Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Nov. 30, 2013 | Dec. 31, 2013 | 31-May-13 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'KB Home | ' | ' |
Entity Central Index Key | '0000795266 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 30-Nov-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Current Fiscal Year End Date | '--11-30 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $2,089,096,838 |
Entity Common Stock Shares Outstanding | ' | 83,744,528 | ' |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Nov. 30, 2013 | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-12 | Feb. 29, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | |||
Total revenues | $618,531 | $548,974 | $524,406 | $405,219 | $578,201 | $424,504 | $302,852 | $254,558 | $2,097,130 | $1,560,115 | $1,315,866 | |||
Homebuilding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,084,978 | 1,548,432 | 1,305,562 | |||
Construction and land costs | ' | ' | ' | ' | ' | ' | ' | ' | -1,737,086 | -1,332,045 | -1,157,280 | |||
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | -255,808 | -236,643 | -220,591 | |||
Loss on loan guaranty | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -30,765 | |||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 92,084 | -20,256 | -103,074 | |||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 792 | 518 | 871 | |||
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | 62,690 | [1] | 69,804 | [1] | 49,204 | [1] |
Equity in income (loss) of unconsolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | -933 | 1,797 | -36,553 | |||
Financial services: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 12,152 | 11,683 | 10,304 | |||
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | -3,042 | -2,991 | -3,512 | |||
Pretax income (loss) | 28,316 | 26,578 | -4,173 | -12,358 | 2,424 | -7,439 | -28,636 | -45,402 | 38,363 | -79,053 | -181,168 | |||
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | 1,600 | 20,100 | 2,400 | |||
Net income (loss) | 28,116 | 27,278 | -2,973 | -12,458 | 7,724 | 3,261 | -24,136 | -45,802 | 39,963 | -58,953 | -178,768 | |||
Earnings (Loss) Per Share, Basic, in dollars per share | $0.33 | $0.32 | ($0.04) | ($0.16) | $0.10 | $0.04 | ($0.31) | ($0.59) | $0.48 | ($0.76) | ($2.32) | |||
Earnings (Loss) Per Share, Diluted, in dollars per share | $0.31 | $0.30 | ($0.04) | ($0.16) | $0.10 | $0.04 | ($0.31) | ($0.59) | $0.46 | ($0.76) | ($2.32) | |||
Weighted Average Number of Shares Outstanding, Basic | ' | ' | ' | ' | ' | ' | ' | ' | 82,630 | 77,106 | 77,043 | |||
Weighted Average Number of Shares Outstanding, Diluted | ' | ' | ' | ' | ' | ' | ' | ' | 91,559 | 77,106 | 77,043 | |||
Financial services [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 12,152 | 11,683 | 10,304 | |||
Homebuilding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 9,110 | 8,692 | 6,792 | |||
Equity in income (loss) of unconsolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | 1,074 | 2,191 | 19,286 | |||
Financial services: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Pretax income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 10,184 | 10,883 | 26,078 | |||
Homebuilding [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,084,978 | 1,548,432 | 1,305,562 | |||
Homebuilding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Equity in income (loss) of unconsolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | -2,007 | -394 | -55,839 | |||
Financial services: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Pretax income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | $28,179 | ($89,936) | ($207,246) | |||
[1] | Amounts for the years ended November 30, 2013 and 2012 included losses on the early extinguishment of debt of $10.4 million and $10.3 million, respectively. Amounts for the year ended November 30, 2011 included a gain on the early extinguishment of secured debt of $3.6 million |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income Statement (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Nov. 30, 2013 | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-12 | Feb. 29, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 |
Net income (loss) | $28,116 | $27,278 | ($2,973) | ($12,458) | $7,724 | $3,261 | ($24,136) | ($45,802) | $39,963 | ($58,953) | ($178,768) |
Net actuarial gain (loss) arising during the period | ' | ' | ' | ' | ' | ' | ' | ' | 7,083 | -4,765 | -5,646 |
Amortization of net actuarial loss | ' | ' | ' | ' | ' | ' | ' | ' | -1,803 | -1,403 | -595 |
Amortization of prior service cost | ' | ' | ' | ' | ' | ' | ' | ' | 1,556 | 1,556 | 1,556 |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 10,442 | -1,806 | -3,495 |
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | $50,405 | ($60,759) | ($182,263) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Nov. 30, 2013 | Nov. 30, 2012 |
In Thousands, unless otherwise specified | ||
Cash and Cash Equivalents, at Carrying Value | $532,523 | $525,688 |
Assets | ' | ' |
Restricted cash | 41,906 | 42,362 |
Receivables | 75,749 | 64,821 |
Inventories | 2,298,577 | 1,706,571 |
Investments in unconsolidated joint ventures | 130,192 | 123,674 |
Other assets | 107,076 | 95,050 |
Total assets | 3,193,635 | 2,561,698 |
Liabilities and stockholders' equity | ' | ' |
Accounts payable | 148,282 | 118,544 |
Accrued expenses and other liabilities | 356,176 | 340,345 |
Mortgages and notes payable | 2,150,498 | 1,722,815 |
Financial services | 2,593 | 3,188 |
Stockholders' equity: | ' | ' |
Preferred stock - $1.00 par value; authorized 10,000,000 shares; none issued | 0 | 0 |
Common stock - $1.00 par value; authorized, 290,000,000 shares at November 30, 2013 and 2012; 115,296,395 and 115,178,187 shares issued at November 30, 2013 and 2012, respectively | 115,296 | 115,178 |
Paid-in capital | 788,893 | 888,579 |
Retained earnings | 481,889 | 450,292 |
Accumulated other comprehensive loss | -17,516 | -27,958 |
Grantor stock ownership trust, at cost: 10,501,844 and 10,615,934 shares at November 30, 2013 and 2012, respectively | -113,911 | -115,149 |
Treasury stock, at cost: 21,050,023 and 27,340,468 shares at November 30, 2013 and 2012, respectively | -718,565 | -934,136 |
Total stockholder's equity | 536,086 | 376,806 |
Total liabilities and stockholders' equity | 3,193,635 | 2,561,698 |
Financial services [Member] | ' | ' |
Cash and Cash Equivalents, at Carrying Value | 2,428 | 923 |
Assets | ' | ' |
Receivables | 2,084 | 1,859 |
Investments in unconsolidated joint ventures | 5,490 | 1,630 |
Other assets | 38 | 43 |
Total assets | 10,040 | 4,455 |
Homebuilding [Member] | ' | ' |
Cash and Cash Equivalents, at Carrying Value | 530,095 | 524,765 |
Assets | ' | ' |
Total assets | 3,183,595 | 2,557,243 |
Liabilities and stockholders' equity | ' | ' |
Total Homebuilding | $2,654,956 | $2,181,704 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Nov. 30, 2013 | Nov. 30, 2012 |
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 | 115,296,395 | 115,178,187 |
Grantor stock ownership trust | 10,501,844 | 10,615,934 |
Treasury Stock, Shares | 21,050,023 | 27,340,468 |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholders' Equity (USD $) | Total | Common Stock | Treasury Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Trust for Benefit of Employees [Member] |
In Thousands, except Share data, unless otherwise specified | |||||||
Balance at Nov. 30, 2010 | $631,878 | $115,149 | ($931,543) | $873,519 | $717,852 | ($22,657) | ($120,442) |
Common Stock, Shares, Outstanding | ' | 115,171,000 | -27,214,000 | ' | ' | ' | -10,884,000 |
Comprehensive loss: | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | -178,768 | ' | ' | ' | -178,768 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | -3,495 | ' | ' | ' | ' | -3,495 | ' |
Dividends on common stock | -19,240 | ' | ' | ' | -19,240 | ' | ' |
Employee stock options and other, Value | -2,432 | -22 | ' | -2,410 | ' | ' | ' |
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 0 | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 22,000 | ' | ' | ' | ' | ' |
Forfeited restricted stock, Value | 0 | ' | -794 | 794 | ' | ' | ' |
Forfeited restricted stock, Shares | ' | ' | -119,000 | ' | ' | ' | ' |
Stock-based compensation | 8,054 | ' | ' | 8,054 | ' | ' | ' |
Grantor stock ownership trust, Value | 1,796 | ' | ' | -587 | ' | ' | 2,383 |
Grantor stock ownership trust, Shares | ' | ' | ' | ' | ' | ' | 199,000 |
Balance at Nov. 30, 2011 | 442,657 | 115,171 | -932,337 | 884,190 | 519,844 | -26,152 | -118,059 |
Common Stock, Shares, Outstanding | ' | 115,178,000 | -27,340,000 | ' | ' | ' | -10,616,000 |
Comprehensive loss: | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | -58,953 | ' | ' | ' | -58,953 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | -1,806 | ' | ' | ' | ' | -1,806 | ' |
Dividends on common stock | -10,599 | ' | ' | ' | -10,599 | ' | ' |
Employee stock options and other, Value | -104 | -7 | ' | -97 | ' | ' | ' |
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 0 | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 7,494 | 7,000 | ' | ' | ' | ' | ' |
Restricted stock awards, Value | 0 | ' | ' | -2,253 | ' | ' | 2,253 |
Restricted stock awards, Shares | ' | ' | ' | ' | ' | ' | 208,000 |
Stock-based compensation | 6,713 | ' | ' | 6,713 | ' | ' | ' |
Grantor stock ownership trust, Value | 489 | ' | ' | -168 | ' | ' | 657 |
Grantor stock ownership trust, Shares | ' | ' | ' | ' | ' | ' | 60,000 |
Treasury stock, Value | -1,799 | ' | -1,799 | ' | ' | ' | ' |
Treasury stock, Shares | ' | ' | -126,000 | ' | ' | ' | ' |
Balance at Nov. 30, 2012 | 376,806 | 115,178 | -934,136 | 888,579 | 450,292 | -27,958 | -115,149 |
Common Stock, Shares, Outstanding | ' | 115,296,000 | -21,050,000 | ' | ' | ' | -10,502,000 |
Comprehensive loss: | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 39,963 | ' | ' | ' | 39,963 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | 10,442 | ' | ' | ' | ' | 10,442 | ' |
Dividends on common stock | -8,366 | ' | ' | ' | -8,366 | ' | ' |
Employee stock options and other, Value | -1,592 | -118 | ' | -1,474 | ' | ' | ' |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | ' | ' | 478,000 | ' | ' | ' | ' |
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 8,346 | ' | 7,934 | 412 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 118,208 | 118,000 | ' | ' | ' | ' | ' |
Restricted stock awards, Value | 0 | ' | ' | -954 | ' | ' | 954 |
Restricted stock awards, Shares | ' | ' | ' | ' | ' | ' | 88,000 |
Stock-based compensation | 5,699 | ' | ' | 5,699 | ' | ' | ' |
Stock Issued During Period, Shares, Treasury Stock Reissued | ' | ' | 6,325,000 | ' | ' | ' | ' |
Stock Issued During Period, Value, Treasury Stock Reissued | 109,503 | ' | 216,125 | -106,622 | ' | ' | ' |
Grantor stock ownership trust, Value | 589 | ' | ' | 305 | ' | ' | 284 |
Grantor stock ownership trust, Shares | ' | ' | ' | ' | ' | ' | 26,000 |
Treasury stock, Value | -8,488 | ' | -8,488 | ' | ' | ' | ' |
Treasury stock, Shares | ' | ' | -513,000 | ' | ' | ' | ' |
Balance at Nov. 30, 2013 | $536,086 | $115,296 | ($718,565) | $788,893 | $481,889 | ($17,516) | ($113,911) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income (loss) | $39,963 | ($58,953) | ($178,768) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ' | ' | ' |
Income (Loss) from Equity Method Investments | -933 | 1,797 | -36,553 |
Distributions of earnings from unconsolidated joint ventures | 1,949 | 3,316 | 8,703 |
Loss on loan guaranty | 0 | 0 | -30,765 |
Gain (Loss) on Disposition of Assets | 0 | 0 | 8,825 |
Amortization of discounts and issuance costs | 5,347 | 3,016 | 2,150 |
Depreciation and amortization | 1,857 | 1,622 | 2,031 |
Provision for deferred income taxes | 0 | 1,152 | 0 |
Gains (Losses) on Extinguishment of Debt | -10,448 | -10,278 | 3,612 |
Stock-based compensation | 5,699 | 6,713 | 8,054 |
Inventory impairments and land option contract abandonments | 3,581 | 28,533 | 25,791 |
Changes in assets and liabilities: | ' | ' | ' |
Receivables | -11,153 | 24,994 | -2,220 |
Inventories | -563,189 | 30,347 | -12,345 |
Accounts payable, accrued expenses and other liabilities | 59,763 | -2,143 | -253,547 |
Other, net | 1,316 | -12,461 | -2,275 |
Net cash provided by (used in) operating activities | -443,486 | 34,617 | -347,545 |
Cash flows from investing activities: | ' | ' | ' |
Return of investments in (contributions to) unconsolidated joint ventures | -14,359 | 989 | -67,260 |
Proceeds from sale of operating property | 0 | 0 | 80,600 |
Purchases of property and equipment, net | -2,391 | -1,749 | -242 |
Net cash provided by (used in) investing activities | -16,750 | -760 | 13,098 |
Cash flows from financing activities: | ' | ' | ' |
Change in restricted cash | 456 | 22,119 | 50,996 |
Proceeds from issuance of senior notes | 680,000 | 694,831 | 0 |
Payment of senior notes issuance costs | -16,525 | -12,445 | 0 |
Repayments of Long-term Debt | 225,394 | 592,645 | 100,000 |
Payments on mortgages and land contracts due to land sellers and other loans | -66,296 | -26,298 | -89,461 |
Proceeds from Issuance or Sale of Equity | 109,503 | 0 | 0 |
Issuance of common stock under employee stock plans | 2,181 | 593 | 1,796 |
Payments of cash dividends | -8,366 | -10,599 | -19,240 |
Repurchases of common stock | -8,488 | -1,799 | 0 |
Net cash provided by (used in) financing activities | 467,071 | 73,757 | -155,909 |
Net increase (decrease) in cash and cash equivalents | 6,835 | 107,614 | -490,356 |
Cash and cash equivalents at beginning of year | 525,688 | 418,074 | 908,430 |
Cash and cash equivalents at end of year | $532,523 | $525,688 | $418,074 |
Basis_of_Presentation_and_Sign
Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Nov. 30, 2013 | |
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, 2013, we conducted ongoing operations in Arizona, California, Colorado, Florida, Maryland, Nevada, New Mexico, North Carolina, Texas and Virginia. Through our financial services subsidiary, KB Home Mortgage Company (“KBHMC”), we offer insurance services to our homebuyers in the same markets where we build homes and we provide title services in the majority of our markets located within our Central and Southeast homebuilding reporting segments. From 2005 until June 30, 2011, we also offered mortgage banking services to our homebuyers indirectly through KBA Mortgage, an unconsolidated joint venture of a subsidiary of ours and a subsidiary of Bank of America, N.A., with each partner having a 50% interest in the venture. KBA Mortgage ceased offering mortgage banking services after June 30, 2011. KBA Mortgage is accounted for as an unconsolidated joint venture within our financial services reporting segment. | |
Basis of Presentation. The 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 interest are accounted for using the equity method. | |
Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make informed estimates and assumptions 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. 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 $436.2 million at November 30, 2013 and $396.3 million at November 30, 2012. The majority of our cash and cash equivalents were invested in money market funds and interest-bearing bank deposit accounts. | |
Restricted cash of $41.9 million at November 30, 2013 and $42.4 million at November 30, 2012 consisted of cash deposited with various financial institutions that was required as collateral for the LOC Facilities. | |
Property and Equipment and Depreciation. Property and equipment are recorded at cost and are depreciated over their estimated useful lives, which generally range from two to 10 years, using the straight-line method. Repair and maintenance costs are charged to earnings as incurred. Property and equipment are included in other assets on the consolidated balance sheets. Property and equipment totaled $8.5 million, net of accumulated depreciation of $14.4 million, at November 30, 2013, and $7.9 million, net of accumulated depreciation of $18.5 million, at November 30, 2012. Depreciation expense totaled $1.9 million in 2013, $1.6 million in 2012 and $2.0 million in 2011. | |
Homebuilding Operations. Revenues from housing and other real estate sales are recognized in accordance with ASC 360 when sales are closed and title passes to the buyer. Sales are closed when all of the following conditions are met: a sale is consummated, a sufficient down payment is received, the earnings process is complete and the collection of any remaining receivables is reasonably assured. 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, while the cost of incentives in the form of a free product or service to homebuyers, including option upgrades and closing cost allowances used to cover a portion of the fees and costs charged to a homebuyer, are reflected as construction and land costs. | |
Construction and land costs are comprised of direct and allocated costs, including estimated future costs for the limited warranty on our homes and 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 a community or land parcel. Land acquisition and land development costs include related interest and real estate taxes. | |
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 in accordance with ASC 360. ASC 360 requires that real estate assets, such as our housing and land inventories, be 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 real estate assets is not recoverable, the impairment to be recognized is measured by the amount by which the carrying value of the affected asset exceeds its estimated fair value. | |
Capitalized Interest. Interest is capitalized to inventories while the related communities are being actively developed and until homes are completed. Capitalized interest is amortized to construction and land costs as the related inventories are delivered to homebuyers. For those communities where development activity has been suspended, applicable interest is expensed as incurred. | |
Fair Value Measurements. ASC 820 provides a framework for measuring the fair value of assets and liabilities under GAAP and establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. | |
Fair value measurements are used for inventories on a nonrecurring basis when events and circumstances indicate the carrying value is not recoverable. Fair value is determined based on estimated future net cash flows discounted for inherent risks associated with the real estate assets, or other valuation techniques. | |
Our financial instruments consist of cash and cash equivalents, restricted cash, senior notes, the 1.375% Convertible Senior Notes due 2019, 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, title services, marketing services fees and interest income. Insurance commissions are recognized when policies are issued. Title services revenues are recorded when closing services are rendered and title insurance policies are issued, both of which generally occur at the time each applicable home is closed. Marketing services fees are recognized when earned, and interest income is accrued as earned. | |
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. | |
Self-Insurance. We self-insure a portion of our overall risk through the use of a captive insurance subsidiary. We also maintain certain other insurance policies. We record expenses and liabilities based on the estimated costs required to cover our self-insured retention and deductible amounts under our insurance policies, and the estimated costs of potential claims and claim adjustment expenses that are above our coverage limits or that are not covered by our insurance policies. These estimated costs are based on an analysis of our historical claims and industry data, and include an estimate of construction defect claims incurred but not yet reported. | |
We engage a third-party actuary that uses our historical claim and expense data, as well as industry data, to estimate our liabilities related to unpaid claims, claim adjustment expenses, third-party recoveries and incurred but not yet reported claims for the risks that we are assuming under our self-insurance. The projection of losses related to these liabilities requires actuarial assumptions that are subject to variability due to uncertainties regarding construction defect claims relative to our markets and the types of product we build, insurance industry practices and legal or regulatory interpretations, among other factors. Key assumptions used in these estimates include claim frequencies, severities and settlement patterns, which can occur over an extended period of time. Due to the degree of judgment required and the potential for variability in these underlying assumptions, our actual future costs could differ from those estimated. | |
Advertising Costs. We expense advertising costs as incurred. We incurred advertising costs of $25.3 million in 2013, $24.6 million in 2012 and $32.4 million in 2011. | |
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 as incurred in our consolidated balance sheets. We expensed legal fees of $10.1 million in 2013, $12.6 million in 2012 and $16.9 million in 2011. | |
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, PSUs, phantom shares and SARs. | |
We measure and recognize compensation expense associated with our grant of equity-based awards in accordance with ASC 718, which requires that companies measure and recognize compensation expense 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 SARs granted using the Black-Scholes option-pricing model with assumptions based primarily on historical data. ASC 718 also requires the tax benefit resulting from tax deductions in excess of the compensation expense recognized for those options to be reported in the statement of cash flows as an operating cash outflow and a financing cash inflow. | |
Income Taxes. Income taxes are accounted for in accordance with ASC 740. 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. In accordance with ASC 740, we assess whether a valuation allowance should be established based on the consideration of all available evidence using a “more likely than not” standard with respect to whether deferred tax assets will be realized. The ultimate realization of deferred tax assets depends primarily on the generation of future taxable income. The value of our deferred tax assets will depend on applicable income tax rates. Judgment is required in determining the future tax consequences of events that have been recognized in our consolidated financial statements and/or tax returns. Differences between anticipated and actual outcomes of these future tax consequences could have a material impact on our consolidated financial statements. | |
Accumulated Other Comprehensive Loss. The accumulated balances of other comprehensive loss in the consolidated balance sheets as of November 30, 2013 and 2012 were comprised solely of adjustments recorded directly to accumulated other comprehensive loss in accordance with Accounting Standards Codification Topic No. 715, “Compensation — Retirement Benefits” (“ASC 715”). Such adjustments are made annually as of November 30, when our benefit plan obligations are remeasured. ASC 715 requires an employer to recognize the funded status of defined postretirement benefit plans as an asset or liability on the balance sheet and requires any unrecognized prior service costs and actuarial gains/losses to be recognized in accumulated other comprehensive income (loss). | |
Earnings (Loss) Per Share. We compute earnings (loss) per share using the two-class method in accordance with Accounting Standards Codification Topic No. 260, “Earnings Per Share.” The two-class method is an allocation of earnings between the holders of common stock and a company’s participating security holders. Our outstanding non-vested 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, 2013, 2012 or 2011. | |
Recent Accounting Pronouncements. In June 2011, the FASB issued ASU 2011-05, which allows an entity the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In both instances, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. ASU 2011-05 eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders’ equity. The amendments in ASU 2011-05 do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. However, in December 2011, the FASB issued ASU 2011-12, which deferred the guidance on whether to require entities to present reclassification adjustments out of accumulated other comprehensive income by component in both the statement where net income is presented and the statement where other comprehensive income is presented for both interim and annual financial statements. ASU 2011-12 reinstated the requirements for the presentation of reclassifications that were in place prior to the issuance of ASU 2011-05 and did not change the effective date for ASU 2011-05. For public entities, the amendments in ASU 2011-05 and ASU 2011-12 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011, and should be applied retrospectively. Our adoption of this guidance, which is related to disclosure only, as of February 28, 2013 did not have a material impact on our consolidated financial statements. | |
In February 2013, the FASB issued ASU 2013-02, which requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, ASU 2013-02 requires an entity to present, either on the face of the income statement or in the notes to financial statements, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. The amendments in ASU 2013-02 do not change the current requirements for reporting net income or other comprehensive income in the financial statements. For public entities, the amendments in ASU 2013-02 are effective prospectively for reporting periods beginning after December 15, 2012. Our adoption of this guidance, which is related to disclosure only, as of May 31, 2013 did not have a material impact on our consolidated financial statements. | |
In July 2013, the FASB issued ASU 2013-11, which states that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or that the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. ASU 2013-11 applies to all entities that have unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. The amendments in ASU 2013-11 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. We believe the adoption of this guidance will not have a material impact on our consolidated financial statements. | |
Homebuyer Closing Cost Allowances Reclassification. Effective December 1, 2012, we elected to reclassify closing cost allowances given to certain homebuyers from selling, general and administrative expenses to construction and land costs in our consolidated statements of operations. These allowances, which totaled $10.6 million and represented .5% of housing revenues in 2013, are used to cover a portion of non-recurring third-party fees, such as escrow fees, title costs, recording fees, finance processing fees, and prepaid real estate taxes and insurance costs that are charged to a homebuyer in connection with the closing of the sale of a home. The amounts in the consolidated statements of operations of prior years have been reclassified to conform to the 2013 presentation. The reclassifications reduced both our housing gross profits and selling, general and administrative expenses for 2012 and 2011 by $14.5 million and $27.1 million, respectively, which represented .9% and 2.1% of housing revenues, respectively. The reclassification had no impact on the homebuilding operating income (loss) or consolidated net income (loss) amounts previously reported. | |
Other Reclassifications. Certain amounts in the consolidated financial statements of prior years have been reclassified to conform to the 2013 presentation. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||
Nov. 30, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Segment Information | ' | |||||||||||
Segment Information | ||||||||||||
As of November 30, 2013, we had identified five reporting segments, comprised of four homebuilding reporting segments and one financial services reporting segment, within our consolidated operations in accordance with Accounting Standards Codification Topic No. 280, “Segment Reporting.” As of November 30, 2013, our homebuilding reporting segments conducted ongoing operations in the following states: | ||||||||||||
West Coast: California | ||||||||||||
Southwest: Arizona, Nevada and New Mexico | ||||||||||||
Central: Colorado and Texas | ||||||||||||
Southeast: Florida, Maryland, North Carolina and Virginia | ||||||||||||
Our homebuilding operations represented most of our business for the years ended November 30, 2013, 2012 and 2011. 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, move-up and active adult homebuyers. Our homebuilding operations generate the majority of their revenues from the delivery of completed homes to homebuyers, and to a lesser extent from the sale of land. | ||||||||||||
Our homebuilding reporting segments were identified 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 evaluate segment performance primarily based on segment pretax results. | ||||||||||||
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 Central and Southeast homebuilding reporting segments. In addition, since the third quarter of 2011, this segment has earned revenues pursuant to the terms of a marketing services agreement with a preferred mortgage lender that offers mortgage banking services, including mortgage loan originations, to our homebuyers who elect to use the lender. Our homebuyers are under no obligation to use our preferred mortgage lender and may select any lender of their choice to obtain mortgage financing for the purchase of a home. Except as discussed below, we have had no affiliation, ownership, joint venture or other interests in or with our preferred mortgage lender or its affiliates, or with respect to the revenues or income that may have been generated from their provision of mortgage banking services to, or origination of mortgage loans for, our homebuyers. Prior to late June 2011, this reporting segment provided mortgage banking services to our homebuyers indirectly through KBA Mortgage. | ||||||||||||
On January 21, 2013, we entered into an agreement with Nationstar to form Home Community Mortgage, a mortgage banking company that will offer an array of mortgage banking services to our homebuyers. We have a 49.9% ownership interest and Nationstar has a 50.1% ownership interest in Home Community Mortgage, with Nationstar providing management oversight of Home Community Mortgage’s operations. Nationstar will continue as our preferred mortgage lender until Home Community Mortgage begins offering mortgage banking services, which is expected to occur in the first quarter of 2014. We made capital contributions of $5.0 million to Home Community Mortgage during the year ended November 30, 2013. Home Community Mortgage is accounted for as an unconsolidated joint venture within our financial services reporting segment of our consolidated financial statements. | ||||||||||||
Our reporting segments follow the same accounting policies used for our consolidated financial statements as described in Note 1. Summary of Significant Accounting Policies. Operational results of each 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 reporting segments (in thousands): | ||||||||||||
Years Ended November 30, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenues: | ||||||||||||
West Coast | $ | 1,020,218 | $ | 755,259 | $ | 589,387 | ||||||
Southwest | 175,252 | 132,438 | 139,872 | |||||||||
Central | 565,120 | 436,407 | 369,705 | |||||||||
Southeast | 324,388 | 224,328 | 206,598 | |||||||||
Total homebuilding revenues | 2,084,978 | 1,548,432 | 1,305,562 | |||||||||
Financial services | 12,152 | 11,683 | 10,304 | |||||||||
Total | $ | 2,097,130 | $ | 1,560,115 | $ | 1,315,866 | ||||||
Pretax income (loss): | ||||||||||||
West Coast | $ | 118,264 | $ | (10,467 | ) | $ | 19,639 | |||||
Southwest | 2,903 | (10,194 | ) | (108,265 | ) | |||||||
Central | 22,275 | 1,449 | (12,924 | ) | ||||||||
Southeast | (45,992 | ) | (1,183 | ) | (37,983 | ) | ||||||
Corporate and other (a) | (69,271 | ) | (69,541 | ) | (67,713 | ) | ||||||
Total homebuilding pretax income (loss) | 28,179 | (89,936 | ) | (207,246 | ) | |||||||
Financial services | 10,184 | 10,883 | 26,078 | |||||||||
Total | $ | 38,363 | $ | (79,053 | ) | $ | (181,168 | ) | ||||
Equity in income (loss) of unconsolidated joint ventures: | ||||||||||||
West Coast | $ | (148 | ) | $ | (174 | ) | $ | 68 | ||||
Southwest | (2,355 | ) | (811 | ) | (55,902 | ) | ||||||
Central | — | — | — | |||||||||
Southeast | 496 | 591 | (5 | ) | ||||||||
Total | $ | (2,007 | ) | $ | (394 | ) | $ | (55,839 | ) | |||
(a) Corporate and other includes corporate general and administrative expenses. | ||||||||||||
Years Ended November 30, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Inventory impairment charges: | ||||||||||||
West Coast | $ | — | $ | 19,235 | $ | 2,598 | ||||||
Southwest | — | 2,135 | 18,715 | |||||||||
Central | — | 1,267 | 51 | |||||||||
Southeast | 391 | 5,470 | 1,366 | |||||||||
Total | $ | 391 | $ | 28,107 | $ | 22,730 | ||||||
Land option contract abandonment charges: | ||||||||||||
West Coast | $ | 3,190 | $ | — | $ | 704 | ||||||
Southwest | — | — | 296 | |||||||||
Central | — | 133 | 1,310 | |||||||||
Southeast | — | 293 | 751 | |||||||||
Total | $ | 3,190 | $ | 426 | $ | 3,061 | ||||||
Joint venture impairment charges: | ||||||||||||
West Coast | $ | — | $ | — | $ | — | ||||||
Southwest | — | — | 53,727 | |||||||||
Central | — | — | — | |||||||||
Southeast | — | — | — | |||||||||
Total | $ | — | $ | — | $ | 53,727 | ||||||
November 30, | ||||||||||||
2013 | 2012 | |||||||||||
Assets: | ||||||||||||
West Coast | $ | 1,230,761 | $ | 930,450 | ||||||||
Southwest | 402,443 | 319,863 | ||||||||||
Central | 465,547 | 369,294 | ||||||||||
Southeast | 456,965 | 341,460 | ||||||||||
Corporate and other | 627,879 | 596,176 | ||||||||||
Total homebuilding assets | 3,183,595 | 2,557,243 | ||||||||||
Financial services | 10,040 | 4,455 | ||||||||||
Total | $ | 3,193,635 | $ | 2,561,698 | ||||||||
Investments in unconsolidated joint ventures: | ||||||||||||
West Coast | $ | 40,246 | $ | 38,372 | ||||||||
Southwest | 80,877 | 75,920 | ||||||||||
Central | — | — | ||||||||||
Southeast | 9,069 | 9,382 | ||||||||||
Total | $ | 130,192 | $ | 123,674 | ||||||||
Financial_Services
Financial Services | 12 Months Ended | |||||||||||
Nov. 30, 2013 | ||||||||||||
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, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenues | ||||||||||||
Insurance commissions | $ | 7,177 | $ | 7,140 | $ | 7,188 | ||||||
Title services | 3,172 | 2,362 | 1,983 | |||||||||
Marketing services fees | 1,800 | 2,175 | 1,125 | |||||||||
Interest income | 3 | 6 | 8 | |||||||||
Total | 12,152 | 11,683 | 10,304 | |||||||||
Expenses | ||||||||||||
General and administrative | (3,042 | ) | (2,991 | ) | (3,512 | ) | ||||||
Operating income | 9,110 | 8,692 | 6,792 | |||||||||
Equity in income/gain on wind down of unconsolidated joint ventures | 1,074 | 2,191 | 19,286 | |||||||||
Pretax income | $ | 10,184 | $ | 10,883 | $ | 26,078 | ||||||
November 30, | ||||||||||||
2013 | 2012 | |||||||||||
Assets | ||||||||||||
Cash and cash equivalents | $ | 2,428 | $ | 923 | ||||||||
Receivables | 2,084 | 1,859 | ||||||||||
Investments in unconsolidated joint ventures | 5,490 | 1,630 | ||||||||||
Other assets | 38 | 43 | ||||||||||
Total assets | $ | 10,040 | $ | 4,455 | ||||||||
Liabilities | ||||||||||||
Accounts payable and accrued expenses | $ | 2,593 | $ | 3,188 | ||||||||
Total liabilities | $ | 2,593 | $ | 3,188 | ||||||||
The equity in income/gain on wind down of unconsolidated joint ventures amounts for 2013, 2012 and 2011 included gains of $1.1 million, $2.1 million and $19.8 million, respectively, recognized in connection with the wind down of KBA Mortgage’s business operations. In addition, our investments in unconsolidated joint ventures at November 30, 2013 included a $5.0 million capital contribution we made to Home Community Mortgage during the year. | ||||||||||||
Although KBHMC ceased originating and selling mortgage loans on September 1, 2005, it may be required to repurchase, or provide indemnification with respect to, an individual loan that it funded on or before August 31, 2005 and sold to an investor if the representations or warranties that it made in connection with the sale of the loan are breached, in the event of an early payment default, if the loan does not comply with the underwriting standards or other requirements of the ultimate investor or an applicable insurer, or due to a delinquency or other matters arising in connection with the loan. |
Earnings_Loss_Per_Share
Earnings (Loss) Per Share | 12 Months Ended | |||||||||||
Nov. 30, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings (Loss) Per Share | ' | |||||||||||
Earnings (Loss) Per Share | ||||||||||||
Basic and diluted earnings (loss) per share were calculated as follows (in thousands, except per share amounts): | ||||||||||||
Years Ended November 30, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Numerator: | ||||||||||||
Net income (loss) | $ | 39,963 | $ | (58,953 | ) | $ | (178,768 | ) | ||||
Less: Distributed earnings allocated to nonvested restricted stock | (24 | ) | — | — | ||||||||
Less: Undistributed earnings allocated to nonvested restricted stock | (90 | ) | — | — | ||||||||
Numerator for basic earnings (loss) per share | 39,849 | (58,953 | ) | (178,768 | ) | |||||||
Effect of dilutive securities: | ||||||||||||
Interest expense and amortization of debt issuance costs associated with convertible senior notes, net of taxes | 2,230 | — | — | |||||||||
Add: Undistributed earnings allocated to nonvested restricted stock | 90 | — | — | |||||||||
Less: Undistributed earnings reallocated to nonvested restricted stock | (81 | ) | — | — | ||||||||
Numerator for diluted earnings (loss) per share | $ | 42,088 | $ | (58,953 | ) | $ | (178,768 | ) | ||||
Denominator: | ||||||||||||
Weighted average shares outstanding — basic | 82,630 | 77,106 | 77,043 | |||||||||
Effect of dilutive securities: | ||||||||||||
Share-based payments | 1,885 | — | — | |||||||||
Convertible senior notes | 7,044 | — | — | |||||||||
Weighted average shares outstanding — diluted | 91,559 | 77,106 | 77,043 | |||||||||
Basic earnings (loss) per share | $ | 0.48 | $ | (.76 | ) | $ | (2.32 | ) | ||||
Diluted earnings (loss) per share | $ | 0.46 | $ | (.76 | ) | $ | (2.32 | ) | ||||
As discussed in Note 13. Mortgages and Notes Payable, in 2013, we issued the 1.375% Convertible Senior Notes due 2019 which are initially convertible into shares of our common stock at a conversion rate of 36.5297 shares for each $1,000 principal amount of the notes. Outstanding stock options to purchase 5.2 million shares of common stock were excluded from the diluted earnings per share calculation for 2013 and all outstanding stock options were excluded from the diluted loss per share calculations for the years ended November 30, 2012 and 2011 because the effect of their inclusion would be antidilutive. Contingently issuable shares associated with outstanding PSUs were not included in the earnings (loss) per share calculations for the periods presented as the vesting conditions have not been satisfied. |
Receivables
Receivables | 12 Months Ended |
Nov. 30, 2013 | |
Receivables [Abstract] | ' |
Receivables | ' |
Receivables | |
Receivables of $75.7 million at November 30, 2013 and $64.8 million at November 30, 2012 included amounts due from utility companies and municipalities, state income taxes receivable and escrow deposits. Receivables from utility companies and municipalities generally relate to infrastructure improvements we make with respect to our communities. We are generally reimbursed for these receivables when the improvements are accepted by the utility company 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 municipalities. | |
Each receivable is evaluated for collectibility at least quarterly and allowances for potential losses are established or maintained on applicable receivables when collection becomes doubtful, taking into account historical experience, present economic conditions and other relevant factors. Receivables were net of allowances for doubtful accounts of $20.3 million in 2013 and $21.3 million in 2012. |
Inventories
Inventories | 12 Months Ended | |||||||||||
Nov. 30, 2013 | ||||||||||||
Inventory Disclosure [Abstract] | ' | |||||||||||
Inventories | ' | |||||||||||
Inventories | ||||||||||||
Inventories consisted of the following (in thousands): | ||||||||||||
November 30, | ||||||||||||
2013 | 2012 | |||||||||||
Homes under construction | $ | 586,439 | $ | 454,108 | ||||||||
Land under development | 1,066,916 | 567,470 | ||||||||||
Land held for future development | 645,222 | 684,993 | ||||||||||
Total | $ | 2,298,577 | $ | 1,706,571 | ||||||||
Homes under construction is comprised of costs associated with homes 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, which include capitalized interest and real estate taxes associated with land undergoing improvement activity. When home construction begins, the associated land acquisition and land development costs are included in homes 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 community by delaying improvements for a period of time to allow earlier phases of a long-term, multi-phase community or a neighboring community to generate sales momentum or for market conditions to improve. We resume development activity when we believe our investment in this inventory will be optimized or, in some instances, to accelerate sales pace and/or our return on investment, and we have activated assets previously held for future development in certain markets as part of our strategic growth initiatives. Interest and real estate taxes are not capitalized on land held for future development. | ||||||||||||
Our interest costs are as follows (in thousands): | ||||||||||||
Years Ended November 30, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Capitalized interest at beginning of year | $ | 217,684 | $ | 233,461 | $ | 249,966 | ||||||
Interest incurred (a) | 149,101 | 132,657 | 112,037 | |||||||||
Interest expensed (a) | (62,690 | ) | (69,804 | ) | (49,204 | ) | ||||||
Interest amortized to construction and land costs | (87,414 | ) | (78,630 | ) | (79,338 | ) | ||||||
Capitalized interest at end of year (b) | $ | 216,681 | $ | 217,684 | $ | 233,461 | ||||||
(a) | Amounts for the years ended November 30, 2013 and 2012 included losses on the early extinguishment of debt of $10.4 million and $10.3 million, respectively. Amounts for the year ended November 30, 2011 included a gain on the early extinguishment of secured debt of $3.6 million. | |||||||||||
