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Supplemental Guarantor Information (Tables) | 3 Months Ended
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Feb. 29, 2020
Guarantees [Abstract] |
Condensed Consolidated Statements of Operations | Condensed Consolidating Statements of Operations (in thousands)
| Three Months Ended February 29, 2020
| KB Home Corporate |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Total
Total revenues | $ | — |  |  | $ | 992,545 |  |  | $ | 83,390 |  |  | $ | — |  |  | $ | 1,075,935 |
Homebuilding: |  |  |  |  |  |  |  |  |
Revenues | $ | — |  |  | $ | 992,545 |  |  | $ | 79,837 |  |  | $ | — |  |  | $ | 1,072,382 |
Construction and land costs | — |  |  | (815,558 | ) |  | (70,495 | ) |  | — |  |  | (886,053 | )
Selling, general and administrative expenses | (27,650 | ) |  | (93,012 | ) |  | (5,472 | ) |  | — |  |  | (126,134 | )
Operating income (loss) | (27,650 | ) |  | 83,975 |  |  | 3,870 |  |  | — |  |  | 60,195 |
Interest income | 884 |  |  | — |  |  | 51 |  |  | — |  |  | 935 |
Interest expense | (29,555 | ) |  | — |  |  | (1,407 | ) |  | 30,962 |  |  | — |
Intercompany interest | 80,580 |  |  | (45,836 | ) |  | (3,782 | ) |  | (30,962 | ) |  | — |
Equity in income of unconsolidated joint ventures | — |  |  | 1,905 |  |  | — |  |  | — |  |  | 1,905 |
Homebuilding pretax income (loss) | 24,259 |  |  | 40,044 |  |  | (1,268 | ) |  | — |  |  | 63,035 |
Financial services pretax income | — |  |  | — |  |  | 5,813 |  |  | — |  |  | 5,813 |
Total pretax income | 24,259 |  |  | 40,044 |  |  | 4,545 |  |  | — |  |  | 68,848 |
Income tax expense | (3,100 | ) |  | (5,100 | ) |  | (900 | ) |  | — |  |  | (9,100 | )
Equity in net income of subsidiaries | 38,589 |  |  | — |  |  | — |  |  | (38,589 | ) |  | — |
Net income | $ | 59,748 |  |  | $ | 34,944 |  |  | $ | 3,645 |  |  | $ | (38,589 | ) |  | $ | 59,748 |
| Three Months Ended February 28, 2019
| KB Home Corporate |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Total
Total revenues | $ | — |  |  | $ | 744,453 |  |  | $ | 67,030 |  |  | $ | — |  |  | $ | 811,483 |
Homebuilding: |  |  |  |  |  |  |  |  |
Revenues | $ | — |  |  | $ | 744,453 |  |  | $ | 64,335 |  |  | $ | — |  |  | $ | 808,788 |
Construction and land costs | — |  |  | (611,041 | ) |  | (59,814 | ) |  | — |  |  | (670,855 | )
Selling, general and administrative expenses | (25,382 | ) |  | (75,540 | ) |  | (5,672 | ) |  | — |  |  | (106,594 | )
Operating income (loss) | (25,382 | ) |  | 57,872 |  |  | (1,151 | ) |  | — |  |  | 31,339 |
Interest income | 1,014 |  |  | — |  |  | 91 |  |  | — |  |  | 1,105 |
Interest expense | (33,195 | ) |  | (321 | ) |  | (1,272 | ) |  | 34,788 |  |  | — |
Intercompany interest | 77,972 |  |  | (41,738 | ) |  | (1,446 | ) |  | (34,788 | ) |  | — |
Equity in loss of unconsolidated joint ventures | — |  |  | (406 | ) |  | — |  |  | — |  |  | (406 | )
Homebuilding pretax income (loss) | 20,409 |  |  | 15,407 |  |  | (3,778 | ) |  | — |  |  | 32,038 |
Financial services pretax income | — |  |  | — |  |  | 2,473 |  |  | — |  |  | 2,473 |
