KB Home (KBH) 10-Q 1 Apr 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page	3 Months Ended
	Feb. 29, 2020$ / sharesshares
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Feb. 29, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Registrant Name	KB HOME
Entity Central Index Key	0000795266
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--11-30
Entity Filer Category	Large Accelerated Filer
Entity Common Stock Shares Outstanding	90,448,228
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity File Number	001-09195
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-3666267
Entity Address, Address Line One	10990 Wilshire Boulevard
Entity Address, City or Town	Los Angeles
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90024
City Area Code	310
Local Phone Number	231-4000
Common Stock, Par or Stated Value Per Share | $ / shares	$ 1
Document Quarterly Report	true
Document Transition Report	false
Grantor Stock Ownership Trust
Document Information [Line Items]
Entity Common Stock Shares Outstanding	7,317,336
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock (par value $1.00 per share)
Trading Symbol	KBH
Security Exchange Name	NYSE
Rights
Document Information [Line Items]
Title of 12(b) Security	Rights to Purchase Series A Participating Cumulative Preferred Stock
Trading Symbol	KBH
Security Exchange Name	NYSE

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Total revenues	$ 1,075,935	$ 811,483
Equity in income of unconsolidated joint ventures	5,127	396
Total pretax income	68,848	34,511
Income tax expense	(9,100)	(4,500)
Net income	$ 59,748	$ 30,011
Earnings per share:
Basic (in dollars per share)	$ 0.66	$ 0.34
Diluted (in dollars per share)	$ 0.63	$ 0.31
Weighted average shares outstanding:
Basic (in shares)	89,842	86,972
Diluted (in shares)	94,205	96,962
Cash dividends declared per common share (in dollars per share)	$ 0.090	$ 0.025
Home Building [Member]
Total revenues	$ 1,072,382	$ 808,788
Costs of goods and services sold	(886,053)	(670,855)
Selling, general and administrative expenses	(126,134)	(106,594)
Operating income	60,195	31,339
Interest income	935	1,105
Equity in income of unconsolidated joint ventures	1,905	(406)
Total pretax income	63,035	32,038
Financial Service [Member]
Total revenues	3,553	2,695
Selling, general and administrative expenses	(962)	(1,024)
Operating income	2,591	1,671
Equity in income of unconsolidated joint ventures	3,222	802
Total pretax income	$ 5,813	$ 2,473

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Feb. 29, 2020	Nov. 30, 2019
Assets
Cash and cash equivalents		$ 430,927	$ 454,858
Receivables		297,215	249,055
Inventories		3,728,616	3,704,602
Property and equipment, net		64,453	65,043
Other assets		129,719	83,041
Total assets		5,052,834	5,015,482
Liabilities and stockholders’ equity
Accrued expenses and other liabilities		621,558	618,783
Mortgages and notes payable		1,749,148	1,748,747
Common stock		122,291	121,593
Paid-in capital		803,420	793,954
Retained earnings		2,211,851	2,157,183
Accumulated other comprehensive loss		(17,149)	(15,506)
Grantor stock ownership trust, at cost		(79,359)	(82,758)
Treasury stock, at cost		(597,950)	(591,344)
Total stockholders’ equity		2,443,104	2,383,122
Total liabilities and stockholders’ equity		5,052,834	5,015,482
Home Building [Member]
Assets
Cash and cash equivalents		429,706	453,814
Receivables		297,215	249,055
Inventories		3,728,616	3,704,602
Investments in unconsolidated joint ventures		57,147	57,038
Property and equipment, net		64,453	65,043
Deferred tax assets, net		312,166	364,493
Other assets		129,719	83,041
Total assets		5,019,022	4,977,086
Liabilities and stockholders’ equity
Accounts payable		236,981	262,772
Accrued expenses and other liabilities		621,558	618,783
Mortgages and notes payable		1,749,148	1,748,747
Total Liabilities		2,607,687	2,630,302
Financial Service [Member]
Assets
Cash and cash equivalents		1,221	1,044
Receivables		1,589	2,232
Investments in unconsolidated joint ventures		9,446	14,374
Other assets	[1]	21,556	20,746
Total assets		33,812	38,396
Liabilities and stockholders’ equity
Financial services		$ 2,043	$ 2,058
[1]	Other assets at February 29, 2020 and November 30, 2019 included $21.1 million and $20.6 million , respectively, of contract assets for estimated future renewal commissions related to then-existing insurance policies.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Cash flows from operating activities:
Net income	$ 59,748	$ 30,011
Adjustments to reconcile net income to net cash used in operating activities:
Equity in income of unconsolidated joint ventures	(5,127)	(396)
Distributions of earnings from unconsolidated joint ventures	8,150	2,400
Amortization of discounts, premiums and issuance costs	613	1,468
Depreciation and amortization	7,316	6,446
Deferred income taxes	8,500	4,501
Stock-based compensation	4,950	4,152
Inventory impairments and land option contract abandonments	5,672	3,555
Changes in assets and liabilities:
Receivables	(4,195)	(19,495)
Inventories	(17,941)	(154,083)
Accounts payable, accrued expenses and other liabilities	(60,996)	(70,057)
Other, net	(16,556)	(6,712)
Net cash used in operating activities	(9,866)	(198,210)
Cash flows from investing activities:
Contributions to unconsolidated joint ventures	(1,668)	(2,527)
Return of investments in unconsolidated joint ventures	500	5,001
Proceeds from sale of building	0	5,804
Purchases of property and equipment, net	(6,671)	(10,025)
Net cash used in investing activities	(7,839)	(1,747)
Cash flows from financing activities:
Proceeds from issuance of debt	0	405,250
Issuance costs for unsecured revolving credit facility	0	(5,209)
Repayment of senior notes	0	(230,000)
Borrowings under revolving credit facility	0	140,000
Repayments under revolving credit facility	0	(140,000)
Payments on mortgages and land contracts due to land sellers and other loans	0	(28,020)
Issuance of common stock under employee stock plans	8,226	832
Tax payments associated with stock-based compensation awards	(6,219)	(3,342)
Payments of cash dividends	(8,233)	(2,266)
Net cash provided by (used in) financing activities	(6,226)	137,245
Net decrease in cash and cash equivalents	(23,931)	(62,712)
Cash and cash equivalents at beginning of period	454,858	575,119
Cash and cash equivalents at end of period	$ 430,927	$ 512,407

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Feb. 29, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Basis of Presentation. The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with GAAP have been condensed or omitted. In our opinion, the accompanying unaudited consolidated financial statements contain all adjustments (consisting only of normal recurring accruals) necessary to present fairly our consolidated financial position as of February 29, 2020 , the results of our consolidated operations for the three months ended February 29, 2020 and February 28, 2019 , and our consolidated cash flows for the three months ended February 29, 2020 and February 28, 2019 . The results of our consolidated operations for the three months ended February 29, 2020 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, 2019 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, 2019 , 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 $244.5 million at February 29, 2020 and $302.5 million at November 30, 2019 . At February 29, 2020 and November 30, 2019 , our cash equivalents were invested in interest-bearing bank deposit accounts and money market funds. Comprehensive Income. Our comprehensive income was $59.7 million for the three months ended February 29, 2020 and $30.0 million for three months ended February 28, 2019 . Our comprehensive income for each of the three-month periods ended February 29, 2020 and February 28, 2019 was equal to our net income for the respective periods. Adoption of New Accounting Pronouncements . In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”), which requires leases with original lease terms of more than 12 months to be recorded on the balance sheet. On December 1, 2019, we adopted ASU 2016-02 and its related amendments (collectively, “ASC 842”) using the modified retrospective method. Results for reporting periods beginning December 1, 2019 and after are presented under ASC 842, 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 elected the package of practical expedients permitted under the transition guidance, which allowed us to carry forward our original assessment of (1) whether contracts are or contain leases, (2) lease classification and (3) initial direct costs. We also elected the practical expedient that allows lessees the option to account for lease and non-lease components together as a single component for all classes of underlying assets. The adoption of ASC 842 resulted in our recording lease right-of-use assets and lease liabilities of $31.2 million on our consolidated balance sheet as of December 1, 2019. Lease right-of-use assets are classified within other assets on our consolidated balance sheet, and lease liabilities are classified within accrued expenses and other liabilities. At the December 1, 2019 adoption date, we also recorded a cumulative effect adjustment to increase beginning retained earnings by $1.5 million , net of tax, to recognize a previously deferred gain on our sale and leaseback of an office building in 2019. The adoption of ASC 842 did not materially impact our consolidated statements of operations or consolidated cash flows. Further information regarding our leases is provided in Note 13 – Leases. 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 (loss) to retained earnings for stranded tax effects resulting from the 2017 Tax Cuts and Jobs Act (“TCJA”), and requires certain disclosures about stranded tax effects. We adopted ASU 2018-02 effective December 1, 2019 and elected to reclassify the income tax effects of the TCJA from accumulated other comprehensive loss to retained earnings, which resulted in an increase of $1.6 million to both retained earnings and accumulated other comprehensive loss, with no impact on total stockholders’ equity. Amounts for prior reporting periods have not been adjusted and continue to be presented under the accounting guidance in effect for those periods. Recent Accounting Pronouncements Not Yet Adopted . In June 2016, the FASB issued Accounting Standards Update No. 2016-13, “Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”), which changes the impairment model for most financial assets and certain other instruments from an incurred loss approach to a new expected credit loss methodology. ASU 2016-13 is effective for us beginning December 1, 2020, with early adoption permitted. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements.

Segment Information

Segment Information	3 Months Ended
	Feb. 29, 2020
Segment Reporting [Abstract]
Segment Information	Segment Information We have identified five operating reporting segments, comprised of four homebuilding reporting segments and one financial services reporting segment. As of February 29, 2020 , 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 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 Southwest, Central and Southeast homebuilding reporting segments. Our financial services reporting 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. Our reporting segments follow the same accounting policies used for our consolidated financial statements. The results of each reporting segment are not necessarily indicative of the results that would have occurred had the segment been an independent, stand-alone entity during the periods presented, nor are they indicative of the results to be expected in future periods. The following tables present financial information relating to our homebuilding reporting segments (in thousands): Three Months Ended February 29, 2020 February 28, 2019 Revenues: West Coast $ 484,497 $ 305,810 Southwest 191,318 157,656 Central 283,513 241,592 Southeast 113,054 103,730 Total $ 1,072,382 $ 808,788 Pretax income (loss): West Coast $ 34,029 $ 17,916 Southwest 32,112 22,072 Central 22,678 18,583 Southeast 2,630 (545 ) Corporate and other (28,414 ) (25,988 ) Total $ 63,035 $ 32,038 Inventory impairment and land option contract abandonment charges: West Coast $ 4,392 $ 3,251 Southwest 171 59 Central 984 245 Southeast 125 — Total $ 5,672 $ 3,555 February 29, November 30, Assets: West Coast $ 1,936,066 $ 1,925,192 Southwest 732,656 674,310 Central 1,045,352 1,035,563 Southeast 438,274 441,451 Corporate and other 866,674 900,570 Total $ 5,019,022 $ 4,977,086

Financial Services

Financial Services	3 Months Ended
	Feb. 29, 2020
Segment Reporting [Abstract]
Financial Services	Financial Services The following tables present financial information relating to our financial services reporting segment (in thousands): Three Months Ended February 29, 2020 February 28, 2019 Revenues Insurance commissions $ 1,953 $ 1,472 Title services 1,600 1,217 Interest income — 6 Total 3,553 2,695 Expenses General and administrative (962 ) (1,024 ) Operating income 2,591 1,671 Equity in income of unconsolidated joint ventures 3,222 802 Pretax income $ 5,813 $ 2,473 February 29, November 30, Assets Cash and cash equivalents $ 1,221 $ 1,044 Receivables 1,589 2,232 Investments in unconsolidated joint ventures 9,446 14,374 Other assets (a) 21,556 20,746 Total assets $ 33,812 $ 38,396 Liabilities Accounts payable and accrued expenses $ 2,043 $ 2,058 Total liabilities $ 2,043 $ 2,058 (a) Other assets at February 29, 2020 and November 30, 2019 included $21.1 million and $20.6 million , respectively, of contract assets for estimated future renewal commissions related to then-existing insurance policies.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Feb. 29, 2020
Earnings Per Share, Basic and Diluted [Abstract]
Earnings Per Share	Earnings Per Share Basic and diluted earnings per share were calculated as follows (in thousands, except per share amounts): Three Months Ended February 29, 2020 February 28, 2019 Numerator: Net income $ 59,748 $ 30,011 Less: Distributed earnings allocated to nonvested restricted stock (44 ) (14 ) Less: Undistributed earnings allocated to nonvested restricted stock (281 ) (176 ) Numerator for basic earnings per share 59,423 29,821 Three Months Ended February 29, 2020 February 28, 2019 Effect of dilutive securities: Interest expense and amortization of debt issuance costs associated with convertible senior notes, net of taxes — 541 Add: Undistributed earnings allocated to nonvested restricted stock 281 176 Less: Undistributed earnings reallocated to nonvested restricted stock (268 ) (158 ) Numerator for diluted earnings per share $ 59,436 $ 30,380 Denominator: Weighted average shares outstanding — basic 89,842 86,972 Effect of dilutive securities: Share-based payments 4,363 4,202 Convertible senior notes — 5,788 Weighted average shares outstanding — diluted 94,205 96,962 Basic earnings per share $ .66 $ .34 Diluted earnings per share $ .63 $ .31 We compute earnings per share using the two-class method, which is an allocation of earnings between the holders of common stock and a company’s participating security holders. Our outstanding nonvested shares of restricted stock contain non-forfeitable rights to dividends and, therefore, are considered participating securities for purposes of computing earnings per share pursuant to the two-class method. We had no other participating securities at February 29, 2020 or February 28, 2019 . For the three months ended February 29, 2020 , no outstanding stock options were excluded from the diluted earnings per share calculation. For the three-month period ended February 28, 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 three months ended February 28, 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 these notes at their February 1, 2019 maturity.