(b) | Inventory impairment charges are recognized against all inventory costs of a community, such as land acquisition, land development, cost of home construction and capitalized interest. Capitalized interest amounts presented in the table reflect the gross amount of capitalized interest as impairment charges recognized are not generally allocated to specific components of inventory. |
Inventory_Impairments_and_Land
Inventory Impairments and Land Option Contract Abandonments | 12 Months Ended | ||||||
Nov. 30, 2013 | |||||||
Inventory Impairments and Land Option Contract Abandonments [Abstract] | ' | ||||||
Inventory Impairments and Land Option Contract Abandonments | ' | ||||||
Inventory Impairments and Land Option Contract Abandonments | |||||||
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 in accordance with ASC 360. We evaluated 67, 135 and 138 communities or land parcels for recoverability during the years ended November 30, 2013, 2012 and 2011, respectively. 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. | |||||||
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. With the undiscounted future net cash flows, we also consider 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, 2013 and 2012, these expectations reflected our experience that, notwithstanding fluctuations in our company-wide net orders, backlog levels, homes delivered and housing gross profit margin, on a year-over-year basis, market conditions for each of our assets in inventory where impairment indicators were identified have been generally stable or improved, with no significant deterioration identified as to revenue and cost drivers that would prevent or otherwise impact recoverability. Based on this experience, and taking into account the signs of stability and improvement in many markets for new home sales, our inventory assessments as of November 30, 2013 considered an expected steady overall sales pace and average selling price performance for 2014 relative to the pace and performance in recent quarters. While in the fourth quarter of 2013, our West Coast homebuilding reporting segment reported year-over-year decreases in homes delivered, net orders and ending backlog, these decreases were largely due to our selling through older communities and shifting our investment strategy to favor coastal California submarkets, and delays in opening new communities, and were not reflective of a decline in market conditions, particularly as the average selling price of homes delivered in the segment increased in the 2013 fourth quarter and the housing gross profit margin improved. | |||||||
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. Due to the short-term nature of active communities and land parcels 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. These assessments, 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. These various estimates, trends, 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 performance and may vary among communities or land parcels and may vary over time. | |||||||
We record an inventory impairment charge when the carrying value of a 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 based on the estimated future net cash flows discounted for inherent risk associated with each such asset. Inputs used in our calculation of estimated discounted future net cash flows are specific to each affected community or land parcel 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 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. | |||||||
The following table summarizes ranges for significant quantitative unobservable inputs we utilized in our fair value measurements with respect to the impaired communities or land parcels written down to fair value during the years presented: | |||||||
Years Ended November 30, | |||||||
Unobservable Input (a) | 2013 | 2012 | 2011 | ||||
Average selling price | $339,700 | $115,200 - $556,300 | $142,900 - $391,900 | ||||
Deliveries per month | 1 | 6-Jan | 10-Jan | ||||
Discount rate | 17% | 17% - 20% | 17% - 20% | ||||
(a) | The ranges of inputs used in each period primarily reflect the underlying variability among the housing markets where each of the impacted communities or land parcels are located, rather than fluctuations in prevailing market conditions. | ||||||
Based on the results of our evaluations, we recognized inventory impairment charges of $.4 million in 2013 associated with one community, with a post-impairment fair value of $1.1 million. In 2012, we recognized inventory impairment charges of $28.1 million associated with 14 communities, with a post-impairment fair value of $39.9 million. In 2011, we recognized inventory impairment charges of $22.7 million associated with 12 communities or land parcels, with a post-impairment fair value of $34.0 million. The higher level of inventory impairment charges in 2012 and 2011, compared to 2013, reflected challenging economic and housing market conditions in certain of our served markets in each of those years. In addition, the inventory impairment charges we recognized in 2012 were partly due to changes in our operational or selling strategy for certain communities in an effort to accelerate sales pace and/or our return on investment. In 2011, the inventory impairment charges included an $18.1 million adjustment to the fair value of real estate collateral in our Southwest homebuilding reporting segment that we took back on a note receivable. 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. | |||||||
As of November 30, 2013, the aggregate carrying value of our inventory that had been impacted by inventory impairment charges was $293.1 million, representing 42 communities and various other land parcels. As of November 30, 2012, the aggregate carrying value of our inventory that had been impacted by inventory impairment charges was $307.2 million, representing 46 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 internal investment and marketing 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 $3.2 million corresponding to 295 lots in 2013, $.4 million corresponding to 446 lots in 2012, and $3.1 million corresponding to 830 lots in 2011. We sometimes walk away from land option contracts or other similar contracts when we have incurred costs of less than $100,000; such costs are not included in the amounts above. 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, we estimate our inventory assets’ remaining operating lives under current and expected future market conditions to range generally from one year to in excess of 10 years. Based on current market conditions and expected delivery timelines, we expect to realize, on an overall basis, the majority of our current inventory balance within five years. | |||||||
Due to the judgment and assumptions applied in the estimation process with respect to inventory impairments, land option contract abandonments, the remaining operating lives of our inventory assets and the realization of our inventory balances, particularly as to inventory 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 | |||||||||||||||
Nov. 30, 2013 | ||||||||||||||||
Variable Interest Entities [Abstract] | ' | |||||||||||||||
Variable Interest Entities | ' | |||||||||||||||
Variable Interest Entities | ||||||||||||||||
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 in accordance with ASC 810 to determine whether they are VIEs and, if so, whether we are the primary beneficiary. None of our joint ventures at November 30, 2013 and 2012 were determined under the provisions of ASC 810 to be VIEs. All of our joint ventures were unconsolidated and accounted for under the equity method because we did not have a controlling financial interest. | ||||||||||||||||
In the ordinary course of our business, we enter into land option contracts and other similar contracts to acquire rights to land for the construction of homes. The use of such land option contracts and other similar contracts generally allows us to reduce the market risks associated with direct land ownership and development, and to reduce our capital and financial commitments, including interest and other carrying costs. Under such contracts, we typically pay a specified option 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 provisions of ASC 810 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, ASC 810 requires us to consolidate a VIE if we are determined to be 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, 2013 and 2012 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. | ||||||||||||||||
The following table presents a summary of our interests in land option contracts and other similar contracts (in thousands): | ||||||||||||||||
November 30, 2013 | November 30, 2012 | |||||||||||||||
Cash | Aggregate | Cash | Aggregate | |||||||||||||
Deposits | Purchase Price | Deposits | Purchase Price | |||||||||||||
Unconsolidated VIEs | $ | 11,063 | $ | 616,000 | $ | 8,463 | $ | 327,196 | ||||||||
Other land option contracts and other similar contracts | 30,502 | 535,496 | 17,219 | 298,139 | ||||||||||||
$ | 41,565 | $ | 1,151,496 | $ | 25,682 | $ | 625,335 | |||||||||
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 $31.0 million at November 30, 2013 and $25.4 million at November 30, 2012. These pre-acquisition costs and cash deposits were included in inventories in our consolidated balance sheets. We also had outstanding letters of credit of $.1 million at November 30, 2013 and $.5 million at November 30, 2012 in lieu of cash deposits under certain land option contracts and other similar contracts. | ||||||||||||||||
We also evaluate our land option contracts and other similar contracts for financing arrangements in accordance with ASC 470, and, as a result of our evaluations, increased inventories, with a corresponding increase to accrued expenses and other liabilities, in our consolidated balance sheets by $8.9 million at November 30, 2013 and $4.1 million at November 30, 2012. |
Investments_in_Unconsolidated_
Investments in Unconsolidated Joint Ventures | 12 Months Ended | |||||||||||
Nov. 30, 2013 | ||||||||||||
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. 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. | ||||||||||||
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 until a home sale is closed and title passes to a homebuyer, at which time we account for those earnings as a reduction of the cost of purchasing the land from the unconsolidated joint venture. | ||||||||||||
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, equal to our respective equity interests. The obligations to make capital contributions are governed by each unconsolidated joint venture’s respective operating agreement and related governing documents. | ||||||||||||
Each unconsolidated joint venture is obligated to maintain financial statements in accordance with GAAP. We share in the profits and losses of these unconsolidated joint ventures generally in accordance with our respective equity interests. In some instances, we recognize profits and losses related to our investment in an unconsolidated joint venture that differ from our equity interest in the unconsolidated joint venture. This may arise from impairments that we recognize related to our investment that differ from the impairments the unconsolidated joint venture recognizes with respect to the unconsolidated joint venture’s assets; differences between our basis in assets we have transferred to the unconsolidated joint venture and the unconsolidated joint venture’s basis in those assets; our deferral of the unconsolidated joint venture’s profits from land sales to us; or other items. | ||||||||||||
With respect to our investments in unconsolidated joint ventures, our equity in loss of unconsolidated joint ventures included impairment charges of $53.7 million in 2011. There were no such impairment charges in 2013 or 2012. In 2011, the impairment charge reflected the write off of our remaining investment in South Edge, a residential development joint venture in our Southwest homebuilding reporting segment. We wrote off our remaining investment based on our determination that South Edge was no longer able to perform its originally intended activities following a 2011 court decision to enter an order for relief on a Chapter 11 involuntary bankruptcy petition filed against South Edge. | ||||||||||||
The following table presents combined condensed information from the statements of operations of our unconsolidated joint ventures (in thousands): | ||||||||||||
Years Ended November 30, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenues | $ | 17,446 | $ | 31,772 | $ | 230 | ||||||
Construction and land costs | (10,709 | ) | (21,467 | ) | (54 | ) | ||||||
Other expenses, net | (4,042 | ) | (2,009 | ) | (4,506 | ) | ||||||
Income (loss) | $ | 2,695 | $ | 8,296 | $ | (4,330 | ) | |||||
For the years ended November 30, 2013 and 2012, combined revenues, construction and land costs, and income from our unconsolidated joint ventures primarily reflected land sales completed by an unconsolidated joint venture in Maryland. | ||||||||||||
The following table presents combined condensed balance sheet information for our unconsolidated joint ventures (in thousands): | ||||||||||||
November 30, | ||||||||||||
2013 | 2012 | |||||||||||
Assets | ||||||||||||
Cash | $ | 18,752 | $ | 29,721 | ||||||||
Receivables | 4,902 | 6,104 | ||||||||||
Inventories | 381,195 | 352,791 | ||||||||||
Other assets | 1,183 | 1,175 | ||||||||||
Total assets | $ | 406,032 | $ | 389,791 | ||||||||
Liabilities and equity | ||||||||||||
Accounts payable and other liabilities | $ | 85,386 | $ | 88,027 | ||||||||
Equity | 320,646 | 301,764 | ||||||||||
Total liabilities and equity | $ | 406,032 | $ | 389,791 | ||||||||
The following table presents information relating to our investments in unconsolidated joint ventures (dollars in thousands): | ||||||||||||
November 30, | ||||||||||||
2013 | 2012 | |||||||||||
Number of investments in unconsolidated joint ventures | 9 | 8 | ||||||||||
Investments in unconsolidated joint ventures | $ | 130,192 | $ | 123,674 | ||||||||
Number of unconsolidated joint venture lots controlled under land option contracts or other similar contracts | 5,367 | 4,940 | ||||||||||
As of November 30, 2013 and 2012, our total amount of investments in unconsolidated joint ventures was largely comprised of investments in Inspirada Builders, LLC, as described below, and a joint venture in California. | ||||||||||||
Our unconsolidated joint ventures finance land and inventory investments for a project through a variety of arrangements, and certain of our unconsolidated joint ventures have obtained loans from third-party lenders that are secured by the underlying property and related project assets. However, none of our unconsolidated joint ventures had outstanding debt at November 30, 2013 or 2012. | ||||||||||||
In 2011, we recognized an aggregate loss on loan guaranty charge of $30.8 million in our consolidated statements of operations related to our investment in South Edge, which underwent a bankruptcy reorganization in that year. This charge resulted from our recording a probable obligation related to a contingent payment guaranty that we had provided to the administrative agent for the lenders to South Edge and the bankruptcy court’s confirmation of the consensual plan of reorganization for South Edge, and took into account accruals we had previously established with respect to our investment in South Edge. The loss on loan guaranty charge was in addition to the joint venture impairment charge of $53.7 million that we recognized in 2011 to write off our remaining investment in South Edge. In connection with the reorganization plan for South Edge and the resolution of other matters surrounding South Edge, we made payments of $251.9 million in the fourth quarter of 2011, including a payment to the administrative agent, which satisfied the respective liens of the administrative agent and most of the South Edge lenders on the land South Edge owned. Accordingly, our obligations under the contingent payment guaranty were eliminated. | ||||||||||||
Our investments in unconsolidated joint ventures as of November 30, 2013 and 2012 included our investment of $75.9 million and $71.0 million, respectively, in Inspirada Builders, LLC, an unconsolidated joint venture that was formed in 2011 in connection with the consensual plan of reorganization plan for South Edge, and in which a subsidiary that is 100% owned by us is a member. As part of the terms of the reorganization plan for South Edge, land previously owned by the South Edge joint venture, including our share that consists of approximately 600 developable acres, was acquired by Inspirada Builders, LLC in November 2011. We anticipate that we will acquire our share of the land from Inspirada Builders, LLC through a future distribution. |
Other_Assets
Other Assets | 12 Months Ended | |||||||
Nov. 30, 2013 | ||||||||
Other Assets [Abstract] | ' | |||||||
Other Assets | ' | |||||||
Other Assets | ||||||||
Other assets consisted of the following (in thousands): | ||||||||
November 30, | ||||||||
2013 | 2012 | |||||||
Cash surrender value of insurance contracts | $ | 68,534 | $ | 64,757 | ||||
Debt issuance costs (a) | 27,366 | 14,563 | ||||||
Property and equipment, net | 8,460 | 7,920 | ||||||
Prepaid expenses | 2,716 | 7,810 | ||||||
Total | $ | 107,076 | $ | 95,050 | ||||
(a) | The increase in debt issuance costs as of November 30, 2013 compared to November 30, 2012 primarily reflected the costs associated with our underwritten public issuances of the 1.375% Convertible Senior Notes due 2019 and the 7.00% Senior Notes due 2021, and our entry into the Credit Facility during 2013. |
Accrued_Expenses_and_Other_Lia
Accrued Expenses and Other Liabilities | 12 Months Ended | |||||||
Nov. 30, 2013 | ||||||||
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, | ||||||||
2013 | 2012 | |||||||
Self-insurance and other litigation liabilities | $ | 99,612 | $ | 107,111 | ||||
Employee compensation and related benefits | 99,332 | 97,189 | ||||||
Warranty liability | 48,704 | 47,822 | ||||||
Accrued interest payable | 45,562 | 47,392 | ||||||
Inventory-related obligations | 29,517 | 11,674 | ||||||
Real estate and business taxes | 8,131 | 8,453 | ||||||
Other | 25,318 | 20,704 | ||||||
Total | $ | 356,176 | $ | 340,345 | ||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Nov. 30, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
Income Tax Benefit (Expense). The components of income tax benefit (expense) in the consolidated statements of operations are as follows (in thousands): | ||||||||||||
Federal | State | Total | ||||||||||
2013 | ||||||||||||
Current | $ | — | $ | 1,600 | $ | 1,600 | ||||||
Deferred | — | — | — | |||||||||
Income tax benefit | $ | — | $ | 1,600 | $ | 1,600 | ||||||
2012 | ||||||||||||
Current | $ | 16,500 | $ | 3,600 | $ | 20,100 | ||||||
Deferred | — | — | — | |||||||||
Income tax benefit | $ | 16,500 | $ | 3,600 | $ | 20,100 | ||||||
2011 | ||||||||||||
Current | $ | 2,600 | $ | (200 | ) | $ | 2,400 | |||||
Deferred | — | — | — | |||||||||
Income tax benefit (expense) | $ | 2,600 | $ | (200 | ) | $ | 2,400 | |||||
We recognized an income tax benefit of $1.6 million in 2013, $20.1 million in 2012 and $2.4 million in 2011. The income tax benefit for 2013 was due to the resolution of a state tax audit, which resulted in a refund receivable of $1.4 million, as well as the recognition of unrecognized tax benefits of $1.0 million, partly offset by the state tax liability of $.8 million. The income tax benefit of $20.1 million in 2012 primarily reflected the resolution of federal and state tax audits, which also resulted in the realization of $1.2 million of deferred tax assets. The income tax benefit in 2011 reflected the reversal of a $2.6 million liability for unrecognized tax benefits due to the status of federal and state tax audits. Due to the effects of our deferred tax asset valuation allowances, carrybacks of our NOL, and changes in our unrecognized tax benefits, our effective tax rates in 2013, 2012 and 2011 are not meaningful items as our income tax amounts are not directly correlated to the amount of our pretax income (loss) for those periods. | ||||||||||||
Deferred Income Taxes. 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, | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax liabilities: | ||||||||||||
Capitalized expenses | $ | 87,599 | $ | 76,112 | ||||||||
State taxes | 62,884 | 64,577 | ||||||||||
Depreciation and amortization | 300 | — | ||||||||||
Other | 208 | 218 | ||||||||||
Total | $ | 150,991 | $ | 140,907 | ||||||||
Deferred tax assets: | ||||||||||||
Inventory impairments and land option contract abandonments | $ | 110,745 | $ | 132,099 | ||||||||
NOL from 2006 through 2013 | 459,885 | 442,621 | ||||||||||
Warranty, legal and other accruals | 50,110 | 54,744 | ||||||||||
Employee benefits | 73,039 | 68,644 | ||||||||||
Partnerships and joint ventures | 122,081 | 132,851 | ||||||||||
Depreciation and amortization | — | 7,467 | ||||||||||
Capitalized expenses | 9,359 | 6,646 | ||||||||||
Tax credits | 173,289 | 169,173 | ||||||||||
Deferred income | 656 | 668 | ||||||||||
Other | 11,267 | 6,107 | ||||||||||
Total | 1,010,431 | 1,021,020 | ||||||||||
Valuation allowance | (859,440 | ) | (880,113 | ) | ||||||||
Total | 150,991 | 140,907 | ||||||||||
Net deferred tax assets | $ | — | $ | — | ||||||||
Reconciliation of Expected Income Tax Benefit (Expense). The income tax benefit (expense) computed at the statutory U.S. federal income tax rate and the income tax benefit provided in the consolidated statements of operations differ as follows (in thousands): | ||||||||||||
Years Ended November 30, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Income tax benefit (expense) computed at statutory rate | $ | (13,427 | ) | $ | 27,672 | $ | 63,397 | |||||
State taxes, net of federal income tax benefit | (1,947 | ) | 9,948 | 4,691 | ||||||||
Reserve and deferred income | (1,808 | ) | (9,146 | ) | (1,161 | ) | ||||||
Capitalized expenses | — | 7,960 | (3,501 | ) | ||||||||
Basis in joint ventures | (9,598 | ) | 42,503 | 4,401 | ||||||||
NOL reconciliation | (3,806 | ) | (5,345 | ) | 715 | |||||||
Inventory impairments | 2,827 | (59,401 | ) | (1,852 | ) | |||||||
Recognition of federal and state tax benefits | 1,600 | 17,650 | 2,600 | |||||||||
Tax credits | 2,675 | 17,889 | 5,477 | |||||||||
Valuation allowance for deferred tax assets | 20,673 | (32,286 | ) | (76,747 | ) | |||||||
Depreciation and amortization | 4,523 | 2,482 | — | |||||||||
Other, net | (112 | ) | 174 | 4,380 | ||||||||
Income tax benefit | $ | 1,600 | $ | 20,100 | $ | 2,400 | ||||||
Valuation Allowance. In accordance with ASC 740, we evaluate our deferred tax assets quarterly to determine if adjustments to the valuation allowance are required. ASC 740 requires that companies assess whether a valuation allowance should be established 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 deferred tax assets depends primarily on the generation of future taxable income. The value of our deferred tax assets will depend on applicable income tax rates. During 2013, we reduced the valuation allowance by $20.7 million to account for adjustments to our deferred tax assets associated with the pretax income generated during the year and the loss of state NOLs due to the expiration of the applicable statute of limitations. During 2012 and 2011, we recorded valuation allowances of $32.3 million and $76.7 million, respectively, against net deferred tax assets generated primarily from the pretax losses for those years. One of the primary pieces of negative evidence that we consider in evaluating the need for a valuation allowance is our three-year cumulative loss position, which is largely the result of our pretax losses in 2012 and 2011, as we generated pretax income in 2013. In 2013, we had two consecutive quarters of pretax income and have experienced year-over-year increases in our homes delivered, revenues, housing gross profit margin and net orders. In addition, our backlog value at November 30, 2013 was higher than at November 30, 2012. If such positive trends in our business continue, together with improvements in housing markets and the homebuilding industry, and we are profitable on a sustained basis, we believe that there could be sufficient positive evidence to support reducing a large portion of our valuation allowance during 2014. | ||||||||||||
The majority of the tax benefits associated with our NOL can be carried forward for 20 years and applied to offset future taxable income. The federal NOL carryforwards of $329.0 million, if not utilized, will begin to expire in 2030 through 2033. The state NOL carryforwards of $130.9 million will begin to expire between 2014 and 2033 if not utilized. During 2013, $3.5 million of state NOL carryforwards expired. | ||||||||||||
In addition, $84.4 million of our tax credits, if not utilized, will begin to expire in 2015 through 2033. Included in the $84.4 million are $7.8 million of investment tax credits, of which $7.0 million and $.8 million will expire in 2026 and 2027, respectively. | ||||||||||||
We had no net deferred tax assets at November 30, 2013 or 2012 as we maintained a full valuation allowance against our deferred tax assets. The deferred tax asset valuation allowance decreased to $859.4 million at November 30, 2013 from $880.1 million at November 30, 2012, reflecting a reduction of $20.7 million due to the use of deferred tax assets to offset the income taxes associated with the net income generated during 2013, and the loss of certain state NOLs due to the expiration of the applicable statute of limitations. To the extent we generate sufficient taxable income in the future to fully utilize the tax benefits of the related deferred tax assets, we expect our effective tax rate to decrease as the valuation allowance is reversed. | ||||||||||||
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 the gross unrecognized tax benefits, excluding interest and penalties, is as follows (in thousands): | ||||||||||||
Years Ended November 30, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance at beginning of year | $ | 1,671 | $ | 1,899 | $ | 11,308 | ||||||
Additions for tax positions related to prior years | — | — | 5 | |||||||||
Reductions for tax positions related to prior years | — | (165 | ) | — | ||||||||
Reductions due to lapse of statute of limitations | (1,465 | ) | (63 | ) | (2,476 | ) | ||||||
Reductions due to resolution of federal and state audits | — | — | (6,938 | ) | ||||||||
Balance at end of year | $ | 206 | $ | 1,671 | $ | 1,899 | ||||||
We 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, 2013, 2012 and 2011, there were $.3 million, $1.3 million and $1.8 million, respectively, of gross unrecognized tax benefits (including interest and penalties), that if recognized would affect our annual effective tax rate. Our total accrued interest and penalties related to unrecognized income tax benefits was $.3 million at November 30, 2013 and $.6 million at November 30, 2012. Our liabilities for unrecognized tax benefits at November 30, 2013 and 2012 are included in accrued expenses and other liabilities in our consolidated balance sheets. | ||||||||||||
Included in the balance of gross unrecognized tax benefits at November 30, 2013 and 2012 were tax positions of $.2 million and $1.0 million, respectively, for which the ultimate deductibility is highly certain but the timing of such deductibility is uncertain. 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. | ||||||||||||
As of November 30, 2013, our gross unrecognized tax benefits (including interest and penalties) totaled $.5 million. We anticipate that these gross unrecognized tax benefits will decrease by an amount ranging from $.1 million to $.3 million during the 12 months from this reporting date due to various state filings associated with the resolution of a federal audit. The fiscal years ending 2010 and later remain open to federal and state examinations. | ||||||||||||
The benefits of our NOL, 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, 2013, we do not believe that we have experienced an ownership change as defined by Section 382, and, therefore, the NOL, built-in losses and tax credits we have generated should not be subject to a Section 382 limitation as of this reporting date. |
Mortgages_and_Notes_Payable
Mortgages and Notes Payable | 12 Months Ended | |||||||
Nov. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Mortgages and Notes Payable | ' | |||||||
Mortgages and Notes Payable | ||||||||
Mortgages and notes payable consisted of the following (in thousands): | ||||||||
November 30, | ||||||||
2013 | 2012 | |||||||
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) | $ | 13,615 | $ | 52,311 | ||||
5 3/4% Senior notes due February 1, 2014 | — | 75,911 | ||||||
5 7/8% Senior notes due January 15, 2015 | — | 101,999 | ||||||
6 1/4% Senior notes due June 15, 2015 | 199,864 | 236,826 | ||||||
9.10% Senior notes due September 15, 2017 | 262,048 | 261,430 | ||||||
7 1/4% Senior notes due June 15, 2018 | 299,261 | 299,129 | ||||||
8.00% Senior notes due March 15, 2020 | 345,710 | 345,209 | ||||||
7.00% Senior notes due December 15, 2021 | 450,000 | — | ||||||
7.50% Senior notes due September 15, 2022 | 350,000 | 350,000 | ||||||
1.375% Convertible senior notes due February 1, 2019 | 230,000 | — | ||||||
Total | $ | 2,150,498 | $ | 1,722,815 | ||||
Unsecured Revolving Credit Facility. On March 12, 2013, we entered into the Credit Facility with a syndicate of financial institutions. The Credit Facility will mature on March 12, 2016. The Credit Facility contains an uncommitted accordion feature under which its aggregate principal amount can be increased to up to $300.0 million under certain conditions and the availability of additional bank commitments, as well as a sublimit of $100.0 million for the issuance of letters of credit, which may be utilized in combination with, or to replace, the LOC Facilities. Interest on amounts borrowed under the Credit Facility is payable quarterly in arrears at a rate based on either the London Interbank Offered Rate or a base rate, plus a spread that depends on our debt rating and Leverage Ratio, as defined under the Credit Facility. The Credit Facility also requires the payment of a commitment fee ranging from .50% to .75% of the unused commitment, based on our debt rating and 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 consolidated tangible net worth, the 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, 2013, we had no cash borrowings or letters of credit outstanding under the Credit Facility and we had $200.0 million available for cash borrowings, with up to $100.0 million available for the issuance of letters of credit. | ||||||||
Borrowings under the Credit Facility are required to be unconditionally guaranteed jointly and severally by certain of our subsidiaries (the “Guarantor Subsidiaries”) that meet the definition of 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. Each of the Guarantor Subsidiaries is a 100% owned subsidiary of ours. We may also cause other subsidiaries of ours to become Guarantor Subsidiaries if we believe it to be in our or the relevant subsidiary’s best interests. | ||||||||
Letter of Credit Facilities. We maintain the LOC Facilities with various financial institutions to obtain letters of credit in the ordinary course of operating our business. As of November 30, 2013 and 2012, $41.5 million and $41.9 million, respectively, of letters of credit were outstanding under the LOC Facilities. The LOC Facilities require us to deposit and maintain cash with the issuing financial institutions as collateral for our letters of credit outstanding. We may maintain, revise or, if necessary or desirable, enter into additional or expanded letter of credit facilities, or other similar facility arrangements, with the same or other financial institutions. | ||||||||
Mortgages and Land Contracts Due to Land Sellers and Other Loans. As of November 30, 2013, inventories having a carrying value of $37.9 million were pledged to collateralize mortgages and land contracts due to land sellers and other loans. | ||||||||
Shelf Registration. We have an automatically effective universal shelf registration statement on file with the SEC. The 2011 Shelf Registration registers the offering of debt and equity securities that we may issue from time to time in amounts to be determined. | ||||||||
Senior Notes. All of our senior notes outstanding at November 30, 2013 and 2012 represent senior unsecured obligations, rank equally in right of payment with all of our existing and future indebtedness and are unconditionally guaranteed jointly and severally by the Guarantor Subsidiaries on a senior unsecured basis. 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 (a) 100% of the principal amount of the notes being redeemed and (b) the sum of the present values of the remaining scheduled payments of principal and interest on the notes being redeemed 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. | ||||||||
On January 28, 2004, we issued the 5 3/4% Senior Notes due 2014 at 99.474% of the $250.0 million in aggregate principal amount of these notes in a private placement. On June 16, 2004, we exchanged all of the privately placed 5 3/4% Senior Notes due 2014 for notes that are substantially identical except that the new 5 3/4% Senior Notes due 2014 are registered under the Securities Act of 1933. | ||||||||
On December 15, 2004, pursuant to the shelf registration statement filed with the SEC on November 12, 2004 (the “2004 Shelf Registration”), we issued the 5 7/8% Senior Notes due 2015 at 99.357% of the $300.0 million in aggregate principal amount of these notes. | ||||||||
On June 2, 2005, pursuant to the 2004 Shelf Registration, we issued $300.0 million of the 6 1/4% Senior Notes due 2015 at 99.533% of the aggregate principal amount of these notes, and on June 27, 2005, issued $150.0 million additional senior notes in the same series at 100.614% of the aggregate principal amount of these notes. | ||||||||
On July 30, 2009, pursuant to the shelf registration statement filed with the SEC on October 17, 2008, we issued the 9.10% senior notes due 2017 (the “9.10% Senior Notes due 2017”) at 98.014% of the $265.0 million in aggregate principal amount of these notes. We used substantially all of the net proceeds from the issuance of the 9.10% Senior Notes due 2017 to purchase, pursuant to a simultaneous tender offer, $250.0 million in aggregate principal amount of the 6 3/8% Senior Notes due 2011. On August 15, 2011, we repaid the remaining $100.0 million in aggregate principal amount of the 6 3/8% Senior Notes due 2011 at their maturity. | ||||||||
On April 3, 2006, pursuant to the 2004 Shelf Registration, we issued the 7 1/4% Senior Notes due 2018 at 99.486% of the $300.0 million in aggregate principal amount of these notes. | ||||||||
On February 7, 2012, pursuant to the 2011 Shelf Registration, we issued the 8.00% Senior Notes due 2020 at 98.523% of the $350.0 million in aggregate principal amount of these notes. We used substantially all of the net proceeds from this issuance to purchase, pursuant to the terms of the applicable January 2012 Tender Offers, $340.0 million in aggregate principal amount of portions of each of the 5 3/4% Senior Notes due 2014, the 5 7/8% Senior Notes due 2015 and the 6 1/4% Senior Notes due 2015. The total amount paid to purchase these senior notes was $340.5 million. We incurred a $2.0 million loss on the early extinguishment of debt in 2012 due to a premium paid under the applicable January 2012 Tender Offers and the unamortized original issue discount. | ||||||||
On July 31, 2012, pursuant to the 2011 Shelf Registration, we issued the 7.50% Senior Notes due 2022 at 100% of the $350.0 million in aggregate principal amount of these notes. We used $252.2 million of the net proceeds from this issuance to purchase, pursuant to the terms of the applicable July 2012 Tender Offers, $244.9 million in aggregate principal amount of portions of each of the 5 3/4% Senior Notes due 2014, the 5 7/8% Senior Notes due 2015 and the 6 1/4% Senior Notes due 2015. We used the remaining net proceeds from this issuance for general corporate purposes. We incurred an $8.3 million loss on the early extinguishment of debt in 2012 due to a premium paid under the applicable July 2012 Tender Offers and the unamortized original issue discount. | ||||||||
On October 29, 2013, pursuant to the 2011 Shelf Registration, we issued the 7.00% Senior Notes due 2021 at 100% of the $450.0 million in aggregate principal amount of these notes. We used $225.4 million of the net proceeds from this issuance to purchase $19.7 million in aggregate principal amount of the 5 3/4% Senior Notes due 2014, $91.1 million in aggregate principal amount of the 5 7/8% Senior Notes due 2015 and $37.0 million in aggregate principal amount of the 6 1/4% Senior Notes due 2015, pursuant to the terms of the applicable October 2013 Tender Offers, and to redeem the remaining $56.3 million in aggregate principal amount of the 5 3/4% Senior Notes due 2014 and $11.0 million in aggregate principal amount of the 5 7/8% Senior Notes due 2015 that were not purchased in the applicable October 2013 Tender Offers. The October 2013 Tender Offers expired on November 12, 2013. We plan to use the remaining net proceeds from this issuance for general corporate purposes. We incurred a $10.4 million loss on the early extinguishment of debt in 2013 due to a premium paid under the applicable October 2013 Tender Offers, premiums paid to redeem the applicable remaining senior notes, and the unamortized original issue discount associated with these senior notes. | ||||||||
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 (with the exception of the amounts outstanding related to our 6 1/4% Senior Notes due 2015 and our 7 1/4% Senior Notes due 2018) at 101% of their principal amount, together with all accrued and unpaid interest, if any. | ||||||||
Convertible Senior Notes. On January 29, 2013 and February 4, 2013, pursuant to the 2011 Shelf Registration, we issued in an underwritten public offering the 1.375% Convertible Senior Notes due 2019 at 100% of the $230.0 million in aggregate principal amount of these notes. The issuance on February 4, 2013 was made pursuant to the exercise of an option granted to the underwriters to purchase such notes to cover over-allotments. Interest on the 1.375% Convertible Senior Notes due 2019, which represent senior unsecured obligations of ours and rank equally in right of payment with all of our other senior unsecured indebtedness, is payable semi-annually in arrears on February 1 and August 1, commencing on August 1, 2013. We will also pay interest on November 1, 2018. The 1.375% Convertible Senior Notes due 2019 will mature on February 1, 2019, unless converted earlier by the holders, at their option, or redeemed by us, or purchased by us at the option of the holders following the occurrence of a fundamental change, as defined in the instruments governing the 1.375% Convertible Senior Notes due 2019. | ||||||||
At any time prior to the close of business on the business day immediately preceding the maturity date, holders may convert all or any portion of their 1.375% Convertible Senior Notes due 2019. The 1.375% Convertible Senior Notes due 2019 are initially convertible into shares of our common stock at a conversion rate of 36.5297 shares for each $1,000 principal amount of the notes, which represents an initial conversion price of approximately $27.37 per share and a conversion premium of approximately 47% based on the closing price of our common stock on January 29, 2013, which was $18.62 per share. This initial conversion rate equates to 8,401,831 shares of our common stock. The conversion rate is subject to adjustment upon the occurrence of certain events, including: subdivisions and combinations of our common stock; the issuance of stock dividends, or certain rights, options or warrants, capital stock, indebtedness, assets or cash dividends to all or substantially all holders of our common stock; and certain issuer tender or exchange offers. The conversion rate will not, however, be adjusted for other events, such as a third party tender or exchange offer or an issuance of common stock for cash or an acquisition, that may adversely affect the trading price of the notes or our common stock. On conversion, holders of the 1.375% Convertible Senior Notes due 2019 will not be entitled to receive cash in lieu of shares of our common stock, except for cash in lieu of fractional shares. | ||||||||
We may not redeem the 1.375% Convertible Senior Notes due 2019 prior to November 6, 2018. On or after November 6, 2018, and prior to the stated maturity date, we may at our option redeem all or part of the 1.375% Convertible Senior Notes due 2019 for a cash price equal to 100% of the principal amount of the notes being redeemed, plus accrued and unpaid interest to, but not including, the redemption date. If a fundamental change, as defined in the instruments governing the 1.375% Convertible Senior Notes due 2019, occurs prior to the stated maturity date, the holders may require us to purchase for cash all or any portion of their 1.375% Convertible Senior Notes due 2019 at 100% of the principal amount of the notes, plus accrued and unpaid interest to, but not including, the fundamental change purchase date. | ||||||||
The 1.375% Convertible Senior Notes due 2019 are fully and unconditionally guaranteed jointly and severally by the Guarantor Subsidiaries. We used the $222.7 million in total net proceeds from the issuance of the 1.375% Convertible Senior Notes due 2019 together with the total net proceeds from a concurrent underwritten public offering of our common stock, which is described in Note 17. Stockholders’ Equity, for general corporate purposes, including for investments in land and land development. | ||||||||
The indenture governing the senior notes and the 1.375% Convertible Senior Notes due 2019 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, the 1.375% Convertible Senior Notes due 2019 and all of the senior notes (with the exception of the 6 1/4% Senior Notes due 2015 and the 7 1/4% Senior Notes due 2018) contain certain limitations related to mergers, consolidations, and sales of assets. | ||||||||
As of November 30, 2013, we were in compliance with the applicable terms of all our covenants under the Credit Facility, the senior notes, the 1.375% Convertible Senior Notes due 2019, 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. Our inability to do so could make it more difficult and expensive to maintain our current level of external debt financing or to obtain additional financing. There are no agreements that restrict our payment of dividends other than to maintain compliance with the financial covenant requirements under the Credit Facility, which would restrict our payment of dividends if there is a default under the Credit Facility existing at the time of any such payment, or if any such payment would result in such a default. | ||||||||
