019 and 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, 2018 119,196 (8,157 ) (24,113 ) $ 119,196 $ 753,570 $ 1,897,168 $ (9,565 ) $ (88,472 ) $ (584,397 ) $ 2,087,500 Cumulative effect of adoption of ASC 606 — — — — — 11,610 — — — 11,610 Net income — — — — — 77,472 — — — 77,472 Dividends on common stock — — — — — (4,455 ) — — — (4,455 ) Employee stock options/other 1,098 — — 1,098 15,364 — — — — 16,462 Stock awards 56 297 (4 ) 56 (3,207 ) — — 3,226 (75 ) — Stock-based compensation — — — — 9,966 — — — — 9,966 Tax payments associated with stock-based compensation awards — — (147 ) — — — — — (3,345 ) (3,345 ) Balance at May 31, 2019 120,350 (7,860 ) (24,264 ) $ 120,350 $ 775,693 $ 1,981,795 $ (9,565 ) $ (85,246 ) $ (587,817 ) $ 2,195,210 Balance at November 30, 2017 117,946 (8,898 ) (22,021 ) $ 117,946 $ 727,483 $ 1,735,695 $ (16,924 ) $ (96,509 ) $ (541,380 ) $ 1,926,311 Net loss — — — — — (13,947 ) — — — (13,947 ) Dividends on common stock — — — — — (4,500 ) — — — (4,500 ) Employee stock options/other 397 — — 397 4,374 — — — — 4,771 Stock awards 54 438 (10 ) 54 (4,605 ) — — 4,749 (198 ) — Stock-based compensation — — — — 8,795 — — — — 8,795 Tax payments associated with stock-based compensation awards — — (217 ) — — — — — (6,787 ) (6,787 ) Balance at May 31, 2018 118,397 (8,460 ) (22,248 ) $ 118,397 $ 736,047 $ 1,717,248 $ (16,924 ) $ (91,760 ) $ (548,365 ) $ 1,914,643

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	May 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Outstanding and Exercisable Stock Options	The following table summarizes stock option transactions for the six months ended May 31, 2019 : Options Weighted Average Exercise Price Options outstanding at beginning of period 7,237,544 $ 16.02 Granted — — Exercised (1,097,927 ) 14.95 Cancelled (30,000 ) 38.24 Options outstanding at end of period 6,109,617 $ 16.11 Options exercisable at end of period 5,820,743 $ 16.10

Supplemental Disclosure to Co_2

Supplemental Disclosure to Consolidated Statements of Cash Flows (Tables)	6 Months Ended
	May 31, 2019
Supplemental Cash Flow Information [Abstract]
Schedule of Supplemental Cash Flow Disclosures	The following are supplemental disclosures to the consolidated statements of cash flows (in thousands): Six Months Ended May 31, 2019 2018 Summary of cash and cash equivalents at end of period: Homebuilding $ 178,876 $ 669,798 Financial services 888 756 Total $ 179,764 $ 670,554 Supplemental disclosures of cash flow information: Interest paid, net of amounts capitalized $ (2,809 ) $ (3,665 ) Income taxes paid 3,163 7,595 Supplemental disclosures of non-cash activities: Decrease in inventories due to adoption of ASC 606 $ (35,288 ) $ — Increase in property and equipment, net due to adoption of ASC 606 31,194 — Increase (decrease) in consolidated inventories not owned (16,262 ) 17,518 Increase in inventories due to distributions of land and land development from an unconsolidated joint venture 3,983 5,113 Inventories acquired through seller financing — 36,697

Supplemental Guarantor Inform_2

Supplemental Guarantor Information (Tables)	6 Months Ended
	May 31, 2019
Guarantees [Abstract]
Condensed Consolidated Statements of Operations	Condensed Consolidating Statements of Operations (in thousands) Three Months Ended May 31, 2019 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Total revenues $ — $ 932,945 $ 88,858 $ — $ 1,021,803 Homebuilding: Revenues $ — $ 932,945 $ 85,726 $ — $ 1,018,671 Construction and land costs — (756,055 ) (87,689 ) — (843,744 ) Selling, general and administrative expenses (27,506 ) (97,590 ) 2,268 — (122,828 ) Operating income (loss) (27,506 ) 79,300 305 — 52,099 Interest income 395 — 44 — 439 Interest expense (35,080 ) (134 ) (1,330 ) 36,544 — Intercompany interest 82,238 (42,578 ) (3,116 ) (36,544 ) — Equity in loss of unconsolidated joint ventures — (369 ) — — (369 ) Homebuilding pretax income (loss) 20,047 36,219 (4,097 ) — 52,169 Financial services pretax income — — 4,592 — 4,592 Total pretax income 20,047 36,219 495 — 56,761 Income tax expense (2,800 ) (3,000 ) (3,500 ) — (9,300 ) Equity in net income of subsidiaries 30,214 — — (30,214 ) — Net income (loss) $ 47,461 $ 33,219 $ (3,005 ) $ (30,214 ) $ 47,461 Three Months Ended May 31, 2018 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Total revenues $ — $ 1,026,887 $ 74,536 $ — $ 1,101,423 Homebuilding: Revenues $ — $ 1,026,887 $ 71,786 $ — $ 1,098,673 Construction and land costs — (844,637 ) (66,607 ) — (911,244 ) Selling, general and administrative expenses (26,815 ) (78,823 ) (7,593 ) — (113,231 ) Operating income (loss) (26,815 ) 103,427 (2,414 ) — 74,198 Interest income 1,181 4 93 — 1,278 Interest expense (37,942 ) (634 ) (1,348 ) 39,924 — Intercompany interest 75,277 (32,791 ) (2,562 ) (39,924 ) — Equity in loss of unconsolidated joint ventures — (321 ) (1 ) — (322 ) Homebuilding pretax income (loss) 11,701 69,685 (6,232 ) — 75,154 Financial services pretax income — — 3,154 — 3,154 Total pretax income (loss) 11,701 69,685 (3,078 ) — 78,308 Income tax expense (2,400 ) (17,700 ) (900 ) — (21,000 ) Equity in net income of subsidiaries 48,007 — — (48,007 ) — Net income (loss) $ 57,308 $ 51,985 $ (3,978 ) $ (48,007 ) $ 57,308
Condensed Consolidated Balance Sheets	Condensed Consolidating Balance Sheets (in thousands) May 31, 2019 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets Homebuilding: Cash and cash equivalents $ 94,391 $ 71,436 $ 13,049 $ — $ 178,876 Receivables 4,192 225,448 70,068 — 299,708 Inventories — 3,496,318 284,535 — 3,780,853 Investments in unconsolidated joint ventures — 56,446 — — 56,446 Property and equipment, net 21,382 36,420 3,419 — 61,221 Deferred tax assets, net 78,039 296,769 49,587 — 424,395 Other assets 82,905 2,889 1,940 — 87,734 280,909 4,185,726 422,598 — 4,889,233 Financial services — — 30,720 — 30,720 Intercompany receivables 3,802,227 — 177,745 (3,979,972 ) — Investments in subsidiaries 95,776 — — (95,776 ) — Total assets $ 4,178,912 $ 4,185,726 $ 631,063 $ (4,075,748 ) $ 4,919,953 Liabilities and stockholders’ equity Homebuilding: Accounts payable, accrued expenses and other liabilities $ 114,162 $ 484,752 $ 269,822 $ — $ 868,736 Notes payable 1,817,428 12,018 25,110 — 1,854,556 1,931,590 496,770 294,932 — 2,723,292 Financial services — — 1,451 — 1,451 Intercompany payables 52,112 3,688,956 238,904 (3,979,972 ) — Stockholders’ equity 2,195,210 — 95,776 (95,776 ) 2,195,210 Total liabilities and stockholders’ equity $ 4,178,912 $ 4,185,726 $ 631,063 $ (4,075,748 ) $ 4,919,953 November 30, 2018 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets Homebuilding: Cash and cash equivalents $ 429,977 $ 114,269 $ 30,113 $ — $ 574,359 Receivables 5,135 198,465 89,230 — 292,830 Inventories — 3,314,386 268,453 — 3,582,839 Investments in unconsolidated joint ventures — 61,960 — — 61,960 Property and equipment, net 18,450 5,523 310 — 24,283 Deferred tax assets, net 84,564 303,669 53,587 — 441,820 Other assets 77,288 4,007 1,805 — 83,100 615,414 4,002,279 443,498 — 5,061,191 Financial services — — 12,380 — 12,380 Intercompany receivables 3,569,422 — 158,760 (3,728,182 ) — Investments in subsidiaries 67,657 — — (67,657 ) — Total assets $ 4,252,493 $ 4,002,279 $ 614,638 $ (3,795,839 ) $ 5,073,571 Liabilities and stockholders’ equity Homebuilding: Accounts payable, accrued expenses and other liabilities $ 126,176 $ 584,321 $ 213,816 $ — $ 924,313 Notes payable 1,995,115 40,038 25,110 — 2,060,263 2,121,291 624,359 238,926 — 2,984,576 Financial services — — 1,495 — 1,495 Intercompany payables 43,702 3,377,920 306,560 (3,728,182 ) — Stockholders’ equity 2,087,500 — 67,657 (67,657 ) 2,087,500 Total liabilities and stockholders’ equity $ 4,252,493 $ 4,002,279 $ 614,638 $ (3,795,839 ) $ 5,073,571
Condensed Consolidated Statements of Cash Flows	Condensed Consolidating Statements of Cash Flows (in thousands) Six Months Ended May 31, 2019 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net cash provided by (used in) operating activities $ 35,547 $ (308,291 ) $ 92,410 $ — $ (180,334 ) Cash flows from investing activities: Contributions to unconsolidated joint ventures — (4,245 ) — — (4,245 ) Return of investments in unconsolidated joint ventures — 5,001 — — 5,001 Proceeds from sale of building — 5,804 — — 5,804 Purchases of property and equipment, net (3,241 ) (11,360 ) (7,663 ) — (22,264 ) Intercompany (196,595 ) — — 196,595 — Net cash used in investing activities (199,836 ) (4,800 ) (7,663 ) 196,595 (15,704 ) Cash flows from financing activities: Proceeds from issuance of debt 405,250 — — — 405,250 Payment of debt issuance costs (5,209 ) — — — (5,209 ) Repayment of senior notes (630,000 ) — — — (630,000 ) Borrowings under revolving credit facility 330,000 — — — 330,000 Repayments under revolving credit facility (280,000 ) — — — (280,000 ) Payments on mortgages and land contracts due to land sellers and other loans — (28,020 ) — — (28,020 ) Issuance of common stock under employee stock plans 16,462 — — — 16,462 Tax payments associated with stock-based compensation awards (3,345 ) — — — (3,345 ) Payments of cash dividends (4,455 ) — — — (4,455 ) Intercompany — 298,278 (101,683 ) (196,595 ) — Net cash provided by (used in) financing activities (171,297 ) 270,258 (101,683 ) (196,595 ) (199,317 ) Net decrease in cash and cash equivalents (335,586 ) (42,833 ) (16,936 ) — (395,355 ) Cash and cash equivalents at beginning of period 429,977 114,269 30,873 — 575,119 Cash and cash equivalents at end of period $ 94,391 $ 71,436 $ 13,937 $ — $ 179,764 Six Months Ended May 31, 2018 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net cash provided by (used in) operating activities $ 18,931 $ (15,092 ) $ (23,208 ) $ — $ (19,369 ) Cash flows from investing activities: Contributions to unconsolidated joint ventures — (11,600 ) — — (11,600 ) Return of investments in unconsolidated joint ventures — 1,099 — — 1,099 Sale (purchases) of property and equipment, net (3,102 ) (329 ) 4 — (3,427 ) Intercompany (42,380 ) — — 42,380 — Net cash provided by (used in) investing activities (45,482 ) (10,830 ) 4 42,380 (13,928 ) Cash flows from financing activities: Payments on mortgages and land contracts due to land sellers and other loans — (9,574 ) (920 ) — (10,494 ) Issuance of common stock under employee stock plans 4,771 — — — 4,771 Tax payments associated with stock-based compensation awards (6,787 ) — — — (6,787 ) Payments of cash dividends (4,500 ) — — — (4,500 ) Intercompany — 26,807 15,573 (42,380 ) — Net cash provided by (used in) financing activities (6,516 ) 17,233 14,653 (42,380 ) (17,010 ) Net decrease in cash and cash equivalents (33,067 ) (8,689 ) (8,551 ) — (50,307 ) Cash and cash equivalents at beginning of period 575,193 104,120 41,548 — 720,861 Cash and cash equivalents at end of period $ 542,126 $ 95,431 $ 32,997 $ — $ 670,554