Receivables

Receivables	3 Months Ended
	Feb. 29, 2020
Receivables [Abstract]
Receivables	Receivables Receivables consisted of the following (in thousands): February 29, November 30, Due from utility companies, improvement districts and municipalities $ 129,234 $ 128,047 Recoveries related to self-insurance and other legal claims 77,217 80,729 Income taxes receivable 44,304 — Refundable deposits and bonds 11,494 10,925 Other 43,317 37,846 Subtotal 305,566 257,547 Allowance for doubtful accounts (8,351 ) (8,492 ) Total $ 297,215 $ 249,055

Inventories

Inventories	3 Months Ended
	Feb. 29, 2020
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following (in thousands): February 29, November 30, Homes completed or under construction $ 1,306,344 $ 1,340,412 Land under development 2,271,073 2,213,713 Land held for future development or sale (a) 151,199 150,477 Total $ 3,728,616 $ 3,704,602 (a) Land held for sale totaled $21.3 million at February 29, 2020 and $19.3 million at November 30, 2019 . 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 February 29, 2020 February 28, 2019 Capitalized interest at beginning of period $ 195,738 $ 209,129 Interest incurred 30,962 34,788 Interest amortized to construction and land costs (a) (34,575 ) (30,547 ) Capitalized interest at end of period (b) $ 192,125 $ 213,370 (a) Interest amortized to construction and land costs for the three months ended February 28, 2019 included $.6 million related to land sales during the period. There was no such interest amortized for the three months ended February 29, 2020 . (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	3 Months Ended
	Feb. 29, 2020
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 13 and 18 communities or land parcels for recoverability at February 29, 2020 and February 28, 2019 , respectively, including certain communities or land parcels previously held for future development that were reactivated as part of our ongoing efforts to improve asset efficiency. The carrying values of the communities or land parcels evaluated were $116.3 million at February 29, 2020 and $96.2 million at February 28, 2019 . Based on the results of our evaluations, we recognized inventory impairment charges of $5.1 million for the three months ended February 29, 2020 and $3.2 million for the three months ended February 28, 2019 . The impairment charges for the three months ended February 29, 2020 and February 28, 2019 reflected our decisions to make changes in our operational strategies aimed at more quickly monetizing our investment in certain communities by accelerating the overall pace for selling, building and delivering homes therein, including communities on land previously held for future development. The following table summarizes 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 Unobservable Input (a) February 29, 2020 February 28, 2019 Average selling price $302,700 - $915,500 $1,045,400 Deliveries per month 1 - 4 1 Discount rate 17% - 18% 17% (a) The ranges of inputs used in each period primarily reflect differences between the housing markets where each impacted community is located, rather than fluctuations in prevailing market conditions. As of February 29, 2020 , the aggregate carrying value of our inventory that had been impacted by inventory impairment charges was $106.5 million , representing 18 communities and various other land parcels. As of November 30, 2019 , the aggregate carrying value of our inventory that had been impacted by inventory impairment charges was $115.6 million , representing 19 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 $.6 million for the three months ended February 29, 2020 and $.4 million for the three months ended February 28, 2019 . Due to the judgment and assumptions applied in our inventory impairment and land option contract abandonment assessment processes, particularly as to land held for future development, it is possible that actual results could differ substantially from those estimated.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Feb. 29, 2020
Variable Interest Entities [Abstract]
Variable Interest Entities	Variable Interest Entities Unconsolidated Joint Ventures. We participate in joint ventures from time to time that conduct land acquisition, land development and/or other homebuilding activities in various markets where our homebuilding operations are located. Our investments in these joint ventures may create a variable interest in a variable interest entity (“VIE”), depending on the contractual terms of the arrangement. We analyze our joint ventures under the variable interest model to determine whether they are VIEs and, if so, whether we are the primary beneficiary. Based on our analyses, we determined that one of our joint ventures at February 29, 2020 and November 30, 2019 was a VIE, but we were not the primary beneficiary of the VIE. Therefore, all of our joint ventures at February 29, 2020 and November 30, 2019 were unconsolidated and accounted for under the equity method because we did not have a controlling financial interest. Land Option Contracts and Other Similar Contracts. In the ordinary course of our business, we enter into land option contracts and other similar contracts with third parties and unconsolidated entities to acquire rights to land for the construction of homes. Under these contracts, we typically make a specified option payment or earnest money deposit in consideration for the right to purchase land in the future, usually at a predetermined price. We analyze each of our land option contracts and other similar contracts under the variable interest model to determine whether the land seller is a VIE and, if so, whether we are the primary beneficiary. Although we do not have legal title to the underlying land, we are required to consolidate a VIE if we are the primary beneficiary. As a result of our analyses, we determined that as of February 29, 2020 and November 30, 2019 , we were not the primary beneficiary of any VIEs from which we have acquired rights to land under land option contracts and other similar contracts. We perform ongoing reassessments of whether we are the primary beneficiary of a VIE. The following table presents a summary of our interests in land option contracts and other similar contracts (in thousands): February 29, 2020 November 30, 2019 Cash Deposits Aggregate Purchase Price Cash Deposits Aggregate Purchase Price Unconsolidated VIEs $ 34,070 $ 793,439 $ 34,595 $ 823,427 Other land option contracts and other similar contracts 41,536 599,426 40,591 600,092 Total $ 75,606 $ 1,392,865 $ 75,186 $ 1,423,519 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 $32.0 million at February 29, 2020 and $32.8 million at November 30, 2019 . 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). 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 $20.9 million at February 29, 2020 and $12.2 million at November 30, 2019

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures	3 Months Ended
	Feb. 29, 2020
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. The following table presents combined condensed information from the statements of operations of our unconsolidated joint ventures (in thousands): Three Months Ended February 29, 2020 February 28, 2019 Revenues $ 27,547 $ 12,192 Construction and land costs (21,543 ) (12,220 ) Other expense, net (2,107 ) (628 ) Income (loss) $ 3,897 $ (656 ) The higher combined revenues and income for the three months ended February 29, 2020 , as compared to the year-earlier period, mainly reflected homes delivered from an unconsolidated joint venture in California. In the three months ended February 28, 2019 , our unconsolidated joint ventures did not deliver any homes. The following table presents combined condensed balance sheet information for our unconsolidated joint ventures (in thousands): February 29, November 30, Assets Cash $ 38,454 $ 23,965 Inventories 126,240 139,536 Other assets 730 792 Total assets $ 165,424 $ 164,293 Liabilities and equity Accounts payable and other liabilities $ 13,352 $ 13,282 Notes payable (a) 39,463 40,672 Equity 112,609 110,339 Total liabilities and equity $ 165,424 $ 164,293 (a) As of both February 29, 2020 and November 30, 2019 , we had investments in five unconsolidated joint ventures, one of which had a construction loan agreement with a third-party lender to finance its land development activities. The outstanding debt is secured by the underlying property and related project assets and is non-recourse to us. All of the outstanding secured debt at February 29, 2020 is scheduled to mature in February 2021. However, the loan agreement provides for a one-year extension beyond this date. None of our other unconsolidated joint ventures had outstanding debt at February 29, 2020 or November 30, 2019 . We and our partner in the unconsolidated joint venture that has the above-noted outstanding construction loan agreement at February 29, 2020

Property and Equipment, Net Pro

Property and Equipment, Net Property and Equipment, Net	3 Months Ended
	Feb. 29, 2020
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): February 29, November 30, Computer software and equipment $ 28,114 $ 27,091 Model furnishings and sales office improvements 84,624 82,117 Leasehold improvements, office furniture and equipment 16,686 16,173 Subtotal 129,424 125,381 Less accumulated depreciation (64,971 ) (60,338 ) Total $ 64,453 $ 65,043

Other Assets

Other Assets	3 Months Ended
	Feb. 29, 2020
Other Assets [Abstract]
Other Assets	Other Assets Other assets consisted of the following (in thousands): February 29, November 30, Cash surrender value and benefit receivable from corporate-owned life insurance contracts $ 74,010 $ 73,849 Lease right-of-use assets 32,036 — Prepaid expenses 20,637 5,944 Debt issuance costs associated with unsecured revolving credit facility, net 3,036 3,248 Total $ 129,719 $ 83,041

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	3 Months Ended
	Feb. 29, 2020
Payables and Accruals [Abstract]
Accrued Expenses and Other Liabilities	Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following (in thousands): February 29, November 30, Self-insurance and other legal liabilities $ 231,299 $ 229,483 Employee compensation and related benefits 114,379 163,646 Warranty liability 90,213 88,839 Accrued interest payable 36,435 32,507 Inventory-related obligations (a) 34,130 26,264 Lease liabilities 33,538 — Customer deposits 32,888 22,382 Real estate and business taxes 11,870 14,872 Other 36,806 40,790 Total $ 621,558 $ 618,783 (a) Represents liabilities for financing arrangements discussed in Note 8 – Variable Interest Entities, as well as liabilities for fixed or determinable amounts associated with tax increment financing entity (“TIFE”) assessments. As homes are delivered, our obligation to pay the remaining TIFE assessments associated with each underlying lot is transferred to the homebuyer. As such, these assessment obligations will be paid by us only to the extent we do not deliver homes on applicable lots before the related TIFE obligations mature.

Income Taxes

Income Taxes	3 Months Ended
	Feb. 29, 2020
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 February 29, 2020 February 28, 2019 Income tax expense $ 9,100 $ 4,500 Effective tax rate 13.2 % 13.0 % Our income tax expense and effective tax rate for the three months ended February 29, 2020 included the favorable effects of $5.6 million of excess tax benefits related to stock-based compensation and $4.0 million of federal energy tax credits that we earned from building energy-efficient homes. Our income tax expense and effective tax rate for the three months ended February 28, 2019 included the favorable impacts of a $3.3 million reversal of a deferred tax asset valuation allowance related to refundable alternative minimum tax credits and $2.0 million of excess tax benefits related to stock-based compensation, which were partly offset by $.8 million of other items. The federal energy tax credits for the three months ended February 29, 2020 resulted from legislation enacted in December 2019, which among other things, extended the availability of a business tax credit for building new energy-efficient homes through December 31, 2020. Prior to this legislation, the tax credit expired on December 31, 2017. This extension is expected to benefit our income tax provision in future periods. 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 $331.4 million as of February 29, 2020 and $383.7 million as of November 30, 2019 were both partly offset by valuation allowances of $19.2 million . Our deferred tax assets as of February 29, 2020 reflected the reclassification of $43.3 million of alternative minimum tax credits from deferred tax assets to receivables due to the filing of our 2019 federal income tax return claiming a refund of these credits. The deferred tax asset valuation allowances as of February 29, 2020 and November 30, 2019 were primarily related to certain state net operating losses that had not met the “more likely than not” realization standard at those dates. Based on the evaluation of our deferred tax assets as of February 29, 2020 , we determined that most of our deferred tax assets would be realized. Therefore, no adjustments to our deferred tax valuation allowance were needed for the three months ended February 29, 2020 . 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 February 29, 2020 and November 30, 2019 , we had no

Notes Payable

Notes Payable	3 Months Ended
	Feb. 29, 2020
Debt Disclosure [Abstract]
Notes Payable	Notes Payable Notes payable consisted of the following (in thousands): February 29, November 30, Mortgages and land contracts due to land sellers and other loans $ 7,889 $ 7,889 7.00% Senior notes due December 15, 2021 448,375 448,164 7.50% Senior notes due September 15, 2022 348,408 348,267 7.625% Senior notes due May 15, 2023 351,633 351,748 6.875% Senior notes due June 15, 2027 296,471 296,379 4.80% Senior notes due November 15, 2029 296,372 296,300 Total $ 1,749,148 $ 1,748,747 The carrying amounts of our senior notes listed above are net of unamortized debt issuance costs, premiums and discounts, which totaled $8.7 million at February 29, 2020 and $9.1 million at November 30, 2019 . Unsecured Revolving Credit Facility. We have an $800.0 million unsecured revolving credit facility with various banks (“Credit Facility”) that will mature on October 7, 2023 . The Credit Facility contains an uncommitted accordion feature under which its aggregate principal amount of available loans can be increased to a maximum of $1.00 billion 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 .20% to .35% of the unused commitment, based on our Leverage Ratio. Under the terms of the Credit Facility, we are required, among other things, to maintain compliance with various covenants, including financial covenants relating to our consolidated tangible net worth, Leverage Ratio, and either a consolidated interest coverage ratio (“Interest Coverage Ratio”) or minimum level of liquidity, each as defined therein. The amount of the Credit Facility available for cash borrowings or the issuance of letters of credit depends on the total cash borrowings and letters of credit outstanding under the Credit Facility and the maximum available amount under the terms of the Credit Facility. As of February 29, 2020 , we had no cash borrowings and $12.4 million of letters of credit outstanding under the Credit Facility. Therefore, as of February 29, 2020 , we had $787.6 million available for cash borrowings under the Credit Facility, with up to $237.6 million of that amount available for the issuance of letters of credit. Letter of Credit Facility. We have an unsecured letter of credit agreement with a financial institution (“LOC Facility”). Under the LOC Facility, which expires on February 13, 2022, we may issue up to $50.0 million of letters of credit. We maintain the LOC Facility to obtain letters of credit from time to time in the ordinary course of operating our business. As of February 29, 2020 , we had $33.4 million of letters of credit outstanding under the LOC Facility. We had $15.8 million letters of credit outstanding under the LOC Facility as of November 30, 2019 . Mortgages and Land Contracts Due to Land Sellers and Other Loans. As of February 29, 2020 , inventories having a carrying value of $30.8 million were pledged to collateralize mortgages and land contracts due to land sellers and other loans. Senior Notes. All of the senior notes outstanding at February 29, 2020 and November 30, 2019 represent senior unsecured obligations that are guaranteed by certain of our subsidiaries and rank equally in right of payment with all of our and our guarantor subsidiaries’ existing 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 February 29, 2020 , 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 February 29, 2020 , principal payments on senior notes, mortgages and land contracts due to land sellers and other loans are due during each year ending November 30 as follows: 2020 – $7.9 million ; 2021 – $0 ; 2022 – $800.0 million ; 2023 – $350.0 million ; 2024 – $0 ; and thereafter – $600.0 million .

Fair Value Disclosures

Fair Value Disclosures	3 Months Ended
	Feb. 29, 2020
Fair Value Disclosures [Abstract]
Fair Value Disclosures	Fair Value Disclosures Fair value measurements of assets and liabilities are categorized based on the following hierarchy: Level 1 Fair value determined based on quoted prices in active markets for identical assets or liabilities. Level 2 Fair value determined using significant observable inputs, such as quoted prices for similar assets or liabilities or quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs that are derived principally from or corroborated by observable market data, by correlation or other means. Level 3 Fair value determined using significant unobservable inputs, such as pricing models, discounted cash flows, or similar techniques. Fair value measurements are used for inventories on a nonrecurring basis when events and circumstances indicate that their carrying value is not recoverable. The following table presents the fair value hierarchy and our assets measured at fair value on a nonrecurring basis for the three months ended February 29, 2020 and the year ended November 30, 2019 (in thousands): February 29, 2020 November 30, 2019 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 $ 14,394 $ (5,105 ) $ 9,289 $ 41,160 $ (14,031 ) $ 27,129 (a) Amounts represent the aggregate fair value for real estate assets impacted by inventory impairment charges during the applicable period as of the date that 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): February 29, 2020 November 30, 2019 Fair Value Hierarchy Carrying Value (a) Estimated Fair Value Carrying Value (a) Estimated Fair Value Financial Liabilities: Senior notes Level 2 $ 1,741,259 $ 1,936,250 $ 1,740,858 $ 1,921,563 (a) The carrying values for the senior notes include unamortized debt issuance costs. Debt issuance costs are not factored into the estimated fair values of these notes.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Feb. 29, 2020
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 February 29, 2020 February 28, 2019 Balance at beginning of period $ 88,839 $ 82,490 Warranties issued 8,363 6,294 Payments (6,989 ) (4,593 ) Balance at end of period $ 90,213 $ 84,191 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 for all periods 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 $50.8 million and $50.6 million are included in receivables in our consolidated balance sheets at February 29, 2020 and November 30, 2019 , respectively. These self-insurance recoveries are principally based on actuarially determined amounts and depend on various factors, including, among other things, the above-described claim cost estimates, our insurance policy coverage limits for the applicable policy year(s), historical third-party recovery rates, insurance industry practices, the regulatory environment and legal precedent, and are subject to a high degree of variability from period to period. Because of the inherent uncertainty and variability in these assumptions, our actual insurance recoveries could differ significantly from amounts currently estimated. The changes in our self-insurance liability were as follows (in thousands): Three Months Ended February 29, 2020 February 28, 2019 Balance at beginning of period $ 177,765 $ 176,841 Self-insurance expense (a) 4,634 3,747 Payments (b) (918 ) (2,726 ) Balance at end of period $ 181,481 $ 177,862 (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. 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 February 29, 2020 , we had approximately 480 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 February 29, 2020 , 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. Townhome Community Construction Defect Claims. In the 2016 fourth quarter, we received claims from a homeowners association alleging there were construction defects, primarily involving roofing and stucco issues, at a completed townhome community in Northern California totaling approximately $25.0 million . We, along with our outside consultants, have continued to investigate these allegations and we currently expect it may take additional quarters to fully evaluate them. At February 29, 2020, we had an accrual for our estimated probable loss in this matter and a receivable for estimated probable insurance recoveries that reflected the status of our investigation to such date. At this stage of our investigation into these allegations, it is reasonably possible that our loss could exceed the amount accrued by an estimated range of $0 to $8.0 million . Our investigation will also involve identifying potentially responsible parties, including insurers, to pay for or perform any necessary repairs. We are in discussions with the homeowners association regarding the claims and their resolution. Performance Bonds and Letters of Credit . We are often required to provide to various municipalities and other government agencies performance bonds and/or letters of credit to secure the completion of our projects and/or in support of obligations to build community improvements such as roads, sewers, water systems and other utilities, and to support similar development activities by certain of our unconsolidated joint ventures. At February 29, 2020 , we had $817.5 million of performance bonds and $45.8 million of letters of credit outstanding. At November 30, 2019 , we had $793.9 million of performance bonds and $34.7 million of letters of credit outstanding. If any such performance bonds or letters of credit are called, we would be obligated to reimburse the issuer of the performance bond or letter of credit. We do not believe that a material amount of any currently outstanding performance bonds or letters of credit will be called. Performance bonds do not have stated expiration dates. Rather, we are released from the performance bonds as the underlying performance is completed. The expiration dates of some letters of credit issued in connection with community improvements coincide with the expected completion dates of the related projects or obligations. Most letters of credit, however, are issued with an initial term of one year and are typically extended on a year-to-year basis until the related performance obligations are completed. Land Option Contracts and Other Similar Contracts . In the ordinary course of our business, we enter into land option contracts and other similar contracts to acquire rights to land for the construction of homes. At February 29, 2020 , we had total cash deposits of $75.6 million to purchase land having an aggregate purchase price of $1.39 billion