Total pretax income (loss) | 20,409 |  |  | 15,407 |  |  | (1,305 | ) |  | — |  |  | 34,511 |
Income tax expense | (700 | ) |  | (3,400 | ) |  | (400 | ) |  | — |  |  | (4,500 | )
Equity in net income of subsidiaries | 10,302 |  |  | — |  |  | — |  |  | (10,302 | ) |  | — |
Net income (loss) | $ | 30,011 |  |  | $ | 12,007 |  |  | $ | (1,705 | ) |  | $ | (10,302 | ) |  | $ | 30,011 |
Condensed Consolidated Balance Sheets | Condensed Consolidating Balance Sheets (in thousands)
| February 29, 2020
| KB Home Corporate |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Total
Assets |  |  |  |  |  |  |  |  |
Homebuilding: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 309,983 |  |  | $ | 92,853 |  |  | $ | 26,870 |  |  | $ | — |  |  | $ | 429,706 |
Receivables | 44,583 |  |  | 184,288 |  |  | 68,344 |  |  | — |  |  | 297,215 |
Inventories | — |  |  | 3,391,612 |  |  | 337,004 |  |  | — |  |  | 3,728,616 |
Investments in unconsolidated joint ventures | — |  |  | 57,147 |  |  | — |  |  | — |  |  | 57,147 |
Property and equipment, net | 25,185 |  |  | 36,047 |  |  | 3,221 |  |  | — |  |  | 64,453 |
Deferred tax assets, net | 93,510 |  |  | 203,661 |  |  | 14,995 |  |  | — |  |  | 312,166 |
Other assets | 102,826 |  |  | 19,198 |  |  | 7,695 |  |  | — |  |  | 129,719 |
| 576,087 |  |  | 3,984,806 |  |  | 458,129 |  |  | — |  |  | 5,019,022 |
Financial services | — |  |  | — |  |  | 33,812 |  |  | — |  |  | 33,812 |
Intercompany receivables | 3,630,262 |  |  | — |  |  | 196,703 |  |  | (3,826,965 | ) |  | — |
Investments in subsidiaries | 162,105 |  |  | — |  |  | — |  |  | (162,105 | ) |  | — |
Total assets | $ | 4,368,454 |  |  | $ | 3,984,806 |  |  | $ | 688,644 |  |  | $ | (3,989,070 | ) |  | $ | 5,052,834 |
Liabilities and stockholders’ equity |  |  |  |  |  |  |  |  |
Homebuilding: |  |  |  |  |  |  |  |  |
Accounts payable, accrued expenses and other liabilities | $ | 137,855 |  |  | $ | 429,680 |  |  | $ | 291,004 |  |  | $ | — |  |  | $ | 858,539 |
Notes payable | 1,716,149 |  |  | 7,889 |  |  | 25,110 |  |  | — |  |  | 1,749,148 |
| 1,854,004 |  |  | 437,569 |  |  | 316,114 |  |  | — |  |  | 2,607,687 |
Financial services | — |  |  | — |  |  | 2,043 |  |  | — |  |  | 2,043 |
Intercompany payables | 71,346 |  |  | 3,507,195 |  |  | 248,424 |  |  | (3,826,965 | ) |  | — |
Stockholders’ equity | 2,443,104 |  |  | 40,042 |  |  | 122,063 |  |  | (162,105 | ) |  | 2,443,104 |
Total liabilities and stockholders’ equity | $ | 4,368,454 |  |  | $ | 3,984,806 |  |  | $ | 688,644 |  |  | $ | (3,989,070 | ) |  | $ | 5,052,834 |
| November 30, 2019
| KB Home Corporate |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Total
Assets |  |  |  |  |  |  |  |  |
Homebuilding: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 357,966 |  |  | $ | 65,434 |  |  | $ | 30,414 |  |  | $ | — |  |  | $ | 453,814 |
Receivables | 1,934 |  |  | 181,047 |  |  | 66,074 |  |  | — |  |  | 249,055 |
Inventories | — |  |  | 3,400,307 |  |  | 304,295 |  |  | — |  |  | 3,704,602 |
Investments in unconsolidated joint ventures | — |  |  | 57,038 |  |  | — |  |  | — |  |  | 57,038 |