Basis of Presentation and Sig_4

Basis of Presentation and Significant Accounting Policies (Narratives) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	May 31, 2019	May 31, 2018	May 31, 2019	May 31, 2018	Nov. 30, 2018	Dec. 01, 2018
Cash equivalents	$ 27,400		$ 27,400		$ 385,200
Other comprehensive income (loss)	47,500	$ 57,300	77,500	$ (13,900)
Retained earnings	1,981,795		1,981,795		1,897,168	$ 1,908,778
Customer deposits	24,100		24,100		$ 19,500
Financial Service [Member]
Contract assets	19,900		19,900			19,700
Financial Service [Member] | Product Concentration Risk [Member] | Total Revenues [member]
Percentage of total revenue					0.30%
Home Building [Member] | Product Concentration Risk [Member] | Total Revenues [member]
Percentage of total revenue					99.70%
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member]
Retained earnings	$ 10,460		$ 10,460			11,610
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | Financial Service [Member]
Contract assets						$ 19,728

Basis of Presentation and Sig_5

Basis of Presentation and Significant Accounting Policies (Cumulative Effect of Changes on Consolidated Balance Sheets Resulting From Adoption of ASC 606) (Details) - USD ($) $ in Thousands	May 31, 2019	Dec. 01, 2018	Nov. 30, 2018	May 31, 2018
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Inventories	$ 3,780,853		$ 3,582,839
Property and equipment, net	61,221		24,283
Total assets	4,919,953		5,073,571
Retained earnings	1,981,795	$ 1,908,778	1,897,168
Accounting Standards Update 2014-09 [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Inventories		(35,288)		$ 0
Property and equipment, net		31,194		$ 0
Calculated under Revenue Guidance in Effect before Topic 606 [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Retained earnings	1,971,335		1,897,168
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Retained earnings	10,460	11,610
Home Building [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Inventories	3,780,853	3,547,551	3,582,839
Deferred tax assets, net	424,395	437,796	441,820
Property and equipment, net	61,221	55,477	24,283
Total assets	4,889,233		5,061,191
Home Building [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Inventories	3,824,765		3,582,839
Deferred tax assets, net	428,019		441,820
Property and equipment, net	23,165		24,283
Home Building [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Inventories	(43,912)	(35,288)
Deferred tax assets, net	(3,624)	(4,024)
Property and equipment, net	38,056	31,194
Financial Service [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total assets	30,720	32,108	12,380
Contract assets	19,900	19,700
Financial Service [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total assets	10,780		$ 12,380
Financial Service [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total assets	$ 19,940
Contract assets		$ 19,728

Basis of Presentation and Sig_6

Basis of Presentation and Significant Accounting Policies (Impacts of Adopting ASC 606) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2019	May 31, 2018	May 31, 2019	May 31, 2018	Dec. 01, 2018	Nov. 30, 2018
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	$ 1,021,803	$ 1,101,423	$ 1,833,286	$ 1,973,046
Total pretax income	56,761	78,308	91,272	124,353
Income tax expense	(9,300)	(21,000)	(13,800)	(138,300)
Net income (loss)	$ 47,461	$ 57,308	$ 77,472	$ (13,947)
Diluted earnings per share (in dollars per share)	$ 0.51	$ 0.57	$ 0.82	$ (0.16)
Assets
Inventories	$ 3,780,853		$ 3,780,853			$ 3,582,839
Property and equipment, net	61,221		61,221			24,283
Total assets	4,919,953		4,919,953			5,073,571
Stockholders’ equity:
Retained earnings	1,981,795		1,981,795		$ 1,908,778	1,897,168
Calculated under Revenue Guidance in Effect before Topic 606 [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total pretax income	56,996		92,822
Income tax expense	(9,400)		(14,200)
Net income (loss)	$ 47,596		$ 78,622
Diluted earnings per share (in dollars per share)	$ 0.52		$ 0.83
Stockholders’ equity:
Retained earnings	$ 1,971,335		$ 1,971,335			1,897,168
Financial Service [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Contract assets	19,900		19,900		19,700
Total revenues	3,132	$ 2,750	5,827	$ 5,168
Selling, general and administrative expenses	(1,040)	(957)	(2,064)	(1,910)
Operating income	2,092	1,793	3,763	3,258
Total pretax income	4,592	3,154	7,065	5,038
Assets
Total assets	30,720		30,720		32,108	12,380
Financial Service [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	3,025		5,615
Assets
Total assets	10,780		10,780			12,380
Home Building [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	1,018,671	1,098,673	1,827,459	1,967,878
Construction and land costs	(843,744)	(911,244)	(1,514,599)	(1,640,722)
Selling, general and administrative expenses	(122,828)	(113,231)	(229,422)	(208,955)
Operating income	52,099	74,198	83,438	118,201
Total pretax income	52,169	75,154	84,207	119,315
Assets
Inventories	3,780,853		3,780,853		3,547,551	3,582,839
Deferred tax assets, net	424,395		424,395		437,796	441,820
Property and equipment, net	61,221		61,221		55,477	24,283
Total assets	4,889,233		4,889,233			5,061,191
Home Building [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	1,017,934		1,826,089
Construction and land costs	(850,855)		(1,526,970)
Selling, general and administrative expenses	(114,638)		(213,919)
Operating income	52,441		85,200
Assets
Inventories	3,824,765		3,824,765			3,582,839
Deferred tax assets, net	428,019		428,019			441,820
Property and equipment, net	23,165		23,165			$ 24,283
Accounting Standards Update 2014-09 [Member]
Assets
Inventories		0		0	(35,288)
Property and equipment, net		$ 0		$ 0	31,194
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total pretax income	(235)		(1,550)
Income tax expense	100		400
Net income (loss)	$ (135)		$ (1,150)
Diluted earnings per share (in dollars per share)	$ (0.01)		$ (0.01)
Stockholders’ equity:
Retained earnings	$ 10,460		$ 10,460		11,610
Accounting Standards Update 2014-09 [Member] | Financial Service [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Contract assets					19,728
Total revenues	107		212
Assets
Total assets	19,940		19,940
Accounting Standards Update 2014-09 [Member] | Home Building [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	737		1,370
Construction and land costs	7,111		12,371
Selling, general and administrative expenses	(8,190)		(15,503)
Operating income	(342)		(1,762)
Assets
Inventories	(43,912)		(43,912)		(35,288)
Deferred tax assets, net	(3,624)		(3,624)		(4,024)
Property and equipment, net	$ 38,056		$ 38,056		$ 31,194