Legal Matters

Legal Matters	3 Months Ended
	Feb. 29, 2020
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 February 29, 2020

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Feb. 29, 2020
Equity [Abstract]
Stockholders’ Equity	Stockholders’ Equity A summary of changes in stockholders’ equity is presented below (in thousands): Three Months Ended February 29, 2020 and February 28, 2019 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, 2019 121,593 (7,631 ) (24,356 ) $ 121,593 $ 793,954 $ 2,157,183 $ (15,506 ) $ (82,758 ) $ (591,344 ) $ 2,383,122 Cumulative effect of adoption of ASC 842 — — — — — 1,510 — — — 1,510 Reclassification of stranded tax effects (ASU 2018-02) — — — — — 1,643 (1,643 ) — — — Net income — — — — — 59,748 — — — 59,748 Dividends on common stock — — — — — (8,233 ) — — — (8,233 ) Employee stock options/other 698 — — 698 7,528 — — — — 8,226 Stock awards — 314 (15 ) — (3,012 ) — — 3,399 (387 ) — Stock-based compensation — — — — 4,950 — — — — 4,950 Tax payments associated with stock-based compensation awards — — (155 ) — — — — — (6,219 ) (6,219 ) Balance at February 29, 2020 122,291 (7,317 ) (24,526 ) $ 122,291 $ 803,420 $ 2,211,851 $ (17,149 ) $ (79,359 ) $ (597,950 ) $ 2,443,104 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 — — — — — 30,011 — — — 30,011 Dividends on common stock — — — — — (2,266 ) — — — (2,266 ) Employee stock options/other 62 — — 62 770 — — — — 832 Stock awards — 297 (4 ) — (3,151 ) — — 3,226 (75 ) — Stock-based compensation — — — — 4,152 — — — — 4,152 Tax payments associated with stock-based compensation awards — — (147 ) — — — — — (3,342 ) (3,342 ) 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 On February 20, 2020, the management development and compensation committee of our board of directors approved the payout of 313,246 shares of our common stock in connection with the vesting of PSUs that were granted to certain employees on October 6, 2016. The shares paid out under the PSUs reflected our achievement of certain performance measures that were based on cumulative earnings per share, average return on invested capital, and revenue growth relative to a peer group of high-production public homebuilding companies over the three-year period from December 1, 2016 through November 30, 2019. Of the shares of common stock paid out, 155,307 shares or $6.2 million , were purchased by us in the 2020 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 February 29, 2020 , 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 three months ended February 29, 2020 . 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 for director elections in respect of outstanding stock appreciation rights awards granted under our Non-Employee Directors Compensation Plan. The 2014 Plan was amended in April 2016. As of February 29, 2020 , we have not repurchased any shares and no stock payment awards have been granted under the 2014 Plan, as amended, pursuant to the respective board of directors’ authorizations. During the three-month period ended February 29, 2020 , our board of directors declared, and we paid, a quarterly cash dividend of $.090 per share of common stock. During the three-month period ended February 28, 2019 , our board of directors declared, and we paid, a quarterly cash dividend of $.025

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Feb. 29, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Stock Options. We estimate the grant-date fair value of stock options using the Black-Scholes option-pricing model. The following table summarizes stock option transactions for the three months ended February 29, 2020 : Options Weighted Average Exercise Price Options outstanding at beginning of period 4,163,481 $ 13.00 Granted — — Exercised (698,372 ) 11.78 Cancelled (6,000 ) 45.16 Options outstanding at end of period 3,459,109 $ 13.20 Options exercisable at end of period 3,459,109 $ 13.20 We have not granted any new stock option awards since 2016. As of February 29, 2020 , stock options outstanding and stock options exercisable each had a weighted average remaining contractual life of 4.4 years . At February 29, 2020 , there was no unrecognized compensation expense related to stock option awards as all of these awards were fully vested. For the three-month period ended February 29, 2020 , there was no stock-based compensation expense associated with stock options. For the three months ended February 28, 2019 , stock-based compensation expense associated with stock options was nominal. Stock options outstanding and stock options exercisable each had an aggregate intrinsic value of $67.1 million at February 29, 2020 . (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 $5.0 million and $4.1 million for the three months ended February 29, 2020 and February 28, 2019

Supplemental Disclosure to Cons

Supplemental Disclosure to Consolidated Statements of Cash Flows	3 Months Ended
	Feb. 29, 2020
Supplemental Cash Flow Information [Abstract]
Supplemental Disclosure to Consolidated Statements of Cash Flows	Supplemental Disclosure to Consolidated Statements of Cash Flows The following are supplemental disclosures to the consolidated statements of cash flows (in thousands): Three Months Ended February 29, 2020 February 28, 2019 Summary of cash and cash equivalents at end of period: Homebuilding $ 429,706 $ 511,690 Financial services 1,221 717 Total $ 430,927 $ 512,407 Supplemental disclosures of cash flow information: Interest paid, net of amounts capitalized $ (3,928 ) $ (15,318 ) Income taxes paid 139 113 Supplemental disclosures of non-cash activities: Reclassification of federal tax refund from deferred tax assets to receivables $ 43,322 $ — Increase in operating lease right-of-use assets and lease liabilities due to adoption of ASC 842 31,199 — Increase (decrease) in consolidated inventories not owned 8,781 (16,262 ) Increase in inventories due to distributions of land and land development from an unconsolidated joint venture 2,964 1,946 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

Supplemental Guarantor Informat

Supplemental Guarantor Information	3 Months Ended
	Feb. 29, 2020
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 February 29, 2020 . Condensed Consolidating Statements of Operations (in thousands) Three Months Ended February 29, 2020 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Total revenues $ — $ 992,545 $ 83,390 $ — $ 1,075,935 Homebuilding: Revenues $ — $ 992,545 $ 79,837 $ — $ 1,072,382 Construction and land costs — (815,558 ) (70,495 ) — (886,053 ) Selling, general and administrative expenses (27,650 ) (93,012 ) (5,472 ) — (126,134 ) Operating income (loss) (27,650 ) 83,975 3,870 — 60,195 Interest income 884 — 51 — 935 Interest expense (29,555 ) — (1,407 ) 30,962 — Intercompany interest 80,580 (45,836 ) (3,782 ) (30,962 ) — Equity in income of unconsolidated joint ventures — 1,905 — — 1,905 Homebuilding pretax income (loss) 24,259 40,044 (1,268 ) — 63,035 Financial services pretax income — — 5,813 — 5,813 Total pretax income 24,259 40,044 4,545 — 68,848 Income tax expense (3,100 ) (5,100 ) (900 ) — (9,100 ) Equity in net income of subsidiaries 38,589 — — (38,589 ) — Net income $ 59,748 $ 34,944 $ 3,645 $ (38,589 ) $ 59,748 Three Months Ended February 28, 2019 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Total revenues $ — $ 744,453 $ 67,030 $ — $ 811,483 Homebuilding: Revenues $ — $ 744,453 $ 64,335 $ — $ 808,788 Construction and land costs — (611,041 ) (59,814 ) — (670,855 ) Selling, general and administrative expenses (25,382 ) (75,540 ) (5,672 ) — (106,594 ) Operating income (loss) (25,382 ) 57,872 (1,151 ) — 31,339 Interest income 1,014 — 91 — 1,105 Interest expense (33,195 ) (321 ) (1,272 ) 34,788 — Intercompany interest 77,972 (41,738 ) (1,446 ) (34,788 ) — Equity in loss of unconsolidated joint ventures — (406 ) — — (406 ) Homebuilding pretax income (loss) 20,409 15,407 (3,778 ) — 32,038 Financial services pretax income — — 2,473 — 2,473 Total pretax income (loss) 20,409 15,407 (1,305 ) — 34,511 Income tax expense (700 ) (3,400 ) (400 ) — (4,500 ) Equity in net income of subsidiaries 10,302 — — (10,302 ) — Net income (loss) $ 30,011 $ 12,007 $ (1,705 ) $ (10,302 ) $ 30,011 Condensed Consolidating Balance Sheets (in thousands) February 29, 2020 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets Homebuilding: Cash and cash equivalents $ 309,983 $ 92,853 $ 26,870 $ — $ 429,706 Receivables 44,583 184,288 68,344 — 297,215 Inventories — 3,391,612 337,004 — 3,728,616 Investments in unconsolidated joint ventures — 57,147 — — 57,147 Property and equipment, net 25,185 36,047 3,221 — 64,453 Deferred tax assets, net 93,510 203,661 14,995 — 312,166 Other assets 102,826 19,198 7,695 — 129,719 576,087 3,984,806 458,129 — 5,019,022 Financial services — — 33,812 — 33,812 Intercompany receivables 3,630,262 — 196,703 (3,826,965 ) — Investments in subsidiaries 162,105 — — (162,105 ) — Total assets $ 4,368,454 $ 3,984,806 $ 688,644 $ (3,989,070 ) $ 5,052,834 Liabilities and stockholders’ equity Homebuilding: Accounts payable, accrued expenses and other liabilities $ 137,855 $ 429,680 $ 291,004 $ — $ 858,539 Notes payable 1,716,149 7,889 25,110 — 1,749,148 1,854,004 437,569 316,114 — 2,607,687 Financial services — — 2,043 — 2,043 Intercompany payables 71,346 3,507,195 248,424 (3,826,965 ) — Stockholders’ equity 2,443,104 40,042 122,063 (162,105 ) 2,443,104 Total liabilities and stockholders’ equity $ 4,368,454 $ 3,984,806 $ 688,644 $ (3,989,070 ) $ 5,052,834 November 30, 2019 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets Homebuilding: Cash and cash equivalents $ 357,966 $ 65,434 $ 30,414 $ — $ 453,814 Receivables 1,934 181,047 66,074 — 249,055 Inventories — 3,400,307 304,295 — 3,704,602 Investments in unconsolidated joint ventures — 57,038 — — 57,038 Property and equipment, net 24,250 37,539 3,254 — 65,043 Deferred tax assets, net 96,301 237,877 30,315 — 364,493 Other assets 78,686 2,666 1,689 — 83,041 559,137 3,981,908 436,041 — 4,977,086 Financial services — — 38,396 — 38,396 Intercompany receivables 3,624,081 — 186,022 (3,810,103 ) — Investments in subsidiaries 115,753 — — (115,753 ) — Total assets $ 4,298,971 $ 3,981,908 $ 660,459 $ (3,925,856 ) $ 5,015,482 Liabilities and stockholders’ equity Homebuilding: Accounts payable, accrued expenses and other liabilities $ 139,137 $ 453,929 $ 288,489 $ — $ 881,555 Notes payable 1,715,748 7,889 25,110 — 1,748,747 1,854,885 461,818 313,599 — 2,630,302 Financial services — — 2,058 — 2,058 Intercompany payables 60,964 3,520,090 229,049 (3,810,103 ) — Stockholders’ equity 2,383,122 — 115,753 (115,753 ) 2,383,122 Total liabilities and stockholders’ equity $ 4,298,971 $ 3,981,908 $ 660,459 $ (3,925,856 ) $ 5,015,482 Condensed Consolidating Statements of Cash Flows (in thousands) Three Months Ended February 29, 2020 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net cash provided by (used in) operating activities $ (21,949 ) $ 31,705 $ (19,622 ) $ — $ (9,866 ) Cash flows from investing activities: Contributions to unconsolidated joint ventures — (1,668 ) — — (1,668 ) Return of investments in unconsolidated joint ventures — 500 — — 500 Purchases of property and equipment, net (1,048 ) (4,432 ) (1,191 ) — (6,671 ) Intercompany (18,760 ) — — 18,760 — Net cash used in investing activities (19,808 ) (5,600 ) (1,191 ) 18,760 (7,839 ) Cash flows from financing activities: Issuance of common stock under employee stock plans 8,226 — — — 8,226 Tax payments associated with stock-based compensation awards (6,219 ) — — — (6,219 ) Payments of cash dividends (8,233 ) — — — (8,233 ) Intercompany — 1,314 17,446 (18,760 ) — Net cash provided by (used in) financing activities (6,226 ) 1,314 17,446 (18,760 ) (6,226 ) Net increase (decrease) in cash and cash equivalents (47,983 ) 27,419 (3,367 ) — (23,931 ) Cash and cash equivalents at beginning of period 357,966 65,434 31,458 — 454,858 Cash and cash equivalents at end of period $ 309,983 $ 92,853 $ 28,091 $ — $ 430,927 Three Months Ended February 28, 2019 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net cash provided by (used in) operating activities $ 13,062 $ (337,286 ) $ 126,014 $ — $ (198,210 ) Cash flows from investing activities: Contributions to unconsolidated joint ventures — (2,527 ) — — (2,527 ) 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 (2,068 ) (2,032 ) (5,925 ) — (10,025 ) Intercompany (190,765 ) — — 190,765 — Net cash provided by (used in) investing activities (192,833 ) 6,246 (5,925 ) 190,765 (1,747 ) 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 (230,000 ) — — — (230,000 ) Borrowings under revolving credit facility 140,000 — — — 140,000 Repayments under revolving credit facility (140,000 ) — — — (140,000 ) 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 832 — — — 832 Tax payments associated with stock-based compensation awards (3,342 ) — — — (3,342 ) Payments of cash dividends (2,266 ) — — — (2,266 ) Intercompany — 325,137 (134,372 ) (190,765 ) — Net cash provided by (used in) financing activities 165,265 297,117 (134,372 ) (190,765 ) 137,245 Net decrease in cash and cash equivalents (14,506 ) (33,923 ) (14,283 ) — (62,712 ) Cash and cash equivalents at beginning of period 429,977 114,269 30,873 — 575,119 Cash and cash equivalents at end of period $ 415,471 $ 80,346 $ 16,590 $ — $ 512,407

Subsequent Event

Subsequent Event	3 Months Ended
	Feb. 29, 2020
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On March 11, 2020, the World Health Organization characterized the outbreak of the coronavirus disease known as COVID-19 as a global pandemic and recommended containment and mitigation measures. On March 13, 2020, the United States declared a national emergency concerning the outbreak, and several states and municipalities have declared public health emergencies. Along with these declarations, there have been extraordinary and wide-ranging actions taken by international, federal, state and local public health and governmental authorities to contain and combat the outbreak and spread of COVID-19 in regions across the United States and the world, including quarantines, and “stay-at-home” orders and similar mandates for many individuals to substantially restrict daily activities and for many businesses to curtail or cease normal operations. In response to these steps, in mid-March, we temporarily closed our sales centers, model homes and design studios to the general public. During this time, we have shifted to an appointment-only personalized home sales process where permitted, following recommended distancing and other health and safety protocols when meeting in person with a customer, and we are leveraging our virtual sales tools to give customers the ability to shop for a new KB home from their mobile device or personal computer. Combined with our limiting construction operations largely to authorized activities and a reduction in the availability, capacity and efficiency of municipal and private services necessary to the progress of land development, homebuilding, completing mortgage loans and delivering homes, which in each case has varied by market depending on the scope of the restrictions local authorities have established, these appropriate measures have tempered our sales pace and delayed home deliveries in the latter part of March and through the date of this report. Although we are uncertain of the potential full magnitude or duration of the business and economic impacts from the unprecedented public health effort to contain and combat the spread of COVID-19, which include, among other things, significant volatility in financial markets and a sharp decrease in the value of equity securities, including our common stock, we expect this situation will have a negative impact on our consolidated financial statements in the second quarter and in later periods of 2020 that may be material, but cannot be reasonably estimated at this time.

