KB Home (KBH) 10-Q 9 Jul 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page	6 Months Ended
	May 31, 2021$ / sharesshares
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	May 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
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	92,143,095
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	6,705,247
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		6 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020
Total revenues	$ 1,440,892	$ 913,970	$ 2,582,630	$ 1,989,905
Equity in income of unconsolidated joint ventures			13,191	18,078
Total pretax income	173,664	67,789	297,215	136,637
Income tax expense	(30,300)	(15,800)	(56,800)	(24,900)
Net income	$ 143,364	$ 51,989	$ 240,415	$ 111,737
Earnings per share:
Basic (in dollars per share)	$ 1.55	$ 0.57	$ 2.60	$ 1.23
Diluted (in dollars per share)	$ 1.50	$ 0.55	$ 2.52	$ 1.19
Weighted average shares outstanding:
Basic (in shares)	92,087	90,493	91,904	90,169
Diluted (in shares)	95,379	93,472	95,143	93,628
Cash dividends declared per common share (in dollars per share)	$ 0.15	$ 0.09	$ 0.30	$ 0.18
Home Building [Member]
Total revenues	$ 1,436,035	$ 910,280	$ 2,574,043	$ 1,982,662
Costs of goods and services sold	(1,128,018)	(744,453)	(2,029,927)	(1,630,506)
Selling, general and administrative expenses	(145,115)	(114,238)	(267,120)	(240,372)
Operating income	162,902	51,589	276,996	111,784
Interest income	241	442	894	1,377
Equity in income of unconsolidated joint ventures	(127)	8,154	177	10,059
Total pretax income	163,016	60,185	278,067	123,220
Financial Service [Member]
Total revenues	4,857	3,690	8,587	7,243
Selling, general and administrative expenses	(1,253)	(883)	(2,453)	(1,845)
Operating income	3,604	2,807	6,134	5,398
Equity in income of unconsolidated joint ventures	7,044	4,797	13,014	8,019
Total pretax income	$ 10,648	$ 7,604	$ 19,148	$ 13,417

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		May 31, 2021	Nov. 30, 2020
Assets
Cash and cash equivalents		$ 609,047	$ 682,529
Receivables		271,080	272,659
Inventories		4,272,566	3,897,482
Property and equipment, net		69,336	65,547
Other assets		115,233	125,510
Total assets		5,618,933	5,356,442
Liabilities and stockholders’ equity
Accrued expenses and other liabilities		665,690	667,501
Mortgages and notes payable		1,747,447	1,747,175
Common stock		100,151	99,869
Paid-in capital		836,353	824,306
Retained earnings		2,081,288	1,868,896
Accumulated other comprehensive loss		(22,276)	(22,276)
Grantor stock ownership trust, at cost		(72,718)	(77,265)
Treasury stock, at cost		(35,933)	(27,761)
Total stockholders’ equity		2,886,865	2,665,769
Total liabilities and stockholders’ equity		5,618,933	5,356,442
Home Building [Member]
Assets
Cash and cash equivalents		608,069	681,190
Receivables		271,080	272,659
Inventories		4,272,566	3,897,482
Investments in unconsolidated joint ventures		45,358	46,785
Property and equipment, net		69,336	65,547
Deferred tax assets, net		199,445	231,067
Other assets		115,233	125,510
Total assets		5,581,087	5,320,240
Liabilities and stockholders’ equity
Accounts payable		316,989	273,368
Accrued expenses and other liabilities		665,690	667,501
Mortgages and notes payable		1,747,447	1,747,175
Total Liabilities		2,730,126	2,688,044
Financial Service [Member]
Assets
Cash and cash equivalents		978	1,339
Receivables		1,581	1,988
Investments in unconsolidated joint ventures		12,492	10,978
Other assets	[1]	22,795	21,897
Total assets		37,846	36,202
Liabilities and stockholders’ equity
Financial services		$ 1,942	$ 2,629
[1]	Other assets at May 31, 2021 and November 30, 2020 included $22.5 million and $21.5 million, respectively, of contract assets for estimated future renewal commissions.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	May 31, 2021	May 31, 2020
Cash flows from operating activities:
Net income	$ 240,415	$ 111,737
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in income of unconsolidated joint ventures	(13,191)	(18,078)
Distributions of earnings from unconsolidated joint ventures	11,981	15,150
Amortization of discounts, premiums and issuance costs	1,296	1,234
Depreciation and amortization	14,496	14,510
Deferred income taxes	31,700	23,800
Stock-based compensation	13,654	8,131
Inventory impairments and land option contract abandonments	4,521	10,051
Changes in assets and liabilities:
Receivables	1,682	19,286
Inventories	(379,923)	100,077
Accounts payable, accrued expenses and other liabilities	44,847	(117,274)
Other, net	10,455	(13,930)
Net cash provided by (used in) operating activities	(18,067)	154,694
Cash flows from investing activities:
Contributions to unconsolidated joint ventures	(6,300)	(3,586)
Return of investments in unconsolidated joint ventures	2,518	500
Purchases of property and equipment, net	(18,286)	(15,224)
Net cash used in investing activities	(22,068)	(18,310)
Cash flows from financing activities:
Payments on mortgages and land contracts due to land sellers and other loans	(600)	(1,063)
Issuance of common stock under employee stock plans	3,506	8,404
Tax payments associated with stock-based compensation awards	(8,456)	(6,219)
Payments of cash dividends	(27,797)	(16,331)
Net cash used in financing activities	(33,347)	(15,209)
Net increase (decrease) in cash and cash equivalents	(73,482)	121,175
Cash and cash equivalents at beginning of period	682,529	454,858
Cash and cash equivalents at end of period	$ 609,047	$ 576,033

Supplemental Disclosure to Cons

Supplemental Disclosure to Consolidated Statements of Cash Flows	6 Months Ended
	May 31, 2021
Supplemental Cash Flow Information [Abstract]
Supplemental Disclosure to Consolidated Statements of Cash Flows	Supplemental Disclosure to Consolidated Statements of Cash Flows The following are supplemental disclosures to the consolidated statements of cash flows (in thousands): Six Months Ended May 31, 2021 2020 Summary of cash and cash equivalents at end of period: Homebuilding $ 608,069 $ 575,006 Financial services 978 1,027 Total $ 609,047 $ 576,033 Supplemental disclosures of cash flow information: Interest paid, net of amounts capitalized $ (164) $ 249 Income taxes paid 26,295 1,078 Supplemental disclosures of non-cash activities: Reclassification of federal tax refund from deferred tax assets to receivables — 82,617 Increase in operating lease right-of-use assets and lease liabilities due to adoption of ASC 842 — 31,199 Inventories acquired through seller financing — 18,045 Decrease in consolidated inventories not owned (5,223) (10,414) Increase in inventories due to distributions of land and land development from an unconsolidated joint venture 4,905 5,360

Supplemental Disclosure to Co_2

Supplemental Disclosure to Consolidated Statements of Cash Flows	6 Months Ended
	May 31, 2021
Supplemental Cash Flow Information [Abstract]
Schedule of Supplemental Cash Flow Disclosures	The following are supplemental disclosures to the consolidated statements of cash flows (in thousands): Six Months Ended May 31, 2021 2020 Summary of cash and cash equivalents at end of period: Homebuilding $ 608,069 $ 575,006 Financial services 978 1,027 Total $ 609,047 $ 576,033 Supplemental disclosures of cash flow information: Interest paid, net of amounts capitalized $ (164) $ 249 Income taxes paid 26,295 1,078 Supplemental disclosures of non-cash activities: Reclassification of federal tax refund from deferred tax assets to receivables — 82,617 Increase in operating lease right-of-use assets and lease liabilities due to adoption of ASC 842 — 31,199 Inventories acquired through seller financing — 18,045 Decrease in consolidated inventories not owned (5,223) (10,414) Increase in inventories due to distributions of land and land development from an unconsolidated joint venture 4,905 5,360

Supplemental Disclosure to Co_3

Supplemental Disclosure to Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	May 31, 2021	May 31, 2020	Dec. 01, 2019
Segment Reporting Information [Line Items]
Operating Lease, Liability	$ 34,524		$ 0
Summary of cash and cash equivalents at end of period:
Cash and cash equivalents	609,047	$ 576,033
Supplemental disclosures of cash flow information:
Interest paid, net of amounts capitalized	(164)	249
Income taxes paid	26,295	1,078
Deferred Tax Assets, Tax Credit Carryforwards	0	82,617
Noncash or Part Noncash Acquisition, Inventory Acquired	0	18,045
Lease right-of-use assets	32,567
Supplemental disclosures of non-cash activities:
Decrease in inventories due to adoption of ASC 606	4,272,566
Increase in property and equipment, net due to adoption of ASC 606	69,336
Decrease in consolidated inventories not owned	(5,223)	(10,414)
Increase In Operating Lease Right-Of-Use Assets And Lease Liabilities Due to Adoption of ASC842			$ 31,199
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	4,905	5,360
Home Building [Member]
Segment Reporting Information [Line Items]
Operating Lease, Liability	34,252
Summary of cash and cash equivalents at end of period:
Cash and cash equivalents	608,069	575,006
Supplemental disclosures of cash flow information:
Lease right-of-use assets	32,322
Supplemental disclosures of non-cash activities:
Decrease in inventories due to adoption of ASC 606	4,272,566
Increase in property and equipment, net due to adoption of ASC 606	69,336
Financial Service [Member]
Segment Reporting Information [Line Items]
Operating Lease, Liability	300
Summary of cash and cash equivalents at end of period:
Cash and cash equivalents	978	$ 1,027
Supplemental disclosures of cash flow information:
Lease right-of-use assets	$ 300

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
	May 31, 2021
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 the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to present fairly our consolidated financial position as of May 31, 2021, the results of our consolidated operations for the three months and six months ended May 31, 2021 and 2020, and our consolidated cash flows for the six months ended May 31, 2021 and 2020. The results of our consolidated operations for the three months and six months ended May 31, 2021 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, 2020 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, 2020, 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 $378.5 million at May 31, 2021 and $508.5 million at November 30, 2020. At May 31, 2021 and November 30, 2020, the majority of our cash and cash equivalents was invested in interest-bearing bank deposit accounts. Comprehensive Income. Our comprehensive income was $143.4 million for the three months ended May 31, 2021 and $52.0 million for the three months ended May 31, 2020. For the six months ended May 31, 2021 and 2020, our comprehensive income was $240.4 million and $111.7 million, respectively. Our comprehensive income for each of the three-month and six-month periods ended May 31, 2021 and 2020 was equal to our net income for the respective periods. Adoption of New Accounting Pronouncement . In June 2016, the Financial Accounting Standards Board (“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. On December 1, 2020, we adopted ASU 2016-13 using the modified retrospective method and recorded a cumulative effect adjustment to decrease beginning retained earnings by $.2 million, net of tax, to establish an allowance for credit losses for certain receivables on our consolidated balance sheet. The adoption of ASU 2016-13 did not materially impact our consolidated statements of operations or cash flows. Recent Accounting Pronouncements Not Yet Adopted . In December 2019, the FASB issued Accounting Standards Update No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (“ASU 2019-12”), which simplifies the accounting for income taxes, eliminates certain exceptions within Accounting Standards Codification Topic 740, “Income Taxes” (“ASC 740”), and clarifies certain aspects of ASC 740 to promote consistency among reporting entities. ASU 2019-12 is effective for us beginning December 1, 2021, with early adoption permitted. Most amendments within ASU 2019-12 are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements. Reclassifications . Certain amounts in our consolidated financial statements of prior years have been reclassified to conform to the current period presentation.

Segment Information

Segment Information	6 Months Ended
	May 31, 2021
Segment Reporting [Abstract]
Segment Information	Segment Information We have identified five operating reporting segments, comprised of four homebuilding reporting segments and one financial services reporting segment. As of May 31, 2021, our homebuilding reporting segments conducted ongoing operations in the following states to the extent permitted by applicable public health orders as part of their respective 2019 coronavirus disease (“COVID-19”) control responses: 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. On March 1, 2021, Guaranteed Rate, Inc. acquired Stearns’ parent company. There have been no significant changes with respect to Stearns or its operations since the transaction was completed. 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 May 31, Six Months Ended May 31, 2021 2020 2021 2020 Revenues: West Coast $ 625,690 $ 331,882 $ 1,140,206 $ 816,379 Southwest 258,061 175,251 445,746 366,569 Central 390,555 284,193 700,263 567,706 Southeast 161,729 118,954 287,828 232,008 Total $ 1,436,035 $ 910,280 $ 2,574,043 $ 1,982,662 Pretax income (loss): West Coast $ 76,630 $ 27,820 $ 135,261 $ 61,849 Southwest 48,909 24,891 81,964 57,003 Central 56,283 26,896 97,275 49,574 Southeast 18,861 6,629 30,976 9,259 Corporate and other (37,667) (26,051) (67,409) (54,465) Total $ 163,016 $ 60,185 $ 278,067 $ 123,220 Three Months Ended May 31, Six Months Ended May 31, 2021 2020 2021 2020 Inventory impairment and land option contract abandonment charges: West Coast $ 117 $ 672 $ 3,918 $ 5,064 Southwest 165 — 293 171 Central 70 3,452 70 4,436 Southeast 105 255 240 380 Total $ 457 $ 4,379 $ 4,521 $ 10,051 May 31, November 30, Assets: West Coast $ 2,265,852 $ 2,057,362 Southwest 854,193 738,765 Central 1,053,215 998,612 Southeast 555,716 448,388 Corporate and other 852,111 1,077,113 Total $ 5,581,087 $ 5,320,240

Financial Services

Financial Services	6 Months Ended
	May 31, 2021
Segment Reporting [Abstract]
Financial Services	Financial Services The following tables present financial information relating to our financial services reporting segment (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2021 2020 2021 2020 Revenues Insurance commissions $ 2,432 $ 2,030 $ 4,280 $ 3,983 Title services 2,425 1,660 4,307 3,260 Total 4,857 3,690 8,587 7,243 Expenses General and administrative (1,253) (883) (2,453) (1,845) Operating income 3,604 2,807 6,134 5,398 Equity in income of unconsolidated joint ventures 7,044 4,797 13,014 8,019 Pretax income $ 10,648 $ 7,604 $ 19,148 $ 13,417 May 31, November 30, Assets Cash and cash equivalents $ 978 $ 1,339 Receivables 1,581 1,988 Investments in unconsolidated joint ventures 12,492 10,978 Other assets (a) 22,795 21,897 Total assets $ 37,846 $ 36,202 Liabilities Accounts payable and accrued expenses $ 1,942 $ 2,629 Total liabilities $ 1,942 $ 2,629 (a) Other assets at May 31, 2021 and November 30, 2020 included $22.5 million and $21.5 million, respectively, of contract assets for estimated future renewal commissions.