Segment Information (Narratives

Segment Information (Narratives) (Details)	3 Months Ended
	May 31, 2019segment
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%
Home Building [Member]
Schedule of Equity Method Investments [Line Items]
Number of reporting segments	4
Financial Service [Member]
Schedule of Equity Method Investments [Line Items]
Number of reporting segments	1

Segment Information (Segment Fi

Segment Information (Segment Financial Information) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		May 31, 2019	May 31, 2018	May 31, 2019	May 31, 2018	Dec. 01, 2018	Nov. 30, 2018
Revenues:
Total revenues		$ 1,021,803	$ 1,101,423	$ 1,833,286	$ 1,973,046
Pretax income (loss):
Pretax income (loss)		56,761	78,308	91,272	124,353
Inventory impairment charges		3,400	6,000	6,600	10,700
Inventories: Homes under Construction		1,340,383		1,340,383			$ 1,125,152
Inventories: Land under development		2,242,734		2,242,734			2,219,936
Inventories: Land held for future development or sale	[1]	197,736		197,736			237,751
Inventories		3,780,853		3,780,853			3,582,839
Assets
Total assets		4,919,953		4,919,953			5,073,571
Land Option Contract Abandonment [Member]
Pretax income (loss):
Land option contract abandonment charges		900	500	1,300	800
Home Building [Member]
Revenues:
Total revenues		1,018,671	1,098,673	1,827,459	1,967,878
Pretax income (loss):
Pretax income (loss)		52,169	75,154	84,207	119,315
Inventory impairment charges		3,441	5,993	6,637	10,692
Inventories: Homes under Construction		1,340,383		1,340,383			1,125,152
Inventories: Land under development		2,242,734		2,242,734			2,219,936
Inventories: Land held for future development or sale		197,736		197,736			237,751
Inventories		3,780,853		3,780,853		$ 3,547,551	3,582,839
Assets
Total assets		4,889,233		4,889,233			5,061,191
Home Building [Member] | West Coast [Member]
Revenues:
Total revenues		391,264	496,740	697,074	883,392
Pretax income (loss):
Pretax income (loss)		24,789	51,883	42,705	83,476
Inventory impairment charges		3,441	5,993	6,637	10,692
Inventories: Homes under Construction		690,525		690,525			514,099
Inventories: Land under development		1,029,843		1,029,843			1,059,432
Inventories: Land held for future development or sale		118,455		118,455			154,462
Assets
Total assets		2,045,818		2,045,818			1,880,516
Home Building [Member] | Southwest [Member]
Revenues:
Total revenues		184,827	180,917	342,483	332,816
Pretax income (loss):
Pretax income (loss)		27,995	20,577	50,067	35,554
Inventory impairment charges		0	0	0	0
Inventories: Homes under Construction		184,154		184,154			173,036
Inventories: Land under development		422,507		422,507			404,201
Inventories: Land held for future development or sale		30,141		30,141			21,137
Assets
Total assets		678,270		678,270			631,509
Home Building [Member] | Central [Member]
Revenues:
Total revenues		307,080	313,806	548,672	557,987
Pretax income (loss):
Pretax income (loss)		27,199	29,075	45,782	48,170
Inventory impairment charges		0	0	0	0
Inventories: Homes under Construction		313,181		313,181			312,366
Inventories: Land under development		576,014		576,014			543,472
Inventories: Land held for future development or sale		7,857		7,857			9,346
Assets
Total assets		1,030,839		1,030,839			1,017,490
Home Building [Member] | Southeast [Member]
Revenues:
Total revenues		135,500	107,210	239,230	193,683
Pretax income (loss):
Pretax income (loss)		589	787	44	2,107
Inventory impairment charges		0	0	0	0
Inventories: Homes under Construction		152,523		152,523			125,651
Inventories: Land under development		214,370		214,370			212,831
Inventories: Land held for future development or sale		41,283		41,283			52,806
Assets
Total assets		448,302		448,302			463,224
Home Building [Member] | Corporate and Other [Member]
Pretax income (loss):
Pretax income (loss)		(28,403)	(27,168)	(54,391)	(49,992)
Assets
Total assets		686,004		686,004			$ 1,068,452
Home Building [Member] | Land Option Contract Abandonment [Member]
Pretax income (loss):
Land option contract abandonment charges		896	533	1,255	819
Home Building [Member] | Land Option Contract Abandonment [Member] | West Coast [Member]
Pretax income (loss):
Land option contract abandonment charges		391	388	446	596
Home Building [Member] | Land Option Contract Abandonment [Member] | Southwest [Member]
Pretax income (loss):
Land option contract abandonment charges		223	0	282	0
Home Building [Member] | Land Option Contract Abandonment [Member] | Central [Member]
Pretax income (loss):
Land option contract abandonment charges		121	145	366	223
Home Building [Member] | Land Option Contract Abandonment [Member] | Southeast [Member]
Pretax income (loss):
Land option contract abandonment charges		$ 161	$ 0	$ 161	$ 0
[1]	Land held for sale totaled $31.6 million at May 31, 2019 and $9.8 million at November 30, 2018.

Financial Services (Schedule of

Financial Services (Schedule of Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2019	May 31, 2018	May 31, 2019	May 31, 2018
Revenues
Revenue from Contract with Customer, Excluding Assessed Tax	$ 1,021,803	$ 1,101,423	$ 1,833,286	$ 1,973,046
Expenses
Equity in income of unconsolidated joint ventures			2,527	613
Pretax income	56,761	78,308	91,272	124,353
Financial Service [Member]
Revenues
Insurance commissions	1,646	1,463	3,118	2,815
Title services	1,486	1,287	2,703	2,353
Interest income	0	0	6	0
Revenue from Contract with Customer, Excluding Assessed Tax	3,132	2,750	5,827	5,168
Selling, General and Administrative Expense	1,040	957	2,064	1,910
Expenses
Operating income	2,092	1,793	3,763	3,258
Equity in income of unconsolidated joint ventures	2,500	1,361	3,302	1,780
Pretax income	$ 4,592	$ 3,154	$ 7,065	$ 5,038

Financial Services (Schedule _2

Financial Services (Schedule of Assets and Liabilities) (Details) - USD ($) $ in Thousands		May 31, 2019	Dec. 01, 2018	Nov. 30, 2018	May 31, 2018	Nov. 30, 2017
Assets
Cash and cash equivalents		$ 179,764		$ 575,119	$ 670,554	$ 720,861
Receivables		299,708		292,830
Investments in unconsolidated joint ventures		56,446		61,960
Other assets		87,734		83,100
Total assets		4,919,953		5,073,571
Financial Service [Member]
Assets
Cash and cash equivalents		888		760	$ 756
Receivables		1,415		2,885
Investments in unconsolidated joint ventures		8,346		8,594
Other assets	[1]	20,071		141
Total assets		30,720	$ 32,108	12,380
Liabilities
Accounts payable and accrued expenses		1,451		1,495
Total liabilities		1,451		$ 1,495
Contract assets		$ 19,900	$ 19,700
[1]	Other assets at May 31, 2019 included $19.9 million of contract assets for estimated future renewal commissions due to our adoption of ASC 606 effective December 1, 2018, as described in Note 1 – Basis of Presentation and Significant Accounting Policies.