Leases (Notes)

Leases (Notes)	3 Months Ended
	Feb. 29, 2020
Leases [Abstract]
Lessee, Operating Leases [Text Block]	Leases We lease certain property and equipment for use in our operations. We recognize lease expense for these leases generally on a straight-line basis over the lease term and combine lease and non-lease components for all leases. Lease right-of-use assets and lease liabilities are recorded on our consolidated balance sheets for leases with an expected term at the commencement date of more than 12 months. Some of our leases include one or more renewal options, the exercise of which is generally at our discretion. Such options are excluded from our calculations of lease right-of-use assets and lease liabilities until we determine it is reasonably certain the option will be exercised. Lease liabilities are equal to the present value of the remaining lease payments while the amount of lease right-of-use assets is based on the lease liabilities, subject to adjustment, such as for lease incentives. Our leases do not provide a readily determinable implicit interest rate; therefore, we estimate our incremental borrowing rate to calculate the present value of remaining lease payments. In determining our incremental borrowing rate, we considered the lease term, market interest rates, current interest rates on our senior notes and the effects of collateralization. Our lease population at February 29, 2020 was comprised of operating leases where we are the lessee, primarily real estate leases for our corporate office, division offices and design studios, as well as certain equipment leases. Our lease agreements do not contain any residual value guarantees or material restrictive covenants. Lease expense is included in selling, general and administrative expenses in our consolidated statements of operations and includes costs for leases with terms of more than 12 months as well as short-term leases with terms of 12 months or less. For the three months ended February 29, 2020 , our total lease expense was $5.0 million , which included short-term lease costs of $2.1 million . Variable lease costs and external sublease income for the three months ended February 29, 2020 were immaterial. The following table presents our lease right-of-use assets and lease liabilities as of February 29, 2020 and other information about our leases for the three months ended February 29, 2020 (dollars in thousands): Lease right-of-use assets (a) $ 32,388 Lease liabilities (b) 33,918 Lease right-of-use assets obtained in exchange for new lease liabilities 3,640 Non-cash operating lease expense — Cash payments on lease liabilities 2,743 Weighted-average remaining lease term 5.0 years Weighted-average discount rate (incremental borrowing rate) 5.1 % (a) Represents lease right-of-use assets of $32.0 million within our homebuilding operations and $.4 million within our financial services operations. (b) Represents lease liabilities of $33.5 million within our homebuilding operations and $.4 million within our financial services operations. As of February 29, 2020 , the future minimum lease payments required under our leases are as follows (in thousands): Years Ending November 30, 2020 $ 7,826 2021 8,342 2022 7,058 2023 5,234 2024 4,289 Thereafter 5,875 Total lease payments 38,624 Less: Interest (4,706 ) Present value of lease liabilities $ 33,918

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Feb. 29, 2020
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 $244.5 million at February 29, 2020 and $302.5 million at November 30, 2019 . At February 29, 2020 and November 30, 2019 , our cash equivalents were invested in interest-bearing bank deposit accounts and money market funds.
Comprehensive Income (Loss)	Our comprehensive income was $59.7 million for the three months ended February 29, 2020 and $30.0 million for three months ended February 28, 2019 . Our comprehensive income for each of the three-month periods ended February 29, 2020 and February 28, 2019 was equal to our net income for the respective periods.
Adoption of New Accounting Pronouncement and Recent Accounting Pronouncements	Adoption of New Accounting Pronouncements . In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”), which requires leases with original lease terms of more than 12 months to be recorded on the balance sheet. On December 1, 2019, we adopted ASU 2016-02 and its related amendments (collectively, “ASC 842”) using the modified retrospective method. Results for reporting periods beginning December 1, 2019 and after are presented under ASC 842, 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 elected the package of practical expedients permitted under the transition guidance, which allowed us to carry forward our original assessment of (1) whether contracts are or contain leases, (2) lease classification and (3) initial direct costs. We also elected the practical expedient that allows lessees the option to account for lease and non-lease components together as a single component for all classes of underlying assets. The adoption of ASC 842 resulted in our recording lease right-of-use assets and lease liabilities of $31.2 million on our consolidated balance sheet as of December 1, 2019. Lease right-of-use assets are classified within other assets on our consolidated balance sheet, and lease liabilities are classified within accrued expenses and other liabilities. At the December 1, 2019 adoption date, we also recorded a cumulative effect adjustment to increase beginning retained earnings by $1.5 million , net of tax, to recognize a previously deferred gain on our sale and leaseback of an office building in 2019. The adoption of ASC 842 did not materially impact our consolidated statements of operations or consolidated cash flows. Further information regarding our leases is provided in Note 13 – Leases. 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 (loss) to retained earnings for stranded tax effects resulting from the 2017 Tax Cuts and Jobs Act (“TCJA”), and requires certain disclosures about stranded tax effects. We adopted ASU 2018-02 effective December 1, 2019 and elected to reclassify the income tax effects of the TCJA from accumulated other comprehensive loss to retained earnings, which resulted in an increase of $1.6 million to both retained earnings and accumulated other comprehensive loss, with no impact on total stockholders’ equity. Amounts for prior reporting periods have not been adjusted and continue to be presented under the accounting guidance in effect for those periods. Recent Accounting Pronouncements Not Yet Adopted . In June 2016, the FASB issued Accounting Standards Update No. 2016-13, “Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”), which changes the impairment model for most financial assets and certain other instruments from an incurred loss approach to a new expected credit loss methodology. ASU 2016-13 is effective for us beginning December 1, 2020, with early adoption permitted. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements.
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 February 29, 2020 , 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 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 Southwest, Central and Southeast homebuilding reporting segments. Our financial services reporting 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. 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 per share using the two-class method, which is an allocation of earnings between the holders of common stock and a company’s participating security holders. Our outstanding nonvested shares of restricted stock contain non-forfeitable rights to dividends and, therefore, are considered participating securities for purposes of computing earnings per share pursuant to the two-class method. We had no other participating securities at February 29, 2020 or February 28, 2019 .
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 February 29, 2020 and November 30, 2019 was a VIE, but we were not the primary beneficiary of the VIE. Therefore, all of our joint ventures at February 29, 2020 and November 30, 2019 were unconsolidated and accounted for under the equity method because we did not have a controlling financial interest. Land Option Contracts and Other Similar Contracts. In the ordinary course of our business, we enter into land option contracts and other similar contracts with third parties and unconsolidated entities to acquire rights to land for the construction of homes. Under these contracts, we typically make a specified option payment or earnest money deposit in consideration for the right to purchase land in the future, usually at a predetermined price. We analyze each of our land option contracts and other similar contracts under the variable interest model to determine whether the land seller is a VIE and, if so, whether we are the primary beneficiary. Although we do not have legal title to the underlying land, we are required to consolidate a VIE if we are the primary beneficiary. As a result of our analyses, we determined that as of February 29, 2020 and November 30, 2019
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). 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 $20.9 million at February 29, 2020 and $12.2 million at November 30, 2019
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 for all periods 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 $50.8 million and $50.6 million are included in receivables in our consolidated balance sheets at February 29, 2020 and November 30, 2019 , 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.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Feb. 29, 2020
Segment Reporting [Abstract]
Financial Information Relating to Company Reporting Segments	The following tables present financial information relating to our homebuilding reporting segments (in thousands): Three Months Ended February 29, 2020 February 28, 2019 Revenues: West Coast $ 484,497 $ 305,810 Southwest 191,318 157,656 Central 283,513 241,592 Southeast 113,054 103,730 Total $ 1,072,382 $ 808,788 Pretax income (loss): West Coast $ 34,029 $ 17,916 Southwest 32,112 22,072 Central 22,678 18,583 Southeast 2,630 (545 ) Corporate and other (28,414 ) (25,988 ) Total $ 63,035 $ 32,038 Inventory impairment and land option contract abandonment charges: West Coast $ 4,392 $ 3,251 Southwest 171 59 Central 984 245 Southeast 125 — Total $ 5,672 $ 3,555 February 29, November 30, Assets: West Coast $ 1,936,066 $ 1,925,192 Southwest 732,656 674,310 Central 1,045,352 1,035,563 Southeast 438,274 441,451 Corporate and other 866,674 900,570 Total $ 5,019,022 $ 4,977,086

Financial Services (Tables)

Financial Services (Tables)	3 Months Ended
	Feb. 29, 2020
Segment Reporting Information [Line Items]
Financial Services Income (Loss)	The following tables present financial information relating to our financial services reporting segment (in thousands): Three Months Ended February 29, 2020 February 28, 2019 Revenues Insurance commissions $ 1,953 $ 1,472 Title services 1,600 1,217 Interest income — 6 Total 3,553 2,695 Expenses General and administrative (962 ) (1,024 ) Operating income 2,591 1,671 Equity in income of unconsolidated joint ventures 3,222 802 Pretax income $ 5,813 $ 2,473
Financial Service [Member]
Segment Reporting Information [Line Items]
Schedule of Financial Services Assets and Liabilities	February 29, November 30, Assets Cash and cash equivalents $ 1,221 $ 1,044 Receivables 1,589 2,232 Investments in unconsolidated joint ventures 9,446 14,374 Other assets (a) 21,556 20,746 Total assets $ 33,812 $ 38,396 Liabilities Accounts payable and accrued expenses $ 2,043 $ 2,058 Total liabilities $ 2,043 $ 2,058 (a) Other assets at February 29, 2020 and November 30, 2019 included $21.1 million and $20.6 million , respectively, of contract assets for estimated future renewal commissions related to then-existing insurance policies.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Feb. 29, 2020
Earnings Per Share, Basic and Diluted [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Basic and diluted earnings per share were calculated as follows (in thousands, except per share amounts): Three Months Ended February 29, 2020 February 28, 2019 Numerator: Net income $ 59,748 $ 30,011 Less: Distributed earnings allocated to nonvested restricted stock (44 ) (14 ) Less: Undistributed earnings allocated to nonvested restricted stock (281 ) (176 ) Numerator for basic earnings per share 59,423 29,821 Three Months Ended February 29, 2020 February 28, 2019 Effect of dilutive securities: Interest expense and amortization of debt issuance costs associated with convertible senior notes, net of taxes — 541 Add: Undistributed earnings allocated to nonvested restricted stock 281 176 Less: Undistributed earnings reallocated to nonvested restricted stock (268 ) (158 ) Numerator for diluted earnings per share $ 59,436 $ 30,380 Denominator: Weighted average shares outstanding — basic 89,842 86,972 Effect of dilutive securities: Share-based payments 4,363 4,202 Convertible senior notes — 5,788 Weighted average shares outstanding — diluted 94,205 96,962 Basic earnings per share $ .66 $ .34 Diluted earnings per share $ .63 $ .31

Receivables (Tables)

Receivables (Tables)	3 Months Ended
	Feb. 29, 2020
Receivables [Abstract]
Schedule of Receivables	Receivables consisted of the following (in thousands): February 29, November 30, Due from utility companies, improvement districts and municipalities $ 129,234 $ 128,047 Recoveries related to self-insurance and other legal claims 77,217 80,729 Income taxes receivable 44,304 — Refundable deposits and bonds 11,494 10,925 Other 43,317 37,846 Subtotal 305,566 257,547 Allowance for doubtful accounts (8,351 ) (8,492 ) Total $ 297,215 $ 249,055

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Feb. 29, 2020
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following (in thousands): February 29, November 30, Homes completed or under construction $ 1,306,344 $ 1,340,412 Land under development 2,271,073 2,213,713 Land held for future development or sale (a) 151,199 150,477 Total $ 3,728,616 $ 3,704,602 (a) Land held for sale totaled $21.3 million at February 29, 2020 and $19.3 million at November 30, 2019
Schedule of Capitalized Interest Costs	Our interest costs were as follows (in thousands): Three Months Ended February 29, 2020 February 28, 2019 Capitalized interest at beginning of period $ 195,738 $ 209,129 Interest incurred 30,962 34,788 Interest amortized to construction and land costs (a) (34,575 ) (30,547 ) Capitalized interest at end of period (b) $ 192,125 $ 213,370 (a) Interest amortized to construction and land costs for the three months ended February 28, 2019 included $.6 million related to land sales during the period. There was no such interest amortized for the three months ended February 29, 2020 . (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)	3 Months Ended
	Feb. 29, 2020
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 Unobservable Input (a) February 29, 2020 February 28, 2019 Average selling price $302,700 - $915,500 $1,045,400 Deliveries per month 1 - 4 1 Discount rate 17% - 18% 17% (a) The ranges of inputs used in each period primarily reflect differences between the housing markets where each impacted community is located, rather than fluctuations in prevailing market conditions.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Feb. 29, 2020
Variable Interest Entities [Abstract]
Summary of Interests in Land Option Contracts	The following table presents a summary of our interests in land option contracts and other similar contracts (in thousands): February 29, 2020 November 30, 2019 Cash Deposits Aggregate Purchase Price Cash Deposits Aggregate Purchase Price Unconsolidated VIEs $ 34,070 $ 793,439 $ 34,595 $ 823,427 Other land option contracts and other similar contracts 41,536 599,426 40,591 600,092 Total $ 75,606 $ 1,392,865 $ 75,186 $ 1,423,519

Investments in Unconsolidated_2

Investments in Unconsolidated Joint Ventures (Tables)	3 Months Ended
	Feb. 29, 2020
Equity Method Investments and Joint Ventures [Abstract]
Statements of Operations of Unconsolidated Joint Ventures	The following table presents combined condensed information from the statements of operations of our unconsolidated joint ventures (in thousands): Three Months Ended February 29, 2020 February 28, 2019 Revenues $ 27,547 $ 12,192 Construction and land costs (21,543 ) (12,220 ) Other expense, net (2,107 ) (628 ) Income (loss) $ 3,897 $ (656 )
Balance Sheets of Unconsolidated Joint Ventures	The following table presents combined condensed balance sheet information for our unconsolidated joint ventures (in thousands): February 29, November 30, Assets Cash $ 38,454 $ 23,965 Inventories 126,240 139,536 Other assets 730 792 Total assets $ 165,424 $ 164,293 Liabilities and equity Accounts payable and other liabilities $ 13,352 $ 13,282 Notes payable (a) 39,463 40,672 Equity 112,609 110,339 Total liabilities and equity $ 165,424 $ 164,293 (a) As of both February 29, 2020 and November 30, 2019 , we had investments in five unconsolidated joint ventures, one of which had a construction loan agreement with a third-party lender to finance its land development activities. The outstanding debt is secured by the underlying property and related project assets and is non-recourse to us. All of the outstanding secured debt at February 29, 2020 is scheduled to mature in February 2021. However, the loan agreement provides for a one-year extension beyond this date. None of our other unconsolidated joint ventures had outstanding debt at February 29, 2020 or November 30, 2019
Information Related Investments in Unconsolidated Joint Ventures