Earnings Per Share

Earnings Per Share	6 Months Ended
	May 31, 2021
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 May 31, Six Months Ended May 31, 2021 2020 2021 2020 Numerator: Net income $ 143,364 $ 51,989 $ 240,415 $ 111,737 Less: Distributed earnings allocated to nonvested restricted stock (63) (43) (126) (87) Less: Undistributed earnings allocated to nonvested restricted stock (587) (231) (968) (511) Numerator for basic earnings per share 142,714 51,715 239,321 111,139 Effect of dilutive securities: Add: Undistributed earnings allocated to nonvested restricted stock 587 231 968 511 Less: Undistributed earnings reallocated to nonvested restricted stock (567) (223) (935) (492) Numerator for diluted earnings per share $ 142,734 $ 51,723 $ 239,354 $ 111,158 Denominator: Weighted average shares outstanding — basic 92,087 90,493 91,904 90,169 Effect of dilutive securities: Share-based payments 3,292 2,979 3,239 3,459 Weighted average shares outstanding — diluted 95,379 93,472 95,143 93,628 Basic earnings per share $ 1.55 $ .57 $ 2.60 $ 1.23 Diluted earnings per share $ 1.50 $ .55 $ 2.52 $ 1.19 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 May 31, 2021 or 2020.

Receivables

Receivables	6 Months Ended
	May 31, 2021
Receivables [Abstract]
Receivables	ReceivablesReceivables consisted of the following (in thousands): May 31, November 30, Due from utility companies, improvement districts and municipalities $ 124,002 $ 105,700 Recoveries related to self-insurance and other legal claims 80,346 82,018 Refundable deposits and bonds 12,477 10,897 Income taxes receivable 2,012 41,323 Other 57,511 40,020 Subtotal 276,348 279,958 Allowance for doubtful accounts (5,268) (7,299) Total $ 271,080 $ 272,659

Inventories

Inventories	6 Months Ended
	May 31, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following (in thousands): May 31, November 30, Homes completed or under construction $ 1,840,982 $ 1,437,911 Land under development 2,431,584 2,459,571 Total $ 4,272,566 $ 3,897,482 Land under development included land held for future development and land held for sale of $46.5 million and $.6 million, respectively, at May 31, 2021 and $74.0 million and $1.3 million, respectively, at November 30, 2020. 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). In the case of land held for future development and land held for sale, applicable interest is expensed as incurred. Our interest costs were as follows (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2021 2020 2021 2020 Capitalized interest at beginning of period $ 188,555 $ 192,125 $ 190,113 $ 195,738 Interest incurred 31,110 31,055 62,202 62,017 Interest amortized to construction and land costs (a) (39,600) (28,746) (72,250) (63,321) Capitalized interest at end of period (b) $ 180,065 $ 194,434 $ 180,065 $ 194,434 (a) Interest amortized to construction and land costs for the six months ended May 31, 2021 included $.2 million related to land sales during the period. There was no such interest amortized for the three months ended May 31, 2021 or the three months and six months ended May 31, 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	6 Months Ended
	May 31, 2021
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 six and 11 communities or land parcels for recoverability as of May 31, 2021 and November 30, 2020, respectively. The carrying values of those communities or land parcels evaluated as of May 31, 2021 and November 30, 2020 were $78.5 million and $123.4 million, respectively. In addition, we evaluated land held for future development for recoverability as of May 31, 2021 and November 30, 2020. Based on the results of our evaluations, we recognized no inventory impairment charges for the three-month periods ended May 31, 2021 and 2020. For the six months ended May 31, 2021 and 2020, we recognized inventory impairment charges of $3.6 million and $5.1 million, respectively. The inventory impairment charges for each six-month period 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 May 31, Six Months Ended May 31, Unobservable Input (a) 2021 2020 2021 2020 Average selling price $— $— $471,000 $302,700 - $915,500 Deliveries per month — — 5 1 - 4 Discount rate —% —% 19% 17% - 18% (a) The ranges of inputs used for the six months ended May 31, 2020 primarily reflect differences between the housing markets where each impacted community is located, rather than fluctuations in prevailing market conditions. As of May 31, 2021, the aggregate carrying value of our inventory that had been impacted by inventory impairment charges was $90.2 million, representing 13 communities and various other land parcels. As of November 30, 2020, the aggregate carrying value of our inventory that had been impacted by inventory impairment charges was $113.1 million, representing 16 communities and various other land parcels. Our inventory controlled under land option contracts and other similar contracts is assessed on a quarterly basis to determine whether it continues to meet our investment return standards. When a decision is made not to exercise certain land option contracts and other similar contracts due to market conditions and/or changes in our marketing strategy, we write off the related inventory costs, including non-refundable deposits and unrecoverable pre-acquisition costs. Based on the results of our assessments, we recognized land option contract abandonment charges of $.5 million for the three months ended May 31, 2021 and $.9 million for the six months ended May 31, 2021. For the three months and six months ended May 31, 2020, we recognized land option contract abandonment charges of $4.4 million and $4.9 million, respectively. Due to the judgment and assumptions applied in our inventory impairment and land option contract abandonment assessment processes, and in our estimations of the remaining operating lives of our inventory assets and the realization of our inventory balances, particularly as to land held for future development, it is possible that actual results could differ substantially from those estimated.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	May 31, 2021
Variable Interest Entities [Abstract]
Variable Interest Entities	Variable Interest Entities Unconsolidated Joint Ventures. We participate in joint ventures from time to time that conduct land acquisition, land development and/or other homebuilding activities in various markets where our homebuilding operations are located. Our investments in these joint ventures may create a variable interest in a variable interest entity (“VIE”), depending on the contractual terms of the arrangement. We analyze our joint ventures under the variable interest model to determine whether they are VIEs and, if so, whether we are the primary beneficiary. Based on our analyses, we determined that one of our joint ventures at May 31, 2021 and November 30, 2020 was a VIE, but we were not the primary beneficiary of the VIE. Therefore, all of our joint ventures at May 31, 2021 and November 30, 2020 were unconsolidated and accounted for under the equity method because we did not have a controlling financial interest. Land Option Contracts and Other Similar Contracts. In the ordinary course of our business, we enter into land option contracts and other similar contracts with third parties and unconsolidated entities to acquire rights to land for the construction of homes. Under these contracts, we typically make a specified option payment or earnest money deposit in consideration for the right to purchase land in the future, usually at a predetermined price. We analyze each of our land option contracts and other similar contracts under the variable interest model to determine whether the land seller is a VIE and, if so, whether we are the primary beneficiary. Although we do not have legal title to the underlying land, we are required to consolidate a VIE if we are the primary beneficiary. As a result of our analyses, we determined that as of May 31, 2021 and November 30, 2020, we were not the primary beneficiary of any VIEs from which we have acquired rights to land under land option contracts and other similar contracts. We perform ongoing reassessments of whether we are the primary beneficiary of a VIE. The following table presents a summary of our interests in land option contracts and other similar contracts (in thousands): May 31, 2021 November 30, 2020 Cash Aggregate Cash Aggregate Unconsolidated VIEs $ 31,851 $ 985,435 $ 20,962 $ 910,495 Other land option contracts and other similar contracts 36,110 671,708 33,672 507,934 Total $ 67,961 $ 1,657,143 $ 54,634 $ 1,418,429 In addition to the cash deposits presented in the table above, our exposure to loss related to our land option contracts and other similar contracts with third parties and unconsolidated entities consisted of pre-acquisition costs of $42.0 million at May 31, 2021 and $31.1 million at November 30, 2020. These pre-acquisition costs and cash deposits were included in inventories in our consolidated balance sheets.

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures	6 Months Ended
	May 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Joint Ventures	Investments in Unconsolidated Joint VenturesWe 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. As of both May 31, 2021 and November 30, 2020, we had investments in five unconsolidated joint ventures. The following table presents combined condensed information from the statements of operations for our unconsolidated joint ventures (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2021 2020 2021 2020 Revenues $ 3,148 $ 66,873 $ 12,839 $ 94,420 Construction and land costs (2,819) (46,725) (10,944) (68,268) Other expense, net (530) (3,742) (1,409) (5,849) Income (loss) $ (201) $ 16,406 $ 486 $ 20,303 The lower combined revenues and construction and land costs for the three months and six months ended May 31, 2021, as compared to the corresponding year-earlier periods, mainly reflected fewer homes delivered from an unconsolidated joint venture in California. The following table presents combined condensed balance sheet information for our unconsolidated joint ventures (in thousands): May 31, November 30, Assets Cash $ 39,517 $ 38,837 Receivables 116 96 Inventories 58,791 65,233 Other assets 466 593 Total assets $ 98,890 $ 104,759 Liabilities and equity Accounts payable and other liabilities $ 12,094 $ 14,037 Equity 86,796 90,722 Total liabilities and equity $ 98,890 $ 104,759

Property and Equipment, Net Pro

Property and Equipment, Net Property and Equipment, Net	6 Months Ended
	May 31, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): May 31, November 30, Computer software and equipment $ 36,494 $ 32,902 Model furnishings and sales office improvements 88,420 83,882 Leasehold improvements, office furniture and equipment 17,218 17,245 Subtotal 142,132 134,029 Less accumulated depreciation (72,796) (68,482) Total $ 69,336 $ 65,547

Other Assets

Other Assets	6 Months Ended
	May 31, 2021
Other Assets [Abstract]
Other Assets	Other Assets Other assets consisted of the following (in thousands): May 31, November 30, Cash surrender value and benefit receivable from corporate-owned life insurance contracts $ 69,292 $ 73,227 Lease right-of-use assets 32,322 35,967 Prepaid expenses 11,643 13,916 Debt issuance costs associated with unsecured revolving credit facility, net 1,976 2,400 Total $ 115,233 $ 125,510

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	6 Months Ended
	May 31, 2021
Payables and Accruals [Abstract]
Accrued Expenses and Other Liabilities	Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following (in thousands): May 31, November 30, Self-insurance and other legal liabilities $ 230,449 $ 232,556 Employee compensation and related benefits 148,564 165,342 Warranty liability 95,853 91,646 Customer deposits 52,878 26,243 Lease liabilities 34,252 37,668 Accrued interest payable 31,805 31,641 Inventory-related obligations (a) 25,647 31,094 Real estate and business taxes 10,087 14,249 Other 36,155 37,062 Total $ 665,690 $ 667,501 (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.

Leases (Notes)

Leases (Notes)	6 Months Ended
	May 31, 2021
Leases [Abstract]
Lessee, Operating Leases [Text Block]	LeasesWe 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 in accordance with Accounting Standards Codification Topic 842, “Leases” (“ASC 842”). Some of our leases include one or more renewal options, the exercise of which is generally at our discretion. Such options are excluded from the expected term of the lease unless 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 May 31, 2021 was comprised of operating leases where we are the lessee, primarily real estate leases for our corporate offices, 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. Our total lease expense for the three months ended May 31, 2021 and 2020 was $4.3 million and $4.4 million, respectively, and included short-term lease costs of $1.2 million and $1.4 million, respectively. For the six months ended May 31, 2021 and 2020, our total lease expense was $8.6 million and $9.4 million, respectively, and included short-term lease costs of $2.5 million and $3.5 million, respectively. Variable lease costs and external sublease income for the three-month and six-month periods ended May 31, 2021 and 2020 were immaterial. The following table presents our lease right-of-use assets, lease liabilities and the weighted-average remaining lease term and weighted-average discount rate (incremental borrowing rate) used in calculating the lease liabilities (dollars in thousands): May 31, November 30, Lease right-of-use assets (a) $ 32,567 $ 36,270 Lease liabilities (b) 34,524 38,000 Weighted-average remaining lease term 4.1 years 4.5 years Weighted-average discount rate (incremental borrowing rate) 5.1 % 5.1 % (a) Represents lease right-of-use assets within our homebuilding operations and financial services operations of $32.3 million and $.3 million, respectively, at May 31, 2021, and $36.0 million and $.3 million, respectively, at November 30, 2020. (b) Represents lease liabilities within our homebuilding operations and financial services operations of $34.3 million and $.3 million, respectively, at May 31, 2021, and $37.7 million and $.3 million, respectively, at November 30, 2020. The following table presents additional information about our leases (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2021 2020 2021 2020 Lease right-of-use assets obtained in exchange for new lease liabilities $ 1,411 $ 2,428 $ 1,499 $ 6,068 Cash payments on lease liabilities 2,916 2,894 5,669 5,637 As of May 31, 2021, the future minimum lease payments required under our leases are as follows (in thousands): Years Ending November 30, 2021 $ 5,936 2022 10,538 2023 8,270 2024 6,130 2025 4,500 Thereafter 3,111 Total lease payments 38,485 Less: Interest (3,961) Present value of lease liabilities $ 34,524

