KB Home (KBH) 10-K24 Jan 202019 FY Annual reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Nov. 30, 2019	May 31, 2019	Nov. 30, 2018	May 31, 2018	Nov. 30, 2017	Nov. 30, 2016
Document Information [Line Items]
Document Type	10-K
Document Quarterly Report	true
Document Period End Date	Nov. 30, 2019
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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 Public Float		$ 2,414,644,120		$ 2,414,644,120
Grantor stock ownership trust	7,630,582	7,859,975	8,157,235
Entity Common Stock Shares Outstanding	89,606,551
Entity Central Index Key	0000795266
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--11-30
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 [Member]
Document Information [Line Items]
Title of 12(b) Security	Rights to Purchase Series A Participating Cumulative Preferred Stock
Security Exchange Name	NYSE
Treasury Stock
Document Information [Line Items]
Common Stock, Shares, Outstanding	(24,356,000)	24,264,256	(24,113,000)		(22,021,000)	(21,720,000)
Grantor Stock Ownership Trust
Document Information [Line Items]
Common Stock, Shares, Outstanding	(7,631,000)		(8,157,000)		(8,898,000)	(9,432,000)

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Feb. 28, 2019	Nov. 30, 2018	Aug. 31, 2018	May 31, 2018	Feb. 28, 2018	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Total Revenues									$ 4,552,747	$ 4,547,002	$ 4,368,529
Interest expense									0	0	(622)
Equity in income of unconsolidated joint ventures									10,681	9,367	2,825
Gain (Loss) on Extinguishment of Debt									(6,800)	0	(5,685)
Pretax income (loss)	$ 164,967	$ 91,936	$ 56,761	$ 34,511	$ 128,936	$ 114,676	$ 78,308	$ 46,045	348,175	367,965	289,995
Income tax expense									(79,400)	(197,600)	(109,400)
Net income	$ 123,167	$ 68,136	$ 47,461	$ 30,011	$ 96,836	$ 87,476	$ 57,308	$ (71,255)	$ 268,775	$ 170,365	$ 180,595
Earnings Per Share [Abstract]
Earnings per share: Basic (usd per share)	$ 1.37	$ 0.77	$ 0.54	$ 0.34	$ 1.09	$ 0.99	$ 0.65	$ (0.82)	$ 3.04	$ 1.93	$ 2.09
Earnings per share: Diluted (usd per share)	$ 1.31	$ 0.73	$ 0.51	$ 0.31	$ 0.96	$ 0.87	$ 0.57	$ (0.82)	$ 2.85	$ 1.71	$ 1.85
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract]
Weighted average shares outstanding: Basic (shares)									87,996	87,773	85,842
Weighted average shares outstanding: Diluted (shares)									93,838	101,059	98,316
Financial services
Total Revenues									$ 15,089	$ 13,207	$ 12,264
Construction and land costs									(4,333)	(3,844)	(3,430)
Selling, general and administrative expenses									(4,333)	(3,844)	(3,430)
Operating income									10,756	9,363	8,834
Equity in income of unconsolidated joint ventures									12,230	7,301	4,234
Pretax income (loss)									22,986	16,664	13,068
Homebuilding:
Total Revenues									4,537,658	4,533,795	4,356,265
Construction and land costs									(3,708,928)	(3,743,920)	(3,646,468)
Selling, general and administrative expenses									(497,350)	(444,154)	(426,394)
Operating income									331,380	345,721	283,403
Interest income									2,158	3,514	1,240
Interest expense									0	0	(622)
Equity in income of unconsolidated joint ventures									(1,549)	2,066	(1,409)
Gain (Loss) on Extinguishment of Debt									(6,800)		(5,685)
Pretax income (loss)									$ 325,189	$ 351,301	$ 276,927

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income Statement - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 268,775	$ 170,365	$ 180,595
Net actuarial gain (loss) arising during the period	(10,268)	8,216	(3,143)
Amortization of net actuarial loss	218	336	142
Amortization of prior service cost	1,556	1,556	1,556
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax	356	0	0
Other comprehensive income (loss) before tax	(8,138)	10,108	(1,445)
Income tax benefit (expense) related to items of other comprehensive income (loss)	2,197	(2,749)	578
Other comprehensive income (loss), net of tax	(5,941)	7,359	(867)
Comprehensive income	$ 262,834	$ 177,724	$ 179,728

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Nov. 30, 2019	Nov. 30, 2018
Assets
Cash and cash equivalents	$ 454,858	$ 575,119
Receivables	249,055	292,830
Inventories	3,704,602	3,582,839
Property and equipment, net	65,043	24,283
Other assets	83,041	83,100
Total assets	5,015,482	5,073,571
Liabilities and stockholders' equity
Accrued expenses and other liabilities	618,783	666,268
Notes payable	1,748,747	2,060,263
Stockholders' equity:
Preferred stock — $1.00 par value; 10,000,000 shares authorized; none issued	0	0
Common stock — $1.00 par value; 290,000,000 shares authorized at November 30, 2019 and 2018; 121,592,978 and 119,195,914 shares issued at November 30, 2019 and 2018, respectively	121,593	119,196
Paid-in capital	793,954	753,570
Retained earnings	2,157,183	1,897,168
Accumulated other comprehensive loss	(15,506)	(9,565)
Grantor stock ownership trust, at cost: 7,630,582 and 8,157,235 shares at November 30, 2019 and 2018, respectively	(82,758)	(88,472)
Treasury stock, at cost: 24,355,845 and 24,113,487 shares at November 30, 2019 and 2018, respectively	(591,344)	(584,397)
Total stockholder's equity	2,383,122	2,087,500
Total liabilities and stockholders' equity	5,015,482	5,073,571
Financial services
Assets
Cash and cash equivalents	1,044	760
Receivables	2,232	2,885
Investments in unconsolidated joint ventures	14,374	8,594
Other assets	20,746	141
Total assets	38,396	12,380
Liabilities and stockholders' equity
Financial services	2,058	1,495
Homebuilding:
Assets
Cash and cash equivalents	453,814	574,359
Receivables	249,055	292,830
Inventories	3,704,602	3,582,839
Investments in unconsolidated joint ventures	57,038	61,960
Property and equipment, net	65,043	24,283
Deferred tax assets, net	364,493	441,820
Other assets	83,041	83,100
Total assets	4,977,086	5,061,191
Liabilities and stockholders' equity
Accounts payable	262,772	258,045
Accrued expenses and other liabilities	618,783	666,268
Notes payable	1,748,747	2,060,263
Total Homebuilding	$ 2,630,302	$ 2,984,576

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Nov. 30, 2019	Nov. 30, 2018
Statement of Financial Position [Abstract]
Preferred stock, par value, in dollars	$ 1	$ 1
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Common stock, par value, in dollars	$ 1	$ 1
Common stock, shares authorized	290,000,000	290,000,000
Common stock, shares issued	121,592,978	119,195,914
Grantor stock ownership trust	7,630,582	8,157,235
Treasury stock, shares	24,355,845	24,113,487

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Grantor Stock Ownership Trust	Treasury Stock	Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance, shares at Nov. 30, 2016		116,224,000	(9,432,000)	(21,720,000)
Beginning balance at Nov. 30, 2016	$ 1,723,145	$ 116,224	$ (102,300)	$ (535,402)	$ 696,938	$ 1,563,742	$ (16,057)
Net income	180,595					180,595
Other comprehensive income (loss), net of tax	(867)						(867)
Dividends on common stock	$ (8,642)					(8,642)
Employee stock options/other, shares	1,650,360	1,652,000
Employee stock options/other	$ 24,120	$ 1,652			22,468
Stock awards, shares		70,000	534,000	28,000
Stock awards	0	$ 70	$ 5,791	$ 695	(6,556)
Stock-based compensation	14,633				14,633
Stock repurchases, shares				(329,000)
Tax payments associated with stock-based compensation awards	(6,673)			$ (6,673)
Ending balance, shares at Nov. 30, 2017		117,946,000	(8,898,000)	(22,021,000)
Ending balance at Nov. 30, 2017	1,926,311	$ 117,946	$ (96,509)	$ (541,380)	727,483	1,735,695	(16,924)
Net income	170,365					170,365
Other comprehensive income (loss), net of tax	7,359						7,359
Dividends on common stock	$ (8,892)					(8,892)
Employee stock options/other, shares	1,195,926	1,196,000
Employee stock options/other	$ 20,011	$ 1,196			18,815
Stock awards, shares		54,000	741,000	48,000
Stock awards	0	$ 54	$ 8,037	$ 498	(8,589)
Stock-based compensation	15,861				15,861
Stock repurchases, shares				(334,000)
Tax payments associated with stock-based compensation awards	(8,476)			$ (8,476)
Ending balance, shares at Nov. 30, 2018		119,196,000	(8,157,000)	(24,113,000)
Ending balance at Nov. 30, 2018	2,087,500	$ 119,196	$ (88,472)	$ (584,397)	753,570	1,897,168	(9,565)
Stock Repurchased and Retired During Period, Shares				(1,806,000)
Stock Repurchased and Retired During Period, Value	(35,039)			$ (35,039)
Net income	268,775					268,775
Other comprehensive income (loss), net of tax	(5,941)						(5,941)
Dividends on common stock	$ (20,370)					(20,370)
Employee stock options/other, shares	2,300,004	2,341,000
Employee stock options/other	$ 30,524	$ 2,341			28,183
Stock awards, shares		56,000	526,000	27,000
Stock awards	0	$ 56	$ 5,714	$ 341	(6,111)
Stock-based compensation	18,312				18,312
Stock repurchases, shares				(270,000)
Tax payments associated with stock-based compensation awards	(7,288)			$ (7,288)
Ending balance, shares at Nov. 30, 2019		121,593,000	(7,631,000)	(24,356,000)
Ending balance at Nov. 30, 2019	$ 2,383,122	$ 121,593	$ (82,758)	$ (591,344)	$ 793,954	$ 2,157,183	$ (15,506)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Cash flows from operating activities:
Net income	$ 268,775	$ 170,365	$ 180,595
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in income of unconsolidated joint ventures	(10,681)	(9,367)	(2,825)
Proceeds from Equity Method Investment, Distribution	6,450	9,047	0
Amortization of discounts, premiums and issuance costs	4,426	6,232	6,573
Depreciation and amortization	27,158	2,530	2,791
Deferred income taxes	73,303	191,817	105,348
Loss on early extinguishment of debt	6,800	0	5,685
Excess tax benefits from stock-based compensation	0	0	(958)
Stock-based compensation	18,312	15,861	14,633
Inventory impairments and land option contract abandonments	17,291	28,994	25,232
Changes in assets and liabilities:
Receivables	44,428	(49,778)	(12,508)
Inventories	(165,347)	(270,126)	126,085
Accounts payable, accrued expenses and other liabilities	(40,583)	126,710	66,594
Other, net	710	(773)	(4,026)
Net cash provided by operating activities	251,042	221,512	513,219
Cash flows from investing activities:
Contributions to unconsolidated joint ventures	(11,290)	(22,671)	(18,694)
Return of investments in unconsolidated joint ventures	5,001	9,934	11,035
Purchases of property and equipment, net	(40,459)	(7,370)	(8,085)
Net cash used in investing activities	(40,944)	(20,107)	(15,744)
Cash flows from financing activities:
Proceeds from Issuance of Senior Long-term Debt	705,250	0	0
Repayment of senior notes	(986,231)	(300,000)	(270,326)
Borrowings under revolving credit facility	610,000	70,000	0
Payments of Debt Issuance Costs	(11,128)	0	(1,711)
Repayments under revolving credit facility	(610,000)	(70,000)	0
Issuance costs for unsecured revolving credit facility	(11,128)	0	(1,711)
Payments on mortgages and land contracts due to land sellers and other loans	(41,116)	(14,751)	(106,382)
Issuance of common stock under employee stock plans	30,524	20,011	23,162
Excess tax benefits from stock-based compensation	0	0	958
Stock repurchases	0	(35,039)	0
Tax payments associated with stock-based compensation awards	(7,288)	(8,476)	(6,673)
Payments of cash dividends	(20,370)	(8,892)	(8,642)
Net cash used in financing activities	(330,359)	(347,147)	(369,614)
Net increase (decrease) in cash and cash equivalents	(120,261)	(145,742)	127,861
Cash and cash equivalents at beginning of year	575,119	720,861	593,000
Cash and cash equivalents at end of year	454,858	575,119	720,861
Proceeds from Sale of Buildings	$ 5,804	$ 0	$ 0

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Nov. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Operations. KB Home is a builder of attached and detached single-family residential homes, townhomes and condominiums. As of November 30, 2019 , we conducted ongoing operations in Arizona, California, Colorado, Florida, Nevada, North Carolina, Texas and Washington. We also offer various insurance products to our homebuyers in the same markets where we build homes, and provide title services in the majority of our markets located within our Southwest, Central and Southeast homebuilding reporting segments. Since June 2017, we have been providing mortgage banking services, including mortgage loan originations, to our homebuyers indirectly through KBHS, an unconsolidated joint venture we formed with Stearns. Basis of Presentation. Our consolidated financial statements have been prepared in accordance with GAAP and include our accounts and those of the consolidated subsidiaries in which we have a controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation. Investments in unconsolidated joint ventures in which we have less than a controlling financial interest are accounted for using the equity method. 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 $302.5 million at November 30, 2019 and $385.2 million at November 30, 2018 . At November 30, 2019 and 2018, the majority of our cash and cash equivalents was invested in interest-bearing bank deposit accounts. Receivables. Receivables are evaluated for collectibility at least quarterly, and allowances for potential losses are established or maintained on applicable receivables when collection is considered doubtful, taking into account historical experience, prevailing economic conditions and other relevant information. Property and Equipment and Depreciation. Property and equipment are recorded at cost and are depreciated using the straight-line method over their estimated useful lives as follows: computer software and equipment – two to five years ; model furnishings and sales office improvements – two to three years ; office furniture and equipment – three to ten years ; and leasehold improvements – life of the lease. Repair and maintenance costs are expensed as incurred. Depreciation expense totaled $27.2 million in 2019 , $2.5 million in 2018 and $2.8 million in 2017 . Homebuilding Operations. We recognize homebuilding revenue in accordance with ASC 606 by applying the following steps in determining the timing and amount of revenue to recognize: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract, if applicable; and (5) recognize revenue when (or as) we satisfy a performance obligation. Our home sale transactions are made pursuant to contracts under which we typically have a single performance obligation to deliver a completed home to the homebuyer when closing conditions are met. Revenues from home sales are recognized when we have satisfied the performance obligation within the sales contract, which is generally when title to and possession of the home and the risks and rewards of ownership are transferred to the homebuyer on the closing date. Under our home sale contracts, we typically receive an initial cash deposit from the homebuyer at the time the sales contract is executed and receive the remaining consideration to which we are entitled, through a third-party escrow agent, at closing. Customer deposits related to sold but undelivered homes totaled $22.4 million and $19.5 million at November 30, 2019 and November 30, 2018, respectively, and are included in accrued expenses and other liabilities. Concurrent with the recognition of revenues in our consolidated statements of operations, sales incentives in the form of price concessions on the selling price of a home are recorded as a reduction of revenues. The costs of sales incentives in the form of free or discounted products or services provided to homebuyers, including option upgrades and closing cost allowances, are reflected as construction and land costs because such incentives are identified in our home sale contracts with homebuyers as an intrinsic part of our single performance obligation to deliver and transfer title to their home for the transaction price stated in the contracts. Sales incentives that we may provide in the form of closing cost allowances are immaterial to the related revenues. Cash proceeds from home sale closings held by third-party escrow agents for our benefit, typically for less than five days, are considered deposits in-transit and classified as cash. Land sale transactions are made pursuant to contracts under which we typically have a performance obligation(s) to deliver specified land parcels to the buyer when closing conditions are met. We evaluate each land sale contract to determine our performance obligation(s) under the contract, including whether we have a distinct promise to perform post-closing land development work that is material within the context of the contract, and use objective criteria to determine our completion of the applicable performance obligation(s), whether at a point in time or over time. Revenues from land sales are recognized when we have satisfied the performance obligation(s) within the sales contract, which is generally when title to and possession of the land and the risks and rewards of ownership are transferred to the land buyer on the closing date. Under our land sale contracts, we typically receive an initial cash deposit from the buyer at the time the contract is executed and receive the remaining consideration to which we are entitled, through a third-party escrow agent, at closing. In the limited circumstances where we provide financing to the land buyer, we determine that collectibility of the receivable is reasonably assured before we recognize revenue. In instances where we have a distinct and material performance obligation(s) within the context of a land sale contract to perform land development work after the closing date, a portion of the transaction price under the contract is allocated to such performance obligation(s) and is recognized as revenue over time based upon our estimated progress toward the satisfaction of the performance obligation(s). We generally measure our progress based on our costs incurred relative to the total costs expected to satisfy the performance obligation(s). While the payment terms for such a performance obligation(s) vary, we generally receive the final payment when we have completed our land development work to the specifications detailed in the applicable land sale contract and it has been accepted by the land buyer. Homebuilding revenues include forfeited deposits, which occur when home sale or land sale contracts that include a nonrefundable deposit are cancelled. Revenues from forfeited deposits are immaterial. Within our homebuilding operations, substantially all of our contracts with customers and the related performance obligations have an original expected duration of one year or less. Construction and land costs are comprised of direct and allocated costs, including estimated future costs for the limited warranty we provide on our homes, and certain amenities within a community. Land acquisition, land development and other common costs are generally allocated on a relative fair value basis to the homes or lots within the applicable community or land parcel. Land acquisition and land development costs include related interest and real estate taxes. Inventories . H ousing and land inventories are stated at cost, unless the carrying value is determined not to be recoverable, in which case the affected inventories are written down to fair value or fair value less associated costs to sell. Real estate assets, such as our housing and land inventories, are tested for recoverability whenever events or changes in circumstances indicate that their carrying value may not be recoverable. Recoverability is measured by comparing the carrying value of an asset to the undiscounted future net cash flows expected to be generated by the asset. These impairment evaluations are significantly impacted by estimates for the amounts and timing of future revenues, costs and expenses, and other factors. If the carrying value of a real estate asset is determined not to be recoverable, the impairment charge to be recognized is measured by the amount by which the carrying value of the affected asset exceeds its estimated fair value. For land held for sale, if the fair value less associated costs to sell exceeds the asset’s carrying value, no impairment charge is recognized. Capitalized Interest. Interest is capitalized to inventories while the related communities or land parcels are being actively developed and until homes are completed or the land is available for immediate sale. Capitalized interest is amortized to construction and land costs as the related inventories are delivered to homebuyers or land buyers (as applicable). For land held for future development or sale, applicable interest is expensed as incurred. Fair Value Measurements. Fair value measurements are used for inventories on a nonrecurring basis when events and circumstances indicate that their carrying value is not recoverable. For these real estate assets, fair value is determined based on the estimated future net cash flows discounted for inherent risk associated with each such asset, or other valuation techniques. Our financial instruments consist of cash and cash equivalents, senior notes, convertible senior notes, and mortgages and land contracts due to land sellers and other loans. Fair value measurements of financial instruments are determined by various market data and other valuation techniques as appropriate. When available, we use quoted market prices in active markets to determine fair value. Financial Services Operations. Our financial services reporting segment generates revenues primarily from insurance commissions and title services. Revenues from title services are recognized when policies are issued, which generally occurs at the time each applicable home sale is closed. We receive commissions from various third-party insurance carriers for arranging for the carriers to provide homeowner and other insurance policies for our homebuyers that elect to obtain such coverage. In addition, each time a homebuyer renews their insurance policy with the insurance carrier, we receive a renewal commission. Revenues from insurance commissions are recognized when the insurance carrier issues an initial insurance policy to our homebuyer, which generally occurs at the time each applicable home sale is closed. As our performance obligations for policy renewal commissions are satisfied upon issuance of the initial insurance policy, insurance commissions for renewals are considered variable consideration under ASC 606. Accordingly, we estimate the probable future renewal commissions when an initial policy is issued and record a corresponding contract asset and insurance commission revenues. We estimate the amount of variable consideration based on historical renewal trends and constrain the estimate such that it is probable that a significant reversal of cumulative recognized revenue will not occur. We also consider the likelihood and magnitude of a potential future reversal of revenue and update our assessment at the end of each reporting period. The contract assets for estimated future renewal commissions are included in other assets within our financial services reporting segment and totaled $20.6 million at November 30, 2019. Contract assets totaling $19.7 million were recognized on December 1, 2018 in connection with the adoption of ASC 606. Warranty Costs. We provide a limited warranty on all of our homes. 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 and adjust the amount as necessary based on our assessment. Our warranty liability is presented on a gross basis for all years 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. Self-Insurance. We self-insure a portion of our overall risk through the use of a captive insurance subsidiary. We record liabilities based on the estimated costs required to cover reported claims, claims incurred but not yet reported, and claim adjustment expenses. These estimated costs are based on an actuarial analysis of our historical claims and expense data, as well as industry data. Our self-insurance liability is presented on a gross basis for all years without consideration of insurance recoveries and amounts we have paid on behalf of and expect to recover from other parties, if any . Estimates of insurance 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. Community Sales Office and Other Marketing- and Model Home-Related Costs. Community sales office and other marketing- and model home-related costs are either recorded as inventories, capitalized as property and equipment, or expensed to selling, general and administrative expenses as incurred. Costs related to the construction of a model home, inclusive of upgrades that will be sold as part of the home, are recorded as inventories and recognized as construction and land costs when the model home is delivered to a homebuyer. Costs to furnish and ready a model home or on-site community sales facility that will not be sold as part of the model home, such as model furnishings, community sales office and model complex grounds, sales office construction and sales office furniture and equipment, are capitalized as property and equipment under “model furnishings and sales office improvements.” Model furnishings and sales office improvements are depreciated to selling, general and administrative expenses over their estimated useful lives. Other costs related to the marketing of a community, removing the on-site community sales facility and readying a completed (model) home for sale are expensed to selling, general and administrative expenses as incurred. Advertising Costs. We expense advertising costs as incurred. We incurred advertising costs of $43.6 million in 2019 , $37.3 million in 2018 and $34.4 million in 2017 . Legal Fees. Legal fees associated with litigation and similar proceedings that are not expected to provide a benefit in future periods are generally expensed as incurred. Legal fees associated with land acquisition and development and other activities that are expected to provide a benefit in future periods are capitalized to inventories in our consolidated balance sheets as incurred. We expensed legal fees of $16.7 million in 2019 , $12.4 million in 2018 and $14.0 million in 2017 . Stock-Based Compensation. We measure and recognize compensation expense associated with our grant of equity-based awards at an amount equal to the fair value of share-based payments granted under compensation arrangements over the vesting period. We estimate the fair value of stock options and Director Plan SARs granted using the Black-Scholes option-pricing model with assumptions based primarily on historical data. Income Taxes. The provision for, or benefit from, income taxes is calculated using the asset and liability method, under which deferred tax assets and liabilities are recorded based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are evaluated on a quarterly basis to determine if adjustments to the valuation allowance are required. This evaluation is 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. 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 in our consolidated balance sheets depends on applicable income tax rates. Accumulated Other Comprehensive Loss. The accumulated balances of other comprehensive loss in the consolidated balance sheets as of November 30, 2019 and 2018 were comprised solely of adjustments recorded directly to accumulated other comprehensive loss related to our benefit plan obligations. Such adjustments are made annually as of November 30, when our benefit plan obligations are remeasured. 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 November 30, 2019 , 2018 or 2017 . Adoption of New Accounting Pronouncements . In March 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-09, which simplified several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of excess tax benefits on the statement of cash flows, treatment of forfeitures, and statutory withholding requirements. We adopted this guidance effective December 1, 2017. ASU 2016-09 requires excess tax benefits and deficiencies from stock-based compensation awards to be recognized prospectively in our consolidated statements of operations as a component of income tax expense, whereas these items were previously recorded in paid-in capital in our consolidated balance sheets. This guidance also requires excess tax benefits to be classified within operating activities in the consolidated statements of cash flows. We previously recognized excess tax benefits as a cash inflow from financing activities and a corresponding cash outflow from operating activities. In connection with the adoption of this guidance, we elected to continue to estimate forfeitures in calculating our stock-based compensation expense, rather than account for forfeitures as they occur. The impact of recognizing excess tax benefits and deficiencies in our consolidated statements of operations resulted in reductions in our income tax expense of $5.3 million for 2019 and $1.0 million for 2018. The remaining aspects of adopting this guidance did not have a material impact on our consolidated financial statements. In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”), which supersedes the revenue guidance in Accounting Standards Codification Topic 605, “Revenue Recognition,” and most industry-specific revenue and cost guidance in the accounting standards codification, including some cost guidance related to construction-type and production-type contracts. ASU 2014-09 and its related amendments collectively resulted in ASC 606. The core principle of ASC 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. On December 1, 2018, we adopted ASC 606, using the modified retrospective method applied to contracts that were not completed as of the adoption date. Results for reporting periods beginning December 1, 2018 and after are presented under ASC 606, while results for prior reporting periods have not been adjusted and continue to be presented under the accounting guidance in effect for those periods. We recorded the following cumulative effect adjustment to increase beginning retained earnings as of December 1, 2018 (in thousands): Balance Sheet Balance at November 30, 2018 Adjustments due to ASC 606 Balance at December 1, 2018 Assets Homebuilding: Inventories $ 3,582,839 $ (35,288 ) $ 3,547,551 Property and equipment, net 24,283 31,194 55,477 Deferred tax assets, net 441,820 (4,024 ) 437,796 Financial services 12,380 19,728 32,108 Stockholders’ equity: Retained earnings 1,897,168 11,610 1,908,778 Within our homebuilding operations, ASC 606 impacted the classification and timing of recognition in our consolidated financial statements of certain community sales office and other marketing- and model home-related costs, which we previously capitalized to inventories and amortized through construction and land costs with each home delivered in a community. With our adoption of ASC 606, these costs are capitalized to property and equipment and depreciated to selling, general and administrative expenses, or expensed to selling, general and administrative expenses as incurred. Upon adopting ASC 606, we reclassified these community sales office and other marketing- and model home-related costs and related accumulated amortization from inventories to either property and equipment, net or retained earnings in our consolidated balance sheet. As a result of the change in the classification of certain community sales office and other marketing- and model home-related costs from inventories to property and equipment, net, these costs are presented as a cash outflow from investing activities in our consolidated statements of cash flows under ASC 606. Previously, such costs were classified as a cash outflow from operating activities. Forfeited deposits related to cancelled home sale and land sale contracts, which were previously reflected as other income within selling, general and administrative expenses, are included in homebuilding revenues under ASC 606. Within our financial services operations, ASC 606 impacted the timing of recognition in our consolidated financial statements of insurance commissions for insurance policy renewals. We previously recognized such insurance commissions as revenue when policies were renewed. With our adoption of ASC 606, insurance commissions for future policy renewals are estimated and recognized as revenue when the insurance carrier issues an initial insurance policy to our homebuyer, which generally occurs at the time each applicable home sale is closed. Upon adopting ASC 606, we recognized contract assets for the estimated future renewal commissions related to existing insurance policies as of December 1, 2018. There were no significant changes to our business processes or internal control over financial reporting as a result of adopting ASC 606. The impacts of adopting ASC 606 on our consolidated statements of operations for the year ended November 30, 2019 and consolidated balance sheet as of November 30, 2019 were as follows (in thousands, except per share amounts): Year ended November 30, 2019 Statement of Operations As Reported Amounts without the Adoption of ASC 606 Effect of Change Higher/(Lower) Homebuilding: Revenues $ 4,537,658 $ 4,534,716 $ 2,942 Construction and land costs (3,708,928 ) (3,740,337 ) (31,409 ) Selling, general and administrative expenses (497,350 ) (464,105 ) 33,245 Operating income 331,380 330,274 1,106 Financial services: Revenues 15,089 14,211 878 Total pretax income 348,175 346,191 1,984 Income tax expense (79,400 ) (78,900 ) 500 Net income 268,775 267,291 1,484 Diluted earnings per share 2.85 2.85 — As of November 30, 2019 Balance Sheet As Reported Amounts without the Adoption of ASC 606 Effect of Change Higher/(Lower) Assets Homebuilding: Inventories $ 3,704,602 $ 3,746,567 $ (41,965 ) Deferred tax assets, net 364,493 369,017 (4,524 ) Property and equipment, net 65,043 26,067 38,976 Financial services 38,396 17,790 20,606 Stockholders’ equity: Retained earnings 2,157,183 2,144,090 13,093 Disaggregation of Revenues. Our homebuilding operations accounted for 99.7% of our total revenues for the year ended November 30, 2019, with most of those revenues generated from home sale contracts with customers. Due to the nature of our revenue-generating activities, we believe the disaggregation of revenues as reported in our consolidated statement of operations, and as disclosed by homebuilding reporting segment in Note 2 – Segment Information and for our financial services reporting segment in Note 3 – Financial Services, fairly depicts how the nature, amount, timing and uncertainty of cash flows are affected by economic factors. Recent Accounting Pronouncements Not Yet Adopted. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). ASU 2016-02 will require lessees to recognize on the balance sheet the assets and liabilities for the rights and obligations created by leases. Under this guidance, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. Lessor accounting remains substantially similar to previous lease accounting guidance. In addition, disclosures of leasing activities are to be expanded to include qualitative along with specific quantitative information. ASU 2016-02 is effective for us beginning December 1, 2019. We will adopt ASU 2016-02 and its related amendments (collectively, “ASC 842”) beginning December 1, 2019 using the modified retrospective method. Results for reporting periods beginning December 1, 2019 and after will be presented under ASC 842, while results for prior reporting periods will not be adjusted and will continue to be presented under the accounting guidance in effect for those periods. Upon adoption, we expect to record lease right-of-use assets and lease liabilities of approximately $31.0 million on our consolidated balance sheet for leases with terms of more than 12 months, which are primarily real estate leases for office space and design studios, as well as certain equipment leases. In addition, we plan to record a cumulative effect adjustment to increase beginning retained earnings as of December 1, 2019 by approximately $1.5 million , net of tax, to recognize a previously deferred gain on our sale and leaseback of an office building in 2019. We do not expect the adoption of ASC 842 to have a material impact on our consolidated statements of operations or cash flows. In June 2016, the FASB issued Accounting Standards Update No. 2016-13, “Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”), which changes the impairment model for most financial assets and certain other instruments from an incurred loss approach to a new expected credit loss methodology. ASU 2016-13 is effective for us beginning December 1, 2020 (with early adoption permitted). We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements. In February 2018, the FASB issued Accounting Standards Update No. 2018-02, “Income Statement — Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” (“ASU 2018-02”), which allows a reclassification from accumulated other comprehensive income (loss) to retained earnings for stranded tax effects resulting from the TCJA, and requires certain disclosures about stranded tax effects. ASU 2018-02 is effective for us beginning December 1, 2019, and shall be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the corporate income tax rate in the TCJA is recognized. We do not expect the adoption of ASU 2018-02 to have a material impact on our consolidated financial statements. Reclassifications. Certain amounts in our consolidated financial statements of prior years have been reclassified to conform to the current period presentation.

Segment Information

Segment Information	12 Months Ended
Segment Information	Nov. 30, 2019
Segment Reporting [Abstract]
Segment Information	Segment Information An operating segment is defined as a component of an enterprise for which separate financial information is available and for which segment results are evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. We have identified each of our homebuilding divisions as an operating segment. Our homebuilding operating segments have been aggregated into four homebuilding reporting segments based primarily on similarities in economic and geographic characteristics, product types, regulatory environments, methods used to sell and construct homes and land acquisition characteristics. We also have one financial services reporting segment. Management evaluates segment performance primarily based on segment pretax results. As of November 30, 2019 , our homebuilding reporting segments conducted ongoing operations in the following states: West Coast: California and Washington Southwest: Arizona and Nevada Central: Colorado and Texas Southeast: Florida and North Carolina Our homebuilding reporting segments are engaged in the acquisition and development of land primarily for residential purposes and offer a wide variety of homes that are designed to appeal to first-time, first move-up and active adult homebuyers. Our homebuilding operations generate most of their revenues from the delivery of completed homes to homebuyers. They also earn revenues from the sale of land. In 2018, we expanded into the Seattle, Washington market. 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. In 2019, we also expanded our title services business to include Arizona, Colorado and Nevada. Our financial services segment earns revenues primarily from insurance commissions and from the provision of title services. In 2016, we and Stearns formed KBHS, an unconsolidated mortgage banking joint venture, to offer mortgage banking services, including mortgage loan originations, to our homebuyers. We and Stearns each have a 50.0% ownership interest, with Stearns providing management oversight of KBHS’ operations. KBHS was operational in all of our served markets as of June 2017. Our homebuyers may select any lender of their choice to obtain mortgage financing for the purchase of their home. The financial services reporting segment is separately reported in our consolidated financial statements. Corporate and other is a non-operating segment that develops and oversees the implementation of company-wide strategic initiatives and provides support to our reporting segments by centralizing certain administrative functions. Corporate management is responsible for, among other things, evaluating and selecting the geographic markets in which we operate, consistent with our overall business strategy; allocating capital resources to markets for land acquisition and development activities; making major personnel decisions related to employee compensation and benefits; and monitoring the financial and operational performance of our divisions. Corporate and other includes general and administrative expenses related to operating our corporate headquarters. A portion of the expenses incurred by Corporate and other is allocated to our homebuilding reporting segments. Our reporting segments follow the same accounting policies used for our consolidated financial statements as described in Note 1 – Summary of Significant Accounting Policies. 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): Years Ended November 30, 2019 2018 2017 Revenues: West Coast $ 1,912,146 $ 2,085,328 $ 2,186,411 Southwest 764,816 707,075 533,052 Central 1,267,892 1,239,305 1,188,839 Southeast 592,804 502,087 447,963 Total $ 4,537,658 $ 4,533,795 $ 4,356,265 Pretax income (loss): West Coast $ 178,078 $ 240,337 $ 217,649 Southwest 111,016 91,017 45,540 Central 126,304 117,609 116,098 Southeast 18,550 7,624 (509 ) Corporate and other (108,759 ) (105,286 ) (101,851 ) Total $ 325,189 $ 351,301 $ 276,927 Equity in income (loss) of unconsolidated joint ventures: West Coast $ (851 ) $ (966 ) $ (1,770 ) Southwest (697 ) 3,033 362 Central — — — Southeast (1 ) (1 ) (1 ) Total $ (1,549 ) $ 2,066 $ (1,409 ) Inventory impairment and land option contract abandonment charges: West Coast $ 15,567 $ 20,381 $ 16,707 Southwest 408 432 3,445 Central 848 2,558 846 Southeast 468 5,623 4,234 Total $ 17,291 $ 28,994 $ 25,232 November 30, 2019 2018 Inventories: West Coast $ 1,795,088 $ 1,727,993 Southwest 629,811 598,374 Central 889,179 865,184 Southeast 390,524 391,288 Total $ 3,704,602 $ 3,582,839 Investments in unconsolidated joint ventures: West Coast $ 51,740 $ 56,128 Southwest 2,792 3,327 Central — — Southeast 2,506 2,505 Total $ 57,038 $ 61,960 Assets: West Coast $ 1,925,192 $ 1,880,516 Southwest 674,310 631,509 Central 1,035,563 1,017,490 Southeast 441,451 463,224 Corporate and other 900,570 1,068,452 Total $ 4,977,086 $ 5,061,191

Financial Services

Financial Services	12 Months Ended
Financial Services	Nov. 30, 2019
Segment Reporting [Abstract]
Financial Services	Financial Services The following tables present financial information relating to our financial services reporting segment (in thousands): Years Ended November 30, 2019 2018 2017 Revenues Insurance commissions $ 8,662 $ 7,535 $ 6,991 Title services 6,421 5,672 5,268 Interest income 6 — 5 Total 15,089 13,207 12,264 Expenses General and administrative (4,333 ) (3,844 ) (3,430 ) Operating income 10,756 9,363 8,834 Equity in income of unconsolidated joint ventures 12,230 7,301 4,234 Pretax income $ 22,986 $ 16,664 $ 13,068 November 30, 2019 2018 Assets Cash and cash equivalents $ 1,044 $ 760 Receivables 2,232 2,885 Investments in unconsolidated joint ventures 14,374 8,594 Other assets (a) 20,746 141 Total assets $ 38,396 $ 12,380 Liabilities Accounts payable and accrued expenses $ 2,058 $ 1,495 Total liabilities $ 2,058 $ 1,495 (a) Other assets at November 30, 2019 included $20.6 million of contract assets for estimated future renewal commissions due to our adoption of ASC 606 effective December 1, 2018, as described in Note 1 – Summary of Significant Accounting Policies. On July 9, 2019, the parent company of Stearns, our partner in KBHS, filed a voluntary bankruptcy petition in the United States Bankruptcy Court, Southern District of New York, with Stearns included as a debtor in the case. KBHS was not included in the filing. On October 24, 2019, the court confirmed Stearns’ parent company’s plan of reorganization under which, among other things, one of its largest owners took full control of the reorganized company and invested significant new equity capital in the business. The confirmed plan of reorganization became effective on November 5, 2019. During the pendency of the bankruptcy proceedings, KBHS provided mortgage banking services to our homebuyers consistent with its pre-filing performance and there was no consolidated financial statement impact.