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
	Feb. 29, 2020
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): February 29, November 30, Computer software and equipment $ 28,114 $ 27,091 Model furnishings and sales office improvements 84,624 82,117 Leasehold improvements, office furniture and equipment 16,686 16,173 Subtotal 129,424 125,381 Less accumulated depreciation (64,971 ) (60,338 ) Total $ 64,453 $ 65,043

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Feb. 29, 2020
Other Assets [Abstract]
Schedule of Other Assets	Other assets consisted of the following (in thousands): February 29, November 30, Cash surrender value and benefit receivable from corporate-owned life insurance contracts $ 74,010 $ 73,849 Lease right-of-use assets 32,036 — Prepaid expenses 20,637 5,944 Debt issuance costs associated with unsecured revolving credit facility, net 3,036 3,248 Total $ 129,719 $ 83,041

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	3 Months Ended
	Feb. 29, 2020
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities consisted of the following (in thousands): February 29, November 30, Self-insurance and other legal liabilities $ 231,299 $ 229,483 Employee compensation and related benefits 114,379 163,646 Warranty liability 90,213 88,839 Accrued interest payable 36,435 32,507 Inventory-related obligations (a) 34,130 26,264 Lease liabilities 33,538 — Customer deposits 32,888 22,382 Real estate and business taxes 11,870 14,872 Other 36,806 40,790 Total $ 621,558 $ 618,783 (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)	3 Months Ended
	Feb. 29, 2020
Income Tax Disclosure [Abstract]
Income tax benefit computed at the statutory U.S federal income tax rate and income tax benefit (expense) provided in the consolidated statements of operations	Our income tax expense and effective tax rates were as follows (dollars in thousands): Three Months Ended February 29, 2020 February 28, 2019 Income tax expense $ 9,100 $ 4,500 Effective tax rate 13.2 % 13.0 %

Notes Payable (Tables)

Notes Payable (Tables)	3 Months Ended
	Feb. 29, 2020
Debt Disclosure [Abstract]
Schedule of Mortgages and Notes Payable	Notes payable consisted of the following (in thousands): February 29, November 30, Mortgages and land contracts due to land sellers and other loans $ 7,889 $ 7,889 7.00% Senior notes due December 15, 2021 448,375 448,164 7.50% Senior notes due September 15, 2022 348,408 348,267 7.625% Senior notes due May 15, 2023 351,633 351,748 6.875% Senior notes due June 15, 2027 296,471 296,379 4.80% Senior notes due November 15, 2029 296,372 296,300 Total $ 1,749,148 $ 1,748,747

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	3 Months Ended
	Feb. 29, 2020
Fair Value Disclosures [Abstract]
Schedule of Assets Measured at Fair Value on Nonrecurring Basis	The following table presents the fair value hierarchy and our assets measured at fair value on a nonrecurring basis for the three months ended February 29, 2020 and the year ended November 30, 2019 (in thousands): February 29, 2020 November 30, 2019 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 $ 14,394 $ (5,105 ) $ 9,289 $ 41,160 $ (14,031 ) $ 27,129 (a) Amounts represent the aggregate fair value for real estate assets impacted by inventory impairment charges during the applicable period as of the date that 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): February 29, 2020 November 30, 2019 Fair Value Hierarchy Carrying Value (a) Estimated Fair Value Carrying Value (a) Estimated Fair Value Financial Liabilities: Senior notes Level 2 $ 1,741,259 $ 1,936,250 $ 1,740,858 $ 1,921,563 (a)

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Feb. 29, 2020
Commitments and Contingencies Disclosure [Abstract]
Changes in the Warranty Liability	The changes in our warranty liability were as follows (in thousands): Three Months Ended February 29, 2020 February 28, 2019 Balance at beginning of period $ 88,839 $ 82,490 Warranties issued 8,363 6,294 Payments (6,989 ) (4,593 ) Balance at end of period $ 90,213 $ 84,191
Schedule of Self-Insurance Liability	The changes in our self-insurance liability were as follows (in thousands): Three Months Ended February 29, 2020 February 28, 2019 Balance at beginning of period $ 177,765 $ 176,841 Self-insurance expense (a) 4,634 3,747 Payments (b) (918 ) (2,726 ) Balance at end of period $ 181,481 $ 177,862 (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)	3 Months Ended
	Feb. 29, 2020
Equity [Abstract]
Summary of Changes in Stockholders’ Equity	A summary of changes in stockholders’ equity is presented below (in thousands): Three Months Ended February 29, 2020 and February 28, 2019 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, 2019 121,593 (7,631 ) (24,356 ) $ 121,593 $ 793,954 $ 2,157,183 $ (15,506 ) $ (82,758 ) $ (591,344 ) $ 2,383,122 Cumulative effect of adoption of ASC 842 — — — — — 1,510 — — — 1,510 Reclassification of stranded tax effects (ASU 2018-02) — — — — — 1,643 (1,643 ) — — — Net income — — — — — 59,748 — — — 59,748 Dividends on common stock — — — — — (8,233 ) — — — (8,233 ) Employee stock options/other 698 — — 698 7,528 — — — — 8,226 Stock awards — 314 (15 ) — (3,012 ) — — 3,399 (387 ) — Stock-based compensation — — — — 4,950 — — — — 4,950 Tax payments associated with stock-based compensation awards — — (155 ) — — — — — (6,219 ) (6,219 ) Balance at February 29, 2020 122,291 (7,317 ) (24,526 ) $ 122,291 $ 803,420 $ 2,211,851 $ (17,149 ) $ (79,359 ) $ (597,950 ) $ 2,443,104 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 — — — — — 30,011 — — — 30,011 Dividends on common stock — — — — — (2,266 ) — — — (2,266 ) Employee stock options/other 62 — — 62 770 — — — — 832 Stock awards — 297 (4 ) — (3,151 ) — — 3,226 (75 ) — Stock-based compensation — — — — 4,152 — — — — 4,152 Tax payments associated with stock-based compensation awards — — (147 ) — — — — — (3,342 ) (3,342 ) 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

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Feb. 29, 2020
Share-based Payment Arrangement [Abstract]
Schedule of Outstanding and Exercisable Stock Options	The following table summarizes stock option transactions for the three months ended February 29, 2020 : Options Weighted Average Exercise Price Options outstanding at beginning of period 4,163,481 $ 13.00 Granted — — Exercised (698,372 ) 11.78 Cancelled (6,000 ) 45.16 Options outstanding at end of period 3,459,109 $ 13.20 Options exercisable at end of period 3,459,109 $ 13.20

Supplemental Disclosure to Co_2

Supplemental Disclosure to Consolidated Statements of Cash Flows (Tables)	3 Months Ended
	Feb. 29, 2020
Supplemental Cash Flow Information [Abstract]
Schedule of Supplemental Cash Flow Disclosures	The following are supplemental disclosures to the consolidated statements of cash flows (in thousands): Three Months Ended February 29, 2020 February 28, 2019 Summary of cash and cash equivalents at end of period: Homebuilding $ 429,706 $ 511,690 Financial services 1,221 717 Total $ 430,927 $ 512,407 Supplemental disclosures of cash flow information: Interest paid, net of amounts capitalized $ (3,928 ) $ (15,318 ) Income taxes paid 139 113 Supplemental disclosures of non-cash activities: Reclassification of federal tax refund from deferred tax assets to receivables $ 43,322 $ — Increase in operating lease right-of-use assets and lease liabilities due to adoption of ASC 842 31,199 — Increase (decrease) in consolidated inventories not owned 8,781 (16,262 ) Increase in inventories due to distributions of land and land development from an unconsolidated joint venture 2,964 1,946 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

Supplemental Guarantor Inform_2

Supplemental Guarantor Information (Tables)	3 Months Ended
	Feb. 29, 2020
Guarantees [Abstract]
Condensed Consolidated Statements of Operations	Condensed Consolidating Statements of Operations (in thousands) Three Months Ended February 29, 2020 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Total revenues $ — $ 992,545 $ 83,390 $ — $ 1,075,935 Homebuilding: Revenues $ — $ 992,545 $ 79,837 $ — $ 1,072,382 Construction and land costs — (815,558 ) (70,495 ) — (886,053 ) Selling, general and administrative expenses (27,650 ) (93,012 ) (5,472 ) — (126,134 ) Operating income (loss) (27,650 ) 83,975 3,870 — 60,195 Interest income 884 — 51 — 935 Interest expense (29,555 ) — (1,407 ) 30,962 — Intercompany interest 80,580 (45,836 ) (3,782 ) (30,962 ) — Equity in income of unconsolidated joint ventures — 1,905 — — 1,905 Homebuilding pretax income (loss) 24,259 40,044 (1,268 ) — 63,035 Financial services pretax income — — 5,813 — 5,813 Total pretax income 24,259 40,044 4,545 — 68,848 Income tax expense (3,100 ) (5,100 ) (900 ) — (9,100 ) Equity in net income of subsidiaries 38,589 — — (38,589 ) — Net income $ 59,748 $ 34,944 $ 3,645 $ (38,589 ) $ 59,748 Three Months Ended February 28, 2019 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Total revenues $ — $ 744,453 $ 67,030 $ — $ 811,483 Homebuilding: Revenues $ — $ 744,453 $ 64,335 $ — $ 808,788 Construction and land costs — (611,041 ) (59,814 ) — (670,855 ) Selling, general and administrative expenses (25,382 ) (75,540 ) (5,672 ) — (106,594 ) Operating income (loss) (25,382 ) 57,872 (1,151 ) — 31,339 Interest income 1,014 — 91 — 1,105 Interest expense (33,195 ) (321 ) (1,272 ) 34,788 — Intercompany interest 77,972 (41,738 ) (1,446 ) (34,788 ) — Equity in loss of unconsolidated joint ventures — (406 ) — — (406 ) Homebuilding pretax income (loss) 20,409 15,407 (3,778 ) — 32,038 Financial services pretax income — — 2,473 — 2,473 Total pretax income (loss) 20,409 15,407 (1,305 ) — 34,511 Income tax expense (700 ) (3,400 ) (400 ) — (4,500 ) Equity in net income of subsidiaries 10,302 — — (10,302 ) — Net income (loss) $ 30,011 $ 12,007 $ (1,705 ) $ (10,302 ) $ 30,011
Condensed Consolidated Balance Sheets	Condensed Consolidating Balance Sheets (in thousands) February 29, 2020 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets Homebuilding: Cash and cash equivalents $ 309,983 $ 92,853 $ 26,870 $ — $ 429,706 Receivables 44,583 184,288 68,344 — 297,215 Inventories — 3,391,612 337,004 — 3,728,616 Investments in unconsolidated joint ventures — 57,147 — — 57,147 Property and equipment, net 25,185 36,047 3,221 — 64,453 Deferred tax assets, net 93,510 203,661 14,995 — 312,166 Other assets 102,826 19,198 7,695 — 129,719 576,087 3,984,806 458,129 — 5,019,022 Financial services — — 33,812 — 33,812 Intercompany receivables 3,630,262 — 196,703 (3,826,965 ) — Investments in subsidiaries 162,105 — — (162,105 ) — Total assets $ 4,368,454 $ 3,984,806 $ 688,644 $ (3,989,070 ) $ 5,052,834 Liabilities and stockholders’ equity Homebuilding: Accounts payable, accrued expenses and other liabilities $ 137,855 $ 429,680 $ 291,004 $ — $ 858,539 Notes payable 1,716,149 7,889 25,110 — 1,749,148 1,854,004 437,569 316,114 — 2,607,687 Financial services — — 2,043 — 2,043 Intercompany payables 71,346 3,507,195 248,424 (3,826,965 ) — Stockholders’ equity 2,443,104 40,042 122,063 (162,105 ) 2,443,104 Total liabilities and stockholders’ equity $ 4,368,454 $ 3,984,806 $ 688,644 $ (3,989,070 ) $ 5,052,834 November 30, 2019 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets Homebuilding: Cash and cash equivalents $ 357,966 $ 65,434 $ 30,414 $ — $ 453,814 Receivables 1,934 181,047 66,074 — 249,055 Inventories — 3,400,307 304,295 — 3,704,602 Investments in unconsolidated joint ventures — 57,038 — — 57,038 Property and equipment, net 24,250 37,539 3,254 — 65,043 Deferred tax assets, net 96,301 237,877 30,315 — 364,493 Other assets 78,686 2,666 1,689 — 83,041 559,137 3,981,908 436,041 — 4,977,086 Financial services — — 38,396 — 38,396 Intercompany receivables 3,624,081 — 186,022 (3,810,103 ) — Investments in subsidiaries 115,753 — — (115,753 ) — Total assets $ 4,298,971 $ 3,981,908 $ 660,459 $ (3,925,856 ) $ 5,015,482 Liabilities and stockholders’ equity Homebuilding: Accounts payable, accrued expenses and other liabilities $ 139,137 $ 453,929 $ 288,489 $ — $ 881,555 Notes payable 1,715,748 7,889 25,110 — 1,748,747 1,854,885 461,818 313,599 — 2,630,302 Financial services — — 2,058 — 2,058 Intercompany payables 60,964 3,520,090 229,049 (3,810,103 ) — Stockholders’ equity 2,383,122 — 115,753 (115,753 ) 2,383,122 Total liabilities and stockholders’ equity $ 4,298,971 $ 3,981,908 $ 660,459 $ (3,925,856 ) $ 5,015,482
Condensed Consolidated Statements of Cash Flows	Condensed Consolidating Statements of Cash Flows (in thousands) Three Months Ended February 29, 2020 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net cash provided by (used in) operating activities $ (21,949 ) $ 31,705 $ (19,622 ) $ — $ (9,866 ) Cash flows from investing activities: Contributions to unconsolidated joint ventures — (1,668 ) — — (1,668 ) Return of investments in unconsolidated joint ventures — 500 — — 500 Purchases of property and equipment, net (1,048 ) (4,432 ) (1,191 ) — (6,671 ) Intercompany (18,760 ) — — 18,760 — Net cash used in investing activities (19,808 ) (5,600 ) (1,191 ) 18,760 (7,839 ) Cash flows from financing activities: Issuance of common stock under employee stock plans 8,226 — — — 8,226 Tax payments associated with stock-based compensation awards (6,219 ) — — — (6,219 ) Payments of cash dividends (8,233 ) — — — (8,233 ) Intercompany — 1,314 17,446 (18,760 ) — Net cash provided by (used in) financing activities (6,226 ) 1,314 17,446 (18,760 ) (6,226 ) Net increase (decrease) in cash and cash equivalents (47,983 ) 27,419 (3,367 ) — (23,931 ) Cash and cash equivalents at beginning of period 357,966 65,434 31,458 — 454,858 Cash and cash equivalents at end of period $ 309,983 $ 92,853 $ 28,091 $ — $ 430,927 Three Months Ended February 28, 2019 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net cash provided by (used in) operating activities $ 13,062 $ (337,286 ) $ 126,014 $ — $ (198,210 ) Cash flows from investing activities: Contributions to unconsolidated joint ventures — (2,527 ) — — (2,527 ) 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 (2,068 ) (2,032 ) (5,925 ) — (10,025 ) Intercompany (190,765 ) — — 190,765 — Net cash provided by (used in) investing activities (192,833 ) 6,246 (5,925 ) 190,765 (1,747 ) 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 (230,000 ) — — — (230,000 ) Borrowings under revolving credit facility 140,000 — — — 140,000 Repayments under revolving credit facility (140,000 ) — — — (140,000 ) 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 832 — — — 832 Tax payments associated with stock-based compensation awards (3,342 ) — — — (3,342 ) Payments of cash dividends (2,266 ) — — — (2,266 ) Intercompany — 325,137 (134,372 ) (190,765 ) — Net cash provided by (used in) financing activities 165,265 297,117 (134,372 ) (190,765 ) 137,245 Net decrease in cash and cash equivalents (14,506 ) (33,923 ) (14,283 ) — (62,712 ) Cash and cash equivalents at beginning of period 429,977 114,269 30,873 — 575,119 Cash and cash equivalents at end of period $ 415,471 $ 80,346 $ 16,590 $ — $ 512,407