Income Taxes

Income Taxes	6 Months Ended
	May 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income Tax Expense. Our income tax expense and effective tax rates were as follows (dollars in thousands): Three Months Ended May 31, Six Months Ended May 31, 2021 2020 2021 2020 Income tax expense $ 30,300 $ 15,800 $ 56,800 $ 24,900 Effective tax rate 17.4 % 23.3 % 19.1 % 18.2 % Our income tax expense and effective tax rate for the three months ended May 31, 2021 reflected the favorable impacts of $14.8 million of federal energy tax credits we earned from building energy-efficient homes and $.4 million of excess tax benefits related to stock-based compensation, partially offset by $1.9 million of non-deductible executive compensation expense under Internal Revenue Code Section 162(m). Our income tax expense and effective tax rate for the three months ended May 31, 2020 included the favorable impact of $3.0 million of federal energy tax credits we earned from building energy-efficient homes, partly offset by $1.0 million of non-deductible executive compensation expense. Our income tax expense and effective tax rate for the six months ended May 31, 2021 reflected the favorable impacts of $17.5 million of federal energy tax credits that we earned from building energy-efficient homes and $3.9 million of excess tax benefits related to stock-based compensation, partially offset by $3.3 million of non-deductible executive compensation expense under Internal Revenue Code Section 162(m). For the six months ended May 31, 2020, our income tax expense and effective tax rate included the favorable impacts of $7.0 million of federal energy tax credits we earned from building energy-efficient homes and $5.6 million of excess tax benefits related to stock-based compensation, partly offset by $2.0 million of non-deductible executive compensation expense. The federal energy tax credits for the three months and six months ended May 31, 2021 resulted from legislation enacted in December 2020, which among other things, extended the availability of a business tax credit for building new energy-efficient homes through December 31, 2021. Prior to this legislation, the tax credit expired on December 31, 2020. This extension is expected to benefit our income tax provision in future periods. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted to provide economic and other relief as a result of the COVID-19 pandemic. Among other things, the CARES Act accelerated the timetable for alternative minimum tax (“AMT”) credit refunds. As a result, in the 2020 second quarter, we filed a superseding 2019 federal income tax return claiming a refund of $39.3 million of AMT credits and reclassified this amount from deferred tax assets to receivables. We received this AMT credit refund in the 2021 first quarter. The CARES Act also provided an Employee Retention Credit (“ERC”), which is a refundable payroll tax credit that encouraged businesses to keep employees on the payroll during the COVID-19 pandemic. Eligible employers could qualify for up to $5,000 of credit for each employee based on certain wages paid after March 12, 2020 and before January 1, 2021. Based on our evaluation of this provision and the significant pandemic-related impacts on our operations in 2020, we recognized an ERC of $4.3 million as an offset to payroll tax expenses within selling general and administrative expenses in our consolidated statements of operations upon filing for the refund in the 2021 first quarter. In June 2020, California enacted tax legislation that approved the suspension of California net operating loss deductions for tax years 2020, 2021 and 2022. The suspension of California net operating loss deductions did not have an impact on our income tax expense for the three months or six months ended May 31, 2021. 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 $217.4 million as of May 31, 2021 and $249.1 million as of November 30, 2020 were both partly offset by valuation allowances of $18.0 million. The deferred tax asset valuation allowances as of May 31, 2021 and November 30, 2020 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 May 31, 2021, 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 six months ended May 31, 2021. 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.

Notes Payable

Notes Payable	6 Months Ended
	May 31, 2021
Debt Disclosure [Abstract]
Notes Payable	Notes Payable Notes payable consisted of the following (in thousands): May 31, November 30, Mortgages and land contracts due to land sellers and other loans $ 4,067 $ 4,667 7.00% Senior notes due December 15, 2021 449,486 449,029 7.50% Senior notes due September 15, 2022 349,153 348,846 7.625% Senior notes due May 15, 2023 351,038 351,281 6.875% Senior notes due June 15, 2027 296,955 296,757 4.80% Senior notes due November 15, 2029 296,748 296,595 Total $ 1,747,447 $ 1,747,175 The carrying amounts of our senior notes listed above are net of unamortized debt issuance costs and premiums, which totaled $6.6 million at May 31, 2021 and $7.5 million at November 30, 2020. 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 and the issuance of letters of credit depends on the total cash borrowings and letters of credit outstanding under the Credit Facility and the maximum available amount under the terms of the Credit Facility. As of May 31, 2021, we had no cash borrowings and $12.4 million of letters of credit outstanding under the Credit Facility. Therefore, as of May 31, 2021, 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 maintain an unsecured letter of credit agreement with a financial institution (“LOC Facility”) to obtain letters of credit from time to time in the ordinary course of operating our business. Under the LOC Facility, which expires on February 13, 2022, we may issue up to $50.0 million of letters of credit. As of May 31, 2021 and November 30, 2020, we had letters of credit outstanding under the LOC Facility of $42.4 million and $29.7 million, respectively. Mortgages and Land Contracts Due to Land Sellers and Other Loans. As of May 31, 2021, inventories having a carrying value of $13.2 million were pledged to collateralize mortgages and land contracts due to land sellers and other loans. Shelf Registration Statement. We have an automatically effective universal shelf registration statement that was filed with the SEC on July 9, 2020 (“2020 Shelf Registration”). The 2020 Shelf Registration registers the offering of securities that we may issue from time to time in amounts to be determined. Our ability to issue securities is subject to market conditions. Senior Notes. All of the senior notes outstanding at May 31, 2021 and November 30, 2020 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. All of our senior notes were issued in underwritten public offerings. 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, our senior notes contain certain limitations related to mergers, consolidations, and sales of assets. As of May 31, 2021, we were in compliance with the applicable terms of all of our covenants and other requirements under the Credit Facility, the senior notes, the indenture, and the mortgages and land contracts due to land sellers and other loans. Our ability to access the Credit Facility for cash borrowings and letters of credit and our ability to secure future debt financing depend, in part, on our ability to remain in such compliance. As of May 31, 2021, 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: 2021 – $1.1 million; 2022 – $801.1 million; 2023 – $351.2 million; 2024 – $.7 million; 2025 – $0; and thereafter – $600.0 million.

Fair Value Disclosures

Fair Value Disclosures	6 Months Ended
	May 31, 2021
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 six months ended May 31, 2021 and the year ended November 30, 2020 (in thousands): May 31, 2021 November 30, 2020 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 $ 8,505 $ (3,626) $ 4,879 $ 69,211 $ (22,723) $ 46,488 (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 value and estimated fair value of our financial instruments, except those for which the carrying values approximate fair values (in thousands): May 31, 2021 November 30, 2020 Description Fair Value Carrying Estimated Carrying Estimated Financial Liabilities: Senior notes Level 2 $ 1,743,380 $ 1,883,500 $ 1,742,508 $ 1,924,250 (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	6 Months Ended
	May 31, 2021
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 We estimate the costs that may be incurred under each limited warranty and record a liability in the amount of such costs at the time the revenue associated with the sale of each home is recognized. Our primary assumption in estimating the amounts we accrue for warranty costs is that historical claims experience is a strong indicator of future claims experience. Factors that affect our warranty liability include the number of homes delivered, historical and anticipated rates of warranty claims, and cost per claim. We periodically assess the adequacy of our accrued warranty liability, which is included in accrued expenses and other liabilities in our consolidated balance sheets, and adjust the amount as necessary based on our assessment. Our assessment includes the review of our actual warranty costs incurred to identify trends and changes in our warranty claims experience, and considers our home construction quality and customer service initiatives and outside events. While we believe the warranty liability currently reflected in our consolidated balance sheets to be adequate, unanticipated changes or developments in the legal environment, local weather, land or environmental conditions, quality of materials or methods used in the construction of homes or customer service practices and/or our warranty claims experience could have a significant impact on our actual warranty costs in future periods and such amounts could differ significantly from our current estimates. The changes in our warranty liability were as follows (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2021 2020 2021 2020 Balance at beginning of period $ 92,687 $ 90,213 $ 91,646 $ 88,839 Warranties issued 9,378 7,271 16,835 15,634 Payments (6,212) (4,640) (12,628) (11,629) Adjustments — — — — Balance at end of period $ 95,853 $ 92,844 $ 95,853 $ 92,844 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. Costs associated with our self-insurance programs are included in selling, general and administrative expenses. 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 $65.1 million and $60.0 million are included in receivables in our consolidated balance sheets at May 31, 2021 and November 30, 2020, respectively. These self-insurance recoveries are principally based on actuarially determined amounts and depend on various factors, including, among other things, the above-described claim cost estimates, our insurance policy coverage limits for the applicable policy year(s), historical third-party recovery rates, insurance industry practices, the regulatory environment and legal precedent, and are subject to a high degree of variability from period to period. Because of the inherent uncertainty and variability in these assumptions, our actual insurance recoveries could differ significantly from amounts currently estimated. The changes in our self-insurance liability were as follows (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2021 2020 2021 2020 Balance at beginning of period $ 193,445 $ 181,481 $ 194,180 $ 177,765 Self-insurance provided 5,928 1,343 10,511 5,977 Payments (10,097) (1,825) (15,597) (2,972) Adjustments (a) 4,993 (2,918) 5,175 (2,689) Balance at end of period $ 194,269 $ 178,081 $ 194,269 $ 178,081 (a) Represents net changes in estimated probable recoveries related to self-insurance, 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 . We and certain of our subcontractors have received a growing number of claims from attorneys on behalf of individual owners of our homes and/or homeowners’ associations that allege, pursuant to Chapter 558 of the Florida Statutes, various construction defects, with most relating to stucco and water-intrusion issues. The claims primarily involve homes in our Jacksonville, Orlando, and Tampa operations. Under Chapter 558, homeowners must serve written notice of a construction defect(s) and provide the served construction and/or design contractor(s) with an opportunity to respond to the noticed issue(s) before they can file a lawsuit. Although we have resolved many of these claims without litigation, and a number of others have been resolved with applicable subcontractors or their insurers covering the related costs, as of May 31, 2021, we had approximately 686 outstanding noticed claims, and some are scheduled for trial over the next few quarters and beyond. In addition, some of our subcontractors’ insurers in some of these cases have informed us of their inability to continue to pay claims-related costs. At May 31, 2021, 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 at May 31, 2021, 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 $3.0 million. Our investigation has also involved 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 May 31, 2021, we had $960.1 million of performance bonds and $54.8 million of letters of credit outstanding. At November 30, 2020, we had $897.6 million of performance bonds and $42.1 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.

