KB Home (KBH) 10-Q 7 Jul 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	May 31, 2023	Nov. 30, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 31, 2023
Document Transition Report	false
Entity File Number	001-09195
Entity Registrant Name	KB HOME
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
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock Shares Outstanding	80,609,911
Grantor Stock Ownership Trust (in shares)	6,705,247	6,705,247
Entity Central Index Key	0000795266
Amendment Flag	false
Current Fiscal Year End Date	--11-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Grantor Stock Ownership Trust
Document Information [Line Items]
Grantor Stock Ownership Trust (in shares)	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
Security Exchange Name	NYSE
No Trading Symbol Flag	true

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Revenues	$ 1,765,316	$ 1,720,062	$ 3,149,630	$ 3,118,851
Equity in loss of unconsolidated joint ventures			5,938	19,668
Total pretax income	214,942	282,870	377,142	460,927
Income tax expense	(50,500)	(72,200)	(87,200)	(116,000)
Net income	$ 164,442	$ 210,670	$ 289,942	$ 344,927
Earnings per share:
Basic (in dollars per share)	$ 2	$ 2.39	$ 3.49	$ 3.90
Diluted (in dollars per share)	$ 1.94	$ 2.32	$ 3.38	$ 3.79
Weighted average shares outstanding:
Basic (in shares)	81,764	87,858	82,607	88,069
Diluted (in shares)	84,306	90,316	85,141	90,690
Homebuilding
Revenues	$ 1,757,846	$ 1,714,826	$ 3,136,383	$ 3,108,980
Construction and land costs	(1,386,558)	(1,281,752)	(2,469,379)	(2,363,864)
Selling, general and administrative expenses	(169,186)	(168,614)	(308,413)	(311,094)
Operating income	202,102	264,460	358,591	434,022
Interest income	1,729	39	2,196	75
Equity in loss of unconsolidated joint ventures	(313)	(310)	(1,070)	(287)
Total pretax income	203,518	264,189	359,717	433,810
Financial services
Revenues	7,470	5,236	13,247	9,871
Selling, general and administrative expenses	(1,472)	(1,362)	(2,830)	(2,709)
Operating income	5,998	3,874	10,417	7,162
Equity in loss of unconsolidated joint ventures	5,426	14,807	7,008	19,955
Total pretax income	$ 11,424	$ 18,681	$ 17,425	$ 27,117

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		May 31, 2023	Nov. 30, 2022
Assets
Inventories		$ 5,128,841	$ 5,543,176
Total assets		6,483,017	6,651,930
Liabilities and stockholders’ equity
Accrued expenses and other liabilities		668,084	736,971
Notes payable		1,686,663	1,838,511
Stockholders’ equity:
Common stock — 101,019,249 and 100,711,153 shares issued at May 31, 2023 and November 30, 2022, respectively		101,019	100,711
Paid-in capital		830,765	836,260
Retained earnings		3,407,813	3,143,578
Accumulated other comprehensive loss		(5,575)	(5,575)
Grantor stock ownership trust, at cost: 6,705,247 shares at May 31, 2023 and November 30, 2022		(72,718)	(72,718)
Treasury stock, at cost: 13,704,091 and 10,015,507 at May 31, 2023 and November 30, 2022, respectively		(494,822)	(341,461)
Total stockholders’ equity		3,766,482	3,660,795
Total liabilities and stockholders’ equity		6,483,017	6,651,930
Homebuilding
Assets
Cash and cash equivalents		557,037	328,517
Receivables		341,010	322,767
Inventories		5,128,841	5,543,176
Investments in unconsolidated joint ventures		53,427	46,785
Property and equipment, net		89,804	89,234
Deferred tax assets, net		150,268	160,868
Other assets		106,598	101,051
Total assets		6,426,985	6,592,398
Liabilities and stockholders’ equity
Accounts payable		360,585	412,525
Accrued expenses and other liabilities		668,084	736,971
Notes payable		1,686,663	1,838,511
Total Homebuilding		2,715,332	2,988,007
Financial services
Assets
Cash and cash equivalents		420	1,681
Receivables		3,692	3,475
Investments in unconsolidated joint ventures		21,664	26,678
Other assets	[1]	30,256	27,698
Total assets		56,032	59,532
Liabilities and stockholders’ equity
Financial services		$ 1,203	$ 3,128
[1]Other assets at May 31, 2023 and November 30, 2022 included $30.2 million and $27.6 million, respectively, of contract assets for estimated future renewal commissions.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - shares	May 31, 2023	Nov. 30, 2022
Statement of Financial Position [Abstract]
Common stock, shares, issued (in shares)	101,019,249	100,711,153
Grantor stock ownership trust (in shares)	6,705,247	6,705,247
Treasury stock (in shares)	13,704,091	10,015,507

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	May 31, 2023	May 31, 2022
Cash flows from operating activities:
Net income	$ 289,942	$ 344,927
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in income of unconsolidated joint ventures	(5,938)	(19,668)
Distributions of earnings from unconsolidated joint ventures	12,172	9,295
Amortization of debt issuance costs and premiums	1,673	1,137
Depreciation and amortization	17,760	15,534
Deferred income taxes	10,600	11,500
Stock-based compensation	14,686	15,888
Inventory impairments and land option contract abandonments	9,576	907
Changes in assets and liabilities:
Receivables	(18,460)	(11,112)
Inventories	413,774	(764,225)
Accounts payable, accrued expenses and other liabilities	(132,245)	84,259
Other, net	(4,810)	(3,254)
Net cash provided by (used in) operating activities	608,730	(314,812)
Cash flows from investing activities:
Contributions to unconsolidated joint ventures	(17,713)	(16,376)
Return of investments in unconsolidated joint ventures	5,100	1,255
Purchases of property and equipment, net	(18,324)	(22,122)
Net cash used in investing activities	(30,937)	(37,243)
Cash flows from financing activities:
Borrowings under revolving credit facility	170,000	1,075,000
Repayments under revolving credit facility	(320,000)	(675,000)
Issuance costs for unsecured revolving credit facility	0	(3,805)
Payments on mortgages and land contracts due to land sellers and other loans	(3,001)	(400)
Issuance of common stock under employee stock plans	5,010	0
Stock repurchases	(167,088)	(50,000)
Tax payments associated with stock-based compensation awards	(9,748)	(12,153)
Payments of cash dividends	(25,707)	(27,142)
Net cash provided by (used in) financing activities	(350,534)	306,500
Net increase (decrease) in cash and cash equivalents	227,259	(45,555)
Cash and cash equivalents at beginning of period	330,198	292,136
Cash and cash equivalents at end of period	$ 557,457	$ 246,581

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
	May 31, 2023
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, they do not include all the information and footnotes required by GAAP for complete financial statements. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended November 30, 2022, which are contained in our Annual Report on Form 10-K for that period. The consolidated balance sheet at November 30, 2022 has been taken from the audited consolidated financial statements as of that date. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of normal recurring adjustments) considered necessary for the fair presentation of our results for the interim periods presented. The results of our consolidated operations for the three months and six months ended May 31, 2023 are not necessarily indicative of the results to be expected for the full year due to seasonal variations in operating results and other factors. 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 $372.6 million at May 31, 2023 and $15.8 million at November 30, 2022. At May 31, 2023 and November 30, 2022, the majority of our cash equivalents was invested in interest-bearing bank deposit accounts.

Segment Information

Segment Information	6 Months Ended
	May 31, 2023
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, 2023, our homebuilding reporting segments conducted ongoing operations in the following states: West Coast: California, Idaho 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”), our unconsolidated joint venture with GR Alliance Ventures, LLC (“GR Alliance”), a subsidiary of Guaranteed Rate, Inc. We and GR Alliance each have a 50.0% ownership interest, with GR Alliance providing management oversight of KBHS’ operations. 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, 2023 2022 2023 2022 Revenues: West Coast $ 564,350 $ 761,217 $ 1,104,369 $ 1,420,091 Southwest 335,828 290,924 575,415 500,691 Central 545,214 433,046 935,165 788,368 Southeast 312,454 229,639 521,434 399,830 Total $ 1,757,846 $ 1,714,826 $ 3,136,383 $ 3,108,980 Pretax income (loss): West Coast $ 55,099 $ 137,518 $ 114,649 $ 247,552 Southwest 57,117 64,635 101,148 100,540 Central 78,985 66,200 137,818 104,316 Southeast 48,931 39,059 72,456 59,325 Corporate and other (36,614) (43,223) (66,354) (77,923) Total $ 203,518 $ 264,189 $ 359,717 $ 433,810 Inventory impairment and land option contract abandonment charges: West Coast $ 3,079 $ 157 $ 3,948 $ 157 Southwest — 55 — 164 Central 1,128 520 2,079 586 Southeast 80 — 3,549 — Total $ 4,287 $ 732 $ 9,576 $ 907 May 31, November 30, Assets: West Coast $ 2,452,625 $ 2,631,598 Southwest 965,223 1,074,912 Central 1,306,661 1,493,486 Southeast 895,182 929,208 Corporate and other 807,294 463,194 Total $ 6,426,985 $ 6,592,398

Financial Services

Financial Services	6 Months Ended
	May 31, 2023
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, 2023 2022 2023 2022 Revenues Insurance commissions $ 4,010 $ 2,596 $ 7,384 $ 5,114 Title services 3,460 2,637 5,863 4,738 Other — 3 — 19 Total 7,470 5,236 13,247 9,871 Expenses General and administrative (1,472) (1,362) (2,830) (2,709) Operating income 5,998 3,874 10,417 7,162 Equity in income of unconsolidated joint ventures 5,426 14,807 7,008 19,955 Pretax income $ 11,424 $ 18,681 $ 17,425 $ 27,117 May 31, November 30, Assets Cash and cash equivalents $ 420 $ 1,681 Receivables 3,692 3,475 Investments in unconsolidated joint venture 21,664 26,678 Other assets (a) 30,256 27,698 Total assets $ 56,032 $ 59,532 Liabilities Accounts payable and accrued expenses $ 1,203 $ 3,128 Total liabilities $ 1,203 $ 3,128 (a) Other assets at May 31, 2023 and November 30, 2022 included $30.2 million and $27.6 million, respectively, of contract assets for estimated future renewal commissions.

Earnings Per Share

Earnings Per Share	6 Months Ended
	May 31, 2023
Earnings Per Share [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, 2023 2022 2023 2022 Numerator: Net income $ 164,442 $ 210,670 $ 289,942 $ 344,927 Less: Distributed earnings allocated to nonvested restricted stock (91) (64) (176) (129) Less: Undistributed earnings allocated to nonvested restricted stock (1,119) (957) (1,866) (1,539) Numerator for basic earnings per share 163,232 209,649 287,900 343,259 Effect of dilutive securities: Add: Undistributed earnings allocated to nonvested restricted stock 1,119 957 1,866 1,539 Less: Undistributed earnings reallocated to nonvested restricted stock (1,085) (931) (1,811) (1,495) Numerator for diluted earnings per share $ 163,266 $ 209,675 $ 287,955 $ 343,303 Three Months Ended May 31, Six Months Ended May 31, 2023 2022 2023 2022 Denominator: Weighted average shares outstanding — basic 81,764 87,858 82,607 88,069 Effect of dilutive securities: Share-based payments 2,542 2,458 2,534 2,621 Weighted average shares outstanding — diluted 84,306 90,316 85,141 90,690 Basic earnings per share $ 2.00 $ 2.39 $ 3.49 $ 3.90 Diluted earnings per share $ 1.94 $ 2.32 $ 3.38 $ 3.79 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, 2023 or 2022.