Leases (Tables)

Leases (Tables)	3 Months Ended
	Feb. 29, 2020
Leases [Abstract]
Operating Lease, Lease Income [Table Text Block]	The following table presents our lease right-of-use assets and lease liabilities as of February 29, 2020 and other information about our leases for the three months ended February 29, 2020 (dollars in thousands): Lease right-of-use assets (a) $ 32,388 Lease liabilities (b) 33,918 Lease right-of-use assets obtained in exchange for new lease liabilities 3,640 Non-cash operating lease expense — Cash payments on lease liabilities 2,743 Weighted-average remaining lease term 5.0 years Weighted-average discount rate (incremental borrowing rate) 5.1 %
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	As of February 29, 2020 , the future minimum lease payments required under our leases are as follows (in thousands): Years Ending November 30, 2020 $ 7,826 2021 8,342 2022 7,058 2023 5,234 2024 4,289 Thereafter 5,875 Total lease payments 38,624 Less: Interest (4,706 ) Present value of lease liabilities $ 33,918

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Narratives) (Details) - USD ($) $ in Thousands	Dec. 01, 2019	Feb. 29, 2020	Feb. 28, 2019	Nov. 30, 2019
Cash equivalents		$ 244,500		$ 302,500
Other comprehensive income (loss)		59,700	$ 30,000
Retained earnings		2,211,851		2,157,183
Financial Service [Member]
Contract assets		$ 21,100		$ 20,600
Accounting Standards Update 2016-02 [Member]
Cumulative Effect on Retained Earnings, Net of Tax	$ 1,500
Accounting Standards Update 2018-02 [Member]
Cumulative Effect on Retained Earnings, Net of Tax	$ 1,600

Basis of Presentation and Sig_4

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	Dec. 01, 2019	Feb. 29, 2020	Nov. 30, 2019	Feb. 28, 2019
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Inventories		$ 3,728,616	$ 3,704,602
Property and equipment, net		64,453	65,043
Total assets		5,052,834	5,015,482
Retained earnings		2,211,851	2,157,183
Accounting Standards Update 2018-02 [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Cumulative Effect on Retained Earnings, Net of Tax	$ 1,600
Accounting Standards Update 2014-09 [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Inventories		0		$ (35,288)
Property and equipment, net		0		$ 31,194
Home Building [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Inventories		3,728,616	3,704,602
Deferred tax assets, net		312,166	364,493
Property and equipment, net		64,453	65,043
Total assets		5,019,022	4,977,086
Financial Service [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total assets		33,812	38,396
Contract assets		$ 21,100	$ 20,600

Basis of Presentation and Sig_5

Basis of Presentation and Significant Accounting Policies (Impacts of Adopting ASC 606) (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 01, 2019	Feb. 29, 2020	Feb. 28, 2019	Nov. 30, 2019
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Lease right-of-use assets		$ 32,388
Total revenues		1,075,935	$ 811,483
Total pretax income		68,848	34,511
Income tax expense		(9,100)	(4,500)
Net income		$ 59,748	$ 30,011
Diluted earnings per share (in dollars per share)		$ 0.63	$ 0.31
Assets
Inventories		$ 3,728,616		$ 3,704,602
Property and equipment, net		64,453		65,043
Total assets		5,052,834		5,015,482
Stockholders’ equity:
Retained earnings		2,211,851		2,157,183
Financial Service [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Lease right-of-use assets		400
Contract assets		21,100		20,600
Total revenues		3,553	$ 2,695
Selling, general and administrative expenses		(962)	(1,024)
Operating income		2,591	1,671
Total pretax income		5,813	2,473
Assets
Total assets		33,812		38,396
Home Building [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Lease right-of-use assets		32,036		0
Total revenues		1,072,382	808,788
Construction and land costs		(886,053)	(670,855)
Selling, general and administrative expenses		(126,134)	(106,594)
Operating income		60,195	31,339
Total pretax income		63,035	32,038
Assets
Inventories		3,728,616		3,704,602
Deferred tax assets, net		312,166		364,493
Property and equipment, net		64,453		65,043
Total assets		5,019,022		$ 4,977,086
Accounting Standards Update 2016-02 [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Lease right-of-use assets	$ 31,199		0
Cumulative Effect on Retained Earnings, Net of Tax	$ 1,500
Accounting Standards Update 2014-09 [Member]
Assets
Inventories		0	(35,288)
Property and equipment, net		$ 0	$ 31,194

Segment Information (Narratives

Segment Information (Narratives) (Details)	3 Months Ended
	Feb. 29, 2020segment
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
		Feb. 29, 2020	Feb. 28, 2019	Nov. 30, 2019
Segment Reporting Information [Line Items]
Inventory impairments and land option contract abandonments		$ 5,672	$ 3,555
Revenues:
Total revenues		1,075,935	811,483
Pretax income (loss):
Pretax income (loss)		68,848	34,511
Inventories: Homes under Construction		1,306,344		$ 1,340,412
Inventories: Land under development		2,271,073		2,213,713
Inventories: Land held for future development or sale	[1]	151,199		150,477
Inventories		3,728,616		3,704,602
Assets
Total assets		5,052,834		5,015,482
Land Option Contract Abandonment [Member]
Pretax income (loss):
Land option contract abandonment charges		600	400
Home Building [Member]
Segment Reporting Information [Line Items]
Inventory impairments and land option contract abandonments		5,672	3,555
Revenues:
Total revenues		1,072,382	808,788
Pretax income (loss):
Pretax income (loss)		63,035	32,038
Inventories		3,728,616		3,704,602
Assets
Total assets		5,019,022		4,977,086
Home Building [Member] | West Coast [Member]
Segment Reporting Information [Line Items]
Inventory impairments and land option contract abandonments		4,392	3,251
Revenues:
Total revenues		484,497	305,810
Pretax income (loss):
Pretax income (loss)		34,029	17,916
Assets
Total assets		1,936,066		1,925,192
Home Building [Member] | Southwest [Member]
Segment Reporting Information [Line Items]
Inventory impairments and land option contract abandonments		171	59
Revenues:
Total revenues		191,318	157,656
Pretax income (loss):
Pretax income (loss)		32,112	22,072
Assets
Total assets		732,656		674,310
Home Building [Member] | Central [Member]
Segment Reporting Information [Line Items]
Inventory impairments and land option contract abandonments		984	245
Revenues:
Total revenues		283,513	241,592
Pretax income (loss):
Pretax income (loss)		22,678	18,583
Assets
Total assets		1,045,352		1,035,563
Home Building [Member] | Southeast [Member]
Segment Reporting Information [Line Items]
Inventory impairments and land option contract abandonments		125	0
Revenues:
Total revenues		113,054	103,730
Pretax income (loss):
Pretax income (loss)		2,630	(545)
Assets
Total assets		438,274		441,451
Home Building [Member] | Corporate and Other [Member]
Pretax income (loss):
Pretax income (loss)		(28,414)	$ (25,988)
Assets
Total assets		$ 866,674		$ 900,570
[1]	Land held for sale totaled $21.3 million at February 29, 2020 and $19.3 million at November 30, 2019

Financial Services (Schedule of

Financial Services (Schedule of Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Revenues
Revenue from Contract with Customer, Excluding Assessed Tax	$ 1,075,935	$ 811,483
Expenses
Equity in income of unconsolidated joint ventures	5,127	396
Pretax income	68,848	34,511
Financial Service [Member]
Revenues
Insurance commissions	1,953	1,472
Title services	1,600	1,217
Interest income	0	6
Revenue from Contract with Customer, Excluding Assessed Tax	3,553	2,695
Selling, General and Administrative Expense	962	1,024
Expenses
Operating income	2,591	1,671
Equity in income of unconsolidated joint ventures	3,222	802
Pretax income	$ 5,813	$ 2,473

Financial Services (Schedule _2

Financial Services (Schedule of Assets and Liabilities) (Details) - USD ($) $ in Thousands		Feb. 29, 2020	Nov. 30, 2019	Feb. 28, 2019	Nov. 30, 2018
Assets
Cash and cash equivalents		$ 430,927	$ 454,858	$ 512,407	$ 575,119
Receivables		297,215	249,055
Other assets		129,719	83,041
Total assets		5,052,834	5,015,482
Financial Service [Member]
Assets
Cash and cash equivalents		1,221	1,044	$ 717
Receivables		1,589	2,232
Investments in unconsolidated joint ventures		9,446	14,374
Other assets	[1]	21,556	20,746
Total assets		33,812	38,396
Liabilities
Accounts payable and accrued expenses		2,043	2,058
Total liabilities		2,043	2,058
Contract assets		$ 21,100	$ 20,600
[1]	Other assets at February 29, 2020 and November 30, 2019 included $21.1 million and $20.6 million , respectively, of contract assets for estimated future renewal commissions related to then-existing insurance 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
	Feb. 29, 2020	Feb. 28, 2019	Nov. 30, 2019	Feb. 01, 2019
Numerator:
Net income	$ 59,748	$ 30,011
Less: Distributed earnings allocated to nonvested restricted stock	(44)	(14)
Less: Undistributed earnings allocated to nonvested restricted stock	(281)	(176)
Numerator for basic earnings per share	59,423	29,821
Interest expense and amortization of debt issuance costs associated with convertible senior notes, net of taxes	0	541
Add: Undistributed earnings allocated to nonvested restricted stock	281	176
Less: Undistributed earnings reallocated to nonvested restricted stock	(268)	(158)
Numerator for diluted earnings per share	$ 59,436	$ 30,380
Denominator:
Weighted average shares outstanding — basic (in shares)	89,842	86,972
Effect of dilutive securities: Share-based payments (in shares)	4,363	4,202
Effect of dilutive securities: Convertible senior notes (in shares)	0	5,788
Weighted average shares outstanding — diluted (in shares)	94,205	96,962
Basic earnings (loss) per share (in dollars per share)	$ 0.66	$ 0.34
Diluted earnings (loss) per share (in dollars per share)	$ 0.63	$ 0.31
Antidilutive securities excluded from computation of earnings per share (in shares)	0	800
Mortgages and notes payable	$ 1,749,148		$ 1,748,747
1.375% Convertible senior notes due February 1, 2019 [Member] | Convertible Notes Payable [Member]
Mortgages and notes payable				$ 230,000
Senior notes, rate				1.375%

Receivables (Details)

Receivables (Details) - USD ($) $ in Thousands	Feb. 29, 2020	Nov. 30, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Due from utility companies, improvement districts and municipalities	$ 129,234	$ 128,047
Refundable deposits and bonds	11,494	10,925
Income Taxes Receivable, Current	44,304	0
Other	43,317	37,846
Subtotal	305,566	257,547
Allowance for doubtful accounts	(8,351)	(8,492)
Total	297,215	249,055
Self Insurance and Other Legal Claims [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recoveries related to self-insurance and other legal claims	$ 77,217	$ 80,729

Inventories (Schedule of Invent

Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands		Feb. 29, 2020	Nov. 30, 2019
Inventories
Homes completed or under construction		$ 1,306,344	$ 1,340,412
Land under development		2,271,073	2,213,713
Land held for future development	[1]	151,199	150,477
Total		3,728,616	3,704,602
Inventory, Land Held-for-sale		$ 21,300	$ 19,300
[1]	Land held for sale totaled $21.3 million at February 29, 2020 and $19.3 million at November 30, 2019

Inventories (Schedule of Capita

Inventories (Schedule of Capitalized Interest Costs) (Details) - USD ($) $ in Thousands		3 Months Ended
		Feb. 29, 2020	Feb. 28, 2019
Interest Costs
Capitalized interest at beginning of period		$ 195,738	$ 209,129
Interest incurred		30,962	34,788
Interest amortized to construction and land costs	[1]	(34,575)	(30,547)
Capitalized interest at end of period	[2]	192,125	213,370
Land [Member]
Interest Costs
Interest amortized to construction and land costs		$ 0	$ (600)
[1]	(a) Interest amortized to construction and land costs for the three months ended February 28, 2019 included $.6 million related to land sales during the period. There was no such interest amortized for the three months ended February 29, 2020
[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
		Feb. 29, 2020USD ($)propertylotdeliveryRate	Feb. 28, 2019USD ($)propertydeliveryRate	Nov. 30, 2019USD ($)property
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Number of land parcels or communities evaluated for recoverability | property		13	18
Carrying value of communities or land parcels evaluated for impairment		$ 116,300,000	$ 96,200,000
Inventory impairment charges		5,100,000	3,200,000
Aggregate carrying value of inventory impacted by pretax, noncash inventory impairment charges		$ 106,500,000		$ 115,600,000
Number of communities and various other land parcels impacted by pretax, noncash inventory impairment charges		18		19
Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Average selling price	[1]	$ 302,700	$ 1,045,400
Deliveries per month | delivery	[1]	1	1
Minimum [Member] | Measurement Input, Discount Rate [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Discount Rate, Percent | Rate	[1]	17.00%	17.00%
Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Average selling price	[1]	$ 915,500	$ 1,045,400
Deliveries per month | delivery	[1]	4	1
Maximum [Member] | Measurement Input, Discount Rate [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Discount Rate, Percent | Rate	[1]	18.00%	17.00%
Land Option Contract Abandonment [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Land option contract abandonment charges		$ 600,000	$ 400,000
[1]	The ranges of inputs used in each period primarily reflect differences between the housing markets where each impacted community is located, rather than fluctuations in prevailing market conditions.

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands	Feb. 29, 2020USD ($)joint_venture	Nov. 30, 2019USD ($)joint_venture
Variable Interest Entity [Line Items]
Number of investments in unconsolidated joint ventures | joint_venture	5	5,000
Cash Deposits	$ 75,606	$ 75,186
Aggregate Purchase Price	1,392,865	1,423,519
Pre-acquisition costs related to land option contracts and other similar contracts	32,000	32,800
Increase in inventories and accrued expenses and other liabilities	$ 20,900	$ 12,200
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	$ 34,070	$ 34,595
Aggregate Purchase Price	793,439	823,427
Other land option contracts and other similar contracts [Member]
Variable Interest Entity [Line Items]
Cash Deposits	41,536	40,591
Aggregate Purchase Price	$ 599,426	$ 600,092

Investments in Unconsolidated_3

Investments in Unconsolidated Joint Ventures (Financial Information for Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands		3 Months Ended
		Feb. 29, 2020	Feb. 28, 2019	Nov. 30, 2019
Statements of operations of unconsolidated joint venture
Revenues		$ 27,547	$ 12,192
Construction and land costs		(21,543)	(12,220)
Other expense, net		(2,107)	(628)
Income (loss)		3,897	$ (656)
Assets
Cash		38,454		$ 23,965
Inventories		126,240		139,536
Other assets		730		792
Total assets		165,424		164,293
Liabilities and equity
Accounts payable and other liabilities		13,352		13,282
Notes payable	[1]	39,463		40,672
Equity Method Investment Summarized Financial Information, Equity		112,609		110,339
Total liabilities and equity		$ 165,424		$ 164,293
[1]	As of both February 29, 2020 and November 30, 2019 , we had investments in five unconsolidated joint ventures, one of which had a construction loan agreement with a third-party lender to finance its land development activities. The outstanding debt is secured by the underlying property and related project assets and is non-recourse to us. All of the outstanding secured debt at February 29, 2020 is scheduled to mature in February 2021. However, the loan agreement provides for a one-year extension beyond this date. None of our other unconsolidated joint ventures had outstanding debt at February 29, 2020 or November 30, 2019 .