Legal Matters

Legal Matters	6 Months Ended
	May 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Legal Matters	Legal MattersWe are involved in litigation and regulatory proceedings incidental to our business that are in various procedural stages. We believe that the accruals we have recorded for probable and reasonably estimable losses with respect to these proceedings are adequate and that, as of May 31, 2021, it was not reasonably possible that an additional material loss had been incurred in an amount in excess of the estimated amounts already recognized or disclosed in our consolidated financial statements. We evaluate our accruals for litigation and regulatory proceedings at least quarterly and, as appropriate, adjust them to reflect (a) the facts and circumstances known to us at the time, including information regarding negotiations, settlements, rulings and other relevant events and developments; (b) the advice and analyses of counsel; and (c) the assumptions and judgment of management. Similar factors and considerations are used in establishing new accruals for proceedings as to which losses have become probable and reasonably estimable at the time an evaluation is made. Our accruals for litigation and regulatory proceedings are presented on a gross basis without consideration of recoveries and amounts we have paid on behalf of and expect to recover from other parties, if any. Estimates of recoveries and amounts we have paid on behalf of and expect to recover from other parties, if any, are recorded as receivables when such recoveries are considered probable. Based on our experience, we believe that the amounts that may be claimed or alleged against us in these proceedings are not a meaningful indicator of our potential liability. The outcome of any of these proceedings, including the defense and other litigation-related costs and expenses we may incur, however, is inherently uncertain and could differ significantly from the estimate reflected in a related accrual, if made. Therefore, it is possible that the ultimate outcome of any proceeding, if in excess of a related accrual or if an accrual had not been made, could be material to our consolidated financial statements. Pursuant to SEC rules, we will disclose any proceeding in which a governmental authority is a party and that arises under any federal, state or local provisions enacted or adopted regulating the discharge of materials into the environment or primarily for the purpose of protecting the environment only where we believe that such proceeding will result in monetary sanctions on us, exclusive of interest and costs, above $1.0 million or is otherwise material to our consolidated financial statements.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	May 31, 2021
Equity [Abstract]
Stockholders’ Equity	Stockholders’ Equity A summary of changes in stockholders’ equity is presented below (in thousands): Three Months Ended May 31, 2021 and 2020 Number of Shares Common Grantor Treasury Common Stock Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Grantor Stock Treasury Stock Total Stockholders’ Equity Balance at February 28, 2021 100,042 (6,705) (1,305) $ 100,042 $ 827,456 $ 1,951,657 $ (22,276) $ (72,718) $ (35,977) $ 2,748,184 Net income — — — — — 143,364 — — — 143,364 Dividends on common stock — — — — — (13,733) — — — (13,733) Employee stock options/other 65 — — 65 903 — — — — 968 Stock awards 44 — 2 44 (88) — — — 44 — Stock-based compensation — — — — 8,082 — — — — 8,082 Balance at May 31, 2021 100,151 (6,705) (1,303) $ 100,151 $ 836,353 $ 2,081,288 $ (22,276) $ (72,718) $ (35,933) $ 2,886,865 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 Net income — — — — — 51,989 — — — 51,989 Dividends on common stock — — — — — (8,098) — — — (8,098) Employee stock options/other 11 — — 11 167 — — — — 178 Stock awards 68 — — 68 (68) — — — — — Stock-based compensation — — — — 3,181 — — — — 3,181 Balance at May 31, 2020 122,370 (7,317) (24,526) $ 122,370 $ 806,700 $ 2,255,742 $ (17,149) $ (79,359) $ (597,950) $ 2,490,354 Six Months Ended May 31, 2021 and 2020 Number of Shares Common Grantor Treasury Common Stock Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Grantor Stock Treasury Stock Total Stockholders’ Equity Balance at November 30, 2020 99,869 (7,124) (1,107) $ 99,869 $ 824,306 $ 1,868,896 $ (22,276) $ (77,265) $ (27,761) $ 2,665,769 Cumulative effect of adoption of ASU 2016-13 — — — — — (226) — — — (226) Net income — — — — — 240,415 — — — 240,415 Dividends on common stock — — — — — (27,797) — — — (27,797) Employee stock options/other 238 — — 238 3,268 — — — — 3,506 Stock awards 44 419 12 44 (4,875) — — 4,547 284 — Stock-based compensation — — — — 13,654 — — — — 13,654 Tax payments associated with stock-based compensation awards — — (208) — — — — — (8,456) (8,456) Balance at May 31, 2021 100,151 (6,705) (1,303) $ 100,151 $ 836,353 $ 2,081,288 $ (22,276) $ (72,718) $ (35,933) $ 2,886,865 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 — — — — — 1,643 (1,643) — — — Net income — — — — — 111,737 — — — 111,737 Dividends on common stock — — — — — (16,331) — — — (16,331) Employee stock options/other 709 — — 709 7,695 — — — — 8,404 Stock awards 68 314 (15) 68 (3,080) — — 3,399 (387) — Stock-based compensation — — — — 8,131 — — — — 8,131 Tax payments associated with stock-based compensation awards — — (155) — — — — — (6,219) (6,219) Balance at May 31, 2020 122,370 (7,317) (24,526) $ 122,370 $ 806,700 $ 2,255,742 $ (17,149) $ (79,359) $ (597,950) $ 2,490,354 On February 18, 2021, the management development and compensation committee of our board of directors approved the payout of 419,070 shares of our common stock in connection with the vesting of PSUs that were granted to certain employees on October 5, 2017. 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, 2017 through November 30, 2020. Of the shares of common stock paid out, 207,775 shares, or $8.5 million, were purchased by us in the 2021 first quarter to satisfy the recipients’ withholding taxes on the vesting of the PSUs. The shares purchased were not considered repurchases under the authorizations described below. As of May 31, 2021, we were authorized to repurchase 2,193,947 shares of our common stock under a board of directors approved share repurchase program. We did not repurchase any of our common stock under this program in the six months ended May 31, 2021. 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 May 31, 2021, 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. On April 8, 2021, we entered into an Amended Rights Agreement with Computershare Inc., as rights agent, following its approval by our stockholders at our 2021 Annual Meeting held on April 8, 2021. The Amended Rights Agreement amends the Amended and Restated Rights Agreement, dated as of April 12, 2018 (“Prior Rights Agreement”). As with the Prior Rights Agreement, the Amended Rights Agreement is intended to continue to help protect our net operating losses and other deferred tax assets from an ownership change under Section 382 of the Internal Revenue Code. The Amended Rights Agreement extended the latest possible expiration date of the rights issued pursuant to the Prior Rights Agreement to the close of business on April 30, 2024, and made certain other related changes. Otherwise, the Amended Rights Agreement’s terms are substantively the same as those of the Prior Rights Agreement, which were disclosed in the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended November 30, 2020. In the three-month period ended May 31, 2021, our board of directors declared, and we paid, a quarterly cash dividend on our common stock of $.15 per share. In the three-month period ended May 31, 2020, our board of directors declared, and we paid, a quarterly cash dividend on our common stock of $.09 per share. Quarterly cash dividends declared and paid on our common stock in the six-month periods ended May 31, 2021 and 2020 totaled $.30 per share and $.18 per share of common stock, respectively.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	May 31, 2021
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 six months ended May 31, 2021: Options Weighted Options outstanding at beginning of period 2,462,714 $ 15.32 Granted — — Exercised (228,651) 15.35 Cancelled — — Options outstanding at end of period 2,234,063 $ 15.32 Options exercisable at end of period 2,234,063 $ 15.32 We have not granted any stock option awards since 2016. As of May 31, 2021, stock options outstanding and stock options exercisable each had a weighted average remaining contractual life of 4.1 years. As all outstanding stock options have been fully vested since 2019, there was no unrecognized compensation expense related to stock option awards at May 31, 2021 and no stock-based compensation expense associated with stock options for the three-month and six-month periods ended May 31, 2021 and 2020. Stock options outstanding and stock options exercisable each had an aggregate

Subsequent Events

Subsequent Events	Jun. 09, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On June 9, 2021, pursuant to the 2020 Shelf Registration, we completed the underwritten public offering of $390.0 million in aggregate principal amount of 4.00% Senior Notes due 2031 at 100% of their aggregate principal amount. The 4.00% Senior Notes due 2031 represent senior unsecured obligations of ours and rank equally in right of payment with all of our existing unsecured and unsubordinated indebtedness. Interest on the 4.00% Senior Notes due 2031 is payable semi-annually in arrears on June 15 and December 15, commencing on December 15, 2021. The 4.00% Senior Notes due 2031 will mature on June 15, 2031. We used a portion of the net proceeds from the issuance of the 4.00% Senior Notes due 2031 to purchase, pursuant to a tender offer that expired on June 8, 2021, $269.8 million in aggregate principal amount of our outstanding $450.0 million of 7.00% Senior Notes due 2021. We intend to use the remaining net proceeds together with cash on hand to redeem the remaining $180.2 million of 7.00% Senior Notes due 2021 at par value on September 15, 2021. We expect to recognize a charge of approximately $5.0 million for the early extinguishment of debt in the 2021 third quarter. On July 8, 2021, our board of directors authorized us to repurchase a total of up to 5,000,000 shares of our outstanding common stock. This authorization reaffirmed and incorporated the then-current balance of 2,193,947 shares that remained under a prior board-approved share repurchase program. Repurchases under this 5,000,000 share repurchase authorization may occur periodically through open market purchases, privately negotiated transactions or otherwise, with the timing and amount at management’s discretion and dependent on market and business conditions and other factors. This share repurchase authorization will continue in effect until fully used or earlier terminated or suspended by our board of directors, and does not obligate us to purchase any shares.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	May 31, 2021
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 $378.5 million at May 31, 2021 and $508.5 million at November 30, 2020. At May 31, 2021 and November 30, 2020, the majority of our cash and cash equivalents was invested in interest-bearing bank deposit accounts.
Comprehensive Income (Loss)	Our comprehensive income was $143.4 million for the three months ended May 31, 2021 and $52.0 million for the three months ended May 31, 2020. For the six months ended May 31, 2021 and 2020, our comprehensive income was $240.4 million and $111.7 million, respectively. Our comprehensive income for each of the three-month and six-month periods ended May 31, 2021 and 2020 was equal to our net income for the respective periods.
Adoption of New Accounting Pronouncement and Recent Accounting Pronouncements	Adoption of New Accounting Pronouncement . In June 2016, the Financial Accounting Standards Board (“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. On December 1, 2020, we adopted ASU 2016-13 using the modified retrospective method and recorded a cumulative effect adjustment to decrease beginning retained earnings by $.2 million, net of tax, to establish an allowance for credit losses for certain receivables on our consolidated balance sheet. The adoption of ASU 2016-13 did not materially impact our consolidated statements of operations or cash flows.
Segment Reporting (ASC 280)	We have identified five operating reporting segments, comprised of four homebuilding reporting segments and one financial services reporting segment. As of May 31, 2021, our homebuilding reporting segments conducted ongoing operations in the following states to the extent permitted by applicable public health orders as part of their respective 2019 coronavirus disease (“COVID-19”) control responses: 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. On March 1, 2021, Guaranteed Rate, Inc. acquired Stearns’ parent company. There have been no significant changes with respect to Stearns or its operations since the transaction was completed. 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 May 31, 2021 or 2020.
Property, Plant and Equipment (ASC 360)	Each community or land parcel in our owned inventory is assessed on a quarterly basis to determine if indicators of potential impairment exist. We record an inventory impairment charge on a community or land parcel that is active or held for future development when indicators of potential impairment exist and the carrying value of the real estate asset is greater than the undiscounted future net cash flows the asset is expected to generate. These real estate assets are written down to fair value, which is primarily determined based on the estimated future net cash flows discounted for inherent risk associated with each such asset, or other valuation techniques. We record an inventory impairment charge on land held for sale when the carrying value of a land parcel is greater than its fair value. These real estate assets are written down to fair value, less associated costs to sell. The estimated fair values of such assets are generally based on bona fide letters of intent from outside parties, executed sales contracts, broker quotes or similar information.
Consolidation (ASC 810)	We participate in joint ventures from time to time that conduct land acquisition, land development and/or other homebuilding activities in various markets where our homebuilding operations are located. Our investments in these joint ventures may create a variable interest in a variable interest entity (“VIE”), depending on the contractual terms of the arrangement. We analyze our joint ventures under the variable interest model to determine whether they are VIEs and, if so, whether we are the primary beneficiary. Based on our analyses, we determined that one of our joint ventures at May 31, 2021 and November 30, 2020 was a VIE, but we were not the primary beneficiary of the VIE. Therefore, all of our joint ventures at May 31, 2021 and November 30, 2020 were unconsolidated and accounted for under the equity method because we did not have a controlling financial interest. Land Option Contracts and Other Similar Contracts. In the ordinary course of our business, we enter into land option contracts and other similar contracts with third parties and unconsolidated entities to acquire rights to land for the construction of homes. Under these contracts, we typically make a specified option payment or earnest money deposit in consideration for the right to purchase land in the future, usually at a predetermined price. We analyze each of our land option contracts and other similar contracts under the variable interest model to determine whether the land seller is a VIE and, if so, whether we are the primary beneficiary. Although we do not have legal title to the underlying land, we are required to consolidate a VIE if we are the primary beneficiary. As a result of our analyses, we determined that as of May 31, 2021 and November 30, 2020, 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.
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 $14.2 million at May 31, 2021 and $19.4 million at November 30, 2020.
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. Costs associated with our self-insurance programs are included in selling, general and administrative expenses. 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
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
Stock-Based Compensation (ASC 718)	We estimate the grant-date fair value of stock options using the Black-Scholes option-pricing model.

Inventory (Policies)

Inventory (Policies)	3 Months Ended
	May 31, 2021
Inventory Disclosure [Abstract]
Interest Capitalization, Policy	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). In the case of land held for future development and land held for sale, applicable interest is expensed as incurred.

Leases (Policies)

Leases (Policies)	3 Months Ended
	May 31, 2021
Leases [Abstract]
Lessee, 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 in accordance with Accounting Standards Codification Topic 842, “Leases” (“ASC 842”). Some of our leases include one or more renewal options, the exercise of which is generally at our discretion. Such options are excluded from the expected term of the lease unless 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 May 31, 2021 was comprised of operating leases where we are the lessee, primarily real estate leases for our corporate offices, 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.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	May 31, 2021
Segment Reporting [Abstract]
Financial Information Relating to Company Reporting Segments	The following tables present financial information relating to our homebuilding reporting segments (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2021 2020 2021 2020 Revenues: West Coast $ 625,690 $ 331,882 $ 1,140,206 $ 816,379 Southwest 258,061 175,251 445,746 366,569 Central 390,555 284,193 700,263 567,706 Southeast 161,729 118,954 287,828 232,008 Total $ 1,436,035 $ 910,280 $ 2,574,043 $ 1,982,662 Pretax income (loss): West Coast $ 76,630 $ 27,820 $ 135,261 $ 61,849 Southwest 48,909 24,891 81,964 57,003 Central 56,283 26,896 97,275 49,574 Southeast 18,861 6,629 30,976 9,259 Corporate and other (37,667) (26,051) (67,409) (54,465) Total $ 163,016 $ 60,185 $ 278,067 $ 123,220 Three Months Ended May 31, Six Months Ended May 31, 2021 2020 2021 2020 Inventory impairment and land option contract abandonment charges: West Coast $ 117 $ 672 $ 3,918 $ 5,064 Southwest 165 — 293 171 Central 70 3,452 70 4,436 Southeast 105 255 240 380 Total $ 457 $ 4,379 $ 4,521 $ 10,051 May 31, November 30, Assets: West Coast $ 2,265,852 $ 2,057,362 Southwest 854,193 738,765 Central 1,053,215 998,612 Southeast 555,716 448,388 Corporate and other 852,111 1,077,113 Total $ 5,581,087 $ 5,320,240

Financial Services (Tables)

Financial Services (Tables)	6 Months Ended
	May 31, 2021
Segment Reporting Information [Line Items]
Financial Services Income (Loss)	The following tables present financial information relating to our financial services reporting segment (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2021 2020 2021 2020 Revenues Insurance commissions $ 2,432 $ 2,030 $ 4,280 $ 3,983 Title services 2,425 1,660 4,307 3,260 Total 4,857 3,690 8,587 7,243 Expenses General and administrative (1,253) (883) (2,453) (1,845) Operating income 3,604 2,807 6,134 5,398 Equity in income of unconsolidated joint ventures 7,044 4,797 13,014 8,019 Pretax income $ 10,648 $ 7,604 $ 19,148 $ 13,417
Financial Service [Member]
Segment Reporting Information [Line Items]
Schedule of Financial Services Assets and Liabilities	May 31, November 30, Assets Cash and cash equivalents $ 978 $ 1,339 Receivables 1,581 1,988 Investments in unconsolidated joint ventures 12,492 10,978 Other assets (a) 22,795 21,897 Total assets $ 37,846 $ 36,202 Liabilities Accounts payable and accrued expenses $ 1,942 $ 2,629 Total liabilities $ 1,942 $ 2,629 (a) Other assets at May 31, 2021 and November 30, 2020 included $22.5 million and $21.5 million, respectively, of contract assets for estimated future renewal commissions.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	May 31, 2021
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 May 31, Six Months Ended May 31, 2021 2020 2021 2020 Numerator: Net income $ 143,364 $ 51,989 $ 240,415 $ 111,737 Less: Distributed earnings allocated to nonvested restricted stock (63) (43) (126) (87) Less: Undistributed earnings allocated to nonvested restricted stock (587) (231) (968) (511) Numerator for basic earnings per share 142,714 51,715 239,321 111,139 Effect of dilutive securities: Add: Undistributed earnings allocated to nonvested restricted stock 587 231 968 511 Less: Undistributed earnings reallocated to nonvested restricted stock (567) (223) (935) (492) Numerator for diluted earnings per share $ 142,734 $ 51,723 $ 239,354 $ 111,158 Denominator: Weighted average shares outstanding — basic 92,087 90,493 91,904 90,169 Effect of dilutive securities: Share-based payments 3,292 2,979 3,239 3,459 Weighted average shares outstanding — diluted 95,379 93,472 95,143 93,628 Basic earnings per share $ 1.55 $ .57 $ 2.60 $ 1.23 Diluted earnings per share $ 1.50 $ .55 $ 2.52 $ 1.19

Receivables (Tables)

Receivables (Tables)	6 Months Ended
	May 31, 2021
Receivables [Abstract]
Schedule of Receivables	Receivables consisted of the following (in thousands): May 31, November 30, Due from utility companies, improvement districts and municipalities $ 124,002 $ 105,700 Recoveries related to self-insurance and other legal claims 80,346 82,018 Refundable deposits and bonds 12,477 10,897 Income taxes receivable 2,012 41,323 Other 57,511 40,020 Subtotal 276,348 279,958 Allowance for doubtful accounts (5,268) (7,299) Total $ 271,080 $ 272,659

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	May 31, 2021
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following (in thousands): May 31, November 30, Homes completed or under construction $ 1,840,982 $ 1,437,911 Land under development 2,431,584 2,459,571 Total $ 4,272,566 $ 3,897,482
Schedule of Capitalized Interest Costs	Our interest costs were as follows (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2021 2020 2021 2020 Capitalized interest at beginning of period $ 188,555 $ 192,125 $ 190,113 $ 195,738 Interest incurred 31,110 31,055 62,202 62,017 Interest amortized to construction and land costs (a) (39,600) (28,746) (72,250) (63,321) Capitalized interest at end of period (b) $ 180,065 $ 194,434 $ 180,065 $ 194,434 (a) Interest amortized to construction and land costs for the six months ended May 31, 2021 included $.2 million related to land sales during the period. There was no such interest amortized for the three months ended May 31, 2021 or the three months and six months ended May 31, 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)	6 Months Ended
	May 31, 2021
Inventory Impairments and Land Option Contract Abandonments [Abstract]
Schedule of Significant Unobservable Inputs	The following table summarizes significant quantitative unobservable inputs we utilized in our fair value measurements with respect to the impaired communities written down to fair value during the periods presented: Three Months Ended May 31, Six Months Ended May 31, Unobservable Input (a) 2021 2020 2021 2020 Average selling price $— $— $471,000 $302,700 - $915,500 Deliveries per month — — 5 1 - 4 Discount rate —% —% 19% 17% - 18% (a) The ranges of inputs used for the six months ended May 31, 2020 primarily reflect differences between the housing markets where each impacted community is located, rather than fluctuations in prevailing market conditions.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	May 31, 2021
Variable Interest Entities [Abstract]
Summary of Interests in Land Option Contracts	The following table presents a summary of our interests in land option contracts and other similar contracts (in thousands): May 31, 2021 November 30, 2020 Cash Aggregate Cash Aggregate Unconsolidated VIEs $ 31,851 $ 985,435 $ 20,962 $ 910,495 Other land option contracts and other similar contracts 36,110 671,708 33,672 507,934 Total $ 67,961 $ 1,657,143 $ 54,634 $ 1,418,429

Investments in Unconsolidated_2

Investments in Unconsolidated Joint Ventures (Tables)	6 Months Ended
	May 31, 2021
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 for our unconsolidated joint ventures (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2021 2020 2021 2020 Revenues $ 3,148 $ 66,873 $ 12,839 $ 94,420 Construction and land costs (2,819) (46,725) (10,944) (68,268) Other expense, net (530) (3,742) (1,409) (5,849) Income (loss) $ (201) $ 16,406 $ 486 $ 20,303
Balance Sheets of Unconsolidated Joint Ventures	The following table presents combined condensed balance sheet information for our unconsolidated joint ventures (in thousands): May 31, November 30, Assets Cash $ 39,517 $ 38,837 Receivables 116 96 Inventories 58,791 65,233 Other assets 466 593 Total assets $ 98,890 $ 104,759 Liabilities and equity Accounts payable and other liabilities $ 12,094 $ 14,037 Equity 86,796 90,722 Total liabilities and equity $ 98,890 $ 104,759

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	6 Months Ended
	May 31, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): May 31, November 30, Computer software and equipment $ 36,494 $ 32,902 Model furnishings and sales office improvements 88,420 83,882 Leasehold improvements, office furniture and equipment 17,218 17,245 Subtotal 142,132 134,029 Less accumulated depreciation (72,796) (68,482) Total $ 69,336 $ 65,547

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	May 31, 2021
Other Assets [Abstract]
Schedule of Other Assets	Other assets consisted of the following (in thousands): May 31, November 30, Cash surrender value and benefit receivable from corporate-owned life insurance contracts $ 69,292 $ 73,227 Lease right-of-use assets 32,322 35,967 Prepaid expenses 11,643 13,916 Debt issuance costs associated with unsecured revolving credit facility, net 1,976 2,400 Total $ 115,233 $ 125,510

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	6 Months Ended
	May 31, 2021
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities consisted of the following (in thousands): May 31, November 30, Self-insurance and other legal liabilities $ 230,449 $ 232,556 Employee compensation and related benefits 148,564 165,342 Warranty liability 95,853 91,646 Customer deposits 52,878 26,243 Lease liabilities 34,252 37,668 Accrued interest payable 31,805 31,641 Inventory-related obligations (a) 25,647 31,094 Real estate and business taxes 10,087 14,249 Other 36,155 37,062 Total $ 665,690 $ 667,501 (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.

Leases (Tables)

Leases (Tables)	6 Months Ended
	May 31, 2021
Leases [Abstract]
Operating Lease, Lease Income [Table Text Block]	The following table presents our lease right-of-use assets, lease liabilities and the weighted-average remaining lease term and weighted-average discount rate (incremental borrowing rate) used in calculating the lease liabilities (dollars in thousands): May 31, November 30, Lease right-of-use assets (a) $ 32,567 $ 36,270 Lease liabilities (b) 34,524 38,000 Weighted-average remaining lease term 4.1 years 4.5 years Weighted-average discount rate (incremental borrowing rate) 5.1 % 5.1 % (a) Represents lease right-of-use assets within our homebuilding operations and financial services operations of $32.3 million and $.3 million, respectively, at May 31, 2021, and $36.0 million and $.3 million, respectively, at November 30, 2020. (b) Represents lease liabilities within our homebuilding operations and financial services operations of $34.3 million and $.3 million, respectively, at May 31, 2021, and $37.7 million and $.3 million, respectively, at November 30, 2020. The following table presents additional information about our leases (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2021 2020 2021 2020 Lease right-of-use assets obtained in exchange for new lease liabilities $ 1,411 $ 2,428 $ 1,499 $ 6,068 Cash payments on lease liabilities 2,916 2,894 5,669 5,637
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	As of May 31, 2021, the future minimum lease payments required under our leases are as follows (in thousands): Years Ending November 30, 2021 $ 5,936 2022 10,538 2023 8,270 2024 6,130 2025 4,500 Thereafter 3,111 Total lease payments 38,485 Less: Interest (3,961) Present value of lease liabilities $ 34,524

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	May 31, 2021
Income Tax Disclosure [Abstract]
Income tax benefit computed at the statutory U.S federal income tax rate and income tax benefit (expense) provided in the consolidated statements of operations	Our income tax expense and effective tax rates were as follows (dollars in thousands): Three Months Ended May 31, Six Months Ended May 31, 2021 2020 2021 2020 Income tax expense $ 30,300 $ 15,800 $ 56,800 $ 24,900 Effective tax rate 17.4 % 23.3 % 19.1 % 18.2 %

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
	May 31, 2021
Debt Disclosure [Abstract]
Schedule of Mortgages and Notes Payable	Notes payable consisted of the following (in thousands): May 31, November 30, Mortgages and land contracts due to land sellers and other loans $ 4,067 $ 4,667 7.00% Senior notes due December 15, 2021 449,486 449,029 7.50% Senior notes due September 15, 2022 349,153 348,846 7.625% Senior notes due May 15, 2023 351,038 351,281 6.875% Senior notes due June 15, 2027 296,955 296,757 4.80% Senior notes due November 15, 2029 296,748 296,595 Total $ 1,747,447 $ 1,747,175

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	6 Months Ended
	May 31, 2021
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 six months ended May 31, 2021 and the year ended November 30, 2020 (in thousands): May 31, 2021 November 30, 2020 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 $ 8,505 $ (3,626) $ 4,879 $ 69,211 $ (22,723) $ 46,488 (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 value and estimated fair value of our financial instruments, except those for which the carrying values approximate fair values (in thousands): May 31, 2021 November 30, 2020 Description Fair Value Carrying Estimated Carrying Estimated Financial Liabilities: Senior notes Level 2 $ 1,743,380 $ 1,883,500 $ 1,742,508 $ 1,924,250

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	May 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Changes in the Warranty Liability	The changes in our warranty liability were as follows (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2021 2020 2021 2020 Balance at beginning of period $ 92,687 $ 90,213 $ 91,646 $ 88,839 Warranties issued 9,378 7,271 16,835 15,634 Payments (6,212) (4,640) (12,628) (11,629) Adjustments — — — — Balance at end of period $ 95,853 $ 92,844 $ 95,853 $ 92,844
Schedule of Self-Insurance Liability	The changes in our self-insurance liability were as follows (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2021 2020 2021 2020 Balance at beginning of period $ 193,445 $ 181,481 $ 194,180 $ 177,765 Self-insurance provided 5,928 1,343 10,511 5,977 Payments (10,097) (1,825) (15,597) (2,972) Adjustments (a) 4,993 (2,918) 5,175 (2,689) Balance at end of period $ 194,269 $ 178,081 $ 194,269 $ 178,081 (a) Represents net changes in estimated probable recoveries related to self-insurance, which are recorded in receivables, to present our self-insurance liability on a gross basis.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	May 31, 2021
Equity [Abstract]
Summary of Changes in Stockholders’ Equity	A summary of changes in stockholders’ equity is presented below (in thousands): Three Months Ended May 31, 2021 and 2020 Number of Shares Common Grantor Treasury Common Stock Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Grantor Stock Treasury Stock Total Stockholders’ Equity Balance at February 28, 2021 100,042 (6,705) (1,305) $ 100,042 $ 827,456 $ 1,951,657 $ (22,276) $ (72,718) $ (35,977) $ 2,748,184 Net income — — — — — 143,364 — — — 143,364 Dividends on common stock — — — — — (13,733) — — — (13,733) Employee stock options/other 65 — — 65 903 — — — — 968 Stock awards 44 — 2 44 (88) — — — 44 — Stock-based compensation — — — — 8,082 — — — — 8,082 Balance at May 31, 2021 100,151 (6,705) (1,303) $ 100,151 $ 836,353 $ 2,081,288 $ (22,276) $ (72,718) $ (35,933) $ 2,886,865 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 Net income — — — — — 51,989 — — — 51,989 Dividends on common stock — — — — — (8,098) — — — (8,098) Employee stock options/other 11 — — 11 167 — — — — 178 Stock awards 68 — — 68 (68) — — — — — Stock-based compensation — — — — 3,181 — — — — 3,181 Balance at May 31, 2020 122,370 (7,317) (24,526) $ 122,370 $ 806,700 $ 2,255,742 $ (17,149) $ (79,359) $ (597,950) $ 2,490,354 Six Months Ended May 31, 2021 and 2020 Number of Shares Common Grantor Treasury Common Stock Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Grantor Stock Treasury Stock Total Stockholders’ Equity Balance at November 30, 2020 99,869 (7,124) (1,107) $ 99,869 $ 824,306 $ 1,868,896 $ (22,276) $ (77,265) $ (27,761) $ 2,665,769 Cumulative effect of adoption of ASU 2016-13 — — — — — (226) — — — (226) Net income — — — — — 240,415 — — — 240,415 Dividends on common stock — — — — — (27,797) — — — (27,797) Employee stock options/other 238 — — 238 3,268 — — — — 3,506 Stock awards 44 419 12 44 (4,875) — — 4,547 284 — Stock-based compensation — — — — 13,654 — — — — 13,654 Tax payments associated with stock-based compensation awards — — (208) — — — — — (8,456) (8,456) Balance at May 31, 2021 100,151 (6,705) (1,303) $ 100,151 $ 836,353 $ 2,081,288 $ (22,276) $ (72,718) $ (35,933) $ 2,886,865 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 — — — — — 1,643 (1,643) — — — Net income — — — — — 111,737 — — — 111,737 Dividends on common stock — — — — — (16,331) — — — (16,331) Employee stock options/other 709 — — 709 7,695 — — — — 8,404 Stock awards 68 314 (15) 68 (3,080) — — 3,399 (387) — Stock-based compensation — — — — 8,131 — — — — 8,131 Tax payments associated with stock-based compensation awards — — (155) — — — — — (6,219) (6,219) Balance at May 31, 2020 122,370 (7,317) (24,526) $ 122,370 $ 806,700 $ 2,255,742 $ (17,149) $ (79,359) $ (597,950) $ 2,490,354