Property and equipment, net | 24,250 |  |  | 37,539 |  |  | 3,254 |  |  | — |  |  | 65,043 |
Deferred tax assets, net | 96,301 |  |  | 237,877 |  |  | 30,315 |  |  | — |  |  | 364,493 |
Other assets | 78,686 |  |  | 2,666 |  |  | 1,689 |  |  | — |  |  | 83,041 |
| 559,137 |  |  | 3,981,908 |  |  | 436,041 |  |  | — |  |  | 4,977,086 |
Financial services | — |  |  | — |  |  | 38,396 |  |  | — |  |  | 38,396 |
Intercompany receivables | 3,624,081 |  |  | — |  |  | 186,022 |  |  | (3,810,103 | ) |  | — |
Investments in subsidiaries | 115,753 |  |  | — |  |  | — |  |  | (115,753 | ) |  | — |
Total assets | $ | 4,298,971 |  |  | $ | 3,981,908 |  |  | $ | 660,459 |  |  | $ | (3,925,856 | ) |  | $ | 5,015,482 |
Liabilities and stockholders’ equity |  |  |  |  |  |  |  |  |
Homebuilding: |  |  |  |  |  |  |  |  |
Accounts payable, accrued expenses and other liabilities | $ | 139,137 |  |  | $ | 453,929 |  |  | $ | 288,489 |  |  | $ | — |  |  | $ | 881,555 |
Notes payable | 1,715,748 |  |  | 7,889 |  |  | 25,110 |  |  | — |  |  | 1,748,747 |
| 1,854,885 |  |  | 461,818 |  |  | 313,599 |  |  | — |  |  | 2,630,302 |
Financial services | — |  |  | — |  |  | 2,058 |  |  | — |  |  | 2,058 |
Intercompany payables | 60,964 |  |  | 3,520,090 |  |  | 229,049 |  |  | (3,810,103 | ) |  | — |
Stockholders’ equity | 2,383,122 |  |  | — |  |  | 115,753 |  |  | (115,753 | ) |  | 2,383,122 |
Total liabilities and stockholders’ equity | $ | 4,298,971 |  |  | $ | 3,981,908 |  |  | $ | 660,459 |  |  | $ | (3,925,856 | ) |  | $ | 5,015,482 |
Condensed Consolidated Statements of Cash Flows | Condensed Consolidating Statements of Cash Flows (in thousands)
| Three Months Ended February 29, 2020
| KB Home Corporate |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Total
Net cash provided by (used in) operating activities | $ | (21,949 | ) |  | $ | 31,705 |  |  | $ | (19,622 | ) |  | $ | — |  |  | $ | (9,866 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Contributions to unconsolidated joint ventures | — |  |  | (1,668 | ) |  | — |  |  | — |  |  | (1,668 | )
Return of investments in unconsolidated joint ventures | — |  |  | 500 |  |  | — |  |  | — |  |  | 500 |
Purchases of property and equipment, net | (1,048 | ) |  | (4,432 | ) |  | (1,191 | ) |  | — |  |  | (6,671 | )
Intercompany | (18,760 | ) |  | — |  |  | — |  |  | 18,760 |  |  | — |
Net cash used in investing activities | (19,808 | ) |  | (5,600 | ) |  | (1,191 | ) |  | 18,760 |  |  | (7,839 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Issuance of common stock under employee stock plans | 8,226 |  |  | — |  |  | — |  |  | — |  |  | 8,226 |
Tax payments associated with stock-based compensation awards | (6,219 | ) |  | — |  |  | — |  |  | — |  |  | (6,219 | )
Payments of cash dividends | (8,233 | ) |  | — |  |  | — |  |  | — |  |  | (8,233 | )
Intercompany | — |  |  | 1,314 |  |  | 17,446 |  |  | (18,760 | ) |  | — |
Net cash provided by (used in) financing activities | (6,226 | ) |  | 1,314 |  |  | 17,446 |  |  | (18,760 | ) |  | (6,226 | )