Investments in Unconsolidated_4

Investments in Unconsolidated Joint Ventures (Information for Investments in Unconsolidated Joint Ventures) (Details) - joint_venture	Feb. 29, 2020	Nov. 30, 2019
Schedule of Equity Method Investments [Line Items]
Number of investments in unconsolidated joint ventures	5	5,000
Investments in Unconsolidated Joint Ventures with Debt [Member]
Schedule of Equity Method Investments [Line Items]
Number of investments in unconsolidated joint ventures	1	1

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2020	Feb. 28, 2019	Nov. 30, 2019
Property, Plant and Equipment [Abstract]
Computer software and equipment	$ 28,114		$ 27,091
Model furnishings and sales office improvements	84,624		82,117
Leasehold improvements, office furniture and equipment	16,686		16,173
Subtotal	129,424		125,381
Less accumulated depreciation	(64,971)		(60,338)
Total	64,453		$ 65,043
Proceeds from sale of building	$ 0	$ 5,804

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Feb. 29, 2020	Dec. 01, 2019	Nov. 30, 2019	Feb. 28, 2019
Cash surrender value and benefit receivable from corporate-owned life insurance contracts	$ 74,010		$ 73,849
Lease right-of-use assets	32,388
Prepaid expenses	20,637		5,944
Debt issuance costs associated with unsecured revolving credit facility, net	3,036		3,248
Total	129,719		83,041
Accounting Standards Update 2016-02 [Member]
Lease right-of-use assets		$ 31,199		$ 0
Home Building [Member]
Lease right-of-use assets	32,036		0
Total	$ 129,719		$ 83,041

Accrued Expenses and Other Li_3

Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands		Feb. 29, 2020	Nov. 30, 2019	Feb. 28, 2019	Nov. 30, 2018
Self-insurance and other legal liabilities		$ 231,299	$ 229,483
Employee compensation and related benefits		114,379	163,646
Warranty liability		90,213	88,839	$ 84,191	$ 82,490
Accrued interest payable		36,435	32,507
Operating Lease, Liability		33,918	0
Customer deposits		32,888	22,382
Inventory-related liabilities	[1]	34,130	26,264
Real estate and business taxes		11,870	14,872
Other		36,806	40,790
Total		621,558	618,783
Home Building [Member]
Operating Lease, Liability		33,538
Total		$ 621,558	$ 618,783
[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
	Feb. 29, 2020	Feb. 28, 2019	Nov. 30, 2019
Income Tax Expense (Benefit), Continuing Operations [Abstract]
Income tax expense	$ 9,100,000	$ 4,500,000
Effective tax rate	13.20%	13.00%
Net (increase) reduction in valuation allowance		$ 3,300,000
Excess tax benefits related to stock-based compensation	$ (5,600,000)	(2,000,000)
Tax credits	(4,000,000)	800,000
Deferred tax assets	331,400,000		$ 383,700,000
Valuation allowance	19,200,000		19,200,000
Deferred Tax Assets, Tax Credit Carryforwards	43,322,000	$ 0
Adjustments to deferred tax valuation allowance	0
Gross unrecognized tax benefits (including interest and penalties)	$ 0		$ 0

Notes Payable (Schedule Notes P

Notes Payable (Schedule Notes Payable) (Details) - USD ($) $ in Thousands	Feb. 29, 2020	Nov. 30, 2019	Feb. 01, 2019
Debt Instrument [Line Items]
Mortgages and notes payable	$ 1,749,148	$ 1,748,747
Mortgages and land contracts due to land sellers and other loans
Debt Instrument [Line Items]
Mortgages and notes payable	$ 7,889	7,889
Senior Notes [Member] | 4.75% Senior notes due May 15, 2019 [Member]
Debt Instrument [Line Items]
Senior notes, rate	4.80%
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	$ 448,375	448,164
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	$ 348,408	348,267
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	$ 351,633	351,748
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	$ 296,471	296,379
Senior Notes [Member] | Senior Notes Due Two Thousand Twenty Nine At Four Point Eight Percent [Domain] [Domain]
Debt Instrument [Line Items]
Mortgages and notes payable	$ 296,372	$ 296,300
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			$ 230,000

Notes Payable (Narratives) (Det

Notes Payable (Narratives) (Details) - USD ($)	3 Months Ended
	Feb. 29, 2020	Feb. 28, 2019	Nov. 30, 2019	Feb. 01, 2019
Debt Instrument [Line Items]
Unamortized debt issuance costs, premiums and discounts	$ 8,700,000		$ 9,100,000
Letters of credit outstanding	45,800,000		34,700,000
Inventories pledged to collateralize mortgages and land contracts, carrying value	30,800,000
Repayment of senior notes	0	$ 230,000,000
Proceeds from issuance of debt	0	$ 405,250,000
Repayments of principal, 2019	7,900,000
Repayments of principal, 2020	0
Repayments of principal, 2021	800,000,000
Repayments of principal, 2022	350,000,000
Repayments of principal, 2023	0
Repayments of principal, thereafter	$ 600,000,000
1.375% Convertible senior notes due February 1, 2019 [Member] | Convertible Notes Payable [Member]
Debt Instrument [Line Items]
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%
7.625% Senior notes due May 15, 2023 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Senior notes, rate	7.625%
4.75% Senior notes due May 15, 2019 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Senior notes, rate	4.80%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Unsecured revolving credit facility, borrowing capacity	$ 800,000,000
Unsecured revolving credit facility, expiration date	Oct. 7, 2023
Unsecured revolving credit facility, maximum borrowing capacity	$ 1,000,000,000
Credit facility, letters of credit outstanding	0
Unsecured revolving credit facility, remaining borrowing capacity	$ 787,600,000
Revolving Credit Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.20%
Revolving Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.35%
Letter of Credit [Member]
Debt Instrument [Line Items]
Unsecured revolving credit facility, maximum borrowing capacity	$ 250,000,000
Credit facility, letters of credit outstanding	12,400,000
Unsecured revolving credit facility, remaining borrowing capacity	237,600,000
LOC Facilities [Member]
Debt Instrument [Line Items]
Unsecured revolving credit facility, borrowing capacity	50,000,000
Letters of credit outstanding	$ 33,400,000		$ 15,800,000

Fair Value Disclosures (Assets

Fair Value Disclosures (Assets Measured at Fair Value on Nonrecurring Basis) (Details) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
		Feb. 29, 2020	Feb. 28, 2019	Nov. 30, 2019
Assets measured at fair value on a nonrecurring basis
Inventory Impairment Charges		$ (5,100)	$ (3,200)
Fair Value, Nonrecurring [Member] | Level 3
Assets measured at fair value on a nonrecurring basis
Pre-Impairment Value		14,394		$ 41,160
Inventory Impairment Charges		(5,105)		(14,031)
Fair Value	[1]	$ 9,289		$ 27,129
[1]	Amounts represent the aggregate fair value for real estate assets impacted by inventory impairment charges during the applicable period as of the date that 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 - Senior Notes [Member] - USD ($) $ in Thousands		Feb. 29, 2020	Nov. 30, 2019
Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	[1]	$ 1,741,259	$ 1,740,858
Estimate of Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes		$ 1,936,250	$ 1,921,563
[1]	The carrying values for the senior notes 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)	3 Months Ended
	Feb. 29, 2020USD ($)claim_filedHome	Nov. 30, 2019USD ($)
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	$ 817,500,000	$ 793,900,000
Letters of credit outstanding	$ 45,800,000	34,700,000
Warranty for other components of a home (in years)	1 year
Cash deposits	$ 75,606,000	75,186,000
Aggregate purchase price of land	$ 1,392,865,000	1,423,519,000
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	$ 50,800,000	$ 50,600,000
Northern California Townhome Community [Member]
Loss Contingencies [Line Items]
Loss Contingency Accrual	$ 25,000,000
Chapter 558 of the Florida Statutes [Member]
Loss Contingencies [Line Items]
Outstanding noticed claims | claim_filed	480
Maximum [Member] | Northern California Townhome Community [Member]
Loss Contingencies [Line Items]
Product Liability Contingency, Loss Exposure in Excess of Accrual, Best Estimate	$ 8,000,000
Minimum [Member] | Northern California Townhome Community [Member]
Loss Contingencies [Line Items]
Product Liability Contingency, Loss Exposure in Excess of Accrual, Best Estimate	$ 0

Commitments and Contingencies_3

Commitments and Contingencies (Changes in the Warranty and Self-Insurance Liability) (Details) - USD ($) $ in Thousands		3 Months Ended
		Feb. 29, 2020	Feb. 28, 2019
Changes in the Warranty Liability
Balance at beginning of period		$ 88,839	$ 82,490
Warranties issued		8,363	6,294
Payments		(6,989)	(4,593)
Balance at end of period		90,213	84,191
Movement In Self Insurance Reserve [Roll Forward]
Balance at beginning of period		177,765	176,841
Self-insurance expense	[1]	4,634	3,747
Payments	[2]	(918)	(2,726)
Balance at end of period		$ 181,481	$ 177,862
[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	Dec. 01, 2019	Feb. 29, 2020	Feb. 28, 2019	Dec. 01, 2018
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 2,383,122	$ 2,383,122	$ 2,087,500
Cumulative effect of adoption of ASC 842		1,510		$ 11,610
Net income		59,748	30,011
Dividends on common stock		$ (8,233)	(2,266)
Employee stock options/other (in shares)		(698,372)
Employee stock options/other		$ 8,226	832
Stock awards		0	0
Stock-based compensation		4,950	4,152
Tax payments associated with stock-based compensation awards		(6,219)	(3,342)
Ending balance		$ 2,443,104	$ 2,128,497
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	(121,593,000)	(121,593,000)	(119,196,000)
Beginning balance	$ 121,593	$ 121,593	$ 119,196
Employee stock options/other (in shares)		(698,000)	(62,000)
Employee stock options/other		$ 698	$ 62
Ending balance (in shares)		(122,291,000)	(119,258,000)
Ending balance		$ 122,291	$ 119,258
Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	793,954	793,954	753,570
Employee stock options/other		7,528	770
Stock awards		(3,012)	(3,151)
Stock-based compensation		4,950	4,152
Ending balance		803,420	755,341
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	2,157,183	2,157,183	1,897,168
Cumulative effect of adoption of ASC 842				$ 11,610
Net income		59,748	30,011
Dividends on common stock		(8,233)	(2,266)
Ending balance		2,211,851	1,936,523
Accumulated Other Comprehensive Income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ (15,506)	(15,506)	(9,565)
Ending balance		$ (17,149)	$ (9,565)
Grantor Stock Ownership Trust
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	(7,631,000)	(7,631,000)	(8,157,000)
Beginning balance	$ (82,758)	$ (82,758)	$ (88,472)
Stock awards (in shares)		(314,000)	(297,000)
Stock awards		$ 3,399	$ 3,226
Ending balance (in shares)		(7,317,000)	(7,860,000)
Ending balance		$ (79,359)	$ (85,246)
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	(24,356,000)	(24,356,000)	(24,113,000)
Beginning balance	$ (591,344)	$ (591,344)	$ (584,397)
Stock awards (in shares)		(15,000)	(4,000)
Stock awards		$ (387)	$ (75)
Tax payments associated with stock-based compensation awards (in shares)		(155,000)	(147,000)
Tax payments associated with stock-based compensation awards		$ (6,219)	$ (3,342)
Ending balance (in shares)		(24,526,000)	(24,264,000)
Ending balance		$ (597,950)	$ (587,814)
Accounting Standards Update 2016-02 [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative Effect on Retained Earnings, Net of Tax	1,500
Accounting Standards Update 2016-02 [Member] | Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of adoption of ASC 842	1,510
Accounting Standards Update 2018-02 [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative Effect on Retained Earnings, Net of Tax	1,600
Accounting Standards Update 2018-02 [Member] | Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative Effect on Retained Earnings, Net of Tax	1,643
Accounting Standards Update 2018-02 [Member] | Accumulated Other Comprehensive Income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative Effect on Retained Earnings, Net of Tax	$ (1,643)

Stockholders' Equity (Narrative

Stockholders' Equity (Narratives) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Feb. 29, 2020	Feb. 28, 2019	Feb. 20, 2020	Feb. 01, 2019	Jul. 17, 2014
Debt Instrument [Line Items]
Cash dividends declared per common share (in dollars per share)	$ 0.090	$ 0.025
Payment, Tax Withholding, Share-based Payment Arrangement	$ 6,219	$ 3,342
Dividend paid in each quarter (in dollars per share)	$ 0.090	$ 0.025
January 2016 Stock Repurchase Program [Member]
Debt Instrument [Line Items]
Number of common stock, authorized, approved under a board approved stock repurchase program (in shares)	2,193,947
Shares Withheld to Pay Taxes [Member]
Debt Instrument [Line Items]
Common stock repurchased (in shares)	155,307
Payment, Tax Withholding, Share-based Payment Arrangement	$ 6,200
PSU 2014 [Domain] | Performance Shares [Member]
Debt Instrument [Line Items]
Common Stock, Shares, Issued (in shares)			313,246
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
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)	3 Months Ended
	Feb. 29, 2020$ / sharesshares
Options
Options outstanding at beginning of period, options (in shares) | shares	4,163,481
Granted, options (in shares) | shares	0
Exercised, options (in shares) | shares	(698,372)
Cancelled, options (in shares) | shares	(6,000)
Options outstanding at end of period, options (in shares) | shares	3,459,109
Options exercisable at end of period (in shares) | shares	3,459,109
Weighted Average Exercise Price in dollars per share
Options outstanding at beginning of period, weighted average exercise price (in dollars per share) | $ / shares	$ 13
Granted, weighted average exercise price (in dollars per share) | $ / shares	0
Exercised, weighted average exercise price (in dollars per share) | $ / shares	11.78
Cancelled, weighted average exercise price (in dollars per share) | $ / shares	45.16
Options outstanding at end of period, weighted average exercise price (in dollars per share) | $ / shares	13.20
Options exercisable at end of period (in dollars per share) | $ / shares	$ 13.20

Stock-Based Compensation (Narra

Stock-Based Compensation (Narratives) (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining contractual life of stock options outstanding	4 years 4 months 24 days
Weighted average remaining contractual life of stock options exercisable	4 years 5 months 1 day
Aggregate intrinsic value of stock options outstanding	$ 67,100
Aggregate intrinsic value of stock options exercisable	67,100
Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	0
Stock-based compensation expense (income) associated with stock options, total	0
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	$ 5,000	$ 4,100

Supplemental Disclosure to Co_3

Supplemental Disclosure to Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2020	Feb. 28, 2019	Dec. 01, 2019	Nov. 30, 2019	Nov. 30, 2018
Segment Reporting Information [Line Items]
Operating Lease, Liability	$ 33,918			$ 0
Summary of cash and cash equivalents at end of period:
Cash and cash equivalents	430,927	$ 512,407		454,858	$ 575,119
Supplemental disclosures of cash flow information:
Interest paid, net of amounts capitalized	(3,928)	(15,318)
Income taxes paid	139	113
Deferred Tax Assets, Tax Credit Carryforwards	43,322	0
Lease right-of-use assets	32,388
Supplemental disclosures of non-cash activities:
Decrease in inventories due to adoption of ASC 606	3,728,616			3,704,602
Increase in property and equipment, net due to adoption of ASC 606	64,453			65,043
Increase (decrease) in consolidated inventories not owned	8,781	(16,262)
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	2,964	1,946
Accounting Standards Update 2016-02 [Member]
Supplemental disclosures of cash flow information:
Lease right-of-use assets		0	$ 31,199
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]
Segment Reporting Information [Line Items]
Operating Lease, Liability	33,538
Summary of cash and cash equivalents at end of period:
Cash and cash equivalents	429,706	511,690		453,814
Supplemental disclosures of cash flow information:
Lease right-of-use assets	32,036			0
Supplemental disclosures of non-cash activities:
Decrease in inventories due to adoption of ASC 606	3,728,616			3,704,602
Increase in property and equipment, net due to adoption of ASC 606	64,453			65,043
Financial Service [Member]
Segment Reporting Information [Line Items]
Operating Lease, Liability	400
Summary of cash and cash equivalents at end of period:
Cash and cash equivalents	1,221	$ 717		$ 1,044
Supplemental disclosures of cash flow information:
Lease right-of-use assets	$ 400