Earnings Per Share

Earnings Per Share	12 Months Ended
Earnings Per Share	Nov. 30, 2019
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): Years Ended November 30, 2019 2018 2017 Numerator: Net income $ 268,775 $ 170,365 $ 180,595 Less: Distributed earnings allocated to nonvested restricted stock (123 ) (51 ) (56 ) Less: Undistributed earnings allocated to nonvested restricted stock (1,505 ) (927 ) (1,121 ) Numerator for basic earnings per share 267,147 169,387 179,418 Effect of dilutive securities: Interest expense and amortization of debt issuance costs associated with convertible senior notes, net of taxes 541 3,190 2,654 Add: Undistributed earnings allocated to nonvested restricted stock 1,505 927 1,121 Less: Undistributed earnings reallocated to nonvested restricted stock (1,412 ) (805 ) (979 ) Numerator for diluted earnings per share $ 267,781 $ 172,699 $ 182,214 Years Ended November 30, 2019 2018 2017 Denominator: Weighted average shares outstanding — basic 87,996 87,773 85,842 Effect of dilutive securities: Share-based payments 4,415 4,884 4,072 Convertible senior notes 1,427 8,402 8,402 Weighted average shares outstanding — diluted 93,838 101,059 98,316 Basic earnings per share $ 3.04 $ 1.93 $ 2.09 Diluted earnings per share $ 2.85 $ 1.71 $ 1.85 The diluted earnings per share calculations for the years ended November 30, 2019, 2018 and 2017 included the dilutive effect of our 1.375% Convertible Senior Notes due 2019 based on the number of days they were outstanding during each period. We repaid these notes at their February 1, 2019 maturity. In 2019, outstanding stock options to purchase a nominal amount of common stock were excluded from the diluted earnings per share calculation because the effect of their inclusion would be antidilutive. In 2018 and 2017, outstanding stock options to purchase .8 million and 1.6 million

Receivables

Receivables	12 Months Ended
Receivables	Nov. 30, 2019
Receivables [Abstract]
Receivables	Receivables Receivables consisted of the following (in thousands): November 30, 2019 2018 Due from utility companies, improvement districts and municipalities (a) $ 128,047 $ 113,434 Recoveries related to self-insurance and other legal claims 80,729 138,261 Refundable deposits and bonds 10,925 14,115 Other 37,846 38,525 Subtotal 257,547 304,335 Allowance for doubtful accounts (8,492 ) (11,505 ) Total $ 249,055 $ 292,830 (a) These receivables typically relate to infrastructure improvements we make with respect to our communities. We are generally reimbursed for the cost of such improvements when they are accepted by the utility company, improvement district or municipality, or after certain events occur, depending on the terms of the applicable agreements. These events may include, but are not limited to, the connection of utilities or the issuance of bonds by the respective improvement districts or municipalities.

Inventories

Inventories	12 Months Ended
Inventories	Nov. 30, 2019
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following (in thousands): November 30, 2019 2018 Homes completed or under construction $ 1,340,412 $ 1,125,152 Land under development 2,213,713 2,219,936 Land held for future development or sale (a) 150,477 237,751 Total $ 3,704,602 $ 3,582,839 (a) Land held for sale totaled $19.3 million at November 30, 2019 and $9.8 million at November 30, 2018 . Homes completed or under construction is comprised of costs associated with homes completed or in various stages of construction and includes direct construction and related land acquisition and land development costs. Land under development primarily consists of land acquisition and land development costs. Land development costs also include capitalized interest and real estate taxes. When home construction begins, the associated land acquisition and land development costs are included in homes completed or under construction. Land held for future development principally reflects land acquisition and land development costs related to land where development activity has been suspended or has not yet begun but is expected to occur in the future. These assets held for future development are located in various submarkets where conditions do not presently support further investment or development, or are subject to a building permit moratorium or regulatory restrictions, or are portions of larger land parcels that we plan to build out over several years and/or that have not yet been entitled. We may also suspend development activity if we believe it will result in greater returns and/or maximize the economic performance of a particular community by delaying improvements for a period of time to, for instance, allow earlier phases of a long-term, multi-phase community or a neighboring community to generate or extend sales momentum, or for market conditions to improve. In some instances, we may activate or resume development activity for such inventory to accelerate sales and/or our return on investment. We activated assets previously held for future development in certain markets in 2019, 2018 and 2017 as part of our Returns-Focused Growth Plan. Land is generally considered held for sale when management commits to a plan to sell the land; the land is available for immediate sale in its present condition; an active program to locate a buyer and other actions required to complete the plan to sell have been initiated; the sale of the land is expected to be completed within one year ; the land is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and it is unlikely that the plan to sell will be withdrawn or that significant changes to the plan will be made. Interest and real estate taxes are not capitalized on land held for future development or sale. During 2019 and 2018, we changed our strategy related to certain land parcels located in improving housing markets where we determined the incremental investment in development to be justified and decided to build and sell homes on these parcels. Such land parcels were classified as either land under development or land held for future development (in the case of later phases of a long-term, multi-phase community) as of November 30, 2019 and 2018. Land held for sale as of November 30, 2019 and 2018 consisted of land parcels that either have been contracted to sell or that we are continuing to actively market and/or intend to sell within one year . Our interest costs were as follows (in thousands): Years Ended November 30, 2019 2018 2017 Capitalized interest at beginning of year $ 209,129 $ 262,191 $ 306,723 Interest incurred 143,412 149,698 171,486 Interest expensed — — (622 ) Interest amortized to construction and land costs (a) (156,803 ) (202,760 ) (215,396 ) Capitalized interest at end of year (b) $ 195,738 $ 209,129 $ 262,191 (a) Interest amortized to construction and land costs for the years ended November 30, 2019 , 2018 and 2017 included $.7 million $4.8 million and $4.9 million , respectively, related to land sales during the periods. (b) Capitalized interest amounts reflect the gross amount of capitalized interest, as inventory impairment charges recognized, if any, are not generally allocated to specific components of inventory.

Inventory Impairments and Land

Inventory Impairments and Land Option Contract Abandonments	12 Months Ended
Inventory Impairments and Land Option Contract Abandonments	Nov. 30, 2019
Inventory Impairments and Land Option Contract Abandonments [Abstract]
Inventory Impairments and Land Option Contract Abandonments	Inventory Impairments and Land Option Contract Abandonments E ach community or land parcel in our owned inventory is assessed to determine if indicators of potential impairment exist. Impairment indicators are assessed separately for each community or land parcel on a quarterly basis and include, but are not limited to, the following: significant decreases in net orders, average selling prices, volume of homes delivered, gross profit margins on homes delivered or projected gross profit margins on homes in backlog or future deliveries; significant increases in budgeted land development and home construction costs or cancellation rates; or projected losses on expected future land sales. If indicators of potential impairment exist for a community or land parcel, the identified asset is evaluated for recoverability. We evaluated 40 , 57 and 51 communities or land parcels for recoverability during the years ended November 30, 2019 , 2018 and 2017 , respectively. The carrying value of those communities or land parcels evaluated during the years ended November 30, 2019 , 2018 and 2017 was $326.3 million , $356.1 million and $456.9 million , respectively. The communities or land parcels evaluated during 2019, 2018 and 2017 included certain communities or land parcels previously held for future development that were reactivated as part of our efforts to improve our asset efficiency under our Returns-Focused Growth Plan. As impairment indicators are assessed on a quarterly basis, some of the communities or land parcels evaluated during these years were evaluated in more than one quarterly period. Communities or land parcels evaluated for recoverability in more than one quarterly period are counted only once for each applicable year. In some cases, we have recognized inventory impairment charges for particular communities or land parcels in multiple years. Inventory impairment charges are included in construction and land costs in our consolidated statements of operations. When an indicator of potential impairment is identified for a community or land parcel, we test the asset for recoverability by comparing the carrying value of the asset to the undiscounted future net cash flows expected to be generated by the asset. The undiscounted future net cash flows are impacted by then-current conditions and trends in the market in which the asset is located as well as factors known to us at the time the cash flows are calculated. These factors may include recent trends in our orders, backlog, cancellation rates and volume of homes delivered, as well as our expectations related to the following: product offerings; market supply and demand, including estimated average selling prices and related price appreciation; and land development, home construction and overhead costs to be incurred and related cost inflation. With respect to the years ended November 30, 2019 and 2018 , these expectations reflected our experience that, notwithstanding fluctuations in our company-wide net orders, backlog levels, homes delivered and housing gross profit margin during those periods, on a year-over-year basis, conditions in the markets where assessed assets were located were generally stable or improved, with no significant deterioration identified or projected, as to revenue and cost drivers that would prevent or otherwise impact recoverability. Based on this experience, and taking into account the generally healthy conditions in many of our served markets for new home sales, our inventory assessments as of November 30, 2019 considered an expected steady overall sales pace and average selling price performance for 2020 and beyond relative to the pace and performance in recent quarters. Our inventory is assessed for potential impairment on a quarterly basis, and the assumptions used are reviewed and adjusted, as necessary, to reflect the market conditions and trends and our expectations at the time each assessment is performed. Given the inherent challenges and uncertainties in forecasting future results, our inventory assessments at the time they are made take into consideration whether a community or land parcel is active, meaning whether it is open for sales and/or undergoing development, or whether it is being held for future development or held for sale. Due to the short-term nature of active communities and land held for sale, as compared to land held for future development, our inventory assessments generally assume the continuation of then-current market conditions, subject to identifying information suggesting significant sustained changes in such conditions. Our assessments of active communities, at the time made, generally anticipate net orders, average selling prices, volume of homes delivered and costs for land development and home construction to continue at or near then-current levels through the particular asset’s estimated remaining life. Inventory assessments for our land held for future development consider then-current market conditions as well as subjective forecasts regarding the timing and costs of land development and home construction and related cost inflation; the product(s) to be offered; and the net orders, volume of homes delivered, and selling prices and related price appreciation of the offered product(s) when an associated community is anticipated to open for sales. We evaluate various factors to develop these forecasts, including the availability of and demand for homes and finished lots within the relevant marketplace; historical, current and expected future sales trends for the marketplace; and third-party data, if available. The estimates, expectations and assumptions used in each of our inventory assessments are specific to each community or land parcel based on what we believe are reasonable forecasts for their particular performance, and may vary among communities or land parcels and may vary over time. 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. Inputs used in our calculation of estimated discounted future net cash flows are specific to each affected real estate asset and are based on our expectations for each such asset as of the applicable measurement date, including, among others, expectations related to average selling prices and volume of homes delivered. The discount rates we used were impacted by one or more of the following at the time the calculation was made: the risk-free rate of return; expected risk premium based on estimated land development, home construction and delivery timelines; market risk from potential future price erosion; cost uncertainty due to land development or home construction cost increases; and other risks specific to the asset or conditions in the market in which the asset is located. 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. The following table summarizes ranges for significant quantitative unobservable inputs we utilized in our fair value measurements with respect to impaired communities, other than land held for sale, written down to fair value during the years presented: Years Ended November 30, Unobservable Input (a) 2019 2018 2017 Average selling price $315,000 - $1,045,400 $291,300 - $774,100 $207,100 - $1,576,500 Deliveries per month 1 - 4 2 - 6 1 - 4 Discount rate 17% 17% - 19% 17% - 18% (a) The ranges of inputs used in each period primarily reflect differences between the housing markets where each impacted community is located, rather than fluctuations in prevailing market conditions. Based on the results of our evaluations, we recognized inventory impairment charges of $14.0 million in 2019 related to eight communities with a post-impairment fair value of $27.1 million . In 2018, we recognized inventory impairment charges of $26.1 million related to 13 communities with a post-impairment fair value of $44.1 million . In 2017, we recognized inventory impairment charges of $20.6 million related to 10 communities with a post-impairment fair value of $38.4 million . The impairment charges in 2019, 2018 and 2017 reflected our decisions to make changes in our operational strategies aimed at more quickly monetizing our investment in certain communities by accelerating the overall pace for selling, building and delivering homes therein, including communities on land previously held for future development. If we change our strategy or if there are changes in market conditions for any given asset, it is possible that we may recognize additional inventory impairment charges. As of November 30, 2019 , the aggregate carrying value of our inventory that had been impacted by inventory impairment charges was $115.6 million , representing 19 communities and various other land parcels. As of November 30, 2018 , the aggregate carrying value of our inventory that had been impacted by inventory impairment charges was $156.1 million , representing 22 communities and various other land parcels. Our inventory controlled under land option contracts and other similar contracts is assessed to determine whether it continues to meet our investment return standards. Assessments are made separately for each optioned land parcel on a quarterly basis and are affected by the following factors relative to the market in which the asset is located, among others: current and/or anticipated net orders, average selling prices and volume of homes delivered; estimated land development and home construction costs; and projected profitability on expected future housing or land sales. 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 $3.3 million in 2019, $2.9 million in 2018 and $4.6 million in 2017. Land option contract abandonment charges are included in construction and land costs in our consolidated statements of operations. The estimated remaining life of each community or land parcel in our inventory depends on various factors, such as the total number of lots remaining; the expected timeline to acquire and entitle land and develop lots to build homes; the anticipated future net order and cancellation rates; and the expected timeline to build and deliver homes sold. While it is difficult to determine a precise timeframe for any particular inventory asset, based on current market conditions and expected delivery timelines, we estimate our inventory assets’ remaining operating lives to range generally from one year to in excess of ten years , and expect to realize, on an overall basis, the majority of our inventory balance as of November 30, 2019 within five years . 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	12 Months Ended
Variable Interest Entities	Nov. 30, 2019
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 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 November 30, 2019 and 2018 was a VIE, but we were not the primary beneficiary of the VIE. Therefore, all of our joint ventures at November 30, 2019 and 2018 were unconsolidated and accounted for under the equity method because we did not have a controlling financial interest. Land Option Contracts and Other Similar Contracts. In the ordinary course of our business, we enter into land option contracts and other similar contracts with third parties and unconsolidated entities to acquire rights to land for the construction of homes. The use of these contracts generally allows us to reduce the market risks associated with direct land ownership and development, and reduce our capital and financial commitments, including interest and other carrying costs. 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. In determining whether we are the primary beneficiary, we consider, among other things, whether we have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance. Such activities would include, among other things, determining or limiting the scope or purpose of the VIE, selling or transferring property owned or controlled by the VIE, or arranging financing for the VIE. As a result of our analyses, we determined that as of November 30, 2019 and 2018 , we were not the primary beneficiary of any VIEs from which we have acquired rights to land under land option contracts and other similar contracts. We perform ongoing reassessments of whether we are the primary beneficiary of a VIE. The following table presents a summary of our interests in land option contracts and other similar contracts (in thousands): November 30, 2019 November 30, 2018 Cash Deposits Aggregate Purchase Price Cash Deposits Aggregate Purchase Price Unconsolidated VIEs $ 34,595 $ 823,427 $ 26,542 $ 784,334 Other land option contracts and other similar contracts 40,591 600,092 27,288 586,904 Total $ 75,186 $ 1,423,519 $ 53,830 $ 1,371,238 In addition to the cash deposits presented in the table above, our exposure to loss related to our land option contracts and other similar contracts with third parties and unconsolidated entities consisted of pre-acquisition costs of $32.8 million at November 30, 2019 and $46.9 million at November 30, 2018 . These pre-acquisition costs and cash deposits were included in inventories in our consolidated balance sheets. For land option contracts and other similar contracts where the land seller entity is not required to be consolidated under the variable interest model, we consider whether such contracts should be accounted for as financing arrangements. Land option contracts and other similar contracts that may be considered financing arrangements include those we enter into with third-party land financiers or developers in conjunction with such third parties acquiring a specific land parcel(s) on our behalf, at our direction, and those with other landowners where we or our designee make improvements to the optioned land parcel(s) during the applicable option period. For these land option contracts and other similar contracts, we record the remaining purchase price of the associated land parcel(s) in inventories in our consolidated balance sheets with a corresponding financing obligation if we determine that we are effectively compelled to exercise the option to purchase the land parcel(s). In making this determination with respect to a land option contract, we consider the non-refundable deposit(s) we have made and any non-reimbursable expenditures we have incurred for land improvement activities or other items up to the assessment date; additional costs associated with abandoning the contract; and our commitments, if any, to incur non-reimbursable costs associated with the contract. As a result of our evaluations of land option contracts and other similar contracts for financing arrangements, we recorded inventories in our consolidated balance sheets, with a corresponding increase to accrued expenses and other liabilities, of $12.2 million at November 30, 2019 and $21.8 million at November 30, 2018 .

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures	12 Months Ended
Investments in Unconsolidated Joint Ventures	Nov. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Joint Ventures	Investments in Unconsolidated Joint Ventures We have investments in unconsolidated joint ventures that conduct land acquisition, land development and/or other homebuilding activities in various markets where our homebuilding operations are located. We and our unconsolidated joint venture partners make initial and/or ongoing capital contributions to these unconsolidated joint ventures, typically on a pro rata basis, according to our respective equity interests. The obligations to make capital contributions are governed by each such unconsolidated joint venture’s respective operating agreement and related governing documents. Our partners in these unconsolidated joint ventures are unrelated homebuilders, and/or land developers and other real estate entities, or commercial enterprises. These investments are designed primarily to reduce market and development risks and to increase the number of lots we own or control. In some instances, participating in unconsolidated joint ventures has enabled us to acquire and develop land that we might not otherwise have had access to due to a project’s size, financing needs, duration of development or other circumstances. While we consider our participation in unconsolidated joint ventures as potentially beneficial to our homebuilding activities, we do not view such participation as essential. For distributions we receive from these unconsolidated joint ventures, we have elected to use the cumulative earnings approach for our consolidated statements of cash flows. Under the cumulative earnings approach, distributions up to the amount of cumulative equity in earnings recognized are treated as returns on investment within operating cash flows and those in excess of that amount are treated as returns of investment within investing cash flows. We typically have obtained rights to acquire portions of the land held by the unconsolidated joint ventures in which we currently participate. When an unconsolidated joint venture sells land to our homebuilding operations, we defer recognition of our share of such unconsolidated joint venture’s earnings (losses) until we recognize revenues on the corresponding home sale, which is generally when title to and possession of the home and the risks and rewards of ownership are transferred to the homebuyer on the closing date. At that time, we account for the earnings (losses) as a reduction (increase) to the cost of purchasing the land from the unconsolidated joint venture. We defer recognition of our share of such unconsolidated joint venture losses only to the extent profits are to be generated from the sale of the home to a homebuyer. We share in the earnings (losses) of these unconsolidated joint ventures generally in accordance with our respective equity interests. In some instances, we recognize earnings (losses) related to our investment in an unconsolidated joint venture that differ from our equity interest in the unconsolidated joint venture. This typically arises from our deferral of the unconsolidated joint venture’s earnings (losses) from land sales to us, or other items. The following table presents combined condensed information from the statements of operations of our unconsolidated joint ventures (in thousands): Years Ended November 30, 2019 2018 2017 Revenues $ 23,676 $ 59,418 $ 47,431 Construction and land costs (23,659 ) (46,288 ) (47,459 ) Other expenses, net (2,644 ) (2,674 ) (4,749 ) Income (loss) $ (2,627 ) $ 10,456 $ (4,777 ) For the years ended November 30, 2019 , 2018 and 2017, combined revenues and construction and land costs were generated primarily from land sales. The higher combined revenues and income for 2018 as compared to 2019 and 2017, mainly reflected the sale of land by an unconsolidated joint venture in Arizona, and contingent consideration (profit participation revenues) earned by an unconsolidated joint venture in California. The following table presents combined condensed balance sheet information for our unconsolidated joint ventures (in thousands): November 30, 2019 2018 Assets Cash $ 23,965 $ 18,567 Receivables 12 9 Inventories 139,536 131,074 Other assets 780 521 Total assets $ 164,293 $ 150,171 Liabilities and equity Accounts payable and other liabilities $ 13,282 $ 11,374 Notes payable (a) 40,672 17,956 Equity 110,339 120,841 Total liabilities and equity $ 164,293 $ 150,171 (a) As of November 30, 2019 and 2018, we had investments in five and six unconsolidated joint ventures, respectively, one of which had a construction loan agreement with a third-party lender to finance its land development activities. The outstanding debt is secured by the corresponding underlying property and related project assets and is non-recourse to us. All of the outstanding secured debt at November 30, 2019 is scheduled to mature in February 2020. However, the loan agreement provides for two - 12 month extensions beyond this date. None of our other unconsolidated joint ventures had outstanding debt at November 30, 2019 or 2018 . We and our partner in the unconsolidated joint venture that has the above-noted outstanding construction loan agreement at November 30, 2019 provide certain guarantees and indemnities to the lender, including a guaranty to complete the construction of improvements for the project; a guaranty against losses the lender suffers due to certain bad acts or failures to act by the unconsolidated joint venture or its partners; and an indemnity of the lender from environmental issues. In each instance, our actual responsibility under the foregoing guaranty and indemnity obligations is limited to our pro rata interest in the unconsolidated joint venture. We do not have a guaranty or any other obligation to repay or to support the value of the collateral underlying the outstanding secured debt. However, various financial and non-financial covenants apply with respect to the outstanding secured debt and the related guaranty and indemnity obligations, and a failure to comply with such covenants could result in a default and cause the lender to seek to enforce such guaranty and indemnity obligations, if and as may be applicable. As of the date of this report, we were in compliance with the applicable terms of our relevant covenants with respect to the construction loan agreement. We do not believe that our existing exposure under our guaranty and indemnity obligations related to the outstanding secured debt is material to our consolidated financial statements.

Property and Equipment, Net Pro

Property and Equipment, Net Property and Equipment, Net	12 Months Ended
Property and Equipment, Net Property and Equipment, Net	Nov. 30, 2019
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment Disclosure [Text Block]	Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): November 30, 2019 2018 Computer software and equipment $ 27,091 $ 20,940 Model furnishings and sales office improvements (a) 82,117 — Leasehold improvements, office furniture and equipment (b) 16,173 23,491 Subtotal 125,381 44,431 Less accumulated depreciation (a) (60,338 ) (20,148 ) Total $ 65,043 $ 24,283 (a) The balance at November 30, 2019 reflects a change in the classification of certain community sales office and other marketing- and model home-related costs and related accumulated amortization from inventories to property and equipment, net due to our adoption of ASC 606 effective December 1, 2018, as described in Note 1 – Summary of Significant Accounting Policies. (b) In January 2019, we completed the sale and leaseback of our office building in San Antonio, Texas. The sale generated net cash proceeds of $5.8 million and a gain of $2.2 million , which is being recognized on a straight-line basis over a 10

Other Assets

Other Assets	12 Months Ended
Other Assets	Nov. 30, 2019
Other Assets [Abstract]
Other Assets	Other Assets Other assets consisted of the following (in thousands): November 30, 2019 2018 Cash surrender value and benefit receivable from corporate-owned life insurance contracts $ 73,849 $ 73,721 Prepaid expenses 5,944 7,647 Debt issuance costs associated with unsecured revolving credit facility, net 3,248 1,732 Total $ 83,041 $ 83,100

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	12 Months Ended
Accrued Expenses and Other Liabilities	Nov. 30, 2019
Payables and Accruals [Abstract]
Accrued Expenses and Other Liabilities	Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following (in thousands): November 30, 2019 2018 Self-insurance and other legal liabilities $ 229,483 $ 283,651 Employee compensation and related benefits 163,646 148,549 Warranty liability 88,839 82,490 Accrued interest payable 32,507 31,180 Inventory-related obligations (a) 26,264 40,892 Customer deposits 22,382 19,491 Real estate and business taxes 14,872 16,639 Other 40,790 43,376 Total $ 618,783 $ 666,268 (a)

Income Taxes

Income Taxes	12 Months Ended
Income Taxes	Nov. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income Tax Expense. The components of the income tax expense in our consolidated statements of operations are as follows (in thousands): Federal State Total 2019 Current $ (200 ) $ (3,700 ) $ (3,900 ) Deferred (53,800 ) (21,700 ) (75,500 ) Income tax expense $ (54,000 ) $ (25,400 ) $ (79,400 ) Federal State Total 2018 Current $ (3,600 ) $ (4,800 ) $ (8,400 ) Deferred (170,700 ) (18,500 ) (189,200 ) Income tax expense $ (174,300 ) $ (23,300 ) $ (197,600 ) 2017 Current $ (2,800 ) $ (3,000 ) $ (5,800 ) Deferred (86,300 ) (17,300 ) (103,600 ) Income tax expense $ (89,100 ) $ (20,300 ) $ (109,400 ) Our effective tax rates were 22.8% for 2019, 53.7% for 2018 and 37.7% for 2017. In 2019, our income tax expense and effective tax rate reflected the favorable impacts of $5.3 million of excess tax benefits related to stock-based compensation, a $4.4 million deferred tax asset valuation allowance reversal and $4.3 million of federal energy tax credits we earned from building energy-efficient homes, partly offset by a $1.9 million non-cash charge due to the re-measurement of deferred tax assets based on a reduction in certain state income tax rates. Our income tax expense and effective tax rate for 2018 included a charge of $112.5 million for TCJA-related impacts, as described below; the favorable effect of the reduction in the federal corporate income tax rate under the TCJA; the favorable net impact of federal energy tax credits of $10.7 million that we earned from building energy-efficient homes; a $2.1 million net tax benefit from a reduction in our deferred tax asset valuation allowance; and excess tax benefits of $1.0 million related to stock-based compensation. The TCJA required us to use a blended federal tax rate for our 2018 fiscal year by applying a prorated percentage of days before and after the January 1, 2018 effective date. As a result, our 2018 annual federal statutory tax rate was reduced to approximately 22% . The federal energy tax credits for the years ended November 30, 2019 and 2018 resulted from legislation enacted on February 9, 2018, which among other things, extended the availability of a business tax credit for building new energy-efficient homes through December 31, 2017. Prior to this legislation, the tax credit expired on December 31, 2016. In December 2019, federal legislation was enacted, which among other things, extended the availability of a business tax credit for building new energy-efficient homes through December 31, 2020. This extension is expected to benefit our income tax provision in future periods. In 2017, our income tax expense and effective tax rates reflected the favorable net impact of $4.9 million of federal energy tax credits we earned from building energy-efficient homes through December 31, 2016. TCJA. The TCJA, enacted in December 2017, among other things: (a) reduced the federal corporate income tax rate from 35% to 21% , effective January 1, 2018; (b) eliminated the federal corporate alternative minimum tax (“AMT”) and changed how existing AMT credits can be realized; and (c) eliminated several business deductions and credits, including deductions for certain executive compensation in excess of $1 million . In 2018, based on our analysis of the TCJA’s income tax effects, we recorded a total non-cash charge of $112.5 million to income tax expense, comprised of a provisional estimate of $111.2 million recorded in the 2018 first quarter and an additional $1.3 million charge in the 2018 fourth quarter. The following TCJA-related impacts were reflected in our consolidated financial statements for the year ended November 30, 2018: • We recorded a non-cash charge of $106.7 million in income tax expense due to the accounting re-measurement of our deferred tax assets based on the lower federal corporate income tax rate under the TCJA. • As we may claim a refund of 50% of our remaining AMT credits annually through 2021 to the extent the credits exceed regular income tax for any such year, and receive a full refund of any remaining credits in 2022, we estimated our refund of AMT credit carryforwards will total approximately $50.0 million . As the refund was subject to a sequestration reduction rate of approximately 6.6% , we established a federal deferred tax valuation allowance of $3.3 million for 2018. Our accounting policy regarding the balance sheet presentation of the AMT credits is to maintain the balance in deferred tax assets until a tax return is filed claiming a refund of a portion of the credit, at which time such amount will be presented in receivables. • We recorded a non-cash charge of $2.5 million in income tax expense for disallowed executive compensation due to the TCJA’s eliminating the deductibility of certain performance-based compensation. The TCJA also modified who is a covered employee with respect to the deduction limitation, and provided a transition rule that would preserve the deductibility of certain 2018 performance-based compensation payable under written binding contracts in place prior to November 2, 2017 that had not been modified in any material respect. Deferred Tax Assets, Net. Deferred income taxes result from temporary differences in the financial and tax basis of assets and liabilities. Significant components of our deferred tax liabilities and assets are as follows (in thousands): November 30, 2019 2018 Deferred tax liabilities: Capitalized expenses $ 43,818 $ 51,660 State taxes 26,290 31,246 Other 4,132 225 Total 74,240 83,131 Deferred tax assets: Tax credits 180,737 231,100 Net operating losses (“NOLs”) from 2006 through 2019 95,562 121,432 Employee benefits 53,294 45,802 Inventory impairment and land option contract abandonment charges 48,862 67,416 Warranty, legal and other accruals 40,954 43,213 Capitalized expenses 25,116 27,894 Partnerships and joint ventures 9,990 6,368 Depreciation and amortization 479 1,869 Other 2,939 3,457 Total 457,933 548,551 Valuation allowance (19,200 ) (23,600 ) Total 438,733 524,951 Deferred tax assets, net $ 364,493 $ 441,820 Reconciliation of Expected Income Tax Expense. The income tax expense computed at the statutory U.S. federal income tax rate and the income tax expense provided in our consolidated statements of operations differ as follows (dollars in thousands): Years Ended November 30, 2019 2018 2017 $ % $ % $ % Income tax expense computed at statutory rate $ (73,117 ) (21.0 )% $ (81,689 ) (22.2 )% $ (101,499 ) (35.0 )% Tax credits 6,595 1.9 14,177 3.9 6,227 2.2 Valuation allowance for deferred tax assets 4,400 1.3 2,000 .5 1,200 .4 Depreciation and amortization 4,276 1.2 1,223 .3 362 .1 NOL reconciliation 3,111 .9 — — (2,210 ) (.8 ) State taxes, net of federal income tax benefit (20,927 ) (6.0 ) (20,155 ) (5.5 ) (14,450 ) (4.9 ) Non-deductible compensation (4,653 ) (1.3 ) — — — — TCJA adjustment — — (112,458 ) (30.5 ) — — Other, net 915 .2 (698 ) (.2 ) 970 .3 Income tax expense $ (79,400 ) (22.8 )% $ (197,600 ) (53.7 )% $ (109,400 ) (37.7 )% 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. In our evaluation, we give more significant weight to evidence that is objective in nature as compared to subjective evidence. Also, more significant weight is given to evidence that directly relates to our then-current financial performance as compared to indirect or less current evidence. 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 $383.7 million at November 30, 2019 and $465.4 million at November 30, 2018 were partially offset in each year by valuation allowances of $19.2 million and $23.6 million , respectively. The deferred tax asset valuation allowances at November 30, 2019 and 2018 were primarily related to certain state NOLs that had not met the “more likely than not” realization standard at those dates. As of November 30, 2019 , we would need to generate approximately $1.30 billion of pretax income in future periods before 2039 to realize our deferred tax assets. Based on the evaluation of our deferred tax assets as of November 30, 2019 , we determined that most of our deferred tax assets would be realized. The decrease in the valuation allowance during 2019 primarily reflected our reversal of the above-mentioned $4.4 million deferred tax asset valuation allowance, partly due to the Internal Revenue Service’s announcement in January 2019 that refundable AMT credits will not be subject to sequestration for taxable years beginning after December 31, 2017. As noted above, in 2018, we established a federal deferred tax asset valuation allowance of $3.3 million due to the sequestration of refundable AMT credits, which was offset by a reduction of $3.3 million in our state deferred tax asset valuation allowance primarily to account for state NOLs that met the “more likely than not” standard or had expired. In 2018, the net tax benefit related to the reduction in the state deferred tax asset valuation allowance was $2.1 million . In 2017, we reduced our valuation allowance by $1.2 million primarily to account for state NOLs that met the “more likely than not” realization standard. 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. The majority of the tax benefits associated with our NOLs can be carried forward for 20 years and applied to offset future taxable income. Depending on their applicable statutory period, the state NOL carryforwards of $95.5 million , if not utilized, will begin to expire between 2020 and 2039 . State NOL carryforwards of $1.2 million expired in 2018. In addition, $77.4 million of our tax credits, if not utilized, will begin to expire in 2027 through 2039 . Unrecognized Tax Benefits. Gross unrecognized tax benefits are the differences between a tax position taken or expected to be taken in a tax return, and the benefit recognized for accounting purposes. A reconciliation of the beginning and ending balances of gross unrecognized tax benefits, excluding interest and penalties, is as follows (in thousands): Years Ended November 30, 2019 2018 2017 Balance at beginning of year $ — $ 56 $ 56 Reductions due to lapse of statute of limitations — (56 ) — Balance at end of year $ — $ — $ 56 W e recognize accrued interest and penalties related to unrecognized tax benefits in our consolidated financial statements as a component of the provision for income taxes. As of November 30, 2019 and 2018, we had no gross unrecognized tax benefits. As of November 30, 2017 , our gross unrecognized tax benefits (including interest and penalties) totaled $.1 million . Our liabilities for unrecognized tax benefits at November 30, 2017 are included in accrued expenses and other liabilities in our consolidated balance sheets. As of November 30, 2019 and 2018 , there were no tax positions for which the ultimate deductibility is highly certain but the timing of such deductibility is uncertain. Our total accrued interest and penalties related to unrecognized income tax benefits was zero at both November 30, 2019 and 2018 . Because of the impact of deferred tax accounting, other than interest and penalties, the disallowance of the shorter deductibility period would not affect our annual effective tax rate, but would accelerate the payment of cash to a tax authority to an earlier period. The fiscal years ending 2016 and later remain open to federal examinations, while 2015 and later remain open to state examinations. The benefits of our deferred tax assets, including our NOLs, built-in losses and tax credits would be reduced or potentially eliminated if we experienced an “ownership change” under Section 382. Based on our analysis performed as of November 30, 2019

Notes Payable

Notes Payable	12 Months Ended
Notes Payable	Nov. 30, 2019
Debt Disclosure [Abstract]
Notes Payable	Notes Payable Notes payable consisted of the following (in thousands): November 30, 2019 2018 Mortgages and land contracts due to land sellers and other loans (at interest rates of 7% at November 30, 2019 and 2018) $ 7,889 $ 40,038 1.375% Convertible senior notes due February 1, 2019 — 229,788 4.75% Senior notes due May 15, 2019 — 399,483 8.00% Senior notes due March 15, 2020 — 347,790 7.00% Senior notes due December 15, 2021 448,164 447,359 7.50% Senior notes due September 15, 2022 348,267 347,731 7.625% Senior notes due May 15, 2023 351,748 248,074 6.875% Senior notes due June 15, 2027 296,379 — 4.80% Senior notes due November 15, 2029 296,300 — Total $ 1,748,747 $ 2,060,263 The carrying amounts of our senior notes listed above are net of debt issuance costs, premiums and discounts, which totaled $9.1 million at November 30, 2019 and $9.8 million at November 30, 2018 . Unsecured Revolving Credit Facility. On October 7, 2019, we entered into an amendment to the Credit Facility that increased the borrowing capacity from $500.0 million to $800.0 million and extended the maturity from July 27, 2021 to October 7, 2023 . The Credit Facility, as amended, contains an uncommitted accordion feature under which its aggregate principal amount of available loans can be increased to a maximum of $1.00 billion under certain conditions, including obtaining additional bank commitments. The Credit Facility also contains a sublimit of $250.0 million for the issuance of letters of credit. Interest on amounts borrowed under the Credit Facility is payable at least quarterly in arrears at a rate based on either a Eurodollar or a base rate, plus a spread that depends on our Leverage Ratio, as defined under the Credit Facility. The Credit Facility also requires the payment of a commitment fee at a per annum rate ranging from .20% to .35% of the unused commitment, based on our Leverage Ratio. Under the terms of the Credit Facility, we are required, among other things, to maintain compliance with various covenants, including financial covenants relating to our consolidated tangible net worth, Leverage Ratio, and either an Interest Coverage Ratio or a minimum level of liquidity, each as defined therein. The amount of the Credit Facility available for cash borrowings or the issuance of letters of credit depends on the total cash borrowings and letters of credit outstanding under the Credit Facility and the maximum available amount under the terms of the Credit Facility. As of November 30, 2019 , we had no cash borrowings and $18.9 million of letters of credit outstanding under the Credit Facility. Therefore, as of November 30, 2019 , we had $781.1 million available for cash borrowings under the Credit Facility, with up to $231.1 million of that amount available for the issuance of letters of credit. LOC Facility. On February 13, 2019, we entered into an LOC Facility, which expires on February 13, 2022. Under the LOC Facility, we may issue up to $50.0 million of letters of credit. We maintain the LOC Facility to obtain letters of credit from time to time in the ordinary course of operating our business. As of November 30, 2019 , we had $15.8 million of letters of credit outstanding under the LOC Facility. We previously had a cash-collateralized letter of credit facility, which we terminated in 2019. We had no letters of credit outstanding under the cash-collateralized letter of credit facility at November 30, 2018. Mortgages and Land Contracts Due to Land Sellers and Other Loans. As of November 30, 2019 , inventories having a carrying value of $29.2 million were pledged to collateralize mortgages and land contracts due to land sellers and other loans. Shelf Registration. We have the 2017 Shelf Registration filed with the SEC. Issuances of securities under our 2017 Shelf Registration require the filing of a prospectus supplement identifying the amount and terms of the securities to be issued. Our ability to issue securities is subject to market conditions and other factors impacting our borrowing capacity. Senior Notes. All of the senior notes outstanding at November 30, 2019 and 2018 represent senior unsecured obligations and rank equally in right of payment with all of our existing and future indebtedness. All of our outstanding senior notes were issued in underwritten public offerings. The key terms of each of our senior notes outstanding as of November 30, 2019 were as follows (dollars in thousands): Redeemable Prior to Maturity Effective Interest Rate Notes Payable Principal Issuance Date Maturity Date 7.00% Senior notes $ 450,000 October 29, 2013 December 15, 2021 Yes (a) 7.2 % 7.50% Senior notes 350,000 July 31, 2012 September 15, 2022 Yes (b) 7.7 7.625% Senior notes 350,000 February 17, 2015/February 20, 2019 May 15, 2023 Yes (a) 7.5 6.875% Senior notes 300,000 February 20, 2019 June 15, 2027 Yes (a) 7.1 4.80% Senior notes 300,000 November 4, 2019 November 15, 2029 Yes (a) 5.0 (a) At our option, these notes may be redeemed, in whole at any time or from time to time in part, at a redemption price equal to the greater of (i) 100% of the principal amount of the notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the notes being redeemed (exclusive of interest accrued to the applicable redemption date), discounted to the redemption date at a defined rate, plus, in each case, accrued and unpaid interest on the notes being redeemed to, but excluding, the applicable redemption date, except that three months prior to the stated maturity dates for the 7.00% Senior Notes due 2021 and until their respective maturity, and six months prior to the stated maturity date for the 7.625% Senior Notes due 2023, 6.875% Senior Notes due 2027 and 4.80% Senior Notes due 2029 and until their maturity, the redemption price will be equal to 100% of the principal amount of the notes being redeemed, plus, in each case, accrued and unpaid interest on the notes being redeemed to, but excluding, the applicable redemption date. (b) At our option, these notes may be redeemed, in whole at any time or from time to time in part, at a redemption price equal to the greater of (i) 100% of the principal amount of the notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the notes being redeemed (exclusive of interest accrued to the applicable redemption date), discounted to the redemption date at a defined rate, plus, in each case, accrued and unpaid interest on the notes being redeemed to the applicable redemption date. If a change in control occurs as defined in the instruments governing our senior notes, we would be required to offer to purchase all of our outstanding senior notes at 101% of their principal amount, together with all accrued and unpaid interest, if any. On February 1, 2019, we repaid the entire $230.0 million in aggregate principal amount of our 1.375% Convertible Senior Notes due 2019 at their maturity. On February 20, 2019, we completed concurrent public offerings of $300.0 million in aggregate principal amount of 6.875% Senior Notes due 2027 at 100.000% of their aggregate principal amount, and an additional $100.0 million in aggregate principal amount of our existing series of 7.625% Senior Notes due 2023 at 105.250% of their aggregate principal amount plus accrued interest from November 15, 2018 (the last date on which interest was paid on the existing 2023 senior notes) to the date of delivery. Net proceeds from these offerings totaled $400.0 million , after deducting the underwriting discount and our expenses relating to the offerings. On March 8, 2019, we applied the net proceeds from the concurrent public offerings toward the optional redemption of the entire $400.0 million in aggregate principal amount of our 4.75% Senior Notes due 2019 before their May 15, 2019 maturity date. On November 4, 2019, we completed a public offering of $300.0 million in aggregate principal amount of 4.80% Senior Notes due 2029 at 100.000% of their aggregate principal amount. Net proceeds from this offering totaled $296.3 million , after deducting the underwriting discount and our expenses relating to the offering. On November 22, 2019, at our option, we redeemed the entire $350.0 million in aggregate principal amount of our 8.00% Senior Notes due 2020 before their March 15, 2020 maturity date. We used the net proceeds from the 4.80% Senior Notes due 2029 and internally generated cash to fund this redemption. We paid $356.2 million to redeem the notes and recorded a charge of $6.8 million for the early extinguishment of debt. On June 15, 2018, we repaid the entire $300.0 million in aggregate principal amount of our 7 1/4% Senior Notes due 2018 at their maturity using internally generated cash. The indenture governing our senior notes does not contain any financial covenants. Subject to specified exceptions, the indenture contains certain restrictive covenants that, among other things, limit our ability to incur secured indebtedness, or engage in sale-leaseback transactions involving property or assets above a certain specified value. In addition, our senior notes contain certain limitations related to mergers, consolidations, and sales of assets. As of the date of this report, we were in compliance with the applicable terms of all our covenants and other requirements under the Credit Facility, the senior notes, the indenture, and the mortgages and land contracts due to land sellers and other loans. Our ability to access the Credit Facility for cash borrowings and letters of credit and our ability to secure future debt financing depend, in part, on our ability to remain in such compliance. Unless there is a default under the Credit Facility, there are no agreements that restrict our payment of dividends. Principal payments on senior notes, mortgages and land contracts due to land sellers and other loans are due during each year ending November 30 as follows: 2020 — $7.9 million ; 2021 — $0 ; 2022 — $800.0 million ; 2023 — $350.0 million ; 2024 — $0 ; and thereafter — $600.0 million .