Net increase (decrease) in cash and cash equivalents | (47,983 | ) |  | 27,419 |  |  | (3,367 | ) |  | — |  |  | (23,931 | )
Cash and cash equivalents at beginning of period | 357,966 |  |  | 65,434 |  |  | 31,458 |  |  | — |  |  | 454,858 |
Cash and cash equivalents at end of period | $ | 309,983 |  |  | $ | 92,853 |  |  | $ | 28,091 |  |  | $ | — |  |  | $ | 430,927 |
| Three Months Ended February 28, 2019
| KB Home Corporate |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Total
Net cash provided by (used in) operating activities | $ | 13,062 |  |  | $ | (337,286 | ) |  | $ | 126,014 |  |  | $ | — |  |  | $ | (198,210 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Contributions to unconsolidated joint ventures | — |  |  | (2,527 | ) |  | — |  |  | — |  |  | (2,527 | )
Return of investments in unconsolidated joint ventures | — |  |  | 5,001 |  |  | — |  |  | — |  |  | 5,001 |
Proceeds from sale of building | — |  |  | 5,804 |  |  | — |  |  | — |  |  | 5,804 |
Purchases of property and equipment, net | (2,068 | ) |  | (2,032 | ) |  | (5,925 | ) |  | — |  |  | (10,025 | )
Intercompany | (190,765 | ) |  | — |  |  | — |  |  | 190,765 |  |  | — |
Net cash provided by (used in) investing activities | (192,833 | ) |  | 6,246 |  |  | (5,925 | ) |  | 190,765 |  |  | (1,747 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Proceeds from issuance of debt | 405,250 |  |  | — |  |  | — |  |  | — |  |  | 405,250 |
Payment of debt issuance costs | (5,209 | ) |  | — |  |  | — |  |  | — |  |  | (5,209 | )
Repayment of senior notes | (230,000 | ) |  | — |  |  | — |  |  | — |  |  | (230,000 | )
Borrowings under revolving credit facility | 140,000 |  |  | — |  |  | — |  |  | — |  |  | 140,000 |
Repayments under revolving credit facility | (140,000 | ) |  | — |  |  | — |  |  | — |  |  | (140,000 | )
Payments on mortgages and land contracts due to land sellers and other loans | — |  |  | (28,020 | ) |  | — |  |  | — |  |  | (28,020 | )
Issuance of common stock under employee stock plans | 832 |  |  | — |  |  | — |  |  | — |  |  | 832 |
Tax payments associated with stock-based compensation awards | (3,342 | ) |  | — |  |  | — |  |  | — |  |  | (3,342 | )
Payments of cash dividends | (2,266 | ) |  | — |  |  | — |  |  | — |  |  | (2,266 | )
Intercompany | — |  |  | 325,137 |  |  | (134,372 | ) |  | (190,765 | ) |  | — |
Net cash provided by (used in) financing activities | 165,265 |  |  | 297,117 |  |  | (134,372 | ) |  | (190,765 | ) |  | 137,245 |
Net decrease in cash and cash equivalents | (14,506 | ) |  | (33,923 | ) |  | (14,283 | ) |  | — |  |  | (62,712 | )
Cash and cash equivalents at beginning of period | 429,977 |  |  | 114,269 |  |  | 30,873 |  |  | — |  |  | 575,119 |
Cash and cash equivalents at end of period | $ | 415,471 |  |  | $ | 80,346 |  |  | $ | 16,590 |  |  | $ | — |  |  | $ | 512,407 |

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- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
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- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
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