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		6 Months Ended
	May 31, 2019	May 31, 2018	May 31, 2019	May 31, 2018	Feb. 01, 2019	Nov. 30, 2018
Numerator:
Net income (loss)	$ 47,461	$ 57,308	$ 77,472	$ (13,947)
Less: Distributed earnings allocated to nonvested restricted stock	(14)	(12)	(27)	0
Less: Undistributed earnings allocated to nonvested restricted stock	(280)	(310)	(456)	0
Numerator for basic earnings (loss) per share	47,167	56,986	76,989	(13,947)
Interest expense and amortization of debt issuance costs associated with convertible senior notes, net of taxes	0	796	541	0
Add: Undistributed earnings allocated to nonvested restricted stock	280	310	456	0
Less: Undistributed earnings reallocated to nonvested restricted stock	(265)	(269)	(421)	0
Numerator for diluted earnings (loss) per share	$ 47,182	$ 57,823	$ 77,565	$ (13,947)
Denominator:
Weighted average shares outstanding — basic (in shares)	87,641	87,581	87,310	87,370
Effect of dilutive securities: Share-based payments (in shares)	4,725	5,176	4,463	0
Effect of dilutive securities: Convertible senior notes (in shares)	0	8,402	2,862	0
Weighted average shares outstanding — diluted (in shares)	92,366	101,159	94,635	87,370
Basic earnings (loss) per share (in dollars per share)	$ 0.54	$ 0.65	$ 0.88	$ (0.16)
Diluted earnings (loss) per share (in dollars per share)	$ 0.51	$ 0.57	$ 0.82	$ (0.16)
Antidilutive securities excluded from computation of earnings per share (in shares)	800	1,600	800
Mortgages and notes payable	$ 1,854,556		$ 1,854,556			$ 2,060,263
1.375% Convertible senior notes due February 1, 2019 [Member] | Convertible Notes Payable [Member]
Mortgages and notes payable	$ 0		$ 0		$ 230,000	$ 229,788
Senior notes, rate					1.375%

Receivables (Details)

Receivables (Details) - USD ($) $ in Thousands	May 31, 2019	Nov. 30, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Due from utility companies, improvement districts and municipalities	$ 124,433	$ 113,434
Refundable deposits and bonds	12,480	14,115
Other	43,031	33,775
Subtotal	309,045	304,335
Allowance for doubtful accounts	(9,337)	(11,505)
Total	299,708	292,830
Self Insurance and Other Legal Claims [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recoveries related to self-insurance and other legal claims	124,990	138,261
Recoveries related to warranty and other claims [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recoveries related to warranty and other claims	$ 4,111	$ 4,750

Inventories (Schedule of Invent

Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands		May 31, 2019	Nov. 30, 2018
Inventories
Homes under construction		$ 1,340,383	$ 1,125,152
Land under development		2,242,734	2,219,936
Land held for future development	[1]	197,736	237,751
Total		3,780,853	3,582,839
Inventory, Land Held-for-sale		$ 31,600	$ 9,800
[1]	Land held for sale totaled $31.6 million at May 31, 2019 and $9.8 million at November 30, 2018.

Inventories (Schedule of Capita

Inventories (Schedule of Capitalized Interest Costs) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		May 31, 2019	May 31, 2018	May 31, 2019	May 31, 2018
Interest Costs
Capitalized interest at beginning of period		$ 213,370	$ 259,785	$ 209,129	$ 262,191
Interest incurred		36,544	39,924	71,332	79,868
Interest amortized to construction and land costs	[1]	(37,754)	(52,433)	(68,301)	(94,783)
Capitalized interest at end of period	[2]	$ 212,160	247,276	212,160	247,276
Land [Member]
Interest Costs
Interest amortized to construction and land costs			$ (3,100)	$ (600)	$ (4,100)
[1]	(a)Interest amortized to construction and land costs for the three months ended May 31, 2019 and 2018 included a nominal amount and $3.1 million, respectively, related to land sales during the periods.
[2]	b)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		6 Months Ended
	May 31, 2019USD ($)lotdeliveryRate	May 31, 2018USD ($)deliveryRate	May 31, 2019USD ($)propertylotdeliveryRate	May 31, 2018USD ($)propertydeliveryRate	Nov. 30, 2018USD ($)property
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Number of land parcels or communities evaluated for recoverability | property			24	42
Carrying value of communities or land parcels evaluated for impairment	$ 164,000,000	$ 284,100,000	$ 164,000,000	$ 284,100,000
Inventory impairment charges	3,400,000	6,000,000	6,600,000	10,700,000
Aggregate carrying value of inventory impacted by pretax, noncash inventory impairment charges	$ 144,500,000		$ 144,500,000		$ 156,100,000
Number of communities and various other land parcels impacted by pretax, noncash inventory impairment charges	22		22		22
Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Average selling price	$ 315,000	$ 339,400	$ 315,000	$ 339,400
Deliveries per month | delivery	4	4	1	3
Minimum [Member] | Measurement Input, Discount Rate [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Discount Rate, Percent | Rate	17.00%	17.00%	17.00%	17.00%
Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Average selling price	$ 398,500	$ 460,500	$ 1,045,400	$ 774,100
Deliveries per month | delivery	4	5	4	5
Maximum [Member] | Measurement Input, Discount Rate [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Discount Rate, Percent | Rate	17.00%	17.00%	17.00%	18.00%
Land Option Contract Abandonment [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Land option contract abandonment charges	$ 900,000	$ 500,000	$ 1,300,000	$ 800,000

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands	May 31, 2019USD ($)joint_venture	Nov. 30, 2018USD ($)joint_venture
Variable Interest Entity [Line Items]
Number of investments in unconsolidated joint ventures | joint_venture	6	6
Cash Deposits	$ 48,649	$ 53,830
Aggregate Purchase Price	1,377,183	1,371,238
Pre-acquisition costs related to land option contracts and other similar contracts	46,600	46,900
Increase in inventories and accrued expenses and other liabilities	$ 5,500	$ 21,800
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	$ 22,820	$ 26,542
Aggregate Purchase Price	859,141	784,334
Other land option contracts and other similar contracts [Member]
Variable Interest Entity [Line Items]
Cash Deposits	25,829	27,288
Aggregate Purchase Price	$ 518,042	$ 586,904

Investments in Unconsolidated_3

Investments in Unconsolidated Joint Ventures (Financial Information for Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		May 31, 2019	May 31, 2018	May 31, 2019	May 31, 2018	Nov. 30, 2018
Statements of operations of unconsolidated joint venture
Revenues		$ 3,786	$ 7,827	$ 15,978	$ 16,624
Construction and land costs		(3,798)	(7,839)	(16,018)	(16,655)
Other expense, net		(610)	(611)	(1,238)	(1,983)
Loss		(622)	$ (623)	(1,278)	$ (2,014)
Assets
Cash		18,644		18,644		$ 18,567
Inventories		130,064		130,064		131,074
Other assets		404		404		530
Total assets		149,112		149,112		150,171
Liabilities and equity
Accounts payable and other liabilities		10,916		10,916		11,374
Notes payable	[1]	27,970		27,970		17,956
Equity		110,226		110,226		120,841
Total liabilities and equity		$ 149,112		$ 149,112		$ 150,171
[1]	As of May 31, 2019 and November 30, 2018, one of our unconsolidated joint ventures had a construction loan agreement with a third-party lender to finance its land development activities, with the outstanding debt secured by the underlying property and related project assets and non-recourse to us. All of the outstanding secured debt at May 31, 2019 is scheduled to mature in February 2020. None of our other unconsolidated joint ventures had outstanding debt at May 31, 2019 or November 30, 2018.

Investments in Unconsolidated_4

Investments in Unconsolidated Joint Ventures (Information for Investments in Unconsolidated Joint Ventures) (Details) $ in Thousands	6 Months Ended
	May 31, 2019USD ($)lotjoint_venture	Nov. 30, 2018USD ($)lotjoint_venture
Schedule of Equity Method Investments [Line Items]
Number of investments in unconsolidated joint ventures	6	6
Investments in unconsolidated joint ventures | $	$ 56,446	$ 61,960
Number of Unconsolidated Joint Venture Lots Controlled Under Land Option Contracts | lot	17	36
Number of Units in Real Estate Property | lot	17
Long-term Purchase, Commitment, Amount | $	$ 8,000
Investments in Unconsolidated Joint Ventures with Debt [Member]
Schedule of Equity Method Investments [Line Items]
Number of investments in unconsolidated joint ventures	1	1
Investments in Unconsolidated Joint Ventures with Purchase Commitments [Member]
Schedule of Equity Method Investments [Line Items]
Number of investments in unconsolidated joint ventures	1

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Thousands		6 Months Ended
		May 31, 2019	May 31, 2018	Feb. 28, 2019	Nov. 30, 2018
Property, Plant and Equipment [Abstract]
Computer software and equipment		$ 24,223			$ 20,940
Model furnishings and sales office improvements	[1]	70,347			0
Leasehold improvements, office furniture and equipment	[2]	15,605			23,491
Subtotal		110,175			44,431
Less accumulated depreciation	[1]	(48,954)			(20,148)
Total		61,221			$ 24,283
Proceeds from sale of building		$ 5,804	$ 0
Deferred gain on sale of property				$ 2,200
[1]	The balance at May 31, 2019 reflects a change in the classification of certain community sales office and other marketing- and model home-related costs and related accumulated amortization from inventories to property and equipment, net due to our adoption of ASC 606 effective December 1, 2018, as described in Note 1 – Basis of Presentation and Significant Accounting Policies.
[2]	In January 2019, we completed the sale and leaseback of our office building in San Antonio, Texas. The sale generated net cash proceeds of $5.8 million and a gain of $2.2 million, which will be recognized on a straight-line basis over a 10-year lease term until our adoption of ASU 2016-02, when the remaining gain will be recognized as a transition adjustment to retained earnings.

