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Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Nov. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
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 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.
Receivables Receivables.  We record receivables net of an allowance for doubtful accounts.  This allowance for potential losses is
established or maintained for expected uncollectible receivables.  The allowance is estimated based on our evaluation of the
receivables, taking into account historical collection experience, general economic conditions, specific credit risk of the
counterparties and other relevant information.
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 15 years; model
furnishings and sales office improvements – two to three years; office furniture and equipment – three to 10 years; and
leasehold improvements – life of the lease.  Repair and maintenance costs are expensed as incurred.
Investments in Equity Securities Investments in Equity Securities.  We have elected to measure our investments in equity securities without readily
determinable fair values at cost less impairment, if any, including adjustments for observable price changes in orderly
transactions for an identical or similar investment of the same issuer.  These investments, which totaled $15.2 million at
November 30, 2024 and zero as of November 30, 2023, are included in other assets in our consolidated balance sheets.
Homebuilding Operations and Financial Services Operations Homebuilding Operations.  We recognize homebuilding revenue 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 sales
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 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 or mortgage-related concessions are recorded as a reduction of revenues. 
When we provide sales incentives in the form of free products or services to homebuyers, the costs of the free products or
services are reflected as construction and land costs because such incentives are identified in our home sales 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. 
We may periodically elect to sell parcels of land to third parties if such assets no longer fit into our strategic operating plans
or are zoned for non-residential development.  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 sales 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 sales 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 collectability 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 sales 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 sales contract and it has been accepted by the land buyer.
Homebuilding revenues include forfeited deposits, which occur when home sales or land sales contracts, if any, that
involve 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. 
Financial Services Operations.  Our financial services reporting segment, which includes the operations of KB HOME
Mortgage Company, 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. 
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.
Disaggregation of Revenues Disaggregation of Revenues. Our homebuilding operations accounted for 99.6%, 99.5% and 99.7% of our total revenues
for the years ended November 30, 2024, 2023 and 2022, respectively, with most of those revenues generated from home sales
contracts with customers.  Due to the nature of our revenue-generating activities, we believe the disaggregation of revenues as
reported in our consolidated statements 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.
Inventories Inventories.  Housing 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.  Interest is capitalized to inventories while the related communities or land parcels are being actively
developed and until homes are completed or the land is available for immediate sale.  Capitalized interest is amortized to
construction and land costs as the related inventories are delivered to homebuyers or land buyers (as applicable).  In the case of
land held for future development and land held for sale, applicable interest is expensed as incurred.
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.
Our financial instruments consist of cash and cash equivalents, corporate-owned life insurance, outstanding borrowings
under the Credit Facility, if any, and the Term Loan, 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.Fair value measurements of assets and liabilities are categorized based on the following hierarchy:
Level 1Fair value determined based on quoted prices in active markets for identical assets or liabilities.
Level 2Fair 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 3Fair 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.
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.
Self-Insurance.  We maintain, and require the majority of our independent contractors to maintain, general liability
insurance (including construction defect and bodily injury coverage) and workers’ compensation insurance.  These insurance
policies protect us against a portion of our risk of loss from claims related to our homebuilding activities, subject to certain self-
insured retentions, deductibles and other coverage limits.  We also maintain certain other insurance policies.  Costs associated
with our self-insurance programs are included in selling, general and administrative expenses.  In Arizona, California, Colorado
and Nevada, our contractors’ general liability insurance primarily takes the form of a wrap-up policy under a program where
eligible independent contractors are enrolled as insureds on each community.  Enrolled contractors generally contribute toward
the cost of the insurance and agree to pay a contractual amount in the future if there is a claim related to their work.  To the
extent provided under the wrap-up program, we absorb the enrolled contractors’ general liability associated with the work
performed on our homes within the applicable community as part of our overall general liability insurance and our self-
insurance. 
We self-insure a portion of our overall risk through the use of a captive insurance subsidiary, which provides coverage for
our exposure to construction defect, bodily injury and property damage claims and related litigation or regulatory actions, up to
certain limits.  Our self-insurance liability generally covers the costs of settlements and/or repairs, if any, as well as our costs to
defend and resolve the following types of claims:
•Construction defect:  Construction defect claims, which represent the largest component of our self-insurance liability,
typically originate through a legal or regulatory process rather than directly by a homeowner and involve the alleged
occurrence of a condition affecting two or more homes within the same community, or they involve a common area or
homeowners’ association property within a community.  These claims typically involve higher costs to resolve than
individual homeowner warranty claims, and the rate of claims is highly variable.
• Bodily injury:  Bodily injury claims typically involve individuals (other than our employees) who claim they were
injured while on our property or as a result of our operations.
• Property damage:  Property damage claims generally involve claims by third parties for alleged damage to real or
personal property as a result of our operations.  Such claims may occasionally include those made against us by
owners of property located near our communities.