Supplemental Guarantor Inform_3

Supplemental Guarantor Information (Narrative) (Details)	3 Months Ended
	Feb. 29, 2020
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
	Feb. 29, 2020	Feb. 28, 2019
Condensed Consolidated Statements of Operations
Total revenues	$ 1,075,935	$ 811,483
Homebuilding:
Equity in income of unconsolidated joint ventures	5,127	396
Total pretax income (loss)	68,848	34,511
Income tax expense	(9,100)	(4,500)
Equity in net income of subsidiaries	0	0
Net income	59,748	30,011
Reportable Legal Entities [Member] | KB Home Corporate [Member]
Condensed Consolidated Statements of Operations
Total revenues	0	0
Homebuilding:
Total pretax income (loss)	24,259	20,409
Income tax expense	(3,100)	(700)
Equity in net income of subsidiaries	38,589	10,302
Net income	59,748	30,011
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Condensed Consolidated Statements of Operations
Total revenues	992,545	744,453
Homebuilding:
Total pretax income (loss)	40,044	15,407
Income tax expense	(5,100)	(3,400)
Equity in net income of subsidiaries	0	0
Net income	34,944	12,007
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]
Condensed Consolidated Statements of Operations
Total revenues	83,390	67,030
Homebuilding:
Total pretax income (loss)	4,545	(1,305)
Income tax expense	(900)	(400)
Equity in net income of subsidiaries	0	0
Net income	3,645	(1,705)
Consolidating Adjustments [Member]
Condensed Consolidated Statements of Operations
Total revenues	0	0
Homebuilding:
Total pretax income (loss)	0	0
Income tax expense	0	0
Equity in net income of subsidiaries	(38,589)	(10,302)
Net income	(38,589)	(10,302)
Home Building [Member]
Condensed Consolidated Statements of Operations
Total revenues	1,072,382	808,788
Homebuilding:
Construction and land costs	(886,053)	(670,855)
Selling, general and administrative expenses	(126,134)	(106,594)
Operating income	60,195	31,339
Interest income	935	1,105
Interest expense	0	0
Intercompany interest	0	0
Equity in income of unconsolidated joint ventures	1,905	(406)
Total pretax income (loss)	63,035	32,038
Home Building [Member] | Reportable Legal Entities [Member] | KB Home Corporate [Member]
Condensed Consolidated Statements of Operations
Total revenues	0	0
Homebuilding:
Construction and land costs	0	0
Selling, general and administrative expenses	(27,650)	(25,382)
Operating income	(27,650)	(25,382)
Interest income	884	1,014
Interest expense	(29,555)	(33,195)
Intercompany interest	80,580	77,972
Equity in income of unconsolidated joint ventures	0	0
Total pretax income (loss)	24,259	20,409
Home Building [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Condensed Consolidated Statements of Operations
Total revenues	992,545	744,453
Homebuilding:
Construction and land costs	(815,558)	(611,041)
Selling, general and administrative expenses	(93,012)	(75,540)
Operating income	83,975	57,872
Interest income	0	0
Interest expense	0	(321)
Intercompany interest	(45,836)	(41,738)
Equity in income of unconsolidated joint ventures	1,905	(406)
Total pretax income (loss)	40,044	15,407
Home Building [Member] | Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]
Condensed Consolidated Statements of Operations
Total revenues	79,837	64,335
Homebuilding:
Construction and land costs	(70,495)	(59,814)
Selling, general and administrative expenses	(5,472)	(5,672)
Operating income	3,870	(1,151)
Interest income	51	91
Interest expense	(1,407)	(1,272)
Intercompany interest	(3,782)	(1,446)
Equity in income of unconsolidated joint ventures	0	0
Total pretax income (loss)	(1,268)	(3,778)
Home Building [Member] | Consolidating Adjustments [Member]
Condensed Consolidated Statements of Operations
Total revenues	0	0
Homebuilding:
Construction and land costs	0	0
Selling, general and administrative expenses	0	0
Operating income	0	0
Interest income	0	0
Interest expense	30,962	34,788
Intercompany interest	(30,962)	(34,788)
Equity in income of unconsolidated joint ventures	0	0
Total pretax income (loss)	0	0
Financial Service [Member]
Condensed Consolidated Statements of Operations
Total revenues	3,553	2,695
Homebuilding:
Selling, general and administrative expenses	(962)	(1,024)
Operating income	2,591	1,671
Equity in income of unconsolidated joint ventures	3,222	802
Total pretax income (loss)	5,813	2,473
Financial Service [Member] | Reportable Legal Entities [Member] | KB Home Corporate [Member]
Homebuilding:
Total pretax income (loss)	0	0
Financial Service [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Homebuilding:
Total pretax income (loss)	0	0
Financial Service [Member] | Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]
Homebuilding:
Total pretax income (loss)	5,813	2,473
Financial Service [Member] | Consolidating Adjustments [Member]
Homebuilding:
Total pretax income (loss)	$ 0	$ 0

Supplemental Guarantor Inform_5

Supplemental Guarantor Information (Condensed Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands		Feb. 29, 2020	Nov. 30, 2019	Feb. 28, 2019	Nov. 30, 2018
Assets
Cash and cash equivalents		$ 430,927	$ 454,858	$ 512,407	$ 575,119
Receivables		297,215	249,055
Inventories		3,728,616	3,704,602
Property and equipment, net		64,453	65,043
Other assets		129,719	83,041
Total assets		5,052,834	5,015,482
Liabilities and stockholders’ equity
Mortgages and notes payable		1,749,148	1,748,747
Intercompany payables		0	0
Stockholders’ equity		2,443,104	2,383,122	2,128,497	2,087,500
Total liabilities and stockholders’ equity		5,052,834	5,015,482
Reportable Legal Entities [Member] | KB Home Corporate [Member]
Assets
Cash and cash equivalents		309,983	357,966	415,471	429,977
Total assets		4,368,454	4,298,971
Liabilities and stockholders’ equity
Intercompany payables		71,346	60,964
Stockholders’ equity		2,443,104	2,383,122
Total liabilities and stockholders’ equity		4,368,454	4,298,971
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Assets
Cash and cash equivalents		92,853	65,434	80,346	114,269
Total assets		3,984,806	3,981,908
Liabilities and stockholders’ equity
Intercompany payables		3,507,195	3,520,090
Stockholders’ equity		40,042	0
Total liabilities and stockholders’ equity		3,984,806	3,981,908
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]
Assets
Cash and cash equivalents		28,091	31,458	16,590	30,873
Total assets		688,644	660,459
Liabilities and stockholders’ equity
Intercompany payables		248,424	229,049
Stockholders’ equity		122,063	115,753
Total liabilities and stockholders’ equity		688,644	660,459
Consolidating Adjustments [Member]
Assets
Cash and cash equivalents		0	0	0	$ 0
Total assets		(3,989,070)	(3,925,856)
Liabilities and stockholders’ equity
Intercompany payables		(3,826,965)	(3,810,103)
Stockholders’ equity		(162,105)	(115,753)
Total liabilities and stockholders’ equity		(3,989,070)	(3,925,856)
Home Building [Member]
Assets
Cash and cash equivalents		429,706	453,814	511,690
Receivables		297,215	249,055
Inventories		3,728,616	3,704,602
Investments in unconsolidated joint ventures		57,147	57,038
Property and equipment, net		64,453	65,043
Deferred tax assets, net		312,166	364,493
Other assets		129,719	83,041
Intercompany receivables		0	0
Investments in subsidiaries		0	0
Total assets		5,019,022	4,977,086
Liabilities and stockholders’ equity
Accounts payable and accrued expenses		858,539	881,555
Mortgages and notes payable		1,749,148	1,748,747
Total Liabilities		2,607,687	2,630,302
Home Building [Member] | Reportable Legal Entities [Member] | KB Home Corporate [Member]
Assets
Cash and cash equivalents		309,983	357,966
Receivables		44,583	1,934
Inventories		0	0
Investments in unconsolidated joint ventures		0	0
Property and equipment, net		25,185	24,250
Deferred tax assets, net		93,510	96,301
Other assets		102,826	78,686
Intercompany receivables		3,630,262	3,624,081
Investments in subsidiaries		162,105	115,753
Total assets		576,087	559,137
Liabilities and stockholders’ equity
Accounts payable and accrued expenses		137,855	139,137
Mortgages and notes payable		1,716,149	1,715,748
Total Liabilities		1,854,004	1,854,885
Home Building [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Assets
Cash and cash equivalents		92,853	65,434
Receivables		184,288	181,047
Inventories		3,391,612	3,400,307
Investments in unconsolidated joint ventures		57,147	57,038
Property and equipment, net		36,047	37,539
Deferred tax assets, net		203,661	237,877
Other assets		19,198	2,666
Intercompany receivables		0	0
Investments in subsidiaries		0	0
Total assets		3,984,806	3,981,908
Liabilities and stockholders’ equity
Accounts payable and accrued expenses		429,680	453,929
Mortgages and notes payable		7,889	7,889
Total Liabilities		437,569	461,818
Home Building [Member] | Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]
Assets
Cash and cash equivalents		26,870	30,414
Receivables		68,344	66,074
Inventories		337,004	304,295
Investments in unconsolidated joint ventures		0	0
Property and equipment, net		3,221	3,254
Deferred tax assets, net		14,995	30,315
Other assets		7,695	1,689
Intercompany receivables		196,703	186,022
Investments in subsidiaries		0	0
Total assets		458,129	436,041
Liabilities and stockholders’ equity
Accounts payable and accrued expenses		291,004	288,489
Mortgages and notes payable		25,110	25,110
Total Liabilities		316,114	313,599
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		(3,826,965)	(3,810,103)
Investments in subsidiaries		(162,105)	(115,753)
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		1,221	1,044	$ 717
Receivables		1,589	2,232
Investments in unconsolidated joint ventures		9,446	14,374
Other assets	[1]	21,556	20,746
Total assets		33,812	38,396
Liabilities and stockholders’ equity
Accounts payable and accrued expenses		2,043	2,058
Financial services		2,043	2,058
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		33,812	38,396
Liabilities and stockholders’ equity
Financial services		2,043	2,058
Financial Service [Member] | Consolidating Adjustments [Member]
Assets
Total assets		0	0
Liabilities and stockholders’ equity
Financial services		$ 0	$ 0
[1]	Other assets at February 29, 2020 and November 30, 2019 included $21.1 million and $20.6 million , respectively, of contract assets for estimated future renewal commissions related to then-existing insurance policies.

Supplemental Guarantor Inform_6

Supplemental Guarantor Information (Condensed Consolidated Statements of Cash Flows) (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$ (9,866)	$ (198,210)
Cash flows from investing activities:
Contributions to unconsolidated joint ventures	(1,668)	(2,527)
Return of investments in unconsolidated joint ventures	500	5,001
Proceeds from sale of building	0	5,804
Purchases of property and equipment, net	(6,671)	(10,025)
Intercompany	0	0
Net cash used in investing activities	(7,839)	(1,747)
Cash flows from financing activities:
Proceeds from issuance of debt	0	405,250
Issuance costs for unsecured revolving credit facility	0	(5,209)
Repayment of senior notes	0	(230,000)
Borrowings under revolving credit facility	0	140,000
Repayments under revolving credit facility	0	(140,000)
Payments on mortgages and land contracts due to land sellers and other loans	0	(28,020)
Issuance of common stock under employee stock plans	8,226	832
Payments of cash dividends	(8,233)	(2,266)
Tax payments associated with stock-based compensation awards	(6,219)	(3,342)
Intercompany	0	0
Net cash provided by (used in) financing activities	(6,226)	137,245
Net decrease in cash and cash equivalents	(23,931)	(62,712)
Cash and cash equivalents at beginning of period	454,858	575,119
Cash and cash equivalents at end of period	430,927	512,407
Guarantor Subsidiaries [Member]
Cash flows from financing activities:
Proceeds from issuance of debt		0
Issuance costs for unsecured revolving credit facility		0
Non-Guarantor Subsidiaries [Member]
Cash flows from financing activities:
Proceeds from issuance of debt		0
Issuance costs for unsecured revolving credit facility		0
Reportable Legal Entities [Member] | KB Home Corporate [Member]
Cash flows from operating activities:
Net cash provided by (used in) operating activities	(21,949)	13,062
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	(1,048)	(2,068)
Intercompany	(18,760)	(190,765)
Net cash used in investing activities	(19,808)	(192,833)
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		(230,000)
Borrowings under revolving credit facility		140,000
Repayments under revolving credit facility		(140,000)
Payments on mortgages and land contracts due to land sellers and other loans		0
Issuance of common stock under employee stock plans	8,226	832
Payments of cash dividends	(8,233)	(2,266)
Tax payments associated with stock-based compensation awards	(6,219)	(3,342)
Intercompany	0	0
Net cash provided by (used in) financing activities	(6,226)	165,265
Net decrease in cash and cash equivalents	(47,983)	(14,506)
Cash and cash equivalents at beginning of period	357,966	429,977
Cash and cash equivalents at end of period	309,983	415,471
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Cash flows from operating activities:
Net cash provided by (used in) operating activities	31,705	(337,286)
Cash flows from investing activities:
Contributions to unconsolidated joint ventures	(1,668)	(2,527)
Return of investments in unconsolidated joint ventures	500	5,001
Proceeds from sale of building		5,804
Purchases of property and equipment, net	(4,432)	(2,032)
Intercompany	0	0
Net cash used in investing activities	(5,600)	6,246
Cash flows from financing activities:
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)
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	1,314	325,137
Net cash provided by (used in) financing activities	1,314	297,117
Net decrease in cash and cash equivalents	27,419	(33,923)
Cash and cash equivalents at beginning of period	65,434	114,269
Cash and cash equivalents at end of period	92,853	80,346
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]
Cash flows from operating activities:
Net cash provided by (used in) operating activities	(19,622)	126,014
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	(1,191)	(5,925)
Intercompany	0	0
Net cash used in investing activities	(1,191)	(5,925)
Cash flows from financing activities:
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
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	17,446	(134,372)
Net cash provided by (used in) financing activities	17,446	(134,372)
Net decrease in cash and cash equivalents	(3,367)	(14,283)
Cash and cash equivalents at beginning of period	31,458	30,873
Cash and cash equivalents at end of period	28,091	16,590
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	18,760	190,765
Net cash used in investing activities	18,760	190,765
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
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	(18,760)	(190,765)
Net cash provided by (used in) financing activities	(18,760)	(190,765)
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

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2020	Nov. 30, 2019
Lease, Cost	$ 5,000
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months	7,826
Lease right-of-use assets	32,388
Operating Lease, Liability	33,918	$ 0
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	3,640
Operating Lease, Payments	$ 2,743
Operating Lease, Weighted Average Remaining Lease Term	5 years
Operating Lease, Weighted Average Discount Rate, Percent	5.10%
Lessee, Operating Lease, Liability, Payments, Due Year Two	$ 8,342
Lessee, Operating Lease, Liability, Payments, Due Year Three	7,058
Lessee, Operating Lease, Liability, Payments, Due Year Four	5,234
Lessee, Operating Lease, Liability, Payments, Due Year Five	4,289
Lessee, Operating Lease, Liability, Payments, Due after Year Five	5,875
Lessee, Operating Lease, Liability, Payments, Due	38,624
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(4,706)
Short-term Lease, Cost	2,100
Home Building [Member]
Lease right-of-use assets	32,036	$ 0
Operating Lease, Liability	33,538
Financial Service [Member]
Lease right-of-use assets	400
Operating Lease, Liability	$ 400