Fair Value Disclosures

Fair Value Disclosures	12 Months Ended
Fair Value Disclosures	Nov. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Disclosures	Fair Value Disclosures Fair value measurements of assets and liabilities are categorized based on the following hierarchy: Level 1 Fair value determined based on quoted prices in active markets for identical assets or liabilities. Level 2 Fair value determined using significant observable inputs, such as quoted prices for similar assets or liabilities or quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs that are derived principally from or corroborated by observable market data, by correlation or other means. Level 3 Fair value determined using significant unobservable inputs, such as pricing models, discounted cash flows, or similar techniques. Fair value measurements are used for inventories on a nonrecurring basis when events and circumstances indicate that their carrying value is not recoverable. The following table presents the fair value hierarchy and our assets measured at fair value on a nonrecurring basis (in thousands): November 30, 2019 November 30, 2018 Description Fair Value Hierarchy Pre-Impairment Value Inventory Impairment Charges Fair Value (a) Pre-Impairment Value Inventory Impairment Charges Fair Value (a) Inventories (a) Level 3 $ 41,160 $ (14,031 ) $ 27,129 $ 70,156 $ (26,104 ) $ 44,052 (a) Amounts represent the aggregate fair value for real estate assets impacted by inventory impairment charges during the applicable period, as of the date that the fair value measurements were made. The carrying value for these real estate assets may have subsequently increased or decreased from the fair value reflected due to activity that has occurred since the measurement date. The fair values for inventories that were determined using Level 3 inputs were based on the estimated future net cash flows discounted for inherent risk associated with each underlying asset. The following table presents the fair value hierarchy, carrying values and estimated fair values of our financial instruments, except those for which the carrying values approximate fair values (in thousands): November 30, 2019 2018 Description Fair Value Hierarchy Carrying Value (a) Estimated Fair Value Carrying Value (a) Estimated Fair Value Financial Liabilities: Senior notes Level 2 $ 1,740,858 $ 1,921,563 $ 1,790,437 $ 1,853,438 Convertible senior notes Level 2 — — 229,788 229,425 (a) The carrying values for the senior notes and convertible senior notes, as presented, include unamortized debt issuance costs. Debt issuance costs are not factored into the estimated fair values of these notes.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Nov. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments and contingencies include typical obligations of homebuilders for the completion of contracts and those incurred in the ordinary course of business. Warranty. We provide a limited warranty on all of our homes. The specific terms and conditions of our limited warranty program vary depending upon the markets in which we do business. We generally provide a structural warranty of 10 years , a warranty on electrical, heating, cooling, plumbing and certain other building systems each varying from two to five years based on geographic market and state law, and a warranty of one year for other components of the home. Our limited warranty program is ordinarily how we respond to and account for homeowners’ requests to local division offices seeking repairs of certain conditions or defects, including claims where we could have liability under applicable state statutes or tort law for a defective condition in or damages to a home. Our warranty liability covers our costs of repairs associated with homeowner claims made under our limited warranty program. These claims are generally made directly by a homeowner and involve their individual home. We estimate the costs that may be incurred under each limited warranty and record a liability in the amount of such costs at the time the revenue associated with the sale of each home is recognized. Our primary assumption in estimating the amounts we accrue for warranty costs is that historical claims experience is a strong indicator of future claims experience. Factors that affect our warranty liability include the number of homes delivered, historical and anticipated rates of warranty claims, and cost per claim. We periodically assess the adequacy of our accrued warranty liability , which is included in accrued expenses and other liabilities in our consolidated balance sheets, and adjust the amount as necessary based on our assessment. Our assessment includes the review of our actual warranty costs incurred to identify trends and changes in our warranty claims experience, and considers our home construction quality and customer service initiatives and outside events. While we believe the warranty liability currently reflected in our consolidated balance sheets to be adequate, unanticipated changes or developments in the legal environment, local weather, land or environmental conditions, quality of materials or methods used in the construction of homes or customer service practices and/or our warranty claims experience could have a significant impact on our actual warranty costs in future periods and such amounts could differ significantly from our current estimates. The changes in our warranty liability were as follows (in thousands): Years Ended November 30, 2019 2018 2017 Balance at beginning of year $ 82,490 $ 69,798 $ 56,682 Warranties issued 35,480 37,792 38,452 Payments (23,531 ) (23,300 ) (25,336 ) Adjustments (5,600 ) (1,800 ) — Balance at end of year $ 88,839 $ 82,490 $ 69,798 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. W e maintain, and require the majority of our independent subcontractors to maintain, general liability insurance (including construction defect and bodily injury coverage) and workers’ compensation insurance. These insurance policies protect us against a portion of our risk of loss from claims related to our homebuilding activities, subject to certain self-insured retentions, deductibles and other coverage limits . We also maintain certain other insurance policies. In Arizona, California, Colorado and Nevada, our subcontractors’ general liability insurance primarily takes the form of a wrap-up policy under a program where eligible independent subcontractors are enrolled as insureds on each community. Enrolled subcontractors contribute toward the cost of the insurance and agree to pay a contractual amount in the future if there is a claim related to their work. To the extent provided under the wrap-up program, we absorb the enrolled subcontractors’ general liability associated with the work performed on our homes within the applicable community as part of our overall general liability insurance and our self-insurance. We self-insure a portion of our overall risk through the use of a captive insurance subsidiary, which provides coverage for our exposure to certain construction defect, bodily injury and property damage claims and related litigation or regulatory actions, up to certain limits. Our self-insurance liability generally covers the costs of settlements and/or repairs, if any, as well as our costs to defend and resolve the following types of claims: • Construction defect : Construction defect claims, which represent the largest component of our self-insurance liability, typically originate through a legal or regulatory process rather than directly by a homeowner and involve the alleged occurrence of a condition affecting two or more homes within the same community, or they involve a common area or homeowners’ association property within a community. These claims typically involve higher costs to resolve than individual homeowner warranty claims, and the rate of claims is highly variable. • Bodily injury : Bodily injury claims typically involve individuals (other than our employees) who claim they were injured while on our property or as a result of our operations. • Property damage : Property damage claims generally involve claims by third parties for alleged damage to real or personal property as a result of our operations. Such claims may occasionally include those made against us by owners of property located near our communities. Our self-insurance liability at each reporting date represents the estimated costs of reported claims, claims incurred but not yet reported, and claim adjustment expenses. The amount of our self-insurance liability is based on an analysis performed by a third-party actuary that uses our historical claim and expense data, as well as industry data to estimate these overall costs. Key assumptions used in developing these estimates include claim frequencies, severities and resolution patterns, which can occur over an extended period of time. These estimates are subject to variability due to the length of time between the delivery of a home to a homebuyer and when a construction defect claim is made, and the ultimate resolution of such claim; uncertainties regarding such claims relative to our markets and the types of product we build; and legal or regulatory actions and/or interpretations, among other factors. Due to the degree of judgment involved and the potential for variability in these underlying assumptions, our actual future costs could differ from those estimated. In addition, changes in the frequency and severity of reported claims and the estimates to resolve claims can impact the trends and assumptions used in the actuarial analysis, which could be material to our consolidated financial statements. Though state regulations vary, construction defect claims are reported and resolved over a long period of time, which can extend for 10 years or more. As a result, the majority of the estimated self-insurance liability based on the actuarial analysis relates to claims incurred but not yet reported. Therefore, adjustments related to individual existing claims generally do not significantly impact the overall estimated liability. Adjustments to our liabilities related to homes delivered in prior years are recorded in the period in which a change in our estimate occurs. Our self-insurance liability is presented on a gross basis for all years without consideration of insurance recoveries and amounts we have paid on behalf of and expect to recover from other parties, if any . Estimated probable insurance and other recoveries of $50.6 million and $56.9 million are included in receivables in our consolidated balance sheets at November 30, 2019 and 2018, respectively. These self-insurance recoveries are principally based on actuarially determined amounts and depend on various factors, including, among other things, the above-described claim cost estimates, our insurance policy coverage limits for the applicable policy year(s), historical third-party recovery rates, insurance industry practices, the regulatory environment, and legal precedent, and are subject to a high degree of variability from year to year. 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): Years Ended November 30, 2019 2018 2017 Balance at beginning of year $ 176,841 $ 177,695 $ 158,584 Self-insurance expense (a) 16,685 20,436 20,371 Payments (b) (15,761 ) (21,290 ) (22,933 ) Adjustments (c) — — 21,673 Balance at end of year $ 177,765 $ 176,841 $ 177,695 (a) These expenses are included in selling, general and administrative expenses and are largely offset by contributions from independent subcontractors participating in the wrap-up policy. (b) Includes net changes in estimated probable insurance and other recoveries, which are recorded in receivables, to present our self-insurance liability on a gross basis. (c) The amount for 2017 reflected a change in estimate to increase our self-insurance liability based on an actuarially determined estimate that we believed had a higher probability of being adequate to cover future payments associated with unresolved claims, including claims incurred but not yet reported. This adjustment was included in selling, general and administrative expenses. For most of our claims, there is no interaction between our warranty liability and self-insurance liability. Typically, if a matter is identified at its outset as either a warranty or self-insurance claim, it remains as such through its resolution. However, there can be instances of interaction between the liabilities, such as where individual homeowners in a community separately request warranty repairs to their homes to address a similar condition or issue and subsequently join together to initiate, or potentially initiate, a legal process with respect to that condition or issue and/or the repair work we have undertaken. In these instances, the claims and related repair work generally are initially covered by our warranty liability, and the costs associated with resolving the legal matter (including any additional repair work) are covered by our self-insurance liability. The payments we make in connection with claims and related repair work, whether covered within our warranty liability and/or our self-insurance liability, may be recovered from our insurers to the extent such payments exceed the self-insured retentions or deductibles under our general liability insurance policies. Also, in certain instances, in the course of resolving a claim, we pay amounts in advance of and/or on behalf of a subcontractor(s) or their insurer(s) and believe we will be reimbursed for such payments. Estimates of all such amounts, if any, are recorded as receivables in our consolidated balance sheets when any such recovery is considered probable. In 2017, we received insurance recoveries of $23.5 million , which exceeded the $11.6 million of estimated probable recoveries receivable we had previously recorded. The excess recoveries were included in selling, general and administrative expenses. Florida Chapter 558 Actions . We and certain of our subcontractors have received a growing number of claims from attorneys on behalf of individual owners of our homes and/or homeowners’ associations that allege, pursuant to Chapter 558 of the Florida Statutes, various construction defects, with most relating to stucco and water-intrusion issues. The claims primarily involve homes in our Jacksonville, Orlando, and Tampa operations. Under Chapter 558, homeowners must serve written notice of a construction defect(s) and provide the served construction and/or design contractor(s) with an opportunity to respond to the noticed issue(s) before they can file a lawsuit. Although we have resolved many of these claims without litigation, and a number of others have been resolved with applicable subcontractors or their insurers covering the related costs, as of November 30, 2019 , we had approximately 477 outstanding noticed claims, and some are scheduled for trial over the next few quarters and beyond. In addition, some of our subcontractors’ insurers in some of these cases have informed us of their inability to continue to pay claims-related costs. At November 30, 2019 , we had an accrual for our estimated probable loss for these matters and a receivable for estimated probable insurance recoveries. While it is reasonably possible that our loss could exceed the amount accrued and our recoveries could be less than the amount recorded, at this time, we are unable to estimate the total amount of the loss in excess of the accrued amount and/or associated with a shortfall in the recoveries that is reasonably possible. Performance Bonds and Letters of Credit. We are often required to provide to various municipalities and other government agencies performance bonds and/or letters of credit to secure the completion of our projects and/or in support of obligations to build community improvements such as roads, sewers, water systems and other utilities, and to support similar development activities by certain of our unconsolidated joint ventures. At November 30, 2019 , we had $793.9 million of performance bonds and $34.7 million of letters of credit outstanding. At November 30, 2018 , we had $689.3 million of performance bonds and $28.0 million of letters of credit outstanding. If any such performance bonds or letters of credit are called, we would be obligated to reimburse the issuer of the performance bond or letter of credit. We do not believe that a material amount of any currently outstanding performance bonds or letters of credit will be called. Performance bonds do not have stated expiration dates. Rather, we are released from the performance bonds as the underlying performance is completed. The expiration dates of some letters of credit issued in connection with community improvements coincide with the expected completion dates of the related projects or obligations. Most letters of credit, however, are issued with an initial term of one year and are typically extended on a year-to-year basis until the related performance obligations are completed. Land Option Contracts and Other Similar Contracts. In the ordinary course of business, we enter into land option contracts and other similar contracts to acquire rights to land for the construction of homes. At November 30, 2019 , we had total cash deposits of $75.2 million to purchase land having an aggregate purchase price of $1.42 billion . Our land option contracts and other similar contracts generally do not contain provisions requiring our specific performance. Leases. We lease certain property and equipment under noncancelable operating leases. Office and equipment leases are typically for terms of three to five years and generally provide renewal options for terms up to an additional five years . In most cases, we expect that leases that expire will be renewed or replaced by other leases with similar terms. The future minimum rental payments under operating leases, which primarily consist of office leases having initial or remaining noncancelable lease terms in excess of one year , are as follows: 2020 — $9.7 million ; 2021 — $7.5 million ; 2022 — $6.1 million ; 2023 — $4.5 million ; 2024 — $3.6 million ; and thereafter — $5.8 million . Rental expense on our noncancelable operating leases was $9.8 million in 2019 , $8.6 million in 2018 and $8.1 million in 2017 .

Legal Matters

Legal Matters	12 Months Ended
Legal Matters	Nov. 30, 2019
Loss Contingency, Information about Litigation Matters [Abstract]
Legal Matters	Legal Matters

Stockholders' Equity

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Nov. 30, 2019
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Preferred Stock. To help protect the benefits of our NOLs and other deferred tax assets from an ownership change under Section 382, on January 22, 2009, we adopted a Rights Agreement (“Prior Rights Agreement”), and we declared a dividend distribution of one preferred share purchase right for each outstanding share of common stock that was payable to stockholders of record as of the close of business on March 5, 2009. On April 12, 2018, we entered into an Amended and Restated Rights Agreement with Computershare Inc., as rights agent, (“2018 Rights Agreement”) following its approval by our stockholders at our 2018 Annual Meeting held on April 12, 2018. The 2018 Rights Agreement amended and restated the Prior Rights Agreement and extended the latest possible expiration date of the rights issued pursuant to the Prior Rights Agreement to the close of business on April 30, 2021, and made certain other related changes. Otherwise, the 2018 Rights Agreement’s terms are substantively the same as those of the Prior Rights Agreement. Subject to the terms, provisions and conditions of the 2018 Rights Agreement, if these rights become exercisable, each right would initially represent the right to purchase from us 1/100th of a share of our Series A Participating Cumulative Preferred Stock for a purchase price of $85.00 (“Purchase Price”). If issued, each fractional share of preferred stock would generally give a stockholder approximately the same dividend, voting and liquidation rights as does one share of our common stock. However, prior to exercise, a right does not give its holder any rights as a stockholder, including without limitation any dividend, voting or liquidation rights. The rights will not be exercisable until the earlier of (a) 10 calendar days after a public announcement by us that a person or group has become an Acquiring Person (as defined under the Prior Rights Agreement) and (b) 10 business days after the commencement of a tender or exchange offer by a person or group if upon consummation of the offer the person or group would beneficially own 4.9% or more of our outstanding common stock. Until these rights become exercisable (“Distribution Date”), common stock certificates and/or book-entry shares will evidence the rights and may contain a notation to that effect. Any transfer of shares of our common stock prior to the Distribution Date will constitute a transfer of the associated rights. After the Distribution Date, the rights may be transferred other than in connection with the transfer of the underlying shares of our common stock. If there is an Acquiring Person on the Distribution Date or a person or group becomes an Acquiring Person after the Distribution Date, each holder of a right, other than rights that are or were beneficially owned by an Acquiring Person, which will be void, will thereafter have the right to receive upon exercise of a right and payment of the Purchase Price, that number of shares of our common stock having a market value of two times the Purchase Price. After the later of the Distribution Date and the time we publicly announce that an Acquiring Person has become such, our board of directors may exchange the rights, other than rights that are or were beneficially owned by an Acquiring Person, which will be void, in whole or in part, at an exchange ratio of one share of common stock per right, subject to adjustment. At any time prior to the later of the Distribution Date and the time we publicly announce that an Acquiring Person becomes such, our board of directors may redeem all of the then-outstanding rights in whole, but not in part, at a price of $.001 per right, subject to adjustment (“Redemption Price”). The redemption will be effective immediately upon the board of directors’ action, unless the action provides that such redemption will be effective at a subsequent time or upon the occurrence or nonoccurrence of one or more specified events, in which case the redemption will be effective in accordance with the provisions of the action. Immediately upon the effectiveness of the redemption of the rights, the right to exercise the rights will terminate and the only right of the holders of rights will be to receive the Redemption Price, with interest thereon. The rights issued pursuant to the 2018 Rights Agreement will expire on the earliest of (a) the close of business on April 30, 2021 (b) the time at which the rights are redeemed, (c) the time at which the rights are exchanged, (d) the time at which our board of directors determines that a related provision in our Restated Certificate of Incorporation is no longer necessary, and (e) the close of business on the first day of a taxable year of ours to which our board of directors determines that no tax benefits may be carried forward. Common Stock. On May 14, 2018, our board of directors authorized us to repurchase a total of up to 4,000,000 shares of our outstanding common stock. This authorization reaffirmed and incorporated the then-current balance of 1,627,000 shares that remained under a prior board-approved share repurchase program. In 2018, we repurchased 1,806,053 shares of our common stock pursuant to this authorization, at a total cost of $35.0 million . The amount and timing of shares remaining to be purchased under the the remaining share repurchase authorization are subject to market and business conditions and other factors, and purchases may be made from time to time and at any time through open market or privately negotiated transactions. The remaining share repurchase authorization will continue in effect until fully used or earlier terminated or suspended by the board of directors. Unrelated to the share repurchase program, our board of directors authorized the repurchase of not more than 680,000 shares of our outstanding common stock, and also authorized potential future grants of up to 680,000 stock payment awards under the KB Home 2014 Equity Incentive Plan (“2014 Plan”), in each case solely as necessary for director elections in respect of outstanding Director Plan SARs. The 2014 Plan, which was amended in April 2016, is discussed in Note 20 – Employee Benefit and Stock Plans. As of November 30, 2019, we have not repurchased any shares and no stock payment awards have been granted under the 2014 Plan, as amended, pursuant to the respective board of directors’ authorizations. Our board of directors declared quarterly cash dividends of $.025 per share of common stock in the 2019 first and second quarters. In the 2019 third quarter, our board of directors approved an increase in the quarterly cash dividend on our common stock to $.090 per share, and declared quarterly cash dividends at the new higher rate in the 2019 third and fourth quarters. Our board of directors declared four quarterly cash dividends of $.025 per share of common stock in 2018 and 2017. All dividends declared during 2019, 2018 and 2017 were also paid during those years. Treasury Stock. In addition to the shares purchased in 2018 pursuant to our share repurchase program, we acquired $7.3 million , $8.5 million and $6.7 million of our common stock in 2019, 2018 and 2017, respectively. All of the common stock acquired in 2019 and 2017 and a portion of the common stock acquired in 2018 consisted of previously issued shares delivered to us by employees to satisfy their withholding tax obligations on the vesting of PSUs and restricted stock awards or of forfeitures of previous restricted stock awards. Treasury stock is recorded at cost. Differences between the cost of treasury stock and the reissuance proceeds are recorded to paid-in capital. These transactions are not considered repurchases under the 4,000,000 share repurchase program described above.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	12 Months Ended
Accumulated Other Comprehensive Loss	Nov. 30, 2019
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The following table presents the changes in the balances of each component of accumulated other comprehensive loss (in thousands): Postretirement Benefit Plan Adjustments Total Accumulated Other Comprehensive Loss Balance at November 30, 2017 $ (16,924 ) Other comprehensive income before reclassifications 8,216 Amounts reclassified from accumulated other comprehensive loss 1,892 Income tax expense related to items of other comprehensive income (2,749 ) Other comprehensive income, net of tax 7,359 Balance at November 30, 2018 (9,565 ) Other comprehensive loss before reclassifications (10,268 ) Amounts reclassified from accumulated other comprehensive loss 2,130 Income tax benefit related to items of other comprehensive loss 2,197 Other comprehensive loss, net of tax (5,941 ) Balance at November 30, 2019 $ (15,506 ) The amounts reclassified from accumulated other comprehensive loss consisted of the following (in thousands): Years Ended November 30, Details About Accumulated Other Comprehensive Loss Components 2019 2018 2017 Postretirement benefit plan adjustments Amortization of net actuarial loss $ 218 $ 336 $ 142 Amortization of prior service cost 1,556 1,556 1,556 Settlement loss 356 — — Total reclassifications (a) $ 2,130 $ 1,892 $ 1,698 (a) The accumulated other comprehensive loss components are included in the computation of net periodic benefit costs as further discussed in Note 21 – Postretirement Benefits. The estimated prior service cost expected to be amortized from accumulated other comprehensive loss into net periodic benefit cost during 2020 is $.4 million

Employee Benefit and Stock Plan

Employee Benefit and Stock Plans	12 Months Ended
Employee Benefit and Stock Plans	Nov. 30, 2019
Share-based Payment Arrangement [Abstract]
Employee Benefit and Stock Plans	Employee Benefit and Stock Plans Most of our employees are eligible to participate in the KB Home 401(k) Savings Plan (“401(k) Plan”) under which we partially match employee contributions. The aggregate cost of the 401(k) Plan to us was $6.9 million in 2019 , $6.0 million in 2018 and $6.2 million in 2017 . The assets of the 401(k) Plan are held by a third-party trustee. The 401(k) Plan participants may direct the investment of their funds among one or more of the several fund options offered by the 401(k) Plan. As of November 30, 2019 , 2018 and 2017 , approximately 5% , 5% and 7% , respectively, of the 401(k) Plan’s net assets at each period were invested in our common stock. Amended KB Home 2014 Plan. At our Annual Meeting of Stockholders held on April 7, 2016, our stockholders approved the Amended KB Home 2014 Equity Incentive Plan (“Amended 2014 Plan”), authorizing, among other things, the issuance for grants of stock-based awards to our employees, non-employee directors and consultants of up to 7,500,000 additional shares above the original 4,800,000 shares our stockholders approved under the plan (or an aggregate issuance of 12,300,000 shares), plus any shares that were available for grant as of April 7, 2014 under our 2010 Equity Incentive Plan (“2010 Plan”), and any shares subject to then-outstanding awards under the 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. No new awards may be made under the 2010 Plan. Therefore, the Amended 2014 Plan is our only active equity compensation plan. Under the Amended 2014 Plan, grants of stock options and other similar awards reduce the Amended 2014 Plan’s share capacity on a 1 -for-1 basis, and grants of restricted stock and other similar “full value” awards reduce the Amended 2014 Plan’s share capacity on a 1.78 -for-1 basis. In addition, subject to the Amended 2014 Plan’s terms and conditions, a stock-based award may also be granted under the Amended 2014 Plan to replace an outstanding award granted under another plan of ours (subject to the terms of such other plan) with terms substantially identical to those of the award being replaced. The Amended 2014 Plan provides that stock options and SARs may be awarded for periods of up to 10 years . The Amended 2014 Plan also enables us to grant cash bonuses and other stock-based awards. Stock-Based Compensation. With the approval of the management development and compensation committee, consisting entirely of independent members of our board of directors, we have provided compensation benefits to certain of our employees in the form of stock options, restricted stock and PSUs. Certain stock-based compensation benefits are also provided to our non-employee directors pursuant to the Director Plan. Compensation expense related to equity-based awards is included in selling, general and administrative expenses in our consolidated statements of operations. The following table presents our stock-based compensation expense (in thousands): Years Ended November 30, 2019 2018 2017 Stock options $ 189 $ 917 $ 2,592 Restricted stock 6,080 4,600 4,177 PSUs 10,742 8,790 6,439 Director awards 1,301 1,554 1,425 Total $ 18,312 $ 15,861 $ 14,633 Stock Options. Stock option transactions are summarized as follows: Years Ended November 30, 2019 2018 2017 Options Weighted Average Exercise Price Options Weighted Average Exercise Price Options Weighted Average Exercise Price Options outstanding at beginning of year 7,237,544 $ 16.02 9,265,240 $ 17.64 12,731,545 $ 18.95 Granted — — — — — — Exercised (2,300,004 ) 13.27 (1,195,926 ) 16.73 (1,650,360 ) 16.01 Cancelled (774,059 ) 40.43 (831,770 ) 33.05 (1,815,945 ) 28.31 Options outstanding at end of year 4,163,481 $ 13.00 7,237,544 $ 16.02 9,265,240 $ 17.64 Options exercisable at end of year 4,163,481 $ 13.00 6,948,670 $ 16.01 8,307,632 $ 17.86 Options available for grant at end of year 5,567,467 6,418,197 7,495,792 There were no stock options granted in 2019 , 2018 or 2017. The total intrinsic value of stock options exercised was $37.1 million for the year ended November 30, 2019 , $11.8 million for the year ended November 30, 2018 and $12.1 million for the year ended November 30, 2017 . The aggregate intrinsic value of stock options outstanding was $89.9 million , $51.9 million and $136.3 million at November 30, 2019 , 2018 and 2017 , respectively. The intrinsic value of stock options exercisable was $89.9 million at November 30, 2019 , $50.5 million at November 30, 2018 , and $121.3 million at November 30, 2017 . The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the price of the option. Stock options outstanding and stock options exercisable at November 30, 2019 are summarized as follows: Options Outstanding Options Exercisable Range of Exercise Price Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life $ 6.32 to $11.05 953,500 $ 6.37 1.9 953,500 $ 6.37 $11.06 to $14.62 1,250,424 13.66 3.8 1,250,424 13.66 $14.63 to $15.44 853,000 14.92 5.9 853,000 14.92 $15.45 to $16.22 754,057 16.21 6.9 754,057 16.21 $16.23 to $45.16 352,500 17.12 3.8 352,500 17.12 $ 6.32 to $45.16 4,163,481 $ 13.00 4.3 4,163,481 $ 13.00 4.3 At November 30, 2019 , there was no unrecognized stock-based compensation expense related to stock option awards as all of these awards were fully vested. A tax shortfall of $3.3 million in 2017 resulting from the cancellation of stock awards was reflected in paid-in capital. In 2017, the consolidated statement of cash flows reflected $1.0 million of excess tax benefits associated with the exercise of stock options. Restricted Stock. From time to time, we grant restricted stock to various employees as a compensation benefit. During the restriction periods, these employees are entitled to vote and to receive cash dividends on such shares. The restrictions imposed with respect to the shares granted lapse in installments within, or in full at the end of, three years after their grant date if certain conditions are met. Restricted stock transactions are summarized as follows: Years Ended November 30, 2019 2018 2017 Shares Weighted Average per Share Grant Date Fair Value Shares Weighted Average per Share Grant Date Fair Value Shares Weighted Average per Share Grant Date Fair Value Outstanding at beginning of year 555,457 $ 23.19 503,926 $ 21.69 604,619 $ 16.24 Granted 282,523 31.67 303,030 23.05 321,835 24.49 Vested (319,687 ) 34.66 (221,951 ) 19.79 (364,670 ) 16.09 Cancelled (18,227 ) 22.81 (29,548 ) 21.76 (57,858 ) 15.61 Outstanding at end of year 500,066 $ 20.66 555,457 $ 23.19 503,926 $ 21.69 As of November 30, 2019 , we had $12.8 million of total unrecognized compensation cost related to restricted stock awards that will be recognized over a weighted average period of approximately three years . Performance-Based Restricted Stock Units. On October 3, 2019, we granted PSUs to certain employees. Each PSU grant corresponds to a target amount of our common stock (“Award Shares”). Each PSU entitles the recipient to receive a grant of between 0% and 200% of the recipient’s Award Shares, and will vest based on our achieving, over a three -year period commencing on December 1, 2019 and ending on November 30, 2022, specified levels of (a) cumulative adjusted earnings per share; (b) average adjusted return on invested capital; and (c) revenue growth performance relative to a peer group of high-production public homebuilding companies. The grant date fair value of each such PSU was $33.10 . On October 5, 2018, we granted PSUs to certain employees with similar terms as the 2019 PSU grants, except that the applicable performance period commenced on December 1, 2018 and ends on November 30, 2021. The grant date fair value of each such PSU was $23.05 . On October 5, 2017, we granted PSUs to certain employees with similar terms as the 2019 PSU grants, except that the applicable performance period commenced on December 1, 2017 and ends on November 30, 2020. The grant date fair value of each such PSU was $25.64 . PSU transactions are summarized as follows: Years Ended November 30, 2019 2018 2017 Shares Weighted Average per Share Grant Date Fair Value Shares Weighted Average per Share Grant Date Fair Value Shares Weighted Average per Share Grant Date Fair Value Outstanding at beginning of year 1,090,967 $ 18.70 925,232 $ 20.09 809,860 $ 17.19 Granted 468,957 30.45 603,424 25.70 424,797 22.99 Vested (297,260 ) 22.67 (437,689 ) 31.28 (278,460 ) 16.67 Cancelled — — — — (30,965 ) 14.92 Outstanding at end of year 1,262,664 $ 22.13 1,090,967 $ 18.70 925,232 $ 20.09 The number of shares of our common stock actually granted to a recipient, if any, when a PSU vests will depend on the degree of achievement of the applicable performance measures during the applicable three -year period. The shares of our common stock that were granted under the terms of PSUs that vested in 2019 included an aggregate of 119,260 additional shares above the target amount awarded to the eligible recipients based on our achieving certain levels of the three above-described metrics over the three-year period from December 1, 2015 through November 30, 2018. The shares of our common stock that were granted under the terms of PSUs that vested in 2018 included an aggregate of 194,529 additional shares above the target amount awarded to the eligible recipients based on our achieving certain levels of the three above-described metrics over the three-year period from December 1, 2014 through November 30, 2017. The shares of our common stock that were granted under the terms of PSUs that vested in 2017 included an aggregate of 125,460 additional shares above the target amount awarded to the eligible recipients based on our achieving certain levels of average return on equity performance and revenue growth performance relative to a peer group of high-production homebuilding companies over the three-year period from December 1, 2013 through November 30, 2016. The PSUs do not have dividend or voting rights during the performance period. Compensation cost for PSUs is initially estimated based on target performance achievement and adjusted as appropriate throughout the performance period. Accordingly, future compensation costs associated with outstanding PSUs may increase or decrease based on the probability and extent of achievement with respect to the applicable performance measures. At November 30, 2019 , we had $32.6 million of total unrecognized compensation cost related to unvested PSUs, which is expected to be recognized over a weighted-average period of approximately three years . Director Awards. We have granted Director Plan SARs and deferred common stock awards to our non-employee directors pursuant to the terms of the Director Plan and elections made by each director. All of these awards were fully vested as of November 30, 2016. Director Plan SARs, which have not been granted since April 2014 as they ceased being a component of non-employee director compensation after that date, are stock settled, have terms of up to 15 years and may be exercised when a respective director leaves the board or earlier if applicable stock ownership requirements have been met. Deferred common stock awards will be paid out at the earlier of a change in control or the date a respective director leaves the board. All Director Plan SARs were granted at an exercise price equal to the closing price of our common stock on the date of grant. At November 30, 2019 , 2018 and 2017, the aggregate outstanding Director Plan SARs were 224,674 , 308,880 and 308,880 , respectively, and the aggregate outstanding deferred common stock awards granted under the Director Plan were 519,160 , 490,240 and 456,875 , respectively. In addition, we have granted common stock on an unrestricted basis to our non-employee directors on the grant date pursuant to the Director Plan and elections made by each director. Grantor Stock Ownership Trust. We have a grantor stock ownership trust (“Trust”), administered by a third-party trustee, that holds and distributes the shares of common stock acquired to support certain employee compensation and employee benefit obligations under our existing stock option plan, the 401(k) Plan and other employee benefit plans. The existence of the Trust does not impact the amount of benefits or compensation that is paid under these plans. For financial reporting purposes, the Trust is consolidated with us, and therefore any dividend transactions between us and the Trust are eliminated. Acquired shares held by the Trust remain valued at the market price on the date of purchase and are shown as a reduction to stockholders’ equity in the consolidated balance sheets. The difference between the Trust share value and the market value on the date shares are released from the Trust is included in paid-in capital. Common stock held in the Trust is not considered outstanding in the computations of earnings per share. The Trust held 7,630,582 and 8,157,235 shares of common stock at November 30, 2019 and 2018 , respectively. The trustee votes shares held by the Trust in accordance with voting directions from eligible employees, as specified in a trust agreement with the trustee.

Postretirement Benefits

Postretirement Benefits	12 Months Ended
Postretirement Benefits	Nov. 30, 2019
Retirement Benefits [Abstract]
Postretirement Benefits	Postretirement Benefits We have a supplemental non-qualified, unfunded retirement plan, the KB Home Retirement Plan (“Retirement Plan”), effective as of July 11, 2002, pursuant to which we have offered to pay supplemental pension benefits to certain designated individuals (consisting of current and former employees) in connection with their retirement. The Retirement Plan was closed to new participants in 2004. We also have an unfunded death benefit plan, the KB Home Death Benefit Only Plan (“DBO Plan”), implemented on November 1, 2001, for certain designated individuals (consisting of current and former employees). The DBO Plan was closed to new participants in 2006. In connection with these plans and two other minor benefit programs, we have purchased cost recovery life insurance contracts on the lives of the designated individuals. The insurance contracts associated with the Retirement Plan and DBO Plan are held by a trust. The trust is the owner and beneficiary of such insurance contracts. The amount of the insurance coverage under the contracts is designed to provide sufficient funds to cover all costs of the plans if assumptions made as to employment term, mortality experience, policy earnings and other factors, as applicable, are realized. The cash surrender value of the Retirement Plan life insurance contracts was $44.7 million at November 30, 2019 and $44.4 million at November 30, 2018 . We recognized investment gains on the cash surrender value of the Retirement Plan life insurance contracts of $2.1 million in 2019 and $3.9 million in 2017 , and an investment loss of $.9 million in 2018 . In 2019 , 2018 and 2017 , we paid $1.8 million , $1.6 million and $1.5 million , respectively, in benefits under the Retirement Plan to eligible former employees. The cash surrender value of the DBO Plan life insurance contracts was $18.4 million at November 30, 2019 and $18.2 million at November 30, 2018 . We recognized investment gains on the cash surrender value of the DBO Plan life insurance contracts of $.9 million in 2019 and $1.5 million in 2017 , and an investment loss of $.3 million in 2018 . In 2019, we paid $1.7 million in benefits under the DBO Plan. We did not pay out any benefits under the DBO Plan in 2018 or 2017. The net periodic benefit cost of our Retirement Plan and DBO Plan consisted of the following (in thousands): Years Ended November 30, 2019 2018 2017 Interest cost $ 2,478 $ 2,252 $ 2,274 Amortization of prior service cost 1,556 1,556 1,556 Service cost 958 1,085 1,046 Amortization of net actuarial loss 218 336 142 Settlement loss 356 — — Total $ 5,566 $ 5,229 $ 5,018 The liabilities related to these plans were $69.3 million at November 30, 2019 and $60.8 million at November 30, 2018 , and are included in accrued expenses and other liabilities in the consolidated balance sheets. For the years ended November 30, 2019 and 2018 , the discount rates we used for the plans were 2.7% and 4.1% , respectively. Benefit payments under our Retirement Plan and DBO Plan are expected to be paid during each year ending November 30 as follows: 2020 — $2.3 million ; 2021 — $2.5 million ; 2022 — $2.6 million ; 2023 — $2.9 million ; 2024 — $3.2 million ; and for the five years ended November 30, 2029 — $20.8 million in the aggregate.

Supplemental Disclosure to Cons

Supplemental Disclosure to Consolidated Statements of Cash Flows	12 Months Ended
	Nov. 30, 2019
Supplemental Cash Flow Information [Abstract]
Supplemental Disclosure to Consolidated Statements of Cash Flows	Supplemental Disclosure to Consolidated Statements of Cash Flows The following are supplemental disclosures to the consolidated statements of cash flows (in thousands): Years Ended November 30, 2019 2018 2017 Summary of cash and cash equivalents at the end of the year: Homebuilding $ 453,814 $ 574,359 $ 720,630 Financial services 1,044 760 231 Total $ 454,858 $ 575,119 $ 720,861 Years Ended November 30, 2019 2018 2017 Supplemental disclosure of cash flow information: Interest paid, net of amounts capitalized $ (1,327 ) $ 8,338 $ 7,581 Income taxes paid 4,479 11,949 4,664 Income taxes refunded 221 220 202 Supplemental disclosure of non-cash activities: Decrease in inventories due to adoption of ASC 606 $ (35,288 ) $ — $ — Increase in property and equipment, net due to adoption of ASC 606 31,194 — — Increase (decrease) in consolidated inventories not owned (9,634 ) 16,098 (44,833 ) Increase in inventories due to distributions of land and land development from an unconsolidated joint venture 9,662 17,637 6,650 Inventories acquired through seller financing 8,967 44,586 49,658

Supplemental Guarantor Informat

Supplemental Guarantor Information	12 Months Ended
Supplemental Guarantor Information	Nov. 30, 2019
Guarantees [Abstract]
Supplemental Guarantor Information	Supplemental Guarantor Information Our obligations to pay principal, premium, if any, and interest on the senior notes and borrowings, if any, under the Credit Facility are guaranteed on a joint and several basis by certain of our subsidiaries (“Guarantor Subsidiaries”). The guarantees are full and unconditional and the Guarantor Subsidiaries are 100% owned by us. Pursuant to the terms of the indenture governing the senior notes and the terms of the Credit Facility, if any of the Guarantor Subsidiaries ceases to be a “significant subsidiary” as defined by Rule 1-02 of Regulation S-X using a 5% rather than a 10% threshold (provided that the assets of our non-guarantor subsidiaries do not in the aggregate exceed 10% of an adjusted measure of our consolidated total assets), it will be automatically and unconditionally released and discharged from its guaranty of the senior notes and the Credit Facility so long as all guarantees by such Guarantor Subsidiary of any other of our or our subsidiaries’ indebtedness are terminated at or prior to the time of such release. We have determined that separate, full financial statements of the Guarantor Subsidiaries would not be material to investors and, accordingly, supplemental financial information for the Guarantor Subsidiaries is presented. The supplemental financial information for all periods presented below reflects those subsidiaries that qualified as Guarantor Subsidiaries as of November 30, 2019 . Condensed Consolidating Statements of Operations (in thousands) Year Ended November 30, 2019 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues $ — $ 4,161,511 $ 391,236 $ — $ 4,552,747 Homebuilding: Revenues $ — $ 4,161,511 $ 376,147 $ — $ 4,537,658 Construction and land costs — (3,362,386 ) (346,542 ) — (3,708,928 ) Selling, general and administrative expenses (100,630 ) (375,199 ) (21,521 ) — (497,350 ) Operating income (loss) (100,630 ) 423,926 8,084 — 331,380 Interest income 1,926 23 209 — 2,158 Interest expense (137,327 ) (746 ) (5,339 ) 143,412 — Intercompany interest 328,361 (173,374 ) (11,575 ) (143,412 ) — Equity in loss of unconsolidated joint ventures — (1,549 ) — — (1,549 ) Loss on early extinguishment of debt (6,800 ) — — — (6,800 ) Homebuilding pretax income (loss) 85,530 248,280 (8,621 ) — 325,189 Financial services pretax income — — 22,986 — 22,986 Total pretax income 85,530 248,280 14,365 — 348,175 Income tax expense (16,300 ) (58,100 ) (5,000 ) — (79,400 ) Equity in net income of subsidiaries 88,639 — — (88,639 ) — Net income $ 157,869 $ 190,180 $ 9,365 $ (88,639 ) $ 268,775 Year Ended November 30, 2018 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues $ — $ 4,198,969 $ 348,033 $ — $ 4,547,002 Homebuilding: Revenues $ — $ 4,198,969 $ 334,826 $ — $ 4,533,795 Construction and land costs — (3,435,058 ) (308,862 ) — (3,743,920 ) Selling, general and administrative expenses (101,152 ) (311,815 ) (31,187 ) — (444,154 ) Operating income (loss) (101,152 ) 452,096 (5,223 ) — 345,721 Interest income 3,273 11 230 — 3,514 Interest expense (141,812 ) (2,624 ) (5,262 ) 149,698 — Intercompany interest 302,253 (142,882 ) (9,673 ) (149,698 ) — Equity in income of unconsolidated joint ventures — 2,066 — — 2,066 Homebuilding pretax income (loss) 62,562 308,667 (19,928 ) — 351,301 Financial services pretax income — — 16,664 — 16,664 Total pretax income (loss) 62,562 308,667 (3,264 ) — 367,965 Income tax expense (62,100 ) (101,200 ) (34,300 ) — (197,600 ) Equity in net income of subsidiaries 169,903 — — (169,903 ) — Net income (loss) $ 170,365 $ 207,467 $ (37,564 ) $ (169,903 ) $ 170,365 Year Ended November 30, 2017 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues $ — $ 4,034,057 $ 334,472 $ — $ 4,368,529 Homebuilding: Revenues $ — $ 4,034,057 $ 322,208 $ — $ 4,356,265 Construction and land costs — (3,342,617 ) (303,851 ) — (3,646,468 ) Selling, general and administrative expenses (91,120 ) (298,498 ) (36,776 ) — (426,394 ) Operating income (loss) (91,120 ) 392,942 (18,419 ) — 283,403 Interest income 1,232 8 — — 1,240 Interest expense (166,417 ) (1,635 ) (3,434 ) 170,864 (622 ) Intercompany interest 266,784 (118,138 ) 22,218 (170,864 ) — Equity in loss of unconsolidated joint ventures — (1,407 ) (2 ) — (1,409 ) Loss on early extinguishment of debt (5,685 ) — — — (5,685 ) Homebuilding pretax income 4,794 271,770 363 — 276,927 Financial services pretax income — — 13,068 — 13,068 Total pretax income 4,794 271,770 13,431 — 289,995 Income tax expense (8,800 ) (100,000 ) (600 ) — (109,400 ) Equity in net income of subsidiaries 184,601 — — (184,601 ) — Net income $ 180,595 $ 171,770 $ 12,831 $ (184,601 ) $ 180,595 Condensed Consolidating Statements of Comprehensive Income (Loss) (in thousands) Year Ended November 30, 2019 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net income $ 157,869 $ 190,180 $ 9,365 $ (88,639 ) $ 268,775 Other comprehensive loss: Postretirement benefit plan adjustments (8,138 ) — — — (8,138 ) Other comprehensive loss before tax (8,138 ) — — — (8,138 ) Income tax benefit related to items of other comprehensive loss 2,197 — — — 2,197 Other comprehensive loss, net of tax (5,941 ) — — — (5,941 ) Comprehensive income $ 151,928 $ 190,180 $ 9,365 $ (88,639 ) $ 262,834 Year Ended November 30, 2018 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net income (loss) $ 170,365 $ 207,467 $ (37,564 ) $ (169,903 ) $ 170,365 Other comprehensive income: Postretirement benefit plan adjustments 10,108 — — — 10,108 Other comprehensive income before tax 10,108 — — — 10,108 Income tax expense related to items of other comprehensive income (2,749 ) — — — (2,749 ) Other comprehensive income, net of tax 7,359 — — — 7,359 Comprehensive income (loss) $ 177,724 $ 207,467 $ (37,564 ) $ (169,903 ) $ 177,724 Year Ended November 30, 2017 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net income $ 180,595 $ 171,770 $ 12,831 $ (184,601 ) $ 180,595 Other comprehensive loss: Postretirement benefit plan adjustments (1,445 ) — — — (1,445 ) Other comprehensive loss before tax (1,445 ) — — — (1,445 ) Income tax benefit related to items of other comprehensive loss 578 — — — 578 Other comprehensive loss, net of tax (867 ) — — — (867 ) Comprehensive income $ 179,728 $ 171,770 $ 12,831 $ (184,601 ) $ 179,728 Condensed Consolidating Balance Sheets (in thousands) November 30, 2019 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets Homebuilding: Cash and cash equivalents $ 357,966 $ 65,434 $ 30,414 $ — $ 453,814 Receivables 1,934 181,047 66,074 — 249,055 Inventories — 3,400,307 304,295 — 3,704,602 Investments in unconsolidated joint ventures — 57,038 — — 57,038 Property and equipment, net 24,250 37,539 3,254 — 65,043 Deferred tax assets, net 96,301 237,877 30,315 — 364,493 Other assets 78,686 2,666 1,689 — 83,041 559,137 3,981,908 436,041 — 4,977,086 Financial services — — 38,396 — 38,396 Intercompany receivables 3,624,081 — 186,022 (3,810,103 ) — Investments in subsidiaries 115,753 — — (115,753 ) — Total assets $ 4,298,971 $ 3,981,908 $ 660,459 $ (3,925,856 ) $ 5,015,482 Liabilities and stockholders’ equity Homebuilding: Accounts payable, accrued expenses and other liabilities $ 139,137 $ 453,929 $ 288,489 $ — $ 881,555 Notes payable 1,715,748 7,889 25,110 — 1,748,747 1,854,885 461,818 313,599 — 2,630,302 Financial services — — 2,058 — 2,058 Intercompany payables 60,964 3,520,090 229,049 (3,810,103 ) — Stockholders’ equity 2,383,122 — 115,753 (115,753 ) 2,383,122 Total liabilities and stockholders’ equity $ 4,298,971 $ 3,981,908 $ 660,459 $ (3,925,856 ) $ 5,015,482 November 30, 2018 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets Homebuilding: Cash and cash equivalents $ 429,977 $ 114,269 $ 30,113 $ — $ 574,359 Receivables 5,135 198,465 89,230 — 292,830 Inventories — 3,314,386 268,453 — 3,582,839 Investments in unconsolidated joint ventures — 61,960 — — 61,960 Property and equipment, net 18,450 5,522 311 — 24,283 Deferred tax assets, net 84,564 303,669 53,587 — 441,820 Other assets 77,288 4,008 1,804 — 83,100 615,414 4,002,279 443,498 — 5,061,191 Financial services — — 12,380 — 12,380 Intercompany receivables 3,569,422 — 158,760 (3,728,182 ) — Investments in subsidiaries 67,657 — — (67,657 ) — Total assets $ 4,252,493 $ 4,002,279 $ 614,638 $ (3,795,839 ) $ 5,073,571 Liabilities and stockholders’ equity Homebuilding: Accounts payable, accrued expenses and other liabilities $ 126,176 $ 584,321 $ 213,816 $ — $ 924,313 Notes payable 1,995,115 40,038 25,110 — 2,060,263 2,121,291 624,359 238,926 — 2,984,576 Financial services — — 1,495 — 1,495 Intercompany payables 43,702 3,377,920 306,560 (3,728,182 ) — Stockholders’ equity 2,087,500 — 67,657 (67,657 ) 2,087,500 Total liabilities and stockholders’ equity $ 4,252,493 $ 4,002,279 $ 614,638 $ (3,795,839 ) $ 5,073,571 Condensed Consolidating Statements of Cash Flows (in thousands) Year Ended November 30, 2019 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net cash provided by operating activities $ 118,542 $ 32,864 $ 99,636 $ — $ 251,042 Cash flows from investing activities: Contributions to unconsolidated joint ventures — (11,290 ) — — (11,290 ) Return of investments in unconsolidated joint ventures — 5,001 — — 5,001 Proceeds from sale of building — 5,804 — — 5,804 Purchases of property and equipment, net (6,365 ) (23,618 ) (10,476 ) — (40,459 ) Intercompany 105,055 — — (105,055 ) — Net cash provided by (used in) investing activities 98,690 (24,103 ) (10,476 ) (105,055 ) (40,944 ) Cash flows from financing activities: Proceeds from issuance of debt 705,250 — — — 705,250 Repayment of senior notes (986,231 ) — — — (986,231 ) Payment of issuance costs (11,128 ) — — — (11,128 ) Borrowings under revolving credit facility 610,000 — — — 610,000 Repayments under revolving credit facility (610,000 ) — — — (610,000 ) Payments on mortgages and land contracts due to land sellers and other loans — (41,116 ) — — (41,116 ) Issuance of common stock under employee stock plans 30,524 — — — 30,524 Tax payments associated with stock-based compensation awards (7,288 ) — — — (7,288 ) Payments of cash dividends (20,370 ) — — — (20,370 ) Intercompany — (16,480 ) (88,575 ) 105,055 — Net cash used in financing activities (289,243 ) (57,596 ) (88,575 ) 105,055 (330,359 ) Net increase (decrease) in cash and cash equivalents (72,011 ) (48,835 ) 585 — (120,261 ) Cash and cash equivalents at beginning of year 429,977 114,269 30,873 — 575,119 Cash and cash equivalents at end of year $ 357,966 $ 65,434 $ 31,458 $ — $ 454,858 Year Ended November 30, 2018 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net cash provided by (used in) operating activities $ 236,892 $ 9,668 $ (25,048 ) $ — $ 221,512 Cash flows from investing activities: Contributions to unconsolidated joint ventures — (22,672 ) 1 — (22,671 ) Return of investments in unconsolidated joint ventures — 9,934 — — 9,934 Purchases of property and equipment, net (6,584 ) (674 ) (112 ) — (7,370 ) Intercompany (43,128 ) — — 43,128 — Net cash used in investing activities (49,712 ) (13,412 ) (111 ) 43,128 (20,107 ) Cash flows from financing activities: Repayment of senior notes (300,000 ) — — — (300,000 ) Borrowings under revolving credit facility 70,000 — — — 70,000 Repayments under revolving credit facility (70,000 ) — — — (70,000 ) Payments on mortgages and land contracts due to land sellers and other loans — (13,831 ) (920 ) — (14,751 ) Issuance of common stock under employee stock plans 20,011 — — — 20,011 Stock repurchases (35,039 ) — — — (35,039 ) Tax payments associated with stock-based compensation awards (8,476 ) — — — (8,476 ) Payments of cash dividends (8,892 ) — — — (8,892 ) Intercompany — 27,724 15,404 (43,128 ) — Net cash provided by (used in) financing activities (332,396 ) 13,893 14,484 (43,128 ) (347,147 ) Net increase (decrease) in cash and cash equivalents (145,216 ) 10,149 (10,675 ) — (145,742 ) Cash and cash equivalents at beginning of year 575,193 104,120 41,548 — 720,861 Cash and cash equivalents at end of year $ 429,977 $ 114,269 $ 30,873 $ — $ 575,119 Year Ended November 30, 2017 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net cash provided by operating activities $ 70,683 $ 366,005 $ 76,531 $ — $ 513,219 Cash flows from investing activities: Contributions to unconsolidated joint ventures — (13,569 ) (5,125 ) — (18,694 ) Return of investments in unconsolidated joint ventures — 4,119 6,916 — 11,035 Purchases of property and equipment, net (7,215 ) (809 ) (61 ) — (8,085 ) Intercompany 311,857 — — (311,857 ) — Net cash provided by (used in) investing activities 304,642 (10,259 ) 1,730 (311,857 ) (15,744 ) Cash flows from financing activities: Repayment of senior notes (270,326 ) — — — (270,326 ) Payment of issuance costs (1,711 ) — — — (1,711 ) Payments on mortgages and land contracts due to land sellers and other loans — (106,382 ) — — (106,382 ) Issuance of common stock under employee stock plans 23,162 — — — 23,162 Excess tax benefits from stock-based compensation 958 — — — 958 Tax payments associated with stock-based compensation awards (6,673 ) — — — (6,673 ) Payments of cash dividends (8,642 ) — — — (8,642 ) Intercompany — (251,147 ) (60,710 ) 311,857 — Net cash used in financing activities (263,232 ) (357,529 ) (60,710 ) 311,857 (369,614 ) Net increase (decrease) in cash and cash equivalents 112,093 (1,783 ) 17,551 — 127,861 Cash and cash equivalents at beginning of year 463,100 105,903 23,997 — 593,000 Cash and cash equivalents at end of year $ 575,193 $ 104,120 $ 41,548 $ — $ 720,861

Quarterly Results (unaudited)

Quarterly Results (unaudited)	12 Months Ended
Quarterly Results (unaudited)	Nov. 30, 2019
Quarterly Financial Information Disclosure [Abstract]
Quarterly Results (unaudited)	Quarterly Results (unaudited) The following tables present our consolidated quarterly results for the years ended November 30, 2019 and 2018 (in thousands, except per share amounts): First Quarter Second Quarter Third Quarter Fourth Quarter 2019 Revenues $ 811,483 $ 1,021,803 $ 1,160,786 $ 1,558,675 Gross profits 139,604 177,019 216,029 306,834 Inventory impairment and land option contract abandonment charges 3,555 4,337 5,251 4,148 Pretax income (a) 34,511 56,761 91,936 164,967 Net income 30,011 47,461 68,136 123,167 Earnings per share: Basic .34 .54 .77 1.37 Diluted .31 .51 .73 1.31 2018 Revenues $ 871,623 $ 1,101,423 $ 1,225,347 $ 1,348,609 Gross profits 141,192 189,222 222,893 245,931 Inventory impairment and land option contract abandonment charges 4,985 6,526 8,414 9,069 Pretax income 46,045 78,308 114,676 128,936 Net income (loss) (b) (71,255 ) 57,308 87,476 96,836 Earnings (loss) per share: Basic (.82 ) .65 .99 1.09 Diluted (.82 ) .57 .87 .96 (a) Pretax income for the fourth quarter included a $6.8 million loss on the early extinguishment of debt. (b) Net income (loss) included non-cash charges to income tax expense of $111.2 million in the first quarter and $1.3 million in the fourth quarter for TCJA-related impacts. Quarterly and year-to-date computations of per share amounts are made independently. Therefore, the sum of per share amounts for the quarters may not agree with per share amounts for the year.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Nov. 30, 2019
Segment Reporting Information [Line Items]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]	We recorded the following cumulative effect adjustment to increase beginning retained earnings as of December 1, 2018 (in thousands): Balance Sheet Balance at November 30, 2018 Adjustments due to ASC 606 Balance at December 1, 2018 Assets Homebuilding: Inventories $ 3,582,839 $ (35,288 ) $ 3,547,551 Property and equipment, net 24,283 31,194 55,477 Deferred tax assets, net 441,820 (4,024 ) 437,796 Financial services 12,380 19,728 32,108 Stockholders’ equity: Retained earnings 1,897,168 11,610 1,908,778 The impacts of adopting ASC 606 on our consolidated statements of operations for the year ended November 30, 2019 and consolidated balance sheet as of November 30, 2019 were as follows (in thousands, except per share amounts): Year ended November 30, 2019 Statement of Operations As Reported Amounts without the Adoption of ASC 606 Effect of Change Higher/(Lower) Homebuilding: Revenues $ 4,537,658 $ 4,534,716 $ 2,942 Construction and land costs (3,708,928 ) (3,740,337 ) (31,409 ) Selling, general and administrative expenses (497,350 ) (464,105 ) 33,245 Operating income 331,380 330,274 1,106 Financial services: Revenues 15,089 14,211 878 Total pretax income 348,175 346,191 1,984 Income tax expense (79,400 ) (78,900 ) 500 Net income 268,775 267,291 1,484 Diluted earnings per share 2.85 2.85 — As of November 30, 2019 Balance Sheet As Reported Amounts without the Adoption of ASC 606 Effect of Change Higher/(Lower) Assets Homebuilding: Inventories $ 3,704,602 $ 3,746,567 $ (41,965 ) Deferred tax assets, net 364,493 369,017 (4,524 ) Property and equipment, net 65,043 26,067 38,976 Financial services 38,396 17,790 20,606 Stockholders’ equity: Retained earnings 2,157,183 2,144,090 13,093
Operations	Operations. KB Home is a builder of attached and detached single-family residential homes, townhomes and condominiums. As of November 30, 2019 , we conducted ongoing operations in Arizona, California, Colorado, Florida, Nevada, North Carolina, Texas and Washington. We also offer various insurance products to our homebuyers in the same markets where we build homes, and provide title services in the majority of our markets located within our Southwest, Central and Southeast homebuilding reporting segments. Since June 2017, we have been providing mortgage banking services, including mortgage loan originations, to our homebuyers indirectly through KBHS, an unconsolidated joint venture we formed with Stearns.
Basis of Presentation	Basis of Presentation. Our consolidated financial statements have been prepared in accordance with GAAP and include our accounts and those of the consolidated subsidiaries in which we have a controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation. Investments in unconsolidated joint ventures in which we have less than a controlling financial interest are accounted for using the equity method.
Use of Estimates	Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents.
Property and Equipment and Depreciation	Property and Equipment and Depreciation. Property and equipment are recorded at cost and are depreciated using the straight-line method over their estimated useful lives as follows: computer software and equipment – two to five years ; model furnishings and sales office improvements – two to three years ; office furniture and equipment – three to ten years
Homebuilding Operations	Homebuilding Operations. We recognize homebuilding revenue in accordance with ASC 606 by applying the following steps in determining the timing and amount of revenue to recognize: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract, if applicable; and (5) recognize revenue when (or as) we satisfy a performance obligation. Our home sale transactions are made pursuant to contracts under which we typically have a single performance obligation to deliver a completed home to the homebuyer when closing conditions are met. Revenues from home sales are recognized when we have satisfied the performance obligation within the sales contract, which is generally when title to and possession of the home and the risks and rewards of ownership are transferred to the homebuyer on the closing date. Under our home sale contracts, we typically receive an initial cash deposit from the homebuyer at the time the sales contract is executed and receive the remaining consideration to which we are entitled, through a third-party escrow agent, at closing. Customer deposits related to sold but undelivered homes totaled $22.4 million and $19.5 million at November 30, 2019 and November 30, 2018, respectively, and are included in accrued expenses and other liabilities. Concurrent with the recognition of revenues in our consolidated statements of operations, sales incentives in the form of price concessions on the selling price of a home are recorded as a reduction of revenues. The costs of sales incentives in the form of free or discounted products or services provided to homebuyers, including option upgrades and closing cost allowances, are reflected as construction and land costs because such incentives are identified in our home sale contracts with homebuyers as an intrinsic part of our single performance obligation to deliver and transfer title to their home for the transaction price stated in the contracts. Sales incentives that we may provide in the form of closing cost allowances are immaterial to the related revenues. Cash proceeds from home sale closings held by third-party escrow agents for our benefit, typically for less than five days, are considered deposits in-transit and classified as cash. Land sale transactions are made pursuant to contracts under which we typically have a performance obligation(s) to deliver specified land parcels to the buyer when closing conditions are met. We evaluate each land sale contract to determine our performance obligation(s) under the contract, including whether we have a distinct promise to perform post-closing land development work that is material within the context of the contract, and use objective criteria to determine our completion of the applicable performance obligation(s), whether at a point in time or over time. Revenues from land sales are recognized when we have satisfied the performance obligation(s) within the sales contract, which is generally when title to and possession of the land and the risks and rewards of ownership are transferred to the land buyer on the closing date. Under our land sale contracts, we typically receive an initial cash deposit from the buyer at the time the contract is executed and receive the remaining consideration to which we are entitled, through a third-party escrow agent, at closing. In the limited circumstances where we provide financing to the land buyer, we determine that collectibility of the receivable is reasonably assured before we recognize revenue. In instances where we have a distinct and material performance obligation(s) within the context of a land sale contract to perform land development work after the closing date, a portion of the transaction price under the contract is allocated to such performance obligation(s) and is recognized as revenue over time based upon our estimated progress toward the satisfaction of the performance obligation(s). We generally measure our progress based on our costs incurred relative to the total costs expected to satisfy the performance obligation(s). While the payment terms for such a performance obligation(s) vary, we generally receive the final payment when we have completed our land development work to the specifications detailed in the applicable land sale contract and it has been accepted by the land buyer. Homebuilding revenues include forfeited deposits, which occur when home sale or land sale contracts that include a nonrefundable deposit are cancelled. Revenues from forfeited deposits are immaterial. Within our homebuilding operations, substantially all of our contracts with customers and the related performance obligations have an original expected duration of one year or less. Construction and land costs are comprised of direct and allocated costs, including estimated future costs for the limited warranty we provide on our homes, and certain amenities within a community. Land acquisition, land development and other common costs are generally allocated on a relative fair value basis to the homes or lots within the applicable community or land parcel. Land acquisition and land development costs include related interest and real estate taxes. Inventories . H ousing and land inventories are stated at cost, unless the carrying value is determined not to be recoverable, in which case the affected inventories are written down to fair value or fair value less associated costs to sell. Real estate assets, such as our housing and land inventories, are tested for recoverability whenever events or changes in circumstances indicate that their carrying value may not be recoverable. Recoverability is measured by comparing the carrying value of an asset to the undiscounted future net cash flows expected to be generated by the asset. These impairment evaluations are significantly impacted by estimates for the amounts and timing of future revenues, costs and expenses, and other factors. If the carrying value of a real estate asset is determined not to be recoverable, the impairment charge to be recognized is measured by the amount by which the carrying value of the affected asset exceeds its estimated fair value. For land held for sale, if the fair value less associated costs to sell exceeds the asset’s carrying value, no impairment charge is recognized.
Capitalized Interest	Capitalized Interest.
Fair Value Measurements	Fair Value Measurements. Fair value measurements are used for inventories on a nonrecurring basis when events and circumstances indicate that their carrying value is not recoverable. For these real estate assets, fair value is determined based on the estimated future net cash flows discounted for inherent risk associated with each such asset, or other valuation techniques.
Warranty Costs	Warranty Costs. We provide a limited warranty on all of our homes. 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 and adjust the amount as necessary based on our assessment. Our warranty liability is presented on a gross basis for all years 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.
Self-Insurance	Self-Insurance. We self-insure a portion of our overall risk through the use of a captive insurance subsidiary. We record liabilities based on the estimated costs required to cover reported claims, claims incurred but not yet reported, and claim adjustment expenses. These estimated costs are based on an actuarial analysis of our historical claims and expense data, as well as industry data. Our self-insurance liability is presented on a gross basis for all years without consideration of insurance recoveries and amounts we have paid on behalf of and expect to recover from other parties, if any . Estimates of insurance 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.
Advertising Costs	Advertising Costs.
Legal Fees	Legal Fees.
Stock-Based Compensation	Stock-Based Compensation. We measure and recognize compensation expense associated with our grant of equity-based awards at an amount equal to the fair value of share-based payments granted under compensation arrangements over the vesting period. We estimate the fair value of stock options and Director Plan SARs granted using the Black-Scholes option-pricing model with assumptions based primarily on historical data.
Income Taxes	Income Taxes. The provision for, or benefit from, income taxes is calculated using the asset and liability method, under which deferred tax assets and liabilities are recorded based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are evaluated on a quarterly basis to determine if adjustments to the valuation allowance are required. This evaluation is 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. 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 in our consolidated balance sheets depends on applicable income tax rates.
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss. The accumulated balances of other comprehensive loss in the consolidated balance sheets as of November 30, 2019 and 2018 were comprised solely of adjustments recorded directly to accumulated other comprehensive loss related to our benefit plan obligations. Such adjustments are made annually as of November 30, when our benefit plan obligations are remeasured.
Earnings Per Share	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 November 30, 2019 , 2018 or 2017
Adoption of New Accounting Pronouncements and Recent Accounting Pronouncements Not Yet Adopted	Adoption of New Accounting Pronouncements . In March 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-09, which simplified several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of excess tax benefits on the statement of cash flows, treatment of forfeitures, and statutory withholding requirements. We adopted this guidance effective December 1, 2017. ASU 2016-09 requires excess tax benefits and deficiencies from stock-based compensation awards to be recognized prospectively in our consolidated statements of operations as a component of income tax expense, whereas these items were previously recorded in paid-in capital in our consolidated balance sheets. This guidance also requires excess tax benefits to be classified within operating activities in the consolidated statements of cash flows. We previously recognized excess tax benefits as a cash inflow from financing activities and a corresponding cash outflow from operating activities. In connection with the adoption of this guidance, we elected to continue to estimate forfeitures in calculating our stock-based compensation expense, rather than account for forfeitures as they occur. The impact of recognizing excess tax benefits and deficiencies in our consolidated statements of operations resulted in reductions in our income tax expense of $5.3 million for 2019 and $1.0 million for 2018. The remaining aspects of adopting this guidance did not have a material impact on our consolidated financial statements. In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”), which supersedes the revenue guidance in Accounting Standards Codification Topic 605, “Revenue Recognition,” and most industry-specific revenue and cost guidance in the accounting standards codification, including some cost guidance related to construction-type and production-type contracts. ASU 2014-09 and its related amendments collectively resulted in ASC 606. The core principle of ASC 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. On December 1, 2018, we adopted ASC 606, using the modified retrospective method applied to contracts that were not completed as of the adoption date. Results for reporting periods beginning December 1, 2018 and after are presented under ASC 606, while results for prior reporting periods have not been adjusted and continue to be presented under the accounting guidance in effect for those periods. We recorded the following cumulative effect adjustment to increase beginning retained earnings as of December 1, 2018 (in thousands): Balance Sheet Balance at November 30, 2018 Adjustments due to ASC 606 Balance at December 1, 2018 Assets Homebuilding: Inventories $ 3,582,839 $ (35,288 ) $ 3,547,551 Property and equipment, net 24,283 31,194 55,477 Deferred tax assets, net 441,820 (4,024 ) 437,796 Financial services 12,380 19,728 32,108 Stockholders’ equity: Retained earnings 1,897,168 11,610 1,908,778 Within our homebuilding operations, ASC 606 impacted the classification and timing of recognition in our consolidated financial statements of certain community sales office and other marketing- and model home-related costs, which we previously capitalized to inventories and amortized through construction and land costs with each home delivered in a community. With our adoption of ASC 606, these costs are capitalized to property and equipment and depreciated to selling, general and administrative expenses, or expensed to selling, general and administrative expenses as incurred. Upon adopting ASC 606, we reclassified these community sales office and other marketing- and model home-related costs and related accumulated amortization from inventories to either property and equipment, net or retained earnings in our consolidated balance sheet. As a result of the change in the classification of certain community sales office and other marketing- and model home-related costs from inventories to property and equipment, net, these costs are presented as a cash outflow from investing activities in our consolidated statements of cash flows under ASC 606. Previously, such costs were classified as a cash outflow from operating activities. Forfeited deposits related to cancelled home sale and land sale contracts, which were previously reflected as other income within selling, general and administrative expenses, are included in homebuilding revenues under ASC 606. Within our financial services operations, ASC 606 impacted the timing of recognition in our consolidated financial statements of insurance commissions for insurance policy renewals. We previously recognized such insurance commissions as revenue when policies were renewed. With our adoption of ASC 606, insurance commissions for future policy renewals are estimated and recognized as revenue when the insurance carrier issues an initial insurance policy to our homebuyer, which generally occurs at the time each applicable home sale is closed. Upon adopting ASC 606, we recognized contract assets for the estimated future renewal commissions related to existing insurance policies as of December 1, 2018. There were no significant changes to our business processes or internal control over financial reporting as a result of adopting ASC 606. The impacts of adopting ASC 606 on our consolidated statements of operations for the year ended November 30, 2019 and consolidated balance sheet as of November 30, 2019 were as follows (in thousands, except per share amounts): Year ended November 30, 2019 Statement of Operations As Reported Amounts without the Adoption of ASC 606 Effect of Change Higher/(Lower) Homebuilding: Revenues $ 4,537,658 $ 4,534,716 $ 2,942 Construction and land costs (3,708,928 ) (3,740,337 ) (31,409 ) Selling, general and administrative expenses (497,350 ) (464,105 ) 33,245 Operating income 331,380 330,274 1,106 Financial services: Revenues 15,089 14,211 878 Total pretax income 348,175 346,191 1,984 Income tax expense (79,400 ) (78,900 ) 500 Net income 268,775 267,291 1,484 Diluted earnings per share 2.85 2.85 — As of November 30, 2019 Balance Sheet As Reported Amounts without the Adoption of ASC 606 Effect of Change Higher/(Lower) Assets Homebuilding: Inventories $ 3,704,602 $ 3,746,567 $ (41,965 ) Deferred tax assets, net 364,493 369,017 (4,524 ) Property and equipment, net 65,043 26,067 38,976 Financial services 38,396 17,790 20,606 Stockholders’ equity: Retained earnings 2,157,183 2,144,090 13,093 Disaggregation of Revenues. Our homebuilding operations accounted for 99.7% of our total revenues for the year ended November 30, 2019, with most of those revenues generated from home sale contracts with customers. Due to the nature of our revenue-generating activities, we believe the disaggregation of revenues as reported in our consolidated statement of operations, and as disclosed by homebuilding reporting segment in Note 2 – Segment Information and for our financial services reporting segment in Note 3 – Financial Services, fairly depicts how the nature, amount, timing and uncertainty of cash flows are affected by economic factors. Recent Accounting Pronouncements Not Yet Adopted. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). ASU 2016-02 will require lessees to recognize on the balance sheet the assets and liabilities for the rights and obligations created by leases. Under this guidance, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. Lessor accounting remains substantially similar to previous lease accounting guidance. In addition, disclosures of leasing activities are to be expanded to include qualitative along with specific quantitative information. ASU 2016-02 is effective for us beginning December 1, 2019. We will adopt ASU 2016-02 and its related amendments (collectively, “ASC 842”) beginning December 1, 2019 using the modified retrospective method. Results for reporting periods beginning December 1, 2019 and after will be presented under ASC 842, while results for prior reporting periods will not be adjusted and will continue to be presented under the accounting guidance in effect for those periods. Upon adoption, we expect to record lease right-of-use assets and lease liabilities of approximately $31.0 million on our consolidated balance sheet for leases with terms of more than 12 months, which are primarily real estate leases for office space and design studios, as well as certain equipment leases. In addition, we plan to record a cumulative effect adjustment to increase beginning retained earnings as of December 1, 2019 by approximately $1.5 million , net of tax, to recognize a previously deferred gain on our sale and leaseback of an office building in 2019. We do not expect the adoption of ASC 842 to have a material impact on our consolidated statements of operations or cash flows. In June 2016, the FASB issued Accounting Standards Update No. 2016-13, “Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”), which changes the impairment model for most financial assets and certain other instruments from an incurred loss approach to a new expected credit loss methodology. ASU 2016-13 is effective for us beginning December 1, 2020 (with early adoption permitted). We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements. In February 2018, the FASB issued Accounting Standards Update No. 2018-02, “Income Statement — Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” (“ASU 2018-02”), which allows a reclassification from accumulated other comprehensive income (loss) to retained earnings for stranded tax effects resulting from the TCJA, and requires certain disclosures about stranded tax effects. ASU 2018-02 is effective for us beginning December 1, 2019, and shall be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the corporate income tax rate in the TCJA is recognized. We do not expect the adoption of ASU 2018-02 to have a material impact on our consolidated financial statements.
Segment Reporting	four homebuilding reporting segments based primarily on similarities in economic and geographic characteristics, product types, regulatory environments, methods used to sell and construct homes and land acquisition characteristics. We also have one financial services reporting segment. Management evaluates segment performance primarily based on segment pretax results. As of November 30, 2019 , our homebuilding reporting segments conducted ongoing operations in the following states: West Coast: California and Washington Southwest: Arizona and Nevada Central: Colorado and Texas Southeast: Florida and North Carolina Our homebuilding reporting segments are engaged in the acquisition and development of land primarily for residential purposes and offer a wide variety of homes that are designed to appeal to first-time, first move-up and active adult homebuyers. Our homebuilding operations generate most of their revenues from the delivery of completed homes to homebuyers. They also earn revenues from the sale of land. In 2018, we expanded into the Seattle, Washington market. 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. In 2019, we also expanded our title services business to include Arizona, Colorado and Nevada. Our financial services segment earns revenues primarily from insurance commissions and from the provision of title services. In 2016, we and Stearns formed KBHS, an unconsolidated mortgage banking joint venture, to offer mortgage banking services, including mortgage loan originations, to our homebuyers. We and Stearns each have a 50.0% ownership interest, with Stearns providing management oversight of KBHS’ operations. KBHS was operational in all of our served markets as of June 2017. Our homebuyers may select any lender of their choice to obtain mortgage financing for the purchase of their home. The financial services reporting segment is separately reported in our consolidated financial statements. Corporate and other is a non-operating segment that develops and oversees the implementation of company-wide strategic initiatives and provides support to our reporting segments by centralizing certain administrative functions. Corporate management is responsible for, among other things, evaluating and selecting the geographic markets in which we operate, consistent with our overall business strategy; allocating capital resources to markets for land acquisition and development activities; making major personnel decisions related to employee compensation and benefits; and monitoring the financial and operational performance of our divisions. Corporate and other includes general and administrative expenses related to operating our corporate headquarters. A portion of the expenses incurred by Corporate and other is allocated to our homebuilding reporting segments. Our reporting segments follow the same accounting policies used for our consolidated financial statements as described in Note 1 – Summary of Significant Accounting Policies. 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.
Inventory Impairment	E ach community or land parcel in our owned inventory is assessed to determine if indicators of potential impairment exist. Impairment indicators are assessed separately for each community or land parcel on a quarterly basis and include, but are not limited to, the following: significant decreases in net orders, average selling prices, volume of homes delivered, gross profit margins on homes delivered or projected gross profit margins on homes in backlog or future deliveries; significant increases in budgeted land development and home construction costs or cancellation rates; or projected losses on expected future land sales. If indicators of potential impairment exist for a community or land parcel, the identified asset is evaluated for recoverability.
Land under Option Arrangements	Our inventory controlled under land option contracts and other similar contracts is assessed to determine whether it continues to meet our investment return standards. Assessments are made separately for each optioned land parcel on a quarterly basis and are affected by the following factors relative to the market in which the asset is located, among others: current and/or anticipated net orders, average selling prices and volume of homes delivered; estimated land development and home construction costs; and projected profitability on expected future housing or land sales. 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.
Financial services [Member]
Segment Reporting Information [Line Items]
Operations	Financial Services Operations. Our financial services reporting segment generates revenues primarily from insurance commissions and title services. Revenues from title services are recognized when policies are issued, which generally occurs at the time each applicable home sale is closed. We receive commissions from various third-party insurance carriers for arranging for the carriers to provide homeowner and other insurance policies for our homebuyers that elect to obtain such coverage. In addition, each time a homebuyer renews their insurance policy with the insurance carrier, we receive a renewal commission. Revenues from insurance commissions are recognized when the insurance carrier issues an initial insurance policy to our homebuyer, which generally occurs at the time each applicable home sale is closed. As our performance obligations for policy renewal commissions are satisfied upon issuance of the initial insurance policy, insurance commissions for renewals are considered variable consideration under ASC 606. Accordingly, we estimate the probable future renewal commissions when an initial policy is issued and record a corresponding contract asset and insurance commission revenues. We estimate the amount of variable consideration based on historical renewal trends and constrain the estimate such that it is probable that a significant reversal of cumulative recognized revenue will not occur. We also consider the likelihood and magnitude of a potential future reversal of revenue and update our assessment at the end of each reporting period. The contract assets for estimated future renewal commissions are included in other assets within our financial services reporting segment and totaled $20.6 million at November 30, 2019. Contract assets totaling $19.7 million were recognized on December 1, 2018 in connection with the adoption of ASC 606.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies Revenue, Initial Application Period Cumulative Effect Transition (Tables)	12 Months Ended
	Nov. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]	We recorded the following cumulative effect adjustment to increase beginning retained earnings as of December 1, 2018 (in thousands): Balance Sheet Balance at November 30, 2018 Adjustments due to ASC 606 Balance at December 1, 2018 Assets Homebuilding: Inventories $ 3,582,839 $ (35,288 ) $ 3,547,551 Property and equipment, net 24,283 31,194 55,477 Deferred tax assets, net 441,820 (4,024 ) 437,796 Financial services 12,380 19,728 32,108 Stockholders’ equity: Retained earnings 1,897,168 11,610 1,908,778 The impacts of adopting ASC 606 on our consolidated statements of operations for the year ended November 30, 2019 and consolidated balance sheet as of November 30, 2019 were as follows (in thousands, except per share amounts): Year ended November 30, 2019 Statement of Operations As Reported Amounts without the Adoption of ASC 606 Effect of Change Higher/(Lower) Homebuilding: Revenues $ 4,537,658 $ 4,534,716 $ 2,942 Construction and land costs (3,708,928 ) (3,740,337 ) (31,409 ) Selling, general and administrative expenses (497,350 ) (464,105 ) 33,245 Operating income 331,380 330,274 1,106 Financial services: Revenues 15,089 14,211 878 Total pretax income 348,175 346,191 1,984 Income tax expense (79,400 ) (78,900 ) 500 Net income 268,775 267,291 1,484 Diluted earnings per share 2.85 2.85 — As of November 30, 2019 Balance Sheet As Reported Amounts without the Adoption of ASC 606 Effect of Change Higher/(Lower) Assets Homebuilding: Inventories $ 3,704,602 $ 3,746,567 $ (41,965 ) Deferred tax assets, net 364,493 369,017 (4,524 ) Property and equipment, net 65,043 26,067 38,976 Financial services 38,396 17,790 20,606 Stockholders’ equity: Retained earnings 2,157,183 2,144,090 13,093

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
Segment Information (Tables)	Nov. 30, 2019
Segment Reporting [Abstract]
Financial information relating to company reporting segments	The following tables present financial information relating to our homebuilding reporting segments (in thousands): Years Ended November 30, 2019 2018 2017 Revenues: West Coast $ 1,912,146 $ 2,085,328 $ 2,186,411 Southwest 764,816 707,075 533,052 Central 1,267,892 1,239,305 1,188,839 Southeast 592,804 502,087 447,963 Total $ 4,537,658 $ 4,533,795 $ 4,356,265 Pretax income (loss): West Coast $ 178,078 $ 240,337 $ 217,649 Southwest 111,016 91,017 45,540 Central 126,304 117,609 116,098 Southeast 18,550 7,624 (509 ) Corporate and other (108,759 ) (105,286 ) (101,851 ) Total $ 325,189 $ 351,301 $ 276,927 Equity in income (loss) of unconsolidated joint ventures: West Coast $ (851 ) $ (966 ) $ (1,770 ) Southwest (697 ) 3,033 362 Central — — — Southeast (1 ) (1 ) (1 ) Total $ (1,549 ) $ 2,066 $ (1,409 ) Inventory impairment and land option contract abandonment charges: West Coast $ 15,567 $ 20,381 $ 16,707 Southwest 408 432 3,445 Central 848 2,558 846 Southeast 468 5,623 4,234 Total $ 17,291 $ 28,994 $ 25,232 November 30, 2019 2018 Inventories: West Coast $ 1,795,088 $ 1,727,993 Southwest 629,811 598,374 Central 889,179 865,184 Southeast 390,524 391,288 Total $ 3,704,602 $ 3,582,839 Investments in unconsolidated joint ventures: West Coast $ 51,740 $ 56,128 Southwest 2,792 3,327 Central — — Southeast 2,506 2,505 Total $ 57,038 $ 61,960 Assets: West Coast $ 1,925,192 $ 1,880,516 Southwest 674,310 631,509 Central 1,035,563 1,017,490 Southeast 441,451 463,224 Corporate and other 900,570 1,068,452 Total $ 4,977,086 $ 5,061,191

Financial Services (Tables)

Financial Services (Tables)	12 Months Ended
Financial Services (Tables)	Nov. 30, 2019
Segment Reporting Information [Line Items]
Financial services income loss	The following tables present financial information relating to our financial services reporting segment (in thousands): Years Ended November 30, 2019 2018 2017 Revenues Insurance commissions $ 8,662 $ 7,535 $ 6,991 Title services 6,421 5,672 5,268 Interest income 6 — 5 Total 15,089 13,207 12,264 Expenses General and administrative (4,333 ) (3,844 ) (3,430 ) Operating income 10,756 9,363 8,834 Equity in income of unconsolidated joint ventures 12,230 7,301 4,234 Pretax income $ 22,986 $ 16,664 $ 13,068
Financial services [Member]
Segment Reporting Information [Line Items]
Financial services assets liabilities	November 30, 2019 2018 Assets Cash and cash equivalents $ 1,044 $ 760 Receivables 2,232 2,885 Investments in unconsolidated joint ventures 14,374 8,594 Other assets (a) 20,746 141 Total assets $ 38,396 $ 12,380 Liabilities Accounts payable and accrued expenses $ 2,058 $ 1,495 Total liabilities $ 2,058 $ 1,495 (a) Other assets at November 30, 2019 included $20.6 million of contract assets for estimated future renewal commissions due to our adoption of ASC 606 effective December 1, 2018, as described in Note 1 – Summary of Significant Accounting Policies.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
Earnings Per Share (Tables)	Nov. 30, 2019
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): Years Ended November 30, 2019 2018 2017 Numerator: Net income $ 268,775 $ 170,365 $ 180,595 Less: Distributed earnings allocated to nonvested restricted stock (123 ) (51 ) (56 ) Less: Undistributed earnings allocated to nonvested restricted stock (1,505 ) (927 ) (1,121 ) Numerator for basic earnings per share 267,147 169,387 179,418 Effect of dilutive securities: Interest expense and amortization of debt issuance costs associated with convertible senior notes, net of taxes 541 3,190 2,654 Add: Undistributed earnings allocated to nonvested restricted stock 1,505 927 1,121 Less: Undistributed earnings reallocated to nonvested restricted stock (1,412 ) (805 ) (979 ) Numerator for diluted earnings per share $ 267,781 $ 172,699 $ 182,214 Years Ended November 30, 2019 2018 2017 Denominator: Weighted average shares outstanding — basic 87,996 87,773 85,842 Effect of dilutive securities: Share-based payments 4,415 4,884 4,072 Convertible senior notes 1,427 8,402 8,402 Weighted average shares outstanding — diluted 93,838 101,059 98,316 Basic earnings per share $ 3.04 $ 1.93 $ 2.09 Diluted earnings per share $ 2.85 $ 1.71 $ 1.85

Receivables (Tables)

Receivables (Tables)	12 Months Ended
Receivables (Tables)	Nov. 30, 2019
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	Receivables consisted of the following (in thousands): November 30, 2019 2018 Due from utility companies, improvement districts and municipalities (a) $ 128,047 $ 113,434 Recoveries related to self-insurance and other legal claims 80,729 138,261 Refundable deposits and bonds 10,925 14,115 Other 37,846 38,525 Subtotal 257,547 304,335 Allowance for doubtful accounts (8,492 ) (11,505 ) Total $ 249,055 $ 292,830 (a) These receivables typically relate to infrastructure improvements we make with respect to our communities. We are generally reimbursed for the cost of such improvements when they are accepted by the utility company, improvement district or municipality, or after certain events occur, depending on the terms of the applicable agreements. These events may include, but are not limited to, the connection of utilities or the issuance of bonds by the respective improvement districts or municipalities.

Inventories (Tables)

Inventories (Tables)	12 Months Ended
Inventories (Tables)	Nov. 30, 2019
Inventory Disclosure [Abstract]
Inventories	Inventories consisted of the following (in thousands): November 30, 2019 2018 Homes completed or under construction $ 1,340,412 $ 1,125,152 Land under development 2,213,713 2,219,936 Land held for future development or sale (a) 150,477 237,751 Total $ 3,704,602 $ 3,582,839 (a) Land held for sale totaled $19.3 million at November 30, 2019 and $9.8 million at November 30, 2018 .
Interest costs	Our interest costs were as follows (in thousands): Years Ended November 30, 2019 2018 2017 Capitalized interest at beginning of year $ 209,129 $ 262,191 $ 306,723 Interest incurred 143,412 149,698 171,486 Interest expensed — — (622 ) Interest amortized to construction and land costs (a) (156,803 ) (202,760 ) (215,396 ) Capitalized interest at end of year (b) $ 195,738 $ 209,129 $ 262,191 (a) Interest amortized to construction and land costs for the years ended November 30, 2019 , 2018 and 2017 included $.7 million $4.8 million and $4.9 million , respectively, related to land sales during the periods. (b) Capitalized interest amounts reflect the gross amount of capitalized interest, as inventory impairment charges recognized, if any, are not generally allocated to specific components of inventory.

Inventory Impairments and Lan_2

Inventory Impairments and Land Option Contract Abandonments (Tables)	12 Months Ended
	Nov. 30, 2019
Inventory Impairments and Land Option Contract Abandonments [Abstract]
Schedule of significant unobservable inputs	The following table summarizes ranges for significant quantitative unobservable inputs we utilized in our fair value measurements with respect to impaired communities, other than land held for sale, written down to fair value during the years presented: Years Ended November 30, Unobservable Input (a) 2019 2018 2017 Average selling price $315,000 - $1,045,400 $291,300 - $774,100 $207,100 - $1,576,500 Deliveries per month 1 - 4 2 - 6 1 - 4 Discount rate 17% 17% - 19% 17% - 18% (a) The ranges of inputs used in each period primarily reflect differences between the housing markets where each impacted community is located, rather than fluctuations in prevailing market conditions.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
Variable Interest Entities (Tables)	Nov. 30, 2019
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): November 30, 2019 November 30, 2018 Cash Deposits Aggregate Purchase Price Cash Deposits Aggregate Purchase Price Unconsolidated VIEs $ 34,595 $ 823,427 $ 26,542 $ 784,334 Other land option contracts and other similar contracts 40,591 600,092 27,288 586,904 Total $ 75,186 $ 1,423,519 $ 53,830 $ 1,371,238

Investments in Unconsolidated_2

Investments in Unconsolidated Joint Ventures (Tables)	12 Months Ended
Investments in Unconsolidated Joint Ventures (Tables)	Nov. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]
Statements of operations of unconsolidated joint ventures	The following table presents combined condensed information from the statements of operations of our unconsolidated joint ventures (in thousands): Years Ended November 30, 2019 2018 2017 Revenues $ 23,676 $ 59,418 $ 47,431 Construction and land costs (23,659 ) (46,288 ) (47,459 ) Other expenses, net (2,644 ) (2,674 ) (4,749 ) Income (loss) $ (2,627 ) $ 10,456 $ (4,777 )
Balance sheets of unconsolidated joint ventures	The following table presents combined condensed balance sheet information for our unconsolidated joint ventures (in thousands): November 30, 2019 2018 Assets Cash $ 23,965 $ 18,567 Receivables 12 9 Inventories 139,536 131,074 Other assets 780 521 Total assets $ 164,293 $ 150,171 Liabilities and equity Accounts payable and other liabilities $ 13,282 $ 11,374 Notes payable (a) 40,672 17,956 Equity 110,339 120,841 Total liabilities and equity $ 164,293 $ 150,171 (a) As of November 30, 2019 and 2018, we had investments in five and six unconsolidated joint ventures, respectively, one of which had a construction loan agreement with a third-party lender to finance its land development activities. The outstanding debt is secured by the corresponding underlying property and related project assets and is non-recourse to us. All of the outstanding secured debt at November 30, 2019 is scheduled to mature in February 2020. However, the loan agreement provides for two - 12 month extensions beyond this date. None of our other unconsolidated joint ventures had outstanding debt at November 30, 2019 or 2018 .

Property and Equipment, Net P_2

Property and Equipment, Net Property and Equipment, Net (Tables)	12 Months Ended
	Nov. 30, 2019
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment [Table Text Block]	Property and equipment, net consisted of the following (in thousands): November 30, 2019 2018 Computer software and equipment $ 27,091 $ 20,940 Model furnishings and sales office improvements (a) 82,117 — Leasehold improvements, office furniture and equipment (b) 16,173 23,491 Subtotal 125,381 44,431 Less accumulated depreciation (a) (60,338 ) (20,148 ) Total $ 65,043 $ 24,283 (a) The balance at November 30, 2019 reflects a change in the classification of certain community sales office and other marketing- and model home-related costs and related accumulated amortization from inventories to property and equipment, net due to our adoption of ASC 606 effective December 1, 2018, as described in Note 1 – Summary of Significant Accounting Policies. (b) In January 2019, we completed the sale and leaseback of our office building in San Antonio, Texas. The sale generated net cash proceeds of $5.8 million and a gain of $2.2 million , which is being recognized on a straight-line basis over a 10

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
Other Assets (Tables)	Nov. 30, 2019
Other Assets [Abstract]
Other Assets	Other assets consisted of the following (in thousands): November 30, 2019 2018 Cash surrender value and benefit receivable from corporate-owned life insurance contracts $ 73,849 $ 73,721 Prepaid expenses 5,944 7,647 Debt issuance costs associated with unsecured revolving credit facility, net 3,248 1,732 Total $ 83,041 $ 83,100

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	12 Months Ended
Accrued Expenses and Other Liabilities (Tables)	Nov. 30, 2019
Payables and Accruals [Abstract]
Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities consisted of the following (in thousands): November 30, 2019 2018 Self-insurance and other legal liabilities $ 229,483 $ 283,651 Employee compensation and related benefits 163,646 148,549 Warranty liability 88,839 82,490 Accrued interest payable 32,507 31,180 Inventory-related obligations (a) 26,264 40,892 Customer deposits 22,382 19,491 Real estate and business taxes 14,872 16,639 Other 40,790 43,376 Total $ 618,783 $ 666,268 (a) Represents liabilities for financing arrangements discussed in Note 8 – Variable Interest Entities, as well as liabilities for fixed or determinable amounts associated with TIFE assessments. As homes are delivered, our obligation to pay the remaining TIFE assessments associated with each underlying lot is transferred to the homebuyer. As such, these assessment obligations will be paid by us only to the extent we do not deliver homes on applicable lots before the related TIFE obligations mature.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Nov. 30, 2019
Income Tax Disclosure [Abstract]
Component of income tax benefit (expense) in the consolidated statement of operations	The components of the income tax expense in our consolidated statements of operations are as follows (in thousands): Federal State Total 2019 Current $ (200 ) $ (3,700 ) $ (3,900 ) Deferred (53,800 ) (21,700 ) (75,500 ) Income tax expense $ (54,000 ) $ (25,400 ) $ (79,400 ) Federal State Total 2018 Current $ (3,600 ) $ (4,800 ) $ (8,400 ) Deferred (170,700 ) (18,500 ) (189,200 ) Income tax expense $ (174,300 ) $ (23,300 ) $ (197,600 ) 2017 Current $ (2,800 ) $ (3,000 ) $ (5,800 ) Deferred (86,300 ) (17,300 ) (103,600 ) Income tax expense $ (89,100 ) $ (20,300 ) $ (109,400 )
Components of deferred tax liabilities and assets	Significant components of our deferred tax liabilities and assets are as follows (in thousands): November 30, 2019 2018 Deferred tax liabilities: Capitalized expenses $ 43,818 $ 51,660 State taxes 26,290 31,246 Other 4,132 225 Total 74,240 83,131 Deferred tax assets: Tax credits 180,737 231,100 Net operating losses (“NOLs”) from 2006 through 2019 95,562 121,432 Employee benefits 53,294 45,802 Inventory impairment and land option contract abandonment charges 48,862 67,416 Warranty, legal and other accruals 40,954 43,213 Capitalized expenses 25,116 27,894 Partnerships and joint ventures 9,990 6,368 Depreciation and amortization 479 1,869 Other 2,939 3,457 Total 457,933 548,551 Valuation allowance (19,200 ) (23,600 ) Total 438,733 524,951 Deferred tax assets, net $ 364,493 $ 441,820
Income tax benefit computed at the statutory U.S. federal income tax rate and income tax benefit (expense) provided in the consolidated statements of operations	The income tax expense computed at the statutory U.S. federal income tax rate and the income tax expense provided in our consolidated statements of operations differ as follows (dollars in thousands): Years Ended November 30, 2019 2018 2017 $ % $ % $ % Income tax expense computed at statutory rate $ (73,117 ) (21.0 )% $ (81,689 ) (22.2 )% $ (101,499 ) (35.0 )% Tax credits 6,595 1.9 14,177 3.9 6,227 2.2 Valuation allowance for deferred tax assets 4,400 1.3 2,000 .5 1,200 .4 Depreciation and amortization 4,276 1.2 1,223 .3 362 .1 NOL reconciliation 3,111 .9 — — (2,210 ) (.8 ) State taxes, net of federal income tax benefit (20,927 ) (6.0 ) (20,155 ) (5.5 ) (14,450 ) (4.9 ) Non-deductible compensation (4,653 ) (1.3 ) — — — — TCJA adjustment — — (112,458 ) (30.5 ) — — Other, net 915 .2 (698 ) (.2 ) 970 .3 Income tax expense $ (79,400 ) (22.8 )% $ (197,600 ) (53.7 )% $ (109,400 ) (37.7 )%
Reconciliation of the beginning and ending balances of the gross unrecognized benefits	A reconciliation of the beginning and ending balances of gross unrecognized tax benefits, excluding interest and penalties, is as follows (in thousands): Years Ended November 30, 2019 2018 2017 Balance at beginning of year $ — $ 56 $ 56 Reductions due to lapse of statute of limitations — (56 ) — Balance at end of year $ — $ — $ 56

Notes Payable (Tables)

Notes Payable (Tables)	12 Months Ended
Notes Payable (Tables)	Nov. 30, 2019
Debt Disclosure [Abstract]
Mortgages and Notes Payable	The key terms of each of our senior notes outstanding as of November 30, 2019 were as follows (dollars in thousands): Redeemable Prior to Maturity Effective Interest Rate Notes Payable Principal Issuance Date Maturity Date 7.00% Senior notes $ 450,000 October 29, 2013 December 15, 2021 Yes (a) 7.2 % 7.50% Senior notes 350,000 July 31, 2012 September 15, 2022 Yes (b) 7.7 7.625% Senior notes 350,000 February 17, 2015/February 20, 2019 May 15, 2023 Yes (a) 7.5 6.875% Senior notes 300,000 February 20, 2019 June 15, 2027 Yes (a) 7.1 4.80% Senior notes 300,000 November 4, 2019 November 15, 2029 Yes (a) 5.0 (a) At our option, these notes may be redeemed, in whole at any time or from time to time in part, at a redemption price equal to the greater of (i) 100% of the principal amount of the notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the notes being redeemed (exclusive of interest accrued to the applicable redemption date), discounted to the redemption date at a defined rate, plus, in each case, accrued and unpaid interest on the notes being redeemed to, but excluding, the applicable redemption date, except that three months prior to the stated maturity dates for the 7.00% Senior Notes due 2021 and until their respective maturity, and six months prior to the stated maturity date for the 7.625% Senior Notes due 2023, 6.875% Senior Notes due 2027 and 4.80% Senior Notes due 2029 and until their maturity, the redemption price will be equal to 100% of the principal amount of the notes being redeemed, plus, in each case, accrued and unpaid interest on the notes being redeemed to, but excluding, the applicable redemption date. (b) At our option, these notes may be redeemed, in whole at any time or from time to time in part, at a redemption price equal to the greater of (i) 100% of the principal amount of the notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the notes being redeemed (exclusive of interest accrued to the applicable redemption date), discounted to the redemption date at a defined rate, plus, in each case, accrued and unpaid interest on the notes being redeemed to the applicable redemption date. Notes payable consisted of the following (in thousands): November 30, 2019 2018 Mortgages and land contracts due to land sellers and other loans (at interest rates of 7% at November 30, 2019 and 2018) $ 7,889 $ 40,038 1.375% Convertible senior notes due February 1, 2019 — 229,788 4.75% Senior notes due May 15, 2019 — 399,483 8.00% Senior notes due March 15, 2020 — 347,790 7.00% Senior notes due December 15, 2021 448,164 447,359 7.50% Senior notes due September 15, 2022 348,267 347,731 7.625% Senior notes due May 15, 2023 351,748 248,074 6.875% Senior notes due June 15, 2027 296,379 — 4.80% Senior notes due November 15, 2029 296,300 — Total $ 1,748,747 $ 2,060,263

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	12 Months Ended
Fair Value Disclosures (Tables)	Nov. 30, 2019
Fair Value Disclosures [Abstract]
Assets measured at fair value on a nonrecurring basis	The following table presents the fair value hierarchy and our assets measured at fair value on a nonrecurring basis (in thousands): November 30, 2019 November 30, 2018 Description Fair Value Hierarchy Pre-Impairment Value Inventory Impairment Charges Fair Value (a) Pre-Impairment Value Inventory Impairment Charges Fair Value (a) Inventories (a) Level 3 $ 41,160 $ (14,031 ) $ 27,129 $ 70,156 $ (26,104 ) $ 44,052 (a) Amounts represent the aggregate fair value for real estate assets impacted by inventory impairment charges during the applicable period, as of the date 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.
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): November 30, 2019 2018 Description Fair Value Hierarchy Carrying Value (a) Estimated Fair Value Carrying Value (a) Estimated Fair Value Financial Liabilities: Senior notes Level 2 $ 1,740,858 $ 1,921,563 $ 1,790,437 $ 1,853,438 Convertible senior notes Level 2 — — 229,788 229,425 (a) The carrying values for the senior notes and convertible senior notes, as presented, include unamortized debt issuance costs. Debt issuance costs are not factored into the estimated fair values of these notes.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
Commitments and Contingencies (Tables)	Nov. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Schedule of Product Warranty Liability	The changes in our warranty liability were as follows (in thousands): Years Ended November 30, 2019 2018 2017 Balance at beginning of year $ 82,490 $ 69,798 $ 56,682 Warranties issued 35,480 37,792 38,452 Payments (23,531 ) (23,300 ) (25,336 ) Adjustments (5,600 ) (1,800 ) — Balance at end of year $ 88,839 $ 82,490 $ 69,798
Schedule of Self-Insurance Liability	The changes in our self-insurance liability were as follows (in thousands): Years Ended November 30, 2019 2018 2017 Balance at beginning of year $ 176,841 $ 177,695 $ 158,584 Self-insurance expense (a) 16,685 20,436 20,371 Payments (b) (15,761 ) (21,290 ) (22,933 ) Adjustments (c) — — 21,673 Balance at end of year $ 177,765 $ 176,841 $ 177,695 (a) These expenses are included in selling, general and administrative expenses and are largely offset by contributions from independent subcontractors participating in the wrap-up policy. (b) Includes net changes in estimated probable insurance and other recoveries, which are recorded in receivables, to present our self-insurance liability on a gross basis. (c) The amount for 2017 reflected a change in estimate to increase our self-insurance liability based on an actuarially determined estimate that we believed had a higher probability of being adequate to cover future payments associated with unresolved claims, including claims incurred but not yet reported. This adjustment was included in selling, general and administrative expenses.
Schedule of Future Minimum Rental Payments for Operating Leases	The future minimum rental payments under operating leases, which primarily consist of office leases having initial or remaining noncancelable lease terms in excess of one year , are as follows: 2020 — $9.7 million ; 2021 — $7.5 million ; 2022 — $6.1 million ; 2023 — $4.5 million ; 2024 — $3.6 million ; and thereafter — $5.8 million .

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	12 Months Ended
Accumulated Other Comprehensive Loss (Tables)	Nov. 30, 2019
Equity [Abstract]
Changes in the balances of each component of accumulated other comprehensive loss	The following table presents the changes in the balances of each component of accumulated other comprehensive loss (in thousands): Postretirement Benefit Plan Adjustments Total Accumulated Other Comprehensive Loss Balance at November 30, 2017 $ (16,924 ) Other comprehensive income before reclassifications 8,216 Amounts reclassified from accumulated other comprehensive loss 1,892 Income tax expense related to items of other comprehensive income (2,749 ) Other comprehensive income, net of tax 7,359 Balance at November 30, 2018 (9,565 ) Other comprehensive loss before reclassifications (10,268 ) Amounts reclassified from accumulated other comprehensive loss 2,130 Income tax benefit related to items of other comprehensive loss 2,197 Other comprehensive loss, net of tax (5,941 ) Balance at November 30, 2019 $ (15,506 )
Amounts reclassified from accumulated other comprehensive loss	The amounts reclassified from accumulated other comprehensive loss consisted of the following (in thousands): Years Ended November 30, Details About Accumulated Other Comprehensive Loss Components 2019 2018 2017 Postretirement benefit plan adjustments Amortization of net actuarial loss $ 218 $ 336 $ 142 Amortization of prior service cost 1,556 1,556 1,556 Settlement loss 356 — — Total reclassifications (a) $ 2,130 $ 1,892 $ 1,698 (a) The accumulated other comprehensive loss components are included in the computation of net periodic benefit costs as further discussed in Note 21 – Postretirement Benefits.

Employee Benefit and Stock Pl_2

Employee Benefit and Stock Plans (Tables)	12 Months Ended
Employee Benefit and Stock Plans (Tables)	Nov. 30, 2019
Share-based Payment Arrangement [Abstract]
Stock Based Compensation Expense	The following table presents our stock-based compensation expense (in thousands): Years Ended November 30, 2019 2018 2017 Stock options $ 189 $ 917 $ 2,592 Restricted stock 6,080 4,600 4,177 PSUs 10,742 8,790 6,439 Director awards 1,301 1,554 1,425 Total $ 18,312 $ 15,861 $ 14,633
Stock option transactions	Stock option transactions are summarized as follows: Years Ended November 30, 2019 2018 2017 Options Weighted Average Exercise Price Options Weighted Average Exercise Price Options Weighted Average Exercise Price Options outstanding at beginning of year 7,237,544 $ 16.02 9,265,240 $ 17.64 12,731,545 $ 18.95 Granted — — — — — — Exercised (2,300,004 ) 13.27 (1,195,926 ) 16.73 (1,650,360 ) 16.01 Cancelled (774,059 ) 40.43 (831,770 ) 33.05 (1,815,945 ) 28.31 Options outstanding at end of year 4,163,481 $ 13.00 7,237,544 $ 16.02 9,265,240 $ 17.64 Options exercisable at end of year 4,163,481 $ 13.00 6,948,670 $ 16.01 8,307,632 $ 17.86 Options available for grant at end of year 5,567,467 6,418,197 7,495,792
Stock options outstanding and stock options exercisable	Stock options outstanding and stock options exercisable at November 30, 2019 are summarized as follows: Options Outstanding Options Exercisable Range of Exercise Price Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life $ 6.32 to $11.05 953,500 $ 6.37 1.9 953,500 $ 6.37 $11.06 to $14.62 1,250,424 13.66 3.8 1,250,424 13.66 $14.63 to $15.44 853,000 14.92 5.9 853,000 14.92 $15.45 to $16.22 754,057 16.21 6.9 754,057 16.21 $16.23 to $45.16 352,500 17.12 3.8 352,500 17.12 $ 6.32 to $45.16 4,163,481 $ 13.00 4.3 4,163,481 $ 13.00 4.3
Restricted stock transactions	Restricted stock transactions are summarized as follows: Years Ended November 30, 2019 2018 2017 Shares Weighted Average per Share Grant Date Fair Value Shares Weighted Average per Share Grant Date Fair Value Shares Weighted Average per Share Grant Date Fair Value Outstanding at beginning of year 555,457 $ 23.19 503,926 $ 21.69 604,619 $ 16.24 Granted 282,523 31.67 303,030 23.05 321,835 24.49 Vested (319,687 ) 34.66 (221,951 ) 19.79 (364,670 ) 16.09 Cancelled (18,227 ) 22.81 (29,548 ) 21.76 (57,858 ) 15.61 Outstanding at end of year 500,066 $ 20.66 555,457 $ 23.19 503,926 $ 21.69
Schedule of Share Based Payments Performance Shares Activity	PSU transactions are summarized as follows: Years Ended November 30, 2019 2018 2017 Shares Weighted Average per Share Grant Date Fair Value Shares Weighted Average per Share Grant Date Fair Value Shares Weighted Average per Share Grant Date Fair Value Outstanding at beginning of year 1,090,967 $ 18.70 925,232 $ 20.09 809,860 $ 17.19 Granted 468,957 30.45 603,424 25.70 424,797 22.99 Vested (297,260 ) 22.67 (437,689 ) 31.28 (278,460 ) 16.67 Cancelled — — — — (30,965 ) 14.92 Outstanding at end of year 1,262,664 $ 22.13 1,090,967 $ 18.70 925,232 $ 20.09

Postretirement Benefits (Tables

Postretirement Benefits (Tables)	12 Months Ended
Postretirement Benefits (Tables)	Nov. 30, 2019
Retirement Benefits [Abstract]
Schedule of Net Benefit Costs	The net periodic benefit cost of our Retirement Plan and DBO Plan consisted of the following (in thousands): Years Ended November 30, 2019 2018 2017 Interest cost $ 2,478 $ 2,252 $ 2,274 Amortization of prior service cost 1,556 1,556 1,556 Service cost 958 1,085 1,046 Amortization of net actuarial loss 218 336 142 Settlement loss 356 — — Total $ 5,566 $ 5,229 $ 5,018

Supplemental Disclosure to Co_2

Supplemental Disclosure to Consolidated Statements of Cash Flows (Tables)	12 Months Ended
	Nov. 30, 2019
Supplemental Cash Flow Information [Abstract]
Supplemental disclosures to the consolidated statements of cash flows	The following are supplemental disclosures to the consolidated statements of cash flows (in thousands): Years Ended November 30, 2019 2018 2017 Summary of cash and cash equivalents at the end of the year: Homebuilding $ 453,814 $ 574,359 $ 720,630 Financial services 1,044 760 231 Total $ 454,858 $ 575,119 $ 720,861 Years Ended November 30, 2019 2018 2017 Supplemental disclosure of cash flow information: Interest paid, net of amounts capitalized $ (1,327 ) $ 8,338 $ 7,581 Income taxes paid 4,479 11,949 4,664 Income taxes refunded 221 220 202 Supplemental disclosure of non-cash activities: Decrease in inventories due to adoption of ASC 606 $ (35,288 ) $ — $ — Increase in property and equipment, net due to adoption of ASC 606 31,194 — — Increase (decrease) in consolidated inventories not owned (9,634 ) 16,098 (44,833 ) Increase in inventories due to distributions of land and land development from an unconsolidated joint venture 9,662 17,637 6,650 Inventories acquired through seller financing 8,967 44,586 49,658

Supplemental Guarantor Inform_2

Supplemental Guarantor Information (Tables)	12 Months Ended
Supplemental Guarantor Information (Tables)	Nov. 30, 2019
Guarantees [Abstract]
Condensed Consolidating Statements of Operations	Condensed Consolidating Statements of Operations (in thousands) Year Ended November 30, 2019 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues $ — $ 4,161,511 $ 391,236 $ — $ 4,552,747 Homebuilding: Revenues $ — $ 4,161,511 $ 376,147 $ — $ 4,537,658 Construction and land costs — (3,362,386 ) (346,542 ) — (3,708,928 ) Selling, general and administrative expenses (100,630 ) (375,199 ) (21,521 ) — (497,350 ) Operating income (loss) (100,630 ) 423,926 8,084 — 331,380 Interest income 1,926 23 209 — 2,158 Interest expense (137,327 ) (746 ) (5,339 ) 143,412 — Intercompany interest 328,361 (173,374 ) (11,575 ) (143,412 ) — Equity in loss of unconsolidated joint ventures — (1,549 ) — — (1,549 ) Loss on early extinguishment of debt (6,800 ) — — — (6,800 ) Homebuilding pretax income (loss) 85,530 248,280 (8,621 ) — 325,189 Financial services pretax income — — 22,986 — 22,986 Total pretax income 85,530 248,280 14,365 — 348,175 Income tax expense (16,300 ) (58,100 ) (5,000 ) — (79,400 ) Equity in net income of subsidiaries 88,639 — — (88,639 ) — Net income $ 157,869 $ 190,180 $ 9,365 $ (88,639 ) $ 268,775 Year Ended November 30, 2018 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues $ — $ 4,198,969 $ 348,033 $ — $ 4,547,002 Homebuilding: Revenues $ — $ 4,198,969 $ 334,826 $ — $ 4,533,795 Construction and land costs — (3,435,058 ) (308,862 ) — (3,743,920 ) Selling, general and administrative expenses (101,152 ) (311,815 ) (31,187 ) — (444,154 ) Operating income (loss) (101,152 ) 452,096 (5,223 ) — 345,721 Interest income 3,273 11 230 — 3,514 Interest expense (141,812 ) (2,624 ) (5,262 ) 149,698 — Intercompany interest 302,253 (142,882 ) (9,673 ) (149,698 ) — Equity in income of unconsolidated joint ventures — 2,066 — — 2,066 Homebuilding pretax income (loss) 62,562 308,667 (19,928 ) — 351,301 Financial services pretax income — — 16,664 — 16,664 Total pretax income (loss) 62,562 308,667 (3,264 ) — 367,965 Income tax expense (62,100 ) (101,200 ) (34,300 ) — (197,600 ) Equity in net income of subsidiaries 169,903 — — (169,903 ) — Net income (loss) $ 170,365 $ 207,467 $ (37,564 ) $ (169,903 ) $ 170,365 Year Ended November 30, 2017 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues $ — $ 4,034,057 $ 334,472 $ — $ 4,368,529 Homebuilding: Revenues $ — $ 4,034,057 $ 322,208 $ — $ 4,356,265 Construction and land costs — (3,342,617 ) (303,851 ) — (3,646,468 ) Selling, general and administrative expenses (91,120 ) (298,498 ) (36,776 ) — (426,394 ) Operating income (loss) (91,120 ) 392,942 (18,419 ) — 283,403 Interest income 1,232 8 — — 1,240 Interest expense (166,417 ) (1,635 ) (3,434 ) 170,864 (622 ) Intercompany interest 266,784 (118,138 ) 22,218 (170,864 ) — Equity in loss of unconsolidated joint ventures — (1,407 ) (2 ) — (1,409 ) Loss on early extinguishment of debt (5,685 ) — — — (5,685 ) Homebuilding pretax income 4,794 271,770 363 — 276,927 Financial services pretax income — — 13,068 — 13,068 Total pretax income 4,794 271,770 13,431 — 289,995 Income tax expense (8,800 ) (100,000 ) (600 ) — (109,400 ) Equity in net income of subsidiaries 184,601 — — (184,601 ) — Net income $ 180,595 $ 171,770 $ 12,831 $ (184,601 ) $ 180,595
Condensed Consolidating Statements of Comprehensive Income (Loss)	Condensed Consolidating Statements of Comprehensive Income (Loss) (in thousands) Year Ended November 30, 2019 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net income $ 157,869 $ 190,180 $ 9,365 $ (88,639 ) $ 268,775 Other comprehensive loss: Postretirement benefit plan adjustments (8,138 ) — — — (8,138 ) Other comprehensive loss before tax (8,138 ) — — — (8,138 ) Income tax benefit related to items of other comprehensive loss 2,197 — — — 2,197 Other comprehensive loss, net of tax (5,941 ) — — — (5,941 ) Comprehensive income $ 151,928 $ 190,180 $ 9,365 $ (88,639 ) $ 262,834 Year Ended November 30, 2018 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net income (loss) $ 170,365 $ 207,467 $ (37,564 ) $ (169,903 ) $ 170,365 Other comprehensive income: Postretirement benefit plan adjustments 10,108 — — — 10,108 Other comprehensive income before tax 10,108 — — — 10,108 Income tax expense related to items of other comprehensive income (2,749 ) — — — (2,749 ) Other comprehensive income, net of tax 7,359 — — — 7,359 Comprehensive income (loss) $ 177,724 $ 207,467 $ (37,564 ) $ (169,903 ) $ 177,724 Year Ended November 30, 2017 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net income $ 180,595 $ 171,770 $ 12,831 $ (184,601 ) $ 180,595 Other comprehensive loss: Postretirement benefit plan adjustments (1,445 ) — — — (1,445 ) Other comprehensive loss before tax (1,445 ) — — — (1,445 ) Income tax benefit related to items of other comprehensive loss 578 — — — 578 Other comprehensive loss, net of tax (867 ) — — — (867 ) Comprehensive income $ 179,728 $ 171,770 $ 12,831 $ (184,601 ) $ 179,728
Condensed Consolidating Balance Sheets	Condensed Consolidating Balance Sheets (in thousands) November 30, 2019 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets Homebuilding: Cash and cash equivalents $ 357,966 $ 65,434 $ 30,414 $ — $ 453,814 Receivables 1,934 181,047 66,074 — 249,055 Inventories — 3,400,307 304,295 — 3,704,602 Investments in unconsolidated joint ventures — 57,038 — — 57,038 Property and equipment, net 24,250 37,539 3,254 — 65,043 Deferred tax assets, net 96,301 237,877 30,315 — 364,493 Other assets 78,686 2,666 1,689 — 83,041 559,137 3,981,908 436,041 — 4,977,086 Financial services — — 38,396 — 38,396 Intercompany receivables 3,624,081 — 186,022 (3,810,103 ) — Investments in subsidiaries 115,753 — — (115,753 ) — Total assets $ 4,298,971 $ 3,981,908 $ 660,459 $ (3,925,856 ) $ 5,015,482 Liabilities and stockholders’ equity Homebuilding: Accounts payable, accrued expenses and other liabilities $ 139,137 $ 453,929 $ 288,489 $ — $ 881,555 Notes payable 1,715,748 7,889 25,110 — 1,748,747 1,854,885 461,818 313,599 — 2,630,302 Financial services — — 2,058 — 2,058 Intercompany payables 60,964 3,520,090 229,049 (3,810,103 ) — Stockholders’ equity 2,383,122 — 115,753 (115,753 ) 2,383,122 Total liabilities and stockholders’ equity $ 4,298,971 $ 3,981,908 $ 660,459 $ (3,925,856 ) $ 5,015,482 November 30, 2018 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets Homebuilding: Cash and cash equivalents $ 429,977 $ 114,269 $ 30,113 $ — $ 574,359 Receivables 5,135 198,465 89,230 — 292,830 Inventories — 3,314,386 268,453 — 3,582,839 Investments in unconsolidated joint ventures — 61,960 — — 61,960 Property and equipment, net 18,450 5,522 311 — 24,283 Deferred tax assets, net 84,564 303,669 53,587 — 441,820 Other assets 77,288 4,008 1,804 — 83,100 615,414 4,002,279 443,498 — 5,061,191 Financial services — — 12,380 — 12,380 Intercompany receivables 3,569,422 — 158,760 (3,728,182 ) — Investments in subsidiaries 67,657 — — (67,657 ) — Total assets $ 4,252,493 $ 4,002,279 $ 614,638 $ (3,795,839 ) $ 5,073,571 Liabilities and stockholders’ equity Homebuilding: Accounts payable, accrued expenses and other liabilities $ 126,176 $ 584,321 $ 213,816 $ — $ 924,313 Notes payable 1,995,115 40,038 25,110 — 2,060,263 2,121,291 624,359 238,926 — 2,984,576 Financial services — — 1,495 — 1,495 Intercompany payables 43,702 3,377,920 306,560 (3,728,182 ) — Stockholders’ equity 2,087,500 — 67,657 (67,657 ) 2,087,500 Total liabilities and stockholders’ equity $ 4,252,493 $ 4,002,279 $ 614,638 $ (3,795,839 ) $ 5,073,571
Condensed Consolidating Statements of Cash Flows	Condensed Consolidating Statements of Cash Flows (in thousands) Year Ended November 30, 2019 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net cash provided by operating activities $ 118,542 $ 32,864 $ 99,636 $ — $ 251,042 Cash flows from investing activities: Contributions to unconsolidated joint ventures — (11,290 ) — — (11,290 ) Return of investments in unconsolidated joint ventures — 5,001 — — 5,001 Proceeds from sale of building — 5,804 — — 5,804 Purchases of property and equipment, net (6,365 ) (23,618 ) (10,476 ) — (40,459 ) Intercompany 105,055 — — (105,055 ) — Net cash provided by (used in) investing activities 98,690 (24,103 ) (10,476 ) (105,055 ) (40,944 ) Cash flows from financing activities: Proceeds from issuance of debt 705,250 — — — 705,250 Repayment of senior notes (986,231 ) — — — (986,231 ) Payment of issuance costs (11,128 ) — — — (11,128 ) Borrowings under revolving credit facility 610,000 — — — 610,000 Repayments under revolving credit facility (610,000 ) — — — (610,000 ) Payments on mortgages and land contracts due to land sellers and other loans — (41,116 ) — — (41,116 ) Issuance of common stock under employee stock plans 30,524 — — — 30,524 Tax payments associated with stock-based compensation awards (7,288 ) — — — (7,288 ) Payments of cash dividends (20,370 ) — — — (20,370 ) Intercompany — (16,480 ) (88,575 ) 105,055 — Net cash used in financing activities (289,243 ) (57,596 ) (88,575 ) 105,055 (330,359 ) Net increase (decrease) in cash and cash equivalents (72,011 ) (48,835 ) 585 — (120,261 ) Cash and cash equivalents at beginning of year 429,977 114,269 30,873 — 575,119 Cash and cash equivalents at end of year $ 357,966 $ 65,434 $ 31,458 $ — $ 454,858 Year Ended November 30, 2018 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net cash provided by (used in) operating activities $ 236,892 $ 9,668 $ (25,048 ) $ — $ 221,512 Cash flows from investing activities: Contributions to unconsolidated joint ventures — (22,672 ) 1 — (22,671 ) Return of investments in unconsolidated joint ventures — 9,934 — — 9,934 Purchases of property and equipment, net (6,584 ) (674 ) (112 ) — (7,370 ) Intercompany (43,128 ) — — 43,128 — Net cash used in investing activities (49,712 ) (13,412 ) (111 ) 43,128 (20,107 ) Cash flows from financing activities: Repayment of senior notes (300,000 ) — — — (300,000 ) Borrowings under revolving credit facility 70,000 — — — 70,000 Repayments under revolving credit facility (70,000 ) — — — (70,000 ) Payments on mortgages and land contracts due to land sellers and other loans — (13,831 ) (920 ) — (14,751 ) Issuance of common stock under employee stock plans 20,011 — — — 20,011 Stock repurchases (35,039 ) — — — (35,039 ) Tax payments associated with stock-based compensation awards (8,476 ) — — — (8,476 ) Payments of cash dividends (8,892 ) — — — (8,892 ) Intercompany — 27,724 15,404 (43,128 ) — Net cash provided by (used in) financing activities (332,396 ) 13,893 14,484 (43,128 ) (347,147 ) Net increase (decrease) in cash and cash equivalents (145,216 ) 10,149 (10,675 ) — (145,742 ) Cash and cash equivalents at beginning of year 575,193 104,120 41,548 — 720,861 Cash and cash equivalents at end of year $ 429,977 $ 114,269 $ 30,873 $ — $ 575,119 Year Ended November 30, 2017 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net cash provided by operating activities $ 70,683 $ 366,005 $ 76,531 $ — $ 513,219 Cash flows from investing activities: Contributions to unconsolidated joint ventures — (13,569 ) (5,125 ) — (18,694 ) Return of investments in unconsolidated joint ventures — 4,119 6,916 — 11,035 Purchases of property and equipment, net (7,215 ) (809 ) (61 ) — (8,085 ) Intercompany 311,857 — — (311,857 ) — Net cash provided by (used in) investing activities 304,642 (10,259 ) 1,730 (311,857 ) (15,744 ) Cash flows from financing activities: Repayment of senior notes (270,326 ) — — — (270,326 ) Payment of issuance costs (1,711 ) — — — (1,711 ) Payments on mortgages and land contracts due to land sellers and other loans — (106,382 ) — — (106,382 ) Issuance of common stock under employee stock plans 23,162 — — — 23,162 Excess tax benefits from stock-based compensation 958 — — — 958 Tax payments associated with stock-based compensation awards (6,673 ) — — — (6,673 ) Payments of cash dividends (8,642 ) — — — (8,642 ) Intercompany — (251,147 ) (60,710 ) 311,857 — Net cash used in financing activities (263,232 ) (357,529 ) (60,710 ) 311,857 (369,614 ) Net increase (decrease) in cash and cash equivalents 112,093 (1,783 ) 17,551 — 127,861 Cash and cash equivalents at beginning of year 463,100 105,903 23,997 — 593,000 Cash and cash equivalents at end of year $ 575,193 $ 104,120 $ 41,548 $ — $ 720,861

Quarterly Results (unaudited) (

Quarterly Results (unaudited) (Tables)	12 Months Ended
Quarterly Results (unaudited) (Tables)	Nov. 30, 2019
Quarterly Financial Information Disclosure [Abstract]
Consolidated quarterly results	The following tables present our consolidated quarterly results for the years ended November 30, 2019 and 2018 (in thousands, except per share amounts): First Quarter Second Quarter Third Quarter Fourth Quarter 2019 Revenues $ 811,483 $ 1,021,803 $ 1,160,786 $ 1,558,675 Gross profits 139,604 177,019 216,029 306,834 Inventory impairment and land option contract abandonment charges 3,555 4,337 5,251 4,148 Pretax income (a) 34,511 56,761 91,936 164,967 Net income 30,011 47,461 68,136 123,167 Earnings per share: Basic .34 .54 .77 1.37 Diluted .31 .51 .73 1.31 2018 Revenues $ 871,623 $ 1,101,423 $ 1,225,347 $ 1,348,609 Gross profits 141,192 189,222 222,893 245,931 Inventory impairment and land option contract abandonment charges 4,985 6,526 8,414 9,069 Pretax income 46,045 78,308 114,676 128,936 Net income (loss) (b) (71,255 ) 57,308 87,476 96,836 Earnings (loss) per share: Basic (.82 ) .65 .99 1.09 Diluted (.82 ) .57 .87 .96

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands		Dec. 01, 2019	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Feb. 28, 2019	Nov. 30, 2018	Aug. 31, 2018	May 31, 2018	Feb. 28, 2018	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017	Dec. 01, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash equivalents			$ 302,500				$ 385,200				$ 302,500	$ 385,200
Schedule of Equity Method Investments [Line Items]
Revenues											4,552,747	4,547,002	$ 4,368,529
Pretax income (loss)			164,967	$ 91,936	$ 56,761	$ 34,511	128,936	$ 114,676	$ 78,308	$ 46,045	348,175	367,965	289,995
Income Tax Expense (Benefit)											(79,400)	(197,600)	(109,400)
Net Income (Loss) Attributable to Parent			123,167	$ 68,136	$ 47,461	$ 30,011	96,836	$ 87,476	$ 57,308	$ (71,255)	268,775	170,365	$ 180,595
Inventories			3,704,602				3,582,839				3,704,602	3,582,839
Assets			5,015,482				5,073,571				5,015,482	5,073,571
Retained earnings			2,157,183				1,897,168				2,157,183	1,897,168		$ 1,908,778
Share-based Payment Arrangement, Expense, Tax Benefit											5,300	1,000
Contract with Customer, Liability			$ 22,382				$ 19,491				$ 22,382	$ 19,491
Retained earnings														11,610
Earnings per share: Diluted (usd per share)			$ 1.31	$ 0.73	$ 0.51	$ 0.31	$ 0.96	$ 0.87	$ 0.57	$ (0.82)	$ 2.85	$ 1.71	$ 1.85
Impairment of Real Estate											$ 14,000	$ 26,100	$ 20,600
Property and equipment, net			$ 65,043				$ 24,283				65,043	24,283
Less accumulated depreciation	[1]		60,338				20,148				60,338	20,148
Depreciation expense											27,158	2,530	2,791
Advertising costs incurred											43,600	37,300	34,400
Expensed legal fees											16,700	12,400	14,000
Accounting Standards Update 2014-09 [Member]
Schedule of Equity Method Investments [Line Items]
Inventories							0					0	0	(35,288)
Property and equipment, net							0					0	0	31,194
Amounts without the Adoption of ASC 606
Schedule of Equity Method Investments [Line Items]
Pretax income (loss)											346,191
Income Tax Expense (Benefit)											(78,900)
Net Income (Loss) Attributable to Parent											267,291
Retained earnings			2,144,090								$ 2,144,090
Earnings per share: Diluted (usd per share)											$ 2.85
Effect of Change Higher/(Lower) \| Accounting Standards Update 2014-09 [Member]
Schedule of Equity Method Investments [Line Items]
Pretax income (loss)											$ 1,984
Income Tax Expense (Benefit)											500
Net Income (Loss) Attributable to Parent											1,484
Retained earnings			13,093								$ 13,093			11,610
Earnings per share: Diluted (usd per share)											$ 0
Financial services
Schedule of Equity Method Investments [Line Items]
Cost of Goods and Services Sold											$ (4,333)	(3,844)	(3,430)
Selling, General and Administrative Expense											(4,333)	(3,844)	(3,430)
Operating Income (Loss)											10,756	9,363	8,834
Revenues											15,089	13,207	12,264
Pretax income (loss)											22,986	16,664	13,068
Assets			38,396				12,380				38,396	12,380		32,108
Financial services \| Amounts without the Adoption of ASC 606
Schedule of Equity Method Investments [Line Items]
Revenues											14,211
Assets			17,790								17,790
Financial services \| Effect of Change Higher/(Lower) \| Accounting Standards Update 2014-09 [Member]
Schedule of Equity Method Investments [Line Items]
Revenues											878
Assets			20,606								20,606			19,728
Homebuilding:
Schedule of Equity Method Investments [Line Items]
Cost of Goods and Services Sold											(3,708,928)	(3,743,920)	(3,646,468)
Selling, General and Administrative Expense											(497,350)	(444,154)	(426,394)
Operating Income (Loss)											331,380	345,721	283,403
Revenues											4,537,658	4,533,795	4,356,265
Pretax income (loss)											325,189	351,301	$ 276,927
Inventories			3,704,602				3,582,839				3,704,602	3,582,839		3,547,551
Assets			4,977,086				5,061,191				4,977,086	5,061,191
Deferred tax assets, net			364,493				441,820				364,493	441,820		437,796
Property and equipment, net			65,043				$ 24,283				65,043	$ 24,283		55,477
Homebuilding: \| Amounts without the Adoption of ASC 606
Schedule of Equity Method Investments [Line Items]
Cost of Goods and Services Sold											(3,740,337)
Selling, General and Administrative Expense											(464,105)
Operating Income (Loss)											330,274
Revenues											4,534,716
Inventories			3,746,567								3,746,567
Deferred tax assets, net			369,017								369,017
Property and equipment, net			26,067								26,067
Homebuilding: \| Effect of Change Higher/(Lower) \| Accounting Standards Update 2014-09 [Member]
Schedule of Equity Method Investments [Line Items]
Cost of Goods and Services Sold											(31,409)
Selling, General and Administrative Expense											33,245
Operating Income (Loss)											1,106
Revenues											2,942
Inventories			(41,965)								(41,965)			(35,288)
Deferred tax assets, net			(4,524)								(4,524)			(4,024)
Property and equipment, net			$ 38,976								$ 38,976			$ 31,194
Product Concentration Risk [Member] \| Revenue Benchmark [Member] \| Homebuilding:
Schedule of Equity Method Investments [Line Items]
Concentration Risk, Percentage											99.70%
Computer Hardware and Software [Member] \| Minimum
Schedule of Equity Method Investments [Line Items]
Estimated useful life for depreciation of property and equipment											2 years
Computer Hardware and Software [Member] \| Maximum
Schedule of Equity Method Investments [Line Items]
Estimated useful life for depreciation of property and equipment											5 years
Model Furnishings and Sales Office Improvements [Member] \| Minimum
Schedule of Equity Method Investments [Line Items]
Estimated useful life for depreciation of property and equipment											2 years
Model Furnishings and Sales Office Improvements [Member] \| Maximum
Schedule of Equity Method Investments [Line Items]
Estimated useful life for depreciation of property and equipment											3 years
Furniture and Fixtures [Member] \| Minimum
Schedule of Equity Method Investments [Line Items]
Estimated useful life for depreciation of property and equipment											3 years
Furniture and Fixtures [Member] \| Maximum
Schedule of Equity Method Investments [Line Items]
Estimated useful life for depreciation of property and equipment											10 years
Forecast [Member] \| Accounting Standards Update 2016-02 [Member]
Schedule of Equity Method Investments [Line Items]
Operating Lease, Right-of-Use Asset		$ 31,000
Operating Lease Right of Use Liability		31,000
Cumulative Effect on Retained Earnings, Net of Tax		$ 1,500

[1]	The balance at November 30, 2019

Summary of Significant Accoun_5

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Cumulative Effect Transition (Details) - USD ($) $ in Thousands	Nov. 30, 2019	Dec. 01, 2018	Nov. 30, 2018	Nov. 30, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Inventories	$ 3,704,602		$ 3,582,839
Property and equipment, net	65,043		24,283
Assets	5,015,482		5,073,571
Retained earnings	2,157,183	$ 1,908,778	1,897,168
Financial services
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Assets	38,396	32,108	12,380
Homebuilding:
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Inventories	3,704,602	3,547,551	3,582,839
Property and equipment, net	65,043	55,477	24,283
Deferred tax assets, net	364,493	437,796	441,820
Assets	4,977,086		5,061,191
Accounting Standards Update 2014-09 [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Inventories		(35,288)	0	$ 0
Property and equipment, net		31,194	$ 0	$ 0
Accounting Standards Update 2014-09 [Member] \| Effect of Change Higher/(Lower)
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Retained earnings	13,093	11,610
Accounting Standards Update 2014-09 [Member] \| Effect of Change Higher/(Lower) \| Financial services
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Assets	20,606	19,728
Accounting Standards Update 2014-09 [Member] \| Effect of Change Higher/(Lower) \| Homebuilding:
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Inventories	(41,965)	(35,288)
Property and equipment, net	38,976	31,194
Deferred tax assets, net	$ (4,524)	$ (4,024)

Summary of Significant Accoun_6

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - ASC 606 Impact on Statements of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Feb. 28, 2019	Nov. 30, 2018	Aug. 31, 2018	May 31, 2018	Feb. 28, 2018	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues									$ 4,552,747	$ 4,547,002	$ 4,368,529
Pretax income (loss)	$ 164,967	$ 91,936	$ 56,761	$ 34,511	$ 128,936	$ 114,676	$ 78,308	$ 46,045	348,175	367,965	289,995
Income Tax Expense (Benefit)									(79,400)	(197,600)	(109,400)
Net Income (Loss) Attributable to Parent	$ 123,167	$ 68,136	$ 47,461	$ 30,011	$ 96,836	$ 87,476	$ 57,308	$ (71,255)	$ 268,775	$ 170,365	$ 180,595
Earnings per share: Diluted (usd per share)	$ 1.31	$ 0.73	$ 0.51	$ 0.31	$ 0.96	$ 0.87	$ 0.57	$ (0.82)	$ 2.85	$ 1.71	$ 1.85
Homebuilding:
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues									$ 4,537,658	$ 4,533,795	$ 4,356,265
Cost of Goods and Services Sold									(3,708,928)	(3,743,920)	(3,646,468)
Selling, General and Administrative Expense									(497,350)	(444,154)	(426,394)
Operating Income (Loss)									331,380	345,721	283,403
Pretax income (loss)									325,189	351,301	276,927
Financial services
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues									15,089	13,207	12,264
Cost of Goods and Services Sold									(4,333)	(3,844)	(3,430)
Selling, General and Administrative Expense									(4,333)	(3,844)	(3,430)
Operating Income (Loss)									10,756	9,363	8,834
Pretax income (loss)									22,986	$ 16,664	$ 13,068
Amounts without the Adoption of ASC 606
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Pretax income (loss)									346,191
Income Tax Expense (Benefit)									(78,900)
Net Income (Loss) Attributable to Parent									$ 267,291
Earnings per share: Diluted (usd per share)									$ 2.85
Amounts without the Adoption of ASC 606 \| Homebuilding:
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues									$ 4,534,716
Cost of Goods and Services Sold									(3,740,337)
Selling, General and Administrative Expense									(464,105)
Operating Income (Loss)									330,274
Amounts without the Adoption of ASC 606 \| Financial services
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues									14,211
Accounting Standards Update 2014-09 [Member] \| Effect of Change Higher/(Lower)
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Pretax income (loss)									1,984
Income Tax Expense (Benefit)									500
Net Income (Loss) Attributable to Parent									$ 1,484
Earnings per share: Diluted (usd per share)									$ 0
Accounting Standards Update 2014-09 [Member] \| Effect of Change Higher/(Lower) \| Homebuilding:
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues									$ 2,942
Cost of Goods and Services Sold									(31,409)
Selling, General and Administrative Expense									33,245
Operating Income (Loss)									1,106
Accounting Standards Update 2014-09 [Member] \| Effect of Change Higher/(Lower) \| Financial services
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues									$ 878

Summary of Significant Accoun_7

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - ASC 606 Impact of Balance Sheet (Details) - USD ($) $ in Thousands	Nov. 30, 2019	Dec. 01, 2018	Nov. 30, 2018	Nov. 30, 2017
Assets
Inventories	$ 3,704,602		$ 3,582,839
Property and equipment, net	65,043		24,283
Assets	5,015,482		5,073,571
Retained earnings	2,157,183	$ 1,908,778	1,897,168
Homebuilding:
Assets
Inventories	3,704,602	3,547,551	3,582,839
Deferred tax assets, net	364,493	437,796	441,820
Property and equipment, net	65,043	55,477	24,283
Assets	4,977,086		5,061,191
Financial services
Assets
Assets	38,396	32,108	12,380
Amounts without the Adoption of ASC 606
Assets
Retained earnings	2,144,090
Amounts without the Adoption of ASC 606 \| Homebuilding:
Assets
Inventories	3,746,567
Deferred tax assets, net	369,017
Property and equipment, net	26,067
Amounts without the Adoption of ASC 606 \| Financial services
Assets
Assets	17,790
Accounting Standards Update 2014-09 [Member]
Assets
Inventories		(35,288)	0	$ 0
Property and equipment, net		31,194	$ 0	$ 0
Accounting Standards Update 2014-09 [Member] \| Effect of Change Higher/(Lower)
Assets
Retained earnings	13,093	11,610
Accounting Standards Update 2014-09 [Member] \| Effect of Change Higher/(Lower) \| Homebuilding:
Assets
Inventories	(41,965)	(35,288)
Deferred tax assets, net	(4,524)	(4,024)
Property and equipment, net	38,976	31,194
Accounting Standards Update 2014-09 [Member] \| Effect of Change Higher/(Lower) \| Financial services
Assets
Assets	$ 20,606	$ 19,728

Segment Information (Details)

Segment Information (Details) $ in Thousands		3 Months Ended								12 Months Ended
Segment Information (Details) $ in Thousands		Nov. 30, 2019USD ($)	Aug. 31, 2019USD ($)	May 31, 2019USD ($)	Feb. 28, 2019USD ($)	Nov. 30, 2018USD ($)	Aug. 31, 2018USD ($)	May 31, 2018USD ($)	Feb. 28, 2018USD ($)	Nov. 30, 2019USD ($)segment	Nov. 30, 2018USD ($)	Nov. 30, 2017USD ($)	Dec. 01, 2018USD ($)
Segment Reporting Information [Line Items]
Inventory, Homes under Construction		$ 1,340,412				$ 1,125,152				$ 1,340,412	$ 1,125,152
Inventory, Real Estate, Land and Land Development Costs		2,213,713				2,219,936				2,213,713	2,219,936
Inventory, Land Held for Development and Sale	[1]	150,477				237,751				150,477	237,751
Inventories		3,704,602				3,582,839				3,704,602	3,582,839
Revenues:
Total Revenues										4,552,747	4,547,002	$ 4,368,529
Pretax income (loss):
Pretax income (loss)		164,967	$ 91,936	$ 56,761	$ 34,511	128,936	$ 114,676	$ 78,308	$ 46,045	348,175	367,965	289,995
Equity in income (loss) of unconsolidated joint ventures:
Equity in income (loss) of unconsolidated joint ventures										10,681	9,367	2,825
Inventory Impairments and Land Option Contract Abandonments		4,148	$ 5,251	$ 4,337	$ 3,555	9,069	$ 8,414	$ 6,526	$ 4,985	17,291	28,994	25,232
Assets
Total assets		$ 5,015,482				5,073,571				$ 5,015,482	5,073,571
Homebuilding:
Segment Reporting Information [Line Items]
Number of Reportable Segments \| segment										4
Financial services [Member]
Segment Reporting Information [Line Items]
Number of Reportable Segments \| segment										1
KBHS, LLC [Member]
Segment Reporting Information [Line Items]
Ownership interest in joint venture		50.00%								50.00%
Stearns Lending, LLC [Member] \| KBHS, LLC [Member]
Segment Reporting Information [Line Items]
Ownership interest in joint venture		50.00%								50.00%
Land Option Contract Abandonment [Member]
Equity in income (loss) of unconsolidated joint ventures:
Loss on Contract Termination										$ 3,300	2,900	4,600
Homebuilding:
Segment Reporting Information [Line Items]
Inventories		$ 3,704,602				3,582,839				3,704,602	3,582,839		$ 3,547,551
Revenues:
Total Revenues										4,537,658	4,533,795	4,356,265
Pretax income (loss):
Pretax income (loss)										325,189	351,301	276,927
Equity in income (loss) of unconsolidated joint ventures:
Equity in income (loss) of unconsolidated joint ventures										(1,549)	2,066	(1,409)
Inventory Impairments and Land Option Contract Abandonments										17,291	28,994	25,232
Assets
Total assets		4,977,086				5,061,191				4,977,086	5,061,191
Investments in unconsolidated joint ventures:
Investments in unconsolidated joint ventures		57,038				61,960				57,038	61,960
Homebuilding: \| Homebuilding:
Pretax income (loss):
Pretax income (loss)										325,189	351,301	276,927
Equity in income (loss) of unconsolidated joint ventures:
Equity in income (loss) of unconsolidated joint ventures										(1,549)	2,066	(1,409)
Assets
Total assets		4,977,086				5,061,191				4,977,086	5,061,191
Homebuilding: \| Corporate and Other [Member]
Pretax income (loss):
Pretax income (loss)										(108,759)	(105,286)	(101,851)
Assets
Total assets		900,570				1,068,452				900,570	1,068,452
Homebuilding: \| Central [Member]
Segment Reporting Information [Line Items]
Inventories		889,179				865,184				889,179	865,184
Revenues:
Total Revenues										1,267,892	1,239,305	1,188,839
Pretax income (loss):
Pretax income (loss)										126,304	117,609	116,098
Equity in income (loss) of unconsolidated joint ventures:
Equity in income (loss) of unconsolidated joint ventures										0	0	0
Inventory Impairments and Land Option Contract Abandonments										848	2,558	846
Assets
Total assets		1,035,563				1,017,490				1,035,563	1,017,490
Investments in unconsolidated joint ventures:
Investments in unconsolidated joint ventures		0				0				0	0
Homebuilding: \| West Coast [Member]
Segment Reporting Information [Line Items]
Inventories		1,795,088				1,727,993				1,795,088	1,727,993
Revenues:
Total Revenues										1,912,146	2,085,328	2,186,411
Pretax income (loss):
Pretax income (loss)										178,078	240,337	217,649
Equity in income (loss) of unconsolidated joint ventures:
Equity in income (loss) of unconsolidated joint ventures										(851)	(966)	(1,770)
Inventory Impairments and Land Option Contract Abandonments										15,567	20,381	16,707
Assets
Total assets		1,925,192				1,880,516				1,925,192	1,880,516
Investments in unconsolidated joint ventures:
Investments in unconsolidated joint ventures		51,740				56,128				51,740	56,128
Homebuilding: \| Southeast [Member]
Segment Reporting Information [Line Items]
Inventories		390,524				391,288				390,524	391,288
Revenues:
Total Revenues										592,804	502,087	447,963
Pretax income (loss):
Pretax income (loss)										18,550	7,624	(509)
Equity in income (loss) of unconsolidated joint ventures:
Equity in income (loss) of unconsolidated joint ventures										(1)	(1)	(1)
Inventory Impairments and Land Option Contract Abandonments										468	5,623	4,234
Assets
Total assets		441,451				463,224				441,451	463,224
Investments in unconsolidated joint ventures:
Investments in unconsolidated joint ventures		2,506				2,505				2,506	2,505
Homebuilding: \| Southwest [Member]
Segment Reporting Information [Line Items]
Inventories		629,811				598,374				629,811	598,374
Revenues:
Total Revenues										764,816	707,075	533,052
Pretax income (loss):
Pretax income (loss)										111,016	91,017	45,540
Equity in income (loss) of unconsolidated joint ventures:
Equity in income (loss) of unconsolidated joint ventures										(697)	3,033	362
Inventory Impairments and Land Option Contract Abandonments										408	432	$ 3,445
Assets
Total assets		674,310				631,509				674,310	631,509
Investments in unconsolidated joint ventures:
Investments in unconsolidated joint ventures		$ 2,792				$ 3,327				$ 2,792	$ 3,327

[1]	Land held for sale totaled $19.3 million at November 30, 2019 and $9.8 million at November 30, 2018

Financial Services (Details)

Financial Services (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
Financial Services (Details) - USD ($) $ in Thousands	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Feb. 28, 2019	Nov. 30, 2018	Aug. 31, 2018	May 31, 2018	Feb. 28, 2018	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017	Dec. 01, 2018	Nov. 30, 2016
Financial services:
Total Revenues									$ 4,552,747	$ 4,547,002	$ 4,368,529
Expenses
Equity in income (loss) of unconsolidated joint ventures									10,681	9,367	2,825
Pretax income (loss)	$ 164,967	$ 91,936	$ 56,761	$ 34,511	$ 128,936	$ 114,676	$ 78,308	$ 46,045	348,175	367,965	289,995
Assets
Cash and cash equivalents	454,858				575,119				454,858	575,119	720,861		$ 593,000
Receivables	249,055				292,830				249,055	292,830
Other assets	83,041				83,100				83,041	83,100
Total assets	5,015,482				5,073,571				5,015,482	5,073,571
Financial services [Member]
Assets
Cash and cash equivalents	1,044				760				1,044	760	231
Financial services
Financial services:
Insurance commissions									8,662	7,535	6,991
Title services									6,421	5,672	5,268
Interest income									6	0	5
Total Revenues									15,089	13,207	12,264
Selling, General and Administrative Expense									4,333	3,844	3,430
Expenses
Operating Income (Loss)									10,756	9,363	8,834
Equity in income (loss) of unconsolidated joint ventures									12,230	7,301	4,234
Pretax income (loss)									22,986	16,664	$ 13,068
Assets
Cash and cash equivalents	1,044				760				1,044	760
Receivables	2,232				2,885				2,232	2,885
Investments in unconsolidated joint ventures	14,374				8,594				14,374	8,594
Other assets	20,746				141				20,746	141
Total assets	38,396				12,380				38,396	12,380		$ 32,108
Liabilities
Accounts payable and accrued expenses	2,058				1,495				2,058	1,495
Total liabilities	2,058				$ 1,495				2,058	$ 1,495
Contract with Customer, Asset, Net, Noncurrent	$ 20,600								$ 20,600			$ 19,700

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares shares in Millions	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Jan. 29, 2013
Debt Instrument [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0.8	1.6
Convertible senior notes due February 1, 2019 at 1.375%
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			1.375%
Convertible Notes Payable [Member] \| Convertible senior notes due February 1, 2019 at 1.375%
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	1.375%

Earnings Per Share (Basic and D

Earnings Per Share (Basic and Diluted Loss Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Feb. 28, 2019	Nov. 30, 2018	Aug. 31, 2018	May 31, 2018	Feb. 28, 2018	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Numerator:
Net income	$ 123,167	$ 68,136	$ 47,461	$ 30,011	$ 96,836	$ 87,476	$ 57,308	$ (71,255)	$ 268,775	$ 170,365	$ 180,595
Participating Securities, Distributed and Undistributed Earnings (Loss), Basic									(123)	(51)	(56)
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic									(1,505)	(927)	(1,121)
Numerator for basic earnings per share									267,147	169,387	179,418
Interest expense and amortization of debt issuance costs associated with convertible senior notes, net of taxes									541	3,190	2,654
Undistributed Earnings (Loss) Allocated to Participating Securities, Diluted									1,505	927	1,121
Less: Undistributed earnings reallocated to nonvested restricted stock									(1,412)	(805)	(979)
Numerator for diluted earnings per share									$ 267,781	$ 172,699	$ 182,214
Denominator:
Weighted average shares outstanding — basic									87,996	87,773	85,842
Share-based payments, shares									4,415	4,884	4,072
Convertible senior notes, shares									1,427	8,402	8,402
Weighted average shares outstanding — diluted									93,838	101,059	98,316
Basic earnings (loss) per share, in dollars per share	$ 1.37	$ 0.77	$ 0.54	$ 0.34	$ 1.09	$ 0.99	$ 0.65	$ (0.82)	$ 3.04	$ 1.93	$ 2.09
Diluted earnings (loss) per share, in dollars per share	$ 1.31	$ 0.73	$ 0.51	$ 0.31	$ 0.96	$ 0.87	$ 0.57	$ (0.82)	$ 2.85	$ 1.71	$ 1.85

Receivables (Details)

Receivables (Details) - USD ($) $ in Thousands		Nov. 30, 2019	Nov. 30, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Utility and Municipality Receivable	[1]	$ 128,047	$ 113,434
Deposits Assets		10,925	14,115
Other Receivables		37,846	38,525
Accounts Receivable, before Allowance for Credit Loss		257,547	304,335
Allowances for doubtful accounts		(8,492)	(11,505)
Receivables		249,055	292,830
Self Insurance and Other Legal Claims [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reclassification of warranty recoveries to receivables		$ 80,729	$ 138,261

[1]	These receivables typically relate to infrastructure improvements we make with respect to our communities. We are generally reimbursed for the cost of such improvements when they are accepted by the utility company, improvement district or municipality, or after certain events occur, depending on the terms of the applicable agreements. These events may include, but are not limited to, the connection of utilities or the issuance of bonds by the respective improvement districts or municipalities.

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands		12 Months Ended
Inventories (Details) - USD ($) $ in Thousands		Nov. 30, 2019		Nov. 30, 2018		Nov. 30, 2017
Interest Costs
Capitalized interest at beginning of year		$ 209,129	[1]	$ 262,191	[1]	$ 306,723
Interest incurred		143,412		149,698		171,486
Interest Expense		0		0		(622)
Interest amortized to construction and land costs		156,803		202,760	[2]	215,396	[2]
Capitalized interest at end of year	[1]	195,738		209,129		262,191
Loss on early extinguishment of debt		(6,800)		0		(5,685)
Inventories
Homes under construction		1,340,412		1,125,152
Land under development		2,213,713		2,219,936
Land held for future development or sale	[3]	150,477		237,751
Total		3,704,602		3,582,839
Land held for future development	[3]	$ 19,300		9,800
Real Estate Held for Sale Duration		1 year
Land [Member]
Interest Costs
Interest amortized to construction and land costs		$ 700		$ 4,800		$ 4,900

[1]	Capitalized interest amounts reflect the gross amount of capitalized interest, as inventory impairment charges recognized, if any, are not generally allocated to specific components of inventory
[2]	Interest amortized to construction and land costs for the years ended November 30, 2019 , 2018 and 2017 included $.7 million $4.8 million and $4.9 million , respectively, related to land sales during the periods.
[3]	Land held for sale totaled $19.3 million at November 30, 2019 and $9.8 million at November 30, 2018

Inventory Impairments and Lan_3

Inventory Impairments and Land Option Contract Abandonments (Details)		12 Months Ended
		Nov. 30, 2019USD ($)propertydeliverycommunity	Nov. 30, 2018USD ($)propertydeliverycommunity	Nov. 30, 2017USD ($)propertydelivery
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Fair Value Inputs, Discount Rate (Deprecated 2018-01-31)	[1]	17.00%
Impairment of Real Estate		$ 14,000,000	$ 26,100,000	$ 20,600,000
Acquisition Costs Related To Land Option Contracts And Other Similar Contracts		32,800,000	46,900,000
Carrying Value of Communities of Land Parcels Evaluated for Impairment		$ 326,300,000	$ 356,100,000	$ 456,900,000
Number of land parcels or communities associated with non cash inventory impairment charges \| property		8	13	10
Number of land parcels or communities evaluated for recoverability \| property		40	57	51
Aggregate carrying value of inventory impacted by pretax, noncash inventory impairment charges		$ 115,600,000	$ 156,100,000
Number of communities and various other land parcels impacted by pretax, noncash inventory impairment charges \| community		19	22
Expected realization period of inventory maximum		5 years
Estimate of Fair Value Measurement
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Assets, Fair Value Disclosure		$ 27,100,000	$ 44,100,000	$ 38,400,000
Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Fair Value Estimate Input at Average Selling Price	[1]	$ 315,000	$ 291,300	$ 207,100
Fair Value Estimate Input at Sales for Period \| delivery	[1]	1	2	1
Fair Value Inputs, Discount Rate (Deprecated 2018-01-31)	[1]		17.00%	17.00%
Expected realization period of inventory maximum		1 year
Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Fair Value Estimate Input at Average Selling Price	[1]	$ 1,045,400	$ 774,100	$ 1,576,500
Fair Value Estimate Input at Sales for Period \| delivery	[1]	4	6	4
Fair Value Inputs, Discount Rate (Deprecated 2018-01-31)	[1]		19.00%	18.00%
Expected realization period of inventory maximum		10 years
Land Option Contract Abandonment [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Loss on Contract Termination		$ 3,300,000	$ 2,900,000	$ 4,600,000

[1]	The ranges of inputs used in each period primarily reflect differences between the housing markets where each impacted community is located, rather than fluctuations in prevailing market conditions.

