KB HOME, DEF 14A filed on 3/7/2025
Proxy Statement (definitive)
v3.25.0.1
Cover
12 Months Ended
Nov. 30, 2024
Cover [Abstract]  
Document Type DEF 14A
Entity Registrant Name KB Home
Insider Trading Policies and Procedures Adopted [Flag] true
Entity Central Index Key 0000795266
Amendment Flag false
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
12 Months Ended
Nov. 30, 2024
Nov. 30, 2023
Nov. 30, 2022
Nov. 30, 2021
Pay vs Performance Disclosure [Table]        
Pay vs Performance Disclosure, Table
 

Pay Versus Performance

The following table presents information as required under Item 402(v) of SEC Regulation S-K regarding the relationship for the four most recently completed fiscal years between the compensation of our NEOs – as reported in the Summary Compensation Table and adjusted to reflect “compensation actually paid” (“CAP”) as defined under SEC rules – and our performance relative to the identified metrics. Our compensation philosophy and how we align executive compensation with our performance is described under “Compensation Discussion and Analysis.” The CAP amounts disclosed do not reflect the actual amount of compensation earned, realized, or received by our NEOs during the applicable fiscal year. The Compensation Committee did not consider the information provided in this section in making its compensation decisions for the years shown.

                                                                     
                    Value of Initial Fixed $100
Investment Based on:
         
 Fiscal
Year
    Summary
Compensation
Table Total for
PEO
($)
    Compensation
Actually Paid to
PEO
($)(a)
    Average
Summary
Compensation
Table Total for
Other NEOs
($)(b)
    Average
Compensation
Actually Paid to
Other NEOs
($)(a)(b)
    Total
Stockholder
Return
($)(c)
    Peer Group
Total
Stockholder
Return
($)(d)
    Net Income
($000s)(e)
    AEPS
($)(f)
 
 2024   $16,709,331   $51,037,727   $4,439,688   $11,843,645   $249.67   $255.39   $655,018   $8.45 
 2023    15,689,055    43,713,700    4,483,491    10,469,248    155.12    176.92    590,177    7.18 
 2022    15,814,791    12,168,706    4,416,324    4,273,279    92.08    112.90    816,666    9.36 
 2021    14,366,518    25,125,414    4,556,264    7,144,468    115.18    133.37    564,746    6.14 
     
Company Selected Measure Name AEPS      
Named Executive Officers, Footnote [Text Block]
(b) Mr. Mezger served as our PEO for each fiscal year shown. Our other NEOs were as follows: Messrs. Kaminski, McGibney, Praw and Woram for the 2024, 2023 and 2022 fiscal years; and Messrs. Kaminski, McGibney and Praw, and Matthew W. Mandino for the 2021 fiscal year.
     
Peer Group Issuers, Footnote [Text Block]
(d) The peer group used in this disclosure is the Dow Jones US Home Construction Index, which is the same index we used in the Stock Performance Graph in our Annual Report. The amounts reported reflect the cumulative TSR of the Dow Jones US Home Construction Index for each of the last four fiscal years ended November 30, 2024, assuming an investment of $100 on November 30, 2020, and the reinvestment of dividends.
     
PEO Total Compensation Amount $ 16,709,331 $ 15,689,055 $ 15,814,791 $ 14,366,518
PEO Actually Paid Compensation Amount $ 51,037,727 43,713,700 12,168,706 25,125,414
Adjustment To PEO Compensation, Footnote
     2024
        PEO    Average
Other NEOs
 
  Summary Compensation Table Total  $16,709,331   $4,439,688 
  Adjustments:          
  Grant date fair value of stock awards from Summary Compensation Table   (8,699,979)   (1,242,459)
  Fair value at fiscal year end of outstanding and unvested equity awards granted in the fiscal year(1)   15,708,206    2,296,531 
  Change in fair value of outstanding and unvested equity awards granted in prior fiscal years(2)   23,688,459    5,789,808 
  Change in fair value as of the vesting date of equity awards granted in prior fiscal years that vested in the fiscal year(3)   3,146,752    470,605 
  Dividends paid on awards during the year before vesting   626,075    89,472 
  “Change in pension value and nonqualified deferred compensation earnings” from Summary Compensation Table   (482,359)    
  Service cost for pension plans   341,242     
  Compensation Actually Paid
(as calculated per SEC rules)
  $51,037,727   $11,843,645 
     