Principal payments on senior notes, mortgages and land contracts due to land sellers and other loans are due during each year ended November 30 as follows: 2014 — $8.8 million; 2015—$204.7 million; 2016 — $0; 2017 — $262.0 million; 2018 — $299.3 million; and thereafter — $1.38 billion. |
Fair_Value_Disclosures
Fair Value Disclosures | 12 Months Ended | |||||||||||||||||
Nov. 30, 2013 | ||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||
Fair Value Disclosures | ' | |||||||||||||||||
Fair Value Disclosures | ||||||||||||||||||
ASC 820 provides a framework for measuring the fair value of assets and liabilities under GAAP, and establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The fair value hierarchy can be summarized as follows: | ||||||||||||||||||
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 the carrying value is not recoverable. The following table presents the fair value hierarchy and our assets measured at fair value on a nonrecurring basis for the years ended November 30, 2013 and 2012 (in thousands): | ||||||||||||||||||
Fair Value | ||||||||||||||||||
Description | Hierarchy | November 30, | November 30, | |||||||||||||||
2013 (a) | 2012 (a) | |||||||||||||||||
Long-lived assets held and used | Level 3 | $ | 1,143 | $ | 39,851 | |||||||||||||
(a) | Amounts represent the aggregate fair value for communities or land parcels where we recognized inventory impairment charges during the period, as of the date that the fair value measurements were made. The carrying value for these communities or land parcels may have subsequently increased or decreased from the fair value reflected due to activity that has occurred since the measurement date. | |||||||||||||||||
In accordance with the provisions of ASC 360, long-lived assets held and used with a carrying value of $1.5 million were written down to their fair value of $1.1 million during the year ended November 30, 2013, resulting in inventory impairment charges of $.4 million. Long-lived assets held and used with a carrying value of $68.0 million were written down to their fair value of $39.9 million during the year ended November 30, 2012, resulting in inventory impairment charges of $28.1 million. | ||||||||||||||||||
The fair values for long-lived assets held and used that were determined using Level 3 inputs were primarily based on the estimated future net cash flows discounted for inherent risk associated with each asset as described in Note 7. Inventory Impairments and Land Option Contract Abandonments. The discount rates we used were impacted by 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. These factors were specific to each affected community or land parcel and may have varied among communities or land parcels and may have varied over time. | ||||||||||||||||||
Our financial instruments consist of cash and cash equivalents, restricted cash, senior notes, the 1.375% Convertible Senior Notes due 2019, 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. | ||||||||||||||||||
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, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Fair Value Hierarchy | Carrying | Estimated | Carrying | Estimated | ||||||||||||||
Value | Fair Value | Value | Fair Value | |||||||||||||||
Financial Liabilities: | ||||||||||||||||||
Senior notes | Level 2 | $ | 1,906,883 | $ | 2,069,325 | $ | 1,670,504 | $ | 1,831,596 | |||||||||
1.375% Convertible senior notes due February 1, 2019 | Level 2 | 230,000 | 224,825 | — | — | |||||||||||||
The fair values of our senior notes and the 1.375% Convertible Senior Notes due 2019 are generally estimated based on quoted market prices for these instruments. The carrying values reported for cash and cash equivalents, restricted cash, and mortgages and land contracts due to land sellers and other loans approximate fair values. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||||||
Nov. 30, 2013 | ||||||||||||
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, including claims where we could have liability under applicable state statutes or tort law for a defective condition in or damages to a 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 the results of our investigation of and the repair efforts related to homes in central and southwest Florida affected by water intrusion-related issues could have a significant impact on our actual warranty costs in the future and such amounts could differ from our current estimates. | ||||||||||||
The changes in our warranty liability are as follows (in thousands): | ||||||||||||
Years Ended November 30, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance at beginning of year | $ | 47,822 | $ | 67,693 | $ | 93,988 | ||||||
Warranties issued (a) | 14,261 | 8,416 | 4,852 | |||||||||
Payments | (45,338 | ) | (19,701 | ) | (25,024 | ) | ||||||
Adjustments (b) | 31,959 | (8,586 | ) | (6,123 | ) | |||||||
Balance at end of year | $ | 48,704 | $ | 47,822 | $ | 67,693 | ||||||
(a) | The year-over-year increase in the expense associated with warranties issued in 2013 and 2012 reflected higher housing revenues in each of those years. Additionally, in 2013, we increased the warranty accrual rate per home based on our historical claims experience. | |||||||||||
(b) | Adjustments in 2013 were comprised of charges associated with water intrusion-related issues in central and southwest Florida, while in 2012, favorable warranty adjustments were partly offset by such water intrusion-related charges. In 2011, favorable warranty adjustments were partly offset by the impact of our consolidation of a previously unconsolidated joint venture. | |||||||||||
Central and Southwest Florida Claims. During 2012, we received warranty claims from homeowners in certain of our communities in central and southwest Florida that primarily involved framing, stucco, roofing and/or sealant matters on homes we delivered between 2003 and 2009, many of which have resulted in water intrusion-related issues. While we initially believed these issues were isolated, after additional investigation we determined in the fourth quarter of 2012 that more homes and communities may have been affected. Throughout 2013, we continued our investigation in an effort to identify the scope of the issues, to fully understand the causes and to address them as quickly and completely as possible, and we encountered an evolving and at times unexpected range of varied and complex conditions and repairs. As a result, during 2013, the number of identified affected homes and our estimate of the total repair costs associated with those homes were revised upward. In addition, prior to the second quarter of 2013 we were unable to estimate the number of similarly affected homes likely to be identified in the future and the repair costs associated with those homes. As our assessment process and our continued efforts to identify, examine and repair affected homes progressed during the second, third and fourth quarters of 2013, we believed we had accumulated adequate experience with these water intrusion-related issues to be able to reasonably estimate as of the end of each respective period the number of similarly affected homes that we believed were likely to be identified in the future and the probable repair costs associated with such similarly affected homes, in addition to revising the number of identified affected homes and our estimate of the repair costs associated with such identified affected homes. Based on the status of our ongoing investigation and repair efforts, our overall warranty liability at November 30, 2013 included $28.9 million for estimated remaining repair costs associated with homes in central and southwest Florida that have been identified as having water intrusion-related issues and estimated repair costs associated with similarly affected homes in central and southwest Florida that we believe are likely to be identified in the future. As of November 30, 2013, this amount encompasses what we believe is the probable overall cost of the repair effort remaining before insurance and other recoveries. However, our actual costs to fully resolve repairs on affected homes could differ from the overall costs we have estimated, and the difference could be material to our consolidated financial statements. | ||||||||||||
As of November 30, 2013, we had identified a total of 1,464 affected homes requiring more than minor repairs and resolved repairs on 754 of them. During 2013, we paid $32.7 million to repair such homes. As of November 30, 2013, we had paid $36.7 million of the total estimated repair costs of $65.6 million associated with the affected homes that have been identified and similarly affected homes that we believe are likely to be identified in the future. Approximately half of the total estimated repair costs as of November 30, 2013 related to two attached-home communities. We consider warranty-related repairs for homes to be resolved when all repairs are complete and all repair costs are fully paid. We anticipate resolving repairs on homes affected by the water intrusion-related issues by the end of 2014. | ||||||||||||
As discussed below, largely due to the scope and nature of the water intrusion-related issues that we encountered, we recorded charges, net of estimated probable recoveries, during 2013 to increase our overall warranty liability for all of our previously delivered homes that are covered under our limited warranty program, including any such homes in central and southwest Florida that have been identified as having water intrusion-related issues and similarly affected homes in central and southwest Florida that we believe are likely to be identified in the future. In addition to reflecting the remaining estimated repair costs associated with homes in central and southwest Florida that have been identified as having water intrusion-related issues, the charges recorded in 2013 included estimated repair costs associated with similarly affected homes in central and southwest Florida that we believe are likely to be identified in the future. Our investigation and repair efforts in central and southwest Florida remain ongoing. While we have been able to make a determination of the probable overall cost of the repair effort, depending on the number of additional affected homes that are identified and the actual costs we incur in future periods to repair identified affected homes, we may revise the estimated amount of our liability with respect to this matter, which could result in an increase or decrease in our overall warranty liability. | ||||||||||||
As of November 30, 2013, based on our investigation into the central and southwest Florida water intrusion-related issues, we believe it is probable that we will recover a portion of our total estimated repair costs associated with affected homes from various sources, including subcontractors involved with the original construction of the homes and their insurers, and our direct insurers. Our investigation into the water intrusion-related issues, including the process of determining potentially responsible parties and our efforts to obtain recoveries, is ongoing, and as a result, our estimate of probable recoveries may change as additional information is obtained. | ||||||||||||
Allegedly Defective Drywall Material Claims. During the years ended November 30, 2013, 2012 and 2011, we paid $.5 million, $2.9 million and $13.7 million, respectively, to repair homes identified as affected or potentially affected by allegedly defective drywall manufactured in China. These homes are located in Florida and were primarily delivered in 2006 and 2007. The drywall used in the construction of our homes is purchased and installed by subcontractors. Our subcontractors obtained drywall material from multiple domestic and foreign sources through late 2008. In late 2008, we directed our subcontractors to obtain only domestically sourced drywall. Based on the significantly reduced warranty claim rate on the issue (only a nominal number of additional homes were identified in 2013 and 2012 as containing or potentially containing allegedly defective drywall manufactured in China), previous community-wide reviews we have conducted, and the domestic sourcing of drywall material since late 2008, we believe that we have identified substantially all affected homes and will receive at most only nominal additional claims in future periods. | ||||||||||||
As of November 30, 2013, we were a defendant in two lawsuits relating to allegedly defective drywall manufactured in China. One of the lawsuits is an “omnibus” class action purportedly filed on behalf of numerous homeowners asserting claims for damages against drywall manufacturers, homebuilders and other parties in the supply chain of the allegedly defective drywall material. This class action is now in the process of being dismissed pursuant to a final global settlement of claims approved in February 2013 by the federal court judge overseeing a multidistrict litigation case — In re: Chinese Manufactured Drywall Products Liability Litigation (MDL-2047). We were also a defendant in one lawsuit brought in Florida state court by individual homeowners. Except for the Florida state court case, the global settlement resolved all current claims against us, including the remaining omnibus class action (and those that have been previously dismissed) in which we were named as a defendant, and bars any future claims against all participating defendants, including us. Our total obligation as a participating defendant under the global settlement was $.3 million, which we paid on March 25, 2013. We also expect to receive certain amounts under the global settlement in 2014 based on repairs we made to homes of certain settlement class members. The plaintiffs in the Florida state court case opted out of the global settlement, and we settled the case with those plaintiffs in the third quarter of 2013. The case was submitted to the court for dismissal in the first quarter of 2014. | ||||||||||||
Other Claims. With respect to potential recoveries on claims regarding other homes previously delivered, we have tendered claims with responsible liability insurance carriers, seeking reimbursement of costs we have incurred to make repairs and to handle claims. During 2012, we recognized insurance recoveries of $26.5 million as a reduction to construction and land costs in our consolidated statements of operations, representing amounts we received from one of our insurance carriers for a portion of the claims we have tendered. We intend to continue to undertake efforts, including legal proceedings, to obtain reimbursement from various sources, including subcontractors, suppliers and their insurers, for the costs we have incurred or expect to incur to investigate and complete repairs and to defend ourselves in litigation. Given uncertainties in the potential outcomes of these efforts, we have not recorded any amounts for potential future recoveries as of November 30, 2013. | ||||||||||||
Overall Warranty Liability Assessment. In assessing our overall warranty liability at a reporting date, we evaluate the costs for warranty-related items on a combined basis for all of our previously delivered homes that are under our limited warranty program, which would include any such homes in central and southwest Florida that have been identified as having water intrusion-related issues and similarly affected homes in central and southwest Florida that we believe are likely to be identified in the future. In 2013, based on our assessment of our overall warranty liability, we recorded adjustments to increase our warranty liability by $32.0 million with a corresponding charge to construction and land costs in our consolidated statements of operations. The adjustments reflected the remaining estimated repair costs associated with homes in central and southwest Florida that have been identified as having water intrusion-related issues and the estimated repair costs associated with similarly affected homes in central and southwest Florida that we believe are likely to be identified in the future, net of estimated probable recoveries of such repair costs and other adjustments. | ||||||||||||
These adjustments, which were made in each quarter of 2013 as our assessment process continued and we gained more experience and knowledge of the scope and nature of the water intrusion-related issues and the associated repair efforts and costs, were largely related to one attached-home community in Florida. At this particular community, we determined in each of the third and fourth quarters of 2013 that additional significant and previously unanticipated repair work would need to be undertaken, and that the costs for certain items, including framing material and labor, stucco and windows, would be substantially higher than previously expected. The adjustments we made in 2013 also reflected the identification of 687 additional affected homes at other communities in central and southwest Florida, and our estimate of the total number of affected homes that we believe are likely to be identified in the future. | ||||||||||||
Depending on the number of additional affected homes in central and southwest Florida that are identified as having water intrusion-related issues, and the actual costs we incur in future periods to repair identified affected homes, our estimate of costs to repair similarly affected homes in central and southwest Florida that we believe are likely be identified in the future, and/or actual or estimated costs to repair homes affected by other issues, including costs to provide affected homeowners with temporary housing, we may revise the amount of our estimated liability, which could result in an increase or decrease in our overall warranty liability. Based on our investigation of these water intrusion-related issues, we believe that our warranty liability is adequate to cover the estimated probable total repair costs on these affected homes, similarly affected homes that we believe are likely to be identified in the future and homes affected by other issues, though we believe it is reasonably possible that our loss associated with water intrusion-related issues could exceed the amount accrued as of November 30, 2013 by up to $6 million. | ||||||||||||
In 2012 and 2011, notwithstanding our actual or estimated remaining repair costs related to the allegedly defective drywall material and water intrusion-related issues, we had experienced favorable trends in our actual warranty costs incurred for the previous several years with respect to claims relating to other warranty-related items, reflecting, among other things, our ongoing focus on construction quality and customer service. Based on our assessments of these and other relevant factors on a combined basis, we determined that our overall warranty liability at the end of each year was sufficient to cover our overall warranty obligations on previously delivered homes that are under our limited warranty program. Additionally, based on our assessment of the trends in our warranty claims experience, and taking into account the decrease in the overall number of homes we had delivered over the past several years before 2012 and the steady reduction in our estimated remaining repair costs and actual repair costs incurred for homes identified as affected or potentially affected by the allegedly defective drywall, we recorded favorable warranty adjustments of $11.2 million in 2012 and $7.4 million in 2011 as reductions to construction and land costs in our consolidated statements of operations in those periods. However, as of November 30, 2012, based on our assessment of our overall warranty liability on a combined basis for all of our previously delivered homes that were under our limited warranty, including the homes identified as affected or potentially affected by the allegedly defective drywall and the increased number of homes potentially affected by water intrusion-related issues, we recorded an adjustment to increase our overall warranty liability by $2.6 million in the fourth quarter of 2012 with a corresponding charge to construction and land costs in our consolidated statements of operations. | ||||||||||||
Guarantees. In the normal course of our business, we issue certain representations, warranties and guarantees related to our home sales and land sales that may be affected by Accounting Standards Codification Topic No. 460, “Guarantees.” Based on historical evidence, 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. We maintain, and require the majority of our 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 self-insure a portion of our overall risk through the use of a captive insurance subsidiary. 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, where eligible subcontractors are enrolled as insureds on each project. Enrolled subcontractors contribute toward the cost of the insurance and agree to pay a contractual amount in the future in the event of a claim related to their work. For those enrolled subcontractors, we absorb their general liability associated with the work performed on our homes within the applicable projects as part of our overall general liability insurance and our self-insurance through our captive insurance subsidiary. We record expenses and liabilities based on the estimated costs required to cover our self-insured retention and deductible amounts under our insurance policies, and the estimated costs of potential claims and claim adjustment expenses that are above our coverage limits or that are not covered by our insurance policies. These estimated costs are based on an analysis of our historical claims and industry data, and include an estimate of construction defect claims incurred but not yet reported. | ||||||||||||
We engage a third-party actuary that uses our historical claim and expense data, as well as industry data, to estimate our liabilities related to unpaid claims, claim adjustment expenses, third-party recoveries and incurred but not yet reported claims for the risks that we are assuming under our self-insurance. These estimates are subject to uncertainty due to a variety of factors, the most significant being the long period of time between the delivery of a home to a homebuyer and when a structural warranty or construction defect claim is made, and the ultimate resolution of the construction defect claim. Though state regulations vary, construction defect claims are reported and resolved over a prolonged period of time, which can extend for 10 years or longer. As a result, the majority of the estimated liability relates to incurred but not yet reported claims. Because the majority of our estimated liabilities relate to incurred but not yet reported claims, 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. | ||||||||||||
The changes in our self-insurance liability are as follows (in thousands): | ||||||||||||
Years Ended November 30, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance at beginning of year | $ | 93,349 | $ | 94,823 | $ | 95,665 | ||||||
Self-insurance expense (a) | 8,239 | 7,894 | 7,220 | |||||||||
Payments, net of recoveries (b) | (9,374 | ) | (10,168 | ) | (8,062 | ) | ||||||
Adjustments | — | 800 | — | |||||||||
Balance at end of year | $ | 92,214 | $ | 93,349 | $ | 94,823 | ||||||
(a) | These expenses are included in selling, general and administrative expenses and largely offset by contributions from subcontractors participating in the wrap-up policy. | |||||||||||
(b) | Recoveries are reflected at the time we receive funds from subcontractors and/or their insurers. | |||||||||||
The projection of losses related to these liabilities requires actuarial assumptions that are subject to variability due to uncertainties regarding construction defect claims relative to our markets and the types of product we build, insurance industry practices and legal or regulatory interpretations, among other factors. Key assumptions used in these estimates include claim frequencies, severities and settlement patterns, which can occur over an extended period of time. In addition, changes in the frequency and severity of reported claims and the estimates to settle claims can impact the trends and assumptions used in the actuarial analysis, which could be material to our consolidated financial statements. Due to the degree of judgment required and the potential for variability in these underlying assumptions, our actual future costs could differ from those estimated. | ||||||||||||
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, 2013, we had $410.8 million of performance bonds and $41.5 million of letters of credit outstanding. At November 30, 2012, we had $286.1 million of performance bonds and $41.9 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. 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, 2013, we had total deposits of $41.7 million, comprised of $41.6 million of cash deposits and $.1 million of letters of credit, to purchase land having an aggregate purchase price of $1.15 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 (in thousands): | ||||||||||||
Years Ending November 30, | ||||||||||||
2014 | $ | 7,158 | ||||||||||
2015 | 5,276 | |||||||||||
2016 | 3,224 | |||||||||||
2017 | 1,649 | |||||||||||
2018 | 1,098 | |||||||||||
Thereafter | 387 | |||||||||||
Total minimum lease payments | $ | 18,792 | ||||||||||
Rental expense on our operating leases was $6.5 million in 2013, $5.5 million in 2012 and $6.7 million in 2011. |
Legal_Matters
Legal Matters | 12 Months Ended |
Nov. 30, 2013 | |
Legal Matters [Abstract] | ' |
Legal Matters | ' |
Legal Matters | |
Nevada Development Contract Litigation. KB Nevada is a defendant in a case in the Eighth Judicial District Court in Clark County, Nevada entitled Las Vegas Development Associates, LLC, Essex Real Estate Partners, LLC, et al. v. KB HOME Nevada Inc. In 2007, LVDA agreed to purchase from KB Nevada approximately 83 acres of land located near Las Vegas, Nevada. LVDA subsequently assigned its rights to Essex. KB Nevada and Essex entered into a development agreement relating to certain major infrastructure improvements. LVDA’s and Essex’s complaint, initially filed in 2008, alleged that KB Nevada breached the development agreement, and also alleged that KB Nevada fraudulently induced them to enter into the purchase and development agreements. LVDA’s and Essex’s lenders subsequently filed related actions that were consolidated into the LVDA/Essex matter. The consolidated plaintiffs sought rescission of the agreements or, in the alternative, compensatory damages of $55 million plus the Claimed Damages. KB Nevada has denied the allegations, and believes it has meritorious defenses to the consolidated plaintiffs’ claims. At a November 19, 2012 hearing, the court denied all of the consolidated plaintiffs’ motions for summary judgment on their claims. In addition, the court granted several of KB Nevada's motions for summary judgment, eliminating, among other of the consolidated plaintiffs’ claims, all claims for fraud, negligent misrepresentation, and punitive damages. With the court’s decisions, the only remaining claims against KB Nevada are for contract damages and rescission. In August 2013, the court granted motions that further narrowed the scope of the Claimed Damages. While the ultimate outcome is uncertain — we believe it is reasonably possible that the loss in this matter could range from zero to approximately $55 million plus pre-judgment interest, which could be material to our consolidated financial statements — KB Nevada believes it will be successful in defending against the consolidated plaintiffs’ remaining claims and that the consolidated plaintiffs will not be awarded rescission or damages. The non-jury trial, originally set for September 2012, was recently continued again until May 20, 2014. | |
Southern California Project Development Case. On December 27, 2011, the jury in a case entitled Estancia Coastal, LLC v. KB HOME Coastal Inc. et al. returned a verdict against KB HOME Coastal Inc., a wholly owned subsidiary of ours, and us for $9.8 million, excluding legal fees and interest. The case related to a land option contract and a construction agreement between KB HOME Coastal Inc. and the plaintiff. Based on pre-trial analysis, the verdict was not expected, and we and KB HOME Coastal Inc. jointly filed a motion for judgment notwithstanding the verdict and a motion for a new trial, which were heard on May 18, 2012. On May 23, 2012, the trial court denied the motions and on June 4, 2012 entered a judgment in favor of the plaintiff in the amount of $9.2 million plus pre-judgment interest of approximately $.9 million. The judgment entered reflects an earlier payment by us to the plaintiff of a portion of the jury’s award and does not include legal fees and costs and post-judgment interest. We had established an accrual for this matter based on our pre-judgment estimate of the probable loss. However, as a result of the trial court’s decision and probable legal fees and costs award, we recorded a charge of $8.8 million in 2012 to increase the accrual for this matter to $11.7 million. On September 14, 2012, following a hearing, the trial court awarded legal fees and costs to the plaintiff of approximately $1.4 million. In 2013, we recorded charges of $1.2 million to reflect additional post-judgment interest and made a partial payment of $3.0 million, which reduced our accrual for this matter. On December 16, 2013, an appeals court reversed, in part, the decision of the trial court. In accordance with Accounting Standards Codification Topic No. 855, “Subsequent Events,” we reflected this decision in our 2013 financial statements by reversing $8.2 million of the previously established accrual, bringing our accrual balance for this matter to $1.7 million as of November 30, 2013. The charges recorded in 2013 and 2012 and the reversal recorded in 2013 were included in selling, general and administrative expenses in our consolidated statements of operations. Our accrual at November 30, 2013 reflects our view of the probable outcome based on the current state of the judgment in the matter. | |
Other Matters. In addition to the specific proceedings described above, we are involved in other litigation and regulatory proceedings incidental to our business that are in various procedural stages. We believe that the accruals we have recorded for probable and reasonably estimable losses with respect to these proceedings are adequate and that, as of November 30, 2013, it was not reasonably possible that an additional material loss had been incurred in an amount in excess of the estimated amounts already recognized on our consolidated financial statements. We evaluate our accruals for litigation and regulatory proceedings at least quarterly and, as appropriate, adjust them to reflect (a) the facts and circumstances known to us at the time, including information regarding negotiations, settlements, rulings and other relevant events and developments; (b) the advice and analyses of counsel; and (c) the assumptions and judgment of management. Similar factors and considerations are used in establishing new accruals for proceedings as to which losses have become probable and reasonably estimable at the time an evaluation is made. Based on our experience, we believe that the amounts that may be claimed or alleged against us in these proceedings are not a meaningful indicator of our potential liability. The outcome of any of these proceedings, including the defense and other litigation-related costs and expenses we may incur, however, is inherently uncertain and could differ significantly from the estimate reflected in a related accrual, if made. Therefore, it is possible that the ultimate outcome of any proceeding, if in excess of a related accrual or if no accrual had been made, could be material to our consolidated financial statements. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended |
Nov. 30, 2013 | |
Equity [Abstract] | ' |
Stockholders' Equity | ' |
Stockholders’ Equity | |
Preferred Stock. To help protect the benefits of our NOL, built-in losses and tax credits from the impact of an ownership change under Section 382, on January 22, 2009, we adopted a Rights Agreement between us and Computershare Shareowner Services LLC (successor to Mellon Investor Services LLC), as rights agent, dated as of that date (the “2009 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. Subject to the terms, provisions and conditions of the 2009 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 (the “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 2009 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 (the “Distribution Date”), common stock certificates 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 (the “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 2009 Rights Agreement will expire on the earliest of (a) the close of business on March 5, 2019, (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. At our annual meeting of stockholders on April 2, 2009, our stockholders approved the 2009 Rights Agreement. | |
Common Stock. On January 29, 2013, pursuant to the 2011 Shelf Registration, we issued 6,325,000 shares of our common stock, par value $1.00 per share, in an underwritten public offering at a price of $18.25 per share. We used 6,325,000 shares of treasury stock for the issuance and received net proceeds of $109.5 million after underwriting discounts, commissions and transaction expenses. | |
In connection with the issuance of the 1.375% Convertible Senior Notes due 2019, which is discussed in Note 13. Mortgages and Notes Payable, we established a common stock reserve account with our transfer agent to reserve the maximum number of shares of our common stock potentially deliverable upon conversion to holders of the 1.375% Convertible Senior Notes due 2019 based on the terms of the instruments governing these notes. Accordingly, the common stock reserve account had a balance of 12,602,735 shares at November 30, 2013. The maximum number of shares would potentially be deliverable to holders only in certain limited circumstances as set forth in the instruments governing the 1.375% Convertible Senior Notes due 2019. | |
Effective July 18, 2013, our board of directors amended the Director Plan to provide directors with a one-time opportunity to irrevocably elect to receive an equivalent value of shares of our common stock in lieu of the cash payments that are otherwise due upon the settlement of their outstanding stock units under the terms of the Director Plan. At that date, there were a total of 481,554 outstanding stock units. Concurrent with the amendment of the Director Plan, our board of directors authorized the repurchase of no more than 482,000 shares of our common stock solely as necessary for director elections in respect of outstanding stock units. During the 2013 third quarter, following the amendment of the Director Plan, directors made irrevocable elections to receive an aggregate of 478,294 shares of our common stock upon the respective settlement of their outstanding stock units, and we repurchased through open market transactions such shares pursuant to the authorization at an aggregate price of $7.9 million. We do not anticipate any additional repurchases of our common stock pursuant to this board of directors authorization. The repurchased shares were apportioned to directors per their respective elections, and the shares are subject to transfer restrictions to the directors until the respective settlement of their applicable outstanding stock units, which, in most cases, will occur upon their leaving the board of directors. The director elections changed only the method of settlement of the outstanding stock units and did not change any of the other terms of these awards or impact the value to the directors. As a result of the directors’ elections, the relevant outstanding stock units became stock-settled awards, which are accounted for as equity awards, instead of cash-settled liability awards, thereby reducing the degree of variability in the expense associated with such stock units in future quarters. | |
As of November 30, 2013, we were authorized to repurchase 4,000,000 shares of our common stock under a board-approved share repurchase program. We did not repurchase any of our common stock under this program in 2013, 2012 or 2011. Any resumption of such stock repurchases under this program or any other program will be at the discretion of our board of directors. | |
Our board of directors declared four quarterly cash dividends of $.0250 per share of common stock in 2013. During 2012, our board of directors declared a cash dividend of $.0625 per share of common stock in the first quarter and quarterly dividends of $.0250 per share of common stock in each of the second, third and fourth quarters. During 2011, our board of directors declared four quarterly cash dividends of $.0625 per share of common stock. All dividends declared during 2013, 2012 and 2011 were also paid during those years. | |
Treasury Stock. We acquired $8.5 million and $1.8 million of our common stock in 2013 and 2012, respectively. The common stock acquired in 2013 was primarily related to director elections in respect of outstanding stock units under the Director Plan, as described above. In addition, a portion of the common stock acquired in 2013 and all of the common stock acquired in 2012 consisted of previously issued shares delivered to us by employees to satisfy their withholding tax obligations on the vesting of restricted stock awards or of forfeitures of previous restricted stock awards. We did not acquire any shares of our common stock in 2011. 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 share repurchase program. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss (Notes) | 12 Months Ended | ||||||||||||
Nov. 30, 2013 | |||||||||||||
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, 2011 | $ | (26,152 | ) | ||||||||||
Other comprehensive loss before reclassifications | (4,765 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive loss | 2,959 | ||||||||||||
Net current-period other comprehensive loss | (1,806 | ) | |||||||||||
Balance at November 30, 2012 | (27,958 | ) | |||||||||||
Other comprehensive income before reclassifications | 7,083 | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 3,359 | ||||||||||||
Net current-period other comprehensive income | 10,442 | ||||||||||||
Balance at November 30, 2013 | $ | (17,516 | ) | ||||||||||
The amounts presented in the table above do not include an income tax benefit or expense as any such impacts were fully offset by deferred tax asset valuation allowances recorded in 2013 and 2012. | |||||||||||||
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 | 2013 | 2012 | 2011 | ||||||||||
Postretirement benefit plan adjustments | |||||||||||||
Amortization of net actuarial loss | $ | 1,803 | $ | 1,403 | $ | 595 | |||||||
Amortization of prior service cost | 1,556 | 1,556 | 1,556 | ||||||||||
Total reclassifications (a) | $ | 3,359 | $ | 2,959 | $ | 2,151 | |||||||
(a) | The accumulated other comprehensive loss components are included in the computation of net periodic benefit costs as further discussed in Note 20. Postretirement Benefits. | ||||||||||||
The estimated net actuarial loss and prior service cost expected to be amortized from accumulated other comprehensive loss into net periodic benefit cost during 2014 are $.4 million and $1.6 million, respectively. |
Employee_Benefit_and_Stock_Pla
Employee Benefit and Stock Plans | 12 Months Ended | ||||||||||||||||||||
Nov. 30, 2013 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [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 (the “401(k) Plan”) under which contributions by employees are partially matched by us. The aggregate cost of the 401(k) Plan to us was $3.5 million in 2013, $2.6 million in 2012 and $2.8 million in 2011. 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. Effective May 9, 2013, our common stock has been one of the investment choices available to participants. Prior to May 9, 2013, a fund composed of units that reflected the market value of our common stock was one of the investment choices available to participants. As of November 30, 2013, 2012 and 2011, approximately 7%, 7% and 4%, respectively, of the 401(k) Plan’s net assets were invested in our common stock or in the former unitized fund that reflected the market value of our common stock, as applicable. | |||||||||||||||||||||
At our Annual Meeting of Stockholders held on April 1, 2010, our stockholders approved the KB Home 2010 Equity Incentive Plan (the “2010 Plan”), authorizing, among other things, the issuance of up to 3,500,000 shares of our common stock for grants of stock-based awards to our employees, non-employee directors and consultants. This pool of shares includes all of the shares that were available for grant as of April 1, 2010 under our 2001 Stock Incentive Plan, under which no new awards may be made. As a result, since April 1, 2010, the 2010 Plan has been our only active equity compensation plan. Under the 2010 Plan, grants of stock options and other similar awards reduce the 2010 Plan’s share capacity on a 1-for-1 basis, and grants of restricted stock and other similar “full value” awards reduce the 2010 Plan’s share capacity on a 1.78-for-1 basis. In addition, subject to the 2010 Plan’s terms and conditions, a stock-based award may also be granted under the 2010 Plan to replace an outstanding award granted under another of our plans (subject to the terms of such other plan) with terms substantially identical to those of the award being replaced. | |||||||||||||||||||||
At our Annual Meeting of Stockholders held on April 7, 2011, our stockholders approved an amendment to the 2010 Plan to increase the number of shares of our common stock that may be issued under the 2010 Plan by an additional 4,000,000 shares. | |||||||||||||||||||||
The 2010 Plan provides that stock options, performance stock, restricted stock and stock units may be awarded for periods of up to 10 years. The 2010 Plan also enables us to grant cash bonuses, SARs and other stock-based awards. As of November 30, 2013, 2012 and 2011, in addition to awards outstanding under the 2010 Plan, we had awards outstanding under our Amended and Restated 1999 Incentive Plan (the “1999 Plan”), which provided for generally the same types of awards as the 2010 Plan. We also had awards outstanding under our Performance-Based Incentive Plan for Senior Management, which provided for generally the same types of awards as the 2010 Plan, but stock option awards granted under this plan had terms of up to 15 years. In addition, as of November 2012 and 2011, we had awards outstanding under our 1988 Employee Stock Plan, which provided for generally the same types of awards as the 2010 Plan, but stock option awards granted under this plan had terms of up to 15 years. | |||||||||||||||||||||