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	May 31, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Outstanding and Exercisable Stock Options	The following table summarizes stock option transactions for the six months ended May 31, 2021: Options Weighted Options outstanding at beginning of period 2,462,714 $ 15.32 Granted — — Exercised (228,651) 15.35 Cancelled — — Options outstanding at end of period 2,234,063 $ 15.32 Options exercisable at end of period 2,234,063 $ 15.32

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Narratives) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020	Feb. 28, 2021	Nov. 30, 2020	Feb. 29, 2020	Nov. 30, 2019
Equity	$ 2,886,865	$ 2,490,354	$ 2,886,865	$ 2,490,354	$ 2,748,184	$ 2,665,769	$ 2,443,104	$ 2,383,122
Cash equivalents	378,500		378,500			508,500
Other comprehensive income (loss)	143,400	52,000	240,400	111,700
Retained earnings	2,081,288		2,081,288			1,868,896
Financial Service [Member]
Contract assets	22,500		22,500			21,500
Retained Earnings [Member]
Equity	$ 2,081,288	$ 2,255,742	$ 2,081,288	$ 2,255,742	$ 1,951,657	1,868,896	$ 2,211,851	2,157,183
Cumulative Effect, Period of Adoption, Adjustment [Member]
Equity								1,510
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-02 [Member]
Equity						(226)
Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member]
Equity								$ 1,510
Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | Accounting Standards Update 2016-02 [Member]
Equity						$ (226)

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	May 31, 2021	Feb. 28, 2021	Nov. 30, 2020	May 31, 2020	Feb. 29, 2020	Nov. 30, 2019
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Inventories	$ 4,272,566		$ 3,897,482
Property and equipment, net	69,336		65,547
Total assets	5,618,933		5,356,442
Retained earnings	2,081,288		1,868,896
Equity	2,886,865	$ 2,748,184	2,665,769	$ 2,490,354	$ 2,443,104	$ 2,383,122
Retained Earnings [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Equity	2,081,288	$ 1,951,657	1,868,896	$ 2,255,742	$ 2,211,851	2,157,183
Cumulative Effect, Period of Adoption, Adjustment [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Equity						1,510
Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Equity						$ 1,510
Accounting Standards Update 2016-02 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Equity			(226)
Accounting Standards Update 2016-02 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Equity			(226)
Home Building [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Inventories	4,272,566		3,897,482
Deferred tax assets, net	199,445		231,067
Property and equipment, net	69,336		65,547
Total assets	5,581,087		5,320,240
Financial Service [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total assets	37,846		36,202
Contract assets	$ 22,500		$ 21,500

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	3 Months Ended		6 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020	Nov. 30, 2020
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Lease right-of-use assets	$ 32,567		$ 32,567		$ 36,270
Total revenues	1,440,892	$ 913,970	2,582,630	$ 1,989,905
Total pretax income	173,664	67,789	297,215	136,637
Income tax expense	(30,300)	(15,800)	(56,800)	(24,900)
Net income	$ 143,364	$ 51,989	$ 240,415	$ 111,737
Diluted earnings per share (in dollars per share)	$ 1.50	$ 0.55	$ 2.52	$ 1.19
Assets
Inventories	$ 4,272,566		$ 4,272,566		3,897,482
Property and equipment, net	69,336		69,336		65,547
Total assets	5,618,933		5,618,933		5,356,442
Stockholders’ equity:
Retained earnings	2,081,288		2,081,288		1,868,896
Financial Service [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Lease right-of-use assets	300		300		300
Contract assets	22,500		22,500		21,500
Total revenues	4,857	$ 3,690	8,587	$ 7,243
Selling, general and administrative expenses	(1,253)	(883)	(2,453)	(1,845)
Operating income	3,604	2,807	6,134	5,398
Total pretax income	10,648	7,604	19,148	13,417
Assets
Total assets	37,846		37,846		36,202
Home Building [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Lease right-of-use assets	32,322		32,322		35,967
Total revenues	1,436,035	910,280	2,574,043	1,982,662
Construction and land costs	(1,128,018)	(744,453)	(2,029,927)	(1,630,506)
Selling, general and administrative expenses	(145,115)	(114,238)	(267,120)	(240,372)
Operating income	162,902	51,589	276,996	111,784
Total pretax income	163,016	$ 60,185	278,067	$ 123,220
Assets
Inventories	4,272,566		4,272,566		3,897,482
Deferred tax assets, net	199,445		199,445		231,067
Property and equipment, net	69,336		69,336		65,547
Total assets	$ 5,581,087		$ 5,581,087		$ 5,320,240

Segment Information (Narratives

Segment Information (Narratives) (Details)	3 Months Ended
	May 31, 2021segment
Schedule of Equity Method Investments [Line Items]
Number of reporting segments	5
KBHS, LLC [Member] | Stearns Lending, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest in the venture	50.00%
KBHS, LLC [Member] | Financial Service [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest in the venture	50.00%
Home Building [Member]
Schedule of Equity Method Investments [Line Items]
Number of reporting segments	4
Financial Service [Member]
Schedule of Equity Method Investments [Line Items]
Number of reporting segments	1

Segment Information (Segment Fi

Segment Information (Segment Financial Information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020	Nov. 30, 2020
Segment Reporting Information [Line Items]
Inventory impairments and land option contract abandonments			$ 4,521	$ 10,051
Revenues:
Total revenues	$ 1,440,892	$ 913,970	2,582,630	1,989,905
Pretax income (loss):
Pretax income (loss)	173,664	67,789	297,215	136,637
Inventories: Homes under Construction	1,840,982		1,840,982		$ 1,437,911
Inventories: Land under development	2,431,584		2,431,584		2,459,571
Inventories: Land held for future development or sale	46,500		46,500		74,000
Inventories	4,272,566		4,272,566		3,897,482
Assets
Total assets	5,618,933		5,618,933		5,356,442
Land Option Contract Abandonment [Member]
Pretax income (loss):
Land option contract abandonment charges	500	4,400	900	4,900
Home Building [Member]
Segment Reporting Information [Line Items]
Inventory impairments and land option contract abandonments	457	4,379	4,521	10,051
Revenues:
Total revenues	1,436,035	910,280	2,574,043	1,982,662
Pretax income (loss):
Pretax income (loss)	163,016	60,185	278,067	123,220
Inventories	4,272,566		4,272,566		3,897,482
Assets
Total assets	5,581,087		5,581,087		5,320,240
Home Building [Member] | West Coast [Member]
Segment Reporting Information [Line Items]
Inventory impairments and land option contract abandonments	117	672	3,918	5,064
Revenues:
Total revenues	625,690	331,882	1,140,206	816,379
Pretax income (loss):
Pretax income (loss)	76,630	27,820	135,261	61,849
Assets
Total assets	2,265,852		2,265,852		2,057,362
Home Building [Member] | Southwest [Member]
Segment Reporting Information [Line Items]
Inventory impairments and land option contract abandonments	165	0	293	171
Revenues:
Total revenues	258,061	175,251	445,746	366,569
Pretax income (loss):
Pretax income (loss)	48,909	24,891	81,964	57,003
Assets
Total assets	854,193		854,193		738,765
Home Building [Member] | Central [Member]
Segment Reporting Information [Line Items]
Inventory impairments and land option contract abandonments	70	3,452	70	4,436
Revenues:
Total revenues	390,555	284,193	700,263	567,706
Pretax income (loss):
Pretax income (loss)	56,283	26,896	97,275	49,574
Assets
Total assets	1,053,215		1,053,215		998,612
Home Building [Member] | Southeast [Member]
Segment Reporting Information [Line Items]
Inventory impairments and land option contract abandonments	105	255	240	380
Revenues:
Total revenues	161,729	118,954	287,828	232,008
Pretax income (loss):
Pretax income (loss)	18,861	6,629	30,976	9,259
Assets
Total assets	555,716		555,716		448,388
Home Building [Member] | Corporate and Other [Member]
Pretax income (loss):
Pretax income (loss)	(37,667)	$ (26,051)	(67,409)	$ (54,465)
Assets
Total assets	$ 852,111		$ 852,111		$ 1,077,113

Financial Services (Schedule of

Financial Services (Schedule of Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020
Revenues
Revenue from Contract with Customer, Excluding Assessed Tax	$ 1,440,892	$ 913,970	$ 2,582,630	$ 1,989,905
Expenses
Equity in income of unconsolidated joint ventures			13,191	18,078
Pretax income	173,664	67,789	297,215	136,637
Financial Service [Member]
Revenues
Insurance commissions	2,432	2,030	4,280	3,983
Title services	2,425	1,660	4,307	3,260
Revenue from Contract with Customer, Excluding Assessed Tax	4,857	3,690	8,587	7,243
Selling, General and Administrative Expense	1,253	883	2,453	1,845
Expenses
Operating income	3,604	2,807	6,134	5,398
Equity in income of unconsolidated joint ventures	7,044	4,797	13,014	8,019
Pretax income	$ 10,648	$ 7,604	$ 19,148	$ 13,417

Financial Services (Schedule _2

Financial Services (Schedule of Assets and Liabilities) (Details) - USD ($) $ in Thousands		May 31, 2021	Nov. 30, 2020	May 31, 2020	Nov. 30, 2019
Assets
Cash and cash equivalents		$ 609,047	$ 682,529	$ 576,033	$ 454,858
Receivables		271,080	272,659
Other assets		115,233	125,510
Total assets		5,618,933	5,356,442
Financial Service [Member]
Assets
Cash and cash equivalents		978	1,339	$ 1,027
Receivables		1,581	1,988
Investments in unconsolidated joint ventures		12,492	10,978
Other assets	[1]	22,795	21,897
Total assets		37,846	36,202
Liabilities
Accounts payable and accrued expenses		1,942	2,629
Total liabilities		1,942	2,629
Contract assets		$ 22,500	$ 21,500
[1]	Other assets at May 31, 2021 and November 30, 2020 included $22.5 million and $21.5 million, respectively, of contract assets for estimated future renewal commissions.

Earnings Per Share (Basic and D

Earnings Per Share (Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020	Nov. 30, 2020
Numerator:
Net income	$ 143,364	$ 51,989	$ 240,415	$ 111,737
Less: Distributed earnings allocated to nonvested restricted stock	(63)	(43)	(126)	(87)
Less: Undistributed earnings allocated to nonvested restricted stock	(587)	(231)	(968)	(511)
Numerator for basic earnings per share	142,714	51,715	239,321	111,139
Add: Undistributed earnings allocated to nonvested restricted stock	587	231	968	511
Less: Undistributed earnings reallocated to nonvested restricted stock	(567)	(223)	(935)	(492)
Numerator for diluted earnings per share	$ 142,734	$ 51,723	$ 239,354	$ 111,158
Denominator:
Weighted average shares outstanding — basic (in shares)	92,087	90,493	91,904	90,169
Effect of dilutive securities: Share-based payments (in shares)	3,292	2,979	3,239	3,459
Weighted average shares outstanding — diluted (in shares)	95,379	93,472	95,143	93,628
Basic earnings (loss) per share (in dollars per share)	$ 1.55	$ 0.57	$ 2.60	$ 1.23
Diluted earnings (loss) per share (in dollars per share)	$ 1.50	$ 0.55	$ 2.52	$ 1.19
Antidilutive securities excluded from computation of earnings per share (in shares)	0
Mortgages and notes payable	$ 1,747,447		$ 1,747,447		$ 1,747,175
Antidilutive Securities Excluded from Computation of EPS, Number of Shares		0

Receivables (Details)

Receivables (Details) - USD ($) $ in Thousands	May 31, 2021	Nov. 30, 2020
Receivables [Abstract]
Due from utility companies, improvement districts and municipalities	$ 124,002	$ 105,700
Recoveries related to self-insurance and other legal claims	80,346	82,018
Income taxes receivable	2,012	41,323
Refundable deposits and bonds	12,477	10,897
Other	57,511	40,020
Subtotal	276,348	279,958
Allowance for doubtful accounts	(5,268)	(7,299)
Total	$ 271,080	$ 272,659

Inventories (Schedule of Invent

Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands	May 31, 2021	Nov. 30, 2020
Inventories
Homes completed or under construction	$ 1,840,982	$ 1,437,911
Land under development	2,431,584	2,459,571
Land held for future development	46,500	74,000
Total	4,272,566	3,897,482
Inventory, Land Held-for-sale	$ 600	$ 1,300

Inventories (Schedule of Capita

Inventories (Schedule of Capitalized Interest Costs) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020
Interest Costs
Capitalized interest at beginning of period		$ 188,555	$ 192,125	$ 190,113	$ 195,738
Interest incurred		31,110	31,055	62,202	62,017
Interest amortized to construction and land costs	[1]	(39,600)	(28,746)	(72,250)	(63,321)
Capitalized interest at end of period	[2]	180,065	194,434	180,065	194,434
Land [Member]
Interest Costs
Interest amortized to construction and land costs		$ 0	$ 0	$ (200)	$ 0
[1]	Interest amortized to construction and land costs for the six months ended May 31, 2021 included $.2 million related to land sales during the period. There was no such interest amortized for the three months ended May 31, 2021 or the three months and six months ended May 31, 2020.
[2]	Capitalized interest amounts reflect the gross amount of capitalized interest, as inventory impairment charges recognized, if any, are not generally allocated to specific components of inventory.