Non-PEO NEO Average Total Compensation Amount $ 4,439,688 4,483,491 4,416,324 4,556,264
Non-PEO NEO Average Compensation Actually Paid Amount $ 11,843,645 10,469,248 4,273,279 7,144,468
Adjustment to Non-PEO NEO Compensation Footnote
     2024
        PEO    Average
Other NEOs
 
  Summary Compensation Table Total  $16,709,331   $4,439,688 
  Adjustments:          
  Grant date fair value of stock awards from Summary Compensation Table   (8,699,979)   (1,242,459)
  Fair value at fiscal year end of outstanding and unvested equity awards granted in the fiscal year(1)   15,708,206    2,296,531 
  Change in fair value of outstanding and unvested equity awards granted in prior fiscal years(2)   23,688,459    5,789,808 
  Change in fair value as of the vesting date of equity awards granted in prior fiscal years that vested in the fiscal year(3)   3,146,752    470,605 
  Dividends paid on awards during the year before vesting   626,075    89,472 
  “Change in pension value and nonqualified deferred compensation earnings” from Summary Compensation Table   (482,359)    
  Service cost for pension plans   341,242     
  Compensation Actually Paid
(as calculated per SEC rules)
  $51,037,727   $11,843,645 
     
Compensation Actually Paid vs. Total Shareholder Return [Text Block]

Relationship between CAP and Financial Performance Measures

The graphs below illustrate the relationships between CAP for the PEO and the average CAP for our other NEOs, with (i) the cumulative TSR of our common stock, (ii) our AEPS, and (iii) our net income, each as set forth in the Pay Versus Performance table above, as well as the relationship between the cumulative TSR of our common stock and of the Dow Jones US Home Construction Index.

CAP vs. Cumulative TSR       CAP vs. AEPS
     
 
     
CAP vs. Net Income   KB Home and Peer Cumulative TSR Comparison
     
 
     
Compensation Actually Paid vs. Net Income [Text Block]

Relationship between CAP and Financial Performance Measures

The graphs below illustrate the relationships between CAP for the PEO and the average CAP for our other NEOs, with (i) the cumulative TSR of our common stock, (ii) our AEPS, and (iii) our net income, each as set forth in the Pay Versus Performance table above, as well as the relationship between the cumulative TSR of our common stock and of the Dow Jones US Home Construction Index.

CAP vs. Cumulative TSR       CAP vs. AEPS
     
 
     
CAP vs. Net Income   KB Home and Peer Cumulative TSR Comparison
     
 
     
Compensation Actually Paid vs. Company Selected Measure [Text Block]

Relationship between CAP and Financial Performance Measures

The graphs below illustrate the relationships between CAP for the PEO and the average CAP for our other NEOs, with (i) the cumulative TSR of our common stock, (ii) our AEPS, and (iii) our net income, each as set forth in the Pay Versus Performance table above, as well as the relationship between the cumulative TSR of our common stock and of the Dow Jones US Home Construction Index.

CAP vs. Cumulative TSR       CAP vs. AEPS
     
 
     
CAP vs. Net Income   KB Home and Peer Cumulative TSR Comparison
     
 
     
Total Shareholder Return Vs Peer Group [Text Block]

Relationship between CAP and Financial Performance Measures

The graphs below illustrate the relationships between CAP for the PEO and the average CAP for our other NEOs, with (i) the cumulative TSR of our common stock, (ii) our AEPS, and (iii) our net income, each as set forth in the Pay Versus Performance table above, as well as the relationship between the cumulative TSR of our common stock and of the Dow Jones US Home Construction Index.