Stock Options. Stock option transactions are summarized as follows: | |||||||||||||||||||||
Years Ended November 30, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Options | Weighted | Options | Weighted | Options | Weighted | ||||||||||||||||
Average | Average | Average | |||||||||||||||||||
Exercise | Exercise | Exercise | |||||||||||||||||||
Price | Price | Price | |||||||||||||||||||
Options outstanding at beginning of year | 10,105,546 | $ | 21.27 | 10,160,396 | $ | 21.27 | 8,798,613 | $ | 24.19 | ||||||||||||
Granted | 550,000 | 16.63 | 30,000 | 9.08 | 1,716,000 | 6.36 | |||||||||||||||
Exercised | (118,208 | ) | 13.46 | (7,494 | ) | 13.93 | — | — | |||||||||||||
Cancelled | (5,400 | ) | 24.24 | (77,356 | ) | 17.96 | (354,217 | ) | 21.47 | ||||||||||||
Options outstanding at end of year | 10,531,938 | $ | 21.11 | 10,105,546 | $ | 21.27 | 10,160,396 | $ | 21.27 | ||||||||||||
Options exercisable at end of year | 9,414,935 | $ | 22.26 | 8,533,224 | $ | 23.76 | 7,142,568 | $ | 26.43 | ||||||||||||
Options available for grant at end of year | 746,043 | 1,721,847 | 2,477,219 | ||||||||||||||||||
The total intrinsic value of stock options exercised was $1.2 million for the year ended November 30, 2013 and less than $.1 million for the year ended November 30, 2012. There were no stock options exercised during the year ended November 30, 2011. The aggregate intrinsic value of stock options outstanding was $32.3 million, $18.2 million and $1.7 million at November 30, 2013, 2012 and 2011, respectively. The intrinsic value of stock options exercisable was $25.5 million at November 30, 2013 and $7.8 million at November 30, 2012. Stock options exercisable had no intrinsic value at November 30, 2011. 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. | |||||||||||||||||||||
On October 6, 2011, our president and chief executive officer was granted an award of performance-based stock options to purchase an aggregate of 365,000 shares of our common stock at the purchase price of $6.32 per share. The performance-based stock options shall vest and become exercisable if there is a determination by the management development and compensation committee of our board of directors that the applicable performance goal, as set forth in the applicable performance option agreement, has been satisfied and our president and chief executive officer does not experience a termination of service prior to the applicable dates described in that agreement. In January 2013, the management development and compensation committee determined that the performance component was satisfied; therefore, the full amount of options will vest and become exercisable once the required service component is completed. In accordance with ASC 718, we used the Black-Scholes option-pricing model to estimate the grant date fair value per performance-based stock option of $2.54. | |||||||||||||||||||||
On October 7, 2010, our president and chief executive officer was granted an award of performance-based stock options to purchase an aggregate of 260,000 shares of our common stock at the purchase price of $11.06 per share. The performance-based stock options shall vest and become exercisable if there is a determination by the management development and compensation committee of our board of directors that the applicable performance goal, as set forth in the applicable performance option agreement, has been satisfied and our president and chief executive officer does not experience a termination of service prior to the applicable dates described in that agreement. In accordance with ASC 718, we used the Black-Scholes option-pricing model to estimate the grant date fair value per performance-based stock option of $4.59. | |||||||||||||||||||||
Stock options outstanding and stock options exercisable at November 30, 2013 are as follows: | |||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||
Range of Exercise Price | Options | Weighted | Weighted | Options | Weighted | Weighted | |||||||||||||||
Average | Average | Average | Average | ||||||||||||||||||
Exercise | Remaining | Exercise | Remaining | ||||||||||||||||||
Price | Contractual | Price | Contractual | ||||||||||||||||||
Life | Life | ||||||||||||||||||||
1,693,165 | $ | 6.43 | 7.8 | 1,126,162 | $ | 6.42 | |||||||||||||||
$ 6.32 to $10.54 | |||||||||||||||||||||
$10.55 to $14.96 | 1,968,424 | 12.09 | 5.6 | 1,968,424 | 12.09 | ||||||||||||||||
$14.97 to $20.08 | 2,717,523 | 17.47 | 6.2 | 2,167,523 | 17.68 | ||||||||||||||||
$20.09 to $33.92 | 2,019,721 | 27.36 | 4.1 | 2,019,721 | 27.36 | ||||||||||||||||
$33.93 to $69.63 | 2,133,105 | 39.81 | 4.4 | 2,133,105 | 39.81 | ||||||||||||||||
$ 6.32 to $69.63 | 10,531,938 | $ | 21.11 | 5.6 | 9,414,935 | $ | 22.26 | 5.2 | |||||||||||||
The weighted average grant date fair value of stock options granted in 2013, 2012 and 2011 was $6.96, $4.18 and $2.56, respectively. The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions: | |||||||||||||||||||||
Years Ended November 30, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Risk-free interest rate | 1.3 | % | 0.7 | % | 0.9 | % | |||||||||||||||
Expected volatility factor | 52.3 | % | 65.6 | % | 65.6 | % | |||||||||||||||
Expected dividend yield | 0.6 | % | 1.9 | % | 3.9 | % | |||||||||||||||
Expected term | 5 years | 5 years | 5 years | ||||||||||||||||||
The risk-free interest rate assumption is determined based on observed interest rates appropriate for the expected term of our stock options. The expected volatility factor is based on a combination of the historical volatility of our common stock and the implied volatility of publicly traded options on our stock. The expected dividend yield assumption is based on our history of dividend payouts. The expected term of employee stock options is estimated using historical data. | |||||||||||||||||||||
Our stock-based compensation expense related to stock option grants was $2.3 million in 2013, $5.0 million in 2012 and $5.9 million in 2011. As of November 30, 2013, there was $3.4 million of total unrecognized stock-based compensation expense related to unvested stock option awards. This expense is expected to be recognized over a weighted average period of 1.8 years. | |||||||||||||||||||||
We record proceeds from the exercise of stock options as additions to common stock and paid-in capital. The tax shortfalls of $.7 million in 2013, $.3 million in 2012 and $1.0 million in 2011 resulting from the cancellation of stock awards were reflected in paid-in capital. In 2013, 2012 and 2011, in accordance with the cash flow classification requirements of ASC 718, the consolidated statement of cash flows reflected no excess tax benefit associated with the exercise of stock options. | |||||||||||||||||||||
Other Stock-Based Awards. 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 generally lapse over periods of three years if certain conditions are met. | |||||||||||||||||||||
Restricted stock transactions are summarized as follows: | |||||||||||||||||||||
Years Ended November 30, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Shares | Weighted | Shares | Weighted | Shares | Weighted | ||||||||||||||||
Average | Average | Average | |||||||||||||||||||
per Share | per Share | per Share | |||||||||||||||||||
Grant Date | Grant Date | Grant Date | |||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||
Outstanding at beginning of year | 229,724 | $ | 15.81 | 338,912 | $ | 15.03 | 402,477 | $ | 15.09 | ||||||||||||
Granted | 88,000 | 17.5 | 207,617 | 16.23 | — | — | |||||||||||||||
Vested | (91,312 | ) | 15.18 | (176,135 | ) | 14.25 | (10,930 | ) | 13.49 | ||||||||||||
Cancelled | (6,784 | ) | 17.24 | (140,670 | ) | 15.44 | (52,635 | ) | 15.44 | ||||||||||||
Outstanding at end of year | 219,628 | $ | 16.23 | 229,724 | $ | 15.81 | 338,912 | $ | 15.03 | ||||||||||||
As of November 30, 2013, we had $3.5 million of total unrecognized compensation cost related to restricted stock awards that will be recognized over a weighted average period of approximately three years. | |||||||||||||||||||||
On October 10, 2013, we granted PSUs to certain employees. Each PSU grant corresponds to a target amount of our common stock (the “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, 2013 and ending on November 30, 2016, specified levels of (a) average return on equity performance and (b) revenue growth relative to a peer group of high-production public homebuilding companies, subject to the recipient’s continued employment with us through and including the date on which the management development and compensation committee of our board of directors determines performance for each of the measures. The grant date fair value of each such PSU was $16.63. | |||||||||||||||||||||
On November 8, 2012, we granted PSUs to certain employees. Each PSU grant corresponds to a target amount of 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 performance period commencing on December 1, 2012 and ending on November 30, 2015, specified levels of (a) average return on equity performance and (b) revenue growth relative to a peer group of high-production public homebuilding companies, subject to the recipient’s continued employment with us through and including the date on which the management development and compensation committee of our board of directors determines performance for each of the measures. The grant date fair value of each such PSU was $16.23. | |||||||||||||||||||||
PSU transactions are summarized as follows: | |||||||||||||||||||||
Years Ended November 30, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Shares | Weighted | Shares | Weighted | ||||||||||||||||||
Average | Average | ||||||||||||||||||||
per Share | per Share | ||||||||||||||||||||
Grant Date | Grant Date | ||||||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||||||
Outstanding at beginning of year | 227,049 | $ | 16.23 | — | $ | — | |||||||||||||||
Granted | 158,000 | 16.63 | 227,049 | 16.23 | |||||||||||||||||
Vested | — | — | — | — | |||||||||||||||||
Cancelled | — | — | — | — | |||||||||||||||||
Outstanding at end of year | 385,049 | $ | 16.39 | 227,049 | $ | 16.23 | |||||||||||||||
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 performance period. The PSUs have no 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 of our achievement with respect to the applicable performance measures. At November 30, 2013, we had $7.3 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. | |||||||||||||||||||||
In 2009 and 2008, we granted phantom shares to various employees. In 2008, we also granted SARs to various employees. These cash-settled awards have been accounted for as liabilities in our consolidated financial statements. Each phantom share represented the right to receive a cash payment equal to the closing price of our common stock on the applicable vesting date. Each SAR represents a right to receive a cash payment equal to the positive difference, if any, between the grant price and the market value of a share of our common stock on the date of exercise. The phantom shares vested in full at the end of three years, while the SARs vested in equal annual installments over three years. There were no phantom shares outstanding as of November 30, 2013 and 2012, and 5,556 phantom shares outstanding as of November 30, 2011. At November 30, 2013 and 2012, we had 29,939 SARs outstanding, which are fully vested and will expire in July 2017. | |||||||||||||||||||||
We recognized total compensation expense of $3.4 million in 2013, $1.7 million in 2012 and $1.2 million in 2011 related to restricted stock, PSUs, phantom shares and SARs. | |||||||||||||||||||||
Grantor Stock Ownership Trust. On August 27, 1999, we established a grantor stock ownership trust (the “Trust”) into which certain shares repurchased in 2000 and 1999 were transferred. The Trust, administered by a third-party trustee, 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 has no impact on 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 (loss) per share. The Trust held 10,501,844 and 10,615,934 shares of common stock at November 30, 2013 and 2012, 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 |
Nov. 30, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Postretirement Benefits | ' |
Postretirement Benefits | |
We have a supplemental non-qualified, unfunded retirement plan, the KB Home 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 plan was closed to new participants in 2004. In connection with the plan, we have purchased cost recovery life insurance contracts on the lives of the designated individuals. The insurance contracts associated with the plan are held by a trust, established as part of the plan to implement and carry out the provisions of the plan and to finance the benefits offered under the plan. 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 plan if assumptions made as to employment term, mortality experience, policy earnings and other factors are realized. The cash surrender value of these insurance contracts was $47.4 million at November 30, 2013 and $42.4 million at November 30, 2012. In 2013, 2012 and 2011, we paid $1.1 million, $.5 million and $.1 million, respectively, in benefits under the plan to eligible former employees. | |
We also have an unfunded death benefit plan, the KB Home Death Benefit Only Plan, implemented on November 1, 2001, for certain designated individuals (consisting of current and former employees). The plan was closed to new participants in 2004. In connection with the plan, we have purchased cost recovery life insurance contracts on the lives of the designated individuals. The insurance contracts associated with the plan are held by a trust, established as part of the plan to implement and carry out the provisions of the plan and to finance the benefits offered under the plan. 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 plan if assumptions made as to employment term, mortality experience, policy earnings and other factors are realized. The cash surrender value of these insurance contracts was $16.2 million at November 30, 2013 and $14.8 million at November 30, 2012. We have not paid out any benefits under the plan. | |
The net periodic benefit cost of our postretirement benefit plans for the year ended November 30, 2013 was $6.9 million, which included service costs of $1.5 million, interest costs of $2.1 million, amortization of unrecognized loss of $1.8 million and amortization of prior service costs of $1.5 million. The net periodic benefit cost of these plans for the year ended November 30, 2012 was $6.6 million, which included service costs of $1.3 million, interest costs of $2.3 million, amortization of unrecognized loss of $1.4 million, and amortization of prior service costs of $1.6 million. For the year ended November 30, 2011, the net periodic benefit cost of these plans was $5.5 million, which included service costs of $1.2 million, interest costs of $2.3 million, amortization of unrecognized loss of $.6 million, and amortization of prior service costs of $1.5 million, partly offset by other income of $.1 million. The liabilities related to these plans were $56.3 million at November 30, 2013 and $60.9 million at November 30, 2012, and are included in accrued expenses and other liabilities in the consolidated balance sheets. For the years ended November 30, 2013 and 2012, the discount rates we used for the plans were 4.4% and 3.3%, respectively. | |
Benefit payments under our postretirement benefit plans are expected to be paid during each year ended November 30 as follows: 2014 — $1.4 million; 2015 — $1.8 million; 2016 — $2.4 million; 2017 — $2.6 million; 2018 — $2.9 million; and for the five years ended November 30, 2023 — $18.9 million in the aggregate. |
Supplemental_Disclosure_to_Con
Supplemental Disclosure to Consolidated Statements of Cash Flows | 12 Months Ended | |||||||||||
Nov. 30, 2013 | ||||||||||||
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, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Summary of cash and cash equivalents at the end of the year: | ||||||||||||
Homebuilding | $ | 530,095 | $ | 524,765 | $ | 415,050 | ||||||
Financial services | 2,428 | 923 | 3,024 | |||||||||
Total | $ | 532,523 | $ | 525,688 | $ | 418,074 | ||||||
Supplemental disclosure of cash flow information: | ||||||||||||
Interest paid, net of amounts capitalized | $ | 64,520 | $ | 65,541 | $ | 48,038 | ||||||
Income taxes paid | 800 | 826 | 335 | |||||||||
Income taxes refunded | 61 | 22,342 | 213 | |||||||||
Supplemental disclosure of noncash activities: | ||||||||||||
Cost of inventories acquired through seller financing | $ | 27,600 | $ | 53,625 | $ | — | ||||||
Increase (decrease) in consolidated inventories not owned | 4,798 | (19,803 | ) | 8,354 | ||||||||
Acquired property securing note receivable | — | — | 40,000 | |||||||||
Issuance of stock under stock-based compensation plans | 8,346 | — | — | |||||||||
Supplemental_Guarantor_Informa
Supplemental Guarantor Information | 12 Months Ended | |||||||||||||||||||
Nov. 30, 2013 | ||||||||||||||||||||
Guarantees [Abstract] | ' | |||||||||||||||||||
Supplemental Guarantor Information | ' | |||||||||||||||||||
Supplemental Guarantor Information | ||||||||||||||||||||
Our obligations to pay principal, premium, if any, and interest under our senior notes and the 1.375% Convertible Senior Notes due 2019 and borrowings, if any, under the Credit Facility are guaranteed on a joint and several basis by the 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 our senior notes and the 1.375% Convertible Senior Notes due 2019, and the terms of the Credit Facility, a Guarantor Subsidiary will be automatically and unconditionally released and discharged from its guaranty of our senior notes, the 1.375% Convertible Senior Notes due 2019 and the Credit Facility if such Guarantor Subsidiary 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, 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 the relevant subsidiaries that were Guarantor Subsidiaries as of November 30, 2013. The format of the condensed consolidating financial statements has been revised for the periods previously reported in our annual reports to retrospectively reflect (a) the transfer of certain of our subsidiaries from non-guarantor subsidiaries to guarantor subsidiaries as a result of such subsidiaries becoming guarantor subsidiaries during 2013 and (b) the following elective reclassifications which relate solely to transactions between KB Home corporate and its subsidiaries: (i) the reclassification of KB Home corporate, guarantor and non-guarantor intercompany interest, which had previously been included in interest expense, to a separate line item with corresponding offsets in the consolidating adjustments column; (ii) the reclassification of guarantor and non-guarantor intercompany receivables and payables, which had previously been presented on a net basis, with corresponding offsets in the consolidating adjustments column; (iii) the reclassification of the net intercompany funding activity of KB Home corporate, which was previously included in cash flows provided by (used in) financing activities, to cash flows from investing activities with corresponding offsets in the consolidating adjustments column; and (iv) the reclassification of dividends received by KB Home corporate from its subsidiaries to cash provided by (used in) operating activities. Such dividends were previously included in net cash provided by (used in) financing activities. This revised presentation of the condensed consolidating financial statements had no impact or effect on our consolidated financial statements for any periods presented, including our consolidated statements of operations, consolidated statements of comprehensive income (loss), consolidated balance sheets and consolidated statements of cash flows. | ||||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Year Ended November 30, 2013 | ||||||||||||||||||||
KB Home | Guarantor | Non-Guarantor | Consolidating | Total | ||||||||||||||||
Corporate | Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||
Revenues | $ | — | $ | 2,036,340 | $ | 60,790 | $ | — | $ | 2,097,130 | ||||||||||
Homebuilding: | ||||||||||||||||||||
Revenues | $ | — | $ | 2,036,340 | $ | 48,638 | $ | — | $ | 2,084,978 | ||||||||||
Construction and land costs | — | (1,692,525 | ) | (44,561 | ) | — | (1,737,086 | ) | ||||||||||||
Selling, general and administrative expenses | (60,545 | ) | (180,344 | ) | (14,919 | ) | — | (255,808 | ) | |||||||||||
Operating income (loss) | (60,545 | ) | 163,471 | (10,842 | ) | — | 92,084 | |||||||||||||
Interest income | 768 | 18 | 6 | — | 792 | |||||||||||||||
Interest expense | (143,902 | ) | (5,199 | ) | — | 86,411 | (62,690 | ) | ||||||||||||
Intercompany interest | 203,096 | (117,180 | ) | 495 | (86,411 | ) | — | |||||||||||||
Equity in loss of unconsolidated joint ventures | — | (2,007 | ) | — | — | (2,007 | ) | |||||||||||||
Homebuilding pretax income (loss) | (583 | ) | 39,103 | (10,341 | ) | — | 28,179 | |||||||||||||
Financial services pretax income | — | — | 10,184 | — | 10,184 | |||||||||||||||
Total pretax income (loss) | (583 | ) | 39,103 | (157 | ) | — | 38,363 | |||||||||||||
Income tax benefit | — | 1,500 | 100 | — | 1,600 | |||||||||||||||
Equity in net income of subsidiaries | 40,546 | — | — | (40,546 | ) | — | ||||||||||||||
Net income (loss) | $ | 39,963 | $ | 40,603 | $ | (57 | ) | $ | (40,546 | ) | $ | 39,963 | ||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Year Ended November 30, 2012 | ||||||||||||||||||||
KB Home | Guarantor | Non-Guarantor | Consolidating | Total | ||||||||||||||||
Corporate | Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||
Revenues | $ | — | $ | 1,506,333 | $ | 53,782 | $ | — | $ | 1,560,115 | ||||||||||
Homebuilding: | ||||||||||||||||||||
Revenues | $ | — | $ | 1,506,333 | $ | 42,099 | $ | — | $ | 1,548,432 | ||||||||||
Construction and land costs | — | (1,291,877 | ) | (40,168 | ) | — | (1,332,045 | ) | ||||||||||||
Selling, general and administrative expenses | (60,101 | ) | (163,266 | ) | (13,276 | ) | — | (236,643 | ) | |||||||||||
Operating income (loss) | (60,101 | ) | 51,190 | (11,345 | ) | — | (20,256 | ) | ||||||||||||
Interest income | 480 | 13 | 25 | — | 518 | |||||||||||||||
Interest expense | (127,291 | ) | (5,365 | ) | — | 62,852 | (69,804 | ) | ||||||||||||
Intercompany interest | 176,977 | (114,286 | ) | 161 | (62,852 | ) | — | |||||||||||||
Equity in loss of unconsolidated joint ventures | — | (394 | ) | — | — | (394 | ) | |||||||||||||
Homebuilding pretax loss | (9,935 | ) | (68,842 | ) | (11,159 | ) | — | (89,936 | ) | |||||||||||
Financial services pretax income | — | — | 10,883 | — | 10,883 | |||||||||||||||
Total pretax loss | (9,935 | ) | (68,842 | ) | (276 | ) | — | (79,053 | ) | |||||||||||
Income tax benefit | 2,500 | 17,500 | 100 | — | 20,100 | |||||||||||||||
Equity in net loss of subsidiaries | (51,518 | ) | — | — | 51,518 | — | ||||||||||||||
Net loss | $ | (58,953 | ) | $ | (51,342 | ) | $ | (176 | ) | $ | 51,518 | $ | (58,953 | ) | ||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Year Ended November 30, 2011 | ||||||||||||||||||||
KB Home | Guarantor | Non-Guarantor | Consolidating | Total | ||||||||||||||||
Corporate | Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||
Revenues | $ | — | $ | 1,262,453 | $ | 53,413 | $ | — | $ | 1,315,866 | ||||||||||
Homebuilding: | ||||||||||||||||||||
Revenues | $ | — | $ | 1,262,453 | $ | 43,109 | $ | — | $ | 1,305,562 | ||||||||||
Construction and land costs | — | (1,108,572 | ) | (48,708 | ) | — | (1,157,280 | ) | ||||||||||||
Selling, general and administrative expenses | (52,784 | ) | (151,916 | ) | (15,891 | ) | — | (220,591 | ) | |||||||||||
Loss on loan guaranty | — | (30,765 | ) | — | — | (30,765 | ) | |||||||||||||
Operating loss | (52,784 | ) | (28,800 | ) | (21,490 | ) | — | (103,074 | ) | |||||||||||
Interest income | 715 | 48 | 108 | — | 871 | |||||||||||||||
Interest expense | (110,068 | ) | (3,007 | ) | 1,038 | 62,833 | (49,204 | ) | ||||||||||||
Intercompany interest | 162,025 | (97,623 | ) | (1,569 | ) | (62,833 | ) | — | ||||||||||||
Equity in income (loss) of unconsolidated joint ventures | — | (55,840 | ) | 1 | — | (55,839 | ) | |||||||||||||
Homebuilding pretax loss | (112 | ) | (185,222 | ) | (21,912 | ) | — | (207,246 | ) | |||||||||||
Financial services pretax income | — | — | 26,078 | — | 26,078 | |||||||||||||||
Total pretax income (loss) | (112 | ) | (185,222 | ) | 4,166 | — | (181,168 | ) | ||||||||||||
Income tax benefit | — | 2,300 | 100 | — | 2,400 | |||||||||||||||
Equity in net loss of subsidiaries | (178,656 | ) | — | — | 178,656 | — | ||||||||||||||
Net income (loss) | $ | (178,768 | ) | $ | (182,922 | ) | $ | 4,266 | $ | 178,656 | $ | (178,768 | ) | |||||||
Condensed Consolidating Statements of Comprehensive Income (Loss) | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Year Ended November 30, 2013 | ||||||||||||||||||||
KB Home | Guarantor | Non-Guarantor | Consolidating | Total | ||||||||||||||||
Corporate | Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||
Net income (loss) | $ | 39,963 | $ | 40,603 | $ | (57 | ) | $ | (40,546 | ) | $ | 39,963 | ||||||||
Other comprehensive income: | ||||||||||||||||||||
Postretirement benefit plan adjustments | 10,442 | — | — | — | 10,442 | |||||||||||||||
Other comprehensive income | 10,442 | — | — | — | 10,442 | |||||||||||||||
Comprehensive income (loss) | $ | 50,405 | $ | 40,603 | $ | (57 | ) | $ | (40,546 | ) | $ | 50,405 | ||||||||
Year Ended November 30, 2012 | ||||||||||||||||||||
KB Home | Guarantor | Non-Guarantor | Consolidating | Total | ||||||||||||||||
Corporate | Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||
Net loss | $ | (58,953 | ) | $ | (51,342 | ) | $ | (176 | ) | $ | 51,518 | $ | (58,953 | ) | ||||||
Other comprehensive loss: | ||||||||||||||||||||
Postretirement benefit plan adjustments | (1,806 | ) | — | — | — | (1,806 | ) | |||||||||||||
Other comprehensive loss | (1,806 | ) | — | — | — | (1,806 | ) | |||||||||||||
Comprehensive loss | $ | (60,759 | ) | $ | (51,342 | ) | $ | (176 | ) | $ | 51,518 | $ | (60,759 | ) | ||||||
Year Ended November 30, 2011 | ||||||||||||||||||||
KB Home | Guarantor | Non-Guarantor | Consolidating | Total | ||||||||||||||||
Corporate | Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||
Net income (loss) | $ | (178,768 | ) | $ | (182,922 | ) | $ | 4,266 | $ | 178,656 | $ | (178,768 | ) | |||||||
Other comprehensive loss: | ||||||||||||||||||||
Postretirement benefit plan adjustments | (3,495 | ) | — | — | — | (3,495 | ) | |||||||||||||
Other comprehensive loss | (3,495 | ) | — | — | — | (3,495 | ) | |||||||||||||
Comprehensive income (loss) | $ | (182,263 | ) | $ | (182,922 | ) | $ | 4,266 | $ | 178,656 | $ | (182,263 | ) | |||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
November 30, 2013 | ||||||||||||||||||||
KB Home | Guarantor | Non-Guarantor | Consolidating | Total | ||||||||||||||||
Corporate | Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||
Assets | ||||||||||||||||||||
Homebuilding: | ||||||||||||||||||||
Cash and cash equivalents | $ | 476,847 | $ | 41,316 | $ | 11,932 | $ | — | $ | 530,095 | ||||||||||
Restricted cash | 41,906 | — | — | — | 41,906 | |||||||||||||||
Receivables | 1,472 | 74,186 | 91 | — | 75,749 | |||||||||||||||
Inventories | — | 2,263,034 | 35,543 | — | 2,298,577 | |||||||||||||||
Investments in unconsolidated joint ventures | — | 130,192 | — | — | 130,192 | |||||||||||||||
Other assets | 97,647 | 9,072 | 357 | — | 107,076 | |||||||||||||||
617,872 | 2,517,800 | 47,923 | — | 3,183,595 | ||||||||||||||||
Financial services | — | — | 10,040 | — | 10,040 | |||||||||||||||
Intercompany receivables | 2,129,729 | — | 117,829 | (2,247,558 | ) | — | ||||||||||||||
Investments in subsidiaries | 39,955 | — | — | (39,955 | ) | — | ||||||||||||||
Total assets | $ | 2,787,556 | $ | 2,517,800 | $ | 175,792 | $ | (2,287,513 | ) | $ | 3,193,635 | |||||||||
Liabilities and stockholders’ equity | ||||||||||||||||||||
Homebuilding: | ||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | $ | 117,875 | $ | 292,220 | $ | 94,363 | $ | — | $ | 504,458 | ||||||||||
Mortgages and notes payable | 2,111,773 | 38,725 | — | — | 2,150,498 | |||||||||||||||
2,229,648 | 330,945 | 94,363 | — | 2,654,956 | ||||||||||||||||
Financial services | — | — | 2,593 | — | 2,593 | |||||||||||||||
Intercompany payables | 21,822 | 2,186,855 | 38,881 | (2,247,558 | ) | — | ||||||||||||||
Stockholders’ equity | 536,086 | — | 39,955 | (39,955 | ) | 536,086 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,787,556 | $ | 2,517,800 | $ | 175,792 | $ | (2,287,513 | ) | $ | 3,193,635 | |||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
November 30, 2012 | ||||||||||||||||||||
KB Home | Guarantor | Non-Guarantor | Consolidating | Total | ||||||||||||||||
Corporate | Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||
Assets | ||||||||||||||||||||
Homebuilding: | ||||||||||||||||||||
Cash and cash equivalents | $ | 457,007 | $ | 54,205 | $ | 13,553 | $ | — | $ | 524,765 | ||||||||||
Restricted cash | 42,362 | — | — | — | 42,362 | |||||||||||||||
Receivables | 121 | 64,504 | 196 | — | 64,821 | |||||||||||||||
Inventories | — | 1,688,301 | 18,270 | — | 1,706,571 | |||||||||||||||
Investments in unconsolidated joint ventures | — | 116,793 | 6,881 | — | 123,674 | |||||||||||||||
Other assets | 85,901 | 15,980 | (6,831 | ) | — | 95,050 | ||||||||||||||
585,391 | 1,939,783 | 32,069 | — | 2,557,243 | ||||||||||||||||
Financial services | — | — | 4,455 | — | 4,455 | |||||||||||||||
Intercompany receivables | 1,559,712 | — | 122,580 | (1,682,292 | ) | — | ||||||||||||||
Investments in subsidiaries | 38,479 | — | — | (38,479 | ) | — | ||||||||||||||
Total assets | $ | 2,183,582 | $ | 1,939,783 | $ | 159,104 | $ | (1,720,771 | ) | $ | 2,561,698 | |||||||||
Liabilities and stockholders’ equity | ||||||||||||||||||||
Homebuilding: | ||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | $ | 134,314 | $ | 221,611 | $ | 102,964 | $ | — | $ | 458,889 | ||||||||||
Mortgages and notes payable | 1,645,394 | 77,421 | — | — | 1,722,815 | |||||||||||||||
1,779,708 | 299,032 | 102,964 | — | 2,181,704 | ||||||||||||||||
Financial services | — | — | 3,188 | — | 3,188 | |||||||||||||||
Intercompany payables | 27,068 | 1,640,751 | 14,473 | (1,682,292 | ) | — | ||||||||||||||
Stockholders’ equity | 376,806 | — | 38,479 | (38,479 | ) | 376,806 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,183,582 | $ | 1,939,783 | $ | 159,104 | $ | (1,720,771 | ) | $ | 2,561,698 | |||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Year Ended November 30, 2013 | ||||||||||||||||||||
KB Home | Guarantor | Non-Guarantor | Consolidating | Total | ||||||||||||||||
Corporate | Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||
Net cash provided by (used in) operating activities | $ | 4,695 | $ | (441,236 | ) | $ | (6,945 | ) | $ | — | $ | (443,486 | ) | |||||||
Cash flows from investing activities: | ||||||||||||||||||||
Contributions to unconsolidated joint ventures | — | (9,368 | ) | (4,991 | ) | — | (14,359 | ) | ||||||||||||
Purchases of property and equipment, net | (519 | ) | (1,491 | ) | (381 | ) | — | (2,391 | ) | |||||||||||
Intercompany | (517,703 | ) | — | — | 517,703 | — | ||||||||||||||
Net cash used in investing activities | (518,222 | ) | (10,859 | ) | (5,372 | ) | 517,703 | (16,750 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Change in restricted cash | 456 | — | — | — | 456 | |||||||||||||||
Proceeds from issuance of debt | 680,000 | — | — | — | 680,000 | |||||||||||||||
Payment of debt issuance costs | (16,525 | ) | — | — | — | (16,525 | ) | |||||||||||||
Repayment of senior notes | (225,394 | ) | — | — | — | (225,394 | ) | |||||||||||||
Payments on mortgages and land contracts due to land sellers and other loans | — | (66,296 | ) | — | — | (66,296 | ) | |||||||||||||
Proceeds from issuance of common stock, net | 109,503 | — | — | — | 109,503 | |||||||||||||||
Issuance of common stock under employee stock plans | 2,181 | — | — | — | 2,181 | |||||||||||||||
Payments of cash dividends | (8,366 | ) | — | — | — | (8,366 | ) | |||||||||||||
Stock repurchases | (8,488 | ) | — | — | — | (8,488 | ) | |||||||||||||
Intercompany | — | 505,502 | 12,201 | (517,703 | ) | — | ||||||||||||||
Net cash provided by financing activities | 533,367 | 439,206 | 12,201 | (517,703 | ) | 467,071 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 19,840 | (12,889 | ) | (116 | ) | — | 6,835 | |||||||||||||
Cash and cash equivalents at beginning of year | 457,007 | 54,205 | 14,476 | — | 525,688 | |||||||||||||||
Cash and cash equivalents at end of year | $ | 476,847 | $ | 41,316 | $ | 14,360 | $ | — | $ | 532,523 | ||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Year Ended November 30, 2012 | ||||||||||||||||||||
KB Home | Guarantor | Non-Guarantor | Consolidating | Total | ||||||||||||||||
Corporate | Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||
Net cash provided by operating activities | $ | 11,033 | $ | 4,943 | $ | 18,641 | $ | — | $ | 34,617 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Return of investments in (contributions to) unconsolidated joint ventures | — | 1,922 | (933 | ) | — | 989 | ||||||||||||||
Purchases of property and equipment, net | (175 | ) | (1,540 | ) | (34 | ) | — | (1,749 | ) | |||||||||||
Intercompany | 5,137 | — | — | (5,137 | ) | — | ||||||||||||||
Net cash provided by (used in) investing activities | 4,962 | 382 | (967 | ) | (5,137 | ) | (760 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Change in restricted cash | 22,119 | — | — | — | 22,119 | |||||||||||||||
Proceeds from issuance of debt | 694,831 | — | — | — | 694,831 | |||||||||||||||
Payment of debt issuance costs | (12,445 | ) | — | — | — | (12,445 | ) | |||||||||||||
Repayment of senior notes | (592,645 | ) | — | — | — | (592,645 | ) | |||||||||||||
Payments on mortgages and land contracts due to land sellers and other loans | — | (26,298 | ) | — | — | (26,298 | ) | |||||||||||||
Issuance of common stock under employee stock plans | 593 | — | — | — | 593 | |||||||||||||||
Payments of cash dividends | (10,599 | ) | — | — | — | (10,599 | ) | |||||||||||||
Stock repurchases | (1,799 | ) | — | — | — | (1,799 | ) | |||||||||||||
Intercompany | — | 22,915 | (28,052 | ) | 5,137 | — | ||||||||||||||
Net cash provided by (used in) financing activities | 100,055 | (3,383 | ) | (28,052 | ) | 5,137 | 73,757 | |||||||||||||
Net increase (decrease) in cash and cash equivalents | 116,050 | 1,942 | (10,378 | ) | — | 107,614 | ||||||||||||||
Cash and cash equivalents at beginning of year | 340,957 | 52,263 | 24,854 | — | 418,074 | |||||||||||||||
Cash and cash equivalents at end of year | $ | 457,007 | $ | 54,205 | $ | 14,476 | $ | — | $ | 525,688 | ||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Year Ended November 30, 2011 | ||||||||||||||||||||
KB Home | Guarantor | Non-Guarantor | Consolidating | Total | ||||||||||||||||
Corporate | Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||
Net cash provided by (used in) operating activities | $ | 9,443 | $ | (355,165 | ) | $ | (1,823 | ) | $ | — | $ | (347,545 | ) | |||||||
Cash flows from investing activities: | ||||||||||||||||||||
Return of investments in (contributions to) unconsolidated joint ventures | — | (78,619 | ) | 11,359 | — | (67,260 | ) | |||||||||||||
Proceeds from sale of operating property | — | 80,600 | — | — | 80,600 | |||||||||||||||
Sales (purchases) of property and equipment, net | (200 | ) | (649 | ) | 607 | — | (242 | ) | ||||||||||||
Intercompany | (349,081 | ) | — | — | 349,081 | — | ||||||||||||||
Net cash provided by (used in) investing activities | (349,281 | ) | 1,332 | 11,966 | 349,081 | 13,098 | ||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Change in restricted cash | 24,239 | 26,757 | — | — | 50,996 | |||||||||||||||
Repayment of senior notes | (100,000 | ) | — | — | — | (100,000 | ) | |||||||||||||
Payments on mortgages and land contracts due to land sellers and other loans | 3,397 | (89,461 | ) | (3,397 | ) | — | (89,461 | ) | ||||||||||||
Issuance of common stock under employee stock plans | 1,796 | — | — | — | 1,796 | |||||||||||||||
Payments of cash dividends | (19,240 | ) | — | — | — | (19,240 | ) | |||||||||||||
Intercompany | — | 443,698 | (94,617 | ) | (349,081 | ) | — | |||||||||||||
Net cash provided by (used in) financing activities | (89,808 | ) | 380,994 | (98,014 | ) | (349,081 | ) | (155,909 | ) | |||||||||||
Net increase (decrease) in cash and cash equivalents | (429,646 | ) | 27,161 | (87,871 | ) | — | (490,356 | ) | ||||||||||||
Cash and cash equivalents at beginning of year | 770,603 | 25,102 | 112,725 | — | 908,430 | |||||||||||||||
Cash and cash equivalents at end of year | $ | 340,957 | $ | 52,263 | $ | 24,854 | $ | — | $ | 418,074 | ||||||||||
Quarterly_Results_Unaudited
Quarterly Results (Unaudited) | 12 Months Ended | |||||||||||||||
Nov. 30, 2013 | ||||||||||||||||
Quarterly Financial Data [Abstract] | ' | |||||||||||||||
Quarterly Results (unaudited) | ' | |||||||||||||||
Quarterly Results (unaudited) | ||||||||||||||||
The following tables present our consolidated quarterly results for the years ended November 30, 2013 and 2012 (in thousands, except per share amounts): | ||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
2013 | ||||||||||||||||
Revenues | $ | 405,219 | $ | 524,406 | $ | 548,974 | $ | 618,531 | ||||||||
Gross profits | 61,119 | 80,772 | 101,829 | 113,282 | ||||||||||||
Pretax income (loss) | (12,358 | ) | (4,173 | ) | 26,578 | 28,316 | ||||||||||
Net income (loss) | (12,458 | ) | (2,973 | ) | 27,278 | 28,116 | ||||||||||
Earnings (loss) per share: | ||||||||||||||||
Basic | $ | (.16 | ) | $ | (.04 | ) | $ | 0.32 | $ | 0.33 | ||||||
Diluted | $ | (.16 | ) | $ | (.04 | ) | $ | 0.3 | $ | 0.31 | ||||||
2012 | ||||||||||||||||
Revenues | $ | 254,558 | $ | 302,852 | $ | 424,504 | $ | 578,201 | ||||||||
Gross profits | 21,891 | 49,118 | 72,439 | 81,631 | ||||||||||||
Pretax income (loss) | (45,402 | ) | (28,636 | ) | (7,439 | ) | 2,424 | |||||||||
Net income (loss) | (45,802 | ) | (24,136 | ) | 3,261 | 7,724 | ||||||||||
Earnings (loss) per share: | ||||||||||||||||
Basic | $ | (.59 | ) | $ | (.31 | ) | $ | 0.04 | $ | 0.1 | ||||||
Diluted | $ | (.59 | ) | $ | (.31 | ) | $ | 0.04 | $ | 0.1 | ||||||
Gross profits in the first, second, third and fourth quarters of 2013 included charges of $1.6 million, $15.9 million, $5.9 million, and $8.5 million, respectively, associated with water intrusion-related repairs at certain of our communities in central and southwest Florida. Gross profits in the second quarter of 2013 also included land option contract abandonment charges of $.3 million. In addition, gross profits in the fourth quarter of 2013 included land option contract abandonment charges of $2.9 million and inventory impairment charges of $.4 million. | ||||||||||||||||
Gross profits in the first, second, third and fourth quarters of 2012 included inventory impairment charges of $6.6 million, $9.9 million, $6.4 million and $5.2 million, respectively. In addition, gross profits in the second quarter of 2012 included favorable warranty adjustments of $11.2 million and insurance recoveries of $10.0 million, gross profits in the third quarter of 2012 included insurance recoveries of $16.5 million, and gross profits in the fourth quarter of 2012 included an unfavorable warranty adjustment of $2.6 million and land option contract abandonment charges of $.4 million. | ||||||||||||||||
Pretax income in the fourth quarter of 2013 included the reversal of a previously established accrual of $8.2 million due to a favorable court decision. In the second quarter of 2012, the pretax loss included an $8.8 million charge associated with an unfavorable court decision related to the same matter as the favorable court decision in 2013. | ||||||||||||||||
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. |
Basis_of_Presentation_and_Sign1
Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended |
Nov. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Operations | ' |
Operations. KB Home is a builder of attached and detached single-family residential homes, townhomes and condominiums. As of November 30, 2013, we conducted ongoing operations in Arizona, California, Colorado, Florida, Maryland, Nevada, New Mexico, North Carolina, Texas and Virginia. Through our financial services subsidiary, KB Home Mortgage Company (“KBHMC”), we offer insurance services to our homebuyers in the same markets where we build homes and we provide title services in the majority of our markets located within our Central and Southeast homebuilding reporting segments. From 2005 until June 30, 2011, we also offered mortgage banking services to our homebuyers indirectly through KBA Mortgage, an unconsolidated joint venture of a subsidiary of ours and a subsidiary of Bank of America, N.A., with each partner having a 50% interest in the venture. KBA Mortgage ceased offering mortgage banking services after June 30, 2011. KBA Mortgage is accounted for as an unconsolidated joint venture within our financial services reporting segment. | |
Basis of Presentation | ' |
Basis of Presentation. The 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 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 informed estimates and assumptions 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 and Restricted Cash. We consider all highly liquid short-term investments purchased with an original maturity of three months or less to be cash equivalents. | |
Property and Equipment, Operating Properties and Depreciation | ' |
Property and Equipment and Depreciation. Property and equipment are recorded at cost and are depreciated over their estimated useful lives, which generally range from two to 10 years, using the straight-line method. Repair and maintenance costs are charged to earnings as incurred. Property and equipment are included in other assets on the consolidated balance sheets. | |
Homebuilding Operations | ' |
Homebuilding Operations. Revenues from housing and other real estate sales are recognized in accordance with ASC 360 when sales are closed and title passes to the buyer. Sales are closed when all of the following conditions are met: a sale is consummated, a sufficient down payment is received, the earnings process is complete and the collection of any remaining receivables is reasonably assured. 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, while the cost of incentives in the form of a free product or service to homebuyers, including option upgrades and closing cost allowances used to cover a portion of the fees and costs charged to a homebuyer, are reflected as construction and land costs. | |