Inventory Impairments and Lan_3

Inventory Impairments and Land Option Contract Abandonments (Narratives) (Details)		3 Months Ended				6 Months Ended
		May 31, 2021USD ($)deliverypropertylotRate	Nov. 30, 2020USD ($)property	May 31, 2020USD ($)delivery		May 31, 2021USD ($)deliverylotRate		May 31, 2020USD ($)delivery
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Number of land parcels or communities evaluated for recoverability | property		6	11
Carrying value of communities or land parcels evaluated for impairment		$ 78,500,000	$ 123,400,000			$ 78,500,000
Inventory impairment charges		0		$ 0		3,600,000		$ 5,100,000
Aggregate carrying value of inventory impacted by pretax, noncash inventory impairment charges		$ 90,200,000	$ 113,100,000			$ 90,200,000
Number of communities and various other land parcels impacted by pretax, noncash inventory impairment charges		13	16			13
Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Average Selling price	[1]	$ 0		$ 0		$ 471,000		$ 302,700
Deliveries per month | delivery	[1]	0		0		5		1
Discount Rate, Percent	[1]	0.00%		0.00%				17.00%
Minimum [Member] | Measurement Input, Discount Rate [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Discount Rate, Percent | Rate	[1]					19.00%
Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Average Selling price	[1]	$ 0		$ 0		$ 471,000		$ 915,500
Deliveries per month | delivery		0		0	[1]	5	[1]	4	[1]
Discount Rate, Percent		0.00%		0.00%				18.00%
Maximum [Member] | Measurement Input, Discount Rate [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Discount Rate, Percent | Rate	[1]	0.00%				19.00%
Land Option Contract Abandonment [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Land option contract abandonment charges		$ 500,000		$ 4,400,000		$ 900,000		$ 4,900,000
[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	May 31, 2021USD ($)joint_venture	Nov. 30, 2020USD ($)joint_venture
Variable Interest Entity [Line Items]
Number of investments in unconsolidated joint ventures | joint_venture	5	5
Cash Deposits	$ 67,961	$ 54,634
Aggregate Purchase Price	1,657,143	1,418,429
Pre-acquisition costs related to land option contracts and other similar contracts	42,000	31,100
Increase in inventories and accrued expenses and other liabilities	$ 14,200	$ 19,400
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	$ 31,851	$ 20,962
Aggregate Purchase Price	985,435	910,495
Non-VIE Land Option Contracts And Other Similar Contracts [Member]
Variable Interest Entity [Line Items]
Cash Deposits	36,110	33,672
Aggregate Purchase Price	$ 671,708	$ 507,934

Investments in Unconsolidated_3

Investments in Unconsolidated Joint Ventures (Financial Information for Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020	Feb. 28, 2021	Nov. 30, 2020	Feb. 29, 2020	Nov. 30, 2019
Assets
Other Assets	$ 115,233		$ 115,233			$ 125,510
Total assets	5,618,933		5,618,933			5,356,442
Liabilities and equity
Equity	2,886,865	$ 2,490,354	2,886,865	$ 2,490,354	$ 2,748,184	2,665,769	$ 2,443,104	$ 2,383,122
Total liabilities and stockholders’ equity	5,618,933		5,618,933			5,356,442
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]
Schedule of Equity Method Investments [Line Items]
Cash	39,517		39,517			38,837
Statements of operations of unconsolidated joint venture
Revenues	3,148	66,873	12,839	94,420
Cost of Revenue	(2,819)	(46,725)	(10,944)	(68,268)
Other Nonoperating Income (Expense)	(530)	(3,742)	(1,409)	(5,849)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(201)	$ 16,406	486	$ 20,303
Assets
Inventory, Real Estate	58,791		58,791			65,233
Other Assets	466		466			593
Total assets	98,890		98,890			104,759
Other Accounts Payable and Accrued Liabilities	12,094		12,094			14,037
Liabilities and equity
Equity	86,796		86,796			90,722
Total liabilities and stockholders’ equity	98,890		98,890			104,759
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent	$ 116		$ 116			$ 96

Investments in Unconsolidated_4

Investments in Unconsolidated Joint Ventures (Information for Investments in Unconsolidated Joint Ventures) (Details) - joint_venture	May 31, 2021	Nov. 30, 2020
Schedule of Equity Method Investments [Line Items]
Number of investments in unconsolidated joint ventures	5	5

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Thousands	May 31, 2021	Nov. 30, 2020
Property, Plant and Equipment [Abstract]
Computer software and equipment	$ 36,494	$ 32,902
Model furnishings and sales office improvements	88,420	83,882
Leasehold improvements, office furniture and equipment	17,218	17,245
Subtotal	142,132	134,029
Less accumulated depreciation	(72,796)	(68,482)
Total	$ 69,336	$ 65,547

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	May 31, 2021	Nov. 30, 2020
Cash surrender value and benefit receivable from corporate-owned life insurance contracts	$ 69,292	$ 73,227
Lease right-of-use assets	32,567	36,270
Prepaid expenses	11,643	13,916
Debt issuance costs associated with unsecured revolving credit facility, net	1,976	2,400
Total	115,233	125,510
Home Building [Member]
Lease right-of-use assets	32,322	35,967
Total	$ 115,233	$ 125,510

Accrued Expenses and Other Li_3

Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands		May 31, 2021	Feb. 28, 2021	Nov. 30, 2020	May 31, 2020	Feb. 29, 2020	Dec. 01, 2019	Nov. 30, 2019
Self-insurance and other legal liabilities		$ 230,449		$ 232,556
Employee compensation and related benefits		148,564		165,342
Warranty liability		95,853	$ 92,687	91,646	$ 92,844	$ 90,213		$ 88,839
Inventory-related obligations (a)		31,805		31,641
Contract with Customer, Liability, Noncurrent		52,878		26,243
Operating Lease, Liability		34,524		38,000			$ 0
Inventory-related liabilities	[1]	25,647		31,094
Real estate and business taxes		10,087		14,249
Other		36,155		37,062
Total		665,690		667,501
Home Building [Member]
Operating Lease, Liability		34,252		37,668
Total		$ 665,690		$ 667,501
[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.

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020	Nov. 30, 2020	Dec. 01, 2019
Lease, Cost	$ 4,300	$ 4,400	$ 8,600	$ 9,400
Lessee, Operating Lease, Liability, to be Paid, Year One	5,936		5,936
Lease right-of-use assets	32,567		32,567		$ 36,270
Operating Lease, Liability	34,524		34,524		$ 38,000	$ 0
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	1,411	2,428	1,499	6,068
Operating Lease, Payments	$ 2,916	2,894	$ 5,669	5,637
Operating Lease, Weighted Average Remaining Lease Term	4 years 1 month 6 days		4 years 1 month 6 days		4 years 6 months
Operating Lease, Weighted Average Discount Rate, Percent	5.10%		5.10%		5.10%
Lessee, Operating Lease, Liability, to be Paid, Year Two	$ 10,538		$ 10,538
Lessee, Operating Lease, Liability, to be Paid, Year Three	8,270		8,270
Lessee, Operating Lease, Liability, to be Paid, Year Four	6,130		6,130
Lessee, Operating Lease, Liability, to be Paid, Year Five	4,500		4,500
Lessee, Operating Lease, Liability, to be Paid, after Year Five	3,111		3,111
Lessee, Operating Lease, Liability, to be Paid	38,485		38,485
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(3,961)		(3,961)
Short-term Lease, Cost	1,200	$ 1,400	2,500	$ 3,500
Home Building [Member]
Lease right-of-use assets	32,322		32,322		$ 35,967
Operating Lease, Liability	34,252		34,252		37,668
Financial Service [Member]
Lease right-of-use assets	300		300		300
Operating Lease, Liability	$ 300		$ 300		$ 300

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended			6 Months Ended		10 Months Ended
	May 31, 2021	Feb. 28, 2021	May 31, 2020	May 31, 2021	May 31, 2020	Dec. 31, 2020	Nov. 30, 2020
Income Tax Expense (Benefit), Continuing Operations [Abstract]
Income tax expense	$ 30,300,000		$ 15,800,000	$ 56,800,000	$ 24,900,000
Effective tax rate	17.40%		23.30%	19.10%	18.20%
Excess tax benefits related to stock-based compensation	$ (400,000)			$ (3,900,000)	$ (5,600,000)
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount	1,900,000		$ 1,000,000	3,300,000	2,000,000
Income Taxes Receivable, Alternative Minimum Tax, CARES Act			39,300,000
Tax credits	(14,800,000)		(3,000,000)	(17,500,000)	(7,000,000)
Deferred tax assets	217,400,000			217,400,000			$ 249,100,000
Valuation allowance	18,000,000			18,000,000			18,000,000
Deferred Tax Assets, Tax Credit Carryforwards	0		$ 82,617,000	0	82,617,000
Adjustments to deferred tax valuation allowance				0
Gross unrecognized tax benefits (including interest and penalties)	0			0			$ 0
CARES Act Employee Retention Credit		$ 4,300,000
Income Tax Contingency [Line Items]
Share-based Payment Arrangement, Expense, Tax Benefit	$ 400,000			$ 3,900,000	$ 5,600,000
Maximum [Member]
Income Tax Contingency [Line Items]
RefundableTaxCreditAllowedPerEmployeeCARESAct						$ 5,000

Notes Payable (Schedule Notes P

Notes Payable (Schedule Notes Payable) (Details) - USD ($) $ in Thousands	May 31, 2021	Nov. 30, 2020
Debt Instrument [Line Items]
Mortgages and notes payable	$ 1,747,447	$ 1,747,175
Mortgages and land contracts due to land sellers and other loans
Debt Instrument [Line Items]
Mortgages and notes payable	$ 4,067	4,667
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	$ 449,486	449,029
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	$ 349,153	348,846
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	$ 351,038	351,281
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	$ 296,955	296,757
Senior Notes [Member] | Senior Notes Due Two Thousand Twenty Nine At Four Point Eight Percent [Domain] [Domain]
Debt Instrument [Line Items]
Senior notes, rate	4.80%
Mortgages and notes payable	$ 296,748	$ 296,595

Notes Payable (Narratives) (Det

Notes Payable (Narratives) (Details) - USD ($)	3 Months Ended	6 Months Ended
	May 31, 2021	May 31, 2021	Jun. 09, 2021	Nov. 30, 2020
Debt Instrument [Line Items]
Unamortized debt issuance costs, premiums and discounts	$ 6,600,000	$ 6,600,000		$ 7,500,000
Letters of credit outstanding	54,800,000	54,800,000		42,100,000
Inventories pledged to collateralize mortgages and land contracts, carrying value	13,200,000	13,200,000
Repayments of principal, 2019	1,100,000	1,100,000
Repayments of principal, 2020	801,100,000	801,100,000
Repayments of principal, 2021	351,200,000	351,200,000
Repayments of principal, 2022	700,000	700,000
Repayments of principal, thereafter	600,000,000	600,000,000
Repayments of principal, 2023	$ 0	$ 0
6.875% Senior notes due June 15, 2027 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Senior notes, rate	6.875%	6.875%
7.625% Senior notes due May 15, 2023 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Senior notes, rate	7.625%	7.625%
7.00% Senior notes due December 15, 2021 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Senior notes, rate	7.00%	7.00%
Debt Instrument, Face Amount	$ 450,000,000	$ 450,000,000
Senior Notes Due Two Thousand Thirty One At Four Point Zero Zero Percent | Senior Notes [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Senior notes, rate			4.00%
Debt Instrument, Face Amount			$ 390,000,000
Conversion Price Premium			100.00%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Unsecured revolving credit facility, borrowing capacity	$ 800,000,000	800,000,000
Unsecured revolving credit facility, expiration date	Oct. 7, 2023
Unsecured revolving credit facility, maximum borrowing capacity	$ 1,000,000,000	1,000,000,000
Credit facility, letters of credit outstanding	0	0
Unsecured revolving credit facility, remaining borrowing capacity	787,600,000	$ 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	$ 250,000,000
Credit facility, letters of credit outstanding	12,400,000	12,400,000
Unsecured revolving credit facility, remaining borrowing capacity	237,600,000	237,600,000
LOC Facilities [Member]
Debt Instrument [Line Items]
Unsecured revolving credit facility, borrowing capacity	50,000,000	50,000,000
Letters of credit outstanding	$ 42,400,000	$ 42,400,000		$ 29,700,000

Fair Value Disclosures (Assets

Fair Value Disclosures (Assets Measured at Fair Value on Nonrecurring Basis) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
		May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020	Nov. 30, 2020
Assets measured at fair value on a nonrecurring basis
Inventory Impairment Charges		$ 0	$ 0	$ (3,600)	$ (5,100)
Fair Value, Nonrecurring [Member] | Level 3
Assets measured at fair value on a nonrecurring basis
Pre-Impairment Value		8,505		8,505		$ 69,211
Inventory Impairment Charges				(3,626)		(22,723)
Fair Value	[1]	$ 4,879		$ 4,879		$ 46,488
[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		May 31, 2021	Nov. 30, 2020
Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	[1]	$ 1,743,380	$ 1,742,508
Estimate of Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes		$ 1,883,500	$ 1,924,250
[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	6 Months Ended
	May 31, 2021USD ($)claim_filed	May 31, 2021USD ($)claim_filedHome	Nov. 30, 2020USD ($)	Nov. 30, 2016USD ($)
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	$ 960,100,000	$ 960,100,000	$ 897,600,000
Letters of credit outstanding	54,800,000	$ 54,800,000	42,100,000
Warranty for other components of a home (in years)		1 year
Cash deposits	67,961,000	$ 67,961,000	54,634,000
Aggregate purchase price of land	1,657,143,000	$ 1,657,143,000	1,418,429,000
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	$ 65,100,000	$ 65,100,000	$ 60,000,000
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	686	686
Maximum [Member] | Northern California Townhome Community [Member]
Loss Contingencies [Line Items]
Product Liability Contingency, Loss Exposure in Excess of Accrual, Best Estimate	$ 3,000,000
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				6 Months Ended
	May 31, 2021		May 31, 2020		May 31, 2021	May 31, 2020
Changes in the Warranty Liability
Balance at beginning of period	$ 92,687		$ 90,213		$ 91,646	$ 88,839
Warranties issued	9,378		7,271		16,835	15,634
Payments	(6,212)		(4,640)		(12,628)	(11,629)
Standard and Extended Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties	0		0		0	0
Balance at end of period	95,853		92,844		95,853	92,844
Movement In Self Insurance Reserve [Roll Forward]
Balance at beginning of period	193,445		181,481		194,180	177,765
Self-insurance expense	5,928		1,343		10,511	5,977
Payments	(10,097)	[1]	(1,825)	[1]	(15,597)	(2,972)
Balance at end of period	194,269		178,081		194,269	178,081
Self Insurance [Member]
Movement In Self Insurance Reserve [Roll Forward]
Increase (Decrease) in Insurance Liabilities	$ 4,993		$ (2,918)		$ 5,175	$ (2,689)
[1]	Represents net changes in estimated probable recoveries related to self-insurance, which are recorded in receivables, to present our self-insurance liability on a gross basis.