Receivables

Receivables	6 Months Ended
	May 31, 2023
Receivables [Abstract]
Receivables	Receivables Receivables consisted of the following (in thousands): May 31, November 30, Due from utility companies, improvement districts and municipalities $ 212,385 $ 181,443 Recoveries related to self-insurance and other legal claims 68,632 76,581 Refundable deposits and bonds 16,967 17,610 Other 47,861 52,201 Subtotal 345,845 327,835 Allowance for doubtful accounts (4,835) (5,068) Total $ 341,010 $ 322,767

Inventories

Inventories	6 Months Ended
	May 31, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following (in thousands): May 31, November 30, Homes completed or under construction $ 2,094,058 $ 2,414,675 Land under development 3,034,783 3,128,501 Total $ 5,128,841 $ 5,543,176 Land under development at May 31, 2023 and November 30, 2022 included land held for future development or sale of $25.8 million and $21.6 million, respectively. 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, 2023 2022 2023 2022 Capitalized interest at beginning of period $ 147,162 $ 159,649 $ 145,494 $ 161,119 Interest incurred 25,995 29,021 53,799 57,324 Interest amortized to construction and land costs (31,932) (34,005) (58,068) (63,778) Capitalized interest at end of period $ 141,225 $ 154,665 $ 141,225 $ 154,665

Inventory Impairments and Land

Inventory Impairments and Land Option Contract Abandonments	6 Months Ended
	May 31, 2023
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 one active community for recoverability as of May 31, 2023 with a carrying value of $15.9 million. As of November 30, 2022, we evaluated five active communities or land parcels for recoverability with a carrying value of $118.7 million. In addition, we evaluated land held for future development for recoverability as of both May 31, 2023 and November 30, 2022. Based on the results of our evaluations, we recognized no inventory impairment charges for the three-month and six-month periods ended May 31, 2023 and 2022. As of May 31, 2023, the aggregate carrying value of our inventory that had been impacted by inventory impairment charges was $76.9 million, representing six communities and various other land parcels. As of November 30, 2022, the aggregate carrying value of our inventory that had been impacted by inventory impairment charges was $102.9 million, representing eight 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 $4.3 million for the three months ended May 31, 2023 and $9.6 million for the six months ended May 31, 2023. For the three-month and six-month periods ended May 31, 2022, we recognized land option contract abandonment charges of $.7 million and $.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, 2023
Organization, Consolidation and Presentation of Financial Statements [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, 2023 and November 30, 2022 was a VIE, but we were not the primary beneficiary of the VIE. Therefore, all of our joint ventures at May 31, 2023 and November 30, 2022 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, 2023 and November 30, 2022, 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, 2023 November 30, 2022 Cash Aggregate Cash Aggregate Unconsolidated VIEs $ 16,471 $ 609,927 $ 22,399 $ 635,502 Other land option contracts and other similar contracts 19,796 384,118 29,451 529,430 Total $ 36,267 $ 994,045 $ 51,850 $ 1,164,932 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 $30.1 million at May 31, 2023 and $33.1 million at November 30, 2022. 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, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Joint Ventures	Investments in Unconsolidated Joint Ventures Homebuilding. We have investments in unconsolidated joint ventures that conduct land acquisition, land development and/or other homebuilding activities in various markets where our homebuilding operations are located. We and our unconsolidated joint venture partners make initial and/or ongoing capital contributions to these unconsolidated joint ventures, typically on a pro rata basis, according to our respective equity interests. The obligations to make capital contributions are governed by each such unconsolidated joint venture’s respective operating agreement and related governing documents. As of both May 31, 2023 and November 30, 2022, we had investments in six homebuilding unconsolidated joint ventures. The following table presents combined condensed information from the statements of operations for our homebuilding unconsolidated joint ventures (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2023 2022 2023 2022 Revenues $ 1,171 $ 1,108 $ 1,171 $ 3,958 Construction and land costs (683) (772) (686) (3,071) Other expense, net (960) (918) (2,410) (1,348) Loss $ (472) $ (582) $ (1,925) $ (461) The following table presents combined condensed balance sheet information for our homebuilding unconsolidated joint ventures (in thousands): May 31, November 30, Assets Cash $ 13,823 $ 14,066 Receivables 2,886 3,394 Inventories 138,290 114,465 Other assets 554 633 Total assets $ 155,553 $ 132,558 Liabilities and equity Accounts payable and other liabilities $ 8,085 $ 8,369 Notes payable (a) 47,457 34,396 Equity 100,011 89,793 Total liabilities and equity $ 155,553 $ 132,558 (a) As of both May 31, 2023 and November 30, 2022, one of our unconsolidated joint ventures had borrowings outstanding under a revolving line of credit it entered into with a third-party lender in April 2022 to finance its land acquisition, development and construction activities. Borrowings under this line of credit, which has a maximum commitment of $62.0 million, are secured by the underlying property and related project assets. The line of credit is scheduled to mature on April 19, 2026, unless extended or terminated pursuant to its applicable terms. None of our other unconsolidated joint ventures had outstanding debt at May 31, 2023 or November 30, 2022. We provide certain guarantees and indemnities to the lender in connection with the above-described revolving line of credit, including a guaranty of interest and carry costs; a guaranty to complete the construction of phases of the improvements for the project as such phases are commenced; a guaranty against losses suffered due to certain bad acts or failures to act by the unconsolidated joint venture or its partners; and an indemnity from environmental issues. Except to the extent related to the foregoing guarantees and indemnities, we do not have a guaranty or any other obligation to repay borrowings under the line of credit or to support the value of the underlying collateral. However, various financial and non-financial covenants apply under the line of credit and with respect to the related guaranty and indemnity obligations, and a failure to comply with such covenants could result in a default and cause the lender to seek to enforce such guaranty and indemnity obligations. As of the date of this report, we were in compliance with the relevant covenants. We do not believe that our existing exposure under our guaranty and indemnity obligations related to outstanding borrowings under the line of credit is material to our consolidated financial statements. Financial Services. The following table presents combined condensed information from the statements of operations for our financial services unconsolidated joint ventures (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2023 2022 2023 2022 Revenues $ 28,450 $ 50,224 $ 48,640 $ 80,200 Expenses (17,599) (20,607) (34,624) (40,287) Income $ 10,851 $ 29,617 $ 14,016 $ 39,913 Revenues are primarily generated from fees earned on mortgage loan originations, interest earned for the period loans are held by KBHS, and gains on the sales of mortgage loans held for sale. Gains on the sales of mortgage loans held for sale include the realized and unrealized gains and losses associated with changes in the fair value of such loans and any related derivative financial instruments. The following table presents combined condensed balance sheet information for our financial services unconsolidated joint venture (in thousands): May 31, November 30, Assets Cash and cash equivalents $ 21,818 $ 28,120 Mortgage loans held for sale 186,573 250,572 Other assets 28,173 33,176 Total assets $ 236,564 $ 311,868 Liabilities and equity Accounts payable and other liabilities $ 13,255 $ 15,590 Funding facilities 179,981 242,944 Equity 43,328 53,334 Total liabilities and equity $ 236,564 $ 311,868 Mortgage loans held for sale . Originated mortgage loans expected to be sold into the secondary market in the foreseeable future are reported as mortgage loans held for sale and carried in KBHS’ balance sheets at fair value, with changes in fair value recognized within revenues in KBHS’ statements of operations. Interest Rate Lock Commitments (“IRLCs”) . KBHS enters into IRLCs in connection with originating certain mortgage loans held for sale, at specified interest rates and within a specified period of time, with customers who have applied for a mortgage loan and meet certain credit and underwriting criteria. KBHS accounts for IRLCs as free-standing derivatives and does not designate any for hedge accounting. As a result, IRLCs are recognized in KBHS’ balance sheets at fair value, and gains or losses resulting from changes in fair value are recognized within revenues in KBHS’ statements of operations. The fair value of IRLCs is based on market prices, which includes an estimate of the fair value of the associated mortgage servicing rights, adjusted for estimated costs to originate the underlying mortgage loans as well as the probability that the mortgage loans will fund within the terms of the IRLCs. The fair value of IRLCs included in other assets in KBHS’ balance sheets was $25.6 million at May 31, 2023 and $29.8 million at November 30, 2022. The changes in the fair value of IRLCs, which were reported in revenues for the applicable periods, were losses of $2.7 million and $4.2 million for the three-month and six-month periods ended May 31, 2023, respectively, and gains of $25.8 million and $33.4 million for the three-month and six-month periods ended May 31, 2022, respectively. KBHS manages the interest rate and price risk associated with its outstanding IRLCs by entering into best efforts forward sale commitments under which mortgage loans locked with a borrower are simultaneously committed to a secondary market investor at a fixed price, subject to the underlying mortgage loans being funded. These best efforts forward sale commitments do not meet the definition of derivative financial instruments and are therefore not recorded in KBHS’ balance sheets. If the mortgage loans underlying the IRLCs do not fund, KBHS has no obligation to fulfill the secondary market investor commitments.

Other Assets

Other Assets	6 Months Ended
	May 31, 2023
Other Assets [Abstract]
Other Assets	Other Assets Other assets consisted of the following (in thousands): May 31, November 30, Cash surrender value of corporate-owned life insurance contracts $ 54,858 $ 55,591 Lease right-of-use assets 24,757 25,469 Prepaid expenses 23,157 15,645 Debt issuance costs associated with unsecured revolving credit facility, net 3,826 4,346 Total $ 106,598 $ 101,051

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	6 Months Ended
	May 31, 2023
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 $ 229,283 $ 234,128 Employee compensation and related benefits 130,749 182,443 Warranty liability 99,142 101,890 Customer deposits 67,006 76,738 Accrued interest payable 28,891 29,989 Lease liabilities 26,787 27,494 Inventory-related obligations (a) 21,461 19,136 Federal and state taxes payable 15,449 3,671 Real estate and business taxes 11,125 17,557 Other 38,191 43,925 Total $ 668,084 $ 736,971 (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

Leases	6 Months Ended
	May 31, 2023
Leases [Abstract]
Leases	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 in our consolidated balance sheets for leases with an expected term at the commencement date of more than 12 months. 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, 2023 and 2022 was $5.6 million and $4.9 million, respectively , and included short-term lease costs of $2.2 million and $1.8 million, respectively. For the six months ended May 31, 2023 and 2022, our total lease expense was $10.8 million and $9.2 million, respectively, and included short-term lease costs of $3.9 million and $3.0 million, respectively. Variable lease costs and external sublease income for the three-month and six-month periods ended May 31, 2023 and 2022 were immaterial. The following table presents our lease right-of-use assets and lease liabilities (in thousands): May 31, November 30, Lease right-of-use assets (a) $ 24,768 $ 25,545 Lease liabilities (a) 26,795 27,580

