XML 33 R40.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Supplemental Guarantor Information (Tables) | 9 Months Ended
--- | ---
Aug. 31, 2013
Guarantees [Abstract] |
Schedule of Financial Services Income (Loss) | Condensed Consolidating Statement of Operations Nine Months Ended August 31, 2013 (in thousands)
| KB Home Corporate |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Total
Revenues | $ | — |  |  | $ | 1,306,981 |  |  | $ | 171,618 |  |  | $ | — |  |  | $ | 1,478,599 |
Homebuilding: |  |  |  |  |  |  |  |  |
Revenues | $ | — |  |  | $ | 1,306,981 |  |  | $ | 163,423 |  |  | $ | — |  |  | $ | 1,470,404 |
Construction and land costs | — |  |  | (1,092,603 | ) |  | (140,041 | ) |  | — |  |  | (1,232,644 | )
Selling, general and administrative expenses | (45,355 | ) |  | (122,817 | ) |  | (24,480 | ) |  | — |  |  | (192,652 | )
Operating income (loss) | (45,355 | ) |  | 91,561 |  |  | (1,098 | ) |  | — |  |  | 45,108 |
Interest income | 607 |  |  | 17 |  |  | 5 |  |  | — |  |  | 629 |
Interest expense | 49,253 |  |  | (85,644 | ) |  | (4,682 | ) |  | — |  |  | (41,073 | )
Equity in loss of unconsolidated joint ventures | — |  |  | (1,656 | ) |  | (2 | ) |  | — |  |  | (1,658 | )
Homebuilding pretax income (loss) | 4,505 |  |  | 4,278 |  |  | (5,777 | ) |  | — |  |  | 3,006 |
Financial services pretax income | — |  |  | — |  |  | 7,041 |  |  | — |  |  | 7,041 |
Total pretax income | 4,505 |  |  | 4,278 |  |  | 1,264 |  |  | — |  |  | 10,047 |
Income tax benefit | 800 |  |  | 800 |  |  | 200 |  |  | — |  |  | 1,800 |
Equity in net income of subsidiaries | 6,542 |  |  | — |  |  | — |  |  | (6,542 | ) |  | — |
Net income | $ | 11,847 |  |  | $ | 5,078 |  |  | $ | 1,464 |  |  | $ | (6,542 | ) |  | $ | 11,847 |
Revised Condensed Consolidating Statement of Operations Nine Months Ended August 31, 2012 (in thousands)
| KB Home Corporate |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Total
Revenues | $ | — |  |  | $ | 869,357 |  |  | $ | 112,557 |  |  | $ | — |  |  | $ | 981,914 |
Homebuilding: |  |  |  |  |  |  |  |  |
Revenues | $ | — |  |  | $ | 869,357 |  |  | $ | 104,698 |  |  | $ | — |  |  | $ | 974,055 |
Construction and land costs | — |  |  | (746,456 | ) |  | (89,773 | ) |  | — |  |  | (836,229 | )
Selling, general and administrative expenses | (45,480 | ) |  | (107,471 | ) |  | (20,693 | ) |  | — |  |  | (173,644 | )
Operating income (loss) | (45,480 | ) |  | 15,430 |  |  | (5,768 | ) |  | — |  |  | (35,818 | )
Interest income | 332 |  |  | 5 |  |  | 26 |  |  | — |  |  | 363 |
Interest expense | 37,026 |  |  | (86,597 | ) |  | (4,244 | ) |  | — |  |  | (53,815 | )
Equity in loss of unconsolidated joint ventures | — |  |  | (36 | ) |  | (1 | ) |  | — |  |  | (37 | )
Homebuilding pretax loss | (8,122 | ) |  | (71,198 | ) |  | (9,987 | ) |  | — |  |  | (89,307 | )
Financial services pretax income | — |  |  | — |  |  | 7,830 |  |  | — |  |  | 7,830 |
Total pretax loss | (8,122 | ) |  | (71,198 | ) |  | (2,157 | ) |  | — |  |  | (81,477 | )
Income tax benefit | 1,600 |  |  | 12,800 |  |  | 400 |  |  | — |  |  | 14,800 |
Equity in net loss of subsidiaries | (60,155 | ) |  | — |  |  | — |  |  | 60,155 |  |  | — |
Net loss | $ | (66,677 | ) |  | $ | (58,398 | ) |  | $ | (1,757 | ) |  | $ | 60,155 |  |  | $ | (66,677 | )
Condensed Consolidating Statement of Operations Three Months Ended August 31, 2013 (in thousands)