Construction and land costs are comprised of direct and allocated costs, including estimated future costs for the limited warranty on our homes and 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 a community or land parcel. Land acquisition and land development costs include related interest and real estate taxes. | |
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 in accordance with ASC 360. ASC 360 requires that real estate assets, such as our housing and land inventories, be 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 real estate assets is not recoverable, the impairment to be recognized is measured by the amount by which the carrying value of the affected asset exceeds its estimated fair value. | |
Interest Capitalization, Policy [Policy Text Block] | ' |
Capitalized Interest. Interest is capitalized to inventories while the related communities are being actively developed and until homes are completed. Capitalized interest is amortized to construction and land costs as the related inventories are delivered to homebuyers. For those communities where development activity has been suspended, applicable interest is expensed as incurred. | |
Fair Value Measurements | ' |
Fair Value Measurements. ASC 820 provides a framework for measuring the fair value of assets and liabilities under GAAP and establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. | |
Fair value measurements are used for inventories on a nonrecurring basis when events and circumstances indicate the carrying value is not recoverable. Fair value is determined based on estimated future net cash flows discounted for inherent risks associated with the real estate assets, or other valuation techniques. | |
Our financial instruments consist of cash and cash equivalents, restricted cash, senior notes, the 1.375% Convertible Senior Notes due 2019, 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 | ' |
Financial Services Operations. Our financial services reporting segment generates revenues primarily from insurance commissions, title services, marketing services fees and interest income. Insurance commissions are recognized when policies are issued. Title services revenues are recorded when closing services are rendered and title insurance policies are issued, both of which generally occur at the time each applicable home is closed. Marketing services fees are recognized when earned, and interest income is accrued as earned. | |
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. | |
Insurance | ' |
Self-Insurance. We self-insure a portion of our overall risk through the use of a captive insurance subsidiary. We also maintain certain other insurance policies. We record expenses and liabilities based on the estimated costs required to cover our self-insured retention and deductible amounts under our insurance policies, and the estimated costs of potential claims and claim adjustment expenses that are above our coverage limits or that are not covered by our insurance policies. These estimated costs are based on an analysis of our historical claims and industry data, and include an estimate of construction defect claims incurred but not yet reported. | |
We engage a third-party actuary that uses our historical claim and expense data, as well as industry data, to estimate our liabilities related to unpaid claims, claim adjustment expenses, third-party recoveries and incurred but not yet reported claims for the risks that we are assuming under our self-insurance. The projection of losses related to these liabilities requires actuarial assumptions that are subject to variability due to uncertainties regarding construction defect claims relative to our markets and the types of product we build, insurance industry practices and legal or regulatory interpretations, among other factors. Key assumptions used in these estimates include claim frequencies, severities and settlement patterns, which can occur over an extended period of time. Due to the degree of judgment required and the potential for variability in these underlying assumptions, our actual future costs could differ from those estimated | |
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 as incurred in our consolidated balance sheets. | |
Stock-Based Compensation (ASC 718) | ' |
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, PSUs, phantom shares and SARs. | |
We measure and recognize compensation expense associated with our grant of equity-based awards in accordance with ASC 718, which requires that companies measure and recognize compensation expense 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 SARs granted using the Black-Scholes option-pricing model with assumptions based primarily on historical data. ASC 718 also requires the tax benefit resulting from tax deductions in excess of the compensation expense recognized for those options to be reported in the statement of cash flows as an operating cash outflow and a financing cash inflow. | |
Income Taxes | ' |
Income Taxes. Income taxes are accounted for in accordance with ASC 740. 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. In accordance with ASC 740, we assess whether a valuation allowance should be established based on the consideration of all available evidence using a “more likely than not” standard with respect to whether deferred tax assets will be realized. The ultimate realization of deferred tax assets depends primarily on the generation of future taxable income. The value of our deferred tax assets will depend on applicable income tax rates. Judgment is required in determining the future tax consequences of events that have been recognized in our consolidated financial statements and/or tax returns. Differences between anticipated and actual outcomes of these future tax consequences could have a material impact on our consolidated financial statements. | |
Presentation of Comprehensive Income (Loss) | ' |
Accumulated Other Comprehensive Loss. The accumulated balances of other comprehensive loss in the consolidated balance sheets as of November 30, 2013 and 2012 were comprised solely of adjustments recorded directly to accumulated other comprehensive loss in accordance with Accounting Standards Codification Topic No. 715, “Compensation — Retirement Benefits” (“ASC 715”). Such adjustments are made annually as of November 30, when our benefit plan obligations are remeasured. ASC 715 requires an employer to recognize the funded status of defined postretirement benefit plans as an asset or liability on the balance sheet and requires any unrecognized prior service costs and actuarial gains/losses to be recognized in accumulated other comprehensive income (loss). | |
Earnings (Loss) Per Share [Text Block} | ' |
Earnings (Loss) Per Share. We compute earnings (loss) per share using the two-class method in accordance with Accounting Standards Codification Topic No. 260, “Earnings Per Share.” The two-class method is an allocation of earnings between the holders of common stock and a company’s participating security holders. Our outstanding non-vested 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, 2013, 2012 or 2011. | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ' |
Recent Accounting Pronouncements. In June 2011, the FASB issued ASU 2011-05, which allows an entity the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In both instances, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. ASU 2011-05 eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders’ equity. The amendments in ASU 2011-05 do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. However, in December 2011, the FASB issued ASU 2011-12, which deferred the guidance on whether to require entities to present reclassification adjustments out of accumulated other comprehensive income by component in both the statement where net income is presented and the statement where other comprehensive income is presented for both interim and annual financial statements. ASU 2011-12 reinstated the requirements for the presentation of reclassifications that were in place prior to the issuance of ASU 2011-05 and did not change the effective date for ASU 2011-05. For public entities, the amendments in ASU 2011-05 and ASU 2011-12 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011, and should be applied retrospectively. Our adoption of this guidance, which is related to disclosure only, as of February 28, 2013 did not have a material impact on our consolidated financial statements. | |
In February 2013, the FASB issued ASU 2013-02, which requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, ASU 2013-02 requires an entity to present, either on the face of the income statement or in the notes to financial statements, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. The amendments in ASU 2013-02 do not change the current requirements for reporting net income or other comprehensive income in the financial statements. For public entities, the amendments in ASU 2013-02 are effective prospectively for reporting periods beginning after December 15, 2012. Our adoption of this guidance, which is related to disclosure only, as of May 31, 2013 did not have a material impact on our consolidated financial statements. | |
In July 2013, the FASB issued ASU 2013-11, which states that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or that the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. ASU 2013-11 applies to all entities that have unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. The amendments in ASU 2013-11 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. We believe the adoption of this guidance will not have a material impact on our consolidated financial statements. | |
Recent accounting pronouncements | ' |
In July 2013, the FASB issued ASU 2013-11, which states that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or that the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. ASU 2013-11 applies to all entities that have unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. The amendments in ASU 2013-11 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. We believe the adoption of this guidance will not have a material impact on our consolidated financial statements. | |
Reclassifications | ' |
Homebuyer Closing Cost Allowances Reclassification. Effective December 1, 2012, we elected to reclassify closing cost allowances given to certain homebuyers from selling, general and administrative expenses to construction and land costs in our consolidated statements of operations. These allowances, which totaled $10.6 million and represented .5% of housing revenues in 2013, are used to cover a portion of non-recurring third-party fees, such as escrow fees, title costs, recording fees, finance processing fees, and prepaid real estate taxes and insurance costs that are charged to a homebuyer in connection with the closing of the sale of a home. The amounts in the consolidated statements of operations of prior years have been reclassified to conform to the 2013 presentation. The reclassifications reduced both our housing gross profits and selling, general and administrative expenses for 2012 and 2011 by $14.5 million and $27.1 million, respectively, which represented .9% and 2.1% of housing revenues, respectively. The reclassification had no impact on the homebuilding operating income (loss) or consolidated net income (loss) amounts previously reported. | |
Other Reclassifications. Certain amounts in the consolidated financial statements of prior years have been reclassified to conform to the 2013 presentation. | |
Accounting Standards Codification Topic No.280, Segment Reporting | ' |
As of November 30, 2013, we had identified five reporting segments, comprised of four homebuilding reporting segments and one financial services reporting segment, within our consolidated operations in accordance with Accounting Standards Codification Topic No. 280, “Segment Reporting.” As of November 30, 2013, our homebuilding reporting segments conducted ongoing operations in the following states: | |
West Coast: California | |
Southwest: Arizona, Nevada and New Mexico | |
Central: Colorado and Texas | |
Southeast: Florida, Maryland, North Carolina and Virginia | |
Our homebuilding operations represented most of our business for the years ended November 30, 2013, 2012 and 2011. 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, move-up and active adult homebuyers. Our homebuilding operations generate the majority of their revenues from the delivery of completed homes to homebuyers, and to a lesser extent from the sale of land. | |
Our homebuilding reporting segments were identified 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 evaluate segment performance primarily based on segment pretax results. | |
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 Central and Southeast homebuilding reporting segments. In addition, since the third quarter of 2011, this segment has earned revenues pursuant to the terms of a marketing services agreement with a preferred mortgage lender that offers mortgage banking services, including mortgage loan originations, to our homebuyers who elect to use the lender. Our homebuyers are under no obligation to use our preferred mortgage lender and may select any lender of their choice to obtain mortgage financing for the purchase of a home. Except as discussed below, we have had no affiliation, ownership, joint venture or other interests in or with our preferred mortgage lender or its affiliates, or with respect to the revenues or income that may have been generated from their provision of mortgage banking services to, or origination of mortgage loans for, our homebuyers. Prior to late June 2011, this reporting segment provided mortgage banking services to our homebuyers indirectly through KBA Mortgage. | |
On January 21, 2013, we entered into an agreement with Nationstar to form Home Community Mortgage, a mortgage banking company that will offer an array of mortgage banking services to our homebuyers. We have a 49.9% ownership interest and Nationstar has a 50.1% ownership interest in Home Community Mortgage, with Nationstar providing management oversight of Home Community Mortgage’s operations. Nationstar will continue as our preferred mortgage lender until Home Community Mortgage begins offering mortgage banking services, which is expected to occur in the first quarter of 2014. We made capital contributions of $5.0 million to Home Community Mortgage during the year ended November 30, 2013. Home Community Mortgage is accounted for as an unconsolidated joint venture within our financial services reporting segment of our consolidated financial statements. | |
Our reporting segments follow the same accounting policies used for our consolidated financial statements as described in Note 1. Summary of Significant Accounting Policies. Operational results of each 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. |
Basis_of_Presentation_and_Sign2
Basis of Presentation and Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||
Nov. 30, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Basic and diluted loss per share | ' | |||||||||||
Basic and diluted earnings (loss) per share were calculated as follows (in thousands, except per share amounts): | ||||||||||||
Years Ended November 30, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Numerator: | ||||||||||||
Net income (loss) | $ | 39,963 | $ | (58,953 | ) | $ | (178,768 | ) | ||||
Less: Distributed earnings allocated to nonvested restricted stock | (24 | ) | — | — | ||||||||
Less: Undistributed earnings allocated to nonvested restricted stock | (90 | ) | — | — | ||||||||
Numerator for basic earnings (loss) per share | 39,849 | (58,953 | ) | (178,768 | ) | |||||||
Effect of dilutive securities: | ||||||||||||
Interest expense and amortization of debt issuance costs associated with convertible senior notes, net of taxes | 2,230 | — | — | |||||||||
Add: Undistributed earnings allocated to nonvested restricted stock | 90 | — | — | |||||||||
Less: Undistributed earnings reallocated to nonvested restricted stock | (81 | ) | — | — | ||||||||
Numerator for diluted earnings (loss) per share | $ | 42,088 | $ | (58,953 | ) | $ | (178,768 | ) | ||||
Denominator: | ||||||||||||
Weighted average shares outstanding — basic | 82,630 | 77,106 | 77,043 | |||||||||
Effect of dilutive securities: | ||||||||||||
Share-based payments | 1,885 | — | — | |||||||||
Convertible senior notes | 7,044 | — | — | |||||||||
Weighted average shares outstanding — diluted | 91,559 | 77,106 | 77,043 | |||||||||
Basic earnings (loss) per share | $ | 0.48 | $ | (.76 | ) | $ | (2.32 | ) | ||||
Diluted earnings (loss) per share | $ | 0.46 | $ | (.76 | ) | $ | (2.32 | ) | ||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||
Nov. 30, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Financial information relating to company reporting segments | ' | |||||||||||
The following tables present financial information relating to our reporting segments (in thousands): | ||||||||||||
Years Ended November 30, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenues: | ||||||||||||
West Coast | $ | 1,020,218 | $ | 755,259 | $ | 589,387 | ||||||
Southwest | 175,252 | 132,438 | 139,872 | |||||||||
Central | 565,120 | 436,407 | 369,705 | |||||||||
Southeast | 324,388 | 224,328 | 206,598 | |||||||||
Total homebuilding revenues | 2,084,978 | 1,548,432 | 1,305,562 | |||||||||
Financial services | 12,152 | 11,683 | 10,304 | |||||||||
Total | $ | 2,097,130 | $ | 1,560,115 | $ | 1,315,866 | ||||||
Pretax income (loss): | ||||||||||||
West Coast | $ | 118,264 | $ | (10,467 | ) | $ | 19,639 | |||||
Southwest | 2,903 | (10,194 | ) | (108,265 | ) | |||||||
Central | 22,275 | 1,449 | (12,924 | ) | ||||||||
Southeast | (45,992 | ) | (1,183 | ) | (37,983 | ) | ||||||
Corporate and other (a) | (69,271 | ) | (69,541 | ) | (67,713 | ) | ||||||
Total homebuilding pretax income (loss) | 28,179 | (89,936 | ) | (207,246 | ) | |||||||
Financial services | 10,184 | 10,883 | 26,078 | |||||||||
Total | $ | 38,363 | $ | (79,053 | ) | $ | (181,168 | ) | ||||
Equity in income (loss) of unconsolidated joint ventures: | ||||||||||||
West Coast | $ | (148 | ) | $ | (174 | ) | $ | 68 | ||||
Southwest | (2,355 | ) | (811 | ) | (55,902 | ) | ||||||
Central | — | — | — | |||||||||
Southeast | 496 | 591 | (5 | ) | ||||||||
Total | $ | (2,007 | ) | $ | (394 | ) | $ | (55,839 | ) | |||
(a) Corporate and other includes corporate general and administrative expenses. | ||||||||||||
Years Ended November 30, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Inventory impairment charges: | ||||||||||||
West Coast | $ | — | $ | 19,235 | $ | 2,598 | ||||||
Southwest | — | 2,135 | 18,715 | |||||||||
Central | — | 1,267 | 51 | |||||||||
Southeast | 391 | 5,470 | 1,366 | |||||||||
Total | $ | 391 | $ | 28,107 | $ | 22,730 | ||||||
Land option contract abandonment charges: | ||||||||||||
West Coast | $ | 3,190 | $ | — | $ | 704 | ||||||
Southwest | — | — | 296 | |||||||||
Central | — | 133 | 1,310 | |||||||||
Southeast | — | 293 | 751 | |||||||||
Total | $ | 3,190 | $ | 426 | $ | 3,061 | ||||||
Joint venture impairment charges: | ||||||||||||
West Coast | $ | — | $ | — | $ | — | ||||||
Southwest | — | — | 53,727 | |||||||||
Central | — | — | — | |||||||||
Southeast | — | — | — | |||||||||
Total | $ | — | $ | — | $ | 53,727 | ||||||
November 30, | ||||||||||||
2013 | 2012 | |||||||||||
Assets: | ||||||||||||
West Coast | $ | 1,230,761 | $ | 930,450 | ||||||||
Southwest | 402,443 | 319,863 | ||||||||||
Central | 465,547 | 369,294 | ||||||||||
Southeast | 456,965 | 341,460 | ||||||||||
Corporate and other | 627,879 | 596,176 | ||||||||||
Total homebuilding assets | 3,183,595 | 2,557,243 | ||||||||||
Financial services | 10,040 | 4,455 | ||||||||||
Total | $ | 3,193,635 | $ | 2,561,698 | ||||||||
Investments in unconsolidated joint ventures: | ||||||||||||
West Coast | $ | 40,246 | $ | 38,372 | ||||||||
Southwest | 80,877 | 75,920 | ||||||||||
Central | — | — | ||||||||||
Southeast | 9,069 | 9,382 | ||||||||||
Total | $ | 130,192 | $ | 123,674 | ||||||||
Financial_Services_Tables
Financial Services (Tables) | 12 Months Ended | |||||||||||
Nov. 30, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Financial services income loss | ' | |||||||||||
The following tables present financial information relating to our financial services reporting segment (in thousands): | ||||||||||||
Years Ended November 30, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenues | ||||||||||||
Insurance commissions | $ | 7,177 | $ | 7,140 | $ | 7,188 | ||||||
Title services | 3,172 | 2,362 | 1,983 | |||||||||
Marketing services fees | 1,800 | 2,175 | 1,125 | |||||||||
Interest income | 3 | 6 | 8 | |||||||||
Total | 12,152 | 11,683 | 10,304 | |||||||||
Expenses | ||||||||||||
General and administrative | (3,042 | ) | (2,991 | ) | (3,512 | ) | ||||||
Operating income | 9,110 | 8,692 | 6,792 | |||||||||
Equity in income/gain on wind down of unconsolidated joint ventures | 1,074 | 2,191 | 19,286 | |||||||||
Pretax income | $ | 10,184 | $ | 10,883 | $ | 26,078 | ||||||
Financial services assets liabilities | ' | |||||||||||
November 30, | ||||||||||||
2013 | 2012 | |||||||||||
Assets | ||||||||||||
Cash and cash equivalents | $ | 2,428 | $ | 923 | ||||||||
Receivables | 2,084 | 1,859 | ||||||||||
Investments in unconsolidated joint ventures | 5,490 | 1,630 | ||||||||||
Other assets | 38 | 43 | ||||||||||
Total assets | $ | 10,040 | $ | 4,455 | ||||||||
Liabilities | ||||||||||||
Accounts payable and accrued expenses | $ | 2,593 | $ | 3,188 | ||||||||
Total liabilities | $ | 2,593 | $ | 3,188 | ||||||||
Earnings_Loss_Per_Share_Tables
Earnings (Loss) Per Share (Tables) | 12 Months Ended | |||||||||||
Nov. 30, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Basic and diluted loss per share | ' | |||||||||||
Basic and diluted earnings (loss) per share were calculated as follows (in thousands, except per share amounts): | ||||||||||||
Years Ended November 30, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Numerator: | ||||||||||||
Net income (loss) | $ | 39,963 | $ | (58,953 | ) | $ | (178,768 | ) | ||||
Less: Distributed earnings allocated to nonvested restricted stock | (24 | ) | — | — | ||||||||
Less: Undistributed earnings allocated to nonvested restricted stock | (90 | ) | — | — | ||||||||
Numerator for basic earnings (loss) per share | 39,849 | (58,953 | ) | (178,768 | ) | |||||||
Effect of dilutive securities: | ||||||||||||
Interest expense and amortization of debt issuance costs associated with convertible senior notes, net of taxes | 2,230 | — | — | |||||||||
Add: Undistributed earnings allocated to nonvested restricted stock | 90 | — | — | |||||||||
Less: Undistributed earnings reallocated to nonvested restricted stock | (81 | ) | — | — | ||||||||
Numerator for diluted earnings (loss) per share | $ | 42,088 | $ | (58,953 | ) | $ | (178,768 | ) | ||||
Denominator: | ||||||||||||
Weighted average shares outstanding — basic | 82,630 | 77,106 | 77,043 | |||||||||
Effect of dilutive securities: | ||||||||||||
Share-based payments | 1,885 | — | — | |||||||||
Convertible senior notes | 7,044 | — | — | |||||||||
Weighted average shares outstanding — diluted | 91,559 | 77,106 | 77,043 | |||||||||
Basic earnings (loss) per share | $ | 0.48 | $ | (.76 | ) | $ | (2.32 | ) | ||||
Diluted earnings (loss) per share | $ | 0.46 | $ | (.76 | ) | $ | (2.32 | ) | ||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||||||
Nov. 30, 2013 | ||||||||||||
Inventory Disclosure [Abstract] | ' | |||||||||||
Inventories | ' | |||||||||||
Inventories consisted of the following (in thousands): | ||||||||||||
November 30, | ||||||||||||
2013 | 2012 | |||||||||||
Homes under construction | $ | 586,439 | $ | 454,108 | ||||||||
Land under development | 1,066,916 | 567,470 | ||||||||||
Land held for future development | 645,222 | 684,993 | ||||||||||
Total | $ | 2,298,577 | $ | 1,706,571 | ||||||||
Interest costs | ' | |||||||||||
Our interest costs are as follows (in thousands): | ||||||||||||
Years Ended November 30, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Capitalized interest at beginning of year | $ | 217,684 | $ | 233,461 | $ | 249,966 | ||||||
Interest incurred (a) | 149,101 | 132,657 | 112,037 | |||||||||
Interest expensed (a) | (62,690 | ) | (69,804 | ) | (49,204 | ) | ||||||
Interest amortized to construction and land costs | (87,414 | ) | (78,630 | ) | (79,338 | ) | ||||||
Capitalized interest at end of year (b) | $ | 216,681 | $ | 217,684 | $ | 233,461 | ||||||
(a) | Amounts for the years ended November 30, 2013 and 2012 included losses on the early extinguishment of debt of $10.4 million and $10.3 million, respectively. Amounts for the year ended November 30, 2011 included a gain on the early extinguishment of secured debt of $3.6 million. | |||||||||||
(b) | Inventory impairment charges are recognized against all inventory costs of a community, such as land acquisition, land development, cost of home construction and capitalized interest. Capitalized interest amounts presented in the table reflect the gross amount of capitalized interest as impairment charges recognized are not generally allocated to specific components of inventory. |
Inventory_Impairments_and_Land1
Inventory Impairments and Land Option Contract Abandonments (Tables) | 12 Months Ended | ||||||
Nov. 30, 2013 | |||||||
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 the impaired communities or land parcels written down to fair value during the years presented: | |||||||
Years Ended November 30, | |||||||
Unobservable Input (a) | 2013 | 2012 | 2011 | ||||
Average selling price | $339,700 | $115,200 - $556,300 | $142,900 - $391,900 | ||||
Deliveries per month | 1 | 6-Jan | 10-Jan | ||||
Discount rate | 17% | 17% - 20% | 17% - 20% | ||||
(a) | The ranges of inputs used in each period primarily reflect the underlying variability among the housing markets where each of the impacted communities or land parcels are located, rather than fluctuations in prevailing market conditions. |
Variable_Interest_Entities_Var
Variable Interest Entities Variable Interest (Tables) | 12 Months Ended | |||||||||||||||
Nov. 30, 2013 | ||||||||||||||||
Variable Interest Entity [Line Items] | ' | |||||||||||||||
Schedule of Variable Interest Entities [Table Text Block] | ' | |||||||||||||||
The following table presents a summary of our interests in land option contracts and other similar contracts (in thousands): | ||||||||||||||||
November 30, 2013 | November 30, 2012 | |||||||||||||||
Cash | Aggregate | Cash | Aggregate | |||||||||||||
Deposits | Purchase Price | Deposits | Purchase Price | |||||||||||||
Unconsolidated VIEs | $ | 11,063 | $ | 616,000 | $ | 8,463 | $ | 327,196 | ||||||||
Other land option contracts and other similar contracts | 30,502 | 535,496 | 17,219 | 298,139 | ||||||||||||
$ | 41,565 | $ | 1,151,496 | $ | 25,682 | $ | 625,335 | |||||||||
Investments_in_Unconsolidated_1
Investments in Unconsolidated Joint Ventures (Tables) | 12 Months Ended | |||||||||||
Nov. 30, 2013 | ||||||||||||
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, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenues | $ | 17,446 | $ | 31,772 | $ | 230 | ||||||
Construction and land costs | (10,709 | ) | (21,467 | ) | (54 | ) | ||||||
Other expenses, net | (4,042 | ) | (2,009 | ) | (4,506 | ) | ||||||
Income (loss) | $ | 2,695 | $ | 8,296 | $ | (4,330 | ) | |||||
Balance sheets of unconsolidated joint ventures | ' | |||||||||||
The following table presents combined condensed balance sheet information for our unconsolidated joint ventures (in thousands): | ||||||||||||
November 30, | ||||||||||||
2013 | 2012 | |||||||||||
Assets | ||||||||||||
Cash | $ | 18,752 | $ | 29,721 | ||||||||
Receivables | 4,902 | 6,104 | ||||||||||
Inventories | 381,195 | 352,791 | ||||||||||
Other assets | 1,183 | 1,175 | ||||||||||
Total assets | $ | 406,032 | $ | 389,791 | ||||||||
Liabilities and equity | ||||||||||||
Accounts payable and other liabilities | $ | 85,386 | $ | 88,027 | ||||||||
Equity | 320,646 | 301,764 | ||||||||||
Total liabilities and equity | $ | 406,032 | $ | 389,791 | ||||||||
Information related investments in unconsolidated joint ventures | ' | |||||||||||
The following table presents information relating to our investments in unconsolidated joint ventures (dollars in thousands): | ||||||||||||
November 30, | ||||||||||||
2013 | 2012 | |||||||||||
Number of investments in unconsolidated joint ventures | 9 | 8 | ||||||||||
Investments in unconsolidated joint ventures | $ | 130,192 | $ | 123,674 | ||||||||
Number of unconsolidated joint venture lots controlled under land option contracts or other similar contracts | 5,367 | 4,940 | ||||||||||
Other_Assets_Tables
Other Assets (Tables) | 12 Months Ended | |||||||
Nov. 30, 2013 | ||||||||
Other Assets [Abstract] | ' | |||||||
Other Assets | ' | |||||||
Other assets consisted of the following (in thousands): | ||||||||
November 30, | ||||||||
2013 | 2012 | |||||||
Cash surrender value of insurance contracts | $ | 68,534 | $ | 64,757 | ||||
Debt issuance costs (a) | 27,366 | 14,563 | ||||||
Property and equipment, net | 8,460 | 7,920 | ||||||
Prepaid expenses | 2,716 | 7,810 | ||||||
Total | $ | 107,076 | $ | 95,050 | ||||
(a) | The increase in debt issuance costs as of November 30, 2013 compared to November 30, 2012 primarily reflected the costs associated with our underwritten public issuances of the 1.375% Convertible Senior Notes due 2019 and the 7.00% Senior Notes due 2021, and our entry into the Credit Facility during 2013. |
Accrued_Expenses_and_Other_Lia1
Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended | |||||||
Nov. 30, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accrued Expenses and Other Liabilities | ' | |||||||
Accrued expenses and other liabilities consisted of the following (in thousands): | ||||||||
November 30, | ||||||||
2013 | 2012 | |||||||
Self-insurance and other litigation liabilities | $ | 99,612 | $ | 107,111 | ||||
Employee compensation and related benefits | 99,332 | 97,189 | ||||||
Warranty liability | 48,704 | 47,822 | ||||||
Accrued interest payable | 45,562 | 47,392 | ||||||
Inventory-related obligations | 29,517 | 11,674 | ||||||
Real estate and business taxes | 8,131 | 8,453 | ||||||
Other | 25,318 | 20,704 | ||||||
Total | $ | 356,176 | $ | 340,345 | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Nov. 30, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Component of income tax benefit (expense) in the consolidated statement of operations | ' | |||||||||||
The components of income tax benefit (expense) in the consolidated statements of operations are as follows (in thousands): | ||||||||||||
Federal | State | Total | ||||||||||
2013 | ||||||||||||
Current | $ | — | $ | 1,600 | $ | 1,600 | ||||||
Deferred | — | — | — | |||||||||
Income tax benefit | $ | — | $ | 1,600 | $ | 1,600 | ||||||
2012 | ||||||||||||
Current | $ | 16,500 | $ | 3,600 | $ | 20,100 | ||||||
Deferred | — | — | — | |||||||||
Income tax benefit | $ | 16,500 | $ | 3,600 | $ | 20,100 | ||||||
2011 | ||||||||||||
Current | $ | 2,600 | $ | (200 | ) | $ | 2,400 | |||||
Deferred | — | — | — | |||||||||
Income tax benefit (expense) | $ | 2,600 | $ | (200 | ) | $ | 2,400 | |||||
Components of deferred tax liabilities and assets | ' | |||||||||||
Significant components of our deferred tax liabilities and assets are as follows (in thousands): | ||||||||||||
November 30, | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax liabilities: | ||||||||||||
Capitalized expenses | $ | 87,599 | $ | 76,112 | ||||||||
State taxes | 62,884 | 64,577 | ||||||||||
Depreciation and amortization | 300 | — | ||||||||||
Other | 208 | 218 | ||||||||||
Total | $ | 150,991 | $ | 140,907 | ||||||||
Deferred tax assets: | ||||||||||||
Inventory impairments and land option contract abandonments | $ | 110,745 | $ | 132,099 | ||||||||
NOL from 2006 through 2013 | 459,885 | 442,621 | ||||||||||
Warranty, legal and other accruals | 50,110 | 54,744 | ||||||||||
Employee benefits | 73,039 | 68,644 | ||||||||||
Partnerships and joint ventures | 122,081 | 132,851 | ||||||||||
Depreciation and amortization | — | 7,467 | ||||||||||
Capitalized expenses | 9,359 | 6,646 | ||||||||||
Tax credits | 173,289 | 169,173 | ||||||||||
Deferred income | 656 | 668 | ||||||||||
Other | 11,267 | 6,107 | ||||||||||
Total | 1,010,431 | 1,021,020 | ||||||||||
Valuation allowance | (859,440 | ) | (880,113 | ) | ||||||||
Total | 150,991 | 140,907 | ||||||||||
Net deferred tax assets | $ | — | $ | — | ||||||||
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 benefit (expense) computed at the statutory U.S. federal income tax rate and the income tax benefit provided in the consolidated statements of operations differ as follows (in thousands): | ||||||||||||
Years Ended November 30, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Income tax benefit (expense) computed at statutory rate | $ | (13,427 | ) | $ | 27,672 | $ | 63,397 | |||||
State taxes, net of federal income tax benefit | (1,947 | ) | 9,948 | 4,691 | ||||||||
Reserve and deferred income | (1,808 | ) | (9,146 | ) | (1,161 | ) | ||||||
Capitalized expenses | — | 7,960 | (3,501 | ) | ||||||||
Basis in joint ventures | (9,598 | ) | 42,503 | 4,401 | ||||||||
NOL reconciliation | (3,806 | ) | (5,345 | ) | 715 | |||||||
Inventory impairments | 2,827 | (59,401 | ) | (1,852 | ) | |||||||
Recognition of federal and state tax benefits | 1,600 | 17,650 | 2,600 | |||||||||
Tax credits | 2,675 | 17,889 | 5,477 | |||||||||
Valuation allowance for deferred tax assets | 20,673 | (32,286 | ) | (76,747 | ) | |||||||
Depreciation and amortization | 4,523 | 2,482 | — | |||||||||
Other, net | (112 | ) | 174 | 4,380 | ||||||||
Income tax benefit | $ | 1,600 | $ | 20,100 | $ | 2,400 | ||||||
Reconciliation of the beginning and ending balances of the gross unrecognized benefits | ' | |||||||||||
A reconciliation of the beginning and ending balances of the gross unrecognized tax benefits, excluding interest and penalties, is as follows (in thousands): | ||||||||||||
Years Ended November 30, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance at beginning of year | $ | 1,671 | $ | 1,899 | $ | 11,308 | ||||||
Additions for tax positions related to prior years | — | — | 5 | |||||||||
Reductions for tax positions related to prior years | — | (165 | ) | — | ||||||||
Reductions due to lapse of statute of limitations | (1,465 | ) | (63 | ) | (2,476 | ) | ||||||
Reductions due to resolution of federal and state audits | — | — | (6,938 | ) | ||||||||
Balance at end of year | $ | 206 | $ | 1,671 | $ | 1,899 | ||||||
Mortgages_and_Notes_Payable_Ta
Mortgages and Notes Payable (Tables) | 12 Months Ended | |||||||
Nov. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Mortgages and Notes Payable | ' | |||||||
Mortgages and notes payable consisted of the following (in thousands): | ||||||||
November 30, | ||||||||
2013 | 2012 | |||||||
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) | $ | 13,615 | $ | 52,311 | ||||
5 3/4% Senior notes due February 1, 2014 | — | 75,911 | ||||||
5 7/8% Senior notes due January 15, 2015 | — | 101,999 | ||||||
6 1/4% Senior notes due June 15, 2015 | 199,864 | 236,826 | ||||||
9.10% Senior notes due September 15, 2017 | 262,048 | 261,430 | ||||||
7 1/4% Senior notes due June 15, 2018 | 299,261 | 299,129 | ||||||
8.00% Senior notes due March 15, 2020 | 345,710 | 345,209 | ||||||
7.00% Senior notes due December 15, 2021 | 450,000 | — | ||||||
7.50% Senior notes due September 15, 2022 | 350,000 | 350,000 | ||||||
1.375% Convertible senior notes due February 1, 2019 | 230,000 | — | ||||||
Total | $ | 2,150,498 | $ | 1,722,815 | ||||
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 12 Months Ended | |||||||||||||||||
Nov. 30, 2013 | ||||||||||||||||||
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 for the years ended November 30, 2013 and 2012 (in thousands): | ||||||||||||||||||
Fair Value | ||||||||||||||||||
Description | Hierarchy | November 30, | November 30, | |||||||||||||||
2013 (a) | 2012 (a) | |||||||||||||||||
Long-lived assets held and used | Level 3 | $ | 1,143 | $ | 39,851 | |||||||||||||
(a) | Amounts represent the aggregate fair value for communities or land parcels where we recognized inventory impairment charges during the period, as of the date that the fair value measurements were made. The carrying value for these communities or land parcels 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, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Fair Value Hierarchy | Carrying | Estimated | Carrying | Estimated | ||||||||||||||
Value | Fair Value | Value | Fair Value | |||||||||||||||
Financial Liabilities: | ||||||||||||||||||
Senior notes | Level 2 | $ | 1,906,883 | $ | 2,069,325 | $ | 1,670,504 | $ | 1,831,596 | |||||||||
1.375% Convertible senior notes due February 1, 2019 | Level 2 | 230,000 | 224,825 | — | — | |||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||||
Nov. 30, 2013 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||
Schedule of Self-Insurance Liability [Table Text Block] | ' | |||||||||||
The changes in our self-insurance liability are as follows (in thousands): | ||||||||||||
Years Ended November 30, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance at beginning of year | $ | 93,349 | $ | 94,823 | $ | 95,665 | ||||||
Self-insurance expense (a) | 8,239 | 7,894 | 7,220 | |||||||||
Payments, net of recoveries (b) | (9,374 | ) | (10,168 | ) | (8,062 | ) | ||||||
Adjustments | — | 800 | — | |||||||||
Balance at end of year | $ | 92,214 | $ | 93,349 | $ | 94,823 | ||||||
(a) | These expenses are included in selling, general and administrative expenses and largely offset by contributions from subcontractors participating in the wrap-up policy. | |||||||||||
(b) | Recoveries are reflected at the time we receive funds from subcontractors and/or their insurers. | |||||||||||
Schedule of Product Warranty Liability [Table Text Block] | ' | |||||||||||
The changes in our warranty liability are as follows (in thousands): | ||||||||||||
Years Ended November 30, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance at beginning of year | $ | 47,822 | $ | 67,693 | $ | 93,988 | ||||||
Warranties issued (a) | 14,261 | 8,416 | 4,852 | |||||||||
Payments | (45,338 | ) | (19,701 | ) | (25,024 | ) | ||||||
Adjustments (b) | 31,959 | (8,586 | ) | (6,123 | ) | |||||||
Balance at end of year | $ | 48,704 | $ | 47,822 | $ | 67,693 | ||||||
(a) | The year-over-year increase in the expense associated with warranties issued in 2013 and 2012 reflected higher housing revenues in each of those years. Additionally, in 2013, we increased the warranty accrual rate per home based on our historical claims experience. | |||||||||||
(b) | Adjustments in 2013 were comprised of charges associated with water intrusion-related issues in central and southwest Florida, while in 2012, favorable warranty adjustments were partly offset by such water intrusion-related charges. In 2011, favorable warranty adjustments were partly offset by the impact of our consolidation of a previously unconsolidated joint venture. | |||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | |||||||||||
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 (in thousands): | ||||||||||||
Years Ending November 30, | ||||||||||||
2014 | $ | 7,158 | ||||||||||
2015 | 5,276 | |||||||||||
2016 | 3,224 | |||||||||||
2017 | 1,649 | |||||||||||
2018 | 1,098 | |||||||||||
Thereafter | 387 | |||||||||||
Total minimum lease payments | $ | 18,792 | ||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended | ||||||||||||
Nov. 30, 2013 | |||||||||||||
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, 2011 | $ | (26,152 | ) | ||||||||||
Other comprehensive loss before reclassifications | (4,765 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive loss | 2,959 | ||||||||||||
Net current-period other comprehensive loss | (1,806 | ) | |||||||||||
Balance at November 30, 2012 | (27,958 | ) | |||||||||||
Other comprehensive income before reclassifications | 7,083 | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 3,359 | ||||||||||||
Net current-period other comprehensive income | 10,442 | ||||||||||||
Balance at November 30, 2013 | $ | (17,516 | ) | ||||||||||
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 | 2013 | 2012 | 2011 | ||||||||||
Postretirement benefit plan adjustments | |||||||||||||
Amortization of net actuarial loss | $ | 1,803 | $ | 1,403 | $ | 595 | |||||||
Amortization of prior service cost | 1,556 | 1,556 | 1,556 | ||||||||||
Total reclassifications (a) | $ | 3,359 | $ | 2,959 | $ | 2,151 | |||||||
(a) | The accumulated other comprehensive loss components are included in the computation of net periodic benefit costs as further discussed in Note 20. Postretirement Benefits. |
Employee_Benefit_and_Stock_Pla1
Employee Benefit and Stock Plans (Tables) | 12 Months Ended | ||||||||||||||||||||
Nov. 30, 2013 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||
Schedule of Share Based Payments Performance Shares Activity [Table Text Block] | ' | ||||||||||||||||||||
PSU transactions are summarized as follows: | |||||||||||||||||||||
Years Ended November 30, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Shares | Weighted | Shares | Weighted | ||||||||||||||||||
Average | Average | ||||||||||||||||||||
per Share | per Share | ||||||||||||||||||||
Grant Date | Grant Date | ||||||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||||||
Outstanding at beginning of year | 227,049 | $ | 16.23 | — | $ | — | |||||||||||||||
Granted | 158,000 | 16.63 | 227,049 | 16.23 | |||||||||||||||||
Vested | — | — | — | — | |||||||||||||||||
Cancelled | — | — | — | — | |||||||||||||||||
Outstanding at end of year | 385,049 | $ | 16.39 | 227,049 | $ | 16.23 | |||||||||||||||
Stock option transactions | ' | ||||||||||||||||||||
Stock option transactions are summarized as follows: | |||||||||||||||||||||
Years Ended November 30, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Options | Weighted | Options | Weighted | Options | Weighted | ||||||||||||||||
Average | Average | Average | |||||||||||||||||||
Exercise | Exercise | Exercise | |||||||||||||||||||
Price | Price | Price | |||||||||||||||||||
Options outstanding at beginning of year | 10,105,546 | $ | 21.27 | 10,160,396 | $ | 21.27 | 8,798,613 | $ | 24.19 | ||||||||||||
Granted | 550,000 | 16.63 | 30,000 | 9.08 | 1,716,000 | 6.36 | |||||||||||||||
Exercised | (118,208 | ) | 13.46 | (7,494 | ) | 13.93 | — | — | |||||||||||||
Cancelled | (5,400 | ) | 24.24 | (77,356 | ) | 17.96 | (354,217 | ) | 21.47 | ||||||||||||
Options outstanding at end of year | 10,531,938 | $ | 21.11 | 10,105,546 | $ | 21.27 | 10,160,396 | $ | 21.27 | ||||||||||||
Options exercisable at end of year | 9,414,935 | $ | 22.26 | 8,533,224 | $ | 23.76 | 7,142,568 | $ | 26.43 | ||||||||||||
Options available for grant at end of year | 746,043 | 1,721,847 | 2,477,219 | ||||||||||||||||||