Our self-insurance liability at each reporting date represents the estimated costs of reported claims, claims incurred but not
yet reported, and claim adjustment expenses.  The amount of our self-insurance liability is based on an analysis performed by a
third-party actuary that uses our historical claim and expense data, as well as industry data to estimate these overall costs.  Key
assumptions used in developing these estimates include claim frequencies, severities and resolution patterns, which can occur
over an extended period of time.  These estimates are subject to variability due to the length of time between the delivery of a
home to a homebuyer and when a construction defect claim is made, and the ultimate resolution of such claim; uncertainties
regarding such claims relative to our markets and the types of 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 $22.6 million and $31.1 million are included in receivables in our consolidated balance sheets at November 30,
2024 and 2023, 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.
Community Sales Office and Other Marketing- and Model Home-Related Costs 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
design choices and options 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 costs for 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 Advertising Costs.  We expense advertising costs as incurred.
Legal Fees 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.
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 granted using the Black-Scholes option-pricing model with assumptions
based primarily on historical data.  We estimate the fair value of other equity-based awards using the closing price of our
common stock on the grant date.  For PSUs, we recognize compensation expense ratably over the vesting period when it is
probable that stated performance targets will be achieved and record cumulative adjustments in the period in which estimates
change.  We account for forfeitures of equity-based awards as they occur.
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 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, 2024 and 2023 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,
2024, 2023 or 2022.
Adoption of New Accounting Pronouncements and Recent Accounting Pronouncements Not Yet Adopted Recent Accounting Pronouncements Not Yet Adopted.  In November 2023, the FASB issued Accounting Standards Update
No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which is
intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant
segment expenses.  The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within
fiscal years beginning after December 15, 2024.  Early adoption is permitted.  The guidance is to be applied retrospectively to
all prior periods presented in the financial statements.  Upon transition, the segment expense categories and amounts disclosed
in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of
adoption.  We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial
statements and related disclosures.
In December 2023, the FASB issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740):
Improvements to Income Tax Disclosures” (“ASU 2023-09”), which modifies the rules on income tax disclosures to require
entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before
income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing
operations (separated by federal, state and foreign).  ASU 2023-09 also requires entities to disclose their income tax payments
to international, federal, state and local jurisdictions, among other changes.  The guidance is effective for annual periods
beginning after December 15, 2024.  Early adoption is permitted for annual financial statements that have not yet been issued or
made available for issuance.  ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. 
We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and
related disclosures.
In November 2024, the FASB issued Accounting Standards Update No. 2024-03, “Income Statement — Reporting
Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement
Expenses” (“ASU 2024-03”), which requires disclosure of certain costs and expenses on an interim and annual basis in the
notes to the consolidated financial statements.  The guidance is effective for annual reporting periods beginning after December
15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027.  Early adoption is permitted. 
The guidance is to be applied either (1) prospectively to financial statements issued for reporting periods after the effective date
or (2) retrospectively to any or all prior periods presented in the financial statements.  We are currently evaluating the potential
impact of adopting this new guidance on our consolidated financial statements and related disclosures.
Reclassifications Reclassifications.  Certain amounts in our consolidated financial statements of prior years have been reclassified to
conform to the current period presentation.
Segment Reporting 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.
Inventory Impairment Each 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.
Consolidation (ASC 810) We participate in joint ventures from time to time that conduct land acquisition, land
development and/or other homebuilding activities in various markets where our homebuilding operations are located.  Our
investments in these joint ventures may create a variable interest in a variable interest entity (“VIE”), depending on the
contractual terms of the arrangement.  We analyze our joint ventures under the variable interest model to determine whether
they are VIEs and, if so, whether we are the primary beneficiary.  Based on our analyses, we determined that one of our joint
ventures at November 30, 2024 and 2023 was a VIE, but we were not the primary beneficiary of the VIE.  Therefore, all of our
joint ventures at November 30, 2024 and 2023 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, which generally do not contain provisions requiring our specific performance, 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, 2024 and 2023, 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.
Debt (ASC 470) 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.
Leases We lease certain property and equipment for use in our operations.  We recognize lease expense for these leases generally
on a straight-line basis over the lease term and combine lease and non-lease components for all leases.  Lease right-of-use assets
and lease liabilities are recorded in our consolidated balance sheets for leases with an expected term at the commencement date
of more than 12 months.  Some of our leases include one or more renewal options, the exercise of which is generally at our
discretion.  Such options are excluded from the expected term of the lease unless we determine it is reasonably certain the
option will be exercised.  Lease liabilities are equal to the present value of the remaining lease payments while the amount of
lease right-of-use assets is based on the lease liabilities, subject to adjustment, such as for lease incentives.  Our leases do not
provide a readily determinable implicit interest rate; therefore, we estimate our incremental borrowing rate to calculate the
present value of remaining lease payments.  In determining our incremental borrowing rate, we considered the lease term,
market interest rates, current interest rates on our senior notes and the effects of collateralization.  Our lease population at
November 30, 2024 was comprised of operating leases where we are the lessee, primarily real estate leases for our corporate
offices, division offices and design studios, as well as certain equipment leases.  Our lease agreements do not contain any
residual value guarantees or material restrictive covenants.
Lease expense is included in selling, general and administrative expenses in our consolidated statements of operations and
includes costs for leases with terms of more than 12 months as well as short-term leases with terms of 12 months or less.
Guarantees (ASC 460) 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.