| KB Home Corporate |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Total
Revenues | $ | — |  |  | $ | 480,069 |  |  | $ | 68,905 |  |  | $ | — |  |  | $ | 548,974 |
Homebuilding: |  |  |  |  |  |  |  |  |
Revenues | $ | — |  |  | $ | 480,069 |  |  | $ | 65,731 |  |  | $ | — |  |  | $ | 545,800 |
Construction and land costs | — |  |  | (390,567 | ) |  | (55,814 | ) |  | — |  |  | (446,381 | )
Selling, general and administrative expenses | (11,203 | ) |  | (43,691 | ) |  | (8,562 | ) |  | — |  |  | (63,456 | )
Operating income (loss) | (11,203 | ) |  | 45,811 |  |  | 1,355 |  |  | — |  |  | 35,963 |
Interest income | 178 |  |  | 15 |  |  | — |  |  | — |  |  | 193 |
Interest expense | 19,646 |  |  | (28,778 | ) |  | (2,194 | ) |  | — |  |  | (11,326 | )
Equity in income (loss) of unconsolidated joint ventures | — |  |  | (657 | ) |  | 1 |  |  | — |  |  | (656 | )
Homebuilding pretax income (loss) | 8,621 |  |  | 16,391 |  |  | (838 | ) |  | — |  |  | 24,174 |
Financial services pretax income | — |  |  | — |  |  | 2,404 |  |  | — |  |  | 2,404 |
Total pretax income | 8,621 |  |  | 16,391 |  |  | 1,566 |  |  | — |  |  | 26,578 |
Income tax benefit | 200 |  |  | 500 |  |  | — |  |  | — |  |  | 700 |
Equity in net income of subsidiaries | 18,457 |  |  | — |  |  | — |  |  | (18,457 | ) |  | — |
Net income | $ | 27,278 |  |  | $ | 16,891 |  |  | $ | 1,566 |  |  | $ | (18,457 | ) |  | $ | 27,278 |
Revised Condensed Consolidating Statement of Operations Three Months Ended August 31, 2012 (in thousands)
| KB Home Corporate |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Total
Revenues | $ | — |  |  | $ | 380,165 |  |  | $ | 44,339 |  |  | $ | — |  |  | $ | 424,504 |
Homebuilding: |  |  |  |  |  |  |  |  |
Revenues | $ | — |  |  | $ | 380,165 |  |  | $ | 41,390 |  |  | $ | — |  |  | $ | 421,555 |
Construction and land costs | — |  |  | (313,469 | ) |  | (37,887 | ) |  | — |  |  | (351,356 | )
Selling, general and administrative expenses | (16,546 | ) |  | (37,705 | ) |  | (5,081 | ) |  | — |  |  | (59,332 | )
Operating income (loss) | (16,546 | ) |  | 28,991 |  |  | (1,578 | ) |  | — |  |  | 10,867 |
Interest income | 107 |  |  | (1,925 | ) |  | 1,935 |  |  | — |  |  | 117 |
Interest expense | 6,096 |  |  | (27,616 | ) |  | (1,540 | ) |  | — |  |  | (23,060 | )
Equity in income of unconsolidated joint ventures | — |  |  | 277 |  |  | 1 |  |  | — |  |  | 278 |
Homebuilding pretax loss | (10,343 | ) |  | (273 | ) |  | (1,182 | ) |  | — |  |  | (11,798 | )
Financial services pretax income | — |  |  | — |  |  | 4,359 |  |  | — |  |  | 4,359 |
Total pretax income (loss) | (10,343 | ) |  | (273 | ) |  | 3,177 |  |  | — |  |  | (7,439 | )
Income tax benefit (expense) | 14,900 |  |  | 400 |  |  | (4,600 | ) |  | — |  |  | 10,700 |
Equity in net loss of subsidiaries | (1,296 | ) |  | — |  |  | — |  |  | 1,296 |  |  | — |
Net income (loss) | $ | 3,261 |  |  | $ | 127 |  |  | $ | (1,423 | ) |  | $ | 1,296 |  |  | $ | 3,261 |
Condensed Consolidated Balance Sheets | Condensed Consolidating Balance Sheet August 31, 2013 (in thousands)
| KB Home Corporate |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Total
Assets |  |  |  |  |  |  |  |  |
Homebuilding: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 306,955 |  |  | $ | 63,968 |  |  | $ | 12,391 |  |  | $ | — |  |  | $ | 383,314 |
Restricted cash | 41,631 |  |  | — |  |  | — |  |  | — |  |  | 41,631 |