Income Taxes

Income Taxes	6 Months Ended
	May 31, 2023
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, 2023 2022 2023 2022 Income tax expense $ 50,500 $ 72,200 $ 87,200 $ 116,000 Effective tax rate 23.5 % 25.5 % 23.1 % 25.2 % Our income tax expense and effective tax rate for the three months ended May 31, 2023 included the favorable impact of $6.8 million of federal tax credits we recognized primarily from building energy-efficient homes and $1.1 million of excess tax benefits related to stock-based compensation, partly offset by $3.5 million of nondeductible executive compensation expense. Our income tax expense and effective tax rate for the three months ended May 31, 2022 reflected the favorable impact of $.6 million of federal tax credits we recognized primarily from building energy-efficient homes, which was more than offset by $2.2 million of nondeductible executive compensation expense. For the six months ended May 31, 2023, our income tax expense and effective tax rate included the favorable impacts of $12.5 million of federal tax credits we recognized primarily from building energy-efficient homes and $3.8 million of excess tax benefits related to stock-based compensation, partly offset by $6.6 million of nondeductible executive compensation expense. Our income tax expense and effective tax rate for the six months ended May 31, 2022 reflected the favorable impacts of $2.2 million of excess tax benefits related to stock-based compensation and $.8 million of federal tax credits we recognized primarily from building energy-efficient homes, which were more than offset by $3.9 million of nondeductible executive compensation expense. 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 $167.4 million as of May 31, 2023 and $178.0 million as of November 30, 2022 were each partly offset by a valuation allowance of $17.1 million. The deferred tax asset valuation allowances as of May 31, 2023 and November 30, 2022 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, 2023, we determined that most of our deferred tax assets would be realized. Therefore, no adjustments to our deferred tax asset valuation allowance were needed for the six months ended May 31, 2023. 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, 2023
Debt Disclosure [Abstract]
Notes Payable	Notes Payable Notes payable consisted of the following (in thousands): May 31, November 30, Unsecured revolving credit facility $ — $ 150,000 Senior unsecured term loan due August 25, 2026 357,821 357,485 6.875% Senior notes due June 15, 2027 297,824 297,595 4.80% Senior notes due November 15, 2029 297,399 297,230 7.25% Senior notes due July 15, 2030 345,878 345,663 4.00% Senior notes due June 15, 2031 385,982 385,778 Mortgages and land contracts due to land sellers and other loans 1,759 4,760 Total $ 1,686,663 $ 1,838,511 The carrying amounts of our senior notes listed above are net of unamortized debt issuance costs, which totaled $15.1 million at May 31, 2023 and $16.2 million at November 30, 2022. Unsecured Revolving Credit Facility. We have a $1.09 billion Credit Facility that will mature on February 18, 2027. The Credit Facility contains an uncommitted accordion feature under which its aggregate principal amount of available loans can be increased to a maximum of $1.29 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 accrues at an adjusted term Secured Overnight Financing Rate (“SOFR”) or a base rate, plus a spread that depends on our consolidated leverage ratio (“Leverage Ratio”), as defined under the Credit Facility. Interest is payable quarterly (base rate) or each month or three months (adjusted term SOFR). The Credit Facility also requires the payment of a commitment fee at a per annum rate ranging from .15% 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. Our obligations to pay borrowings under the Credit Facility are guaranteed on a joint and several basis by our Guarantor Subsidiaries. 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, 2023, we had no cash borrowings and $6.6 million of letters of credit outstanding under the Credit Facility. Therefore, as of May 31, 2023, we had $1.08 billion available for cash borrowings under the Credit Facility, with up to $243.4 million of that amount available for the issuance of letters of credit. Senior Unsecured Term Loan. We have a $360.0 million Term Loan with the lenders party thereto. The Term Loan will mature on August 25, 2026, or earlier if we secure borrowings under the Credit Facility without similarly securing the Term Loan (subject to certain exceptions). Interest under the Term Loan accrues at an adjusted term SOFR or a base rate, plus a spread that depends on our Leverage Ratio. Interest is payable quarterly (base rate) or each month or three months (adjusted term SOFR). The Term Loan contains various covenants that are substantially the same as those under the Credit Facility. Proceeds drawn under the Term Loan are guaranteed on a joint and several basis by our Guarantor Subsidiaries. As of May 31, 2023, the weighted average annual interest rate on our outstanding borrowings under the Term Loan was 6.4%. 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, 2025, we may issue up to $75.0 million of letters of credit. As of May 31, 2023 and November 30, 2022, we had letters of credit outstanding under the LOC Facility of $14.5 million and $36.4 million, respectively. Senior Notes. All the senior notes outstanding at May 31, 2023 and November 30, 2022 represent senior unsecured obligations that are guaranteed by our Guarantor 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, the indenture contains certain limitations related to mergers, consolidations, and sales of assets. As of May 31, 2023, we were in compliance with our covenants and other requirements under the Credit Facility, the Term Loan, 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. Our ability to access the Credit Facility’s full borrowing capacity, as well as the LOC Facility’s full issuance capacity, also depends on the ability and willingness of the applicable lenders and financial institutions, including any substitute or additional lenders and financial institutions, to meet their commitments to fund loans, extend credit or provide payment guarantees to or for us under those instruments. Mortgages and Land Contracts Due to Land Sellers and Other Loans. As of May 31, 2023, inventories having a carrying value of $23.6 million were pledged to collateralize mortgages and land contracts due to land sellers and other loans.

Fair Value Disclosures

Fair Value Disclosures	6 Months Ended
	May 31, 2023
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, 2023 and the year ended November 30, 2022 (in thousands): May 31, 2023 November 30, 2022 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 $ — $ — $ — $ 65,372 $ (24,077) $ 41,295 (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 primarily based on the estimated future net cash flows discounted for inherent risk associated with each underlying asset. The following table presents the fair value hierarchy, carrying values and estimated fair values of our financial instruments, except those for which the carrying values approximate fair values (in thousands): May 31, 2023 November 30, 2022 Description Fair Value Carrying Estimated Carrying Estimated Financial Liabilities: Senior notes Level 2 $ 1,327,083 $ 1,263,000 $ 1,326,266 $ 1,205,875 (a) The carrying values for the senior notes, as presented, include unamortized debt issuance costs. Debt issuance costs are not factored into the estimated fair values of these notes.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	May 31, 2023
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, 2023 2022 2023 2022 Balance at beginning of period $ 101,238 $ 97,466 $ 101,890 $ 96,153 Warranties issued 10,653 9,678 18,643 17,568 Payments (12,749) (7,937) (21,391) (14,514) Balance at end of period $ 99,142 $ 99,207 $ 99,142 $ 99,207 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 contractors 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 contractors’ general liability insurance primarily takes the form of a wrap-up policy under a program where eligible independent contractors are enrolled as insureds on each community. Enrolled contractors generally 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 contractors’ 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 products 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 $30.3 million and $32.7 million are included in receivables in our consolidated balance sheets at May 31, 2023 and November 30, 2022, 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, 2023 2022 2023 2022 Balance at beginning of period $ 171,269 $ 190,594 $ 175,977 $ 189,131 Self-insurance provided 3,977 5,773 7,818 10,512 Payments (1,838) (11,664) (9,134) (14,130) Adjustments (a) (1,185) (16,028) (2,438) (16,838) Balance at end of period $ 172,223 $ 168,675 $ 172,223 $ 168,675 (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 an independent contractor(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 trade partners continue to receive 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 trade partners or their insurers covering the related costs, as of May 31, 2023, we had approximately 465 outstanding noticed claims, and some are scheduled for trial over the next few quarters and beyond. In addition, some of our trade partners’ insurers in some of these cases have informed us of their inability to continue to pay claims-related costs. At May 31, 2023, 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. In addition, although we believe it is probable we will receive additional claims in future periods, we are unable to reasonably estimate the number of such claims or the amount or range of any potential losses associated with such claims as each of these is dependent on several factors, including the actions of third parties over which we have no control; the nature of any specific claims; and our evaluation of the particular facts surrounding each such claim. 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, 2023, we had $1.34 billion of performance bonds and $21.2 million of letters of credit outstanding. At November 30, 2022, we had $1.27 billion of performance bonds and $43.0 million of letters of credit outstanding. If any such performance bonds or letters of credit are called, we would be obligated to reimburse the issuer of the performance bond or letter of credit. We do not believe that a material amount of any currently outstanding performance bonds or letters of credit will be called. Performance bonds do not have stated expiration dates. Rather, we are released from the performance bonds as the underlying performance is completed. The expiration dates of some letters of credit issued in connection with community improvements coincide with the expected completion dates of the related projects or obligations. Most letters of credit, however, are issued with