Legal Matters (Details)

Legal Matters (Details)	3 Months Ended
	May 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Environmental Applicability, Impact and Conclusion Disclosures	Pursuant to SEC rules, we will disclose any proceeding in which a governmental authority is a party and that arises under any federal, state or local provisions enacted or adopted regulating the discharge of materials into the environment or primarily for the purpose of protecting the environment only where we believe that such proceeding will result in monetary sanctions on us, exclusive of interest and costs, above $1.0 million or is otherwise material to our consolidated financial statements

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020
Beginning balance	$ 2,748,184	$ 2,443,104	$ 2,665,769	$ 2,383,122
Net income	143,364	51,989	240,415	111,737
Dividends on common stock	(13,733)	(8,098)	$ (27,797)	(16,331)
Employee stock options/other (in shares)			(228,651)
Employee stock options/other	968	178	$ 3,506	8,404
Stock awards			0	0
Stock-based compensation	8,082	3,181	13,654	8,131
Tax payments associated with stock-based compensation awards			8,456	6,219
Ending balance	$ 2,886,865	$ 2,490,354	$ 2,886,865	2,490,354
Cumulative Effect, Period of Adoption, Adjustment [Member]
Beginning balance				$ 1,510
Grantor Stock Ownership Trust
Beginning balance (in shares)	(6,705,000)	(7,317,000)	(7,124,000)	7,631,000
Beginning balance	$ (72,718)	$ (79,359)	$ (77,265)	$ (82,758)
Stock awards (in shares)			419,000	314,000
Stock awards			$ 4,547	$ 3,399
Ending balance (in shares)	(6,705,000)	(7,317,000)	(6,705,000)	(7,317,000)
Ending balance	$ (72,718)	$ (79,359)	$ (72,718)	$ (79,359)
Accumulated Other Comprehensive Income
Beginning balance	(22,276)	(17,149)	(22,276)	(15,506)
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect				(1,643)
Ending balance	$ (22,276)	$ (17,149)	$ (22,276)	$ (17,149)
Treasury Stock
Beginning balance (in shares)	(1,305,000)	(24,526,000)	(1,107,000)	24,356,000
Beginning balance	$ (35,977)	$ (597,950)	$ (27,761)	$ (591,344)
Employee stock options/other (in shares)			0
Employee stock options/other			$ 0
Stock awards (in shares)	2,000		12,000	15,000
Stock awards	$ 44		$ 284	$ (387)
Tax payments associated with stock-based compensation awards ( in shares)			(208,000)	(155,000)
Tax payments associated with stock-based compensation awards			$ 8,456	$ 6,219
Ending balance (in shares)	(1,303,000)	(24,526,000)	(1,303,000)	(24,526,000)
Ending balance	$ (35,933)	$ (597,950)	$ (35,933)	$ (597,950)
Paid-in Capital
Beginning balance	827,456	803,420	824,306	793,954
Employee stock options/other	903	167	3,268	7,695
Stock awards	(88)	(68)	(4,875)	(3,080)
Stock-based compensation	8,082	3,181	13,654	8,131
Ending balance	$ 836,353	$ 806,700	$ 836,353	$ 806,700
Common Stock
Beginning balance (in shares)	(100,042,000)	(122,291,000)	(99,869,000)	(121,593,000)
Beginning balance	$ 100,042	$ 122,291	$ 99,869	$ 121,593
Employee stock options/other (in shares)	(65,000)	(11,000)	(238,000)	(709,000)
Employee stock options/other	$ 65	$ 11	$ 238	$ 709
Stock awards (in shares)	44,000	68,000	44,000	68,000
Stock awards	$ 44	$ 68	$ 44	$ 68
Ending balance (in shares)	(100,151,000)	(122,370,000)	(100,151,000)	(122,370,000)
Ending balance	$ 100,151	$ 122,370	$ 100,151	$ 122,370
Retained Earnings [Member]
Beginning balance	1,951,657	2,211,851	1,868,896	2,157,183
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect				1,643
Net income	143,364	51,989	240,415	111,737
Dividends on common stock	(13,733)	(8,098)	(27,797)	(16,331)
Ending balance	$ 2,081,288	$ 2,255,742	$ 2,081,288	2,255,742
Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]
Beginning balance				$ 1,510

Stockholders' Equity (Narrative

Stockholders' Equity (Narratives) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020	Feb. 18, 2021	Jul. 17, 2014
Debt Instrument [Line Items]
Cash dividends declared per common share (in dollars per share)	$ 0.15	$ 0.09	$ 0.30	$ 0.18
Payment, Tax Withholding, Share-based Payment Arrangement			$ 8,456	$ 6,219
Dividend paid in each quarter (in dollars per share)	0.15	0.09	$ 0.30	$ 0.18
Class of Stock [Line Items]
Cash dividends declared per common share (in dollars per share)	0.15	0.09	0.30	0.18
Common Stock, Dividends, Per Share, Cash Paid	$ 0.15	$ 0.09	$ 0.30	$ 0.18
Shares Withheld to Pay Taxes [Member]
Debt Instrument [Line Items]
Common stock repurchased (in shares)			207,775
Payment, Tax Withholding, Share-based Payment Arrangement			$ 8,500
May 2018 Stock Repurchase Program
Debt Instrument [Line Items]
Number of common stock, authorized, approved under a board approved stock repurchase program (in shares)	2,193,947		2,193,947
Director Plan SARs [Domain]
Debt Instrument [Line Items]
Number of common stock, authorized, approved under a board approved stock repurchase program (in shares)						680,000
2014 Equity Incentive Plan [Domain]
Debt Instrument [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	680,000		680,000
PSU 2017 [Domain] | Performance Shares [Member]
Debt Instrument [Line Items]
Common Stock, Shares, Issued (in shares)					419,070

Stock-Based Compensation (Outst

Stock-Based Compensation (Outstanding and Exercisable Stock Options) (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	May 31, 2021
Options
Options outstanding at beginning of period, options (in shares)	2,462,714
Granted, options (in shares)	0
Exercised, options (in shares)	(228,651)
Cancelled, options (in shares)	0
Options outstanding at end of period, options (in shares)	2,234,063
Options exercisable at end of period (in shares)	2,234,063
Weighted Average Exercise Price in dollars per share
Options outstanding at beginning of period, weighted average exercise price (in dollars per share)	$ 15.32
Granted, weighted average exercise price (in dollars per share)	0
Exercised, weighted average exercise price (in dollars per share)	15.35
Cancelled, weighted average exercise price (in dollars per share)	0
Options outstanding at end of period, weighted average exercise price (in dollars per share)	15.32
Options exercisable at end of period (in dollars per share)	$ 15.32
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value	$ 70.3
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	4 years 1 month 6 days

Stock-Based Compensation (Narra

Stock-Based Compensation (Narratives) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining contractual life of stock options outstanding			4 years 1 month 6 days
Weighted average remaining contractual life of stock options exercisable			4 years 1 month 6 days
Aggregate intrinsic value of stock options outstanding	$ 70,300		$ 70,300
Aggregate intrinsic value of stock options exercisable	70,300		70,300
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		0
Stock-based compensation expense (income) associated with stock options, total	0	$ 0	0	$ 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	$ 8,100	$ 3,100	$ 13,700	$ 8,100

Supplemental Guarantor Informat

Supplemental Guarantor Information (Condensed Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020
Condensed Consolidated Statements of Operations
Total revenues	$ 1,440,892	$ 913,970	$ 2,582,630	$ 1,989,905
Revenue from Contract with Customer [Abstract]
Equity in income of unconsolidated joint ventures			13,191	18,078
Income (Loss) from Continuing Operations before Income Taxes, Domestic	173,664	67,789	297,215	136,637
Income tax expense	(30,300)	(15,800)	(56,800)	(24,900)
Net income	143,364	51,989	240,415	111,737
Home Building [Member]
Condensed Consolidated Statements of Operations
Total revenues	1,436,035	910,280	2,574,043	1,982,662
Revenue from Contract with Customer [Abstract]
Construction and land costs	(1,128,018)	(744,453)	(2,029,927)	(1,630,506)
Selling, general and administrative expenses	(145,115)	(114,238)	(267,120)	(240,372)
Operating income	162,902	51,589	276,996	111,784
Interest income	241	442	894	1,377
Equity in income of unconsolidated joint ventures	(127)	8,154	177	10,059
Income (Loss) from Continuing Operations before Income Taxes, Domestic	163,016	60,185	278,067	123,220
Financial Service [Member]
Condensed Consolidated Statements of Operations
Total revenues	4,857	3,690	8,587	7,243
Revenue from Contract with Customer [Abstract]
Selling, general and administrative expenses	(1,253)	(883)	(2,453)	(1,845)
Operating income	3,604	2,807	6,134	5,398
Equity in income of unconsolidated joint ventures	7,044	4,797	13,014	8,019
Income (Loss) from Continuing Operations before Income Taxes, Domestic	$ 10,648	$ 7,604	$ 19,148	$ 13,417

Supplemental Guarantor Inform_2

Supplemental Guarantor Information (Condensed Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands		May 31, 2021	Feb. 28, 2021	Nov. 30, 2020	May 31, 2020	Feb. 29, 2020	Nov. 30, 2019
Assets
Cash and cash equivalents		$ 609,047		$ 682,529	$ 576,033		$ 454,858
Receivables		271,080		272,659
Inventories		4,272,566		3,897,482
Property and equipment, net		69,336		65,547
Other assets		115,233		125,510
Total assets		5,618,933		5,356,442
Liabilities and stockholders’ equity
Mortgages and notes payable		1,747,447		1,747,175
Stockholders' Equity Attributable to Parent		2,886,865	$ 2,748,184	2,665,769	2,490,354	$ 2,443,104	$ 2,383,122
Total liabilities and stockholders’ equity		5,618,933		5,356,442
Home Building [Member]
Assets
Cash and cash equivalents		608,069		681,190	575,006
Receivables		271,080		272,659
Inventories		4,272,566		3,897,482
Investments in unconsolidated joint ventures		45,358		46,785
Property and equipment, net		69,336		65,547
Deferred tax assets, net		199,445		231,067
Other assets		115,233		125,510
Total assets		5,581,087		5,320,240
Liabilities and stockholders’ equity
Mortgages and notes payable		1,747,447		1,747,175
Total Liabilities		2,730,126		2,688,044
Financial Service [Member]
Assets
Cash and cash equivalents		978		1,339	$ 1,027
Receivables		1,581		1,988
Investments in unconsolidated joint ventures		12,492		10,978
Other assets	[1]	22,795		21,897
Total assets		37,846		36,202
Liabilities and stockholders’ equity
Accounts payable and accrued expenses		1,942		2,629
Financial services		$ 1,942		$ 2,629
[1]	Other assets at May 31, 2021 and November 30, 2020 included $22.5 million and $21.5 million, respectively, of contract assets for estimated future renewal commissions.

Supplemental Guarantor Inform_3

Supplemental Guarantor Information (Condensed Consolidated Statements of Cash Flows) (Details) - USD ($) $ in Thousands	6 Months Ended
	May 31, 2021	May 31, 2020
Cash flows from operating activities:
Net Cash Provided by (Used in) Operating Activities	$ (18,067)	$ 154,694
Cash flows from investing activities:
Contributions to unconsolidated joint ventures	(6,300)	(3,586)
Return of investments in unconsolidated joint ventures	2,518	500
Purchases of property and equipment, net	(18,286)	(15,224)
Net cash used in investing activities	(22,068)	(18,310)
Cash flows from financing activities:
Payments on mortgages and land contracts due to land sellers and other loans	(600)	(1,063)
Issuance of common stock under employee stock plans	3,506	8,404
Payments of cash dividends	(27,797)	(16,331)
Tax payments associated with stock-based compensation awards	(8,456)	(6,219)
Net cash used in financing activities	(33,347)	(15,209)
Net increase (decrease) in cash and cash equivalents	(73,482)	121,175
Cash and cash equivalents at beginning of period	682,529	454,858
Cash and cash equivalents at end of period	$ 609,047	$ 576,033

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Jun. 09, 2021	Jul. 08, 2021	May 31, 2021
May 2018 Stock Repurchase Program
Subsequent Event [Line Items]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased			2,193,947
Subsequent Event [Member]
Subsequent Event [Line Items]
Gain (Loss) on Extinguishment of Debt	$ 5,000,000
Subsequent Event [Member] | July 2021 Stock Repurchase Program
Subsequent Event [Line Items]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased		5,000,000
Senior Notes Due Two Thousand Thirty One At Four Point Zero Zero Percent | Senior Notes [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Debt Instrument, Face Amount	$ 390,000,000
Debt Instrument, Interest Rate, Stated Percentage	4.00%
Conversion Price Premium	100.00%
7.00% Senior notes due December 15, 2021 [Member] | Senior Notes [Member]
Subsequent Event [Line Items]
Debt Instrument, Face Amount			$ 450,000,000
Debt Instrument, Interest Rate, Stated Percentage			7.00%
7.00% Senior notes due December 15, 2021 [Member] | Senior Notes [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Debt Instrument, Repurchased Face Amount	$ 269,800,000
Senior Notes Due September Two Thousand Twenty One At Seven Point Zero Zero Percent | Senior Notes [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Debt Instrument, Face Amount	$ 180,200,000
Debt Instrument, Interest Rate, Stated Percentage	7.00%