Receivables | 167 |  |  | 70,719 |  |  | 1,459 |  |  | — |  |  | 72,345 |
Inventories | — |  |  | 2,046,106 |  |  | 183,614 |  |  | — |  |  | 2,229,720 |
Investments in unconsolidated joint ventures | — |  |  | 124,049 |  |  | 2,500 |  |  | — |  |  | 126,549 |
Other assets | 91,083 |  |  | 8,718 |  |  | 1,446 |  |  | — |  |  | 101,247 |
| 439,836 |  |  | 2,313,560 |  |  | 201,410 |  |  | — |  |  | 2,954,806 |
Financial services | — |  |  | — |  |  | 10,035 |  |  | — |  |  | 10,035 |
Intercompany receivables | 2,037,313 |  |  | — |  |  | — |  |  | (2,037,313 | ) |  | — |
Investments in subsidiaries | 33,771 |  |  | — |  |  | — |  |  | (33,771 | ) |  | — |
Total assets | $ | 2,510,920 |  |  | $ | 2,313,560 |  |  | $ | 211,445 |  |  | $ | (2,071,084 | ) |  | $ | 2,964,841 |
Liabilities and stockholders’ equity |  |  |  |  |  |  |  |  |
Homebuilding: |  |  |  |  |  |  |  |  |
Accounts payable, accrued expenses and other liabilities | $ | 136,473 |  |  | $ | 258,175 |  |  | $ | 132,265 |  |  | $ | — |  |  | $ | 526,913 |
Mortgages and notes payable | 1,876,441 |  |  | 60,616 |  |  | — |  |  | — |  |  | 1,937,057 |
| 2,012,914 |  |  | 318,791 |  |  | 132,265 |  |  | — |  |  | 2,463,970 |
Financial services | — |  |  | — |  |  | 2,865 |  |  | — |  |  | 2,865 |
Intercompany payables | — |  |  | 1,978,378 |  |  | 58,935 |  |  | (2,037,313 | ) |  | — |
Stockholders’ equity | 498,006 |  |  | 16,391 |  |  | 17,380 |  |  | (33,771 | ) |  | 498,006 |
Total liabilities and stockholders’ equity | $ | 2,510,920 |  |  | $ | 2,313,560 |  |  | $ | 211,445 |  |  | $ | (2,071,084 | ) |  | $ | 2,964,841 |
Revised Condensed Consolidating Balance Sheet November 30, 2012 (in thousands)
| KB Home Corporate |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Total
Assets |  |  |  |  |  |  |  |  |
Homebuilding: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 457,007 |  |  | $ | 52,933 |  |  | $ | 14,825 |  |  | $ | — |  |  | $ | 524,765 |
Restricted cash | 42,362 |  |  | — |  |  | — |  |  | — |  |  | 42,362 |
Receivables | 121 |  |  | 63,600 |  |  | 1,100 |  |  | — |  |  | 64,821 |
Inventories | — |  |  | 1,572,999 |  |  | 133,572 |  |  | — |  |  | 1,706,571 |
Investments in unconsolidated joint ventures | — |  |  | 114,292 |  |  | 9,382 |  |  | — |  |  | 123,674 |
Other assets | 85,901 |  |  | 15,638 |  |  | (6,489 | ) |  | — |  |  | 95,050 |
| 585,391 |  |  | 1,819,462 |  |  | 152,390 |  |  | — |  |  | 2,557,243 |
Financial services | — |  |  | — |  |  | 4,455 |  |  | — |  |  | 4,455 |
Intercompany receivables | 1,559,712 |  |  | — |  |  | — |  |  | (1,559,712 | ) |  | — |
Investments in subsidiaries | 11,411 |  |  | — |  |  | — |  |  | (11,411 | ) |  | — |
Total assets | $ | 2,156,514 |  |  | $ | 1,819,462 |  |  | $ | 156,845 |  |  | $ | (1,571,123 | ) |  | $ | 2,561,698 |
Liabilities and stockholders’ equity |  |  |  |  |  |  |  |  |
Homebuilding: |  |  |  |  |  |  |  |  |
Accounts payable, accrued expenses and other liabilities | $ | 134,314 |  |  | $ | 207,641 |  |  | $ | 116,934 |  |  | $ | — |  |  | $ | 458,889 |
Mortgages and notes payable | 1,645,394 |  |  | 77,421 |  |  | — |  |  | — |  |  | 1,722,815 |
| 1,779,708 |  |  | 285,062 |  |  | 116,934 |  |  | — |  |  | 2,181,704 |
Financial services | — |  |  | — |  |  | 3,188 |  |  | — |  |  | 3,188 |
Intercompany payables | — |  |  | 1,534,400 |  |  | 25,312 |  |  | (1,559,712 | ) |  | — |