Legal Matters

Legal Matters	6 Months Ended
	May 31, 2023
Loss Contingency, Information about Litigation Matters [Abstract]
Legal Matters	Legal MattersWe are involved in litigation and regulatory proceedings incidental to our business that are in various procedural stages. We believe the accruals we have recorded for probable and reasonably estimable losses with respect to these proceedings are adequate and that, as of May 31, 2023, 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 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, 2023
Equity [Abstract]
Stockholders’ Equity	Stockholders’ Equity A summary of changes in stockholders’ equity is presented below (in thousands): Three Months Ended May 31, 2023 and 2022 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, 2023 100,783 (6,705) (11,587) $ 100,783 $ 819,904 $ 3,256,602 $ (5,575) $ (72,718) $ (403,533) $ 3,695,463 Net income — — — — — 164,442 — — — 164,442 Dividends on common stock — — — — — (13,231) — — — (13,231) Employee stock options/other 236 — — 236 3,640 — — — — 3,876 Stock awards — — 46 — (1,598) — — — 1,598 — Stock-based compensation — — — — 8,819 — — — — 8,819 Stock repurchases — — (2,163) — — — — — (92,887) (92,887) Balance at May 31, 2023 101,019 (6,705) (13,704) $ 101,019 $ 830,765 $ 3,407,813 $ (5,575) $ (72,718) $ (494,822) $ 3,766,482 Balance at February 28, 2022 100,711 (6,705) (5,384) $ 100,711 $ 828,238 $ 2,499,491 $ (19,119) $ (72,718) $ (202,287) $ 3,134,316 Net income — — — — — 210,670 — — — 210,670 Dividends on common stock — — — — — (13,012) — — — (13,012) Stock awards — — 64 — (2,376) — — — 2,376 — Stock-based compensation — — — — 9,021 — — — — 9,021 Stock repurchases — — (1,520) — — — — — (50,000) (50,000) Balance at May 31, 2022 100,711 (6,705) (6,840) $ 100,711 $ 834,883 $ 2,697,149 $ (19,119) $ (72,718) $ (249,911) $ 3,290,995 Six Months Ended May 31, 2023 and 2022 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, 2022 100,711 (6,705) (10,016) $ 100,711 $ 836,260 $ 3,143,578 $ (5,575) $ (72,718) $ (341,461) $ 3,660,795 Net income — — — — — 289,942 — — — 289,942 Dividends on common stock — — — — — (25,707) — — — (25,707) Employee stock options/other 308 — — 308 4,702 — — — — 5,010 Stock awards — — 717 — (24,883) — — — 24,883 — Stock-based compensation — — — — 14,686 — — — — 14,686 Stock repurchases — — (4,128) — — — — — (168,496) (168,496) Tax payments associated with stock-based compensation awards — — (277) — — — — — (9,748) (9,748) Balance at May 31, 2023 101,019 (6,705) (13,704) $ 101,019 $ 830,765 $ 3,407,813 $ (5,575) $ (72,718) $ (494,822) $ 3,766,482 Balance at November 30, 2021 100,711 (6,705) (5,785) $ 100,711 $ 848,620 $ 2,379,364 $ (19,119) $ (72,718) $ (217,383) $ 3,019,475 Net income — — — — — 344,927 — — — 344,927 Dividends on common stock — — — — — (27,142) — — — (27,142) Stock awards — — 785 — (29,625) — — — 29,625 — Stock-based compensation — — — — 15,888 — — — — 15,888 Stock repurchases — — (1,520) — — — — — (50,000) (50,000) Tax payments associated with stock-based compensation awards — — (320) — — — — — (12,153) (12,153) Balance at May 31, 2022 100,711 (6,705) (6,840) $ 100,711 $ 834,883 $ 2,697,149 $ (19,119) $ (72,718) $ (249,911) $ 3,290,995 On February 24, 2023, the management development and compensation committee of our board of directors approved the payout of 602,265 shares of our common stock in connection with the vesting of PSUs that were granted to certain employees on October 3, 2019. 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, 2019 through November 30, 2022. Of the shares of common stock paid out, 276,853 shares, or $9.7 million, were purchased by us in the 2023 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. On April 7, 2022, our board of directors authorized us to repurchase up to $300.0 million of our outstanding common stock, excluding excise tax. As of November 30, 2022, there was $150.0 million of remaining availability under this share repurchase authorization, excluding excise tax. In the 2023 first quarter, we repurchased 1,965,442 shares of our common stock on the open market pursuant to this authorization at a total cost of approximately $75.0 million, excluding excise tax. On March 21, 2023, our board of directors authorized us to repurchase up to $500.0 million of our outstanding common stock, excluding excise tax. This authorization replaced the prior board of directors authorization, which had $75.0 million remaining, excluding excise tax. In the 2023 second quarter, we repurchased 2,162,882 shares of our common stock at a total cost of approximately $92.1 million, excluding excise tax, bringing our total repurchases for the six months ended May 31, 2023 to 4,128,324 shares of common stock at a total cost of approximately $167.1 million, excluding excise tax. Repurchases under the current 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, business and other conditions. 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. As of May 31, 2023, we were authorized to repurchase up to approximately $407.9 million of our outstanding common stock in additional transactions, excluding excise tax. The Inflation Reduction Act of 2022, which was enacted into law on August 16, 2022, imposed a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. In the 2023 first half, we reflected the applicable excise tax in treasury stock as part of the cost basis of the stock repurchased and recorded a corresponding liability for the excise taxes payable in accrued expenses and other liabilities on our consolidated balance sheet.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	May 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Stock Options. At May 31, 2023 and November 30, 2022, we had 1,366,297 and 1,674,393 stock options outstanding with a weighted average exercise price of $15.40 and $15.56, respectively. We have not granted any stock option awards since 2016. In the 2023 first half, 308,096 stock options with a weighted average exercise price of $16.26 were exercised. As of May 31, 2023, stock options outstanding and stock options exercisable each had a weighted average remaining contractual life of 2.6 years. As all outstanding stock options have been fully vested since 2019, there was no stock-based compensation expense associated with stock options for the three-month and six-month periods ended May 31, 2023 and 2022. Stock options outstanding and stock options exercisable each had an aggregate intrinsic value of $38.2 million at May 31, 2023. (The intrinsic value of a stock option is the amount by which the market value of a share of the underlying common stock exceeds the exercise price of the stock option.) Other Stock-Based Awards. From time to time, we grant restricted stock and PSUs to various employees as a compensation benefit. We recognized total compensation expense of $8.8 million and $9.0 million for the three months ended May 31, 2023 and 2022, respectively, related to restricted stock and PSUs. For the six months ended May 31, 2023 and 2022, we recognized total compensation expense of $14.7 million and $15.9 million, respectively. Approval of the Amended and Restated KB Home 2014 Equity Incentive Plan. At our Annual Meeting of Stockholders held on April 20, 2023, our stockholders approved the Amended and Restated KB Home 2014 Equity Incentive Plan (“Amended and Restated 2014 Plan”), confirming, among other things, an aggregate share grant capacity for stock-based awards to our employees, non-employee directors and consultants of 18,200,000 shares through approving and incorporating the base amount of 12,300,000 shares under the predecessor Amended KB Home 2014 Equity Incentive Plan and adding 5,900,000 shares, plus any shares subject to outstanding awards under our 2010 Equity Incentive Plan (“2010 Plan”) that subsequently expire or are cancelled, forfeited, tendered or withheld to satisfy tax withholding obligations with respect to full value awards, or settled for cash. With no other shares available for grant under the 2010 Plan, the Amended and Restated 2014 Plan is our only active equity compensation plan. As with the Amended KB Home 2014 Equity Incentive Plan, under the Amended and Restated 2014 Plan, grants of stock options and other similar awards reduce the share grant capacity on a 1-for-1 basis, and grants of restricted stock and other similar “full value” awards reduce the share grant capacity on a 1.78-for-1 basis. The Amended and Restated 2014 Plan provides stock options and SARs may be awarded for periods of up to 10 years, and enables us to grant other stock-based awards and cash bonuses. As of the date of this report, no grants have been made under the Amended and Restated 2014 Plan following the date of its approval by our stockholders.

Supplemental Disclosure to Cons

Supplemental Disclosure to Consolidated Statements of Cash Flows	6 Months Ended
	May 31, 2023
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, 2023 2022 Summary of cash and cash equivalents at end of period: Homebuilding $ 557,037 $ 244,186 Financial services 420 2,395 Total $ 557,457 $ 246,581 Supplemental disclosures of cash flow information: Interest paid, net of amounts capitalized $ 1,098 $ (237) Income taxes paid 64,824 97,654 Supplemental disclosures of non-cash activities: Increase (decrease) in consolidated inventories not owned 4,264 (13,465) Increase in inventories due to distributions of land and land development from an unconsolidated joint venture 4,896 4,967

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	May 31, 2023
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	We consider all highly liquid short-term investments purchased with an original maturity of three months or less to be cash equivalents.
Comprehensive Income	Our comprehensive income was $164.4 million for the three months ended May 31, 2023 and $210.7 million for the three months ended May 31, 2022. For the six months ended May 31, 2023 and 2022, our comprehensive income was $289.9 million and $344.9 million, respectively. Our comprehensive income for each of the three-month and six-month periods ended May 31, 2023 and 2022 was equal to our net income for the respective periods.
Segment Reporting	We have identified five operating reporting segments, comprised of four homebuilding reporting segments and one financial services reporting segment. As of May 31, 2023, our homebuilding reporting segments conducted ongoing operations in the following states: West Coast: California, Idaho 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”), our unconsolidated joint venture with GR Alliance Ventures, LLC (“GR Alliance”), a subsidiary of Guaranteed Rate, Inc. We and GR Alliance each have a 50.0% ownership interest, with GR Alliance providing management oversight of KBHS’ operations. 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	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, 2023 or 2022.
Interest Capitalization	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.
Inventory Impairment	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	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, 2023 and November 30, 2022 was a VIE, but we were not the primary beneficiary of the VIE. Therefore, all of our joint ventures at May 31, 2023 and November 30, 2022 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, 2023 and November 30, 2022, 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	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). Funding facilities. KBHS maintains warehouse line of credit and master repurchase agreements with various financial institutions to fund its originated mortgage loans, with its mortgage loans held for sale pledged as collateral under these agreements. The agreements contain covenants which include certain financial requirements, including maintenance of minimum tangible net worth, minimum liquid assets, maximum debt to net worth ratio and positive net income, as defined in the agreements. KBHS was in compliance with these covenants as of May 31, 2023. In addition to its compliance with these covenants, KBHS also depends on the ability and willingness of the applicable lenders and financial institutions to extend such credit facilities to KBHS to fund its originated mortgage loans. KBHS intends to renew these facilities when they expire at various dates in 2023. The warehouse line of credit and master repurchase agreements are not guaranteed by us or any of the subsidiaries that guarantee our senior notes, unsecured revolving credit facility with various banks (“Credit Facility”) and senior unsecured term loan agreement (“Term Loan”), (collectively, “Guarantor Subsidiaries”).
Mortgage Loans Held for Sale	Mortgage loans held for sale . Originated mortgage loans expected to be sold into the secondary market in the foreseeable future are reported as mortgage loans held for sale and carried in KBHS’ balance sheets at fair value, with changes in fair value recognized within revenues in KBHS’ statements of operations.
Interest Rate Lock Commitments	Interest Rate Lock Commitments (“IRLCs”) . KBHS enters into IRLCs in connection with originating certain mortgage loans held for sale, at specified interest rates and within a specified period of time, with customers who have applied for a mortgage loan and meet certain credit and underwriting criteria. KBHS accounts for IRLCs as free-standing derivatives and does not designate any for hedge accounting. As a result, IRLCs are recognized in KBHS’ balance sheets at fair value, and gains or losses resulting from changes in fair value are recognized within revenues in KBHS’ statements of operations. The fair value of IRLCs is based on market prices, which includes an estimate of the fair value of the associated mortgage servicing rights, adjusted for estimated costs to originate the underlying mortgage loans as well as the probability that the mortgage loans will fund within the terms of the IRLCs. The fair value of IRLCs included in other assets in KBHS’ balance sheets was $25.6 million at May 31, 2023 and $29.8 million at November 30, 2022. The changes in the fair value of IRLCs, which were reported in revenues for the applicable periods, were losses of $2.7 million and $4.2 million for the three-month and six-month periods ended May 31, 2023, respectively, and gains of $25.8 million and $33.4 million for the three-month and six-month periods ended May 31, 2022, respectively.
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 in our consolidated balance sheets for leases with an expected term at the commencement date of more than 12 months. 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.
Income Taxes	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	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.
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
Guarantees	Guarantees. In the normal course of our business, we issue certain representations, warranties and guarantees related to our home sales and land sales. Based on historical experience, we do not believe any potential liability with respect to these representations, warranties or guarantees would be material to our consolidated financial statements.
Self-Insurance	Self-Insurance. We maintain, and require the majority of our independent contractors 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 contractors’ general liability insurance primarily takes the form of a wrap-up policy under a program where eligible independent contractors are enrolled as insureds on each community. Enrolled contractors generally 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 contractors’ 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 products 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.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	May 31, 2023
Segment Reporting [Abstract]
Schedule of 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, 2023 2022 2023 2022 Revenues: West Coast $ 564,350 $ 761,217 $ 1,104,369 $ 1,420,091 Southwest 335,828 290,924 575,415 500,691 Central 545,214 433,046 935,165 788,368 Southeast 312,454 229,639 521,434 399,830 Total $ 1,757,846 $ 1,714,826 $ 3,136,383 $ 3,108,980 Pretax income (loss): West Coast $ 55,099 $ 137,518 $ 114,649 $ 247,552 Southwest 57,117 64,635 101,148 100,540 Central 78,985 66,200 137,818 104,316 Southeast 48,931 39,059 72,456 59,325 Corporate and other (36,614) (43,223) (66,354) (77,923) Total $ 203,518 $ 264,189 $ 359,717 $ 433,810 Inventory impairment and land option contract abandonment charges: West Coast $ 3,079 $ 157 $ 3,948 $ 157 Southwest — 55 — 164 Central 1,128 520 2,079 586 Southeast 80 — 3,549 — Total $ 4,287 $ 732 $ 9,576 $ 907 May 31, November 30, Assets: West Coast $ 2,452,625 $ 2,631,598 Southwest 965,223 1,074,912 Central 1,306,661 1,493,486 Southeast 895,182 929,208 Corporate and other 807,294 463,194 Total $ 6,426,985 $ 6,592,398

Financial Services (Tables)