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	May 31, 2019	Nov. 30, 2018
Other Assets [Abstract]
Cash surrender value of corporate-owned life insurance contracts	$ 75,010	$ 73,721
Prepaid expenses and other	12,724	9,379
Total	$ 87,734	$ 83,100

Accrued Expenses and Other Li_3

Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands		May 31, 2019	Feb. 28, 2019	Nov. 30, 2018	May 31, 2018	Feb. 28, 2018	Nov. 30, 2017
Payables and Accruals [Abstract]
Self-insurance and other litigation liabilities		$ 272,851		$ 283,651
Employee compensation and related benefits		116,882		148,549
Warranty liability		83,030	$ 84,191	82,490	$ 76,404	$ 71,845	$ 69,798
Accrued interest payable		33,989		31,180
Customer deposits		24,088		19,491
Inventory-related liabilities	[1]	21,840		40,892
Real estate and business taxes		8,212		16,639
Other		44,924		43,376
Total		$ 605,816		$ 666,268
[1]	Represents liabilities for financing arrangements discussed in Note 8 – Variable Interest Entities, as well as liabilities for fixed or determinable amounts associated with tax increment financing entity (“TIFE”) assessments. As homes are delivered, our obligation to pay the remaining TIFE assessments associated with each underlying lot is transferred to the homebuyer. As such, these assessment obligations will be paid by us only to the extent we do not deliver homes on applicable lots before the related TIFE obligations mature.

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
	May 31, 2019	May 31, 2018	May 31, 2019	May 31, 2018	Nov. 30, 2018
Income Tax Expense (Benefit), Continuing Operations [Abstract]
Income tax expense	$ 9,300,000	$ 21,000,000	$ 13,800,000	$ 138,300,000
Effective tax rate	16.40%	26.80%	15.10%	111.20%
Net (increase) reduction in valuation allowance		$ 3,300,000	$ 3,300,000
Excess tax benefits related to stock-based compensation	$ (900,000)	(200,000)	(2,900,000)	$ (2,400,000)
Tax cuts and jobs act, non-cash charge				111,200,000
Tax cuts and jobs act, re-measurement of deferred tax assets				107,900,000
Tax credits	(4,300,000)	$ (200,000)	(4,300,000)	$ 4,200,000
Deferred tax assets	444,700,000		444,700,000		$ 465,400,000
Valuation allowance	20,300,000		20,300,000		23,600,000
Adjustments to deferred tax valuation allowance			0
Gross unrecognized tax benefits (including interest and penalties)	$ 0		$ 0		$ 0

Notes Payable (Schedule Notes P

Notes Payable (Schedule Notes Payable) (Details) - USD ($) $ in Thousands	May 31, 2019	Feb. 01, 2019	Nov. 30, 2018
Debt Instrument [Line Items]
Mortgages and notes payable	$ 1,854,556		$ 2,060,263
Mortgages and land contracts due to land sellers and other loans
Debt Instrument [Line Items]
Mortgages and notes payable	$ 12,018		40,038
Senior Notes [Member] | 4.75% Senior notes due May 15, 2019 [Member]
Debt Instrument [Line Items]
Senior notes, rate	4.75%
Mortgages and notes payable	$ 0		399,483
Senior Notes [Member] | 8.00% Senior notes due March 15, 2020 [Member]
Debt Instrument [Line Items]
Senior notes, rate	8.00%
Mortgages and notes payable	$ 348,617		347,790
Senior Notes [Member] | 7.00% Senior notes due December 15, 2021 [Member]
Debt Instrument [Line Items]
Senior notes, rate	7.00%
Mortgages and notes payable	$ 447,754		447,359
Senior Notes [Member] | 7.50% Senior notes due September 15, 2022 [Member]
Debt Instrument [Line Items]
Senior notes, rate	7.50%
Mortgages and notes payable	$ 347,994		347,731
Senior Notes [Member] | 7.625% Senior notes due May 15, 2023 [Member]
Debt Instrument [Line Items]
Senior notes, rate	7.625%
Mortgages and notes payable	$ 351,973		248,074
Senior Notes [Member] | 6.875% Senior notes due June 15, 2027 [Member]
Debt Instrument [Line Items]
Senior notes, rate	6.875%
Mortgages and notes payable	$ 296,200		0
Convertible Notes Payable [Member] | 1.375% Convertible senior notes due February 1, 2019 [Member]
Debt Instrument [Line Items]
Senior notes, rate		1.375%
Mortgages and notes payable	0	$ 230,000	229,788
Revolving Credit Facility [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Mortgages and notes payable	$ 50,000		$ 0

Notes Payable (Narratives) (Det

Notes Payable (Narratives) (Details) - USD ($)	Mar. 08, 2019	Feb. 20, 2019	Feb. 01, 2019	May 31, 2019	May 31, 2019	May 31, 2018	Nov. 30, 2018
Debt Instrument [Line Items]
Unamortized debt issuance costs, premiums and discounts				$ 7,500,000	$ 7,500,000		$ 9,800,000
Letters of credit outstanding				33,600,000	33,600,000		28,000,000
Inventories pledged to collateralize mortgages and land contracts, carrying value				138,200,000	138,200,000
Repayment of senior notes					630,000,000	$ 0
Proceeds from issuance of debt		$ 400,000,000			405,250,000	$ 0
Repayments of principal, 2019				12,000,000	12,000,000
Repayments of principal, 2020				350,000,000	350,000,000
Repayments of principal, 2021				0	0
Repayments of principal, 2022				800,000,000	800,000,000
Repayments of principal, 2023				350,000,000	350,000,000
Repayments of principal, thereafter				$ 300,000,000	$ 300,000,000
1.375% Convertible senior notes due February 1, 2019 [Member] | Convertible Notes Payable [Member]
Debt Instrument [Line Items]
Repayment of senior notes			$ 230,000,000
Senior notes, rate			1.375%
6.875% Senior notes due June 15, 2027 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Senior notes, rate				6.875%	6.875%
Proceeds from issuance of debt		300,000,000
Debt Instrument, Redemption Price, Percentage				100.00%
7.625% Senior notes due May 15, 2023 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Senior notes, rate				7.625%	7.625%
Proceeds from issuance of debt		$ 100,000,000
Debt Instrument, Redemption Price, Percentage				105.25%
4.75% Senior notes due May 15, 2019 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Repayment of senior notes	$ 400,000,000
Senior notes, rate				4.75%	4.75%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Unsecured revolving credit facility, borrowing capacity				$ 500,000,000	$ 500,000,000
Unsecured revolving credit facility, expiration date				Jul. 27, 2021
Unsecured revolving credit facility, maximum borrowing capacity				$ 600,000,000	600,000,000
Credit facility, letters of credit outstanding				50,000,000	50,000,000
Unsecured revolving credit facility, remaining borrowing capacity				$ 418,500,000	418,500,000
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
Credit facility, letters of credit outstanding				31,500,000	31,500,000
Unsecured revolving credit facility, remaining borrowing capacity				218,500,000	218,500,000
LOC Facilities [Member]
Debt Instrument [Line Items]
Unsecured revolving credit facility, borrowing capacity				50,000,000	50,000,000
Letters of credit outstanding				$ 2,060,000	$ 2,060,000		$ 0

Fair Value Disclosures (Assets

Fair Value Disclosures (Assets Measured at Fair Value on Nonrecurring Basis) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
		May 31, 2019	May 31, 2018	May 31, 2019	May 31, 2018	Nov. 30, 2018
Assets measured at fair value on a nonrecurring basis
Inventory Impairment Charges		$ (3,400)	$ (6,000)	$ (6,600)	$ (10,700)
Fair Value, Measurements, Nonrecurring [Member] | Level 3
Assets measured at fair value on a nonrecurring basis
Pre-Impairment Value		19,924		19,924		$ 70,156
Inventory Impairment Charges				(6,637)		(26,104)
Fair Value	[1]	$ 13,287		$ 13,287		$ 44,052
[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 (Fair Va

Fair Value Disclosures (Fair Value Hierarchy, Carrying Values, and Estimated Fair Values of Financial Instruments) (Details) - Level 2 - USD ($) $ in Thousands		May 31, 2019	Nov. 30, 2018
Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible senior notes	[1]	$ 0	$ 229,788
Carrying Value [Member] | Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	[1]	1,792,538	1,790,437
Estimate of Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible senior notes		0	229,425
Estimate of Fair Value [Member] | Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes		$ 1,908,625	$ 1,853,438
[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	6 Months Ended
	Aug. 31, 2017USD ($)	May 31, 2019USD ($)Homeclaim_filed	Nov. 30, 2018USD ($)
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 the home (in years)		1 year
Performance bonds		$ 737,500	$ 689,300
Letters of credit outstanding		$ 33,600	28,000
Warranty for other components of a home (in years)		1 year
Cash deposits		$ 48,649	53,830
Aggregate purchase price of land		$ 1,377,183	1,371,238
Damages from Product Defects [Member]
Loss Contingencies [Line Items]
Structural warranty provided by the company (in years)		10 years
Minimum number of affected homes for construction defect claims | Home		2
Warranty Obligations [Member]
Loss Contingencies [Line Items]
Structural warranty provided by the company (in years)		10 years
Self Insurance [Member]
Loss Contingencies [Line Items]
Recoveries related to warranty and other claims		$ 49,000	56,900
Warranty and other [Member]
Loss Contingencies [Line Items]
Recoveries related to warranty and other claims		4,100	$ 4,800
Northern California Townhome Community [Member]
Loss Contingencies [Line Items]
Claims for damages	$ 100,000	$ 142,000
Chapter 558 of the Florida Statutes [Member]
Loss Contingencies [Line Items]
Outstanding noticed claims | claim_filed		580

Commitments and Contingencies_3

Commitments and Contingencies (Changes in the Warranty and Self-Insurance Liability) (Details) - USD ($) $ in Thousands		3 Months Ended				6 Months Ended
		May 31, 2019		May 31, 2018		May 31, 2019	May 31, 2018
Changes in the Warranty Liability
Balance at beginning of period		$ 84,191		$ 71,845		$ 82,490	$ 69,798
Warranties issued		8,139		9,889		14,433	17,653
Payments		(6,500)		(5,330)		(11,093)	(11,047)
Balance at end of period		83,030		76,404		83,030	76,404
Movement In Self Insurance Reserve [Roll Forward]
Balance at beginning of period		177,862		180,695		176,841	177,695
Self-insurance expense	[1]	4,295		4,309		8,042	8,710
Payments		(11,179)	[2]	(8,289)	[2]	(13,905)	(9,690)
Balance at end of period		170,978		176,715		170,978	176,715
Standard and Extended Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties		$ (2,800)		$ 0		$ (2,800)	$ 0
[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)Includes net changes in estimated probable insurance and other recoveries, which are recorded in receivables, to present our self-insurance liability on a gross basis.