CAP vs. Cumulative TSR       CAP vs. AEPS
     
 
     
CAP vs. Net Income   KB Home and Peer Cumulative TSR Comparison
     
 
     
Tabular List [Table Text Block]

Pay Versus Performance Tabular List

Below is a list of the most important financial performance measures we used to link CAP for our NEOs to our performance for the fiscal year ended November 30, 2024. Our use of these measures is discussed under “Compensation Discussion and Analysis.”

AEPS (the company-selected measure);
AROIC;
Adjusted pretax income;
Revenue growth, relative to our peer group;
Strategic measures, to the extent they incorporate or reflect financial performance metrics.
     
Total Shareholder Return Amount $ 249.67 155.12 92.08 115.18
Peer Group Total Shareholder Return Amount 255.39 176.92 112.90 133.37
Net Income (Loss) Attributable to Parent $ 655,018 $ 590,177 $ 816,666 $ 564,746
Company Selected Measure Amount 8.45 7.18 9.36 6.14
PEO Name Mr. Mezger Mr. Mezger Mr. Mezger Mr. Mezger
Measure [Axis]: 1        
Pay vs Performance Disclosure [Table]        
Measure Name AEPS      
Non-GAAP Measure Description [Text Block]
(f) Annex 2 to this Proxy Statement contains a reconciliation of our diluted earnings per share calculated in accordance with GAAP to the non-GAAP financial measure of AEPS. We included AEPS as our company-selected financial measure as this metric has the largest weighting in determining our NEO’s long-term incentive compensation, a significant component of their overall compensation.
     
Measure [Axis]: 2        
Pay vs Performance Disclosure [Table]        
Measure Name AROIC;      
Measure [Axis]: 3        
Pay vs Performance Disclosure [Table]        
Measure Name Adjusted pretax income;      
Measure [Axis]: 4        
Pay vs Performance Disclosure [Table]        
Measure Name Revenue growth, relative to our peer group;      
Measure [Axis]: 5        
Pay vs Performance Disclosure [Table]        
Measure Name Strategic measures, to the extent they incorporate or reflect financial performance metrics.      
Grant Date Fair Value Of Stock Awards From Summary Compensation Table [Member] | PEO [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount $ (8,699,979)      
Grant Date Fair Value Of Stock Awards From Summary Compensation Table [Member] | Non-PEO NEO [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount (1,242,459)      
Fair Value At Fiscal Year End Of Outstanding And Unvested Equity Awards Granted In The Fiscal Year [Member] | PEO [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 15,708,206      
Fair Value At Fiscal Year End Of Outstanding And Unvested Equity Awards Granted In The Fiscal Year [Member] | Non-PEO NEO [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 2,296,531      
Change In Fair Value Of Outstanding And Unvested Equity Awards Granted In Prior Fiscal Years [Member] | PEO [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 23,688,459      
Change In Fair Value Of Outstanding And Unvested Equity Awards Granted In Prior Fiscal Years [Member] | Non-PEO NEO [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 5,789,808      
Change In Fair Value As Of The Vesting Date Of Equity Awards Granted In Prior Fiscal Years That Vested In The Fiscal Year [Member] | PEO [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 3,146,752      
Change In Fair Value As Of The Vesting Date Of Equity Awards Granted In Prior Fiscal Years That Vested In The Fiscal Year [Member] | Non-PEO NEO [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 470,605      
Dividends Paid On Awards During The Year Before Vesting [Member] | PEO [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 626,075      
Dividends Paid On Awards During The Year Before Vesting [Member] | Non-PEO NEO [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 89,472      
Change In Pension Value And Nonqualified Deferred Compensation Earnings From Summary Compensation Table [Member] | PEO [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount (482,359)      
Change In Pension Value And Nonqualified Deferred Compensation Earnings From Summary Compensation Table [Member] | Non-PEO NEO [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 0      
Service Cost For Pension Plans [Member] | PEO [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 341,242      
Service Cost For Pension Plans [Member] | Non-PEO NEO [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount $ 0      
v3.25.0.1
Insider Trading Policies and Procedures
12 Months Ended
Nov. 30, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true