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Segment Information
 12 Months Ended
Nov. 30, 2024
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, 2024, our homebuilding reporting segments conducted ongoing operations in the following states:
West Coast:
California, Idaho and Washington
Southwest:
Arizona and Nevada
Central:
Colorado and Texas
Southeast:
Florida and North Carolina
Our homebuilding reporting segments are engaged in the acquisition and development of land primarily for residential
purposes and offer a wide variety of homes that are designed to appeal to first-time, first move-up and active adult homebuyers. 
Our homebuilding operations generate most of their revenues from the delivery of completed homes to homebuyers.  They also
earn revenues from the sale of land. 
Our financial services reporting segment earns revenues primarily from insurance commissions and from the provision of
title services.  We offer mortgage banking services, including mortgage loan originations, to our homebuyers indirectly through
KBHS, our unconsolidated joint venture with GR Alliance, a subsidiary of Guaranteed Rate, Inc.  We and GR Alliance each
have a 50.0% ownership interest, with GR Alliance providing management oversight of KBHS’ operations.  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,
 
2024
2023
2022
Revenues:
West Coast
$2,932,058
$2,321,093
$3,050,506
Southwest
1,309,950
1,169,948
1,110,045
Central
1,452,794
1,831,914
1,749,231
Southeast
1,207,437
1,058,151
970,580
Total
$6,902,239
$6,381,106
$6,880,362
 
Years Ended November 30,
 
2024
2023
2022
Pretax income (loss):
West Coast
$375,866
$266,229
$519,524
Southwest
228,540
188,497
238,143
Central
171,463
258,623
272,002
Southeast
143,135
147,274
152,178
Corporate and other
(116,976)
(128,840)
(148,232)
Total
$802,028
$731,783
$1,033,615
Equity in income (loss) of unconsolidated joint ventures:
West Coast
$6,241
$(731)
$(612)
Southwest
(244)
(127)
(249)
Central
—
—
—
Southeast
22
145
(4)
Total
$6,019
$(713)
$(865)
Inventory impairment and land option contract abandonment charges:
West Coast
$2,941
$4,902
$27,354
Southwest
267
57
900
Central
843
2,461
3,318
Southeast
546
4,004
5,729
Total
$4,597
$11,424
$37,301
 
November 30,
 
2024
2023
Inventories:
West Coast
$2,915,543
$2,455,336
Southwest
845,910
830,514
Central
839,920
942,168
Southeast
926,647
905,628
Total
$5,528,020
$5,133,646
Investments in unconsolidated joint ventures:
West Coast
$59,286
$49,829
Southwest
5,209
6,796
Central
—
—
Southeast
2,525
2,503
Total
$67,020
$59,128
Assets:
West Coast
$3,178,188
$2,638,455
Southwest
915,072
908,578
Central
1,001,393
1,158,949
Southeast
972,993
939,997
Corporate and other
801,600
945,504
Total
$6,869,246
$6,591,483