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2019	May 31, 2018	May 31, 2019	May 31, 2018
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 2,128,497	$ 1,852,722	$ 2,087,500	$ 1,926,311
Cumulative effect of adoption of ASC 606	11,610		11,610
Net income	47,461	57,308	77,472	(13,947)
Dividends on common stock	(2,189)	(2,178)	$ (4,455)	(4,500)
Employee stock options/other (in shares)			(1,097,927)
Employee stock options/other	15,630	1,825	$ 16,462	4,771
Stock awards	0	0	0	0
Stock-based compensation	5,814	4,966	9,966	8,795
Tax payments associated with stock-based compensation awards	(3)		(3,345)	(6,787)
Ending balance	$ 2,195,210	$ 1,914,643	$ 2,195,210	$ 1,914,643
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	(119,258,000)	(118,214,000)	(119,196,000)	(117,946,000)
Beginning balance	$ 119,258	$ 118,214	$ 119,196	$ 117,946
Employee stock options/other (in shares)	(1,036,000)	(129,000)	(1,098,000)	(397,000)
Employee stock options/other	$ 1,036	$ 129	$ 1,098	$ 397
Stock awards (in shares)	(56,000)	(54,000)	(56,000)	(54,000)
Stock awards	$ 56	$ 54	$ 56	$ 54
Ending balance (in shares)	(120,350,000)	(118,397,000)	(120,350,000)	(118,397,000)
Ending balance	$ 120,350	$ 118,397	$ 120,350	$ 118,397
Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	755,341	729,439	753,570	727,483
Employee stock options/other	14,594	1,696	15,364	4,374
Stock awards	(56)	(54)	(3,207)	(4,605)
Stock-based compensation	5,814	4,966	9,966	8,795
Ending balance	775,693	736,047	775,693	736,047
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	1,936,523	1,662,118	1,897,168	1,735,695
Cumulative effect of adoption of ASC 606	11,610		11,610
Net income	47,461	57,308	77,472	(13,947)
Dividends on common stock	(2,189)	(2,178)	(4,455)	(4,500)
Ending balance	1,981,795	1,717,248	1,981,795	1,717,248
Accumulated Other Comprehensive Income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(9,565)	(16,924)	(9,565)	(16,924)
Ending balance	$ (9,565)	$ (16,924)	$ (9,565)	$ (16,924)
Grantor Stock Ownership Trust
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	(7,860,000)	(8,460,000)	(8,157,000)	(8,898,000)
Beginning balance	$ (85,246)	$ (91,760)	$ (88,472)	$ (96,509)
Stock awards (in shares)			(297,000)	(438,000)
Stock awards			$ 3,226	$ 4,749
Ending balance (in shares)	(7,859,975)	(8,460,000)	(7,859,975)	(8,460,000)
Ending balance	$ (85,246)	$ (91,760)	$ (85,246)	$ (91,760)
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	(24,264,000)	(22,248,000)	(24,113,000)	(22,021,000)
Beginning balance	$ (587,814)	$ (548,365)	$ (584,397)	$ (541,380)
Stock awards (in shares)			(4,000)	(10,000)
Stock awards			$ (75)	$ (198)
Tax payments associated with stock-based compensation awards (in shares)			(147,000)	(217,000)
Tax payments associated with stock-based compensation awards	$ (3)		$ (3,345)	$ (6,787)
Ending balance (in shares)	(24,264,000)	(22,248,000)	(24,264,000)	(22,248,000)
Ending balance	$ (587,817)	$ (548,365)	$ (587,817)	$ (548,365)

Stockholders' Equity (Narrative

Stockholders' Equity (Narratives) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2019	May 31, 2018	May 31, 2019	May 31, 2018	Feb. 15, 2019	Feb. 01, 2019	Jul. 17, 2014
Debt Instrument [Line Items]
Cash dividends declared per common share (in dollars per share)	$ 0.0250	$ 0.025	$ 0.05	$ 0.05
Payments Related to Tax Withholding for Share-based Compensation			$ 3,345	$ 6,787
Dividend paid in each quarter (in dollars per share)	$ 0.0250	$ 0.025	$ 0.050	$ 0.05
January 2016 Stock Repurchase Program [Member]
Debt Instrument [Line Items]
Number of common stock, authorized, approved under a board approved stock repurchase program (in shares)	2,193,947		2,193,947
Shares Withheld to Pay Taxes [Member]
Debt Instrument [Line Items]
Common stock repurchased (in shares)			147,382
Payments Related to Tax Withholding for Share-based Compensation			$ 3,300
PSU 2014 [Domain] | Performance Shares [Member]
Debt Instrument [Line Items]
Common Stock, Shares, Issued (in shares)					297,260
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
2014 Equity Incentive Plan [Domain]
Debt Instrument [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	680,000		680,000
Convertible Notes Payable [Member] | 1.375% Convertible senior notes due February 1, 2019 [Member]
Debt Instrument [Line Items]
Senior notes, rate						1.375%

Stock-Based Compensation (Outst

Stock-Based Compensation (Outstanding and Exercisable Stock Options) (Details) - $ / shares	6 Months Ended
	May 31, 2019
Options
Options outstanding at beginning of period, options (in shares)	7,237,544
Granted, options (in shares)	0
Exercised, options (in shares)	(1,097,927)
Cancelled, options (in shares)	(30,000)
Options outstanding at end of period, options (in shares)	6,109,617
Options exercisable at end of period (in shares)	5,820,743
Weighted Average Exercise Price in dollars per share
Options outstanding at beginning of period, weighted average exercise price (in dollars per share)	$ 16.02
Granted, weighted average exercise price (in dollars per share)	0
Exercised, weighted average exercise price (in dollars per share)	14.95
Cancelled, weighted average exercise price (in dollars per share)	38.24
Options outstanding at end of period, weighted average exercise price (in dollars per share)	16.11
Options exercisable at end of period (in dollars per share)	$ 16.10

Stock-Based Compensation (Narra

Stock-Based Compensation (Narratives) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2019	May 31, 2018	May 31, 2019	May 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining contractual life of stock options outstanding			3 years 10 months 10 days
Weighted average remaining contractual life of stock options exercisable			3 years 8 months 10 days
Aggregate intrinsic value of stock options outstanding	$ 66.7		$ 66.7
Aggregate intrinsic value of stock options exercisable	64.1		$ 64.1
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period for recognition			4 months 7 days
Stock-based compensation expense (income) associated with stock options, total		$ 0.2	$ 0.1	$ 0.4
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	$ 5.8	$ 4.8	$ 9.9	$ 8.4

Supplemental Disclosure to Co_3

Supplemental Disclosure to Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	May 31, 2019	May 31, 2018	Dec. 01, 2018	Nov. 30, 2018	Nov. 30, 2017
Summary of cash and cash equivalents at end of period:
Cash and cash equivalents	$ 179,764	$ 670,554		$ 575,119	$ 720,861
Supplemental disclosures of cash flow information:
Interest paid, net of amounts capitalized	(2,809)	(3,665)
Income taxes paid	3,163	7,595
Supplemental disclosures of non-cash activities:
Decrease in inventories due to adoption of ASC 606	3,780,853			3,582,839
Increase in property and equipment, net due to adoption of ASC 606	61,221			24,283
Increase (decrease) in consolidated inventories not owned	(16,262)	17,518
Inventories acquired through seller financing	0	36,697
Inspirada Builders LLC
Supplemental disclosures of non-cash activities:
Increase in inventories due to distributions of land and land development from an unconsolidated joint venture	3,983	5,113
Accounting Standards Update 2014-09 [Member]
Supplemental disclosures of non-cash activities:
Decrease in inventories due to adoption of ASC 606		0	$ (35,288)
Increase in property and equipment, net due to adoption of ASC 606		0	31,194
Home Building [Member]
Summary of cash and cash equivalents at end of period:
Cash and cash equivalents	178,876	669,798		574,359
Supplemental disclosures of non-cash activities:
Decrease in inventories due to adoption of ASC 606	3,780,853		3,547,551	3,582,839
Increase in property and equipment, net due to adoption of ASC 606	61,221		$ 55,477	24,283
Financial Service [Member]
Summary of cash and cash equivalents at end of period:
Cash and cash equivalents	$ 888	$ 756		$ 760