Financial Services (Tables)	6 Months Ended
	May 31, 2023
Segment Reporting Information [Line Items]
Schedule of 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, 2023 2022 2023 2022 Revenues Insurance commissions $ 4,010 $ 2,596 $ 7,384 $ 5,114 Title services 3,460 2,637 5,863 4,738 Other — 3 — 19 Total 7,470 5,236 13,247 9,871 Expenses General and administrative (1,472) (1,362) (2,830) (2,709) Operating income 5,998 3,874 10,417 7,162 Equity in income of unconsolidated joint ventures 5,426 14,807 7,008 19,955 Pretax income $ 11,424 $ 18,681 $ 17,425 $ 27,117
Financial services
Segment Reporting Information [Line Items]
Schedule of Financial Services Assets and Liabilities	May 31, November 30, Assets Cash and cash equivalents $ 420 $ 1,681 Receivables 3,692 3,475 Investments in unconsolidated joint venture 21,664 26,678 Other assets (a) 30,256 27,698 Total assets $ 56,032 $ 59,532 Liabilities Accounts payable and accrued expenses $ 1,203 $ 3,128 Total liabilities $ 1,203 $ 3,128 (a) Other assets at May 31, 2023 and November 30, 2022 included $30.2 million and $27.6 million, respectively, of contract assets for estimated future renewal commissions.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	May 31, 2023
Earnings Per Share [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, 2023 2022 2023 2022 Numerator: Net income $ 164,442 $ 210,670 $ 289,942 $ 344,927 Less: Distributed earnings allocated to nonvested restricted stock (91) (64) (176) (129) Less: Undistributed earnings allocated to nonvested restricted stock (1,119) (957) (1,866) (1,539) Numerator for basic earnings per share 163,232 209,649 287,900 343,259 Effect of dilutive securities: Add: Undistributed earnings allocated to nonvested restricted stock 1,119 957 1,866 1,539 Less: Undistributed earnings reallocated to nonvested restricted stock (1,085) (931) (1,811) (1,495) Numerator for diluted earnings per share $ 163,266 $ 209,675 $ 287,955 $ 343,303 Three Months Ended May 31, Six Months Ended May 31, 2023 2022 2023 2022 Denominator: Weighted average shares outstanding — basic 81,764 87,858 82,607 88,069 Effect of dilutive securities: Share-based payments 2,542 2,458 2,534 2,621 Weighted average shares outstanding — diluted 84,306 90,316 85,141 90,690 Basic earnings per share $ 2.00 $ 2.39 $ 3.49 $ 3.90 Diluted earnings per share $ 1.94 $ 2.32 $ 3.38 $ 3.79

Receivables (Tables)

Receivables (Tables)	6 Months Ended
	May 31, 2023
Receivables [Abstract]
Schedule of Receivables	Receivables consisted of the following (in thousands): May 31, November 30, Due from utility companies, improvement districts and municipalities $ 212,385 $ 181,443 Recoveries related to self-insurance and other legal claims 68,632 76,581 Refundable deposits and bonds 16,967 17,610 Other 47,861 52,201 Subtotal 345,845 327,835 Allowance for doubtful accounts (4,835) (5,068) Total $ 341,010 $ 322,767

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	May 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following (in thousands): May 31, November 30, Homes completed or under construction $ 2,094,058 $ 2,414,675 Land under development 3,034,783 3,128,501 Total $ 5,128,841 $ 5,543,176
Schedule of Capitalized Interest Costs	Our interest costs were as follows (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2023 2022 2023 2022 Capitalized interest at beginning of period $ 147,162 $ 159,649 $ 145,494 $ 161,119 Interest incurred 25,995 29,021 53,799 57,324 Interest amortized to construction and land costs (31,932) (34,005) (58,068) (63,778) Capitalized interest at end of period $ 141,225 $ 154,665 $ 141,225 $ 154,665

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	May 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The following table presents a summary of our interests in land option contracts and other similar contracts (in thousands): May 31, 2023 November 30, 2022 Cash Aggregate Cash Aggregate Unconsolidated VIEs $ 16,471 $ 609,927 $ 22,399 $ 635,502 Other land option contracts and other similar contracts 19,796 384,118 29,451 529,430 Total $ 36,267 $ 994,045 $ 51,850 $ 1,164,932

Investments in Unconsolidated_2

Investments in Unconsolidated Joint Ventures (Tables)	6 Months Ended
	May 31, 2023
Homebuilding
Schedule of Equity Method Investments [Line Items]
Schedule of Statements of operations of unconsolidated joint ventures	The following table presents combined condensed information from the statements of operations for our homebuilding unconsolidated joint ventures (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2023 2022 2023 2022 Revenues $ 1,171 $ 1,108 $ 1,171 $ 3,958 Construction and land costs (683) (772) (686) (3,071) Other expense, net (960) (918) (2,410) (1,348) Loss $ (472) $ (582) $ (1,925) $ (461)
Schedule of Balance sheets of unconsolidated joint ventures	The following table presents combined condensed balance sheet information for our homebuilding unconsolidated joint ventures (in thousands): May 31, November 30, Assets Cash $ 13,823 $ 14,066 Receivables 2,886 3,394 Inventories 138,290 114,465 Other assets 554 633 Total assets $ 155,553 $ 132,558 Liabilities and equity Accounts payable and other liabilities $ 8,085 $ 8,369 Notes payable (a) 47,457 34,396 Equity 100,011 89,793 Total liabilities and equity $ 155,553 $ 132,558 (a) As of both May 31, 2023 and November 30, 2022, one of our unconsolidated joint ventures had borrowings outstanding under a revolving line of credit it entered into with a third-party lender in April 2022 to finance its land acquisition, development and construction activities. Borrowings under this line of credit, which has a maximum commitment of $62.0 million, are secured by the underlying property and related project assets. The line of credit is scheduled to mature on April 19, 2026, unless extended or terminated pursuant to its applicable terms. None of our other unconsolidated joint ventures had outstanding debt at May 31, 2023 or November 30, 2022.
Financial services
Schedule of Equity Method Investments [Line Items]
Schedule of Statements of operations of unconsolidated joint ventures	The following table presents combined condensed information from the statements of operations for our financial services unconsolidated joint ventures (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2023 2022 2023 2022 Revenues $ 28,450 $ 50,224 $ 48,640 $ 80,200 Expenses (17,599) (20,607) (34,624) (40,287) Income $ 10,851 $ 29,617 $ 14,016 $ 39,913
Schedule of Balance sheets of unconsolidated joint ventures	The following table presents combined condensed balance sheet information for our financial services unconsolidated joint venture (in thousands): May 31, November 30, Assets Cash and cash equivalents $ 21,818 $ 28,120 Mortgage loans held for sale 186,573 250,572 Other assets 28,173 33,176 Total assets $ 236,564 $ 311,868 Liabilities and equity Accounts payable and other liabilities $ 13,255 $ 15,590 Funding facilities 179,981 242,944 Equity 43,328 53,334 Total liabilities and equity $ 236,564 $ 311,868

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	May 31, 2023
Other Assets [Abstract]
Schedule of Other Assets	Other assets consisted of the following (in thousands): May 31, November 30, Cash surrender value of corporate-owned life insurance contracts $ 54,858 $ 55,591 Lease right-of-use assets 24,757 25,469 Prepaid expenses 23,157 15,645 Debt issuance costs associated with unsecured revolving credit facility, net 3,826 4,346 Total $ 106,598 $ 101,051

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	6 Months Ended
	May 31, 2023
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 $ 229,283 $ 234,128 Employee compensation and related benefits 130,749 182,443 Warranty liability 99,142 101,890 Customer deposits 67,006 76,738 Accrued interest payable 28,891 29,989 Lease liabilities 26,787 27,494 Inventory-related obligations (a) 21,461 19,136 Federal and state taxes payable 15,449 3,671 Real estate and business taxes 11,125 17,557 Other 38,191 43,925 Total $ 668,084 $ 736,971 (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, 2023
Leases [Abstract]
Schedule of Lease Information	The following table presents our lease right-of-use assets and lease liabilities (in thousands): May 31, November 30, Lease right-of-use assets (a) $ 24,768 $ 25,545 Lease liabilities (a) 26,795 27,580

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	May 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Income Tax Expense and Effective Tax Rates	Our income tax expense and effective tax rates were as follows (dollars in thousands): Three Months Ended May 31, Six Months Ended May 31, 2023 2022 2023 2022 Income tax expense $ 50,500 $ 72,200 $ 87,200 $ 116,000 Effective tax rate 23.5 % 25.5 % 23.1 % 25.2 %

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
	May 31, 2023
Debt Disclosure [Abstract]
Schedule of Mortgages and Notes Payable	Notes payable consisted of the following (in thousands): May 31, November 30, Unsecured revolving credit facility $ — $ 150,000 Senior unsecured term loan due August 25, 2026 357,821 357,485 6.875% Senior notes due June 15, 2027 297,824 297,595 4.80% Senior notes due November 15, 2029 297,399 297,230 7.25% Senior notes due July 15, 2030 345,878 345,663 4.00% Senior notes due June 15, 2031 385,982 385,778 Mortgages and land contracts due to land sellers and other loans 1,759 4,760 Total $ 1,686,663 $ 1,838,511

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	6 Months Ended
	May 31, 2023
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, 2023 and the year ended November 30, 2022 (in thousands): May 31, 2023 November 30, 2022 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 $ — $ — $ — $ 65,372 $ (24,077) $ 41,295 (a) Amounts represent the aggregate fair value for real estate assets impacted by inventory impairment charges during the applicable period, as of the date that the fair value measurements were made. The carrying value for these real estate assets may have subsequently increased or decreased from the fair value reflected due to activity that has occurred since the measurement date.
Schedule of Fair Value Hierarchy, Carrying Values, and Estimated Fair Values of Financial Instruments	The following table presents the fair value hierarchy, carrying values and estimated fair values of our financial instruments, except those for which the carrying values approximate fair values (in thousands): May 31, 2023 November 30, 2022 Description Fair Value Carrying Estimated Carrying Estimated Financial Liabilities: Senior notes Level 2 $ 1,327,083 $ 1,263,000 $ 1,326,266 $ 1,205,875

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	May 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Product Warranty Liability	The changes in our warranty liability were as follows (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2023 2022 2023 2022 Balance at beginning of period $ 101,238 $ 97,466 $ 101,890 $ 96,153 Warranties issued 10,653 9,678 18,643 17,568 Payments (12,749) (7,937) (21,391) (14,514) Balance at end of period $ 99,142 $ 99,207 $ 99,142 $ 99,207
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, 2023 2022 2023 2022 Balance at beginning of period $ 171,269 $ 190,594 $ 175,977 $ 189,131 Self-insurance provided 3,977 5,773 7,818 10,512 Payments (1,838) (11,664) (9,134) (14,130) Adjustments (a) (1,185) (16,028) (2,438) (16,838) Balance at end of period $ 172,223 $ 168,675 $ 172,223 $ 168,675

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	May 31, 2023
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, 2023 and 2022 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, 2023 100,783 (6,705) (11,587) $ 100,783 $ 819,904 $ 3,256,602 $ (5,575) $ (72,718) $ (403,533) $ 3,695,463 Net income — — — — — 164,442 — — — 164,442 Dividends on common stock — — — — — (13,231) — — — (13,231) Employee stock options/other 236 — — 236 3,640 — — — — 3,876 Stock awards — — 46 — (1,598) — — — 1,598 — Stock-based compensation — — — — 8,819 — — — — 8,819 Stock repurchases — — (2,163) — — — — — (92,887) (92,887) Balance at May 31, 2023 101,019 (6,705) (13,704) $ 101,019 $ 830,765 $ 3,407,813 $ (5,575) $ (72,718) $ (494,822) $ 3,766,482 Balance at February 28, 2022 100,711 (6,705) (5,384) $ 100,711 $ 828,238 $ 2,499,491 $ (19,119) $ (72,718) $ (202,287) $ 3,134,316 Net income — — — — — 210,670 — — — 210,670 Dividends on common stock — — — — — (13,012) — — — (13,012) Stock awards — — 64 — (2,376) — — — 2,376 — Stock-based compensation — — — — 9,021 — — — — 9,021 Stock repurchases — — (1,520) — — — — — (50,000) (50,000) Balance at May 31, 2022 100,711 (6,705) (6,840) $ 100,711 $ 834,883 $ 2,697,149 $ (19,119) $ (72,718) $ (249,911) $ 3,290,995 Six Months Ended May 31, 2023 and 2022 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, 2022 100,711 (6,705) (10,016) $ 100,711 $ 836,260 $ 3,143,578 $ (5,575) $ (72,718) $ (341,461) $ 3,660,795 Net income — — — — — 289,942 — — — 289,942 Dividends on common stock — — — — — (25,707) — — — (25,707) Employee stock options/other 308 — — 308 4,702 — — — — 5,010 Stock awards — — 717 — (24,883) — — — 24,883 — Stock-based compensation — — — — 14,686 — — — — 14,686 Stock repurchases — — (4,128) — — — — — (168,496) (168,496) Tax payments associated with stock-based compensation awards — — (277) — — — — — (9,748) (9,748) Balance at May 31, 2023 101,019 (6,705) (13,704) $ 101,019 $ 830,765 $ 3,407,813 $ (5,575) $ (72,718) $ (494,822) $ 3,766,482 Balance at November 30, 2021 100,711 (6,705) (5,785) $ 100,711 $ 848,620 $ 2,379,364 $ (19,119) $ (72,718) $ (217,383) $ 3,019,475 Net income — — — — — 344,927 — — — 344,927 Dividends on common stock — — — — — (27,142) — — — (27,142) Stock awards — — 785 — (29,625) — — — 29,625 — Stock-based compensation — — — — 15,888 — — — — 15,888 Stock repurchases — — (1,520) — — — — — (50,000) (50,000) Tax payments associated with stock-based compensation awards — — (320) — — — — — (12,153) (12,153) Balance at May 31, 2022 100,711 (6,705) (6,840) $ 100,711 $ 834,883 $ 2,697,149 $ (19,119) $ (72,718) $ (249,911) $ 3,290,995

Supplemental Disclosure to Co_2

Supplemental Disclosure to Consolidated Statements of Cash Flows (Tables)	6 Months Ended
	May 31, 2023
Supplemental Cash Flow Information [Abstract]
Schedule of Supplemental Disclosures to the Consolidated Statements Of Cash Flows	The following are supplemental disclosures to the consolidated statements of cash flows (in thousands): Six Months Ended May 31, 2023 2022 Summary of cash and cash equivalents at end of period: Homebuilding $ 557,037 $ 244,186 Financial services 420 2,395 Total $ 557,457 $ 246,581 Supplemental disclosures of cash flow information: Interest paid, net of amounts capitalized $ 1,098 $ (237) Income taxes paid 64,824 97,654 Supplemental disclosures of non-cash activities: Increase (decrease) in consolidated inventories not owned 4,264 (13,465) Increase in inventories due to distributions of land and land development from an unconsolidated joint venture 4,896 4,967

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Narratives) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022	Nov. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash equivalents	$ 372.6		$ 372.6		$ 15.8
Other comprehensive income (loss)	$ 164.4	$ 210.7	$ 289.9	$ 344.9

Segment Information (Narratives

Segment Information (Narratives) (Details)	3 Months Ended
	May 31, 2023 segment
Schedule of Equity Method Investments [Line Items]
Number of reportable segments	5
KBHS, LLC | Financial services
Schedule of Equity Method Investments [Line Items]
Ownership interest in joint venture	50%
KBHS, LLC | GR Alliance, LLC
Schedule of Equity Method Investments [Line Items]
Ownership interest in joint venture	50%
Homebuilding
Schedule of Equity Method Investments [Line Items]
Number of reportable segments	4
Financial services
Schedule of Equity Method Investments [Line Items]
Number of reportable segments	1

Segment Information (Segment Fi

Segment Information (Segment Financial Information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022	Nov. 30, 2022
Revenues:
Revenues	$ 1,765,316	$ 1,720,062	$ 3,149,630	$ 3,118,851
Pretax income (loss):
Pretax income (loss)	214,942	282,870	377,142	460,927
Inventory impairments and land option contract abandonments			9,576	907
Assets:
Total assets	6,483,017		6,483,017		$ 6,651,930
Homebuilding
Revenues:
Revenues	1,757,846	1,714,826	3,136,383	3,108,980
Pretax income (loss):
Pretax income (loss)	203,518	264,189	359,717	433,810
Inventory impairments and land option contract abandonments	4,287	732	9,576	907
Assets:
Total assets	6,426,985		6,426,985		6,592,398
Homebuilding | West Coast
Revenues:
Revenues	564,350	761,217	1,104,369	1,420,091
Pretax income (loss):
Pretax income (loss)	55,099	137,518	114,649	247,552
Inventory impairments and land option contract abandonments	3,079	157	3,948	157
Assets:
Total assets	2,452,625		2,452,625		2,631,598
Homebuilding | Southwest
Revenues:
Revenues	335,828	290,924	575,415	500,691
Pretax income (loss):
Pretax income (loss)	57,117	64,635	101,148	100,540
Inventory impairments and land option contract abandonments	0	55	0	164
Assets:
Total assets	965,223		965,223		1,074,912
Homebuilding | Central
Revenues:
Revenues	545,214	433,046	935,165	788,368
Pretax income (loss):
Pretax income (loss)	78,985	66,200	137,818	104,316
Inventory impairments and land option contract abandonments	1,128	520	2,079	586
Assets:
Total assets	1,306,661		1,306,661		1,493,486
Homebuilding | Southeast
Revenues:
Revenues	312,454	229,639	521,434	399,830
Pretax income (loss):
Pretax income (loss)	48,931	39,059	72,456	59,325
Inventory impairments and land option contract abandonments	80	0	3,549	0
Assets:
Total assets	895,182		895,182		929,208
Homebuilding | Corporate and other
Pretax income (loss):
Pretax income (loss)	(36,614)	$ (43,223)	(66,354)	$ (77,923)
Assets:
Total assets	$ 807,294		$ 807,294		$ 463,194

Financial Services (Schedule of

Financial Services (Schedule of Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Revenues
Total	$ 1,765,316	$ 1,720,062	$ 3,149,630	$ 3,118,851
Expenses
Equity in income of unconsolidated joint ventures			5,938	19,668
Total pretax income	214,942	282,870	377,142	460,927
Financial services
Revenues
Insurance commissions	4,010	2,596	7,384	5,114
Title services	3,460	2,637	5,863	4,738
Other	0	3	0	19
Total	7,470	5,236	13,247	9,871
Expenses
General and administrative	1,472	1,362	2,830	2,709
Operating income	5,998	3,874	10,417	7,162
Equity in income of unconsolidated joint ventures	5,426	14,807	7,008	19,955
Total pretax income	$ 11,424	$ 18,681	$ 17,425	$ 27,117

Financial Services (Schedule _2

Financial Services (Schedule of Assets and Liabilities) (Details) - USD ($) $ in Thousands		May 31, 2023	Nov. 30, 2022
Assets
Total assets		$ 6,483,017	$ 6,651,930
Financial services
Assets
Cash and cash equivalents		420	1,681
Receivables		3,692	3,475
Investments in unconsolidated joint venture		21,664	26,678
Other assets	[1]	30,256	27,698
Total assets		56,032	59,532
Liabilities
Accounts payable and accrued expenses		1,203	3,128
Total liabilities		1,203	3,128
Contract assets for estimated future renewal commissions		$ 30,200	$ 27,600
[1]Other assets at May 31, 2023 and November 30, 2022 included $30.2 million and $27.6 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, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Numerator:
Net income	$ 164,442	$ 210,670	$ 289,942	$ 344,927
Less: Distributed earnings allocated to nonvested restricted stock	(91)	(64)	(176)	(129)
Less: Undistributed earnings allocated to nonvested restricted stock	(1,119)	(957)	(1,866)	(1,539)
Numerator for basic earnings per share	163,232	209,649	287,900	343,259
Add: Undistributed earnings allocated to nonvested restricted stock	1,119	957	1,866	1,539
Less: Undistributed earnings reallocated to nonvested restricted stock	(1,085)	(931)	(1,811)	(1,495)
Numerator for diluted earnings per share	$ 163,266	$ 209,675	$ 287,955	$ 343,303
Denominator:
Weighted average shares outstanding — basic (in shares)	81,764	87,858	82,607	88,069
Effect of dilutive securities: Share-based payments (in shares)	2,542	2,458	2,534	2,621
Weighted average shares outstanding — diluted (in shares)	84,306	90,316	85,141	90,690
Basic earnings per share (in dollars per share)	$ 2	$ 2.39	$ 3.49	$ 3.90
Diluted earnings per share (in dollars per share)	$ 1.94	$ 2.32	$ 3.38	$ 3.79
Antidilutive securities excluded from computation of earnings per share (in shares)	0	0	0	0

Receivables (Details)

Receivables (Details) - Homebuilding - USD ($) $ in Thousands	May 31, 2023	Nov. 30, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Due from utility companies, improvement districts and municipalities	$ 212,385	$ 181,443
Recoveries related to self-insurance and other legal claims	68,632	76,581
Refundable deposits and bonds	16,967	17,610
Other	47,861	52,201
Subtotal	345,845	327,835
Allowance for doubtful accounts	(4,835)	(5,068)
Total	$ 341,010	$ 322,767

Inventories (Schedule of Invent

Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands	May 31, 2023	Nov. 30, 2022
Inventories
Homes completed or under construction	$ 2,094,058	$ 2,414,675
Land under development	3,034,783	3,128,501
Total	5,128,841	5,543,176
Land held for future development or sale	$ 25,800	$ 21,600

Inventories (Schedule of Capita

Inventories (Schedule of Capitalized Interest Costs) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Interest Costs
Capitalized interest at beginning of period	$ 147,162	$ 159,649	$ 145,494	$ 161,119
Interest incurred	25,995	29,021	53,799	57,324
Interest amortized to construction and land costs	(31,932)	(34,005)	(58,068)	(63,778)
Capitalized interest at end of period	$ 141,225	$ 154,665	$ 141,225	$ 154,665

Inventory Impairments and Lan_2

Inventory Impairments and Land Option Contract Abandonments (Narratives) (Details)	3 Months Ended		6 Months Ended
	May 31, 2023 USD ($) community	May 31, 2022 USD ($)	May 31, 2023 USD ($) community	May 31, 2022 USD ($)	Nov. 30, 2022 USD ($) community
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Number of land parcels or communities evaluated for recoverability | community	1		1		5
Carrying value of communities of land parcels evaluated for impairment	$ 15,900,000		$ 15,900,000		$ 118,700,000
Inventory impairment charges	0	$ 0	0	$ 0
Aggregate carrying value of inventory impacted by pretax, noncash inventory impairment charges	$ 76,900,000		$ 76,900,000		$ 102,900,000
Number of communities and various other land parcels impacted by pretax, noncash inventory impairment charges | community	6		6		8
Land Option Contract Abandonment
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Land option abandonments	$ 4,300,000	$ 700,000	$ 9,600,000	$ 900,000

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands	May 31, 2023 USD ($) joint_venture	Nov. 30, 2022 USD ($) joint_venture
Variable Interest Entity [Line Items]
Number of investments in unconsolidated joint ventures | joint_venture	6	6
Cash Deposits	$ 36,267	$ 51,850
Aggregate Purchase Price	994,045	1,164,932
Pre-acquisition costs related to land option contracts and other similar contracts	30,100	33,100
Increase in inventories and accrued expenses and other liabilities	$ 9,300	$ 5,100
Unconsolidated VIEs
Variable Interest Entity [Line Items]
Number of investments in unconsolidated joint ventures | joint_venture	1	1
Cash Deposits	$ 16,471	$ 22,399
Aggregate Purchase Price	609,927	635,502
Other land option contracts and other similar contracts
Variable Interest Entity [Line Items]
Cash Deposits	19,796	29,451
Aggregate Purchase Price	$ 384,118	$ 529,430

Investments in Unconsolidated_3

Investments in Unconsolidated Joint Ventures (Financial Information for Unconsolidated Joint Ventures) (Details) $ in Thousands		3 Months Ended		6 Months Ended
		May 31, 2023 USD ($) joint_venture	May 31, 2022 USD ($)	May 31, 2023 USD ($) joint_venture	May 31, 2022 USD ($)	Feb. 28, 2023 USD ($)	Nov. 30, 2022 USD ($) joint_venture	Feb. 28, 2022 USD ($)	Nov. 30, 2021 USD ($)
Statements of operations of unconsolidated joint venture
Net income		$ 164,442	$ 210,670	$ 289,942	$ 344,927
Assets
Total assets		6,483,017		6,483,017			$ 6,651,930
Liabilities and equity
Equity		3,766,482	3,290,995	3,766,482	3,290,995	$ 3,695,463	3,660,795	$ 3,134,316	$ 3,019,475
Total liabilities and stockholders’ equity		$ 6,483,017		$ 6,483,017			$ 6,651,930
Number of investments in unconsolidated joint ventures | joint_venture		6		6			6
Number of joint ventures with funding commitments | joint_venture		1		1			1
Number of other unconsolidated joint ventures with outstanding debt | joint_venture		0		0			0
Financial services
Assets
Cash and cash equivalents		$ 420		$ 420			$ 1,681
Other assets	[1]	30,256		30,256			27,698
Total assets		56,032		56,032			59,532
Homebuilding
Assets
Cash and cash equivalents		557,037		557,037			328,517
Other assets		106,598		106,598			101,051
Total assets		6,426,985		6,426,985			6,592,398
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Unsecured revolving credit facility
Liabilities and equity
Line of credit facility, current borrowing capacity		$ 62,000		62,000
Unsecured revolving credit facility, expiration date		Apr. 19, 2026
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Financial services
Statements of operations of unconsolidated joint venture
Revenues		$ 28,450	50,224	48,640	80,200
Other expense, net		(17,599)	(20,607)	(34,624)	(40,287)
Net income		10,851	29,617	14,016	39,913
Assets
Cash and cash equivalents		21,818		21,818			28,120
Mortgage loans held for sale		186,573		186,573			250,572
Other assets		28,173		28,173			33,176
Total assets		236,564		236,564			311,868
Liabilities and equity
Accounts payable and other liabilities		13,255		13,255			15,590
Funding facilities		179,981		179,981			242,944
Equity		43,328		43,328			53,334
Total liabilities and stockholders’ equity		236,564		236,564			311,868
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Financial services | Interest Rate Lock Commitments
Liabilities and equity
Derivative asset, notional amount		25,600		25,600			29,800
Change in fair value included in gain on sale of mortgage loans held for sale		2,700	25,800	4,200	33,400
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Homebuilding
Statements of operations of unconsolidated joint venture
Revenues		1,171	1,108	1,171	3,958
Construction and land costs		(683)	(772)	(686)	(3,071)
Other expense, net		(960)	(918)	(2,410)	(1,348)
Net income		(472)	$ (582)	(1,925)	$ (461)
Assets
Cash		13,823		13,823			14,066
Receivables		2,886		2,886			3,394
Inventories		138,290		138,290			114,465
Other assets		554		554			633
Total assets		155,553		155,553			132,558
Liabilities and equity
Accounts payable and other liabilities		8,085		8,085			8,369
Notes payable		47,457		47,457			34,396
Equity		100,011		100,011			89,793
Total liabilities and stockholders’ equity		$ 155,553		$ 155,553			$ 132,558
[1]Other assets at May 31, 2023 and November 30, 2022 included $30.2 million and $27.6 million, respectively, of contract assets for estimated future renewal commissions.

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands		May 31, 2023	Nov. 30, 2022
Other Assets [Line Items]
Lease right-of-use assets	[1]	$ 24,768	$ 25,545
Homebuilding
Other Assets [Line Items]
Cash surrender value of corporate-owned life insurance contracts		54,858	55,591
Lease right-of-use assets		24,757	25,469
Prepaid expenses		23,157	15,645
Debt issuance costs associated with unsecured revolving credit facility, net		3,826	4,346
Total		$ 106,598	$ 101,051
[1]Consists of amounts within both our homebuilding and financial services operations. The financial services amounts were nominal as of each date.

Accrued Expenses and Other Li_3

Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands		May 31, 2023	Feb. 28, 2023	Nov. 30, 2022	May 31, 2022	Feb. 28, 2022	Nov. 30, 2021
Lessee, Lease, Description [Line Items]
Self-insurance and other legal liabilities		$ 229,283		$ 234,128
Employee compensation and related benefits		130,749		182,443
Warranty liability		99,142	$ 101,238	101,890	$ 99,207	$ 97,466	$ 96,153
Customer deposits		67,006		76,738
Accrued interest payable		28,891		29,989
Lease liabilities	[1]	26,795		27,580
Inventory-related obligations	[2]	21,461		19,136
Federal and state taxes payable		15,449		3,671
Real estate and business taxes		11,125		17,557
Other		38,191		43,925
Total		668,084		736,971
Homebuilding
Lessee, Lease, Description [Line Items]
Lease liabilities		26,787		27,494
Total		$ 668,084		$ 736,971
[1]Consists of amounts within both our homebuilding and financial services operations. The financial services amounts were nominal as of each date.[2]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 (Narrative) (Details)

Leases (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Leases [Abstract]
Lease expense	$ 5.6	$ 4.9	$ 10.8	$ 9.2
Short-term lease cost	$ 2.2	$ 1.8	$ 3.9	$ 3

Leases (Lease Information) (Det

Leases (Lease Information) (Details) - USD ($) $ in Thousands		May 31, 2023	Nov. 30, 2022
Lessee, Lease, Description [Line Items]
Lease right-of-use assets	[1]	$ 24,768	$ 25,545
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]		Other assets	Other assets
Lease liabilities	[1]	$ 26,795	$ 27,580
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]		Accrued Liabilities	Accrued Liabilities
[1]Consists of amounts within both our homebuilding and financial services operations. The financial services amounts were nominal as of each date.

Income Taxes (Income Tax Expens

Income Taxes (Income Tax Expense and Effective Tax Rates) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Income Tax Expense (Benefit), Continuing Operations [Abstract]
Income tax expense	$ 50,500	$ 72,200	$ 87,200	$ 116,000
Effective tax rate	23.50%	25.50%	23.10%	25.20%

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022	Nov. 30, 2022
Income Tax Disclosure [Abstract]
Income tax credits and adjustments	$ 6,800,000	$ 600,000	$ 12,500,000	$ 800,000
Tax benefits from share-based compensation	1,100,000		3,800,000	2,200,000
Nondeductible expense	(3,500,000)	$ (2,200,000)	(6,600,000)	$ (3,900,000)
Deferred tax assets	167,400,000		167,400,000		$ 178,000,000
Deferred tax assets, valuation allowance	$ 17,100,000		17,100,000		$ 17,100,000
Adjustments to deferred tax valuation allowance			$ 0

Notes Payable (Schedule Notes P

Notes Payable (Schedule Notes Payable) (Details) - USD ($) $ in Thousands	May 31, 2023	Nov. 30, 2022
Debt Instrument [Line Items]
Notes payable	$ 1,686,663	$ 1,838,511
Senior unsecured term loan due August 25, 2026 | Senior unsecured term loan due August 25, 2026
Debt Instrument [Line Items]
Notes payable	$ 357,821	357,485
Senior Notes | 6.875% Senior notes due June 15, 2027
Debt Instrument [Line Items]
Stated interest rate percentage	6.875%
Notes payable	$ 297,824	297,595
Senior Notes | 4.80% Senior notes due November 15, 2029
Debt Instrument [Line Items]
Stated interest rate percentage	4.80%
Notes payable	$ 297,399	297,230
Senior Notes | 7.25% Senior notes due July 15, 2030
Debt Instrument [Line Items]
Stated interest rate percentage	7.25%
Notes payable	$ 345,878	345,663
Senior Notes | 4.00% Senior notes due June 15, 2031
Debt Instrument [Line Items]
Stated interest rate percentage	4%
Notes payable	$ 385,982	385,778
Mortgages and land contracts due to land sellers and other loans
Debt Instrument [Line Items]
Notes payable	1,759	4,760
Revolving Credit Facility | Unsecured revolving credit facility
Debt Instrument [Line Items]
Notes payable	$ 0	$ 150,000

Notes Payable (Narratives) (Det

Notes Payable (Narratives) (Details) - USD ($)			3 Months Ended	6 Months Ended
	Aug. 25, 2026	Feb. 13, 2025	May 31, 2023	May 31, 2023	Nov. 30, 2022
Debt Instrument [Line Items]
Unamortized debt issuance costs, premiums and discounts			$ 15,100,000	$ 15,100,000	$ 16,200,000
Letters of credit outstanding			21,200,000	21,200,000	43,000,000
Debt instrument, collateral amount			23,600,000	23,600,000
Long-Term Debt, Fiscal Year Maturity [Abstract]
Repayments of principal, 2023			400,000	400,000
Repayments of principal, 2024			800,000	800,000
Repayments of principal, 2025			600,000	600,000
Repayments of principal, 2026			360,000,000	360,000,000
Repayments of principal, 2027			300,000,000	300,000,000
Repayments of principal, thereafter			1,040,000,000	1,040,000,000
Forecast
Debt Instrument [Line Items]
Debt instrument, maturity date	Aug. 25, 2026
Senior unsecured term loan due August 25, 2026
Debt Instrument [Line Items]
Debt instrument, face amount			$ 360,000,000	$ 360,000,000
Senior unsecured term loan due August 25, 2026 | Senior unsecured term loan due August 25, 2026
Debt Instrument [Line Items]
Weighted average interest rate (in percentage)			6.40%	6.40%
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity			$ 1,090,000,000	$ 1,090,000,000
Unsecured revolving credit facility, expiration date				Feb. 18, 2027
Unsecured revolving credit facility, maximum borrowing capacity			1,290,000,000	$ 1,290,000,000
Credit facility, letters of credit outstanding			0	0
Unsecured revolving credit facility, remaining borrowing capacity			$ 1,080,000,000	1,080,000,000
Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage			0.15%
Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage			0.35%
Letter of Credit
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity			$ 250,000,000	250,000,000
Credit facility, letters of credit outstanding			6,600,000	6,600,000
Unsecured revolving credit facility, remaining borrowing capacity			243,400,000	243,400,000
LOC Facilities
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity			75,000,000	75,000,000
Letters of credit outstanding			$ 14,500,000	$ 14,500,000	$ 36,400,000
LOC Facilities | Forecast
Debt Instrument [Line Items]
Unsecured revolving credit facility, expiration date		Feb. 13, 2025

Fair Value Disclosures (Assets

Fair Value Disclosures (Assets Measured at Fair Value on Nonrecurring Basis) (Details) - USD ($)		3 Months Ended		6 Months Ended		12 Months Ended
		May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022	Nov. 30, 2022
Assets measured at fair value on a nonrecurring basis
Inventory Impairment Charges		$ 0	$ 0	$ 0	$ 0
Fair Value, Nonrecurring | Level 3
Assets measured at fair value on a nonrecurring basis
Pre-Impairment Value		0		0		$ 65,372,000
Inventory Impairment Charges				0		(24,077,000)
Fair Value	[1]	$ 0		$ 0		$ 41,295,000
[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 - USD ($) $ in Thousands		May 31, 2023	Nov. 30, 2022
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	[1]	$ 1,327,083	$ 1,326,266
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes		$ 1,263,000	$ 1,205,875
[1]The carrying values for the senior notes, as presented, include unamortized debt issuance costs. Debt issuance costs are not factored into the estimated fair values of these notes.

Commitments and Contingencies_2

Commitments and Contingencies (Narratives) (Details) $ in Thousands	6 Months Ended
	May 31, 2023 USD ($) home claim	Nov. 30, 2022 USD ($)
Loss Contingencies [Line Items]
Structural warranty provided by company (in years)	10 years
Warranty for other components of home (in years)	1 year
Performance bonds	$ 1,340,000	$ 1,270,000
Letters of credit outstanding	21,200	43,000
Cash deposits	36,267	51,850
Aggregate purchase price of land	994,045	1,164,932
LOC Facilities
Loss Contingencies [Line Items]
Letters of credit outstanding	$ 14,500	36,400
Expiration period	1 year
Damages from Product Defects
Loss Contingencies [Line Items]
Minimum number of affected homes for construction defect claims | home	2
Warranty Obligations
Loss Contingencies [Line Items]
Structural warranty provided by company (in years)	10 years
Self Insurance
Loss Contingencies [Line Items]
Reclassification of warranty recoveries to receivables	$ 30,300	$ 32,700
Chapter 558 of the Florida Statutes
Loss Contingencies [Line Items]
Number of new claims filed | claim	465
Minimum
Loss Contingencies [Line Items]
Warranty on electrical and other building systems (in years)	2 years
Maximum
Loss Contingencies [Line Items]
Warranty on electrical and other building systems (in years)	5 years

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, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Changes in the Company's warranty liability
Balance at beginning of period		$ 101,238	$ 97,466	$ 101,890	$ 96,153
Warranties issued		10,653	9,678	18,643	17,568
Payments		(12,749)	(7,937)	(21,391)	(14,514)
Balance at end of period		99,142	99,207	99,142	99,207
Movement In Self Insurance Reserve [Roll Forward]
Balance at beginning of period		171,269	190,594	175,977	189,131
Self-insurance provided		3,977	5,773	7,818	10,512
Payments		(1,838)	(11,664)	(9,134)	(14,130)
Balance at end of period		172,223	168,675	172,223	168,675
Self Insurance
Movement In Self Insurance Reserve [Roll Forward]
Adjustments	[1]	$ (1,185)	$ (16,028)	$ (2,438)	$ (16,838)
[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)	6 Months Ended
	May 31, 2023
Loss Contingency, Information about Litigation Matters [Abstract]
Applicability and impact of environmental laws	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, 2023	Feb. 28, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock, beginning balance (in shares)		(10,015,507)		(10,015,507)
Beginning balance	$ 3,695,463	$ 3,660,795	$ 3,134,316	$ 3,660,795	$ 3,019,475
Net income	164,442		210,670	289,942	344,927
Dividends on common stock	(13,231)		(13,012)	$ (25,707)	(27,142)
Employee stock options/other (in shares)				308,096
Employee stock options/other	3,876			$ 5,010
Stock awards	0		0	0	0
Stock-based compensation	8,819		9,021	14,686	15,888
Stock repurchases	$ (92,887)		(50,000)	(168,496)	(50,000)
Tax payments associated with stock-based compensation awards				$ (9,748)	(12,153)
Treasury stock, ending balance (in shares)	(13,704,091)			(13,704,091)
Ending balance	$ 3,766,482	$ 3,695,463	$ 3,290,995	$ 3,766,482	$ 3,290,995
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	(100,783,000)	(100,711,000)	(100,711,000)	(100,711,000)	(100,711,000)
Beginning balance	$ 100,783	$ 100,711	$ 100,711	$ 100,711	$ 100,711
Employee stock options/other (in shares)	236,000			308,000
Employee stock options/other	$ 236			$ 308
Ending balance (in shares)	(101,019,000)	(100,783,000)	(100,711,000)	(101,019,000)	(100,711,000)
Ending balance	$ 101,019	$ 100,783	$ 100,711	$ 101,019	$ 100,711
Grantor Stock Ownership Trust
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	(6,705,000)	(6,705,000)	(6,705,000)	(6,705,000)	(6,705,000)
Beginning balance	$ (72,718)	$ (72,718)	$ (72,718)	$ (72,718)	$ (72,718)
Ending balance (in shares)	(6,705,000)	(6,705,000)	(6,705,000)	(6,705,000)	(6,705,000)
Ending balance	$ (72,718)	$ (72,718)	$ (72,718)	$ (72,718)	$ (72,718)
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock, beginning balance (in shares)	(11,587,000)	(10,016,000)	(5,384,000)	(10,016,000)	(5,785,000)
Beginning balance	$ (403,533)	$ (341,461)	$ (202,287)	$ (341,461)	$ (217,383)
Stock awards (in shares)	46,000		64,000	717,000	785,000
Stock awards	$ 1,598		$ 2,376	$ 24,883	$ 29,625
Stock repurchases (in shares)	(2,163,000)	(1,965,442)	(1,520,000)	(4,128,000)	(1,520,000)
Stock repurchases	$ (92,887)		$ (50,000)	$ (168,496)	$ (50,000)
Tax payments associated with stock-based compensation awards (in shares)				(277,000)	(320,000)
Tax payments associated with stock-based compensation awards				$ (9,748)	$ (12,153)
Treasury stock, ending balance (in shares)	(13,704,000)	(11,587,000)	(6,840,000)	(13,704,000)	(6,840,000)
Ending balance	$ (494,822)	$ (403,533)	$ (249,911)	$ (494,822)	$ (249,911)
Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	819,904	836,260	828,238	836,260	848,620
Employee stock options/other	3,640			4,702
Stock awards	(1,598)		(2,376)	(24,883)	(29,625)
Stock-based compensation	8,819		9,021	14,686	15,888
Ending balance	830,765	819,904	834,883	830,765	834,883
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	3,256,602	3,143,578	2,499,491	3,143,578	2,379,364
Net income	164,442		210,670	289,942	344,927
Dividends on common stock	(13,231)		(13,012)	(25,707)	(27,142)
Ending balance	3,407,813	3,256,602	2,697,149	3,407,813	2,697,149
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(5,575)	(5,575)	(19,119)	(5,575)	(19,119)
Ending balance	$ (5,575)	$ (5,575)	$ (19,119)	$ (5,575)	$ (19,119)

Stockholders' Equity (Narrative

Stockholders' Equity (Narratives) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended		36 Months Ended
	May 31, 2023	Feb. 28, 2023	May 31, 2022	May 31, 2023	May 31, 2022	Nov. 30, 2022	Mar. 21, 2023	Feb. 24, 2023	Apr. 07, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares, issued (in shares)	101,019,249			101,019,249		100,711,153
Payment, tax withholding, share-based payment arrangement				$ 9,748	$ 12,153
Stock repurchased, value	$ 92,887		$ 50,000	$ 168,496	$ 50,000
Cash dividend declared per common share (in dollars per share)	$ 0.15		$ 0.15	$ 0.30	$ 0.30
Dividend paid (in dollars per share)	$ 0.15		$ 0.15	$ 0.30	$ 0.30
Treasury Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax payments associated with stock-based compensation awards (in shares)				277,000	320,000
Stock repurchased (in shares)	2,163,000	1,965,442	1,520,000	4,128,000	1,520,000
Stock repurchased, value	$ 92,887		$ 50,000	$ 168,496	$ 50,000
Shares Withheld to Pay Taxes
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax payments associated with stock-based compensation awards (in shares)				276,853
Payment, tax withholding, share-based payment arrangement				$ 9,700
April 2022 Stock Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, remaining authorized repurchase amount		$ 75,000				$ 150,000			$ 300,000
Stock repurchased, value		$ 75,000
March 2023 Stock Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, remaining authorized repurchase amount	407,900			$ 407,900			$ 500,000
Stock repurchased (in shares)				4,128,324
Stock repurchased, value	$ 92,100			$ 167,100
March 2023 Stock Repurchase Program | Treasury Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchased (in shares)	2,162,882
Performance Shares | Homebuilding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition						3 years
Performance Shares | PSU 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares, issued (in shares)								602,265

Stock-Based Compensation (Narra

Stock-Based Compensation (Narratives) (Details)	3 Months Ended		6 Months Ended
	May 31, 2023 USD ($) $ / shares shares	May 31, 2022 USD ($)	May 31, 2023 USD ($) $ / shares shares	May 31, 2022 USD ($)	Apr. 20, 2023 shares	Apr. 19, 2023 shares	Nov. 30, 2022 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares)	1,366,297		1,366,297				1,674,393
Options outstanding weighted average exercise price (in dollars per share) | $ / shares	$ 15.40		$ 15.40				$ 15.56
Exercised (in shares)			308,096
Exercised (in dollars per share) | $ / shares			$ 16.26
Aggregate intrinsic value of stock options outstanding | $	$ 38,200,000		$ 38,200,000
Aggregate intrinsic value of stock options exercisable | $	$ 38,200,000		$ 38,200,000
Number of shares authorized for issuance of stock based awards to employees						5,900,000
Equity Incentive Plan 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance of stock based awards to employees						12,300,000
Equity Incentive Plan 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)					0
2014 Amended Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance of stock based awards to employees					18,200,000
Grant of stock option, Reduce the plan share capacity per share					1
Grant of restricted stock, reduce the plan share capacity per share					1.78
Share based payments award terms of award			10 years
Grants (in shares)	0
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining contractual life of stock options outstanding			2 years 7 months 6 days
Weighted average remaining contractual life of stock options exercisable			2 years 7 months 6 days
Stock-based compensation expense | $	$ 0	$ 0	$ 0	$ 0
Restricted Stock and Performance Unit Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense | $	$ 8,800,000	$ 9,000,000	$ 14,700,000	$ 15,900,000

Supplemental Disclosure to Co_3

Supplemental Disclosure to Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	May 31, 2023	May 31, 2022	Nov. 30, 2022	Nov. 30, 2021
Summary of cash and cash equivalents at end of period:
Cash and cash equivalents	$ 557,457	$ 246,581	$ 330,198	$ 292,136
Supplemental disclosures of cash flow information:
Interest paid, net of amounts capitalized	1,098	(237)
Income taxes paid	64,824	97,654
Supplemental disclosures of non-cash activities:
Increase (decrease) in consolidated inventories not owned	4,264	(13,465)
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	4,896	4,967
Homebuilding
Summary of cash and cash equivalents at end of period:
Cash and cash equivalents	557,037	244,186
Financial services
Summary of cash and cash equivalents at end of period:
Cash and cash equivalents	$ 420	$ 2,395