Stockholders’ equity | 376,806 |  |  | — |  |  | 11,411 |  |  | (11,411 | ) |  | 376,806 |
Total liabilities and stockholders’ equity | $ | 2,156,514 |  |  | $ | 1,819,462 |  |  | $ | 156,845 |  |  | $ | (1,571,123 | ) |  | $ | 2,561,698 |
Condensed Consolidated Statements of Cash Flows | Condensed Consolidating Statement of Cash Flows Nine Months Ended August 31, 2013 (in thousands)
| KB Home Corporate |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Total
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net income | $ | 11,847 |  |  | $ | 5,078 |  |  | $ | 1,464 |  |  | $ | (6,542 | ) |  | $ | 11,847 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |
Equity in (income) loss of unconsolidated joint ventures | — |  |  | 1,655 |  |  | (1,078 | ) |  | — |  |  | 577 |
Land option contract abandonments | — |  |  | 284 |  |  | — |  |  | — |  |  | 284 |
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |
Receivables | (46 | ) |  | (7,119 | ) |  | 164 |  |  | — |  |  | (7,001 | )
Inventories | — |  |  | (445,791 | ) |  | (45,211 | ) |  | — |  |  | (491,002 | )
Accounts payable, accrued expenses and other liabilities | 10,505 |  |  | 50,534 |  |  | 11,276 |  |  | — |  |  | 72,315 |
Other, net | 9,893 |  |  | 1,304 |  |  | 324 |  |  | — |  |  | 11,521 |
Net cash provided by (used in) operating activities | 32,199 |  |  | (394,055 | ) |  | (33,061 | ) |  | (6,542 | ) |  | (401,459 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Contributions to unconsolidated joint ventures | — |  |  | (5,064 | ) |  | (4,992 | ) |  | — |  |  | (10,056 | )
Purchases of property and equipment, net | (346 | ) |  | (735 | ) |  | (278 | ) |  | — |  |  | (1,359 | )
Net cash used in investing activities | (346 | ) |  | (5,799 | ) |  | (5,270 | ) |  | — |  |  | (11,415 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Change in restricted cash | 731 |  |  | — |  |  | — |  |  | — |  |  | 731 |
Proceeds from issuance of debt | 230,000 |  |  | — |  |  | — |  |  | — |  |  | 230,000 |
Payment of debt issuance costs | (10,086 | ) |  | — |  |  | — |  |  | — |  |  | (10,086 | )
Payments on mortgages and land contracts due to land sellers and other loans | — |  |  | (44,405 | ) |  | — |  |  | — |  |  | (44,405 | )
Proceeds from issuance of common stock, net | 109,503 |  |  | — |  |  | — |  |  | — |  |  | 109,503 |
Issuance of common stock under employee stock plans | 2,147 |  |  | — |  |  | — |  |  | — |  |  | 2,147 |
Payments of cash dividends | (6,272 | ) |  | — |  |  | — |  |  | — |  |  | (6,272 | )
Stock repurchases | (7,967 | ) |  | — |  |  | — |  |  | — |  |  | (7,967 | )
Intercompany | (499,961 | ) |  | 455,294 |  |  | 38,125 |  |  | 6,542 |  |  | — |
Net cash provided by (used in) financing activities | (181,905 | ) |  | 410,889 |  |  | 38,125 |  |  | 6,542 |  |  | 273,651 |
Net increase (decrease) in cash and cash equivalents | (150,052 | ) |  | 11,035 |  |  | (206 | ) |  | — |  |  | (139,223 | )
Cash and cash equivalents at beginning of period | 457,007 |  |  | 52,933 |  |  | 15,748 |  |  | — |  |  | 525,688 |
Cash and cash equivalents at end of period | $ | 306,955 |  |  | $ | 63,968 |  |  | $ | 15,542 |  |  | $ | — |  |  | $ | 386,465 |
Revised Condensed Consolidating Statement of Cash Flows Nine Months Ended August 31, 2012 (in thousands)
| KB Home Corporate |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Total