Supplemental Guarantor Inform_3

Supplemental Guarantor Information (Narrative) (Details)	6 Months Ended
	May 31, 2019
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		6 Months Ended
	May 31, 2019	May 31, 2018	May 31, 2019	May 31, 2018
Condensed Consolidated Statements of Operations
Total revenues	$ 1,021,803	$ 1,101,423	$ 1,833,286	$ 1,973,046
Homebuilding:
Equity in income of unconsolidated joint ventures			2,527	613
Total pretax income (loss)	56,761	78,308	91,272	124,353
Income tax expense	(9,300)	(21,000)	(13,800)	(138,300)
Equity in net income of subsidiaries	0	0	0	0
Net income (loss)	47,461	57,308	77,472	(13,947)
Reportable Legal Entities [Member] | KB Home Corporate [Member]
Condensed Consolidated Statements of Operations
Total revenues	0	0	0	0
Homebuilding:
Total pretax income (loss)	20,047	11,701	40,456	25,407
Income tax expense	(2,800)	(2,400)	(3,500)	(47,100)
Equity in net income of subsidiaries	30,214	48,007	40,516	7,746
Net income (loss)	47,461	57,308	77,472	(13,947)
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Condensed Consolidated Statements of Operations
Total revenues	932,945	1,026,887	1,677,398	1,821,576
Homebuilding:
Total pretax income (loss)	36,219	69,685	51,626	100,678
Income tax expense	(3,000)	(17,700)	(6,400)	(65,800)
Equity in net income of subsidiaries	0	0	0	0
Net income (loss)	33,219	51,985	45,226	34,878
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]
Condensed Consolidated Statements of Operations
Total revenues	88,858	74,536	155,888	151,470
Homebuilding:
Total pretax income (loss)	495	(3,078)	(810)	(1,732)
Income tax expense	(3,500)	(900)	(3,900)	(25,400)
Equity in net income of subsidiaries	0	0	0	0
Net income (loss)	(3,005)	(3,978)	(4,710)	(27,132)
Consolidating Adjustments [Member]
Condensed Consolidated Statements of Operations
Total revenues	0	0	0	0
Homebuilding:
Total pretax income (loss)	0	0	0	0
Income tax expense	0	0	0	0
Equity in net income of subsidiaries	(30,214)	(48,007)	(40,516)	(7,746)
Net income (loss)	(30,214)	(48,007)	(40,516)	(7,746)
Home Building [Member]
Condensed Consolidated Statements of Operations
Total revenues	1,018,671	1,098,673	1,827,459	1,967,878
Homebuilding:
Construction and land costs	(843,744)	(911,244)	(1,514,599)	(1,640,722)
Selling, general and administrative expenses	(122,828)	(113,231)	(229,422)	(208,955)
Operating income	52,099	74,198	83,438	118,201
Interest income	439	1,278	1,544	2,281
Interest expense	0	0	0	0
Intercompany interest	0	0	0	0
Equity in income of unconsolidated joint ventures	(369)	(322)	(775)	(1,167)
Total pretax income (loss)	52,169	75,154	84,207	119,315
Home Building [Member] | Reportable Legal Entities [Member] | KB Home Corporate [Member]
Condensed Consolidated Statements of Operations
Total revenues	0	0	0	0
Homebuilding:
Construction and land costs	0	0	0	0
Selling, general and administrative expenses	(27,506)	(26,815)	(52,888)	(48,981)
Operating income	(27,506)	(26,815)	(52,888)	(48,981)
Interest income	395	1,181	1,409	2,179
Interest expense	(35,080)	(37,942)	(68,275)	(75,914)
Intercompany interest	82,238	75,277	160,210	148,123
Equity in income of unconsolidated joint ventures	0	0	0	0
Total pretax income (loss)	20,047	11,701	40,456	25,407
Home Building [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Condensed Consolidated Statements of Operations
Total revenues	932,945	1,026,887	1,677,398	1,821,576
Homebuilding:
Construction and land costs	(756,055)	(844,637)	(1,367,096)	(1,508,733)
Selling, general and administrative expenses	(97,590)	(78,823)	(173,130)	(145,940)
Operating income	79,300	103,427	137,172	166,903
Interest income	0	4	0	9
Interest expense	(134)	(634)	(455)	(1,323)
Intercompany interest	(42,578)	(32,791)	(84,316)	(63,745)
Equity in income of unconsolidated joint ventures	(369)	(321)	(775)	(1,166)
Total pretax income (loss)	36,219	69,685	51,626	100,678
Home Building [Member] | Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]
Condensed Consolidated Statements of Operations
Total revenues	85,726	71,786	150,061	146,302
Homebuilding:
Construction and land costs	(87,689)	(66,607)	(147,503)	(131,989)
Selling, general and administrative expenses	2,268	(7,593)	(3,404)	(14,034)
Operating income	305	(2,414)	(846)	279
Interest income	44	93	135	93
Interest expense	(1,330)	(1,348)	(2,602)	(2,631)
Intercompany interest	(3,116)	(2,562)	(4,562)	(4,510)
Equity in income of unconsolidated joint ventures	0	(1)	0	(1)
Total pretax income (loss)	(4,097)	(6,232)	(7,875)	(6,770)
Home Building [Member] | Consolidating Adjustments [Member]
Condensed Consolidated Statements of Operations
Total revenues	0	0	0	0
Homebuilding:
Construction and land costs	0	0	0	0
Selling, general and administrative expenses	0	0	0	0
Operating income	0	0	0	0
Interest income	0	0	0	0
Interest expense	36,544	39,924	71,332	79,868
Intercompany interest	(36,544)	(39,924)	(71,332)	(79,868)
Equity in income of unconsolidated joint ventures	0	0	0	0
Total pretax income (loss)	0	0	0	0
Financial Service [Member]
Condensed Consolidated Statements of Operations
Total revenues	3,132	2,750	5,827	5,168
Homebuilding:
Selling, general and administrative expenses	(1,040)	(957)	(2,064)	(1,910)
Operating income	2,092	1,793	3,763	3,258
Equity in income of unconsolidated joint ventures	2,500	1,361	3,302	1,780
Total pretax income (loss)	4,592	3,154	7,065	5,038
Financial Service [Member] | Reportable Legal Entities [Member] | KB Home Corporate [Member]
Homebuilding:
Total pretax income (loss)	0	0	0	0
Financial Service [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Homebuilding:
Total pretax income (loss)	0	0	0	0
Financial Service [Member] | Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]
Homebuilding:
Total pretax income (loss)	4,592	3,154	7,065	5,038
Financial Service [Member] | Consolidating Adjustments [Member]
Homebuilding:
Total pretax income (loss)	$ 0	$ 0	$ 0	$ 0