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands	Nov. 30, 2019USD ($)joint_venture	Nov. 30, 2018USD ($)joint_venture
Variable Interest Entity [Line Items]
Number Of Investments In Unconsolidated Joint Ventures \| joint_venture	5	6
Cash Deposits	$ 75,186	$ 53,830
Aggregate Purchase Price	1,423,519	1,371,238
Acquisition Costs Related To Land Option Contracts And Other Similar Contracts	32,800	46,900
Increase in inventories and accrued expenses and other liabilities	$ 12,200	$ 21,800
Unconsolidated VIEs [Member]
Variable Interest Entity [Line Items]
Number Of Investments In Unconsolidated Joint Ventures \| joint_venture	1	1
Cash Deposits	$ 34,595	$ 26,542
Aggregate Purchase Price	823,427	784,334
Other land option contracts and other similar contracts [Member]
Variable Interest Entity [Line Items]
Cash Deposits	40,591	27,288
Aggregate Purchase Price	$ 600,092	$ 586,904

Investments in Unconsolidated_3

Investments in Unconsolidated Joint Ventures (Narrative) (Details) $ in Millions	Nov. 30, 2019USD ($)
Schedule of Equity Method Investments [Line Items]
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months	$ 7.9

Investments in Unconsolidated_4

Investments in Unconsolidated Joint Ventures (Condensed Information of Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands		12 Months Ended
		Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Statements of Operations of Unconsolidated Joint Ventures
Revenues		$ 23,676	$ 59,418	$ 47,431
Equity Method Investment, Summarized Financial Information, Cost of Sales		(23,659)	(46,288)	(47,459)
Other expense, net		(2,644)	(2,674)	(4,749)
Income (loss)		(2,627)	10,456	$ (4,777)
Assets
Cash		23,965	18,567
Receivable		12	9
Inventories		139,536	131,074
Other assets		780	521
Total assets		164,293	150,171
Liabilities and equity
Accounts payable and other liabilities		13,282	11,374
Equity Method Investments Summarized Financial Information Debt	[1]	40,672	17,956
Equity		110,339	120,841
Total liabilities and equity		$ 164,293	$ 150,171

[1]	As of November 30, 2019 and 2018, we had investments in five and six unconsolidated joint ventures, respectively, one of which had a construction loan agreement with a third-party lender to finance its land development activities. The outstanding debt is secured by the corresponding underlying property and related project assets and is non-recourse to us. All of the outstanding secured debt at November 30, 2019 is scheduled to mature in February 2020. However, the loan agreement provides for two - 12 month extensions beyond this date. None of our other unconsolidated joint ventures had outstanding debt at November 30, 2019 or 2018 .

Investments in Unconsolidated_5

Investments in Unconsolidated Joint Ventures (Additional Information for Investments in Unconsolidated Joint Ventures) (Details) $ in Thousands	12 Months Ended
	Nov. 30, 2019USD ($)joint_venture	Nov. 30, 2018USD ($)joint_venture	Nov. 30, 2017USD ($)
Schedule of Equity Method Investments [Line Items]
Number Of Investments In Unconsolidated Joint Ventures	5	6
Inspirada Builders LLC [Member]
Schedule of Equity Method Investments [Line Items]
Increase in inventories due to distributions of land and land development from an unconsolidated joint venture \| $	$ 9,662	$ 17,637	$ 6,650
Investments in Unconsolidated Joint Ventures with Debt
Schedule of Equity Method Investments [Line Items]
Number Of Investments In Unconsolidated Joint Ventures	1

Property and Equipment, Net P_3

Property and Equipment, Net Property and Equipment, Net (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Feb. 28, 2019	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Property, Plant and Equipment [Abstract]
Model Furnishings and Sales Office Improvements	[1]		$ 82,117	$ 0
Computer software and equipment			27,091	20,940
Leasehold Improvements, office furniture and equipment	[2]		16,173	23,491
Subtotal			125,381	44,431
Less accumulated depreciation	[1]		(60,338)	(20,148)
Property and equipment, net			65,043	24,283
Proceeds from Sale of Buildings		$ 5,800	$ 5,804	$ 0	$ 0
Deferred Gain on Sale of Property		$ 2,200
Lessee, Operating Lease, Term of Contract		10 years

[1]	The balance at November 30, 2019
[2]	In January 2019, we completed the sale and leaseback of our office building in San Antonio, Texas. The sale generated net cash proceeds of $5.8 million and a gain of $2.2 million , which is being recognized on a straight-line basis over a 10

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Nov. 30, 2019	Nov. 30, 2018	Jan. 29, 2013
Other Assets [Line Items]
Cash surrender value of insurance contracts	$ 73,849	$ 73,721
Debt Issuance Costs, Line of Credit Arrangements, Net	3,248	1,732
Property and equipment, net	65,043	24,283
Prepaid expenses	5,944	7,647
Total	$ 83,041	$ 83,100
Convertible senior notes due February 1, 2019 at 1.375%
Other Assets [Line Items]
Senior notes, rate			1.375%

Accrued Expenses and Other Li_3

Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands		Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016
Schedule of Equity Method Investments [Line Items]
Self-Insurance and other litigation liabilities		$ 229,483	$ 283,651
Employee compensation and related benefits		163,646	148,549
Warranty liability		88,839	82,490	$ 69,798	$ 56,682
Accrued interest payable		32,507	31,180
Inventory-related liabilities	[1]	26,264	40,892
Contract with Customer, Liability		22,382	19,491
Real estate and business taxes		14,872	16,639
Other		40,790	43,376
Total		$ 618,783	$ 666,268

[1]	Represents liabilities for financing arrangements discussed in Note 8 – Variable Interest Entities, as well as liabilities for fixed or determinable amounts associated with TIFE assessments. As homes are delivered, our obligation to pay the remaining TIFE assessments associated with each underlying lot is transferred to the homebuyer. As such, these assessment obligations will be paid by us only to the extent we do not deliver homes on applicable lots before the related TIFE obligations mature.

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($)	3 Months Ended				12 Months Ended
Income Taxes (Narrative) (Details) - USD ($)	Nov. 30, 2019	Feb. 28, 2019	Nov. 30, 2018	Feb. 28, 2018	Nov. 30, 2022	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2018	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016
Income Tax Contingency [Line Items]
Impact of Tax Reform	$ (1,300,000)		$ (1,300,000)			$ 0	$ (112,458,000)			$ 0
Impact of Tax Return, re-measurement of deferred tax assets						1,900,000	106,700,000
Provisional impact of Tax Reform		$ 111,200,000		$ 111,200,000
Income Tax Credits and Adjustments						(4,300,000)	10,700,000			4,900,000
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount						$ (4,400,000)	(2,000,000)			$ (1,200,000)
Effective Income Tax Rate Reconciliation, Percent						(22.80%)		(53.70%)		(37.70%)
Income Taxes (Textual) [Abstract]
Income tax expense						$ (79,400,000)	(197,600,000)			$ (109,400,000)
Deferred Tax Assets, Net	(383,700,000)		(465,400,000)			(383,700,000)	(465,400,000)	$ (465,400,000)	$ (465,400,000)
Net Increase in valuation allowance recorded against net deferred tax assets						$ (4,400,000)	(3,300,000)			1,200,000
Period for Carry forward of tax benefits related to deferred tax assets						20 years
Deferred Tax Assets, Operating Loss Carryforwards, State and Local, Expired							1,200,000
Deferred Tax Assets, Tax Credit Carryforwards	77,400,000					$ 77,400,000
Valuation allowance	(19,200,000)		(23,600,000)			(19,200,000)	(23,600,000)	(23,600,000)	(23,600,000)
Unrecognized tax benefits that if recognized would affect the Company's annual effective tax rate	0		0			0	0	0	0	100,000
Total accrued interest and penalties related to unrecognized income tax benefits	0		0			0	0	0	0
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	0		0			0	0	0	0
Unrecognized Tax Benefits	0		0			0	0	0	0	$ 56,000	$ 56,000
Valuation allowance against net deferred tax assets	19,200,000		23,600,000			19,200,000	23,600,000	23,600,000	23,600,000
Total deferred tax assets	438,733,000		524,951,000			438,733,000	524,951,000	$ 524,951,000	$ 524,951,000
Share-based Payment Arrangement, Expense, Tax Benefit						$ (5,300,000)	(1,000,000)
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent						21.00%		22.20%	22.00%	35.00%
Effective Income Tax Rate Reconciliation, Deduction, Percent						50.00%
Deferred Tax Assets, Tax Credit Carryforwards	180,737,000		$ 231,100,000			$ 180,737,000	231,100,000	$ 231,100,000	$ 231,100,000
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent						(0.20%)		0.20%		(0.30%)
Tax Cuts and Jobs Act of 2017, Other Tax Effect, Income Tax Expense (Benefit)							2,500,000
Maximum
Income Tax Contingency [Line Items]
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation	1,000,000					$ 1,000,000
Tax Credit Carryforward, Expiring in 2038 [Domain]
Income Tax Contingency [Line Items]
Future Income From Continuing Operations Before Income Taxes						1,300,000,000
State and Local Jurisdiction [Member]
Income Tax Contingency [Line Items]
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount							(2,100,000)
Income Taxes (Textual) [Abstract]
Net Increase in valuation allowance recorded against net deferred tax assets							$ 3,300,000
Operating Loss Carryforwards	$ 95,500,000					$ 95,500,000
Forecast [Member]
Income Taxes (Textual) [Abstract]
Deferred Tax Assets, Tax Credit Carryforwards					$ 50,000,000
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent					6.60%

Income Taxes (Components of Inc

Income Taxes (Components of Income Tax Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Federal
Current	$ (200)	$ (3,600)	$ (2,800)
Deferred	(53,800)	(170,700)	(86,300)
Income tax expense	(54,000)	(174,300)	(89,100)
State
Current	(3,700)	(4,800)	(3,000)
Deferred	(21,700)	(18,500)	(17,300)
Income tax expense	(25,400)	(23,300)	(20,300)
Total
Current	(3,900)	(8,400)	(5,800)
Deferred	(75,500)	(189,200)	(103,600)
Income tax expense	$ (79,400)	$ (197,600)	$ (109,400)

Income Taxes (Deferred Tax Asse

Income Taxes (Deferred Tax Assets, Net) (Details) - USD ($) $ in Thousands	Nov. 30, 2019	Nov. 30, 2018
Deferred tax liabilities
Capitalized expenses	$ 43,818	$ 51,660
State taxes	26,290	31,246
Other	4,132	225
Total	74,240	83,131
Deferred tax assets:
NOLs from 2006 through 2018	95,562	121,432
Tax credits	180,737	231,100
Inventory impairment and land option contract abandonment charges	48,862	67,416
Employee benefits	53,294	45,802
Warranty, legal and other accruals	40,954	43,213
Capitalized expenses	25,116	27,894
Partnerships and joint ventures	9,990	6,368
Depreciation and amortization	479	1,869
Other	2,939	3,457
Total	457,933	548,551
Valuation allowance	(19,200)	(23,600)
Total	438,733	524,951
Deferred Tax Assets, Net	$ 364,493	$ 441,820

Income Taxes (Reconciliation of

Income Taxes (Reconciliation of Expected Income Tax Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2018	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016
Income tax benefit computed at the statutory U.S. federal income tax rate and income tax benefit (expense) provided in the consolidated statements of operations
Income tax benefit computed at statutory rate			$ (73,117)	$ (81,689)			$ (101,499)
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			(21.00%)		(22.20%)	(22.00%)	(35.00%)
Increase (decrease) resulting from
Tax credits			$ 6,595	14,177			$ 6,227
Effective Income Tax Rate Reconciliation, Tax Credit, Percent			1.90%		3.90%		2.20%
Valuation allowance for deferred tax assets			$ 4,400	2,000			$ 1,200
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent			1.30%		0.50%		0.40%
Depreciation and amortization			$ 4,276	1,223			$ 362
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Depreciation, Percent			1.20%		0.30%		0.10%
NOL reconciliation			$ 3,111	0			$ (2,210)
Effective Income Tax Reconciliation Change Net Operating Loss, Percentage			0.90%		0.00%		(0.80%)
State taxes, net of federal income tax benefit			$ (20,927)	(20,155)			$ (14,450)
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent			(6.00%)		(5.50%)		(4.90%)
Effective Income Tax Rate Reconciliation, Deduction, Other, Amount			$ (4,653)				$ 0	$ 0
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Percent			(1.30%)				0.00%	0.00%
TCJA adjustment	$ 1,300	$ 1,300	$ 0	112,458			$ 0
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act, Percent			0		(0.305)		0
Other, net			$ 915	(698)			$ 970
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent			0.20%		(0.20%)		0.30%
Income tax expense			$ (79,400)	(197,600)			$ (109,400)
Effective Income Tax Rate Reconciliation, Percent			(22.80%)		(53.70%)		(37.70%)
Reconciliation of the beginning and ending balances of the gross unrecognized benefits
Balance at beginning of year			$ 0	56			$ 56
Reductions due to lapse of statute of limitations			0	(56)			0
Balance at the end of year	$ 0	$ 0	$ 0	$ 0			$ 56	$ 56

Notes Payable (Schedule of Note

Notes Payable (Schedule of Notes Payable) (Details) - USD ($)

Nov. 30, 2019

Nov. 04, 2019

Feb. 20, 2019

Nov. 30, 2018

Feb. 17, 2015

Mar. 25, 2014

Oct. 29, 2013

Jan. 29, 2013

Jul. 31, 2012

Feb. 07, 2012

Debt Instrument [Line Items]

Notes payable

$ 1,748,747,000

$ 2,060,263,000

Convertible senior notes due February 1, 2019 at 1.375%

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

1.375%

Mortgages and land contracts due to land sellers and other loans (at interest rates of 7% at November 30, 2013 and 6% to 7% at November 30, 2012)

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

7.00%

Notes payable

$ 7,889,000

$ 40,038,000

Mortgages and land contracts due to land sellers and other loans (at interest rates of 7% at November 30, 2013 and 6% to 7% at November 30, 2012) | Minimum

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

7.00%

Mortgages and land contracts due to land sellers and other loans (at interest rates of 7% at November 30, 2013 and 6% to 7% at November 30, 2012) | Maximum

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

7.00%

Senior Notes [Member] | Senior notes due May 15, 2019 at 4.75%

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

4.75%

Debt Instrument, Interest Rate, Effective Percentage

5.00%

Notes payable

$ 0

$ 399,483,000

Debt Instrument, Face Amount

$ 400,000,000

Senior Notes [Member] | Senior notes due March 15, 2020 at 8.00%

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

8.00%

Debt Instrument, Interest Rate, Effective Percentage

8.50%

Notes payable

$ 0

$ 347,790,000

Debt Instrument, Face Amount

$ 350,000,000

Senior Notes [Member] | Senior notes due December 15, 2021 at 7.00%

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

7.00%

Debt Instrument, Interest Rate, Effective Percentage

7.20%

Notes payable

$ 448,164,000

$ 447,359,000

Debt Instrument, Face Amount

[1]

$ 450,000,000

Senior Notes [Member] | Senior notes due September 15, 2022 at 7.50%

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

7.50%

Debt Instrument, Interest Rate, Effective Percentage

7.70%

Notes payable

$ 348,267,000

$ 347,731,000

Debt Instrument, Face Amount

[2]

$ 350,000,000

Senior Notes [Member] | Senior Notes Due Two Thousand Twenty Three At Seven Point Six Two Five Percent [Domain]

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

7.625%

Debt Instrument, Interest Rate, Effective Percentage

7.50%

Notes payable

$ 351,748,000

$ 248,074,000

Debt Instrument, Face Amount

[1]

$ 350,000,000

Senior Notes [Member] | Senior Notes Due Two Thousand Twenty Seven At Six Point Eight Seven Five Percent [Domain]

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

6.875%

Debt Instrument, Interest Rate, Effective Percentage

7.10%

Notes payable

$ 296,379,000

Debt Instrument, Face Amount

[1]

$ 300,000,000

Senior Notes [Member] | Senior Notes Due Two Thousand Twenty Nine At Four Point Eight Percent [Domain] [Domain]

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

4.80%

Debt Instrument, Interest Rate, Effective Percentage

5.00%

Notes payable

$ 296,300,000

$ 0

Debt Instrument, Face Amount

[1]

$ 300,000,000

Convertible Notes Payable [Member] | Convertible senior notes due February 1, 2019 at 1.375%

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

1.375%

Debt Instrument, Interest Rate, Effective Percentage

1.90%

Notes payable

$ 0

$ 229,788,000

Debt Instrument, Face Amount

$ 230,000,000

[1]

(a) At our option, these notes may be redeemed, in whole at any time or from time to time in part, at a redemption price equal to the greater of (i) 100% of the principal amount of the notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the notes being redeemed (exclusive of interest accrued to the applicable redemption date), discounted to the redemption date at a defined rate, plus, in each case, accrued and unpaid interest on the notes being redeemed to, but excluding, the applicable redemption date, except that three months prior to the stated maturity dates for the 7.00% Senior Notes due 2021 and until their respective maturity, and six months prior to the stated maturity date for the 7.625% Senior Notes due 2023, 6.875% Senior Notes due 2027 and 4.80% Senior Notes due 2029 and until their maturity, the redemption price will be equal to 100% of the principal amount of the notes being redeemed, plus, in each case, accrued and unpaid interest on the notes being redeemed to, but excluding, the applicable redemption date.

[2]

(b) At our option, these notes may be redeemed, in whole at any time or from time to time in part, at a redemption price equal to the greater of (i) 100% of the principal amount of the notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the notes being redeemed (exclusive of interest accrued to the applicable redemption date), discounted to the redemption date at a defined rate, plus, in each case, accrued and unpaid interest on the notes being redeemed to the applicable redemption date.

Notes Payable (Narrative) (Deta

Notes Payable (Narrative) (Details) - USD ($) shares in Thousands

Nov. 22, 2019

Nov. 04, 2019

Mar. 08, 2019

Feb. 20, 2019

Feb. 01, 2019

Jun. 15, 2018

Nov. 30, 2019

Nov. 30, 2018

Nov. 30, 2017

Aug. 31, 2019

Feb. 17, 2015

Oct. 29, 2013

Jan. 29, 2013

Jul. 31, 2012

Debt Instrument [Line Items]

Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net

$ 9,100,000

$ 9,800,000

Line of Credit Facility, Current Borrowing Capacity

$ 800,000,000

$ 500,000,000

Incremental Common Shares Attributable to Conversion of Debt Securities

1,427

8,402

Letters of Credit Outstanding, Amount

$ 34,700,000

$ 28,000,000

Primarily inventories carrying value

29,200,000

Repayments of Long-term Debt

986,231,000

300,000,000

$ 270,326,000

Gain (Loss) on Extinguishment of Debt

(6,800,000)

(5,685,000)

Proceeds from Issuance of Senior Long-term Debt

705,250,000

$ 0

Proceeds from Debt, Net of Issuance Costs

$ 400,000,000

Long-term Debt, Fiscal Year Maturity [Abstract]

Principal payments on senior notes, mortgages and land contracts due to land sellers and other loans due 2019

7,900,000

Principal payments on senior notes, mortgages and land contracts due to land sellers and other loans due 2020

Principal payments on senior notes, mortgages and land contracts due to land sellers and other loans due 2021

800,000,000

Principal payments on senior notes, mortgages and land contracts due to land sellers and other loans due 2022

350,000,000

Principal payments on senior notes, mortgages and land contracts due to land sellers and other loans due 2023

Principal payments on senior notes, mortgages and land contracts due to land sellers and other loans due thereafter

$ 600,000,000

Convertible senior notes due February 1, 2019 at 1.375%

Debt Instrument [Line Items]

Senior notes, rate

1.375%

Convertible Notes Payable [Member] | Convertible senior notes due February 1, 2019 at 1.375%

Debt Instrument [Line Items]

Senior notes, rate

1.375%

Mortgages and Land Contracts Due to Land Sellers and Other Loans [Member]

Debt Instrument [Line Items]

Senior notes, rate

7.00%

Senior Notes [Member]

Debt Instrument [Line Items]

Percentage of principal amount for purchase of notes if change in control

101.00%

Senior Notes [Member] | Senior Notes Due Two Thousand Twenty Nine At Four Point Eight Percent [Domain] [Domain]

Debt Instrument [Line Items]

Conversion Price Premium

100.00%

Senior notes, rate

4.80%

Proceeds from Issuance of Senior Long-term Debt

$ 300,000,000

Proceeds from Debt, Net of Issuance Costs

$ 296,300,000

Senior Notes [Member] | Convertible senior notes due February 1, 2019 at 1.375%

Debt Instrument [Line Items]

Repayments of Long-term Debt

[1]

$ 230,000,000

Senior Notes [Member] | Senior Notes Due Two Thousand Twenty Seven At Six Point Eight Seven Five Percent [Domain]

Debt Instrument [Line Items]

Conversion Price Premium

100.00%

Senior notes, rate

6.875%

Proceeds from Issuance of Senior Long-term Debt

300,000,000

Debt Instrument, Redemption Price, Percentage

100.00%

Senior Notes [Member] | Senior Notes Due Two Thousand Twenty Three At Seven Point Six Two Five Percent [Domain]

Debt Instrument [Line Items]

Conversion Price Premium

100.00%

Senior notes, rate

7.625%

Proceeds from Issuance of Senior Long-term Debt

$ 100,000,000

Debt Instrument, Redemption Price, Percentage

105.25%

Senior Notes [Member] | Senior notes due May 15, 2019 at 4.75%

Debt Instrument [Line Items]

Repayments of Long-term Debt

[1]

$ 400,000,000

Senior notes, rate

4.75%

Senior Notes [Member] | Senior notes due September 15, 2022 at 7.50%

Debt Instrument [Line Items]

Conversion Price Premium

100.00%

Senior notes, rate

7.50%

Senior Notes [Member] | Senior notes due December 15, 2021 at 7.00%

Debt Instrument [Line Items]

Conversion Price Premium

100.00%

Senior notes, rate

7.00%

Senior Notes [Member] | Senior notes due June 15, 2018 at 7 1/4%

Debt Instrument [Line Items]

Repayments of Long-term Debt

[1]

$ 300,000,000

Senior Notes [Member] | Senior notes due March 15, 2020 at 8.00%

Debt Instrument [Line Items]

Repayments of Long-term Debt

$ 350,000,000

Redemption of Long Term Debt

[1]

$ 356,200,000

Senior notes, rate

8.00%

Revolving Credit Facility [Member]

Debt Instrument [Line Items]

Line of Credit Facility, Maximum Borrowing Capacity

$ 1,000,000,000

Line of Credit Facility, Amount Outstanding

Line of Credit Facility, Remaining Borrowing Capacity

781,100,000

Letter of Credit [Member]

Debt Instrument [Line Items]

Line of Credit Facility, Current Borrowing Capacity

250,000,000

Line of Credit Facility, Amount Outstanding

18,900,000

Line of Credit Facility, Remaining Borrowing Capacity

231,100,000

LOC Facilities [Member]

Debt Instrument [Line Items]

Line of Credit Facility, Current Borrowing Capacity

50,000,000

Letters of Credit Outstanding, Amount

$ 15,800,000

$ 0

Minimum | Mortgages and Land Contracts Due to Land Sellers and Other Loans [Member]

Debt Instrument [Line Items]

Senior notes, rate

7.00%

Minimum | Revolving Credit Facility [Member]

Debt Instrument [Line Items]

Line of Credit Facility, Unused Capacity, Commitment Fee Percentage

0.20%

Maximum | Mortgages and Land Contracts Due to Land Sellers and Other Loans [Member]

Debt Instrument [Line Items]

Senior notes, rate

7.00%

Maximum | Revolving Credit Facility [Member]

Debt Instrument [Line Items]

Line of Credit Facility, Unused Capacity, Commitment Fee Percentage

0.35%

[1]

Fair Value Disclosures (Assets

Fair Value Disclosures (Assets Measured at Fair Value on a Nonrecurring Basis) (Details) - USD ($) $ in Thousands		12 Months Ended
		Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Impairment of Real Estate		$ (14,000)	$ (26,100)	$ (20,600)
Level 3 \| Fair Value, Measurements, Nonrecurring
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Inventory Impacted by Pretax Noncash Inventory Impairment Charges, Carrying Value		41,160	70,156
Impairment of Real Estate		(14,031)	(26,104)
Assets, Fair Value Disclosure	[1]	$ 27,129	$ 44,052

[1]	(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.

Fair Value Disclosures (Carryin

Fair Value Disclosures (Carrying Values and Estimated Fair Values of Financial Instruments) (Details) - Level 2 - USD ($) $ in Thousands		Nov. 30, 2019	Nov. 30, 2018
Senior Notes [Member] \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	[1]	$ 1,740,858	$ 1,790,437
Senior Notes [Member] \| Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes		1,921,563	1,853,438
Convertible Notes Payable [Member] \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible senior notes	[1]	0	229,788
Convertible Notes Payable [Member] \| Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible senior notes		$ 0	$ 229,425

[1]	The carrying values for the senior notes and convertible senior notes, as presented, include unamortized debt issuance costs. Debt issuance costs are not factored into the estimated fair values of these notes.

Fair Value Disclosures (Narrati

Fair Value Disclosures (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Impairment of Real Estate	$ 14	$ 26.1	$ 20.6
Estimate of Fair Value Measurement
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Assets, Fair Value Disclosure	$ 27.1	$ 44.1	$ 38.4

Commitments and Contingencies_2

Commitments and Contingencies (Changes in Warranty Liability) (Details) - USD ($) $ in Thousands		12 Months Ended
		Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Changes in the Company's warranty liability
Balance at beginning of year		$ 82,490	$ 69,798	$ 56,682
Warranties issued		35,480	37,792	38,452
Payments		(23,531)	(23,300)	(25,336)
Adjustments		(5,600)	(1,800)	0
Balance at end of year		88,839	82,490	69,798
Self Insurance Reserve, Balance at beginning of year		176,841	177,695	158,584
Expenses Associated with Self Insurance	[1]	16,685	20,436	20,371
Payments, Net of Recoveries for Self Insurance	[2]	(15,761)	(21,290)	(22,933)
Self Insurance Reserve, Balance at end of year		177,765	176,841	177,695
Self Insurance [Member]
Loss Contingencies [Line Items]
Increase (Decrease) in Insurance Liabilities	[3]	$ 0	$ 0	$ 21,673

[1]	These expenses are included in selling, general and administrative expenses and are largely offset by contributions from independent subcontractors participating in the wrap-up policy
[2]	Includes net changes in estimated probable insurance and other recoveries, which are recorded in receivables, to present our self-insurance liability on a gross basis.
[3]	The amount for 2017 reflected a change in estimate to increase our self-insurance liability based on an actuarially determined estimate that we believed had a higher probability of being adequate to cover future payments associated with unresolved claims, including claims incurred but not yet reported. This adjustment was included in selling, general and administrative expenses.

Commitments and Contingencies_3

Commitments and Contingencies (Narrative) (Details)		12 Months Ended
Commitments and Contingencies (Narrative) (Details)		Nov. 30, 2019USD ($)propertyHomeclaim_filed	Nov. 30, 2018USD ($)property	Nov. 30, 2017USD ($)property	Feb. 28, 2019	Nov. 30, 2016USD ($)
Loss Contingencies [Line Items]
Impairment of Real Estate		$ 14,000,000	$ 26,100,000	$ 20,600,000
Operating Leases, Rent Expense, Net		$ 9,800,000	8,600,000	8,100,000
Minimum warranty on electrical and other building systems		2 years
Maximum Warranty on Electrical Heating Cooling Plumbing and Other Building Systems		5 years
Standard Product Warranty Accrual, Payments		$ 23,531,000	$ 23,300,000	$ 25,336,000
Number of Land Parcels or Communities Associated with Non Cash Inventory Impairment Charges \| property		8	13	10
Insurance Recoveries				$ 23,500,000
Loss Contingency, Receivable, Estimated Recovery from Third Party				11,600,000
Commitments and Contingencies (Textual) [Abstract]
Structural warranty provided by the company		10 years
Warranty for other components of a home		1 year
Company's warranty liability		$ 88,839,000	$ 82,490,000	69,798,000		$ 56,682,000
Company's estimated liabilities for construction defect		177,765,000	176,841,000	177,695,000		$ 158,584,000
Expenses associated with self-insurance	[1]	16,685,000	20,436,000	$ 20,371,000
Performance bonds		793,900,000	689,300,000
Letters of Credit Outstanding, Amount		34,700,000	28,000,000
Non refundable deposits related to land option and other similar contracts		75,186,000	53,830,000
Aggregate Purchase Price Associated with Land Option and Other Similar Contracts		$ 1,423,519,000	1,371,238,000
Lessee, Operating Lease, Term of Contract					10 years
Damages from Product Defects [Member]
Loss Contingencies [Line Items]
Minimum Number of Affected Homes for Construction Defect Claims \| Home		2
Self Insurance [Member]
Loss Contingencies [Line Items]
Reclassification of warranty recoveries to receivables		$ 50,600,000	56,900,000
Chapter 558 of the Florida Statutes [Member]
Loss Contingencies [Line Items]
Loss Contingency, New Claims Filed, Number \| claim_filed		477
Minimum
Commitments and Contingencies (Textual) [Abstract]
Lessee, Operating Lease, Term of Contract		3 years
Maximum
Commitments and Contingencies (Textual) [Abstract]
Lessee, Operating Lease, Term of Contract		5 years
LOC Facilities [Member]
Commitments and Contingencies (Textual) [Abstract]
Letters of Credit Outstanding, Amount		$ 15,800,000	$ 0
Line of Credit Facility, Expiration Period		1 year

[1]	These expenses are included in selling, general and administrative expenses and are largely offset by contributions from independent subcontractors participating in the wrap-up policy

Commitments and Contingencies_4

Commitments and Contingencies (Schedule of Future Minimum Rental Payments for Operating Leases) (Details) - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017	Feb. 28, 2019
Operating Leased Assets [Line Items]
Lessee, Operating Lease, Term of Contract				10 years
2019	$ 9.7
2020	7.5
2021	6.1
2022	4.5
2023	3.6
Thereafter	5.8
Rental expense on operating leases	$ 9.8	$ 8.6	$ 8.1
Minimum
Operating Leased Assets [Line Items]
Lessee, Operating Lease, Term of Contract	3 years
Maximum
Operating Leased Assets [Line Items]
Lessee, Operating Lease, Term of Contract	5 years
Noncancelable operating leases, renewal term	5 years

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Feb. 28, 2019	Nov. 30, 2018	Aug. 31, 2018	May 31, 2018	Feb. 28, 2018	Nov. 30, 2017	Aug. 31, 2017	May 31, 2017	Feb. 28, 2017	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017	May 14, 2018	Jan. 12, 2016	Jul. 17, 2014	Jan. 29, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, Shares Authorized	290,000,000				290,000,000								290,000,000	290,000,000
Authorized repurchase of common stock																4,000,000
Common Stock, Shares, Issued	121,592,978				119,195,914								121,592,978	119,195,914
Common Stock, Dividends, Per Share, Cash Paid	$ 0.09	$ 0.09	$ 0.025	$ 0.025	$ 0.025	$ 0.025	$ 0.025	$ 0.025	$ 0.025	$ 0.025	$ 0.025	$ 0.025
Stock repurchases													$ 0	$ 35,039	$ 0
Treasury stock, Value													$ 7,288	$ 8,476	6,673
Stockholder's Equity (Textual) [Abstract]
Number of shares that can be purchased by exercising each right	0.01												0.01
Purchase price for right holders	$ 85												$ 85
Calendar days after a public announcement during which rights to be exercised													10 days
Business days after the commencement of a tender or exchange offer during which rights to be exercised													10 days
Beneficially ownership in company's outstanding common stock to be held by person or group to exercise rights													4.90%
Price at which company may redeem all of the then outstanding rights	0.001												$ 0.001
Cash dividend declared per share	$ 0.09	$ 0.09	$ 0.025	$ 0.025	$ 0.025	$ 0.025	$ 0.025	$ 0.025	$ 0.025	$ 0.025	$ 0.025	$ 0.025
Director Plan SARs [Domain]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, Shares Authorized																		680,000
Authorized repurchase of common stock																		680,000
Common Stock, Shares, Issued	0												0
January 2016 Stock Repurchase Program [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized repurchase of common stock																4,000,000	1,627,000
Treasury Stock, Shares, Acquired														1,806,053
Stock repurchases														$ 35,000
Not Part of a Share Repurchase Program [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Treasury stock, Value													$ 7,300	$ 8,500	$ 6,700
Convertible senior notes due February 1, 2019 at 1.375%
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Debt Instrument, Interest Rate, Stated Percentage																			1.375%

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Changes in the Balances of each Component of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands		12 Months Ended
		Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning Balance		$ (9,565)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	[1]	2,130	$ 1,892	$ 1,698
Income tax benefit (expense) related to items of other comprehensive income (loss)		2,197	(2,749)	578
Other comprehensive income (loss), net of tax		(5,941)	7,359	(867)
Ending Balance		(15,506)	(9,565)
Accumulated Define Benefit Plans Adjustment Member
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning Balance		(9,565)	(16,924)
Net actuarial gain (loss) arising during the period		(10,268)	8,216
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax		2,130	1,892
Income tax benefit (expense) related to items of other comprehensive income (loss)		2,197	(2,749)
Other comprehensive income (loss), net of tax		(5,941)	7,359
Ending Balance		$ (15,506)	$ (9,565)	$ (16,924)

[1]	The accumulated other comprehensive loss components are included in the computation of net periodic benefit costs as further discussed in Note 21 – Postretirement Benefits.

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss (Amounts Reclassified from Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands		12 Months Ended
		Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amortization of net actuarial loss		$ 218	$ 336	$ 142
Amortization of prior service cost		1,556	1,556	1,556
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax		356	0	0
Total reclassifications	[1]	2,130	$ 1,892	$ 1,698
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year		$ 400

[1]	The accumulated other comprehensive loss components are included in the computation of net periodic benefit costs as further discussed in Note 21 – Postretirement Benefits.

Employee Benefit and Stock Pl_3

Employee Benefit and Stock Plans (Narrative) (Details) $ / shares in Units, $ in Thousands	Oct. 03, 2019$ / shares	Oct. 05, 2018$ / shares	Oct. 05, 2017$ / shares	Nov. 30, 2019USD ($)$ / sharesshares	Nov. 30, 2018USD ($)$ / sharesshares	Nov. 30, 2017USD ($)$ / sharesshares	May 31, 2019shares	Nov. 30, 2016shares	Apr. 07, 2016shares	Apr. 03, 2014shares
Employee Benefit and Stock Plans (Textual) [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures				0	0	0
Employee Benefit and Stock Plan (Additional Textual) [Abstract]
Exercises in period, total intrinsic value \| $				$ 37,100	$ 11,800	$ 12,100
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period				2,300,004	1,195,926	1,650,360
Intrinsic value of stock options outstanding \| $				$ 89,900	$ 51,900	$ 136,300
Intrinsic value of stock options exercisable \| $				89,900	50,500	121,300
Tax shortfall from cancellation of stock awards \| $						3,300
Excess Tax Benefit (Tax Deficiency) from Share-based Compensation, Financing Activities \| $				$ 0	$ 0	$ 958
Shares of common stock held in trust				7,630,582	8,157,235		7,859,975
Stock Options
Employee Benefit and Stock Plans (Textual) [Abstract]
Total unrecognized stock-based compensation expense related to unvested stock option awards \| $				$ 0
Restricted Stock
Employee Benefit and Stock Plans (Textual) [Abstract]
Minimum period of restriction imposed on share grant lapse				3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				282,523	303,030	321,835
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value \| $ / shares				$ 31.67	$ 23.05	$ 24.49
Total unrecognized stock-based compensation expense related to unvested stock option awards \| $				$ 12,800
Employee Benefit and Stock Plan (Additional Textual) [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number				500,066	555,457	503,926		604,619
Performance Shares
Employee Benefit and Stock Plans (Textual) [Abstract]
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition				3 years
Minimum period of restriction imposed on share grant lapse				3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				468,957	603,424	424,797
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value \| $ / shares	$ 33.10	$ 23.05	$ 25.64	$ 30.45	$ 25.70	$ 22.99
Total unrecognized stock-based compensation expense related to unvested stock option awards \| $				$ 32,600
Employee Benefit and Stock Plan (Additional Textual) [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number				1,262,664	1,090,967	925,232		809,860
Director Plan SARs [Domain]
Employee Benefit and Stock Plans (Textual) [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number				224,674	308,880	308,880
Non-Employee Director Deferred Common Stock [Domain]
Employee Benefit and Stock Plans (Textual) [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number				519,160	490,240	456,875
Maximum \| Performance Shares
Employee Benefit and Stock Plans (Textual) [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants, Award Share Percentage				200.00%
Minimum \| Performance Shares
Employee Benefit and Stock Plans (Textual) [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants, Award Share Percentage				0.00%
Equity Incentive Two Thousand Fourteen Plan [Member] [Member]
Employee Benefit and Stock Plans (Textual) [Abstract]
Number of shares authorized for issuance of stock based awards to employees				12,300,000					7,500,000	4,800,000
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
Employee Benefit and Stock Plan (Additional Textual) [Abstract]
Share Based payments award terms of Award				10 years
2010 Equity Incentive Plan
Employee Benefit and Stock Plans (Textual) [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures				0
Saving Plan
Employee Benefit and Stock Plans (Textual) [Abstract]
Aggregate cost related to saving plan \| $				$ 6,900	$ 6,000	$ 6,200
Net assets invested in funds consisting common stock				5.00%	5.00%	7.00%
Director Plan SARs [Domain]
Employee Benefit and Stock Plan (Additional Textual) [Abstract]
Share Based payments award terms of Award				15 years
PSU 2014 [Domain] \| Performance Shares
Employee Benefit and Stock Plans (Textual) [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period					194,529
PSU 2013 [Domain] \| Performance Shares
Employee Benefit and Stock Plans (Textual) [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period						125,460

Employee Benefit and Stock Pl_4

Employee Benefit and Stock Plans (Stock Based Compensation Expense) (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 03, 2019	Oct. 05, 2018	Oct. 05, 2017	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense related to stock option grants				$ 18,312	$ 15,861	$ 14,633
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period				2,300,004	1,195,926	1,650,360
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense related to stock option grants				$ 189	$ 917	$ 2,592
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				3 years
Stock-based compensation expense related to stock option grants				$ 6,080	$ 4,600	$ 4,177
Restricted stock transactions
Outstanding at beginning of year, Shares				555,457	503,926	604,619
Weighted average per share grant date fair value in dollars per share				$ 20.66	$ 23.19	$ 21.69	$ 16.24
Granted, Shares				282,523	303,030	321,835
Granted, Weighted Average per Share Grant Date Fair Value				$ 31.67	$ 23.05	$ 24.49
Vested, Shares				(319,687)	(221,951)	(364,670)
Vested, Weighted Average per Share Grant Date Fair Value				$ 34.66	$ 19.79	$ 16.09
Cancelled, Shares				(18,227)	(29,548)	(57,858)
Cancelled, Weighted Average per Share Grant Date Fair Value				$ 22.81	$ 21.76	$ 15.61
Outstanding at end of year, Shares				500,066	555,457	503,926
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				3 years
Stock-based compensation expense related to stock option grants				$ 10,742	$ 8,790	$ 6,439
Restricted stock transactions
Outstanding at beginning of year, Shares				1,090,967	925,232	809,860
Weighted average per share grant date fair value in dollars per share				$ 22.13	$ 18.70	$ 20.09	$ 17.19
Granted, Shares				468,957	603,424	424,797
Granted, Weighted Average per Share Grant Date Fair Value	$ 33.10	$ 23.05	$ 25.64	$ 30.45	$ 25.70	$ 22.99
Vested, Shares				(297,260)	(437,689)	(278,460)
Vested, Weighted Average per Share Grant Date Fair Value				$ 22.67	$ 31.28	$ 16.67
Cancelled, Shares				0	0	(30,965)
Cancelled, Weighted Average per Share Grant Date Fair Value				$ 0	$ 0	$ 14.92
Outstanding at end of year, Shares				1,262,664	1,090,967	925,232
Director Stock Units [Domain]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense related to stock option grants				$ 1,301	$ 1,554	$ 1,425
PSU 2015 [Domain] \| Performance Shares
Restricted stock transactions
Granted, Shares				119,260
Maximum \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants, Award Share Percentage				200.00%
Minimum \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants, Award Share Percentage				0.00%

Employee Benefit and Stock Pl_5

Employee Benefit and Stock Plans (Stock Option Transactions) (Details) - $ / shares	Oct. 03, 2019	Oct. 05, 2018	Oct. 05, 2017	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016
Stock option transactions
Options outstanding at beginning of year, Options				7,237,544	9,265,240	12,731,545
Options outstanding at beginning of year, Weighted Average Exercise Price in dollars per share				$ 16.02	$ 17.64	$ 18.95
Granted, Options				0	0	0
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price in dollars per share				$ 0	$ 0	$ 0
Employee stock options/other, Shares				(2,300,004)	(1,195,926)	(1,650,360)
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price in dollars per share				$ 13.27	$ 16.73	$ 16.01
Cancelled, Options				(774,059)	(831,770)	(1,815,945)
Cancelled, Weighted Average Exercise Price in dollars per share				$ 40.43	$ 33.05	$ 28.31
Options outstanding at end of year, Options				4,163,481	7,237,544	9,265,240
Options outstanding at end of year, Weighted Average Exercise Price in dollars per share				$ 13	$ 16.02	$ 17.64
Options exercisable at end of year, Options				4,163,481	6,948,670	8,307,632
Options exercisable at end of period, Weighted Average Exercise Price in dollars per share				$ 13	$ 16.01	$ 17.86
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant				5,567,467	6,418,197	7,495,792
Equity Incentive Two Thousand Fourteen Plan [Member] [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based payments award terms of Award				10 years
Director Plan SARs [Domain]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based payments award terms of Award				15 years
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number				1,262,664	1,090,967	925,232	809,860
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				468,957	603,424	424,797
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 33.10	$ 23.05	$ 25.64	$ 30.45	$ 25.70	$ 22.99
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period				(297,260)	(437,689)	(278,460)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value				$ 22.67	$ 31.28	$ 16.67
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period				0	0	(30,965)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value				$ 0	$ 0	$ 14.92
Weighted average per share grant date fair value in dollars per share				$ 22.13	$ 18.70	$ 20.09	$ 17.19

Employee Benefit and Stock Pl_6

Employee Benefit and Stock Plans (Stock Options Outstanding and Exercisable) (Details)	12 Months Ended
	Nov. 30, 2019$ / sharesshares
Stock options outstanding and stock options exercisable
Range of Exercise Price in dollars per share, Minimum	$ 6.32
Range of Exercise Price in dollars per share, Maximum	$ 45.16
Options Outstanding, Options \| shares	4,163,481
Options Outstanding, Weighted Average Exercise Price in dollars per share	$ 13
Options Outstanding, Weighted Average Remaining Contractual Life	4 years 3 months 1 day
Options Exercisable, Options \| shares	4,163,481
Options Exercisable, Weighted Average Exercise Price in dollars per share	$ 13
Options Exercisable, Weighted Average Remaining Contractual Life	4 years 3 months 30 days
$ 6.32 to $11.05
Stock options outstanding and stock options exercisable
Range of Exercise Price in dollars per share, Minimum	$ 6.32
Range of Exercise Price in dollars per share, Maximum	$ 11.05
Options Outstanding, Options \| shares	953,500
Options Outstanding, Weighted Average Exercise Price in dollars per share	$ 6.37
Options Outstanding, Weighted Average Remaining Contractual Life	1 year 10 months 30 days
Options Exercisable, Options \| shares	953,500
Options Exercisable, Weighted Average Exercise Price in dollars per share	$ 6.37
$11.06 to $14.62
Stock options outstanding and stock options exercisable
Range of Exercise Price in dollars per share, Minimum	11.06
Range of Exercise Price in dollars per share, Maximum	$ 14.62
Options Outstanding, Options \| shares	1,250,424
Options Outstanding, Weighted Average Exercise Price in dollars per share	$ 13.66
Options Outstanding, Weighted Average Remaining Contractual Life	3 years 10 months 1 day
Options Exercisable, Options \| shares	1,250,424
Options Exercisable, Weighted Average Exercise Price in dollars per share	$ 13.66
$14.63 to $15.44
Stock options outstanding and stock options exercisable
Range of Exercise Price in dollars per share, Minimum	14.63
Range of Exercise Price in dollars per share, Maximum	$ 15.44
Options Outstanding, Options \| shares	853,000
Options Outstanding, Weighted Average Exercise Price in dollars per share	$ 14.92
Options Outstanding, Weighted Average Remaining Contractual Life	5 years 11 months 1 day
Options Exercisable, Options \| shares	853,000
Options Exercisable, Weighted Average Exercise Price in dollars per share	$ 14.92
$15.45 to $16.22
Stock options outstanding and stock options exercisable
Range of Exercise Price in dollars per share, Minimum	15.45
Range of Exercise Price in dollars per share, Maximum	$ 16.22
Options Outstanding, Options \| shares	754,057
Options Outstanding, Weighted Average Exercise Price in dollars per share	$ 16.21
Options Outstanding, Weighted Average Remaining Contractual Life	6 years 11 months 1 day
Options Exercisable, Options \| shares	754,057
Options Exercisable, Weighted Average Exercise Price in dollars per share	$ 16.21
$16.23 to $45.16
Stock options outstanding and stock options exercisable
Range of Exercise Price in dollars per share, Minimum	16.23
Range of Exercise Price in dollars per share, Maximum	$ 45.16
Options Outstanding, Options \| shares	352,500
Options Outstanding, Weighted Average Exercise Price in dollars per share	$ 17.12
Options Outstanding, Weighted Average Remaining Contractual Life	3 years 9 months 1 day
Options Exercisable, Options \| shares	352,500
Options Exercisable, Weighted Average Exercise Price in dollars per share	$ 17.12

Postretirement Benefits (Detail

Postretirement Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
Postretirement Benefits (Details) - USD ($) $ in Thousands	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Postretirement Benefits Additional (Textual) [Abstract]
Interest cost	$ 2,478	$ 2,252	$ 2,274
Amortization of prior service cost	1,556	1,556	1,556
Service cost	958	1,085	1,046
Amortization of net actuarial loss	218	336	142
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement	356	0	0
Total	5,566	5,229	5,018
Liabilities related to postretirement benefit plan	$ 69,300	$ 60,800
Discounted rate for benefit plan	2.70%	4.10%
Defined Benefit Plan Disclosure [Line Items]
Cash surrender value of insurance contracts	$ 73,849	$ 73,721
2019	2,300
2020	2,500
2021	2,600
2022	2,900
2023	3,200
2024-2028	20,800
Supplemental Nonqualified Unfunded Retirement Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Benefit Obligation, Period Increase (Decrease)	2,100	(900)	3,900
Defined Benefit Plan, Benefit Obligation, Benefits Paid	1,800	1,600	1,500
Cash surrender value of insurance contracts	44,700	44,400
Unfunded Death Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Benefit Obligation, Period Increase (Decrease)	900	(300)	$ 1,500
Cash surrender value of insurance contracts	18,400	$ 18,200
Defined Benefit Plan, Plan Assets, Benefits Paid	$ 1,700

Supplemental Disclosure to Co_3

Supplemental Disclosure to Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017	Dec. 01, 2018	Nov. 30, 2016
Summary of cash and cash equivalents at the end of the year:
Cash and cash equivalents	$ 454,858	$ 575,119	$ 720,861		$ 593,000
Interest paid, net of amounts capitalized	(1,327)	8,338	7,581
Income taxes paid	4,479	11,949	4,664
Income taxes refunded	221	220	202
Inventories	3,704,602	3,582,839
Property and equipment, net	65,043	24,283
Supplemental disclosure of non-cash activities:
Increase (decrease) in consolidated inventories not owned	(9,634)	16,098	(44,833)
Inventories acquired through seller financing	8,967	44,586	49,658
Homebuilding:
Summary of cash and cash equivalents at the end of the year:
Cash and cash equivalents	453,814	574,359	720,630
Financial services [Member]
Summary of cash and cash equivalents at the end of the year:
Cash and cash equivalents	1,044	760	231
Inspirada Builders LLC [Member]
Supplemental disclosure of non-cash activities:
Increase in inventories due to distributions of land and land development from an unconsolidated joint venture	$ 9,662	17,637	6,650
Accounting Standards Update 2014-09 [Member]
Summary of cash and cash equivalents at the end of the year:
Inventories		0	0	$ (35,288)
Property and equipment, net		$ 0	$ 0	$ 31,194

Supplemental Guarantor Inform_3

Supplemental Guarantor Information (Narrative) (Details)	12 Months Ended
Supplemental Guarantor Information (Narrative) (Details)	Nov. 30, 2019
Guarantees [Abstract]
Ownership share in guarantor subsidiaries	100.00%
Line of Credit Facility, Significant Subsidiary Threshold, Percent	5.00%
Line of Credit Facility, Non Guarantor Subsidiary Threshold, Percent	10.00%

Supplemental Guarantor Inform_4

Supplemental Guarantor Information (Condensed Consolidating Statements of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Feb. 28, 2019	Nov. 30, 2018	Aug. 31, 2018	May 31, 2018	Feb. 28, 2018	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Condensed Consolidated Statements of Operations
Total Revenues									$ 4,552,747	$ 4,547,002	$ 4,368,529
Home Building:
Total Revenues									4,552,747	4,547,002	4,368,529
Interest Expense									0	0	(622)
Equity in income (loss) of unconsolidated joint ventures									10,681	9,367	2,825
Gain (Loss) on Extinguishment of Debt									(6,800)	0	(5,685)
Pretax income (loss)	$ 164,967	$ 91,936	$ 56,761	$ 34,511	$ 128,936	$ 114,676	$ 78,308	$ 46,045	348,175	367,965	289,995
Income tax expense									(79,400)	(197,600)	(109,400)
Income (Loss) from Subsidiaries, Net of Tax									0	0	0
Net income	$ 123,167	$ 68,136	$ 47,461	$ 30,011	$ 96,836	$ 87,476	$ 57,308	$ (71,255)	268,775	170,365	180,595
Consolidating Adjustments
Condensed Consolidated Statements of Operations
Total Revenues									0	0	0
Home Building:
Total Revenues									0	0	0
Pretax income (loss)									0	0	0
Income tax expense									0	0	0
Income (Loss) from Subsidiaries, Net of Tax									(88,639)	(169,903)	(184,601)
Net income									(88,639)	(169,903)	(184,601)
Reportable Legal Entities [Member] \| KB Home Corporate
Condensed Consolidated Statements of Operations
Total Revenues									0	0	0
Home Building:
Total Revenues									0	0	0
Pretax income (loss)									85,530	62,562	4,794
Income tax expense									(16,300)	(62,100)	(8,800)
Income (Loss) from Subsidiaries, Net of Tax									88,639	169,903	184,601
Net income									157,869	170,365	180,595
Reportable Legal Entities [Member] \| Guarantor Subsidiaries
Condensed Consolidated Statements of Operations
Total Revenues									4,161,511	4,198,969	4,034,057
Home Building:
Total Revenues									4,161,511	4,198,969	4,034,057
Pretax income (loss)									248,280	308,667	271,770
Income tax expense									(58,100)	(101,200)	(100,000)
Income (Loss) from Subsidiaries, Net of Tax									0	0	0
Net income									190,180	207,467	171,770
Reportable Legal Entities [Member] \| Non-Guarantor Subsidiaries
Condensed Consolidated Statements of Operations
Total Revenues									391,236	348,033	334,472
Home Building:
Total Revenues									391,236	348,033	334,472
Pretax income (loss)									14,365	(3,264)	13,431
Income tax expense									(5,000)	(34,300)	(600)
Income (Loss) from Subsidiaries, Net of Tax									0	0	0
Net income									9,365	(37,564)	12,831
Financial services
Condensed Consolidated Statements of Operations
Total Revenues									15,089	13,207	12,264
Home Building:
Total Revenues									15,089	13,207	12,264
Construction and land costs									(4,333)	(3,844)	(3,430)
Selling, general and administrative expenses									(4,333)	(3,844)	(3,430)
Operating Income (Loss)									10,756	9,363	8,834
Equity in income (loss) of unconsolidated joint ventures									12,230	7,301	4,234
Pretax income (loss)									22,986	16,664	13,068
Financial services \| Consolidating Adjustments
Home Building:
Pretax income (loss)									0	0	0
Financial services \| Reportable Legal Entities [Member] \| KB Home Corporate
Home Building:
Pretax income (loss)									0	0	0
Financial services \| Reportable Legal Entities [Member] \| Guarantor Subsidiaries
Home Building:
Pretax income (loss)									0	0	0
Financial services \| Reportable Legal Entities [Member] \| Non-Guarantor Subsidiaries
Home Building:
Pretax income (loss)									22,986	16,664	13,068
Homebuilding:
Condensed Consolidated Statements of Operations
Total Revenues									4,537,658	4,533,795	4,356,265
Home Building:
Total Revenues									4,537,658	4,533,795	4,356,265
Construction and land costs									(3,708,928)	(3,743,920)	(3,646,468)
Selling, general and administrative expenses									(497,350)	(444,154)	(426,394)
Operating Income (Loss)									331,380	345,721	283,403
Interest income									2,158	3,514	1,240
Interest Expense									0	0	(622)
Intercompany Interest Income (Expense)									0	0	0
Equity in income (loss) of unconsolidated joint ventures									(1,549)	2,066	(1,409)
Gain (Loss) on Extinguishment of Debt									(6,800)		(5,685)
Pretax income (loss)									325,189	351,301	276,927
Homebuilding: \| Consolidating Adjustments
Condensed Consolidated Statements of Operations
Total Revenues									0	0	0
Home Building:
Total Revenues									0	0	0
Construction and land costs									0	0	0
Selling, general and administrative expenses									0	0	0
Operating Income (Loss)									0	0	0
Interest income									0	0	0
Interest Expense									143,412	149,698	170,864
Intercompany Interest Income (Expense)									(143,412)	(149,698)	(170,864)
Equity in income (loss) of unconsolidated joint ventures									0	0	0
Gain (Loss) on Extinguishment of Debt									0		0
Pretax income (loss)									0	0	0
Homebuilding: \| Reportable Legal Entities [Member] \| KB Home Corporate
Condensed Consolidated Statements of Operations
Total Revenues									0	0	0
Home Building:
Total Revenues									0	0	0
Construction and land costs									0	0	0
Selling, general and administrative expenses									(100,630)	(101,152)	(91,120)
Operating Income (Loss)									(100,630)	(101,152)	(91,120)
Interest income									1,926	3,273	1,232
Interest Expense									(137,327)	(141,812)	(166,417)
Intercompany Interest Income (Expense)									328,361	302,253	266,784
Equity in income (loss) of unconsolidated joint ventures									0	0	0
Gain (Loss) on Extinguishment of Debt									(6,800)		(5,685)
Pretax income (loss)									85,530	62,562	4,794
Homebuilding: \| Reportable Legal Entities [Member] \| Guarantor Subsidiaries
Condensed Consolidated Statements of Operations
Total Revenues									4,161,511	4,198,969	4,034,057
Home Building:
Total Revenues									4,161,511	4,198,969	4,034,057
Construction and land costs									(3,362,386)	(3,435,058)	(3,342,617)
Selling, general and administrative expenses									(375,199)	(311,815)	(298,498)
Operating Income (Loss)									423,926	452,096	392,942
Interest income									23	11	8
Interest Expense									(746)	(2,624)	(1,635)
Intercompany Interest Income (Expense)									(173,374)	(142,882)	(118,138)
Equity in income (loss) of unconsolidated joint ventures									(1,549)	2,066	(1,407)
Gain (Loss) on Extinguishment of Debt									0		0
Pretax income (loss)									248,280	308,667	271,770
Homebuilding: \| Reportable Legal Entities [Member] \| Non-Guarantor Subsidiaries
Condensed Consolidated Statements of Operations
Total Revenues									376,147	334,826	322,208
Home Building:
Total Revenues									376,147	334,826	322,208
Construction and land costs									(346,542)	(308,862)	(303,851)
Selling, general and administrative expenses									(21,521)	(31,187)	(36,776)
Operating Income (Loss)									8,084	(5,223)	(18,419)
Interest income									209	230	0
Interest Expense									(5,339)	(5,262)	(3,434)
Intercompany Interest Income (Expense)									(11,575)	(9,673)	22,218
Equity in income (loss) of unconsolidated joint ventures									0	0	(2)
Gain (Loss) on Extinguishment of Debt									0		0
Pretax income (loss)									$ (8,621)	$ (19,928)	$ 363

Supplemental Guarantor Inform_5

Supplemental Guarantor Information (Condensed Consolidating Statements of Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Feb. 28, 2019	Nov. 30, 2018	Aug. 31, 2018	May 31, 2018	Feb. 28, 2018	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Net income	$ 123,167	$ 68,136	$ 47,461	$ 30,011	$ 96,836	$ 87,476	$ 57,308	$ (71,255)	$ 268,775	$ 170,365	$ 180,595
Other Comprehensive Income (Loss), before Reclassifications, before Tax									(8,138)	10,108	(1,445)
Other Comprehensive Income (Loss), before Tax									(8,138)	10,108	(1,445)
Income tax benefit (expense) related to items of other comprehensive income (loss)									2,197	(2,749)	578
Other comprehensive income (loss), net of tax									(5,941)	7,359	(867)
Comprehensive income									262,834	177,724	179,728
Reportable Legal Entities [Member] \| KB Home Corporate
Net income									157,869	170,365	180,595
Other Comprehensive Income (Loss), before Reclassifications, before Tax									(8,138)	10,108	(1,445)
Other Comprehensive Income (Loss), before Tax									(8,138)	10,108	(1,445)
Income tax benefit (expense) related to items of other comprehensive income (loss)									2,197	(2,749)	578
Other comprehensive income (loss), net of tax									(5,941)	7,359	(867)
Comprehensive income									151,928	177,724	179,728
Reportable Legal Entities [Member] \| Guarantor Subsidiaries
Net income									190,180	207,467	171,770
Other Comprehensive Income (Loss), before Reclassifications, before Tax									0	0	0
Other Comprehensive Income (Loss), before Tax									0	0	0
Income tax benefit (expense) related to items of other comprehensive income (loss)									0	0	0
Other comprehensive income (loss), net of tax									0	0	0
Comprehensive income									190,180	207,467	171,770
Reportable Legal Entities [Member] \| Non-Guarantor Subsidiaries
Net income									9,365	(37,564)	12,831
Other Comprehensive Income (Loss), before Reclassifications, before Tax									0	0	0
Other Comprehensive Income (Loss), before Tax									0	0	0
Income tax benefit (expense) related to items of other comprehensive income (loss)									0	0	0
Other comprehensive income (loss), net of tax									0	0	0
Comprehensive income									9,365	(37,564)	12,831
Consolidating Adjustments
Net income									(88,639)	(169,903)	(184,601)
Other Comprehensive Income (Loss), before Reclassifications, before Tax									0	0	0
Other Comprehensive Income (Loss), before Tax									0	0	0
Income tax benefit (expense) related to items of other comprehensive income (loss)									0	0	0
Other comprehensive income (loss), net of tax									0	0	0
Comprehensive income									$ (88,639)	$ (169,903)	$ (184,601)

Supplemental Guarantor Inform_6

Supplemental Guarantor Information (Condensed Consolidating Balance Sheets) (Details) - USD ($) $ in Thousands	Nov. 30, 2019	Dec. 01, 2018	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016
Assets
Cash and cash equivalents	$ 454,858		$ 575,119	$ 720,861	$ 593,000
Receivables	249,055		292,830
Inventories	3,704,602		3,582,839
Property and equipment, net	65,043		24,283
Other Assets	83,041		83,100
Total assets	5,015,482		5,073,571
Liabilities and stockholders' equity
Notes payable	1,748,747		2,060,263
Due to Affiliate	0		0
Stockholder's equity	2,383,122		2,087,500	1,926,311	1,723,145
Total liabilities and Stockholders' equity	5,015,482		5,073,571
Consolidating Adjustments
Assets
Cash and cash equivalents	0		0	0	0
Total assets	(3,925,856)		(3,795,839)
Liabilities and stockholders' equity
Due to Affiliate	(3,810,103)		(3,728,182)
Stockholder's equity	(115,753)		(67,657)
Total liabilities and Stockholders' equity	(3,925,856)		(3,795,839)
Reportable Legal Entities [Member] \| KB Home Corporate
Assets
Cash and cash equivalents	357,966		429,977	575,193	463,100
Total assets	4,298,971		4,252,493
Liabilities and stockholders' equity
Due to Affiliate	60,964		43,702
Stockholder's equity	2,383,122		2,087,500
Total liabilities and Stockholders' equity	4,298,971		4,252,493
Reportable Legal Entities [Member] \| Guarantor Subsidiaries
Assets
Cash and cash equivalents	65,434		114,269	104,120	105,903
Total assets	3,981,908		4,002,279
Liabilities and stockholders' equity
Due to Affiliate	3,520,090		3,377,920
Stockholder's equity	0		0
Total liabilities and Stockholders' equity	3,981,908		4,002,279
Reportable Legal Entities [Member] \| Non-Guarantor Subsidiaries
Assets
Cash and cash equivalents	31,458		30,873	$ 41,548	$ 23,997
Total assets	660,459		614,638
Liabilities and stockholders' equity
Due to Affiliate	229,049		306,560
Stockholder's equity	115,753		67,657
Total liabilities and Stockholders' equity	660,459		614,638
Homebuilding:
Assets
Cash and cash equivalents	453,814		574,359
Receivables	249,055		292,830
Inventories	3,704,602	$ 3,547,551	3,582,839
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	57,038		61,960
Property and equipment, net	65,043	55,477	24,283
Deferred tax assets, net	364,493	437,796	441,820
Other Assets	83,041		83,100
Total assets	4,977,086		5,061,191
Due from Affiliates	0		0
Investments in and Advances to Affiliates, Amount of Equity	0		0
Liabilities and stockholders' equity
Accounts payable, accrued expenses and other liabilities	881,555		924,313
Notes payable	1,748,747		2,060,263
Total Homebuilding	2,630,302		2,984,576
Homebuilding: \| Consolidating Adjustments
Assets
Cash and cash equivalents	0		0
Receivables	0		0
Inventories	0		0
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	0		0
Property and equipment, net	0		0
Deferred tax assets, net	0		0
Other Assets	0		0
Total assets	0		0
Due from Affiliates	(3,810,103)		(3,728,182)
Investments in and Advances to Affiliates, Amount of Equity	(115,753)		(67,657)
Liabilities and stockholders' equity
Accounts payable, accrued expenses and other liabilities	0		0
Notes payable	0		0
Total Homebuilding	0		0
Homebuilding: \| Reportable Legal Entities [Member] \| KB Home Corporate
Assets
Cash and cash equivalents	357,966		429,977
Receivables	1,934		5,135
Inventories	0		0
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	0		0
Property and equipment, net	24,250		18,450
Deferred tax assets, net	96,301		84,564
Other Assets	78,686		77,288
Total assets	559,137		615,414
Due from Affiliates	3,624,081		3,569,422
Investments in and Advances to Affiliates, Amount of Equity	115,753		67,657
Liabilities and stockholders' equity
Accounts payable, accrued expenses and other liabilities	139,137		126,176
Notes payable	1,715,748		1,995,115
Total Homebuilding	1,854,885		2,121,291
Homebuilding: \| Reportable Legal Entities [Member] \| Guarantor Subsidiaries
Assets
Cash and cash equivalents	65,434		114,269
Receivables	181,047		198,465
Inventories	3,400,307		3,314,386
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	57,038		61,960
Property and equipment, net	37,539		5,522
Deferred tax assets, net	237,877		303,669
Other Assets	2,666		4,008
Total assets	3,981,908		4,002,279
Due from Affiliates	0		0
Investments in and Advances to Affiliates, Amount of Equity	0		0
Liabilities and stockholders' equity
Accounts payable, accrued expenses and other liabilities	453,929		584,321
Notes payable	7,889		40,038
Total Homebuilding	461,818		624,359
Homebuilding: \| Reportable Legal Entities [Member] \| Non-Guarantor Subsidiaries
Assets
Cash and cash equivalents	30,414		30,113
Receivables	66,074		89,230
Inventories	304,295		268,453
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	0		0
Property and equipment, net	3,254		311
Deferred tax assets, net	30,315		53,587
Other Assets	1,689		1,804
Total assets	436,041		443,498
Due from Affiliates	186,022		158,760
Investments in and Advances to Affiliates, Amount of Equity	0		0
Liabilities and stockholders' equity
Accounts payable, accrued expenses and other liabilities	288,489		213,816
Notes payable	25,110		25,110
Total Homebuilding	313,599		238,926
Financial services
Assets
Cash and cash equivalents	1,044		760
Receivables	2,232		2,885
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	14,374		8,594
Other Assets	20,746		141
Total assets	38,396	$ 32,108	12,380
Liabilities and stockholders' equity
Accounts payable, accrued expenses and other liabilities	2,058		1,495
Financial services	2,058		1,495
Financial services \| Consolidating Adjustments
Assets
Total assets	0		0
Liabilities and stockholders' equity
Financial services	0		0
Financial services \| Reportable Legal Entities [Member] \| KB Home Corporate
Assets
Total assets	0		0
Liabilities and stockholders' equity
Financial services	0		0
Financial services \| Reportable Legal Entities [Member] \| Guarantor Subsidiaries
Assets
Total assets	0		0
Liabilities and stockholders' equity
Financial services	0		0
Financial services \| Reportable Legal Entities [Member] \| Non-Guarantor Subsidiaries
Assets
Total assets	38,396		12,380
Liabilities and stockholders' equity
Financial services	$ 2,058		$ 1,495

Supplemental Guarantor Inform_7

Supplemental Guarantor Information (Condensed Consolidated Statements of Cash Flows) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Feb. 28, 2019	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Condensed Consolidated Statements of Cash Flows
Net cash provided by (used in) operating activities		$ 251,042	$ 221,512	$ 513,219
Cash flows from investing activities:
Contributions to unconsolidated joint ventures		(11,290)	(22,671)	(18,694)
Return of investments in unconsolidated joint ventures		5,001	9,934	11,035
Proceeds from Sale of Buildings	$ 5,800	5,804	0	0
Purchases of property and equipment, net		(40,459)	(7,370)	(8,085)
Intercompany		0	0	0
Net cash used in investing activities		(40,944)	(20,107)	(15,744)
Proceeds from Issuance of Senior Long-term Debt		705,250	0	0
Cash flows from financing activities:
Issuance costs for unsecured revolving credit facility		(11,128)	0	(1,711)
Repayment of senior notes		(986,231)	(300,000)	(270,326)
Borrowings under revolving credit facility		610,000	70,000	0
Repayments under revolving credit facility		(610,000)	(70,000)	0
Payments on mortgages and land contracts due to land sellers and other loans		(41,116)	(14,751)	(106,382)
Issuance of common stock under employee stock plans		30,524	20,011	23,162
Excess Tax Benefit (Tax Deficiency) from Share-based Compensation, Financing Activities		0	0	958
Payments of cash dividends		(20,370)	(8,892)	(8,642)
Tax payments associated with stock-based compensation awards		(7,288)	(8,476)	(6,673)
Payments for Repurchase of Common Stock		0	(35,039)	0
Intercompany		0	0	0
Net cash used in financing activities		(330,359)	(347,147)	(369,614)
Net increase (decrease) in cash and cash equivalents		(120,261)	(145,742)	127,861
Cash and cash equivalents at beginning of year	575,119	575,119	720,861	593,000
Cash and cash equivalents at end of year		454,858	575,119	720,861
Consolidating Adjustments
Condensed Consolidated Statements of Cash Flows
Net cash provided by (used in) operating activities		0	0	0
Cash flows from investing activities:
Contributions to unconsolidated joint ventures		0	0	0
Return of investments in unconsolidated joint ventures		0	0	0
Proceeds from Sale of Buildings		0
Purchases of property and equipment, net		0	0	0
Intercompany		(105,055)	43,128	(311,857)
Net cash used in investing activities		(105,055)	43,128	(311,857)
Proceeds from Issuance of Senior Long-term Debt		0
Cash flows from financing activities:
Issuance costs for unsecured revolving credit facility		0		0
Repayment of senior notes		0	0	0
Borrowings under revolving credit facility		0	0
Repayments under revolving credit facility		0	0
Payments on mortgages and land contracts due to land sellers and other loans		0	0	0
Issuance of common stock under employee stock plans		0	0	0
Excess Tax Benefit (Tax Deficiency) from Share-based Compensation, Financing Activities				0
Payments of cash dividends		0	0	0
Tax payments associated with stock-based compensation awards		0	0	0
Payments for Repurchase of Common Stock			0
Intercompany		105,055	(43,128)	311,857
Net cash used in financing activities		105,055	(43,128)	311,857
Net increase (decrease) in cash and cash equivalents		0	0	0
Cash and cash equivalents at beginning of year	0	0	0	0
Cash and cash equivalents at end of year		0	0	0
Reportable Legal Entities [Member] \| KB Home Corporate
Condensed Consolidated Statements of Cash Flows
Net cash provided by (used in) operating activities		118,542	236,892	70,683
Cash flows from investing activities:
Contributions to unconsolidated joint ventures		0	0	0
Return of investments in unconsolidated joint ventures		0	0	0
Proceeds from Sale of Buildings		0
Purchases of property and equipment, net		(6,365)	(6,584)	(7,215)
Intercompany		105,055	(43,128)	311,857
Net cash used in investing activities		98,690	(49,712)	304,642
Proceeds from Issuance of Senior Long-term Debt		705,250
Cash flows from financing activities:
Issuance costs for unsecured revolving credit facility		(11,128)		(1,711)
Repayment of senior notes		(986,231)	(300,000)	(270,326)
Borrowings under revolving credit facility		610,000	70,000
Repayments under revolving credit facility		(610,000)	(70,000)
Payments on mortgages and land contracts due to land sellers and other loans		0	0	0
Issuance of common stock under employee stock plans		30,524	20,011	23,162
Excess Tax Benefit (Tax Deficiency) from Share-based Compensation, Financing Activities				958
Payments of cash dividends		(20,370)	(8,892)	(8,642)
Tax payments associated with stock-based compensation awards		(7,288)	(8,476)	(6,673)
Payments for Repurchase of Common Stock			(35,039)
Intercompany		0	0	0
Net cash used in financing activities		(289,243)	(332,396)	(263,232)
Net increase (decrease) in cash and cash equivalents		(72,011)	(145,216)	112,093
Cash and cash equivalents at beginning of year	429,977	429,977	575,193	463,100
Cash and cash equivalents at end of year		357,966	429,977	575,193
Reportable Legal Entities [Member] \| Guarantor Subsidiaries
Condensed Consolidated Statements of Cash Flows
Net cash provided by (used in) operating activities		32,864	9,668	366,005
Cash flows from investing activities:
Contributions to unconsolidated joint ventures		(11,290)	(22,672)	(13,569)
Return of investments in unconsolidated joint ventures		5,001	9,934	4,119
Proceeds from Sale of Buildings		5,804
Purchases of property and equipment, net		(23,618)	(674)	(809)
Intercompany		0	0	0
Net cash used in investing activities		(24,103)	(13,412)	(10,259)
Proceeds from Issuance of Senior Long-term Debt		0
Cash flows from financing activities:
Issuance costs for unsecured revolving credit facility		0		0
Repayment of senior notes		0	0	0
Borrowings under revolving credit facility		0	0
Repayments under revolving credit facility		0	0
Payments on mortgages and land contracts due to land sellers and other loans		(41,116)	(13,831)	(106,382)
Issuance of common stock under employee stock plans		0	0	0
Excess Tax Benefit (Tax Deficiency) from Share-based Compensation, Financing Activities				0
Payments of cash dividends		0	0	0
Tax payments associated with stock-based compensation awards		0	0	0
Payments for Repurchase of Common Stock			0
Intercompany		(16,480)	27,724	(251,147)
Net cash used in financing activities		(57,596)	13,893	(357,529)
Net increase (decrease) in cash and cash equivalents		(48,835)	10,149	(1,783)
Cash and cash equivalents at beginning of year	114,269	114,269	104,120	105,903
Cash and cash equivalents at end of year		65,434	114,269	104,120
Reportable Legal Entities [Member] \| Non-Guarantor Subsidiaries
Condensed Consolidated Statements of Cash Flows
Net cash provided by (used in) operating activities		99,636	(25,048)	76,531
Cash flows from investing activities:
Contributions to unconsolidated joint ventures		0	1	(5,125)
Return of investments in unconsolidated joint ventures		0	0	6,916
Proceeds from Sale of Buildings		0
Purchases of property and equipment, net		(10,476)	(112)	(61)
Intercompany		0	0	0
Net cash used in investing activities		(10,476)	(111)	1,730
Proceeds from Issuance of Senior Long-term Debt		0
Cash flows from financing activities:
Issuance costs for unsecured revolving credit facility		0		0
Repayment of senior notes		0	0	0
Borrowings under revolving credit facility		0	0
Repayments under revolving credit facility		0	0
Payments on mortgages and land contracts due to land sellers and other loans		0	(920)	0
Issuance of common stock under employee stock plans		0	0	0
Excess Tax Benefit (Tax Deficiency) from Share-based Compensation, Financing Activities				0
Payments of cash dividends		0	0	0
Tax payments associated with stock-based compensation awards		0	0	0
Payments for Repurchase of Common Stock			0
Intercompany		(88,575)	15,404	(60,710)
Net cash used in financing activities		(88,575)	14,484	(60,710)
Net increase (decrease) in cash and cash equivalents		585	(10,675)	17,551
Cash and cash equivalents at beginning of year	$ 30,873	30,873	41,548	23,997
Cash and cash equivalents at end of year		$ 31,458	$ 30,873	$ 41,548

Quarterly Results (unaudited)_2

Quarterly Results (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Feb. 28, 2019	Nov. 30, 2018	Aug. 31, 2018	May 31, 2018	Feb. 28, 2018	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Quarterly Financial Information Disclosure [Abstract]
Gain (Loss) on Extinguishment of Debt									$ (6,800)	$ 0	$ (5,685)
Provisional impact of Tax Reform				$ 111,200				$ 111,200
Impact of Tax Reform	$ 1,300				$ 1,300				0	112,458	0
Revenues	1,558,675	$ 1,160,786	$ 1,021,803	811,483	1,348,609	$ 1,225,347	$ 1,101,423	871,623
Gross profits	306,834	216,029	177,019	139,604	245,931	222,893	189,222	141,192
Inventory Impairments and Land Option Contract Abandonments	4,148	5,251	4,337	3,555	9,069	8,414	6,526	4,985	17,291	28,994	25,232
Pretax income (loss)	164,967	91,936	56,761	34,511	128,936	114,676	78,308	46,045	348,175	367,965	289,995
Net income	$ 123,167	$ 68,136	$ 47,461	$ 30,011	$ 96,836	$ 87,476	$ 57,308	$ (71,255)	$ 268,775	$ 170,365	$ 180,595
Earnings per share: Diluted (usd per share)	$ 1.31	$ 0.73	$ 0.51	$ 0.31	$ 0.96	$ 0.87	$ 0.57	$ (0.82)	$ 2.85	$ 1.71	$ 1.85
Earnings per share: Basic (usd per share)	$ 1.37	$ 0.77	$ 0.54	$ 0.34	$ 1.09	$ 0.99	$ 0.65	$ (0.82)	$ 3.04	$ 1.93	$ 2.09

Uncategorized Items - kbh-11302

Label	Element	Value
Retained Earnings [Member]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1	$ 11,610,000