Stock options outstanding and stock options exercisable | ' | ||||||||||||||||||||
Stock options outstanding and stock options exercisable at November 30, 2013 are as follows: | |||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||
Range of Exercise Price | Options | Weighted | Weighted | Options | Weighted | Weighted | |||||||||||||||
Average | Average | Average | Average | ||||||||||||||||||
Exercise | Remaining | Exercise | Remaining | ||||||||||||||||||
Price | Contractual | Price | Contractual | ||||||||||||||||||
Life | Life | ||||||||||||||||||||
1,693,165 | $ | 6.43 | 7.8 | 1,126,162 | $ | 6.42 | |||||||||||||||
$ 6.32 to $10.54 | |||||||||||||||||||||
$10.55 to $14.96 | 1,968,424 | 12.09 | 5.6 | 1,968,424 | 12.09 | ||||||||||||||||
$14.97 to $20.08 | 2,717,523 | 17.47 | 6.2 | 2,167,523 | 17.68 | ||||||||||||||||
$20.09 to $33.92 | 2,019,721 | 27.36 | 4.1 | 2,019,721 | 27.36 | ||||||||||||||||
$33.93 to $69.63 | 2,133,105 | 39.81 | 4.4 | 2,133,105 | 39.81 | ||||||||||||||||
$ 6.32 to $69.63 | 10,531,938 | $ | 21.11 | 5.6 | 9,414,935 | $ | 22.26 | 5.2 | |||||||||||||
Assumptions of Black-Scholes option-pricing model | ' | ||||||||||||||||||||
The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions: | |||||||||||||||||||||
Years Ended November 30, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Risk-free interest rate | 1.3 | % | 0.7 | % | 0.9 | % | |||||||||||||||
Expected volatility factor | 52.3 | % | 65.6 | % | 65.6 | % | |||||||||||||||
Expected dividend yield | 0.6 | % | 1.9 | % | 3.9 | % | |||||||||||||||
Expected term | 5 years | 5 years | 5 years | ||||||||||||||||||
Restricted stock transactions | ' | ||||||||||||||||||||
Restricted stock transactions are summarized as follows: | |||||||||||||||||||||
Years Ended November 30, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Shares | Weighted | Shares | Weighted | Shares | Weighted | ||||||||||||||||
Average | Average | Average | |||||||||||||||||||
per Share | per Share | per Share | |||||||||||||||||||
Grant Date | Grant Date | Grant Date | |||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||
Outstanding at beginning of year | 229,724 | $ | 15.81 | 338,912 | $ | 15.03 | 402,477 | $ | 15.09 | ||||||||||||
Granted | 88,000 | 17.5 | 207,617 | 16.23 | — | — | |||||||||||||||
Vested | (91,312 | ) | 15.18 | (176,135 | ) | 14.25 | (10,930 | ) | 13.49 | ||||||||||||
Cancelled | (6,784 | ) | 17.24 | (140,670 | ) | 15.44 | (52,635 | ) | 15.44 | ||||||||||||
Outstanding at end of year | 219,628 | $ | 16.23 | 229,724 | $ | 15.81 | 338,912 | $ | 15.03 | ||||||||||||
Supplemental_Disclosure_to_Con1
Supplemental Disclosure to Consolidated Statements of Cash Flows (Tables) | 12 Months Ended | |||||||||||
Nov. 30, 2013 | ||||||||||||
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, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Summary of cash and cash equivalents at the end of the year: | ||||||||||||
Homebuilding | $ | 530,095 | $ | 524,765 | $ | 415,050 | ||||||
Financial services | 2,428 | 923 | 3,024 | |||||||||
Total | $ | 532,523 | $ | 525,688 | $ | 418,074 | ||||||
Supplemental disclosure of cash flow information: | ||||||||||||
Interest paid, net of amounts capitalized | $ | 64,520 | $ | 65,541 | $ | 48,038 | ||||||
Income taxes paid | 800 | 826 | 335 | |||||||||
Income taxes refunded | 61 | 22,342 | 213 | |||||||||
Supplemental disclosure of noncash activities: | ||||||||||||
Cost of inventories acquired through seller financing | $ | 27,600 | $ | 53,625 | $ | — | ||||||
Increase (decrease) in consolidated inventories not owned | 4,798 | (19,803 | ) | 8,354 | ||||||||
Acquired property securing note receivable | — | — | 40,000 | |||||||||
Issuance of stock under stock-based compensation plans | 8,346 | — | — | |||||||||
Supplemental_Guarantor_Informa1
Supplemental Guarantor Information (Tables) | 12 Months Ended | |||||||||||||||||||
Nov. 30, 2013 | ||||||||||||||||||||
Guarantees [Abstract] | ' | |||||||||||||||||||
Condensed Consolidating Statements of Operations | ' | |||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Year Ended November 30, 2013 | ||||||||||||||||||||
KB Home | Guarantor | Non-Guarantor | Consolidating | Total | ||||||||||||||||
Corporate | Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||
Revenues | $ | — | $ | 2,036,340 | $ | 60,790 | $ | — | $ | 2,097,130 | ||||||||||
Homebuilding: | ||||||||||||||||||||
Revenues | $ | — | $ | 2,036,340 | $ | 48,638 | $ | — | $ | 2,084,978 | ||||||||||
Construction and land costs | — | (1,692,525 | ) | (44,561 | ) | — | (1,737,086 | ) | ||||||||||||
Selling, general and administrative expenses | (60,545 | ) | (180,344 | ) | (14,919 | ) | — | (255,808 | ) | |||||||||||
Operating income (loss) | (60,545 | ) | 163,471 | (10,842 | ) | — | 92,084 | |||||||||||||
Interest income | 768 | 18 | 6 | — | 792 | |||||||||||||||
Interest expense | (143,902 | ) | (5,199 | ) | — | 86,411 | (62,690 | ) | ||||||||||||
Intercompany interest | 203,096 | (117,180 | ) | 495 | (86,411 | ) | — | |||||||||||||
Equity in loss of unconsolidated joint ventures | — | (2,007 | ) | — | — | (2,007 | ) | |||||||||||||
Homebuilding pretax income (loss) | (583 | ) | 39,103 | (10,341 | ) | — | 28,179 | |||||||||||||
Financial services pretax income | — | — | 10,184 | — | 10,184 | |||||||||||||||
Total pretax income (loss) | (583 | ) | 39,103 | (157 | ) | — | 38,363 | |||||||||||||
Income tax benefit | — | 1,500 | 100 | — | 1,600 | |||||||||||||||
Equity in net income of subsidiaries | 40,546 | — | — | (40,546 | ) | — | ||||||||||||||
Net income (loss) | $ | 39,963 | $ | 40,603 | $ | (57 | ) | $ | (40,546 | ) | $ | 39,963 | ||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Year Ended November 30, 2012 | ||||||||||||||||||||
KB Home | Guarantor | Non-Guarantor | Consolidating | Total | ||||||||||||||||
Corporate | Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||
Revenues | $ | — | $ | 1,506,333 | $ | 53,782 | $ | — | $ | 1,560,115 | ||||||||||
Homebuilding: | ||||||||||||||||||||
Revenues | $ | — | $ | 1,506,333 | $ | 42,099 | $ | — | $ | 1,548,432 | ||||||||||
Construction and land costs | — | (1,291,877 | ) | (40,168 | ) | — | (1,332,045 | ) | ||||||||||||
Selling, general and administrative expenses | (60,101 | ) | (163,266 | ) | (13,276 | ) | — | (236,643 | ) | |||||||||||
Operating income (loss) | (60,101 | ) | 51,190 | (11,345 | ) | — | (20,256 | ) | ||||||||||||
Interest income | 480 | 13 | 25 | — | 518 | |||||||||||||||
Interest expense | (127,291 | ) | (5,365 | ) | — | 62,852 | (69,804 | ) | ||||||||||||
Intercompany interest | 176,977 | (114,286 | ) | 161 | (62,852 | ) | — | |||||||||||||
Equity in loss of unconsolidated joint ventures | — | (394 | ) | — | — | (394 | ) | |||||||||||||
Homebuilding pretax loss | (9,935 | ) | (68,842 | ) | (11,159 | ) | — | (89,936 | ) | |||||||||||
Financial services pretax income | — | — | 10,883 | — | 10,883 | |||||||||||||||
Total pretax loss | (9,935 | ) | (68,842 | ) | (276 | ) | — | (79,053 | ) | |||||||||||
Income tax benefit | 2,500 | 17,500 | 100 | — | 20,100 | |||||||||||||||
Equity in net loss of subsidiaries | (51,518 | ) | — | — | 51,518 | — | ||||||||||||||
Net loss | $ | (58,953 | ) | $ | (51,342 | ) | $ | (176 | ) | $ | 51,518 | $ | (58,953 | ) | ||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Year Ended November 30, 2011 | ||||||||||||||||||||
KB Home | Guarantor | Non-Guarantor | Consolidating | Total | ||||||||||||||||
Corporate | Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||
Revenues | $ | — | $ | 1,262,453 | $ | 53,413 | $ | — | $ | 1,315,866 | ||||||||||
Homebuilding: | ||||||||||||||||||||
Revenues | $ | — | $ | 1,262,453 | $ | 43,109 | $ | — | $ | 1,305,562 | ||||||||||
Construction and land costs | — | (1,108,572 | ) | (48,708 | ) | — | (1,157,280 | ) | ||||||||||||
Selling, general and administrative expenses | (52,784 | ) | (151,916 | ) | (15,891 | ) | — | (220,591 | ) | |||||||||||
Loss on loan guaranty | — | (30,765 | ) | — | — | (30,765 | ) | |||||||||||||
Operating loss | (52,784 | ) | (28,800 | ) | (21,490 | ) | — | (103,074 | ) | |||||||||||
Interest income | 715 | 48 | 108 | — | 871 | |||||||||||||||
Interest expense | (110,068 | ) | (3,007 | ) | 1,038 | 62,833 | (49,204 | ) | ||||||||||||
Intercompany interest | 162,025 | (97,623 | ) | (1,569 | ) | (62,833 | ) | — | ||||||||||||
Equity in income (loss) of unconsolidated joint ventures | — | (55,840 | ) | 1 | — | (55,839 | ) | |||||||||||||
Homebuilding pretax loss | (112 | ) | (185,222 | ) | (21,912 | ) | — | (207,246 | ) | |||||||||||
Financial services pretax income | — | — | 26,078 | — | 26,078 | |||||||||||||||
Total pretax income (loss) | (112 | ) | (185,222 | ) | 4,166 | — | (181,168 | ) | ||||||||||||
Income tax benefit | — | 2,300 | 100 | — | 2,400 | |||||||||||||||
Equity in net loss of subsidiaries | (178,656 | ) | — | — | 178,656 | — | ||||||||||||||
Net income (loss) | $ | (178,768 | ) | $ | (182,922 | ) | $ | 4,266 | $ | 178,656 | $ | (178,768 | ) | |||||||
Condensed Consolidating Statements of Comprehensive Income (Loss) | ' | |||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income (Loss) | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Year Ended November 30, 2013 | ||||||||||||||||||||
KB Home | Guarantor | Non-Guarantor | Consolidating | Total | ||||||||||||||||
Corporate | Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||
Net income (loss) | $ | 39,963 | $ | 40,603 | $ | (57 | ) | $ | (40,546 | ) | $ | 39,963 | ||||||||
Other comprehensive income: | ||||||||||||||||||||
Postretirement benefit plan adjustments | 10,442 | — | — | — | 10,442 | |||||||||||||||
Other comprehensive income | 10,442 | — | — | — | 10,442 | |||||||||||||||
Comprehensive income (loss) | $ | 50,405 | $ | 40,603 | $ | (57 | ) | $ | (40,546 | ) | $ | 50,405 | ||||||||
Year Ended November 30, 2012 | ||||||||||||||||||||
KB Home | Guarantor | Non-Guarantor | Consolidating | Total | ||||||||||||||||
Corporate | Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||
Net loss | $ | (58,953 | ) | $ | (51,342 | ) | $ | (176 | ) | $ | 51,518 | $ | (58,953 | ) | ||||||
Other comprehensive loss: | ||||||||||||||||||||
Postretirement benefit plan adjustments | (1,806 | ) | — | — | — | (1,806 | ) | |||||||||||||
Other comprehensive loss | (1,806 | ) | — | — | — | (1,806 | ) | |||||||||||||
Comprehensive loss | $ | (60,759 | ) | $ | (51,342 | ) | $ | (176 | ) | $ | 51,518 | $ | (60,759 | ) | ||||||
Year Ended November 30, 2011 | ||||||||||||||||||||
KB Home | Guarantor | Non-Guarantor | Consolidating | Total | ||||||||||||||||
Corporate | Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||
Net income (loss) | $ | (178,768 | ) | $ | (182,922 | ) | $ | 4,266 | $ | 178,656 | $ | (178,768 | ) | |||||||
Other comprehensive loss: | ||||||||||||||||||||
Postretirement benefit plan adjustments | (3,495 | ) | — | — | — | (3,495 | ) | |||||||||||||
Other comprehensive loss | (3,495 | ) | — | — | — | (3,495 | ) | |||||||||||||
Comprehensive income (loss) | $ | (182,263 | ) | $ | (182,922 | ) | $ | 4,266 | $ | 178,656 | $ | (182,263 | ) | |||||||
Condensed Consolidating Balance Sheets | ' | |||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
November 30, 2013 | ||||||||||||||||||||
KB Home | Guarantor | Non-Guarantor | Consolidating | Total | ||||||||||||||||
Corporate | Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||
Assets | ||||||||||||||||||||
Homebuilding: | ||||||||||||||||||||
Cash and cash equivalents | $ | 476,847 | $ | 41,316 | $ | 11,932 | $ | — | $ | 530,095 | ||||||||||
Restricted cash | 41,906 | — | — | — | 41,906 | |||||||||||||||
Receivables | 1,472 | 74,186 | 91 | — | 75,749 | |||||||||||||||
Inventories | — | 2,263,034 | 35,543 | — | 2,298,577 | |||||||||||||||
Investments in unconsolidated joint ventures | — | 130,192 | — | — | 130,192 | |||||||||||||||
Other assets | 97,647 | 9,072 | 357 | — | 107,076 | |||||||||||||||
617,872 | 2,517,800 | 47,923 | — | 3,183,595 | ||||||||||||||||
Financial services | — | — | 10,040 | — | 10,040 | |||||||||||||||
Intercompany receivables | 2,129,729 | — | 117,829 | (2,247,558 | ) | — | ||||||||||||||
Investments in subsidiaries | 39,955 | — | — | (39,955 | ) | — | ||||||||||||||
Total assets | $ | 2,787,556 | $ | 2,517,800 | $ | 175,792 | $ | (2,287,513 | ) | $ | 3,193,635 | |||||||||
Liabilities and stockholders’ equity | ||||||||||||||||||||
Homebuilding: | ||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | $ | 117,875 | $ | 292,220 | $ | 94,363 | $ | — | $ | 504,458 | ||||||||||
Mortgages and notes payable | 2,111,773 | 38,725 | — | — | 2,150,498 | |||||||||||||||
2,229,648 | 330,945 | 94,363 | — | 2,654,956 | ||||||||||||||||
Financial services | — | — | 2,593 | — | 2,593 | |||||||||||||||
Intercompany payables | 21,822 | 2,186,855 | 38,881 | (2,247,558 | ) | — | ||||||||||||||
Stockholders’ equity | 536,086 | — | 39,955 | (39,955 | ) | 536,086 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,787,556 | $ | 2,517,800 | $ | 175,792 | $ | (2,287,513 | ) | $ | 3,193,635 | |||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
November 30, 2012 | ||||||||||||||||||||
KB Home | Guarantor | Non-Guarantor | Consolidating | Total | ||||||||||||||||
Corporate | Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||
Assets | ||||||||||||||||||||
Homebuilding: | ||||||||||||||||||||
Cash and cash equivalents | $ | 457,007 | $ | 54,205 | $ | 13,553 | $ | — | $ | 524,765 | ||||||||||
Restricted cash | 42,362 | — | — | — | 42,362 | |||||||||||||||
Receivables | 121 | 64,504 | 196 | — | 64,821 | |||||||||||||||
Inventories | — | 1,688,301 | 18,270 | — | 1,706,571 | |||||||||||||||
Investments in unconsolidated joint ventures | — | 116,793 | 6,881 | — | 123,674 | |||||||||||||||
Other assets | 85,901 | 15,980 | (6,831 | ) | — | 95,050 | ||||||||||||||
585,391 | 1,939,783 | 32,069 | — | 2,557,243 | ||||||||||||||||
Financial services | — | — | 4,455 | — | 4,455 | |||||||||||||||
Intercompany receivables | 1,559,712 | — | 122,580 | (1,682,292 | ) | — | ||||||||||||||
Investments in subsidiaries | 38,479 | — | — | (38,479 | ) | — | ||||||||||||||
Total assets | $ | 2,183,582 | $ | 1,939,783 | $ | 159,104 | $ | (1,720,771 | ) | $ | 2,561,698 | |||||||||
Liabilities and stockholders’ equity | ||||||||||||||||||||
Homebuilding: | ||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | $ | 134,314 | $ | 221,611 | $ | 102,964 | $ | — | $ | 458,889 | ||||||||||
Mortgages and notes payable | 1,645,394 | 77,421 | — | — | 1,722,815 | |||||||||||||||
1,779,708 | 299,032 | 102,964 | — | 2,181,704 | ||||||||||||||||
Financial services | — | — | 3,188 | — | 3,188 | |||||||||||||||
Intercompany payables | 27,068 | 1,640,751 | 14,473 | (1,682,292 | ) | — | ||||||||||||||
Stockholders’ equity | 376,806 | — | 38,479 | (38,479 | ) | 376,806 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,183,582 | $ | 1,939,783 | $ | 159,104 | $ | (1,720,771 | ) | $ | 2,561,698 | |||||||||
Condensed Consolidating Statements of Cash Flows | ' | |||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Year Ended November 30, 2013 | ||||||||||||||||||||
KB Home | Guarantor | Non-Guarantor | Consolidating | Total | ||||||||||||||||
Corporate | Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||
Net cash provided by (used in) operating activities | $ | 4,695 | $ | (441,236 | ) | $ | (6,945 | ) | $ | — | $ | (443,486 | ) | |||||||
Cash flows from investing activities: | ||||||||||||||||||||
Contributions to unconsolidated joint ventures | — | (9,368 | ) | (4,991 | ) | — | (14,359 | ) | ||||||||||||
Purchases of property and equipment, net | (519 | ) | (1,491 | ) | (381 | ) | — | (2,391 | ) | |||||||||||
Intercompany | (517,703 | ) | — | — | 517,703 | — | ||||||||||||||
Net cash used in investing activities | (518,222 | ) | (10,859 | ) | (5,372 | ) | 517,703 | (16,750 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Change in restricted cash | 456 | — | — | — | 456 | |||||||||||||||
Proceeds from issuance of debt | 680,000 | — | — | — | 680,000 | |||||||||||||||
Payment of debt issuance costs | (16,525 | ) | — | — | — | (16,525 | ) | |||||||||||||
Repayment of senior notes | (225,394 | ) | — | — | — | (225,394 | ) | |||||||||||||
Payments on mortgages and land contracts due to land sellers and other loans | — | (66,296 | ) | — | — | (66,296 | ) | |||||||||||||
Proceeds from issuance of common stock, net | 109,503 | — | — | — | 109,503 | |||||||||||||||
Issuance of common stock under employee stock plans | 2,181 | — | — | — | 2,181 | |||||||||||||||
Payments of cash dividends | (8,366 | ) | — | — | — | (8,366 | ) | |||||||||||||
Stock repurchases | (8,488 | ) | — | — | — | (8,488 | ) | |||||||||||||
Intercompany | — | 505,502 | 12,201 | (517,703 | ) | — | ||||||||||||||
Net cash provided by financing activities | 533,367 | 439,206 | 12,201 | (517,703 | ) | 467,071 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 19,840 | (12,889 | ) | (116 | ) | — | 6,835 | |||||||||||||
Cash and cash equivalents at beginning of year | 457,007 | 54,205 | 14,476 | — | 525,688 | |||||||||||||||
Cash and cash equivalents at end of year | $ | 476,847 | $ | 41,316 | $ | 14,360 | $ | — | $ | 532,523 | ||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Year Ended November 30, 2012 | ||||||||||||||||||||
KB Home | Guarantor | Non-Guarantor | Consolidating | Total | ||||||||||||||||
Corporate | Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||
Net cash provided by operating activities | $ | 11,033 | $ | 4,943 | $ | 18,641 | $ | — | $ | 34,617 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Return of investments in (contributions to) unconsolidated joint ventures | — | 1,922 | (933 | ) | — | 989 | ||||||||||||||
Purchases of property and equipment, net | (175 | ) | (1,540 | ) | (34 | ) | — | (1,749 | ) | |||||||||||
Intercompany | 5,137 | — | — | (5,137 | ) | — | ||||||||||||||
Net cash provided by (used in) investing activities | 4,962 | 382 | (967 | ) | (5,137 | ) | (760 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Change in restricted cash | 22,119 | — | — | — | 22,119 | |||||||||||||||
Proceeds from issuance of debt | 694,831 | — | — | — | 694,831 | |||||||||||||||
Payment of debt issuance costs | (12,445 | ) | — | — | — | (12,445 | ) | |||||||||||||
Repayment of senior notes | (592,645 | ) | — | — | — | (592,645 | ) | |||||||||||||
Payments on mortgages and land contracts due to land sellers and other loans | — | (26,298 | ) | — | — | (26,298 | ) | |||||||||||||
Issuance of common stock under employee stock plans | 593 | — | — | — | 593 | |||||||||||||||
Payments of cash dividends | (10,599 | ) | — | — | — | (10,599 | ) | |||||||||||||
Stock repurchases | (1,799 | ) | — | — | — | (1,799 | ) | |||||||||||||
Intercompany | — | 22,915 | (28,052 | ) | 5,137 | — | ||||||||||||||
Net cash provided by (used in) financing activities | 100,055 | (3,383 | ) | (28,052 | ) | 5,137 | 73,757 | |||||||||||||
Net increase (decrease) in cash and cash equivalents | 116,050 | 1,942 | (10,378 | ) | — | 107,614 | ||||||||||||||
Cash and cash equivalents at beginning of year | 340,957 | 52,263 | 24,854 | — | 418,074 | |||||||||||||||
Cash and cash equivalents at end of year | $ | 457,007 | $ | 54,205 | $ | 14,476 | $ | — | $ | 525,688 | ||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Year Ended November 30, 2011 | ||||||||||||||||||||
KB Home | Guarantor | Non-Guarantor | Consolidating | Total | ||||||||||||||||
Corporate | Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||
Net cash provided by (used in) operating activities | $ | 9,443 | $ | (355,165 | ) | $ | (1,823 | ) | $ | — | $ | (347,545 | ) | |||||||
Cash flows from investing activities: | ||||||||||||||||||||
Return of investments in (contributions to) unconsolidated joint ventures | — | (78,619 | ) | 11,359 | — | (67,260 | ) | |||||||||||||
Proceeds from sale of operating property | — | 80,600 | — | — | 80,600 | |||||||||||||||
Sales (purchases) of property and equipment, net | (200 | ) | (649 | ) | 607 | — | (242 | ) | ||||||||||||
Intercompany | (349,081 | ) | — | — | 349,081 | — | ||||||||||||||
Net cash provided by (used in) investing activities | (349,281 | ) | 1,332 | 11,966 | 349,081 | 13,098 | ||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Change in restricted cash | 24,239 | 26,757 | — | — | 50,996 | |||||||||||||||
Repayment of senior notes | (100,000 | ) | — | — | — | (100,000 | ) | |||||||||||||
Payments on mortgages and land contracts due to land sellers and other loans | 3,397 | (89,461 | ) | (3,397 | ) | — | (89,461 | ) | ||||||||||||
Issuance of common stock under employee stock plans | 1,796 | — | — | — | 1,796 | |||||||||||||||
Payments of cash dividends | (19,240 | ) | — | — | — | (19,240 | ) | |||||||||||||
Intercompany | — | 443,698 | (94,617 | ) | (349,081 | ) | — | |||||||||||||
Net cash provided by (used in) financing activities | (89,808 | ) | 380,994 | (98,014 | ) | (349,081 | ) | (155,909 | ) | |||||||||||
Net increase (decrease) in cash and cash equivalents | (429,646 | ) | 27,161 | (87,871 | ) | — | (490,356 | ) | ||||||||||||
Cash and cash equivalents at beginning of year | 770,603 | 25,102 | 112,725 | — | 908,430 | |||||||||||||||
Cash and cash equivalents at end of year | $ | 340,957 | $ | 52,263 | $ | 24,854 | $ | — | $ | 418,074 | ||||||||||
Quarterly_Results_Unaudited_Ta
Quarterly Results (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Nov. 30, 2013 | ||||||||||||||||
Quarterly Financial Data [Abstract] | ' | |||||||||||||||
Consolidated quarterly results | ' | |||||||||||||||
The following tables present our consolidated quarterly results for the years ended November 30, 2013 and 2012 (in thousands, except per share amounts): | ||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
2013 | ||||||||||||||||
Revenues | $ | 405,219 | $ | 524,406 | $ | 548,974 | $ | 618,531 | ||||||||
Gross profits | 61,119 | 80,772 | 101,829 | 113,282 | ||||||||||||
Pretax income (loss) | (12,358 | ) | (4,173 | ) | 26,578 | 28,316 | ||||||||||
Net income (loss) | (12,458 | ) | (2,973 | ) | 27,278 | 28,116 | ||||||||||
Earnings (loss) per share: | ||||||||||||||||
Basic | $ | (.16 | ) | $ | (.04 | ) | $ | 0.32 | $ | 0.33 | ||||||
Diluted | $ | (.16 | ) | $ | (.04 | ) | $ | 0.3 | $ | 0.31 | ||||||
2012 | ||||||||||||||||
Revenues | $ | 254,558 | $ | 302,852 | $ | 424,504 | $ | 578,201 | ||||||||
Gross profits | 21,891 | 49,118 | 72,439 | 81,631 | ||||||||||||
Pretax income (loss) | (45,402 | ) | (28,636 | ) | (7,439 | ) | 2,424 | |||||||||
Net income (loss) | (45,802 | ) | (24,136 | ) | 3,261 | 7,724 | ||||||||||
Earnings (loss) per share: | ||||||||||||||||
Basic | $ | (.59 | ) | $ | (.31 | ) | $ | 0.04 | $ | 0.1 | ||||||
Diluted | $ | (.59 | ) | $ | (.31 | ) | $ | 0.04 | $ | 0.1 | ||||||
Basis_of_Presentation_and_Sign3
Basis of Presentation and Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||||
Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | Nov. 30, 2013 | Nov. 30, 2013 | Jun. 30, 2011 | Jan. 29, 2013 | Jan. 29, 2013 | |
Rate | Rate | Rate | Minimum | Maximum | KBA Mortgage | Convertible senior notes due February 1, 2019 at 1.375% | Convertible senior notes due February 1, 2019 at 1.375% | |
Convertible Notes Payable [Member] | ||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($17,516,000) | ($27,958,000) | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Amortization of Gains (Losses) | -1,800,000 | 1,400,000 | 600,000 | ' | ' | ' | ' | ' |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 1,500,000 | 1,600,000 | 1,500,000 | ' | ' | ' | ' | ' |
Other comprehensive loss before reclassifications | 7,083,000 | -4,765,000 | -5,646,000 | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | 230,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | 1.38% | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 5,200,000 | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | 10,442,000 | -1,806,000 | -3,495,000 | ' | ' | ' | ' | ' |
Debt Conversion, Converted Instrument, Shares Issued | ' | ' | ' | ' | ' | ' | ' | 36.5297 |
Cash equivalents | 436,200,000 | 396,300,000 | ' | ' | ' | ' | ' | ' |
Restricted Cash and Cash Equivalents | 41,906,000 | 42,362,000 | ' | ' | ' | ' | ' | ' |
Homebuilding Closing Costs Allowances | 10,600,000 | 14,500,000 | 27,100,000 | ' | ' | ' | ' | ' |
Homebuilding Closing Costs Allowances as a Percentage of Housing Revenues | 0.50% | 0.90% | 2.10% | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest in joint venture | ' | ' | ' | ' | ' | 50.00% | ' | ' |
Estimated useful life for depreciation of property and equipment | ' | ' | ' | '2 years | '10 years | ' | ' | ' |
Property and equipment amount | 8,460,000 | 7,920,000 | ' | ' | ' | ' | ' | ' |
Accumulated depreciation | 14,400,000 | 18,500,000 | ' | ' | ' | ' | ' | ' |
Depreciation expense | 1,857,000 | 1,622,000 | 2,031,000 | ' | ' | ' | ' | ' |
Advertising costs incurred | 25,300,000 | 24,600,000 | 32,400,000 | ' | ' | ' | ' | ' |
Expensed legal fees | $10,100,000 | $12,600,000 | $16,900,000 | ' | ' | ' | ' | ' |
Basis_of_Presentation_and_Sign4
Basis of Presentation and Significant Accounting Policies (Basic and Diluted Loss Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Nov. 30, 2013 | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-12 | Feb. 29, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 |
Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | $28,116 | $27,278 | ($2,973) | ($12,458) | $7,724 | $3,261 | ($24,136) | ($45,802) | $39,963 | ($58,953) | ($178,768) |
Less: Distributed earnings allocated to nonvested restricted stock | ' | ' | ' | ' | ' | ' | ' | ' | 24 | 0 | 0 |
Less: Undistributed earnings allocated to nonvested restricted stock | ' | ' | ' | ' | ' | ' | ' | ' | 90 | 0 | 0 |
Net Income (Loss) Available to Common Stockholders, Basic | ' | ' | ' | ' | ' | ' | ' | ' | 39,849 | -58,953 | -178,768 |
Interest expense and amortization of debt issuance costs associated with convertible senior notes, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | 2,230 | 0 | 0 |
Undistributed Earnings Reallocated to Participating Securities | ' | ' | ' | ' | ' | ' | ' | ' | 81 | 0 | 0 |
Net Income (Loss) Available to Common Stockholders, Diluted | ' | ' | ' | ' | ' | ' | ' | ' | $42,088 | ($58,953) | ($178,768) |
Weighted Average Number of Shares Outstanding, Basic | ' | ' | ' | ' | ' | ' | ' | ' | 82,630 | 77,106 | 77,043 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | ' | ' | ' | ' | ' | ' | ' | ' | 1,885 | 0 | 0 |
Convertible senior notes, shares | ' | ' | ' | ' | ' | ' | ' | ' | 7,044 | 0 | 0 |
Weighted Average Number of Shares Outstanding, Diluted | ' | ' | ' | ' | ' | ' | ' | ' | 91,559 | 77,106 | 77,043 |
Earnings (Loss) Per Share, Basic, in dollars per share | $0.33 | $0.32 | ($0.04) | ($0.16) | $0.10 | $0.04 | ($0.31) | ($0.59) | $0.48 | ($0.76) | ($2.32) |
Earnings (Loss) Per Share, Diluted, in dollars per share | $0.31 | $0.30 | ($0.04) | ($0.16) | $0.10 | $0.04 | ($0.31) | ($0.59) | $0.46 | ($0.76) | ($2.32) |
Segment_Information_Details
Segment Information (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Mar. 12, 2013 | Nov. 30, 2013 | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-12 | Feb. 29, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | Jun. 30, 2011 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | Nov. 30, 2013 | ||||
segment | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Financial services [Member] | Financial services [Member] | Financial services [Member] | KBA Mortgage | Home Community Mortgage LLC [Member] | Corporate and Other [Member] | Corporate and Other [Member] | Corporate and Other [Member] | Central [Member] | Central [Member] | Central [Member] | Central [Member] | Central [Member] | Central [Member] | West Coast [Member] | West Coast [Member] | West Coast [Member] | West Coast [Member] | West Coast [Member] | West Coast [Member] | Southeast [Member] | Southeast [Member] | Southeast [Member] | Southeast [Member] | Southeast [Member] | Southeast [Member] | Southwest [Member] | Southwest [Member] | Southwest [Member] | Southwest [Member] | Southwest [Member] | Southwest [Member] | Nationstar Mortgage LLC [Member] | |||||||||||||||
segment | segment | Rate | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Home Community Mortgage LLC [Member] | |||||||||||||||||||||||||||||||||
Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Number of Reportable Segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | 4 | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Ownership interest in joint venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 49.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.10% | |||
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | $618,531,000 | $548,974,000 | $524,406,000 | $405,219,000 | $578,201,000 | $424,504,000 | $302,852,000 | $254,558,000 | $2,097,130,000 | $1,560,115,000 | $1,315,866,000 | $2,084,978,000 | $1,548,432,000 | $1,305,562,000 | $12,152,000 | $11,683,000 | $10,304,000 | ' | ' | ' | ' | ' | ' | ' | ' | $565,120,000 | $436,407,000 | $369,705,000 | ' | ' | ' | $1,020,218,000 | $755,259,000 | $589,387,000 | ' | ' | ' | $324,388,000 | $224,328,000 | $206,598,000 | ' | ' | ' | $175,252,000 | $132,438,000 | $139,872,000 | ' | |||
Pretax income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Pretax income (loss) | ' | 28,316,000 | 26,578,000 | -4,173,000 | -12,358,000 | 2,424,000 | -7,439,000 | -28,636,000 | -45,402,000 | 38,363,000 | -79,053,000 | -181,168,000 | 28,179,000 | -89,936,000 | -207,246,000 | 10,184,000 | 10,883,000 | 26,078,000 | ' | ' | -69,271,000 | [1] | -69,541,000 | [1] | -67,713,000 | [1] | ' | ' | ' | 22,275,000 | 1,449,000 | -12,924,000 | ' | ' | ' | 118,264,000 | -10,467,000 | 19,639,000 | ' | ' | ' | -45,992,000 | -1,183,000 | -37,983,000 | ' | ' | ' | 2,903,000 | -10,194,000 | -108,265,000 | ' |
Equity in income (loss) of unconsolidated joint ventures: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Equity in income (loss) of unconsolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | -933,000 | 1,797,000 | -36,553,000 | -2,007,000 | -394,000 | -55,839,000 | 1,074,000 | 2,191,000 | 19,286,000 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | -148,000 | -174,000 | 68,000 | ' | ' | ' | 496,000 | 591,000 | -5,000 | ' | ' | ' | -2,355,000 | -811,000 | -55,902,000 | ' | |||
Inventory impairments: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Impairment of Long-Lived Assets Held-for-use | ' | 400,000 | ' | ' | ' | 5,200,000 | 6,400,000 | 9,900,000 | 6,600,000 | 391,000 | 28,107,000 | 22,730,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1,267,000 | 51,000 | ' | ' | ' | 0 | 19,235,000 | 2,598,000 | ' | ' | ' | 391,000 | 5,470,000 | 1,366,000 | ' | ' | ' | 0 | 2,135,000 | 18,715,000 | ' | ' | ' | ' | |||
Land option contract abandonments: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total land option contract abandonment charges | 0 | 2,900,000 | 0 | 300,000 | ' | 400,000 | ' | ' | ' | 3,190,000 | 426,000 | 3,061,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 133,000 | 1,310,000 | ' | ' | ' | 3,190,000 | 0 | 704,000 | ' | ' | ' | 0 | 293,000 | 751,000 | ' | ' | ' | 0 | 0 | 296,000 | ' | ' | ' | ' | |||
Joint venture impairments: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total joint venture impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 53,727,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | 0 | 0 | 53,727,000 | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total assets | ' | 3,193,635,000 | ' | ' | ' | 2,561,698,000 | ' | ' | ' | 3,193,635,000 | 2,561,698,000 | ' | 3,183,595,000 | 2,557,243,000 | ' | 10,040,000 | 4,455,000 | ' | ' | ' | 627,879,000 | 596,176,000 | ' | ' | ' | ' | 465,547,000 | 369,294,000 | ' | ' | ' | ' | 1,230,761,000 | 930,450,000 | ' | ' | ' | ' | 456,965,000 | 341,460,000 | ' | ' | ' | ' | 402,443,000 | 319,863,000 | ' | ' | |||
Investments in unconsolidated joint ventures: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Investments in unconsolidated joint ventures | ' | 130,192,000 | ' | ' | ' | 123,674,000 | ' | ' | ' | 130,192,000 | 123,674,000 | ' | ' | ' | ' | 5,490,000 | 1,630,000 | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | 40,246,000 | 38,372,000 | ' | ' | ' | ' | 9,069,000 | 9,382,000 | ' | ' | ' | ' | 80,877,000 | 75,920,000 | ' | ' | ' | ' | ' | |||
Initial Capital Contribution to Joint Venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
[1] | (a) Corporate and other includes corporate general and administrative expenses. |
Financial_Services_Details
Financial Services (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
Nov. 30, 2013 | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-12 | Feb. 29, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | Nov. 30, 2010 | |
Financial services: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Insurance commissions | ' | ' | ' | ' | ' | ' | ' | ' | $7,177,000 | $7,140,000 | $7,188,000 | ' |
Title services | ' | ' | ' | ' | ' | ' | ' | ' | 3,172,000 | 2,362,000 | 1,983,000 | ' |
Marketing services fees | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | 2,175,000 | 1,125,000 | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 3,000 | 6,000 | 8,000 | ' |
Total | ' | ' | ' | ' | ' | ' | ' | ' | 12,152,000 | 11,683,000 | 10,304,000 | ' |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | -3,042,000 | -2,991,000 | -3,512,000 | ' |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 92,084,000 | -20,256,000 | -103,074,000 | ' |
Income (Loss) from Equity Method Investments | ' | ' | ' | ' | ' | ' | ' | ' | -933,000 | 1,797,000 | -36,553,000 | ' |
Pretax income (loss) | 28,316,000 | 26,578,000 | -4,173,000 | -12,358,000 | 2,424,000 | -7,439,000 | -28,636,000 | -45,402,000 | 38,363,000 | -79,053,000 | -181,168,000 | ' |
Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 532,523,000 | ' | ' | ' | 525,688,000 | ' | ' | ' | 532,523,000 | 525,688,000 | 418,074,000 | 908,430,000 |
Receivables | 75,749,000 | ' | ' | ' | 64,821,000 | ' | ' | ' | 75,749,000 | 64,821,000 | ' | ' |
Investments in unconsolidated joint ventures | 130,192,000 | ' | ' | ' | 123,674,000 | ' | ' | ' | 130,192,000 | 123,674,000 | ' | ' |
Other assets | 107,076,000 | ' | ' | ' | 95,050,000 | ' | ' | ' | 107,076,000 | 95,050,000 | ' | ' |
Total assets | 3,193,635,000 | ' | ' | ' | 2,561,698,000 | ' | ' | ' | 3,193,635,000 | 2,561,698,000 | ' | ' |
Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable and accrued expenses | 504,458,000 | ' | ' | ' | 458,889,000 | ' | ' | ' | 504,458,000 | 458,889,000 | ' | ' |
Total liabilities | 2,593,000 | ' | ' | ' | 3,188,000 | ' | ' | ' | 2,593,000 | 3,188,000 | ' | ' |
Financial services (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Realized Gain (Loss) on Disposal | ' | ' | ' | ' | 2,100,000 | ' | ' | ' | 1,100,000 | ' | 19,800,000 | ' |
Financial services [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 9,110,000 | 8,692,000 | 6,792,000 | ' |
Income (Loss) from Equity Method Investments | ' | ' | ' | ' | ' | ' | ' | ' | 1,074,000 | 2,191,000 | 19,286,000 | ' |
Pretax income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 10,184,000 | 10,883,000 | 26,078,000 | ' |
Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 2,428,000 | ' | ' | ' | 923,000 | ' | ' | ' | 2,428,000 | 923,000 | 3,024,000 | ' |
Receivables | 2,084,000 | ' | ' | ' | 1,859,000 | ' | ' | ' | 2,084,000 | 1,859,000 | ' | ' |
Investments in unconsolidated joint ventures | 5,490,000 | ' | ' | ' | 1,630,000 | ' | ' | ' | 5,490,000 | 1,630,000 | ' | ' |
Other assets | 38,000 | ' | ' | ' | 43,000 | ' | ' | ' | 38,000 | 43,000 | ' | ' |
Total assets | 10,040,000 | ' | ' | ' | 4,455,000 | ' | ' | ' | 10,040,000 | 4,455,000 | ' | ' |
Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable and accrued expenses | $2,593,000 | ' | ' | ' | $3,188,000 | ' | ' | ' | $2,593,000 | $3,188,000 | ' | ' |
Earnings_Loss_Per_Share_Narrat
Earnings (Loss) Per Share (Narrative) (Details) | 12 Months Ended | 0 Months Ended | |
Nov. 30, 2013 | Jan. 29, 2013 | Jan. 29, 2013 | |
Convertible senior notes due February 1, 2019 at 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 | ' | 1.38% | ' |
Debt Conversion, Converted Instrument, Shares Issued | ' | ' | 36.5297 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 5,200,000 | ' | ' |
Earnings_Loss_Per_Share_Basic_
Earnings (Loss) Per Share (Basic and Diluted Loss Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Nov. 30, 2013 | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-12 | Feb. 29, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 |
Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | $28,116 | $27,278 | ($2,973) | ($12,458) | $7,724 | $3,261 | ($24,136) | ($45,802) | $39,963 | ($58,953) | ($178,768) |
Less: Distributed earnings allocated to nonvested restricted stock | ' | ' | ' | ' | ' | ' | ' | ' | -24 | 0 | 0 |
Less: Undistributed earnings allocated to nonvested restricted stock | ' | ' | ' | ' | ' | ' | ' | ' | 90 | 0 | 0 |
Numerator for basic earnings (loss) per share | ' | ' | ' | ' | ' | ' | ' | ' | 39,849 | -58,953 | -178,768 |
Interest expense and amortization of debt issuance costs associated with convertible senior notes, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | 2,230 | 0 | 0 |
Add: Undistributed earnings allocated to nonvested restricted stock | ' | ' | ' | ' | ' | ' | ' | ' | 90 | 0 | 0 |
Less: Undistributed earnings reallocated to nonvested restricted stock | ' | ' | ' | ' | ' | ' | ' | ' | -81 | 0 | 0 |
Numerator for diluted earnings (loss) per share | ' | ' | ' | ' | ' | ' | ' | ' | $42,088 | ($58,953) | ($178,768) |
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average shares outstanding b basic | ' | ' | ' | ' | ' | ' | ' | ' | 82,630 | 77,106 | 77,043 |
Share-based payments, shares | ' | ' | ' | ' | ' | ' | ' | ' | 1,885 | 0 | 0 |
Convertible senior notes, shares | ' | ' | ' | ' | ' | ' | ' | ' | 7,044 | 0 | 0 |
Weighted average shares outstanding b diluted | ' | ' | ' | ' | ' | ' | ' | ' | 91,559 | 77,106 | 77,043 |
Basic earnings (loss) per share, in dollars per share | $0.33 | $0.32 | ($0.04) | ($0.16) | $0.10 | $0.04 | ($0.31) | ($0.59) | $0.48 | ($0.76) | ($2.32) |
Diluted earnings (loss) per share, in dollars per share | $0.31 | $0.30 | ($0.04) | ($0.16) | $0.10 | $0.04 | ($0.31) | ($0.59) | $0.46 | ($0.76) | ($2.32) |
Receivables_Details
Receivables (Details) (USD $) | Nov. 30, 2013 | Nov. 30, 2012 |
Receivables [Abstract] | ' | ' |
Receivables | $75,749,000 | $64,821,000 |
Allowances for doubtful accounts | $20,300,000 | $21,300,000 |
Inventories_Details
Inventories (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | |||
Inventories | ' | ' | ' | |||
Homes under construction | $586,439 | $454,108 | ' | |||
Land under development | 1,066,916 | 567,470 | ' | |||
Land held for future development | 645,222 | 684,993 | ' | |||
Total | 2,298,577 | 1,706,571 | ' | |||
Interest Costs | ' | ' | ' | |||
Capitalized interest at beginning of year | 217,684 | [1] | 233,461 | [1] | 249,966 | |
Interest incurred | 149,101 | [2] | 132,657 | [2] | 112,037 | [2] |
Interest Expense | 62,690 | [2] | 69,804 | [2] | 49,204 | [2] |
Interest amortized to construction and land costs | -87,414 | -78,630 | -79,338 | |||
Capitalized interest at end of year | 216,681 | [1] | 217,684 | [1] | 233,461 | [1] |
Inventories (Textual) | ' | ' | ' | |||
Gain (loss) on early extinguishment of debt | ($10,448) | ($10,278) | $3,612 | |||
[1] | Inventory impairment charges are recognized against all inventory costs of a community, such as land acquisition, land development, cost of home construction and capitalized interest. Capitalized interest amounts presented in the table reflect the gross amount of capitalized interest as impairment charges recognized are not generally allocated to specific components of inventory. | |||||
[2] | Amounts for the years ended NovemberB 30, 2013 and 2012 included losses on the early extinguishment of debt of $10.4 million and $10.3 million, respectively. Amounts for the year ended NovemberB 30, 2011 included a gain on the early extinguishment of secured debt of $3.6 million |
Inventory_Impairments_and_Land2
Inventory Impairments and Land Option Contract Abandonments (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
Mar. 12, 2013 | Nov. 30, 2013 | Aug. 31, 2013 | 31-May-13 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-12 | Feb. 29, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | ||||
community | community | property | property | lot | ||||||||||
lot | lot | property | ||||||||||||
community | community | |||||||||||||
Inventory Impairments and Land Option Contract Abandonments (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Impairment of Long-Lived Assets Held-for-use | ' | $400,000 | ' | ' | $5,200,000 | $6,400,000 | $9,900,000 | $6,600,000 | $391,000 | $28,107,000 | $22,730,000 | |||
Number of land parcels or communities evaluated for recoverability | ' | ' | ' | ' | ' | ' | ' | ' | 67 | 135 | 138 | |||
Number of land parcels or communities associated with non cash inventory impairment charges | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 14 | 12 | |||
Post impairment fair value of land parcels or communities | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | 39,900,000 | ' | |||
Charges related to adjustment to the fair value of real estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,100,000 | |||
Aggregate carrying value of inventory impacted by pretax, noncash inventory impairment charges | ' | 293,100,000 | ' | ' | 307,200,000 | ' | ' | ' | 293,100,000 | 307,200,000 | ' | |||
Number of communities and various other land parcels impacted by pretax, noncash inventory impairment charges | ' | 42 | ' | ' | 46 | ' | ' | ' | 42 | 46 | ' | |||
Land option contract abandonment charges | 0 | 2,900,000 | 0 | 300,000 | 400,000 | ' | ' | ' | 3,190,000 | 426,000 | 3,061,000 | |||
Number of Lots on which abandonment charges are recognized | ' | ' | ' | ' | ' | ' | ' | ' | 295 | 446 | 830 | |||
Remaining useful life in addition to specified useful lives | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | |||
Specified period of remaining useful lives | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | |||
Expected realization period of inventory maximum | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | |||
Estimated Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Inventory Impairments and Land Option Contract Abandonments (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Post impairment fair value of land parcels or communities | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | 39,900,000 | 34,000,000 | |||
Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Discount Rate Used in Estimating Discounted Cash Flow [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Fair Value Estimate Input at Average Selling Price | ' | ' | ' | ' | ' | ' | ' | ' | 339,700 | [1] | 115,200 | [1] | 142,900 | [1] |
Fair Value Estimate Input at Sales for Period | ' | ' | ' | ' | ' | ' | ' | ' | 1 | [1] | 1 | [1] | 1 | [1] |
Fair Value Inputs, Discount Rate | ' | ' | ' | ' | ' | ' | ' | ' | 17.00% | [1] | 17.00% | [1] | 17.00% | [1] |
Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Discount Rate Used in Estimating Discounted Cash Flow [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Fair Value Estimate Input at Average Selling Price | ' | ' | ' | ' | ' | ' | ' | ' | $339,700 | [1] | $556,300 | [1] | $391,900 | [1] |
Fair Value Estimate Input at Sales for Period | ' | ' | ' | ' | ' | ' | ' | ' | 1 | [1] | 6 | [1] | 10 | [1] |
Fair Value Inputs, Discount Rate | ' | ' | ' | ' | ' | ' | ' | ' | 17.00% | [1] | 20.00% | [1] | 20.00% | [1] |
[1] | (a)The ranges of inputs used in each period primarily reflect the underlying variability among the housing markets where each of the impacted communities or land parcels are located, rather than fluctuations in prevailing market conditions. |
Variable_Interest_Entities_Det
Variable Interest Entities (Details) (USD $) | Nov. 30, 2013 | Nov. 30, 2012 |
Variable Interest Entity [Line Items] | ' | ' |
Cash Deposits | $41,565,000 | $25,682,000 |
Aggregate Purchase Price | 1,151,496,000 | 625,335,000 |
Preacquisition costs on land option contracts and other similar contracts | 31,000,000 | 25,400,000 |
Outstanding letters of credit | 100,000 | 500,000 |
Increase in inventories and accrued expenses and other liabilities | 8,900,000 | 4,100,000 |
Unconsolidated VIEs [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Cash Deposits | 11,063,000 | 8,463,000 |
Aggregate Purchase Price | 616,000,000 | 327,196,000 |
Other land option contracts and other similar contracts [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Cash Deposits | 30,502,000 | 17,219,000 |
Aggregate Purchase Price | $535,496,000 | $298,139,000 |
Investments_in_Unconsolidated_2
Investments in Unconsolidated Joint Ventures (Narrative) (Details) (USD $) | 12 Months Ended | ||
Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | |
joint_venture | acre | ||
joint_venture | |||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Loss on loan guaranty | $0 | $0 | ($30,765,000) |
Equity Method Investment, Other than Temporary Impairment | 0 | 0 | 53,727,000 |
Investments in unconsolidated joint ventures | 130,192,000 | 123,674,000 | ' |
Anticipated land to be acquired owned by unconsolidated joint venture in acre | ' | 600 | ' |
Number of investments in unconsolidated joint ventures | 9 | 8 | ' |
Investments in Unconsolidated Joint Ventures with Debt | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Number of investments in unconsolidated joint ventures | 0 | 0 | ' |
South Edge | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Net Payment Obligation | ' | ' | 251,900,000 |
Equity Method Investment, Other than Temporary Impairment | ' | ' | 53,700,000 |
Investments in Unconsolidated Joint Ventures with Inspirada Builders LLC | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Investments in unconsolidated joint ventures | $75,900,000 | $71,000,000 | ' |
Investments_in_Unconsolidated_3
Investments in Unconsolidated Joint Ventures (Condensed Information of Unconsolidated Joint Ventures) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 |
Statements of Operations of Unconsolidated Joint Ventures | ' | ' | ' |
Revenues | $17,446 | $31,772 | $230 |
Equity Method Investment, Summarized Financial Information, Cost of Sales | 10,709 | 21,467 | 54 |
Other expense, net | -4,042 | -2,009 | -4,506 |
Income (loss) | 2,695 | 8,296 | -4,330 |
Assets | ' | ' | ' |
Cash | 18,752 | 29,721 | ' |
Receivable | 4,902 | 6,104 | ' |
Inventories | 381,195 | 352,791 | ' |
Other assets | 1,183 | 1,175 | ' |
Total assets | 406,032 | 389,791 | ' |
Liabilities and equity | ' | ' | ' |
Accounts payable and other liabilities | 85,386 | 88,027 | ' |
Equity | 320,646 | 301,764 | ' |
Total liabilities and equity | $406,032 | $389,791 | ' |
Investments_in_Unconsolidated_4
Investments in Unconsolidated Joint Ventures (Additional Information for Investments in Unconsolidated Joint Ventures) (Details) (USD $) | 12 Months Ended | ||
Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | |
joint_venture | joint_venture | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Number of investments in unconsolidated joint ventures | 9 | 8 | ' |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $130,192,000 | $123,674,000 | ' |
Number of Unconsolidated Joint Venture Lots Controlled Under Land Option Contracts | 5,367 | 4,940 | ' |
Loss on loan guaranty | 0 | 0 | -30,765,000 |
South Edge | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Net Payment Obligation | ' | ' | $251,900,000 |
Investments in Unconsolidated Joint Ventures with Debt | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Number of investments in unconsolidated joint ventures | 0 | 0 | ' |
Other_Assets_Details
Other Assets (Details) (USD $) | Nov. 30, 2013 | Nov. 30, 2012 | Jan. 29, 2013 | ||
In Thousands, unless otherwise specified | Convertible senior notes due February 1, 2019 at 1.375% | ||||
Other Assets [Line Items] | ' | ' | ' | ||
Cash surrender value of insurance contracts | $68,534 | $64,757 | ' | ||
Property and equipment, net | 8,460 | 7,920 | ' | ||
Debt issuance costs | 27,366 | [1] | 14,563 | [1] | ' |
Prepaid expenses | 2,716 | 7,810 | ' | ||
Total | $107,076 | $95,050 | ' | ||
Senior notes, rate | ' | ' | 1.38% | ||
[1] | The increase in debt issuance costs as of November 30, 2013 compared to November 30, 2012 primarily reflected the costs associated with our underwritten public issuances of the 1.375% Convertible Senior Notes due 2019 and the 7.00% Senior Notes due 2021, and our entry into the Credit Facility during 2013. |
Accrued_Expenses_and_Other_Lia2
Accrued Expenses and Other Liabilities (Details) (USD $) | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | Nov. 30, 2010 |
In Thousands, unless otherwise specified | ||||
Payables and Accruals [Abstract] | ' | ' | ' | ' |
Self-Insurance and other litigation liabilities | $99,612 | $107,111 | ' | ' |
Employee compensation and related benefits | 99,332 | 97,189 | ' | ' |
Warranty liability | 48,704 | 47,822 | 67,693 | 93,988 |
Accrued interest payable | 45,562 | 47,392 | ' | ' |
Inventory-related liabilities | 29,517 | 11,674 | ' | ' |
Real estate and business taxes | 8,131 | 8,453 | ' | ' |
Other | 25,318 | 20,704 | ' | ' |
Total | $356,176 | $340,345 | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 |
Component of income tax benefit (expense) in the consolidated statement of operations | ' | ' | ' |
Current federal income tax benefit | $0 | $16,500 | $2,600 |
Current state income tax benefit (expense) | 1,600 | 3,600 | -200 |
Current income tax benefit | 1,600 | 20,100 | 2,400 |
Deferred federal income tax benefit | 0 | 0 | 0 |
Deferred state income tax benefit | 0 | 0 | 0 |
Deferred income tax benefit | 0 | 0 | 0 |
Federal income tax benefit | 0 | 16,500 | 2,600 |
State income tax benefit | 1,600 | 3,600 | -200 |
Income tax benefit | $1,600 | $20,100 | $2,400 |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | Nov. 30, 2013 | Nov. 30, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax liabilities | ' | ' |
Deferred Tax Liabilities, Deferred Expense, Capitalized Interest | $87,599 | $76,112 |
Deferred Tax Liability, State Taxes | 62,884 | 64,577 |
Deferred Tax Liabilities, Property, Plant and Equipment | 300 | 0 |
Other | 208 | 218 |
Total | 150,991 | 140,907 |
Deferred tax assets: | ' | ' |
Inventory impairments and land option contract abandonments | 110,745 | 132,099 |
NOL from 2006 through 2013 | 459,885 | 442,621 |
Warranty, legal and other accruals | 50,110 | 54,744 |
Employee benefits | 73,039 | 68,644 |
Partnerships and joint ventures | 122,081 | 132,851 |
Deferred Tax Assets, Property, Plant and Equipment | 0 | 7,467 |
Capitalized expenses | 9,359 | 6,646 |
Tax credits | 173,289 | 169,173 |
Deferred income | 656 | 668 |
Other | 11,267 | 6,107 |
Total | 1,010,431 | 1,021,020 |
Valuation allowance | -859,440 | -880,113 |
Total | 150,991 | 140,907 |
Net deferred tax assets | $0 | $0 |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 |
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 | ($13,427) | $27,672 | $63,397 |
Increase (decrease) resulting from | ' | ' | ' |
State taxes, net of federal income tax benefit | -1,947 | 9,948 | 4,691 |
Effective Income Tax Rate Reconciliation, Tax Contingency, Other, Amount | 1,808 | 9,146 | 1,161 |
Capitalized expenses | 0 | 7,960 | -3,501 |
Effective Income Tax Rate Reconciliation, Equity in Earnings (Losses) of Unconsolidated Subsidiary, Amount | 9,598 | -42,503 | -4,401 |
NOLs reconciliation | -3,806 | -5,345 | 715 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Amount | 2,827 | -59,401 | -1,852 |
Recognition of federal tax benefits | 1,600 | 17,650 | 2,600 |
Tax credits | 2,675 | 17,889 | 5,477 |
Valuation allowance for deferred tax assets | 20,673 | -32,286 | -76,747 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Depreciation, Amount | 4,523 | 2,482 | 0 |
Other, net | -112 | 174 | 4,380 |
Income tax benefit | 1,600 | 20,100 | 2,400 |
Reconciliation of the beginning and ending balances of the gross unrecognized benefits | ' | ' | ' |
Balance at beginning of year | 1,671 | 1,899 | 11,308 |
Additions for tax positions related to prior years | 0 | 0 | 5 |
Reductions for tax positions related to prior years | 0 | -165 | 0 |
Reductions due to lapse of statute of limitations | -1,465 | -63 | -2,476 |
Reductions due to resolution of federal and state audits | 0 | 0 | -6,938 |
Balance at the end of year | $206 | $1,671 | $1,899 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 12 Months Ended | ||
Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | |
Income Tax Contingency [Line Items] | ' | ' | ' |
Accumulated Deferred Investment Tax Credit | $7,800,000 | ' | ' |
Income Taxes (Textual) [Abstract] | ' | ' | ' |
Income tax benefit | 1,600,000 | 20,100,000 | 2,400,000 |
Income Taxes Receivable, Current | 1,400,000 | ' | ' |
Provision for deferred income taxes | 0 | 1,152,000 | 0 |
Deferred Tax Assets, Net | 0 | 0 | ' |
Reversal of liability for Unrecognized tax benefits | 1,000,000 | ' | 2,600,000 |
State and Local Income Tax Expense (Benefit), Continuing Operations | 800,000 | ' | ' |
Net Increase in valuation allowance recorded against net deferred tax assets | 20,700,000 | -32,300,000 | -76,700,000 |
Period for Carry forward of tax benefits related to deferred tax assets | '20 years | ' | ' |
Deferred tax assets, operating loss carryforwards, federal | 329,000,000 | ' | ' |
Deferred tax assets, operating loss carryforwards, state and local | 130,900,000 | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards, State and Local, Expired | 3,500,000 | ' | ' |
Deferred Tax Assets, Tax Credit Carryforwards | 84,400,000 | ' | ' |
Valuation allowance | -859,440,000 | -880,113,000 | ' |
Unrecognized tax benefits that if recognized would affect the Company's annual effective tax rate | 300,000 | 1,300,000 | 1,800,000 |
Total accrued interest and penalties related to unrecognized income tax benefits | 300,000 | 600,000 | ' |
Uncertain tax positions | 200,000 | 1,000,000 | ' |
Income taxes refunded | 61,000 | 22,342,000 | 213,000 |
Valuation allowance against net deferred tax assets | 859,440,000 | 880,113,000 | ' |
Total deferred tax assets | 150,991,000 | 140,907,000 | ' |
Unrecognized Tax Benefits | 500,000 | ' | ' |
Maximum | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' |
Anticipated Decrease in unrecognized tax benefit during 12 months following current reporting date | 300,000 | ' | ' |
Income Taxes (Textual) [Abstract] | ' | ' | ' |
Minimum expiration period for state NOLs | '2033 | ' | ' |
Tax Credit Expiration Date Minimum | '2033 | ' | ' |
Minimum | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' |
Anticipated Decrease in unrecognized tax benefit during 12 months following current reporting date | 100,000 | ' | ' |
Income Taxes (Textual) [Abstract] | ' | ' | ' |
Minimum expiration period for state NOLs | '2014 | ' | ' |
Tax Credit Expiration Date Minimum | '2015 | ' | ' |
Investment Tax Credit Carryforward, Expiration in 2026 [Member] | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' |
Accumulated Deferred Investment Tax Credit | 7,000,000 | ' | ' |
Investment Tax Credit Carryforward, Expiration in 2027 [Member] | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' |
Accumulated Deferred Investment Tax Credit | $800,000 | ' | ' |
Mortgages_and_Notes_Payable_Sc
Mortgages and Notes Payable (Schedule of Mortages and Notes Payable) (Details) (USD $) | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2013 | Jan. 29, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2012 | Nov. 30, 2012 | Jul. 31, 2012 | Feb. 07, 2012 | Oct. 29, 2013 | Nov. 30, 2013 | Nov. 30, 2012 | Jan. 28, 2004 | Oct. 29, 2013 | Nov. 30, 2013 | Nov. 30, 2012 | Dec. 15, 2004 | Oct. 29, 2013 | Nov. 30, 2013 | Nov. 30, 2012 | Jun. 02, 2005 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Apr. 03, 2006 | Nov. 30, 2013 | Nov. 30, 2012 | Feb. 07, 2012 | Nov. 30, 2013 | Oct. 29, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Jul. 31, 2012 | Jan. 29, 2013 | Nov. 30, 2013 | Nov. 30, 2012 |
Senior notes due February 1, 2014 at 5 3/4% | Senior notes due January 15, 2015 at 5 7/8% | Convertible senior notes due February 1, 2019 at 1.375% | Convertible Senior Notes Due Two Thousand Nineteen At One Point Three Seven Five Percent [Member] | 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) | 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) | 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) | 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) | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Convertible Notes Payable [Member] | Convertible Notes Payable [Member] | Convertible Notes Payable [Member] | |||
Minimum | Maximum | Senior notes due February 1, 2014 at 5 3/4% | Senior notes due February 1, 2014 at 5 3/4% | Senior notes due February 1, 2014 at 5 3/4% | Senior notes due February 1, 2014 at 5 3/4% | Senior notes due January 15, 2015 at 5 7/8% | Senior notes due January 15, 2015 at 5 7/8% | Senior notes due January 15, 2015 at 5 7/8% | Senior notes due January 15, 2015 at 5 7/8% | Senior notes due June 15, 2015 at 6 1/4% | Senior notes due June 15, 2015 at 6 1/4% | Senior notes due June 15, 2015 at 6 1/4% | Senior notes due June 15, 2015 at 6 1/4% | Senior notes due September 15, 2017 at 9.10% | Senior notes due September 15, 2017 at 9.10% | Senior notes due June 15, 2018 at 7 1/4% | Senior notes due June 15, 2018 at 7 1/4% | Senior notes due June 15, 2018 at 7 1/4% | Senior notes due March 15, 2020 at 8.00% | Senior notes due March 15, 2020 at 8.00% | Senior notes due March 15, 2020 at 8.00% | Senior notes due December 15, 2021 at 7.00% | Senior notes due December 15, 2021 at 7.00% | Senior notes due December 15, 2021 at 7.00% | Senior notes due September 15, 2022 at 7.50% | Senior notes due September 15, 2022 at 7.50% | Senior notes due September 15, 2022 at 7.50% | Convertible senior notes due February 1, 2019 at 1.375% | Convertible senior notes due February 1, 2019 at 1.375% | Convertible senior notes due February 1, 2019 at 1.375% | |||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Convertible Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $222,700,000 | ' | ' |
Extinguishment of Debt, Amount | ' | ' | 56,300,000 | 11,000,000 | ' | ' | ' | ' | ' | ' | 244,900,000 | 340,000,000 | 19,700,000 | ' | ' | ' | 91,100,000 | ' | ' | ' | 37,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes, rate | ' | ' | ' | ' | 1.38% | 1.38% | 7.00% | ' | 6.00% | 7.00% | ' | ' | ' | 5.75% | 5.75% | 5.75% | ' | 5.88% | 5.88% | 5.88% | ' | 6.25% | 6.25% | 6.25% | ' | ' | 7.25% | 7.25% | 7.25% | 8.00% | 8.00% | 8.00% | 7.00% | 7.00% | ' | 7.50% | 7.50% | 7.50% | ' | ' | ' |
Mortgages and notes payable | $2,150,498,000 | $1,722,815,000 | ' | ' | ' | ' | $13,615,000 | $52,311,000 | ' | ' | ' | ' | ' | $0 | $75,911,000 | ' | ' | $0 | $101,999,000 | ' | ' | $199,864,000 | $236,826,000 | ' | $262,048,000 | $261,430,000 | $299,261,000 | $299,129,000 | ' | $345,710,000 | $345,209,000 | ' | $450,000,000 | ' | $0 | $350,000,000 | $350,000,000 | ' | ' | $230,000,000 | $0 |
Mortgages_and_Notes_Payable_Na
Mortgages and Notes Payable (Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||||||||||||||||||||||||||
Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | Nov. 30, 2013 | Nov. 30, 2013 | Oct. 29, 2013 | Jan. 29, 2013 | Jul. 31, 2012 | Feb. 07, 2012 | Nov. 30, 2013 | Aug. 31, 2012 | Feb. 29, 2012 | Oct. 29, 2013 | Nov. 30, 2013 | Nov. 30, 2012 | Jan. 28, 2004 | Oct. 29, 2013 | Nov. 30, 2013 | Nov. 30, 2012 | Dec. 15, 2004 | Oct. 29, 2013 | Nov. 30, 2013 | Nov. 30, 2012 | Jun. 27, 2005 | Jun. 02, 2005 | Nov. 30, 2013 | Nov. 30, 2012 | Jul. 31, 2012 | Nov. 30, 2013 | Oct. 29, 2013 | Nov. 30, 2013 | Nov. 30, 2012 | Jul. 30, 2009 | Nov. 30, 2011 | Nov. 30, 2009 | Jun. 30, 2004 | Nov. 30, 2013 | Nov. 30, 2012 | Apr. 03, 2006 | Nov. 30, 2013 | Nov. 30, 2012 | Feb. 07, 2012 | Jan. 29, 2013 | Nov. 30, 2013 | Aug. 31, 2013 | Mar. 12, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Mar. 12, 2013 | Mar. 12, 2013 | Mar. 12, 2013 | |
Senior notes due February 1, 2014 at 5 3/4% | Senior notes due January 15, 2015 at 5 7/8% | Senior notes due December 15, 2021 at 7.00% | Convertible senior notes due February 1, 2019 at 1.375% | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Convertible Notes Payable [Member] | Convertible Notes Payable [Member] | Convertible Notes Payable [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Letter of Credit [Member] | Letter of Credit [Member] | Minimum | Maximum | ||||
Senior notes due February 1, 2014 at 5 3/4% | Senior notes due February 1, 2014 at 5 3/4% | Senior notes due February 1, 2014 at 5 3/4% | Senior notes due February 1, 2014 at 5 3/4% | Senior notes due January 15, 2015 at 5 7/8% | Senior notes due January 15, 2015 at 5 7/8% | Senior notes due January 15, 2015 at 5 7/8% | Senior notes due January 15, 2015 at 5 7/8% | Senior notes due June 15, 2015 at 6 1/4% | Senior notes due June 15, 2015 at 6 1/4% | Senior notes due June 15, 2015 at 6 1/4% | Senior notes due June 15, 2015 at 6 1/4% | Senior notes due June 15, 2015 at 6 1/4% | Senior notes due September 15, 2022 at 7.50% | Senior notes due September 15, 2022 at 7.50% | Senior notes due September 15, 2022 at 7.50% | Senior notes due December 15, 2021 at 7.00% | Senior notes due December 15, 2021 at 7.00% | Senior notes due September 15, 2017 at 9.10% | Senior notes due September 15, 2017 at 9.10% | Senior notes due September 15, 2017 at 9.10% | Senior notes due 2011 at 6 3/8% | Senior notes due 2011 at 6 3/8% | Senior notes due 2011 at 6 3/8% | Senior notes due June 15, 2018 at 7 1/4% | Senior notes due June 15, 2018 at 7 1/4% | Senior notes due June 15, 2018 at 7 1/4% | Senior notes due March 15, 2020 at 8.00% | Senior notes due March 15, 2020 at 8.00% | Senior notes due March 15, 2020 at 8.00% | Convertible senior notes due February 1, 2019 at 1.375% | Convertible senior notes due February 1, 2019 at 1.375% | Convertible senior notes due February 1, 2019 at 1.375% | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | |||||||||||||||||
Rate | Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Expiration Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12-Mar-16 | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000,000 | ' | ' | $100,000,000 | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 0.75% |
Line of Credit Facility, Amount Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | 100,000,000 | ' | ' | ' |
Line of Credit Facility, Significant Subsidiary Threshold, Percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' |
Line of Credit Facility, Non Guarantor Subsidiary Threshold, Percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' |
Ownership share in guarantor subsidiaries | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incremental Common Shares Attributable to Conversion of Debt Securities | 7,044,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,401,831 | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Principal Amount in Relation to Redemption Value of Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' |
Percentage of Principal Amount for Purchase of Notes if Fundamental Change | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | 41,500,000 | 41,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) on early extinguishment of debt | 10,448,000 | 10,278,000 | -3,612,000 | ' | ' | ' | ' | ' | ' | -10,400,000 | 8,300,000 | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Primarily inventories carrying value | 37,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | ' | 300,000,000 | ' | ' | ' | 150,000,000 | 300,000,000 | ' | ' | 350,000,000 | ' | 450,000,000 | ' | ' | 265,000,000 | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | 350,000,000 | 230,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Extinguishment of Debt, Amount | ' | ' | ' | 56,300,000 | 11,000,000 | ' | ' | 244,900,000 | 340,000,000 | ' | ' | ' | 19,700,000 | ' | ' | ' | 91,100,000 | ' | ' | ' | 37,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes, rate | ' | ' | ' | ' | ' | ' | 1.38% | ' | ' | ' | ' | ' | ' | 5.75% | 5.75% | 5.75% | ' | 5.88% | 5.88% | 5.88% | ' | 6.25% | 6.25% | ' | 6.25% | 7.50% | 7.50% | 7.50% | 7.00% | 7.00% | 9.10% | 9.10% | 9.10% | ' | ' | 6.38% | 7.25% | 7.25% | 7.25% | 8.00% | 8.00% | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Early Repayment of Senior Debt | ' | ' | ' | ' | ' | 225,400,000 | ' | 252,200,000 | 340,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of principal amount in relation to issued value of senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.47% | ' | ' | ' | 99.36% | ' | ' | ' | 100.61% | 99.53% | ' | ' | 100.00% | ' | 100.00% | ' | ' | 98.01% | ' | ' | ' | ' | ' | 99.49% | ' | ' | 98.52% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of principal amount for purchase of notes if change in control | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.00% | ' | ' | ' | ' | ' | ' |
Debt Conversion, Converted Instrument, Shares Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36.5297 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Convertible, Conversion Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $27.37 | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion Price Premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Share Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $18.62 | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Convertible Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 222,700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal payments on senior notes, mortgages and land contracts due to land sellers and other loans due 2013 | 8,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal payments on senior notes, mortgages and land contracts due to land sellers and other loans due 2014 | 204,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal payments on senior notes, mortgages and land contracts due to land sellers and other loans due 2015 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal payments on senior notes, mortgages and land contracts due to land sellers and other loans due 2016 | 262,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal payments on senior notes, mortgages and land contracts due to land sellers and other loans due 2017 | 299,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal payments on senior notes, mortgages and land contracts due to land sellers and other loans due thereafter | $1,380,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Disclosures_Details
Fair Value Disclosures (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Post Impairment Fair Value | $1,100 | $39,900 |
Level 3 | Fair Value, Measurements, Nonrecurring | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Post Impairment Fair Value | $1,143 | $39,851 |
Fair_Value_Disclosures_Details1
Fair Value Disclosures (Details 1) (USD $) | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Jun. 30, 2004 | Nov. 30, 2013 | Nov. 30, 2012 | Jan. 28, 2004 | Nov. 30, 2013 | Nov. 30, 2012 | Dec. 15, 2004 | Nov. 30, 2013 | Nov. 30, 2012 | Jun. 02, 2005 | Nov. 30, 2013 | Nov. 30, 2012 | Jul. 30, 2009 | Nov. 30, 2013 | Nov. 30, 2012 | Apr. 03, 2006 | Nov. 30, 2013 | Nov. 30, 2012 | Feb. 07, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Jul. 31, 2012 | Nov. 30, 2013 | Oct. 29, 2013 |
In Thousands, unless otherwise specified | Convertible Senior Notes Due Two Thousand Nineteen At One Point Three Seven Five Percent [Member] | Carrying Value | Carrying Value | Estimated Fair Value | Estimated Fair Value | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] |
Level 2 | Level 2 | Level 2 | Level 2 | Senior notes due 2011 at 6 3/8% | Senior notes due February 1, 2014 at 5 3/4% | Senior notes due February 1, 2014 at 5 3/4% | Senior notes due February 1, 2014 at 5 3/4% | Senior notes due January 15, 2015 at 5 7/8% | Senior notes due January 15, 2015 at 5 7/8% | Senior notes due January 15, 2015 at 5 7/8% | Senior notes due June 15, 2015 at 6 1/4% | Senior notes due June 15, 2015 at 6 1/4% | Senior notes due June 15, 2015 at 6 1/4% | Senior notes due September 15, 2017 at 9.10% | Senior notes due September 15, 2017 at 9.10% | Senior notes due September 15, 2017 at 9.10% | Senior notes due June 15, 2018 at 7 1/4% | Senior notes due June 15, 2018 at 7 1/4% | Senior notes due June 15, 2018 at 7 1/4% | Senior notes due March 15, 2020 at 8.00% | Senior notes due March 15, 2020 at 8.00% | Senior notes due March 15, 2020 at 8.00% | Senior notes due September 15, 2022 at 7.50% | Senior notes due September 15, 2022 at 7.50% | Senior notes due September 15, 2022 at 7.50% | Senior notes due December 15, 2021 at 7.00% | Senior notes due December 15, 2021 at 7.00% | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Fair Value | ' | $1,906,883 | $1,670,504 | $2,069,325 | $1,831,596 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes, rate | 1.38% | ' | ' | ' | ' | 6.38% | 5.75% | 5.75% | 5.75% | 5.88% | 5.88% | 5.88% | 6.25% | 6.25% | 6.25% | 9.10% | 9.10% | 9.10% | 7.25% | 7.25% | 7.25% | 8.00% | 8.00% | 8.00% | 7.50% | 7.50% | 7.50% | 7.00% | 7.00% |
Convertible Debt, Fair Value Disclosures | ' | $230,000 | $0 | $224,825 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Disclosures_Details2
Fair Value Disclosures (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | ||||||
Nov. 30, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-12 | Feb. 29, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | |
Fair Value Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Long-lived assets held and used, Carrying Value | $1,500,000 | $68,000,000 | ' | ' | ' | $1,500,000 | $68,000,000 | ' |
Post impairment fair value of land parcels or communities | ' | ' | ' | ' | ' | 1,100,000 | 39,900,000 | ' |
Impairment of Long-Lived Assets Held-for-use | $400,000 | $5,200,000 | $6,400,000 | $9,900,000 | $6,600,000 | $391,000 | $28,107,000 | $22,730,000 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | 31-May-12 | Aug. 31, 2011 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | Nov. 30, 2010 | Nov. 30, 2013 | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | |||
Water Intrusion [Member] | Water Intrusion [Member] | Water Intrusion [Member] | Water Intrusion [Member] | Water Intrusion [Member] | Water Intrusion [Member] | ||||||||||
Changes in the Company's warranty liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Balance at beginning of year | ' | ' | $47,822 | $67,693 | $93,988 | ' | ' | ' | ' | ' | ' | ' | |||
Warranties issued | ' | ' | 14,261 | [1] | 8,416 | [1] | 4,852 | [1] | ' | ' | ' | ' | ' | ' | ' |
Payments | ' | ' | -45,338 | -19,701 | -25,024 | ' | ' | ' | ' | ' | ' | -32,700 | |||
Adjustments | -11,200 | -7,400 | 31,959 | [2] | -8,586 | [2] | -6,123 | [2] | ' | 8,500 | 5,900 | 15,900 | 1,600 | 2,600 | ' |
Balance at end of year | ' | ' | 48,704 | 47,822 | 67,693 | ' | ' | ' | ' | ' | ' | ' | |||
Self Insurance Reserve | ' | ' | 92,214 | 93,349 | 94,823 | 95,665 | ' | ' | ' | ' | ' | ' | |||
Expenses Associated with Self Insurance | ' | ' | 8,239 | [3] | 7,894 | [3] | 7,220 | [3] | ' | ' | ' | ' | ' | ' | ' |
Payments, Net of Recoveries for Self Insurance | ' | ' | -9,374 | [4] | -10,168 | [4] | -8,062 | [4] | ' | ' | ' | ' | ' | ' | ' |
Adjustments in Self Insurance Reserve | ' | ' | $0 | $800 | $0 | ' | ' | ' | ' | ' | ' | ' | |||
[1] | (a)The year-over-year increase in the expense associated with warranties issued in 2013 and 2012 reflected higher housing revenues in each of those years. Additionally, in 2013, we increased the warranty accrual rate per home based on our historical claims experience. | ||||||||||||||
[2] | (b)Adjustments in 2013 were comprised of charges associated with water intrusion-related issues in central and southwest Florida, while in 2012, favorable warranty adjustments were partly offset by such water intrusion-related charges. In 2011, favorable warranty adjustments were partly offset by the impact of our consolidation of a previously unconsolidated joint venture. | ||||||||||||||
[3] | a)These expenses are included in selling, general and administrative expenses and largely offset by contributions from subcontractors participating in the wrap-up policy. | ||||||||||||||
[4] | (b)Recoveries are reflected at the time we receive funds from subcontractors and/or their insurers. |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Aug. 31, 2013 | 31-May-12 | Aug. 31, 2011 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | Nov. 30, 2010 | Nov. 30, 2013 | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | 31-May-13 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | ||||
Water Intrusion [Member] | Water Intrusion [Member] | Water Intrusion [Member] | Water Intrusion [Member] | Water Intrusion [Member] | Water Intrusion [Member] | Damages from Product Defects [Member] | Damages from Product Defects [Member] | Damages from Product Defects [Member] | Damages from Product Defects [Member] | FLORIDA | Class Action Lawsuits [Member] | Florida lawsuit [Member] | |||||||||||
community | community | Damages from Product Defects [Member] | Damages from Product Defects [Member] | Damages from Product Defects [Member] | |||||||||||||||||||
Home | Home | Lawsuit | Lawsuit | Lawsuit | |||||||||||||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Minimum warranty on electrical and other building systems | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Product Liability Accrual, Component Amount | ' | ' | ' | ' | ' | ' | ' | $28,900,000 | ' | ' | ' | ' | $28,900,000 | ' | ' | ' | ' | ' | ' | ' | |||
Number of Affected Homes | ' | ' | ' | ' | ' | ' | ' | 1,464 | ' | ' | ' | ' | 1,464 | ' | ' | ' | ' | ' | ' | ' | |||
Accumulated Number of affected homes on which repairs were resolved. | ' | ' | ' | ' | ' | ' | ' | 754 | ' | ' | ' | ' | 754 | ' | ' | ' | ' | ' | ' | ' | |||
Number of Affected Homes, Period Increase (Decrease) | ' | ' | ' | ' | ' | ' | ' | 687 | ' | ' | ' | ' | 687 | ' | ' | ' | ' | ' | ' | ' | |||
Standard Product Warranty Accrual, Payments | ' | ' | ' | 45,338,000 | 19,701,000 | 25,024,000 | ' | ' | ' | ' | ' | ' | 32,700,000 | ' | 500,000 | 2,900,000 | 13,700,000 | ' | ' | ' | |||
Cummulative Payments Made as Repair Costs for Affected Homes | ' | ' | ' | ' | ' | ' | ' | 36,700,000 | ' | ' | ' | ' | 36,700,000 | ' | ' | ' | ' | ' | ' | ' | |||
Estimated Repair Costs for Affected Homes | ' | ' | ' | ' | ' | ' | ' | 65,600,000 | ' | ' | ' | ' | 65,600,000 | ' | ' | ' | ' | ' | ' | ' | |||
Number of Affected Attached Home Communities | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | |||
Number of Affected Communities | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | |||
Product Liability Contingency, Loss Exposure Not Accrued, Best Estimate | ' | ' | ' | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Number of lawsuits in which company is a defendant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 | 2 | |||
Payments for Legal Settlements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | |||
Maximum Warranty on Electrical Heating Cooling Plumbing and Other Building Systems | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
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 | ' | ' | ' | 48,704,000 | 47,822,000 | 67,693,000 | 93,988,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Insurance Recoveries | 16,500,000 | 10,000,000 | ' | ' | 26,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Company's estimated liabilities for construction defect | ' | ' | ' | 92,214,000 | 93,349,000 | 94,823,000 | 95,665,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Expenses associated with self-insurance | ' | ' | ' | 8,239,000 | [1] | 7,894,000 | [1] | 7,220,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product Warranty Accrual, Preexisting, Increase (Decrease) | ' | 11,200,000 | 7,400,000 | -31,959,000 | [2] | 8,586,000 | [2] | 6,123,000 | [2] | ' | -8,500,000 | -5,900,000 | -15,900,000 | -1,600,000 | -2,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Performance bonds | ' | ' | ' | 410,800,000 | 286,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Letters of Credit Outstanding, Amount | ' | ' | ' | 41,500,000 | 41,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Deposits under Land Option and Other Similar Contracts | ' | ' | ' | 41,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Non refundable deposits related to land option and other similar contracts | ' | ' | ' | 41,565,000 | 25,682,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Letters of credit | ' | ' | ' | 100,000 | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Aggregate Purchase Price Associated with Land Option and Other Similar Contracts | ' | ' | ' | $1,151,496,000 | $625,335,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
[1] | a)These expenses are included in selling, general and administrative expenses and largely offset by contributions from subcontractors participating in the wrap-up policy. | ||||||||||||||||||||||
[2] | (b)Adjustments in 2013 were comprised of charges associated with water intrusion-related issues in central and southwest Florida, while in 2012, favorable warranty adjustments were partly offset by such water intrusion-related charges. In 2011, favorable warranty adjustments were partly offset by the impact of our consolidation of a previously unconsolidated joint venture. |
Commitments_and_Contingencies_3
Commitments and Contingencies Commitments and Contingencies (Schedule of Future Minimum Rental Payments for Operating Leases) (Details) (USD $) | 12 Months Ended | ||
Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | |
Operating Leased Assets [Line Items] | ' | ' | ' |
2013 | $7,158,000 | ' | ' |
2014 | 5,276,000 | ' | ' |
2015 | 3,224,000 | ' | ' |
2016 | 1,649,000 | ' | ' |
2017 | 1,098,000 | ' | ' |
Thereafter | 387,000 | ' | ' |
Total Minimum Lease Payments | 18,792,000 | ' | ' |
Rental expense on operating leases | $6,500,000 | $5,500,000 | $6,700,000 |
Minimum | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Noncancelable operating leases, term | '3 years | ' | ' |
Maximum | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Noncancelable operating leases, term | '5 years | ' | ' |
Noncancelable operating leases, renewal term | '5 years | ' | ' |
Legal_Matters_Details
Legal Matters (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Nov. 30, 2013 | Dec. 31, 2007 | Sep. 14, 2012 | Jun. 04, 2012 | Dec. 27, 2011 | Nov. 30, 2013 | 31-May-13 | 31-May-12 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | |
Nevada Development Contract Litigation | Nevada Development Contract Litigation | Estancia Coastal Litigation [Member] | Estancia Coastal Litigation [Member] | Estancia Coastal Litigation [Member] | Estancia Coastal Litigation [Member] | Estancia Coastal Litigation [Member] | Estancia Coastal Litigation [Member] | Estancia Coastal Litigation [Member] | Estancia Coastal Litigation [Member] | FLORIDA | |
acre | Damages from Product Defects [Member] | ||||||||||
Lawsuit | |||||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Pending Claims, Number | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 |
Acres of purchased land by LVDA | ' | 83 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected compensatory damages | $55,000,000 | ' | ' | ' | $9,800,000 | ' | ' | ' | ' | ' | ' |
Loss Contingency, Range of Possible Loss, Minimum | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Court judgement in favor of plaintiff in the amount | ' | ' | 1,400,000 | 9,200,000 | ' | ' | ' | ' | ' | ' | ' |
Pre-judgment interest to be paid in litigation settlement | ' | ' | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency Accrual, Carrying Value, Period Increase (Decrease) | ' | ' | ' | ' | ' | 8,200,000 | ' | -8,800,000 | -1,200,000 | -8,800,000 | ' |
Loss Contingency Accrual, Payments | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' |
Loss Contingency Accrual | ' | ' | ' | ' | ' | $1,700,000 | ' | ' | $1,700,000 | $11,700,000 | ' |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, except Share data, unless otherwise specified | Jan. 29, 2013 | Nov. 30, 2013 | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-12 | Feb. 29, 2012 | Nov. 30, 2011 | Aug. 31, 2011 | 31-May-11 | Feb. 28, 2011 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | Jul. 18, 2013 |
Director Stock Units [Domain] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 481,554 |
Authorized repurchase of common stock | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | 482,000 |
Common Stock, Shares, Issued | ' | 115,296,395 | ' | ' | ' | 115,178,187 | ' | ' | ' | ' | ' | ' | ' | 115,296,395 | 115,178,187 | ' | 478,294 |
Treasury Stock, Value | ' | $718,565 | ' | ' | ' | $934,136 | ' | ' | ' | ' | ' | ' | ' | $718,565 | $934,136 | ' | $7,900 |
Stockholder's Equity (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Capital Shares Reserved for Future Issuance | ' | 12,602,735 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,602,735 | ' | ' | ' |
Number of shares that can be purchased by exercising each right | ' | 0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.01 | ' | ' | ' |
Purchase price for right holders | ' | $85 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $85 | ' | ' | ' |
Exercisable options available | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' earlier of (a)B 10 calendar days after a public announcement by us that a person or group has become an Acquiring Person (as defined under the 2009 Rights Agreement) and (b)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. | ' | ' | ' |
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 | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | 6,325,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, par value, in dollars | $1 | $1 | ' | ' | ' | $1 | ' | ' | ' | ' | ' | ' | ' | $1 | $1 | ' | ' |
Treasury Stock Acquired, Average Cost Per Share | $18.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Treasury Stock Reissued | 6,325,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options under which right issued pursuant to the 2009 rights Agreement will expire | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'earliest of (a)B the close of business on MarchB 5, 2019, (b)B the time at which the rights are redeemed, (c)B the time at which the rights are exchanged, (d)B 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)B 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. At our annual meeting of stockholders on AprilB 2, 2009, our stockholders approved the 2009 Rights Agreement. | ' | ' | ' |
Cash dividend declared per share | ' | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | ' | ' | ' | ' |
Repurchases of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8,488 | -1,799 | 0 | ' |
Proceeds from Issuance or Sale of Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $109,503 | $0 | $0 | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Changes in the balances of each component of accumulated other comprehensive loss) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | |||
Beginning Balance | ($27,958) | ' | ' | |||
Other comprehensive loss before reclassifications | 7,083 | -4,765 | -5,646 | |||
Amounts reclassified from accumulated other comprehensive loss | 3,359 | [1] | 2,959 | [1] | 2,151 | [1] |
Other comprehensive income (loss) | 10,442 | -1,806 | -3,495 | |||
Ending Balance | -17,516 | -27,958 | ' | |||
Accumulated Define Benefit Plans Adjustment Member | ' | ' | ' | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | |||
Beginning Balance | -27,958 | -26,152 | ' | |||
Other comprehensive loss before reclassifications | 7,083 | -4,765 | ' | |||
Amounts reclassified from accumulated other comprehensive loss | 3,359 | 2,959 | ' | |||
Other comprehensive income (loss) | 10,442 | -1,806 | ' | |||
Ending Balance | ($17,516) | ($27,958) | ' | |||
[1] | (a)The accumulated other comprehensive loss components are included in the computation of net periodic benefit costs as further discussed in Note 20. Postretirement Benefits. |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Loss (Amounts reclassified from accumulated other comprehensive loss) (Details) (USD $) | 12 Months Ended | |||||
Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | ||||
Equity [Abstract] | ' | ' | ' | |||
Defined Benefit Plan, Future Amortization of Gain (Loss) | $400,000 | ' | ' | |||
Amortization of net actuarial loss | 1,803,000 | 1,403,000 | 595,000 | |||
Amortization of prior service cost | 1,556,000 | 1,556,000 | 1,556,000 | |||
Total reclassifications (a) | 3,359,000 | [1] | 2,959,000 | [1] | 2,151,000 | [1] |
Defined Benefit Plan, Future Amortization of Prior Service Cost (Credit) | $1,600,000 | ' | ' | |||
[1] | (a)The accumulated other comprehensive loss components are included in the computation of net periodic benefit costs as further discussed in Note 20. Postretirement Benefits. |
Employee_Benefit_and_Stock_Pla2
Employee Benefit and Stock Plans (Details) (USD $) | 12 Months Ended | ||
Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | |
Stock option transactions | ' | ' | ' |
Options outstanding at beginning of year, Options | 10,105,546 | 10,160,396 | 8,798,613 |
Options outstanding at beginning of year, Weighted Average Exercise Price in dollars per share | $21.27 | $21.27 | $24.19 |
Granted, Options | 550,000 | 30,000 | 1,716,000 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price in dollars per share | $16.63 | $9.08 | $6.36 |
Exercised, Shares | -118,208 | -7,494 | 0 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price in dollars per share | $13.46 | $13.93 | $0 |
Cancelled, Options | -5,400 | -77,356 | -354,217 |
Cancelled, Weighted Average Exercise Price in dollars per share | $24.24 | $17.96 | $21.47 |
Options outstanding at end of year, Options | 10,531,938 | 10,105,546 | 10,160,396 |
Options outstanding at end of year, Weighted Average Exercise Price in dollars per share | $21.11 | $21.27 | $21.27 |
Options exercisable at end of year, Options | 9,414,935 | 8,533,224 | 7,142,568 |
Options exercisable at end of period, Weighted Average Exercise Price in dollars per share | $22.26 | $23.76 | $26.43 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 746,043 | 1,721,847 | 2,477,219 |
Performance Based Incentive Plan for Senior Management [Domain] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share Based payments award terms of Award | '15 years | ' | ' |
1988 Employee Stock Plan | ' | ' | ' |
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 | 385,049 | 227,049 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 158,000 | 227,049 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $16.63 | $16.23 | ' |
Weighted average per share grant date fair value in dollars per share | $16.39 | $16.23 | $0 |
Employee_Benefit_and_Stock_Pla3
Employee Benefit and Stock Plans (Details 1) (USD $) | 12 Months Ended | |
Nov. 30, 2013 | Nov. 30, 2012 | |
$ 6.32 to $10.54 | ' | ' |
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 | $10.54 | ' |
Options Outstanding, Options | 1,693,165 | ' |
Options Outstanding, Weighted Average Exercise Price in dollars per share | $6.43 | ' |
Options Outstanding, Weighted Average Remaining Contractual Life | '7 years 8 months 31 days | ' |
Options Exercisable, Options | 1,126,162 | ' |
Options Exercisable, Weighted Average Exercise Price in dollars per share | $6.42 | ' |
$10.55 to $14.96 | ' | ' |
Stock options outstanding and stock options exercisable | ' | ' |
Range of Exercise Price in dollars per share, Minimum | $10.55 | ' |
Range of Exercise Price in dollars per share, Maximum | $14.96 | ' |
Options Outstanding, Options | 1,968,424 | ' |
Options Outstanding, Weighted Average Exercise Price in dollars per share | $12.09 | ' |
Options Outstanding, Weighted Average Remaining Contractual Life | '5 years 6 months 31 days | ' |
Options Exercisable, Options | 1,968,424 | ' |
Options Exercisable, Weighted Average Exercise Price in dollars per share | $12.09 | ' |
$14.97 to $20.08 | ' | ' |
Stock options outstanding and stock options exercisable | ' | ' |
Range of Exercise Price in dollars per share, Minimum | $14.97 | ' |
Range of Exercise Price in dollars per share, Maximum | $20.08 | ' |
Options Outstanding, Options | 2,717,523 | ' |
Options Outstanding, Weighted Average Exercise Price in dollars per share | $17.47 | ' |
Options Outstanding, Weighted Average Remaining Contractual Life | '6 years 2 months 1 day | ' |
Options Exercisable, Options | 2,167,523 | ' |
Options Exercisable, Weighted Average Exercise Price in dollars per share | $17.68 | ' |
$20.09 to $33.92 | ' | ' |
Stock options outstanding and stock options exercisable | ' | ' |
Range of Exercise Price in dollars per share, Minimum | $20.09 | ' |
Range of Exercise Price in dollars per share, Maximum | $33.92 | ' |
Options Outstanding, Options | 2,019,721 | ' |
Options Outstanding, Weighted Average Exercise Price in dollars per share | $27.36 | ' |
Options Outstanding, Weighted Average Remaining Contractual Life | '4 years 1 month 1 day | ' |
Options Exercisable, Options | 2,019,721 | ' |
Options Exercisable, Weighted Average Exercise Price in dollars per share | $27.36 | ' |
$33.93 to $69.63 | ' | ' |
Stock options outstanding and stock options exercisable | ' | ' |
Range of Exercise Price in dollars per share, Minimum | $33.93 | ' |
Range of Exercise Price in dollars per share, Maximum | $69.63 | ' |
Options Outstanding, Options | 2,133,105 | ' |
Options Outstanding, Weighted Average Exercise Price in dollars per share | $39.81 | ' |
Options Outstanding, Weighted Average Remaining Contractual Life | '4 years 4 months 31 days | ' |
Options Exercisable, Options | 2,133,105 | ' |
Options Exercisable, Weighted Average Exercise Price in dollars per share | $39.81 | ' |
$ 6.32 to $69.63 | ' | ' |
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 | $69.63 | ' |
Options Outstanding, Options | 10,531,938 | ' |
Options Outstanding, Weighted Average Exercise Price in dollars per share | $21.11 | ' |
Options Outstanding, Weighted Average Remaining Contractual Life | '5 years 6 months 31 days | ' |
Options Exercisable, Options | 9,414,935 | ' |
Options Exercisable, Weighted Average Exercise Price in dollars per share | $22.26 | ' |
Options Exercisable, Weighted Average Remaining Contractual Life | ' | '5 years 2 months 1 day |
Employee_Benefit_and_Stock_Pla4
Employee Benefit and Stock Plans (Details 2) | 12 Months Ended | ||
Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | |
Assumptions of Black-Scholes option-pricing model | ' | ' | ' |
Risk-free interest rate | 1.30% | 0.70% | 0.90% |
Expected volatility factor | 52.30% | 65.60% | 65.60% |
Expected dividend yield | 0.60% | 1.90% | 3.90% |
Expected term | '5 years | '5 years | '5 years |
Employee_Benefit_and_Stock_Pla5
Employee Benefit and Stock Plans (Details 3) (USD $) | 12 Months Ended | |||
Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | Nov. 30, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 118,208 | 7,494 | 0 | ' |
Restricted Stock | ' | ' | ' | ' |
Restricted stock transactions | ' | ' | ' | ' |
Outstanding at beginning of year, Shares | 229,724 | 338,912 | 402,477 | ' |
Weighted average per share grant date fair value in dollars per share | $16.23 | $15.81 | $15.03 | $15.09 |
Granted, Shares | 88,000 | 207,617 | 0 | ' |
Granted, Weighted Average per Share Grant Date Fair Value | $17.50 | $16.23 | $0 | ' |
Vested, Shares | -91,312 | -176,135 | -10,930 | ' |
Vested, Weighted Average per Share Grant Date Fair Value | $15.18 | $14.25 | $13.49 | ' |
Cancelled, Shares | -6,784 | -140,670 | -52,635 | ' |
Cancelled, Weighted Average per Share Grant Date Fair Value | $17.24 | $15.44 | $15.44 | ' |
Outstanding at end of year, Shares | 219,628 | 229,724 | 338,912 | ' |
Employee_Benefit_and_Stock_Pla6
Employee Benefit and Stock Plans (Details Textual) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | Oct. 06, 2011 | Oct. 07, 2010 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | Nov. 30, 2010 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2009 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | Nov. 30, 2013 | Apr. 07, 2011 | Apr. 01, 2010 | Nov. 30, 2009 | Nov. 30, 2013 | Nov. 30, 2012 | |
Stock Options | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Performance Shares | Performance Shares | Performance Shares | Other Equity Awards [Member] | Other Equity Awards [Member] | Other Equity Awards [Member] | Saving Plan | Saving Plan | Saving Plan | Maximum | Minimum | 1988 Employee Stock Plan | Phantom Share Units (PSUs) | Phantom Share Units (PSUs) | Phantom Share Units (PSUs) | Phantom Share Units (PSUs) | 2010 Equity Incentive Plan | 2010 Equity Incentive Plan | 2010 Equity Incentive Plan | Stock Appreciation Rights (SARs) | Stock Appreciation Rights (SARs) | Stock Appreciation Rights (SARs) | ||||||
Performance Shares | Performance Shares | |||||||||||||||||||||||||||||||
Employee Benefit and Stock Plans (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate cost related to saving plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,500,000 | $2,600,000 | $2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net assets invested in funds consisting common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | 7.00% | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized for issuance of stock based awards to employees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,500,000 | ' | ' | ' |
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 | ' | ' | ' |
Number of additional shares authorized for issuance of stock based awards to employees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' |
Share Based payments award terms of Award | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | ' | ' | ' | '1 year 9 months 1 day | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grant, award share percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200.00% | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum period of restriction imposed on share grant lapse | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | '3 years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | ' | ' | ' | ' | ' | ' | $17.50 | $16.23 | $0 | ' | $16.63 | $16.23 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average per share grant date fair value in dollars per share | ' | ' | ' | ' | ' | ' | $16.23 | $15.81 | $15.03 | $15.09 | $16.39 | $16.23 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at end of year, Shares | ' | ' | ' | ' | ' | ' | 219,628 | 229,724 | 338,912 | 402,477 | 385,049 | 227,049 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 5,556 | ' | ' | ' | ' | 29,939 | 29,939 |
Total unrecognized stock-based compensation expense related to unvested stock option awards | ' | ' | ' | ' | ' | 3,400,000 | 3,500,000 | ' | ' | ' | 7,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Benefit and Stock Plan (Additional Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercises in period, total intrinsic value | 1,200,000 | 100,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 118,208 | 7,494 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intrinsic value of stock options outstanding | 32,300,000 | 18,200,000 | 1,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intrinsic value of stock options exercisable | 25,500,000 | 7,800,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Performance-based stock options to purchase aggregate shares of company's common stock | ' | ' | ' | 365,000 | 260,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company's common stock at the purchase price per share in dollars per share | ' | ' | ' | $6.32 | $11.06 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grant-date fair value per performance-based stock option in dollars per share | ' | ' | ' | $2.54 | $4.59 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average fair value of stock options granted | $6.96 | $4.18 | $2.56 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense related to stock option grants | 2,300,000 | 5,000,000 | 5,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,400,000 | 1,700,000 | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax shortfall from cancellation of stock awards | 700,000 | 300,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess Tax Benefit (Tax Deficiency) from Share-based Compensation, Financing Activities | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock held in trust | 10,501,844 | 10,615,934 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Postretirement_Benefits_Detail
Postretirement Benefits (Details) (USD $) | 12 Months Ended | ||
Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | |
Postretirement Benefits Additional (Textual) [Abstract] | ' | ' | ' |
Net periodic benefit cost | $6,900,000 | $6,600,000 | $5,500,000 |
Service cost | 1,500,000 | 1,300,000 | 1,200,000 |
Interest cost | 2,100,000 | 2,300,000 | 2,300,000 |
Amortization of unrecognized loss cost | 1,800,000 | -1,400,000 | -600,000 |
Amortization of prior service cost | 1,500,000 | 1,600,000 | 1,500,000 |
Other cost | ' | ' | 100,000 |
Liabilities related to postretirement benefit plan | 56,300,000 | 60,900,000 | ' |
Discounted rate for benefit plan | 4.40% | 3.30% | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Cash surrender value of insurance contracts | 68,534,000 | 64,757,000 | ' |
2013 | 1,400,000 | ' | ' |
2014 | 1,800,000 | ' | ' |
2015 | 2,400,000 | ' | ' |
2016 | 2,600,000 | ' | ' |
2017 | 2,900,000 | ' | ' |
2018 - 2022 | 18,900,000 | ' | ' |
Supplemental Nonqualified Unfunded Retirement Plan | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Benefits paid | 1,100,000 | 500,000 | 100,000 |
Cash surrender value of insurance contracts | 47,400,000 | 42,400,000 | ' |
Unfunded Death Benefit Plan | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Cash surrender value of insurance contracts | $16,200,000 | $14,800,000 | ' |
Supplemental_Disclosure_to_Con2
Supplemental Disclosure to Consolidated Statements of Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 |
Summary of cash and cash equivalents at the end of the period: | ' | ' | ' |
Cash and Cash Equivalents, at Carrying Value | $532,523 | $525,688 | $418,074 |
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 8,346 | 0 | 0 |
Supplemental disclosure of cash flow information | ' | ' | ' |
Interest paid, net of amounts capitalized | 64,520 | 65,541 | 48,038 |
Income taxes paid | 800 | 826 | 335 |
Income taxes refunded | 61 | 22,342 | 213 |
Supplemental disclosures of noncash activities: | ' | ' | ' |
Cost of inventories acquired through seller financing | 27,600 | 53,625 | 0 |
Increase (decrease) in consolidated inventories not owned | 4,798 | -19,803 | 8,354 |
Acquired property securing note receivable | 0 | 0 | 40,000 |
Homebuilding [Member] | ' | ' | ' |
Summary of cash and cash equivalents at the end of the period: | ' | ' | ' |
Cash and Cash Equivalents, at Carrying Value | 530,095 | 524,765 | 415,050 |
Financial services [Member] | ' | ' | ' |
Summary of cash and cash equivalents at the end of the period: | ' | ' | ' |
Cash and Cash Equivalents, at Carrying Value | $2,428 | $923 | $3,024 |
Supplemental_Guarantor_Informa2
Supplemental Guarantor Information (Narrative) (Details) | 12 Months Ended |
Nov. 30, 2013 | |
Debt Instrument [Line Items] | ' |
Ownership share in guarantor subsidiaries | 100.00% |
Revolving Credit Facility [Member] | ' |
Debt Instrument [Line Items] | ' |
Line of credit facility, significant subsidiary threshold, percent | 5.00% |
Line of credit facility, non guarantor subsidiary threshold, percent | 10.00% |
Supplemental_Guarantor_Informa3
Supplemental Guarantor Information (Condensed Consolidating Statements of Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Nov. 30, 2013 | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-12 | Feb. 29, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | |||
Condensed Consolidated Statements of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | $618,531 | $548,974 | $524,406 | $405,219 | $578,201 | $424,504 | $302,852 | $254,558 | $2,097,130 | $1,560,115 | $1,315,866 | |||
Homebuilding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,084,978 | 1,548,432 | 1,305,562 | |||
Construction and land costs | ' | ' | ' | ' | ' | ' | ' | ' | -1,737,086 | -1,332,045 | -1,157,280 | |||
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | -255,808 | -236,643 | -220,591 | |||
Loss on loan guaranty | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -30,765 | |||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 92,084 | -20,256 | -103,074 | |||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 792 | 518 | 871 | |||
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | -62,690 | [1] | -69,804 | [1] | -49,204 | [1] |
Intercompany interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Equity in income (loss) of unconsolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | -933 | 1,797 | -36,553 | |||
Pretax income (loss) | 28,316 | 26,578 | -4,173 | -12,358 | 2,424 | -7,439 | -28,636 | -45,402 | 38,363 | -79,053 | -181,168 | |||
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | 1,600 | 20,100 | 2,400 | |||
Equity in net loss of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Net income (loss) | 28,116 | 27,278 | -2,973 | -12,458 | 7,724 | 3,261 | -24,136 | -45,802 | 39,963 | -58,953 | -178,768 | |||
KB Home Corporate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Consolidated Statements of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Homebuilding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Construction and land costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | -60,545 | -60,101 | -52,784 | |||
Loss on loan guaranty | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | |||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -60,545 | -60,101 | -52,784 | |||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 768 | 480 | 715 | |||
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | -143,902 | -127,291 | -110,068 | |||
Intercompany interest | ' | ' | ' | ' | ' | ' | ' | ' | -203,096 | -176,977 | -162,025 | |||
Equity in income (loss) of unconsolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | |||
Pretax income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -583 | -9,935 | -112 | |||
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 2,500 | 0 | |||
Equity in net loss of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 40,546 | -51,518 | -178,656 | |||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 39,963 | -58,953 | -178,768 | |||
Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Consolidated Statements of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,036,340 | 1,506,333 | 1,262,453 | |||
Homebuilding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,036,340 | 1,506,333 | 1,262,453 | |||
Construction and land costs | ' | ' | ' | ' | ' | ' | ' | ' | -1,692,525 | -1,291,877 | -1,108,572 | |||
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | -180,344 | -163,266 | -151,916 | |||
Loss on loan guaranty | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -30,765 | |||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 163,471 | 51,190 | -28,800 | |||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 18 | 13 | 48 | |||
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | -5,199 | -5,365 | -3,007 | |||
Intercompany interest | ' | ' | ' | ' | ' | ' | ' | ' | -117,180 | -114,286 | -97,623 | |||
Equity in income (loss) of unconsolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | -2,007 | -394 | ' | |||
Pretax income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 39,103 | -68,842 | -185,222 | |||
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | 1,500 | 17,500 | 2,300 | |||
Equity in net loss of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 40,603 | -51,342 | -182,922 | |||
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Consolidated Statements of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 60,790 | 53,782 | 53,413 | |||
Homebuilding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 48,638 | 42,099 | 43,109 | |||
Construction and land costs | ' | ' | ' | ' | ' | ' | ' | ' | -44,561 | -40,168 | -48,708 | |||
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | -14,919 | -13,276 | -15,891 | |||
Loss on loan guaranty | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | |||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -10,842 | -11,345 | -21,490 | |||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 25 | 108 | |||
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -1,038 | |||
Intercompany interest | ' | ' | ' | ' | ' | ' | ' | ' | -495 | -161 | -1,569 | |||
Equity in income (loss) of unconsolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | |||
Pretax income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -157 | -276 | 4,166 | |||
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | 100 | 100 | 100 | |||
Equity in net loss of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -57 | -176 | 4,266 | |||
Consolidating Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Consolidated Statements of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Homebuilding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Construction and land costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Loss on loan guaranty | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | |||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | -86,411 | -62,852 | -62,833 | |||
Intercompany interest | ' | ' | ' | ' | ' | ' | ' | ' | -86,411 | -62,852 | -62,833 | |||
Equity in income (loss) of unconsolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | |||
Pretax income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Equity in net loss of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -40,546 | 51,518 | 178,656 | |||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -40,546 | 51,518 | 178,656 | |||
Homebuilding [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Consolidated Statements of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,084,978 | 1,548,432 | 1,305,562 | |||
Homebuilding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Equity in income (loss) of unconsolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | -2,007 | -394 | -55,839 | |||
Pretax income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 28,179 | -89,936 | -207,246 | |||
Homebuilding [Member] | KB Home Corporate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Homebuilding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Equity in income (loss) of unconsolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | |||
Pretax income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -583 | -9,935 | -112 | |||
Homebuilding [Member] | Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Homebuilding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Equity in income (loss) of unconsolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -55,840 | |||
Pretax income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 39,103 | -68,842 | -185,222 | |||
Homebuilding [Member] | Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Homebuilding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Equity in income (loss) of unconsolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | |||
Pretax income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -10,341 | -11,159 | -21,912 | |||
Homebuilding [Member] | Consolidating Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Homebuilding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Equity in income (loss) of unconsolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | |||
Pretax income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Financial services [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Consolidated Statements of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 12,152 | 11,683 | 10,304 | |||
Homebuilding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 9,110 | 8,692 | 6,792 | |||
Equity in income (loss) of unconsolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | 1,074 | 2,191 | 19,286 | |||
Pretax income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 10,184 | 10,883 | 26,078 | |||
Financial services [Member] | KB Home Corporate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Homebuilding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Pretax income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Financial services [Member] | Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Homebuilding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Pretax income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Financial services [Member] | Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Homebuilding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Pretax income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 10,184 | 10,883 | 26,078 | |||
Financial services [Member] | Consolidating Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Homebuilding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Pretax income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 | |||
[1] | Amounts for the years ended NovemberB 30, 2013 and 2012 included losses on the early extinguishment of debt of $10.4 million and $10.3 million, respectively. Amounts for the year ended NovemberB 30, 2011 included a gain on the early extinguishment of secured debt of $3.6 million |
Supplemental_Guarantor_Informa4
Supplemental Guarantor Information (Condensed Consolidating Statements of Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Nov. 30, 2013 | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-12 | Feb. 29, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 |
Condensed Statement of Income Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | $28,116 | $27,278 | ($2,973) | ($12,458) | $7,724 | $3,261 | ($24,136) | ($45,802) | $39,963 | ($58,953) | ($178,768) |
Postretirement benefits adjustment | ' | ' | ' | ' | ' | ' | ' | ' | 10,442 | -1,806 | -3,495 |
Other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 10,442 | -1,806 | -3,495 |
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 50,405 | -60,759 | -182,263 |
KB Home Corporate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Statement of Income Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 39,963 | -58,953 | -178,768 |
Postretirement benefits adjustment | ' | ' | ' | ' | ' | ' | ' | ' | 10,442 | -1,806 | -3,495 |
Other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 10,442 | -1,806 | -3,495 |
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 50,405 | -60,759 | -182,263 |
Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Statement of Income Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 40,603 | -51,342 | -182,922 |
Postretirement benefits adjustment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 40,603 | -51,342 | -182,922 |
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Statement of Income Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -57 | -176 | 4,266 |
Postretirement benefits adjustment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -57 | -176 | 4,266 |
Consolidating Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Statement of Income Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -40,546 | 51,518 | 178,656 |
Postretirement benefits adjustment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ($40,546) | $51,518 | $178,656 |
Supplemental_Guarantor_Informa5
Supplemental Guarantor Information (Condensed Consolidating Balance Sheets) (Details) (USD $) | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | Nov. 30, 2010 |
In Thousands, unless otherwise specified | ||||
Assets | ' | ' | ' | ' |
Cash and cash equivalents | $532,523 | $525,688 | $418,074 | $908,430 |
Restricted cash | 41,906 | 42,362 | ' | ' |
Receivables | 75,749 | 64,821 | ' | ' |
Inventory, Operative Builders | 2,298,577 | 1,706,571 | ' | ' |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 130,192 | 123,674 | ' | ' |
Other assets | 107,076 | 95,050 | ' | ' |
Investments in subsidiaries | 0 | 0 | ' | ' |
Total assets | 3,193,635 | 2,561,698 | ' | ' |
Intercompany receivables | 0 | 0 | ' | ' |
Liabilities and stockholders' equity | ' | ' | ' | ' |
Accounts payable, accrued expenses and other liabilities | 504,458 | 458,889 | ' | ' |
Mortgages and notes payable | 2,150,498 | 1,722,815 | ' | ' |
Financial services | 2,593 | 3,188 | ' | ' |
Intercompany | 0 | 0 | ' | ' |
Stockholder's equity | 536,086 | 376,806 | 442,657 | 631,878 |
Total liabilities and Stockholders' equity | 3,193,635 | 2,561,698 | ' | ' |
KB Home Corporate | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 476,847 | 457,007 | 340,957 | 770,603 |
Restricted cash | 41,906 | 42,362 | ' | ' |
Receivables | 1,472 | 121 | ' | ' |
Inventory, Operative Builders | 0 | 0 | ' | ' |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | 0 | ' | ' |
Other assets | 97,647 | 85,901 | ' | ' |
Investments in subsidiaries | 39,955 | 38,479 | ' | ' |
Total assets | 2,787,556 | 2,183,582 | ' | ' |
Intercompany receivables | 2,129,729 | 1,559,712 | ' | ' |
Liabilities and stockholders' equity | ' | ' | ' | ' |
Accounts payable, accrued expenses and other liabilities | 117,875 | 134,314 | ' | ' |
Mortgages and notes payable | 2,111,773 | 1,645,394 | ' | ' |
Financial services | 0 | 0 | ' | ' |
Intercompany | 21,822 | 27,068 | ' | ' |
Stockholder's equity | 536,086 | 376,806 | ' | ' |
Total liabilities and Stockholders' equity | 2,787,556 | 2,183,582 | ' | ' |
Guarantor Subsidiaries | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 41,316 | 54,205 | 52,263 | 25,102 |
Restricted cash | 0 | 0 | ' | ' |
Receivables | 74,186 | 64,504 | ' | ' |
Inventory, Operative Builders | 2,263,034 | 1,688,301 | ' | ' |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 130,192 | 116,793 | ' | ' |
Other assets | 9,072 | 15,980 | ' | ' |
Investments in subsidiaries | 0 | 0 | ' | ' |
Total assets | 2,517,800 | 1,939,783 | ' | ' |
Intercompany receivables | 0 | 0 | ' | ' |
Liabilities and stockholders' equity | ' | ' | ' | ' |
Accounts payable, accrued expenses and other liabilities | 292,220 | 221,611 | ' | ' |
Mortgages and notes payable | 38,725 | 77,421 | ' | ' |
Financial services | 0 | 0 | ' | ' |
Intercompany | 2,186,855 | 1,640,751 | ' | ' |
Stockholder's equity | 0 | 0 | ' | ' |
Total liabilities and Stockholders' equity | 2,517,800 | 1,939,783 | ' | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 14,360 | 14,476 | 24,854 | 112,725 |
Restricted cash | 0 | 0 | ' | ' |
Receivables | 91 | 196 | ' | ' |
Inventory, Operative Builders | 35,543 | 18,270 | ' | ' |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | 6,881 | ' | ' |
Other assets | 357 | -6,831 | ' | ' |
Investments in subsidiaries | 0 | 0 | ' | ' |
Total assets | 175,792 | 159,104 | ' | ' |
Intercompany receivables | 117,829 | 122,580 | ' | ' |
Liabilities and stockholders' equity | ' | ' | ' | ' |
Accounts payable, accrued expenses and other liabilities | 94,363 | 102,964 | ' | ' |
Mortgages and notes payable | 0 | 0 | ' | ' |
Financial services | 2,593 | 3,188 | ' | ' |
Intercompany | 38,881 | 14,473 | ' | ' |
Stockholder's equity | 39,955 | 38,479 | ' | ' |
Total liabilities and Stockholders' equity | 175,792 | 159,104 | ' | ' |
Consolidating Adjustments | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Restricted cash | 0 | 0 | ' | ' |
Receivables | 0 | 0 | ' | ' |
Inventory, Operative Builders | 0 | 0 | ' | ' |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | 0 | ' | ' |
Other assets | 0 | 0 | ' | ' |
Investments in subsidiaries | -39,955 | -38,479 | ' | ' |
Total assets | -2,287,513 | -1,720,771 | ' | ' |
Intercompany receivables | -2,247,558 | -1,682,292 | ' | ' |
Liabilities and stockholders' equity | ' | ' | ' | ' |
Accounts payable, accrued expenses and other liabilities | 0 | 0 | ' | ' |
Mortgages and notes payable | 0 | 0 | ' | ' |
Financial services | 0 | 0 | ' | ' |
Intercompany | -2,247,558 | -1,682,292 | ' | ' |
Stockholder's equity | -39,955 | -38,479 | ' | ' |
Total liabilities and Stockholders' equity | -2,287,513 | -1,720,771 | ' | ' |
Homebuilding [Member] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 530,095 | 524,765 | 415,050 | ' |
Total assets | 3,183,595 | 2,557,243 | ' | ' |
Liabilities and stockholders' equity | ' | ' | ' | ' |
Total Homebuilding | 2,654,956 | 2,181,704 | ' | ' |
Homebuilding [Member] | KB Home Corporate | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 476,847 | 457,007 | ' | ' |
Total assets | 617,872 | 585,391 | ' | ' |
Liabilities and stockholders' equity | ' | ' | ' | ' |
Total Homebuilding | 2,229,648 | 1,779,708 | ' | ' |
Homebuilding [Member] | Guarantor Subsidiaries | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 41,316 | 54,205 | ' | ' |
Total assets | 2,517,800 | 1,939,783 | ' | ' |
Liabilities and stockholders' equity | ' | ' | ' | ' |
Total Homebuilding | 330,945 | 299,032 | ' | ' |
Homebuilding [Member] | Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 11,932 | 13,553 | ' | ' |
Total assets | 47,923 | 32,069 | ' | ' |
Liabilities and stockholders' equity | ' | ' | ' | ' |
Total Homebuilding | 94,363 | 102,964 | ' | ' |
Homebuilding [Member] | Consolidating Adjustments | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' |
Total assets | 0 | 0 | ' | ' |
Liabilities and stockholders' equity | ' | ' | ' | ' |
Total Homebuilding | 0 | 0 | ' | ' |
Financial services [Member] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 2,428 | 923 | 3,024 | ' |
Receivables | 2,084 | 1,859 | ' | ' |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 5,490 | 1,630 | ' | ' |
Other assets | 38 | 43 | ' | ' |
Total assets | 10,040 | 4,455 | ' | ' |
Liabilities and stockholders' equity | ' | ' | ' | ' |
Accounts payable, accrued expenses and other liabilities | 2,593 | 3,188 | ' | ' |
Financial services [Member] | KB Home Corporate | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Total assets | 0 | 0 | ' | ' |
Financial services [Member] | Guarantor Subsidiaries | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Total assets | 0 | 0 | ' | ' |
Financial services [Member] | Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Total assets | 10,040 | 4,455 | ' | ' |
Financial services [Member] | Consolidating Adjustments | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Total assets | $0 | $0 | ' | ' |
Supplemental_Guarantor_Informa6
Supplemental Guarantor Information (Condensed Consolidated Statements of Cash Flows) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 |
Condensed Consolidated Statements of Cash Flows | ' | ' | ' |
Net cash provided by (used in) operating activities | ($443,486) | $34,617 | ($347,545) |
Cash flows from investing activities: | ' | ' | ' |
Return of investment in (contributions to) unconsolidated joint ventures | -14,359 | 989 | -67,260 |
Proceeds from sale of operating property | 0 | 0 | 80,600 |
Purchases of property and equipment, net | -2,391 | -1,749 | -242 |
Intercompany | 0 | 0 | 0 |
Net cash provided by (used in) investing activities | -16,750 | -760 | 13,098 |
Cash flows from financing activities: | ' | ' | ' |
Change in restricted cash | 456 | 22,119 | 50,996 |
Proceeds from issuance of senior notes | 680,000 | 694,831 | 0 |
Payment of senior notes issuance costs | -16,525 | -12,445 | 0 |
Repayments of Long-term Debt | -225,394 | -592,645 | -100,000 |
Payments on mortgages and land contracts due to land sellers and other loans | -66,296 | -26,298 | -89,461 |
Proceeds from Issuance or Sale of Equity | 109,503 | 0 | 0 |
Issuance of common stock under employee stock plans | 2,181 | 593 | 1,796 |
Payments of cash dividends | -8,366 | -10,599 | -19,240 |
Repurchases of common stock | -8,488 | -1,799 | 0 |
Intercompany | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | 467,071 | 73,757 | -155,909 |
Net increase (decrease) in cash and cash equivalents | 6,835 | 107,614 | -490,356 |
Cash and cash equivalents at beginning of year | 525,688 | 418,074 | 908,430 |
Cash and cash equivalents at end of year | 532,523 | 525,688 | 418,074 |
KB Home Corporate | ' | ' | ' |
Condensed Consolidated Statements of Cash Flows | ' | ' | ' |
Net cash provided by (used in) operating activities | 4,695 | 11,033 | 9,443 |
Cash flows from investing activities: | ' | ' | ' |
Return of investment in (contributions to) unconsolidated joint ventures | 0 | 0 | 0 |
Proceeds from sale of operating property | ' | ' | 0 |
Purchases of property and equipment, net | -519 | -175 | -200 |
Intercompany | -517,703 | 5,137 | -349,081 |
Net cash provided by (used in) investing activities | -518,222 | 4,962 | -349,281 |
Cash flows from financing activities: | ' | ' | ' |
Change in restricted cash | 456 | 22,119 | 24,239 |
Proceeds from issuance of senior notes | 680,000 | 694,831 | ' |
Payment of senior notes issuance costs | -16,525 | -12,445 | ' |
Repayments of Long-term Debt | -225,394 | -592,645 | -100,000 |
Payments on mortgages and land contracts due to land sellers and other loans | 0 | 0 | 3,397 |
Proceeds from Issuance or Sale of Equity | 109,503 | ' | ' |
Issuance of common stock under employee stock plans | 2,181 | 593 | 1,796 |
Payments of cash dividends | -8,366 | -10,599 | -19,240 |
Repurchases of common stock | -8,488 | -1,799 | ' |
Intercompany | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | 533,367 | 100,055 | -89,808 |
Net increase (decrease) in cash and cash equivalents | 19,840 | 116,050 | -429,646 |
Cash and cash equivalents at beginning of year | 457,007 | 340,957 | 770,603 |
Cash and cash equivalents at end of year | 476,847 | 457,007 | 340,957 |
Guarantor Subsidiaries | ' | ' | ' |
Condensed Consolidated Statements of Cash Flows | ' | ' | ' |
Net cash provided by (used in) operating activities | -441,236 | 4,943 | -355,165 |
Cash flows from investing activities: | ' | ' | ' |
Return of investment in (contributions to) unconsolidated joint ventures | -9,368 | 1,922 | -78,619 |
Proceeds from sale of operating property | ' | ' | 80,600 |
Purchases of property and equipment, net | -1,491 | -1,540 | -649 |
Intercompany | 0 | 0 | 0 |
Net cash provided by (used in) investing activities | -10,859 | 382 | 1,332 |
Cash flows from financing activities: | ' | ' | ' |
Change in restricted cash | 0 | 0 | 26,757 |
Proceeds from issuance of senior notes | 0 | 0 | ' |
Payment of senior notes issuance costs | 0 | 0 | ' |
Repayments of Long-term Debt | 0 | 0 | 0 |
Payments on mortgages and land contracts due to land sellers and other loans | -66,296 | -26,298 | -89,461 |
Proceeds from Issuance or Sale of Equity | 0 | ' | ' |
Issuance of common stock under employee stock plans | 0 | 0 | 0 |
Payments of cash dividends | 0 | 0 | 0 |
Repurchases of common stock | 0 | 0 | ' |
Intercompany | -505,502 | -22,915 | -443,698 |
Net cash provided by (used in) financing activities | 439,206 | -3,383 | 380,994 |
Net increase (decrease) in cash and cash equivalents | -12,889 | 1,942 | 27,161 |
Cash and cash equivalents at beginning of year | 54,205 | 52,263 | 25,102 |
Cash and cash equivalents at end of year | 41,316 | 54,205 | 52,263 |
Non-Guarantor Subsidiaries | ' | ' | ' |
Condensed Consolidated Statements of Cash Flows | ' | ' | ' |
Net cash provided by (used in) operating activities | -6,945 | 18,641 | -1,823 |
Cash flows from investing activities: | ' | ' | ' |
Return of investment in (contributions to) unconsolidated joint ventures | -4,991 | -933 | 11,359 |
Proceeds from sale of operating property | ' | ' | 0 |
Purchases of property and equipment, net | -381 | -34 | 607 |
Intercompany | 0 | 0 | 0 |
Net cash provided by (used in) investing activities | -5,372 | -967 | 11,966 |
Cash flows from financing activities: | ' | ' | ' |
Change in restricted cash | 0 | 0 | 0 |
Proceeds from issuance of senior notes | 0 | 0 | ' |
Payment of senior notes issuance costs | 0 | 0 | ' |
Repayments of Long-term Debt | 0 | 0 | 0 |
Payments on mortgages and land contracts due to land sellers and other loans | 0 | 0 | -3,397 |
Proceeds from Issuance or Sale of Equity | 0 | ' | ' |
Issuance of common stock under employee stock plans | 0 | 0 | 0 |
Payments of cash dividends | 0 | 0 | 0 |
Repurchases of common stock | 0 | 0 | ' |
Intercompany | -12,201 | -28,052 | -94,617 |
Net cash provided by (used in) financing activities | 12,201 | -28,052 | -98,014 |
Net increase (decrease) in cash and cash equivalents | -116 | -10,378 | -87,871 |
Cash and cash equivalents at beginning of year | 14,476 | 24,854 | 112,725 |
Cash and cash equivalents at end of year | 14,360 | 14,476 | 24,854 |
Consolidating Adjustments | ' | ' | ' |
Condensed Consolidated Statements of Cash Flows | ' | ' | ' |
Net cash provided by (used in) operating activities | 0 | 0 | 0 |
Cash flows from investing activities: | ' | ' | ' |
Return of investment in (contributions to) unconsolidated joint ventures | 0 | 0 | 0 |
Proceeds from sale of operating property | ' | ' | 0 |
Purchases of property and equipment, net | 0 | 0 | 0 |
Intercompany | 517,703 | -5,137 | 349,081 |
Net cash provided by (used in) investing activities | 517,703 | -5,137 | 349,081 |
Cash flows from financing activities: | ' | ' | ' |
Change in restricted cash | 0 | 0 | 0 |
Proceeds from issuance of senior notes | 0 | 0 | ' |
Payment of senior notes issuance costs | 0 | 0 | ' |
Repayments of Long-term Debt | 0 | 0 | 0 |
Payments on mortgages and land contracts due to land sellers and other loans | 0 | 0 | 0 |
Proceeds from Issuance or Sale of Equity | 0 | ' | ' |
Issuance of common stock under employee stock plans | 0 | 0 | 0 |
Payments of cash dividends | 0 | 0 | 0 |
Repurchases of common stock | 0 | 0 | ' |
Intercompany | 517,703 | -5,137 | 349,081 |
Net cash provided by (used in) financing activities | -517,703 | 5,137 | -349,081 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of year | 0 | 0 | 0 |
Cash and cash equivalents at end of year | $0 | $0 | $0 |
Quarterly_Results_Unaudited_De
Quarterly Results (Unaudited) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||
Mar. 12, 2013 | Nov. 30, 2013 | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-12 | Feb. 29, 2012 | Aug. 31, 2011 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | ||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Product Warranty Accrual, Preexisting, Increase (Decrease) | ' | ' | ' | ' | ' | ' | ' | $11,200,000 | ' | $7,400,000 | ($31,959,000) | [1] | $8,586,000 | [1] | $6,123,000 | [1] |
Consolidated Quarterly Results | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | 618,531,000 | 548,974,000 | 524,406,000 | 405,219,000 | 578,201,000 | 424,504,000 | 302,852,000 | 254,558,000 | ' | 2,097,130,000 | 1,560,115,000 | 1,315,866,000 | |||
Gross profits | ' | 113,282,000 | 101,829,000 | 80,772,000 | 61,119,000 | 81,631,000 | 72,439,000 | 49,118,000 | 21,891,000 | ' | ' | ' | ' | |||
Pretax income (loss) | ' | 28,316,000 | 26,578,000 | -4,173,000 | -12,358,000 | 2,424,000 | -7,439,000 | -28,636,000 | -45,402,000 | ' | 38,363,000 | -79,053,000 | -181,168,000 | |||
Net income (loss) | ' | 28,116,000 | 27,278,000 | -2,973,000 | -12,458,000 | 7,724,000 | 3,261,000 | -24,136,000 | -45,802,000 | ' | 39,963,000 | -58,953,000 | -178,768,000 | |||
Earnings (Loss) Per Share, Diluted, in dollars per share | ' | $0.31 | $0.30 | ($0.04) | ($0.16) | $0.10 | $0.04 | ($0.31) | ($0.59) | ' | $0.46 | ($0.76) | ($2.32) | |||
Earnings (Loss) Per Share, Basic, in dollars per share | ' | $0.33 | $0.32 | ($0.04) | ($0.16) | $0.10 | $0.04 | ($0.31) | ($0.59) | ' | $0.48 | ($0.76) | ($2.32) | |||
Quarterly Results (Narrative) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Impairment of Long-Lived Assets Held-for-use | ' | 400,000 | ' | ' | ' | 5,200,000 | 6,400,000 | 9,900,000 | 6,600,000 | ' | 391,000 | 28,107,000 | 22,730,000 | |||
Land option contract abandonment charges | 0 | 2,900,000 | 0 | 300,000 | ' | 400,000 | ' | ' | ' | ' | 3,190,000 | 426,000 | 3,061,000 | |||
Loss on loan guaranty | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 30,765,000 | |||
Insurance Recoveries | ' | ' | 16,500,000 | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | 26,500,000 | ' | |||
Water Intrusion [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Product Warranty Accrual, Preexisting, Increase (Decrease) | ' | -8,500,000 | -5,900,000 | -15,900,000 | -1,600,000 | -2,600,000 | ' | ' | ' | ' | ' | ' | ' | |||
Estancia Coastal Litigation [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Loss Contingency Accrual, Carrying Value, Period Increase (Decrease) | ' | $8,200,000 | ' | ' | ' | ' | ' | ($8,800,000) | ' | ' | ($1,200,000) | ($8,800,000) | ' | |||
[1] | (b)Adjustments in 2013 were comprised of charges associated with water intrusion-related issues in central and southwest Florida, while in 2012, favorable warranty adjustments were partly offset by such water intrusion-related charges. In 2011, favorable warranty adjustments were partly offset by the impact of our consolidation of a previously unconsolidated joint venture. |