Supplemental Guarantor Inform_5

Supplemental Guarantor Information (Condensed Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands		May 31, 2019	Feb. 28, 2019	Dec. 01, 2018	Nov. 30, 2018	May 31, 2018	Feb. 28, 2018	Nov. 30, 2017
Assets
Cash and cash equivalents		$ 179,764			$ 575,119	$ 670,554		$ 720,861
Receivables		299,708			292,830
Inventories		3,780,853			3,582,839
Investments in unconsolidated joint ventures		56,446			61,960
Property and equipment, net		61,221			24,283
Other assets		87,734			83,100
Total assets		4,919,953			5,073,571
Liabilities and stockholders’ equity
Mortgages and notes payable		1,854,556			2,060,263
Intercompany payables		0			0
Stockholders’ equity		2,195,210	$ 2,128,497		2,087,500	1,914,643	$ 1,852,722	1,926,311
Total liabilities and stockholders’ equity		4,919,953			5,073,571
Reportable Legal Entities [Member] | KB Home Corporate [Member]
Assets
Cash and cash equivalents		94,391			429,977	542,126		575,193
Total assets		4,178,912			4,252,493
Liabilities and stockholders’ equity
Intercompany payables		52,112			43,702
Stockholders’ equity		2,195,210			2,087,500
Total liabilities and stockholders’ equity		4,178,912			4,252,493
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Assets
Cash and cash equivalents		71,436			114,269	95,431		104,120
Total assets		4,185,726			4,002,279
Liabilities and stockholders’ equity
Intercompany payables		3,688,956			3,377,920
Stockholders’ equity		0			0
Total liabilities and stockholders’ equity		4,185,726			4,002,279
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]
Assets
Cash and cash equivalents		13,937			30,873	32,997		41,548
Total assets		631,063			614,638
Liabilities and stockholders’ equity
Intercompany payables		238,904			306,560
Stockholders’ equity		95,776			67,657
Total liabilities and stockholders’ equity		631,063			614,638
Consolidating Adjustments [Member]
Assets
Cash and cash equivalents		0			0	0		$ 0
Total assets		(4,075,748)			(3,795,839)
Liabilities and stockholders’ equity
Intercompany payables		(3,979,972)			(3,728,182)
Stockholders’ equity		(95,776)			(67,657)
Total liabilities and stockholders’ equity		(4,075,748)			(3,795,839)
Home Building [Member]
Assets
Cash and cash equivalents		178,876			574,359	669,798
Receivables		299,708			292,830
Inventories		3,780,853		$ 3,547,551	3,582,839
Investments in unconsolidated joint ventures		56,446			61,960
Property and equipment, net		61,221		55,477	24,283
Deferred tax assets, net		424,395		437,796	441,820
Other assets		87,734			83,100
Intercompany receivables		0			0
Investments in subsidiaries		0			0
Total assets		4,889,233			5,061,191
Liabilities and stockholders’ equity
Accounts payable and accrued expenses		868,736			924,313
Mortgages and notes payable		1,854,556			2,060,263
Total Liabilities		2,723,292			2,984,576
Home Building [Member] | Reportable Legal Entities [Member] | KB Home Corporate [Member]
Assets
Cash and cash equivalents		94,391			429,977
Receivables		4,192			5,135
Inventories		0			0
Investments in unconsolidated joint ventures		0			0
Property and equipment, net		21,382			18,450
Deferred tax assets, net		78,039			84,564
Other assets		82,905			77,288
Intercompany receivables		3,802,227			3,569,422
Investments in subsidiaries		95,776			67,657
Total assets		280,909			615,414
Liabilities and stockholders’ equity
Accounts payable and accrued expenses		114,162			126,176
Mortgages and notes payable		1,817,428			1,995,115
Total Liabilities		1,931,590			2,121,291
Home Building [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Assets
Cash and cash equivalents		71,436			114,269
Receivables		225,448			198,465
Inventories		3,496,318			3,314,386
Investments in unconsolidated joint ventures		56,446			61,960
Property and equipment, net		36,420			5,523
Deferred tax assets, net		296,769			303,669
Other assets		2,889			4,007
Intercompany receivables		0			0
Investments in subsidiaries		0			0
Total assets		4,185,726			4,002,279
Liabilities and stockholders’ equity
Accounts payable and accrued expenses		484,752			584,321
Mortgages and notes payable		12,018			40,038
Total Liabilities		496,770			624,359
Home Building [Member] | Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]
Assets
Cash and cash equivalents		13,049			30,113
Receivables		70,068			89,230
Inventories		284,535			268,453
Investments in unconsolidated joint ventures		0			0
Property and equipment, net		3,419			310
Deferred tax assets, net		49,587			53,587
Other assets		1,940			1,805
Intercompany receivables		177,745			158,760
Investments in subsidiaries		0			0
Total assets		422,598			443,498
Liabilities and stockholders’ equity
Accounts payable and accrued expenses		269,822			213,816
Mortgages and notes payable		25,110			25,110
Total Liabilities		294,932			238,926
Home Building [Member] | Consolidating Adjustments [Member]
Assets
Cash and cash equivalents		0			0
Receivables		0			0
Inventories		0			0
Investments in unconsolidated joint ventures		0			0
Property and equipment, net		0			0
Deferred tax assets, net		0			0
Other assets		0			0
Intercompany receivables		(3,979,972)			(3,728,182)
Investments in subsidiaries		(95,776)			(67,657)
Total assets		0			0
Liabilities and stockholders’ equity
Accounts payable and accrued expenses		0			0
Mortgages and notes payable		0			0
Total Liabilities		0			0
Financial Service [Member]
Assets
Cash and cash equivalents		888			760	$ 756
Receivables		1,415			2,885
Investments in unconsolidated joint ventures		8,346			8,594
Other assets	[1]	20,071			141
Total assets		30,720		$ 32,108	12,380
Liabilities and stockholders’ equity
Accounts payable and accrued expenses		1,451			1,495
Financial services		1,451			1,495
Financial Service [Member] | Reportable Legal Entities [Member] | KB Home Corporate [Member]
Assets
Total assets		0			0
Liabilities and stockholders’ equity
Financial services		0			0
Financial Service [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Assets
Total assets		0			0
Liabilities and stockholders’ equity
Financial services		0			0
Financial Service [Member] | Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]
Assets
Total assets		30,720			12,380
Liabilities and stockholders’ equity
Financial services		1,451			1,495
Financial Service [Member] | Consolidating Adjustments [Member]
Assets
Total assets		0			0
Liabilities and stockholders’ equity
Financial services		$ 0			$ 0
[1]	Other assets at May 31, 2019 included $19.9 million of contract assets for estimated future renewal commissions due to our adoption of ASC 606 effective December 1, 2018, as described in Note 1 – Basis of Presentation and Significant Accounting Policies.

Supplemental Guarantor Inform_6

Supplemental Guarantor Information (Condensed Consolidated Statements of Cash Flows) (Details) - USD ($) $ in Thousands	Feb. 20, 2019	May 31, 2019	May 31, 2018
Cash flows from operating activities:
Net cash provided by (used in) operating activities		$ (180,334)	$ (19,369)
Cash flows from investing activities:
Contributions to unconsolidated joint ventures		(4,245)	(11,600)
Return of investments in unconsolidated joint ventures		5,001	1,099
Proceeds from sale of building		5,804	0
Purchases of property and equipment, net		(22,264)	(3,427)
Intercompany		0	0
Net cash used in investing activities		(15,704)	(13,928)
Cash flows from financing activities:
Proceeds from issuance of debt	$ 400,000	405,250	0
Issuance costs for unsecured revolving credit facility		(5,209)	0
Repayment of senior notes		(630,000)	0
Borrowings under revolving credit facility		330,000	0
Repayments under revolving credit facility		(280,000)	0
Payments on mortgages and land contracts due to land sellers and other loans		(28,020)	(10,494)
Issuance of common stock under employee stock plans		16,462	4,771
Payments of cash dividends		(4,455)	(4,500)
Tax payments associated with stock-based compensation awards		(3,345)	(6,787)
Intercompany		0	0
Net cash used in financing activities		(199,317)	(17,010)
Net decrease in cash and cash equivalents		(395,355)	(50,307)
Cash and cash equivalents at beginning of period		575,119	720,861
Cash and cash equivalents at end of period		179,764	670,554
Reportable Legal Entities [Member] | KB Home Corporate [Member]
Cash flows from operating activities:
Net cash provided by (used in) operating activities		35,547	18,931
Cash flows from investing activities:
Contributions to unconsolidated joint ventures		0	0
Return of investments in unconsolidated joint ventures		0	0
Proceeds from sale of building		0
Purchases of property and equipment, net		(3,241)	(3,102)
Intercompany		(196,595)	(42,380)
Net cash used in investing activities		(199,836)	(45,482)
Cash flows from financing activities:
Proceeds from issuance of debt		405,250
Issuance costs for unsecured revolving credit facility		(5,209)
Repayment of senior notes		(630,000)
Borrowings under revolving credit facility		330,000
Repayments under revolving credit facility		(280,000)
Payments on mortgages and land contracts due to land sellers and other loans		0	0
Issuance of common stock under employee stock plans		16,462	4,771
Payments of cash dividends		(4,455)	(4,500)
Tax payments associated with stock-based compensation awards		(3,345)	(6,787)
Intercompany		0	0
Net cash used in financing activities		(171,297)	(6,516)
Net decrease in cash and cash equivalents		(335,586)	(33,067)
Cash and cash equivalents at beginning of period		429,977	575,193
Cash and cash equivalents at end of period		94,391	542,126
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Cash flows from operating activities:
Net cash provided by (used in) operating activities		(308,291)	(15,092)
Cash flows from investing activities:
Contributions to unconsolidated joint ventures		(4,245)	(11,600)
Return of investments in unconsolidated joint ventures		5,001	1,099
Proceeds from sale of building		5,804
Purchases of property and equipment, net		(11,360)	(329)
Intercompany		0	0
Net cash used in investing activities		(4,800)	(10,830)
Cash flows from financing activities:
Proceeds from issuance of debt		0
Issuance costs for unsecured revolving credit facility		0
Repayment of senior notes		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		(28,020)	(9,574)
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		298,278	26,807
Net cash used in financing activities		270,258	17,233
Net decrease in cash and cash equivalents		(42,833)	(8,689)
Cash and cash equivalents at beginning of period		114,269	104,120
Cash and cash equivalents at end of period		71,436	95,431
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]
Cash flows from operating activities:
Net cash provided by (used in) operating activities		92,410	(23,208)
Cash flows from investing activities:
Contributions to unconsolidated joint ventures		0	0
Return of investments in unconsolidated joint ventures		0	0
Proceeds from sale of building		0
Purchases of property and equipment, net		(7,663)	4
Intercompany		0	0
Net cash used in investing activities		(7,663)	4
Cash flows from financing activities:
Proceeds from issuance of debt		0
Issuance costs for unsecured revolving credit facility		0
Repayment of senior notes		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	(920)
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		(101,683)	15,573
Net cash used in financing activities		(101,683)	14,653
Net decrease in cash and cash equivalents		(16,936)	(8,551)
Cash and cash equivalents at beginning of period		30,873	41,548
Cash and cash equivalents at end of period		13,937	32,997
Consolidating Adjustments [Member]
Cash flows from operating activities:
Net cash provided by (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
Proceeds from sale of building		0
Purchases of property and equipment, net		0	0
Intercompany		196,595	42,380
Net cash used in investing activities		196,595	42,380
Cash flows from financing activities:
Proceeds from issuance of debt		0
Issuance costs for unsecured revolving credit facility		0
Repayment of senior notes		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		(196,595)	(42,380)
Net cash used in financing activities		(196,595)	(42,380)
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