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net loss | $ | (66,677 | ) |  | $ | (58,398 | ) |  | $ | (1,757 | ) |  | $ | 60,155 |  |  | $ | (66,677 | )
Adjustments to reconcile net loss to net cash used in operating activities: |  |  |  |  |  |  |  |  |
Equity in (income) loss of unconsolidated joint ventures | — |  |  | 35 |  |  | (2,206 | ) |  | — |  |  | (2,171 | )
Inventory impairments | — |  |  | 22,912 |  |  | — |  |  | — |  |  | 22,912 |
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |
Receivables | (26,660 | ) |  | (1,577 | ) |  | 23,735 |  |  | — |  |  | (4,502 | )
Inventories | — |  |  | 10,157 |  |  | (20,719 | ) |  | — |  |  | (10,562 | )
Accounts payable, accrued expenses and other liabilities | (347 | ) |  | (17,309 | ) |  | (13,610 | ) |  | — |  |  | (31,266 | )
Other, net | 9,796 |  |  | 539 |  |  | 6,131 |  |  | — |  |  | 16,466 |
Net cash used in operating activities | (83,888 | ) |  | (43,641 | ) |  | (8,426 | ) |  | 60,155 |  |  | (75,800 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Return of investments in (contributions to) unconsolidated joint ventures | — |  |  | 3,801 |  |  | (936 | ) |  | — |  |  | 2,865 |
Sales (purchases) of property and equipment, net | (65 | ) |  | (989 | ) |  | 2 |  |  | — |  |  | (1,052 | )
Net cash provided by (used in) investing activities | (65 | ) |  | 2,812 |  |  | (934 | ) |  | — |  |  | 1,813 |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Change in restricted cash | 18,368 |  |  | — |  |  | — |  |  | — |  |  | 18,368 |
Proceeds from issuance of debt | 694,831 |  |  | — |  |  | — |  |  | — |  |  | 694,831 |
Payment of debt issuance costs | (12,195 | ) |  | — |  |  | — |  |  | — |  |  | (12,195 | )
Repayment of senior notes | (592,645 | ) |  | — |  |  | — |  |  | — |  |  | (592,645 | )
Payments on mortgages and land contracts due to land sellers and other loans | — |  |  | (21,099 | ) |  | — |  |  | — |  |  | (21,099 | )
Issuance of common stock under employee stock plans | 451 |  |  | — |  |  | — |  |  | — |  |  | 451 |
Payments of cash dividends | (8,674 | ) |  | — |  |  | — |  |  | — |  |  | (8,674 | )
Intercompany | 3,687 |  |  | 58,590 |  |  | (2,122 | ) |  | (60,155 | ) |  | — |
Net cash provided by (used in) financing activities | 103,823 |  |  | 37,491 |  |  | (2,122 | ) |  | (60,155 | ) |  | 79,037 |
Net increase (decrease) in cash and cash equivalents | 19,870 |  |  | (3,338 | ) |  | (11,482 | ) |  | — |  |  | 5,050 |
Cash and cash equivalents at beginning of period | 340,957 |  |  | 46,375 |  |  | 30,742 |  |  | — |  |  | 418,074 |
Cash and cash equivalents at end of period | $ | 360,827 |  |  | $ | 43,037 |  |  | $ | 19,260 |  |  | $ | — |  |  | $ | 423,124 |

X
- Details
Name: | us-gaap_GuaranteesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of a condensed balance sheet. Disclosure may include, but is not limited to, balance sheets of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedBalanceSheetTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of a condensed cash flow statement. Disclosure may include, but is not limited to, cash flow statements of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedCashFlowStatementTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of a condensed income statement. Disclosure may include, but is not limited to, income statements of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedIncomeStatementTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration