Lennar (LEN) 10-Q 4 Oct 16 2016 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	9 Months Ended
	Aug. 31, 2016shares
Class of Stock [Line Items]
Entity Registrant Name	LENNAR CORP /NEW/
Entity Central Index Key	920,760
Current Fiscal Year End Date	--11-30
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Aug. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class A Common Stock
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding	196,500,243
Class B Common Stock
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding	31,303,195

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Aug. 31, 2016	Nov. 30, 2015
ASSETS
Cash and cash equivalents		$ 816,095	$ 1,158,445
Inventories:
Total assets	[1]	14,998,720	14,419,509
LIABILITIES AND EQUITY
Total liabilities	[2]	8,235,814	8,469,437
Stockholders' equity:
Preferred stock	[2]	0	0
Additional paid-in capital	[2]	2,628,398	2,305,560
Retained earnings	[2]	4,001,905	3,429,736
Treasury stock, at cost; August 31, 2016 - 911,807 shares of Class A common stock and 1,679,620 shares of Class B common stock; November 30, 2015 - 815,959 shares of Class A common stock and 1,679,620 shares of Class B common stock	[2]	(108,930)	(107,755)
Accumulated other comprehensive income	[2]	1,123	39
Total stockholders’ equity	[2]	6,545,535	5,648,944
Noncontrolling interests	[2]	217,371	301,128
Total equity	[2]	6,762,906	5,950,072
Total liabilities and equity	[2]	14,998,720	14,419,509
Class A Common Stock
Stockholders' equity:
Common stock	[2]	19,741	18,066
Class B Common Stock
Stockholders' equity:
Common stock	[2]	3,298	3,298
Lennar Homebuilding
ASSETS
Cash and cash equivalents	[1]	567,708	893,408
Restricted cash	[1]	5,452	13,505
Receivables, net	[1]	78,986	74,538
Inventories:
Finished homes and construction in progress	[1]	4,335,302	3,957,167
Land and land under development	[1]	5,193,420	4,724,578
Consolidated inventory not owned	[1]	127,024	58,851
Total inventories	[1]	9,655,746	8,740,596
Investments in unconsolidated entities	[1]	796,499	741,551
Other assets	[1]	637,546	609,222
Total assets	[1]	11,741,937	11,072,820
LIABILITIES AND EQUITY
Accounts payable	[2]	459,183	475,909
Liabilities related to consolidated inventory not owned	[2]	108,443	51,431
Senior notes and other debts payable	[2]	4,920,848	5,025,130
Other liabilities	[2]	867,367	899,815
Total liabilities	[2]	6,355,841	6,452,285
Rialto
ASSETS
Cash and cash equivalents		133,103	150,219
Restricted cash		6,499	15,061
Receivables, net		0	154,948
Inventories:
Investments in unconsolidated entities	[1]	241,680	224,869
Other assets		97,556	116,908
Total assets	[1]	1,196,653	1,505,500
LIABILITIES AND EQUITY
Other liabilities	[2]	56,114	94,496
Total liabilities	[2]	632,562	866,224
Lennar Financial Services
ASSETS
Cash and cash equivalents		110,164	106,777
Restricted cash		13,910	13,961
Receivables, net		374,769	242,808
Inventories:
Other assets		72,751	66,186
Total assets	[1]	1,527,556	1,425,837
LIABILITIES AND EQUITY
Other liabilities		227,175	225,678
Total liabilities	[2]	1,140,215	1,083,978
Lennar Multifamily
ASSETS
Cash and cash equivalents		5,120	8,041
Inventories:
Land and land under development		148,241	115,982
Consolidated inventory not owned		18,500	5,508
Investments in unconsolidated entities		304,032	250,876
Other assets		56,681	34,945
Total assets	[1]	532,574	415,352
LIABILITIES AND EQUITY
Liabilities related to consolidated inventory not owned		11,850	4,007
Total liabilities	[2]	$ 107,196	$ 66,950
[1]	Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations, (“ASC 810”) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of August 31, 2016, total assets include $596.6 million related to consolidated VIEs of which $9.7 million is included in Lennar Homebuilding cash and cash equivalents, $0.1 million in Lennar Homebuilding receivables, net, $46.9 million in Lennar Homebuilding finished homes and construction in progress, $113.8 million in Lennar Homebuilding land and land under development, $127.0 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $16.5 million in Lennar Homebuilding other assets, $251.5 million in Rialto assets and $26.6 million in Lennar Multifamily assets.As of November 30, 2015, total assets include $652.3 million related to consolidated VIEs of which $9.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.5 million in Lennar Homebuilding receivables, net, $3.9 million in Lennar Homebuilding finished homes and construction in progress, $154.2 million in Lennar Homebuilding land and land under development, $58.9 million in Lennar Homebuilding consolidated inventory not owned, $35.8 million in Lennar Homebuilding investments in unconsolidated entities, $22.7 million in Lennar Homebuilding other assets, $355.2 million in Rialto assets and $11.5 million in Lennar Multifamily assets.
[2]	As of August 31, 2016, total liabilities include $136.8 million related to consolidated VIEs as to which there was no recourse against the Company, of which $2.7 million is included in Lennar Homebuilding accounts payable, $108.4 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.7 million in Lennar Homebuilding other liabilities, $12.1 million in Rialto liabilities and $11.9 million in Lennar Multifamily liabilities.As of November 30, 2015, total liabilities include $84.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $2.0 million is included in Lennar Homebuilding accounts payable, $51.4 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $15.6 million in Lennar Homebuilding other liabilities, $11.3 million in Rialto liabilities and $4.0 million in Lennar Multifamily liabilities.

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands		Aug. 31, 2016	Nov. 30, 2015
Total assets	[1]	$ 14,998,720	$ 14,419,509
Cash and cash equivalents		816,095	1,158,445
Total liabilities	[2]	$ 8,235,814	$ 8,469,437
Class A Common Stock
Common stock, par value (in dollars per share)		$ 0.10	$ 0.10
Common stock, shares authorized		300,000,000	300,000,000
Common stock, shares issued		197,412,050	180,658,550
Treasury stock, shares		911,807	815,959
Class B Common Stock
Common stock, par value (in dollars per share)		$ 0.10	$ 0.10
Common stock, shares authorized		90,000,000	90,000,000
Common stock, shares issued		32,982,815	32,982,515
Treasury stock, shares		1,679,620	1,679,620
Variable Interest Entity, Primary Beneficiary
Total assets		$ 596,600	$ 652,300
Total liabilities		136,800	84,400
Lennar Homebuilding
Total assets	[1]	11,741,937	11,072,820
Cash and cash equivalents	[1]	567,708	893,408
Receivables, net	[1]	78,986	74,538
Finished homes and construction in progress	[1]	4,335,302	3,957,167
Land and land under development	[1]	5,193,420	4,724,578
Consolidated inventory not owned	[1]	127,024	58,851
Investments in unconsolidated entities	[1]	796,499	741,551
Other assets	[1]	637,546	609,222
Total liabilities	[2]	6,355,841	6,452,285
Accounts payable	[2]	459,183	475,909
Liabilities related to consolidated inventory not owned	[2]	108,443	51,431
Other liabilities	[2]	867,367	899,815
Lennar Homebuilding | Variable Interest Entity, Primary Beneficiary
Cash and cash equivalents		9,700	9,600
Receivables, net		100	500
Finished homes and construction in progress		46,900	3,900
Land and land under development		113,800	154,200
Consolidated inventory not owned		127,000	58,900
Investments in unconsolidated entities		4,600	35,800
Other assets		16,500	22,700
Accounts payable		2,700	2,000
Liabilities related to consolidated inventory not owned		108,400	51,400
Other liabilities		1,700	15,600
Rialto
Total assets	[1]	1,196,653	1,505,500
Cash and cash equivalents		133,103	150,219
Receivables, net		0	154,948
Investments in unconsolidated entities	[1]	241,680	224,869
Other assets		97,556	116,908
Total liabilities	[2]	632,562	866,224
Other liabilities	[2]	56,114	94,496
Lennar Multifamily
Total assets	[1]	532,574	415,352
Cash and cash equivalents		5,120	8,041
Land and land under development		148,241	115,982
Consolidated inventory not owned		18,500	5,508
Investments in unconsolidated entities		304,032	250,876
Other assets		56,681	34,945
Total liabilities	[2]	107,196	66,950
Liabilities related to consolidated inventory not owned		11,850	4,007
Lennar Multifamily | Variable Interest Entity, Primary Beneficiary
Total assets		26,600	11,500
Total liabilities		11,900	4,000
Variable Interest Entity, Primary Beneficiary | Rialto
Total assets		251,500	355,200
Total liabilities		$ 12,100	$ 11,300
[1]	Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations, (“ASC 810”) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of August 31, 2016, total assets include $596.6 million related to consolidated VIEs of which $9.7 million is included in Lennar Homebuilding cash and cash equivalents, $0.1 million in Lennar Homebuilding receivables, net, $46.9 million in Lennar Homebuilding finished homes and construction in progress, $113.8 million in Lennar Homebuilding land and land under development, $127.0 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $16.5 million in Lennar Homebuilding other assets, $251.5 million in Rialto assets and $26.6 million in Lennar Multifamily assets.As of November 30, 2015, total assets include $652.3 million related to consolidated VIEs of which $9.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.5 million in Lennar Homebuilding receivables, net, $3.9 million in Lennar Homebuilding finished homes and construction in progress, $154.2 million in Lennar Homebuilding land and land under development, $58.9 million in Lennar Homebuilding consolidated inventory not owned, $35.8 million in Lennar Homebuilding investments in unconsolidated entities, $22.7 million in Lennar Homebuilding other assets, $355.2 million in Rialto assets and $11.5 million in Lennar Multifamily assets.
[2]	As of August 31, 2016, total liabilities include $136.8 million related to consolidated VIEs as to which there was no recourse against the Company, of which $2.7 million is included in Lennar Homebuilding accounts payable, $108.4 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.7 million in Lennar Homebuilding other liabilities, $12.1 million in Rialto liabilities and $11.9 million in Lennar Multifamily liabilities.As of November 30, 2015, total liabilities include $84.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $2.0 million is included in Lennar Homebuilding accounts payable, $51.4 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $15.6 million in Lennar Homebuilding other liabilities, $11.3 million in Rialto liabilities and $4.0 million in Lennar Multifamily liabilities.

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2016	Aug. 31, 2015
Revenues:
Revenues	$ 2,833,894	$ 2,491,698	$ 7,573,373	$ 6,528,441
Cost and expenses:
Corporate general and administrative	61,164	56,494	164,634	150,355
Total costs and expenses	2,509,700	2,199,483	6,747,887	5,821,641
Equity in earnings (loss) from unconsolidated entities			28,424	70,679
Other interest expense	(973)	(2,812)	(3,323)	(10,701)
Earnings before income taxes	339,558	320,658	869,090	777,111
Provision for income taxes	(106,427)	(95,621)	(266,469)	(250,573)
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	233,131	225,037	602,621	526,538
Less: Net earnings (loss) attributable to noncontrolling interests	(2,711)	1,725	4,230	5,247
Net earnings attributable to Lennar	235,842	223,312	598,391	521,291
Other comprehensive income, net of tax:
Net unrealized gain (loss) on securities available-for-sale	639	(400)	1,121	(294)
Reclassification adjustments for gains included in earnings, net of tax	(31)	0	(37)	(23)
Other comprehensive income attributable to Lennar	236,450	222,912	599,475	520,974
Other comprehensive income (loss) attributable to noncontrolling interests	$ (2,711)	$ 1,725	$ 4,230	$ 5,247
Basic earnings per share (in dollars per share)	$ 1.04	$ 1.07	$ 2.74	$ 2.53
Diluted earnings per share (in dollars per share)	1.01	0.96	2.59	2.25
Class A Common Stock
Other comprehensive income, net of tax:
Cash dividends per each common share (in dollars per share)	$ 0.04	$ 0.04	$ 0.12	$ 0.12
Lennar Homebuilding
Revenues:
Revenues	$ 2,496,969	$ 2,232,318	$ 6,734,335	$ 5,789,788
Cost and expenses:
Cost and expenses	2,164,027	1,913,283	5,844,520	5,003,940
Equity in earnings (loss) from unconsolidated entities	(18,034)	13,300	(24,667)	48,693
Other income (expense), net	30,947	4,189	46,391	10,305
Lennar Financial Services
Revenues:
Revenues	191,444	168,748	491,340	463,460
Cost and expenses:
Cost and expenses	138,196	129,311	379,073	369,443
Rialto
Revenues:
Revenues	63,885	51,554	152,434	160,682
Cost and expenses:
Cost and expenses	62,306	53,323	155,416	161,610
Equity in earnings (loss) from unconsolidated entities	5,976	7,590	14,337	17,582
Other income (expense), net	(7,612)	1,172	(27,888)	28
Less: Net earnings (loss) attributable to noncontrolling interests	(6,000)	(2,000)	(10,600)	(4,500)
Lennar Multifamily
Revenues:
Revenues	81,596	39,078	195,264	114,511
Cost and expenses:
Cost and expenses	84,007	47,072	204,244	136,293
Equity in earnings (loss) from unconsolidated entities	$ 5,060	$ 5,004	$ 38,754	$ 4,404

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands		9 Months Ended
		Aug. 31, 2016	Aug. 31, 2015
Cash flows from operating activities:
Net earnings (including net earnings attributable to noncontrolling interests)		$ 602,621	$ 526,538
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation and amortization		35,785	30,450
Amortization of discount/premium and accretion on debt, net		11,901	15,107
Equity in earnings from unconsolidated entities		(28,424)	(70,679)
Distributions of earnings from unconsolidated entities		52,787	43,343
Share-based compensation expense		34,628	32,199
Excess tax benefits from share-based awards		(7,039)	(113)
Deferred income tax expense (benefit)		53,833	(3,890)
Loss on retirement of debt and notes payable		1,569	3,206
Gain on sale of operating properties and equipment		(12,559)	(5,945)
Unrealized and realized gains on real estate owned		(17,251)	(14,879)
Impairments of loans receivable and real estate owned		26,893	16,225
Valuation adjustments and write-offs of option deposits and pre-acquisition costs and other assets		9,817	17,664
Changes in assets and liabilities:
Decrease in restricted cash		16,820	21,405
Decrease in receivables		40,108	44,145
Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs		(892,208)	(1,284,106)
Increase in other assets		(34,753)	(40,747)
Decrease (increase) in loans held-for-sale		126,484	(467,925)
(Decrease) increase in accounts payable and other liabilities		(24,092)	49,588
Net cash used in operating activities		(3,080)	(1,088,414)
Cash flows from investing activities:
Increase in restricted cash related to LOCs		0	717
Net additions of operating properties and equipment		(54,847)	(60,924)
Proceeds from the sale of operating properties and equipment		17,450	73,732
Investments in and contributions to unconsolidated entities		(320,047)	(116,739)
Distributions of capital from unconsolidated entities		209,820	80,177
Proceeds from sales of real estate owned		66,638	88,565
Improvements to real estate owned		(2,998)	(6,055)
Receipts of principal payments on loans receivable and other		57,733	14,225
Purchases of loans receivable and real estate owned		249	0
Originations/purchases of loans receivable		(56,507)	(22,545)
Purchase of investment carried at cost		0	(18,000)
Purchases of commercial mortgage-backed securities bonds		(33,005)	0
Acquisition, net of cash acquired		(725)	0
Purchases of Lennar Homebuilding investments available-for-sale		0	(28,093)
Decrease (increase) in Lennar Financial Services loans held-for-investment, net		2,086	(4,421)
Purchases of Lennar Financial Services investment securities		(20,936)	(33,702)
Proceeds from maturities/sales of Lennar Financial Services investments securities		18,912	17,382
Net cash used in investing activities		(116,675)	(15,681)
Cash flows from financing activities:
Proceeds from senior notes		499,024	750,625
Debt issuance costs		(3,981)	(7,210)
Redemption of senior notes		(250,000)	(500,000)
Conversions and exchanges on convertible senior notes		(233,893)	(168,854)
Proceeds from other borrowings		34,095	87,905
Principal payments on other borrowings		(133,899)	(232,925)
Receipts related to noncontrolling interests		266	1,475
Payments related to noncontrolling interests		(98,178)	(105,830)
Excess tax benefits from share-based awards		7,039	113
Common stock:
Issuances		19,471	9,406
Repurchases		(19,871)	(23,133)
Dividends		(26,222)	(24,765)
Net cash (used in) provided by financing activities		(222,595)	627,575
Net decrease in cash and cash equivalents		(342,350)	(476,520)
Summary of cash and cash equivalents:
Cash and cash equivalents at beginning of period		1,158,445	1,281,814
Cash and cash equivalents at end of period		816,095	805,294
Consolidation/deconsolidation of unconsolidated/consolidated entities, net:
Inventories		111,347	0
Operating properties and equipment and other assets		0	(17,421)
Investments in unconsolidated entities		(2,445)	2,948
Liabilities related to consolidated inventory not owned		(96,424)	0
Other liabilities		0	1,220
Noncontrolling interests		(12,478)	13,253
Lennar Homebuilding
Adjustments to reconcile net earnings to net cash used in operating activities:
Equity in earnings from unconsolidated entities		24,667	(48,693)
Summary of cash and cash equivalents:
Cash and cash equivalents at beginning of period	[1]	893,408
Cash and cash equivalents at end of period	[1]	567,708
Rialto
Adjustments to reconcile net earnings to net cash used in operating activities:
Equity in earnings from unconsolidated entities		(14,337)	(17,582)
Unrealized and realized gains on real estate owned		(13,575)	(13,852)
Cash flows from financing activities:
Principal payments on Rialto notes payable including structured notes		(4,121)	(28,247)
Summary of cash and cash equivalents:
Cash and cash equivalents at beginning of period		150,219
Cash and cash equivalents at end of period		133,103
Rialto:
Real estate owned acquired in satisfaction/partial satisfaction of loans receivable		7,842	14,683
Lennar Financial Services
Summary of cash and cash equivalents:
Cash and cash equivalents at beginning of period		106,777
Cash and cash equivalents at end of period		110,164
Lennar Multifamily
Adjustments to reconcile net earnings to net cash used in operating activities:
Equity in earnings from unconsolidated entities		(38,754)	(4,404)
Summary of cash and cash equivalents:
Cash and cash equivalents at beginning of period		8,041
Cash and cash equivalents at end of period		5,120
Lennar Homebuilding and Lennar Multifamily
Lennar Homebuilding and Lennar Multifamily:
Non-cash distributions from unconsolidated entities		16,331	0
Conversion of convertible senior notes to equity		243,009	0
Inventory acquired in satisfaction of other assets including investments available-for-sale		0	28,093
Inventory acquired in partner buyout		0	64,440
Non-cash sale of operating properties and equipment		0	(59,397)
Purchases of inventories and other assets financed by sellers		92,368	46,521
Non-cash contributions to unconsolidated entities		59,262	126,411
Operating Segments
Summary of cash and cash equivalents:
Cash and cash equivalents at end of period		816,095	805,294
Operating Segments | Lennar Homebuilding
Summary of cash and cash equivalents:
Cash and cash equivalents at end of period		567,708	595,719
Operating Segments | Rialto
Summary of cash and cash equivalents:
Cash and cash equivalents at end of period		133,103	106,731
Operating Segments | Lennar Financial Services
Summary of cash and cash equivalents:
Cash and cash equivalents at end of period		110,164	99,305
Operating Segments | Lennar Multifamily
Summary of cash and cash equivalents:
Cash and cash equivalents at end of period		5,120	3,539
Unsecured Revolving Credit Facility
Cash flows from financing activities:
Net (repayments) borrowings under credit facilities		125,000	575,000
Warehouse Repurchase Facility
Cash flows from financing activities:
Net (repayments) borrowings under credit facilities		$ (137,325)	$ 294,015
[1]	Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations, (“ASC 810”) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of August 31, 2016, total assets include $596.6 million related to consolidated VIEs of which $9.7 million is included in Lennar Homebuilding cash and cash equivalents, $0.1 million in Lennar Homebuilding receivables, net, $46.9 million in Lennar Homebuilding finished homes and construction in progress, $113.8 million in Lennar Homebuilding land and land under development, $127.0 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $16.5 million in Lennar Homebuilding other assets, $251.5 million in Rialto assets and $26.6 million in Lennar Multifamily assets.As of November 30, 2015, total assets include $652.3 million related to consolidated VIEs of which $9.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.5 million in Lennar Homebuilding receivables, net, $3.9 million in Lennar Homebuilding finished homes and construction in progress, $154.2 million in Lennar Homebuilding land and land under development, $58.9 million in Lennar Homebuilding consolidated inventory not owned, $35.8 million in Lennar Homebuilding investments in unconsolidated entities, $22.7 million in Lennar Homebuilding other assets, $355.2 million in Rialto assets and $11.5 million in Lennar Multifamily assets.

Basis of Presentation

Basis of Presentation	9 Months Ended
	Aug. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Basis of Consolidation The accompanying condensed consolidated financial statements include the accounts of Lennar Corporation and all subsidiaries, partnerships and other entities in which Lennar Corporation has a controlling interest and VIEs (see Note 15) in which Lennar Corporation is deemed to be the primary beneficiary (the “Company”). The Company’s investments in both unconsolidated entities in which a significant, but less than controlling, interest is held and in VIEs in which the Company is not deemed to be the primary beneficiary, are accounted for by the equity method. All intercompany transactions and balances have been eliminated in consolidation. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended November 30, 2015 . In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the accompanying condensed consolidated financial statements have been made. The Company has historically experienced, and expects to continue to experience, variability in quarterly results. The condensed consolidated statements of operations for the three and nine months ended August 31, 2016 are not necessarily indicative of the results to be expected for the full year. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Reclassifications/Revisions

Operating and Reporting Segment

Operating and Reporting Segments	9 Months Ended
	Aug. 31, 2016
Segment Reporting [Abstract]
Operating and Reporting Segments	(2) Operating and Reporting Segments The Company’s operating segments are aggregated into reportable segments, based primarily upon similar economic characteristics, geography and product type. The Company’s reportable segments consist of: (1) Homebuilding East (2) Homebuilding Central (3) Homebuilding West (4) Homebuilding Houston (5) Lennar Financial Services (6) Rialto (7) Lennar Multifamily In the first quarter of 2016, the Company made the decision to divide the Southeast Florida operating division into two operating segments to maximize operational efficiencies given the continued growth of the division. As a result of this change in management structure, the Company re-evaluated its reportable segments and determined that neither operating segment met the reportable criteria set forth in Accounting Standards Codification ("ASC") 280, Segment Reporting . The Company aggregated these operating segments into the Homebuilding East reportable segment as these divisions exhibit similar economic characteristics, geography and product type as the other divisions in Homebuilding East. All prior year segment information has been restated to conform with the 2016 presentation. The change in the reportable segments has no effect on the Company's condensed consolidated financial position, results of operations or cash flows for the periods presented. Information about homebuilding activities in states which are not economically similar to other states in the same geographic area is grouped under “Homebuilding Other,” which is not considered a reportable segment. Evaluation of segment performance is based primarily on operating earnings (loss) before income taxes. Operations of the Company’s homebuilding segments primarily include the construction and sale of single-family attached and detached homes as well as the purchase, development and sale of residential land directly and through the Company’s unconsolidated entities. Operating earnings (loss) for the homebuilding segments consist of revenues generated from the sales of homes and land, equity in earnings (loss) from unconsolidated entities and other income (expense), net, less the cost of homes sold and land sold, selling, general and administrative expenses and other interest expense of the segment. The Company’s reportable homebuilding segments and all other homebuilding operations not required to be reported separately have homebuilding divisions located in: East: Florida, Georgia, Maryland, New Jersey, North Carolina, South Carolina and Virginia Central: Arizona, Colorado and Texas (1) West: California and Nevada Houston: Houston, Texas Other: Illinois, Minnesota, Oregon, Tennessee and Washington (1) Texas in the Central reportable segment excludes Houston, Texas, which is its own reportable segment. Operations of the Lennar Financial Services segment include primarily mortgage financing, title insurance and closing services for both buyers of the Company’s homes and others. The Lennar Financial Services segment sells substantially all of the loans it originates within a short period in the secondary mortgage market, the majority of which are sold on a servicing released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that it breached certain limited industry-standard representations and warranties in the loan sale agreements. Lennar Financial Services’ operating earnings consist of revenues generated primarily from mortgage financing, title insurance and closing services, less the cost of such services and certain selling, general and administrative expenses incurred by the segment. The Lennar Financial Services segment operates generally in the same states as the Company’s homebuilding operations as well as in other states. Operations of the Rialto segment include raising, investing and managing third-party capital, originating and securitizing commercial mortgage loans as well as investing its own capital in real estate related mortgage loans, properties and related securities. Rialto utilizes its vertically-integrated investment and operating platform to underwrite, diligence, acquire, manage, workout and add value to diverse portfolios of real estate loans, properties and real estate related securities as well as providing strategic real estate capital. Rialto’s operating earnings consist of revenues generated primarily from gains from securitization transactions and interest income from the Rialto Mortgage Finance (“RMF”) business, interest income associated with portfolios of real estate loans acquired and other portfolios of real estate loans and assets acquired, asset management, due diligence and underwriting fees derived from the real estate investment funds managed by the Rialto segment, fees for sub-advisory services, other income (expense), net and equity in earnings (loss) from unconsolidated entities, less the costs incurred by the segment for managing portfolios, costs related to RMF and other general and administrative expenses. Operations of the Lennar Multifamily segment include revenues generated from the sales of land, revenue from construction activities and management fees generated from joint ventures and equity in earnings (loss) from unconsolidated entities, less the cost of sales of land, expenses related to construction activities and general and administrative expenses. Each reportable segment follows the same accounting policies described in Note 1 – “Summary of Significant Accounting Policies” to the consolidated financial statements in the Company’s Form 10-K for the year ended November 30, 2015 . 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. Financial information relating to the Company’s operations was as follows: (In thousands) August 31, November 30, Assets: Homebuilding East $ 3,621,564 3,140,604 Homebuilding Central 1,494,703 1,421,195 Homebuilding West 4,527,360 4,157,616 Homebuilding Houston 495,216 481,386 Homebuilding Other 825,798 858,000 Rialto 1,196,653 1,505,500 Lennar Financial Services 1,527,556 1,425,837 Lennar Multifamily 532,574 415,352 Corporate and unallocated 777,296 1,014,019 Total assets $ 14,998,720 14,419,509 Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Revenues: Homebuilding East $ 1,002,584 913,184 2,615,936 2,362,102 Homebuilding Central 422,504 322,242 1,117,034 835,259 Homebuilding West 671,122 639,593 1,940,520 1,649,727 Homebuilding Houston 199,800 204,948 528,097 525,852 Homebuilding Other 200,959 152,351 532,748 416,848 Lennar Financial Services 191,444 168,748 491,340 463,460 Rialto 63,885 51,554 152,434 160,682 Lennar Multifamily 81,596 39,078 195,264 114,511 Total revenues (1) $ 2,833,894 2,491,698 7,573,373 6,528,441 Operating earnings (loss): Homebuilding East (2) $ 161,789 147,055 389,433 365,154 Homebuilding Central 44,627 32,152 110,629 77,919 Homebuilding West (3) 92,308 114,499 294,949 299,324 Homebuilding Houston 23,132 26,665 59,087 66,418 Homebuilding Other 23,026 13,341 54,118 25,330 Lennar Financial Services 53,248 39,437 112,267 94,017 Rialto (57 ) 6,993 (16,533 ) 16,682 Lennar Multifamily 2,649 (2,990 ) 29,774 (17,378 ) Total operating earnings 400,722 377,152 1,033,724 927,466 Corporate general and administrative expenses 61,164 56,494 164,634 150,355 Earnings before income taxes $ 339,558 320,658 869,090 777,111 (1) Total revenues were net of sales incentives of $152.3 million ( $22,500 per home delivered) and $402.2 million ( $22,000 per home delivered) for the three and nine months ended August 31, 2016 , respectively, compared to $130.6 million ( $20,700 per home delivered) and $353.1 million ( $21,300 per home delivered) for the three and nine months ended August 31, 2015 , respectively. (2) For both the three and nine months ended August 31, 2016 , operating earnings included a gain of $8.7 million on the sale of a clubhouse. (3) For the three and nine months ended August 31, 2016 , operating earnings included the Company's share of costs associated with the FivePoint combination and the Company's share of net operating losses associated with the new FivePoint unconsolidated entity, partially offset by $17.4 million of management fee income related to a Lennar Homebuilding strategic joint venture for the three months ended August 31, 2016 and $30.1 million of management fee income and a profit participation related to Lennar Homebuilding's strategic joint ventures for the nine months ended August 31, 2016 . For the three and nine months ended August 31, 2015 , operating earnings included $21.5 million and $64.5 million Lennar Financial Services Segment The assets and liabilities related to the Lennar Financial Services segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 110,164 106,777 Restricted cash 13,910 13,961 Receivables, net (1) 374,769 242,808 Loans held-for-sale (2) 800,139 843,252 Loans held-for-investment, net 29,704 30,998 Investments held-to-maturity 34,746 40,174 Investments available-for-sale (3) 51,535 42,827 Goodwill 39,838 38,854 Other (4) 72,751 66,186 $ 1,527,556 1,425,837 Liabilities: Notes and other debts payable $ 913,040 858,300 Other (5) 227,175 225,678 $ 1,140,215 1,083,978 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of August 31, 2016 and November 30, 2015 , respectively. (2) Loans held-for-sale related to unsold loans carried at fair value. (3) Investments available-for-sale are carried at fair value with changes in fair value recorded as a component of accumulated other comprehensive income. (4) As of August 31, 2016 and November 30, 2015 , other assets included mortgage loan commitments carried at fair value of $20.7 million and $13.1 million , respectively, and mortgage servicing rights carried at fair value of $18.4 million and $16.8 million , respectively. In addition, other assets also included forward contracts carried at fair value of $0.5 million as of November 30, 2015 . (5) As of August 31, 2016 and November 30, 2015 , other liabilities included $58.4 million and $65.0 million , respectively, of certain of the Company’s self-insurance reserves related to construction defects, general liability and workers’ compensation. Other liabilities also included forward contracts carried at fair value of $2.0 million as of August 31, 2016 . At August 31, 2016 , the Lennar Financial Services segment warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures October 2016 (1) $ 300,000 364-day warehouse repurchase facility that matures October 2016 (2) 450,000 364-day warehouse repurchase facility that matures June 2017 600,000 Total $ 1,350,000 (1) Subsequent to August 31, 2016 , the warehouse repurchase facility maturity date was extended to September 2017. (2) Maximum aggregate commitment includes an uncommitted amount of $250 million . The Lennar Financial Services segment uses these facilities to finance its lending activities until the mortgage loans are sold to investors and the proceeds are collected. The facilities are non-recourse to the Company and are expected to be renewed or replaced with other facilities when they mature. Borrowings under the facilities and their prior year predecessors were $912.7 million and $858.3 million at August 31, 2016 and November 30, 2015 , respectively, and were collateralized by mortgage loans and receivables on loans sold to investors but not yet paid for with outstanding principal balances of $960.4 million and $916.9 million at August 31, 2016 and November 30, 2015 , respectively. If the facilities are not renewed or replaced, the borrowings under the lines of credit will be paid off by selling the mortgage loans held-for-sale to investors and by collecting on receivables on loans sold but not yet paid. Without the facilities, the Lennar Financial Services segment would have to use cash from operations and other funding sources to finance its lending activities. Substantially, all of the loans the Lennar Financial Services segment originates are sold within a short period in the secondary mortgage market on a servicing released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that it breached certain limited industry-standard representations and warranties in the loan sale agreements. Over the last several years there has been an industry-wide effort by purchasers to defray their losses by purporting to have found inaccuracies related to sellers’ representations and warranties in particular loan sale agreements. Mortgage investors could seek to have the Company buy back mortgage loans or compensate them for losses incurred on mortgage loans that the Company has sold based on claims that the Company breached its limited representations or warranties. The Company’s mortgage operations have established accruals for possible losses associated with mortgage loans previously originated and sold to investors. The Company establishes accruals for such possible losses based upon, among other things, an analysis of repurchase requests received, an estimate of potential repurchase claims not yet received and actual past repurchases and losses through the disposition of affected loans as well as previous settlements. While the Company believes that it has adequately reserved for known losses and projected repurchase requests, given the volatility in the mortgage industry and the uncertainty regarding the ultimate resolution of these claims, if either actual repurchases or the losses incurred resolving those repurchases exceed the Company’s expectations, additional recourse expense may be incurred. Loan origination liabilities are included in Lennar Financial Services’ liabilities in the Company's condensed consolidated balance sheets. The activity in the Company’s loan origination liabilities was as follows: Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Loan origination liabilities, beginning of period $ 20,994 13,660 19,492 11,818 Provision for losses 1,288 1,147 3,186 3,174 Adjustments to pre-existing provisions for losses from changes in estimates 1,224 — 1,224 — Payments/settlements (17 ) — (413 ) (185 ) Loan origination liabilities, end of period $ 23,489 14,807 23,489 14,807 Rialto Segment The assets and liabilities related to the Rialto segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 133,103 150,219 Restricted cash (1) 6,499 15,061 Receivables, net (2) — 154,948 Loans held-for-sale (3) 228,931 316,275 Loans receivable, net 145,813 164,826 Real estate owned - held-for-sale 170,524 183,052 Real estate owned - held-and-used, net 111,619 153,717 Investments in unconsolidated entities 241,680 224,869 Investments held-to-maturity 60,928 25,625 Other 97,556 116,908 $ 1,196,653 1,505,500 Liabilities: Notes and other debts payable $ 576,448 771,728 Other 56,114 94,496 $ 632,562 866,224 (1) Restricted cash primarily consists of upfront deposits and application fees RMF receives before originating loans and is recognized as income once the loan has been originated as well as cash held in escrow by the Company’s loan servicer provider on behalf of customers and lenders and is disbursed in accordance with agreements between the transacting parties. (2) Receivables, net primarily relate to loans sold but not settled as of November 30, 2015 . (3) Loans held-for-sale relate to unsold loans originated by RMF carried at fair value. Rialto costs and expenses included loan impairments of $4.3 million and $11.1 million for the three and nine months ended August 31, 2016 , respectively, and $4.5 million and $7.3 million for the three and nine months ended August 31, 2015 , respectively, primarily associated with the segment's FDIC loans portfolio (before noncontrolling interests). For the three and nine months ended August 31, 2016 Rialto operating loss included a net loss attributable to noncontrolling interests of $6.0 million and $10.6 million , respectively. For the three and nine months ended August 31, 2015 , Rialto operating earnings included a net loss attributable to the noncontrolling interests of $2.0 million and $4.5 million , respectively. The following is a detail of Rialto other income (expense), net: Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Realized gains on REO sales, net $ 4,337 6,178 13,575 13,852 Unrealized losses on transfer of loans receivable to REO and impairments, net (6,617 ) (3,124 ) (12,166 ) (7,892 ) REO and other expenses (13,006 ) (14,714 ) (39,964 ) (43,123 ) Rental and other income (1) 7,674 12,832 10,667 37,191 Rialto other income (expense), net $ (7,612 ) 1,172 (27,888 ) 28 (1) Rental and other income for the nine months ended August 31, 2016 , included a $16.0 million write-off of uncollectible receivables related to a hospital, which was acquired through the resolution of one of Rialto's loans from a 2010 portfolio. The hospital is managed by a third-party management company. Loans Receivable The following table represents loans receivable, net by type: (In thousands) August 31, November 30, Nonaccrual loans: FDIC and Bank Portfolios $ 62,092 88,694 Accrual loans 83,721 76,132 Loans receivable, net $ 145,813 164,826 The nonaccrual loan portfolios consist primarily of loans acquired at a discount. In 2010, the Rialto segment acquired indirectly 40% managing member equity interests in two limited liability companies ("LLCs") in partnership with the FDIC (“FDIC Portfolios”). The LLCs met the accounting definition of VIEs and since the Company was determined to be the primary beneficiary, the Company consolidated the LLCs. The Company was determined to be the primary beneficiary because it has the power to direct the activities of the LLCs that most significantly impact the LLCs' performance through Rialto's management and servicer contracts. At August 31, 2016 , these consolidated LLCs had total combined assets and liabilities of $251.5 million and $12.1 million , respectively. At November 30, 2015 , these consolidated LLCs had total combined assets and liabilities of $355.2 million and $11.3 million , respectively. In addition in 2010, Rialto acquired 400 distressed residential and commercial real estate loans (“Bank Portfolios”) and over 300 REO properties from three financial institutions. Based on the nature of these loans, the portfolios are managed by assessing the risks related to the likelihood of collection of payments from borrowers and guarantors, as well as monitoring the value of the underlying collateral. As of August 31, 2016 and November 30, 2015 , management classified all loans receivable within the FDIC Portfolios and Bank Portfolios as nonaccrual loans as forecasted principal and interest cannot be reasonably estimated, and therefore, accounts for these assets in accordance with ASC 310-10, Receivables . As of August 31, 2016 , accrual loans included $83.7 million of floating and fixed rate commercial property loans maturing between October 2017 and August 2018. The following tables represent nonaccrual loans in the FDIC Portfolios and Bank Portfolios accounted for under ASC 310-10 aggregated by collateral type: August 31, 2016 Recorded Investment (In thousands) Unpaid Principal Balance With Allowance Without Allowance Total Recorded Investment Land $ 96,220 44,752 124 44,876 Single family homes 18,283 2,166 4,984 7,150 Commercial properties 11,448 1,372 508 1,880 Other 56,443 278 7,908 8,186 Loans receivable $ 182,394 48,568 13,524 62,092 November 30, 2015 Recorded Investment (In thousands) Unpaid Principal Balance With Allowance Without Allowance Total Recorded Investment Land $ 145,417 59,740 1,165 60,905 Single family homes 39,659 8,344 3,459 11,803 Commercial properties 13,458 1,368 1,085 2,453 Other 78,279 — 13,533 13,533 Loans receivable $ 276,813 69,452 19,242 88,694 The average recorded investment in impaired loans was approximately $75 million and $112 million for the nine months ended August 31, 2016 and 2015 , respectively. In order to assess the risk associated with each risk category, management evaluates the forecasted cash flows and the value of the underlying collateral securing the loans receivable on a quarterly basis or when an event occurs that suggests a decline in the collateral’s fair value. Allowance for Loan Losses The allowance for loan losses is a valuation reserve established through provisions for loan losses charged against Rialto’s operating earnings. For nonaccrual loans, the risk relates to a decline in the value of the collateral securing the outstanding obligation. If the recorded investment in the nonaccrual loan exceeds its fair value, an impairment is recognized through an allowance for loan losses. The activity in the Company's allowance rollforward related to nonaccrual loans was as follows: Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Allowance on nonaccrual loans, beginning of the period $ 29,186 40,593 35,625 58,326 Provision for loan losses 4,330 4,497 11,051 7,306 Charge-offs (6,924 ) (6,707 ) (20,084 ) (27,249 ) Allowance on nonaccrual loans, end of the period $ 26,592 38,383 26,592 38,383 For accrual loans an allowance is calculated based on a review of individual loans considered impaired. The analysis of impaired losses may be based on the present value of expected future cash flows discounted at the effective loan rate, an observable market price or the fair value of the underlying collateral on collateral dependent loans. In determining the collectability of certain loans, management also considers the fair value of any underlying collateral. Based on Rialto's segment assessment, no allowance for loan losses were recorded for its accrual loans as of August 31, 2016 and November 30, 2015 . Real Estate Owned The acquisition of properties acquired through, or in lieu of, loan foreclosure are reported within the condensed consolidated balance sheets as REO held-and-used, net and REO held-for-sale. When a property is determined to be held-and-used, net, the asset is recorded at fair value and depreciated over its useful life using the straight line method. When certain criteria set forth in ASC 360, Property, Plant and Equipment , are met, the property is classified as held-for-sale. When a real estate asset is classified as held-for-sale, the property is recorded at the lower of its cost basis or fair value less estimated costs to sell. The fair value of REO held-for-sale is determined in part by placing reliance on third-party appraisals of the properties and/or internally prepared analyses of recent offers or prices on comparable properties in the proximate vicinity. The following tables represent the activity in REO : Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 REO - held-for-sale, beginning of period $ 180,547 195,386 183,052 190,535 Improvements 575 1,023 2,170 4,318 Sales (18,889 ) (26,575 ) (52,840 ) (74,713 ) Impairments and unrealized losses (6,669 ) (3,127 ) (15,016 ) (7,499 ) Transfers from held-and-used, net (1) 14,960 19,031 53,158 73,097 REO - held-for-sale, end of period $ 170,524 185,738 170,524 185,738 Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 REO - held-and-used, net, beginning of period $ 125,406 213,748 153,717 255,795 Additions 1,013 1,367 12,316 15,710 Improvements 706 309 828 1,737 Impairments (23 ) (7 ) (826 ) (1,420 ) Depreciation (523 ) (520 ) (1,258 ) (1,895 ) Transfers to held-for-sale (1) (14,960 ) (19,031 ) (53,158 ) (73,097 ) Other — — — (964 ) REO - held-and-used, net, end of period $ 111,619 195,866 111,619 195,866 (1) During the three and nine months ended August 31, 2016 and 2015 , the Rialto segment transferred certain properties from REO held-and-used, net to REO held-for-sale as a result of changes in the disposition strategy of the real estate assets. For the three and nine months ended August 31, 2016 , the Company recorded net gains (losses) of ($0.4) million and $1.6 million , respectively, from acquisitions of REO through foreclosure. For the three and nine months ended August 31, 2015 , the Company recorded net losses of $0.3 million and $0.1 million , respectively, from acquisitions of REO through foreclosure. These net gains (losses) are recorded in Rialto other income (expense), net. Rialto Mortgage Finance - loans held-for-sale During the nine months ended August 31, 2016 , RMF originated loans with a total principal balance of $1.2 billion of which $1.2 billion were recorded as loans held-for-sale and $55.7 million were recorded as accrual loans within loans receivable, net, and sold $1.3 billion of loans into seven separate securitizations. During the nine months ended August 31, 2015 , RMF originated loans with a total principal balance of $2.0 billion and sold $1.6 billion of loans into eight separate securitizations. As of November 30, 2015 , $151.8 million of the originated loans were sold into a securitization trust but not settled and thus were included as receivables, net. Notes and Other Debts Payable The Rialto segment has $350 million aggregate principal amount of 7.00% senior notes due 2018 ("7.00% Senior Notes"). Interest on the 7.00% Senior Notes is due semi-annually. At August 31, 2016 and November 30, 2015 , the carrying amount, net of debt issuance costs, of the 7.00% Senior Notes was $348.5 million and $347.9 million , respectively. Under the indenture, Rialto is subject to certain covenants limiting, among other things, Rialto’s ability to incur indebtedness, to make investments, to make distributions to or enter into transactions with Lennar or to create liens, subject to certain exceptions and qualifications. Rialto also has quarterly and annual reporting requirements, similar to an SEC registrant, to holders of the 7.00% Senior Notes. The Company believes Rialto was in compliance with its debt covenants at August 31, 2016 . At August 31, 2016 , Rialto warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures October 2016 (one year extension) (1) (2) $ 400,000 364-day warehouse repurchase facility that matures January 2017 (1) 250,000 Warehouse repurchase facility that matures December 2017 (1) (3) 100,000 Warehouse repurchase facility that matures August 2018 (two - one year extensions) (4) 100,000 Total $ 850,000 (1) RMF uses these facilities to finance its loan origination and securitization activities. (2) Subsequent to August 31, 2016 , the warehouse repurchase facility maturity date was extended to April 2017, with the option for an additional six month extension, and the maximum aggregate commitment was increased to $500 million . (3) Subsequent to August 31, 2016 , the warehouse repurchase facility was amended and the maximum aggregate commitment was increased to $200 million . (4) In 2015, Rialto entered into a separate repurchase facility to finance the origination of floating rate accrual loans. Loans financed under this facility are held as accrual loans within loans receivable, net. As of both August 31, 2016 and November 30, 2015 , borrowings under this facility were $36.3 million . Borrowings under the facilities that finance RMF's loan originations and securitization activities were $106.6 million and $317.1 million as of August 31, 2016 and November 30, 2015 , respectively, and were secured by a 75% interest in the originated commercial loans financed. The facilities require immediate repayment of the 75% interest in the secured commercial loans when the loans are sold in a securitization and the proceeds are collected. These warehouse repurchase facilities are non-recourse to the Company and are expected to be renewed or replaced with other facilities when they mature. In 2010, Rialto paid $310 million for the Bank Portfolios and for over 300 REO properties, of which $124 million was financed through a 5 -year senior unsecured note provided by one of the selling institutions for which the maturity was subsequently extended. The remaining balance is due in December 2016. As of both August 31, 2016 and November 30, 2015 , the outstanding amount related to the 5 -year senior unsecured note was $30.3 million . In May 2014, the Rialto segment issued $73.8 million principal amount of notes through a structured note offering (the “Structured Notes”) collateralized by certain assets originally acquired in the Bank Portfolios transaction at a price of 100% , with an annual coupon rate of 2.85% . Proceeds from the offering, after payment of expenses and hold backs for a cash reserve, were $69.1 million . In November 2014, the Rialto segment issued an additional $20.8 million of the Structured Notes at a price of 99.5% , with an annual coupon rate of 5.0% . Proceeds from the offering, after payment of expenses, were $20.7 million . The estimated final payment date of the Structured Notes is November 15, 2017 . As of August 31, 2016 and November 30, 2015 , the outstanding amount, net of debt issuance costs, related to the Structured Notes was $27.9 million and $31.3 million , respectively. Investments All of Rialto's investments in funds have the attributes of an investment company in accordance with ASC 946, Financial Services – Investment Companies , as amended by ASU 2013-08, Financial Services - Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements, the attributes of which are different from the attributes that would cause a company to be an investment company for purposes of the Investment Company Act of 1940. As a result, the assets and liabilities of the funds in which Rialto has investments in are recorded at fair value with increases/decreases in fair value recorded in their respective statements of operations and the Company’s share is recorded in Rialto equity in earnings from unconsolidated entities in the Company's statement of operations. The following table reflects Rialto's investments in funds that invest in and manage real estate related assets and other investments: August 31, August 31, November 30, (Dollars in thousands) Inception Year Equity Commitments Equity Commitments Called Commitment to Fund by the Company Funds Contributed by the Company Investment Rialto Real Estate Fund, LP 2010 $ 700,006 $ 700,006 $ 75,000 $ 75,000 $ 62,659 68,570 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 96,863 99,947 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 26,310 32,344 Rialto Capital CMBS Funds 2014 111,753 111,753 47,057 47,057 47,270 23,233 Rialto Real Estate Fund III 2015 949,578 — 100,000 — 1,559 — Rialto Credit Partnership, LP 2016 220,000 51,150 19,999 4,650 4,637 — Other investments 2,382 775 $ 241,680 224,869 Rialto's share of earnings (loss) from unconsolidated entities was as follows: Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Rialto Real Estate Fund, LP $ 1,127 4,158 3,397 7,948 Rialto Real Estate Fund II, LP 2,672 2,354 4,420 5,533 Rialto Mezzanine Partners Fund, LP 703 637 2,128 1,563 Rialto Capital CMBS Funds 1,471 429 3,051 2,506 Rialto Real Estate Fund III 4 — 1,387 — Rialto Credit Partnership, LP (1 ) — (13 ) — Other investments — 12 (33 ) 32 Rialto equity in earnings from unconsolidated entities $ 5,976 7,590 14,337 17,582 During the three and nine months ended August 31, 2016 , Rialto received $2.1 million and $9.5 million , respectively, of advance distributions with regard to Rialto's carried interests in its real estate funds in order to cover income tax obligations resulting from allocations of taxable income to Rialto's carried interests in these funds. During the three and nine months ended August 31, 2015 , Rialto received $5.0 million and $16.2 million of such advanced distributions. These advance distributions are not subject to clawbacks and are included in Rialto's revenues. During 2015, Rialto adopted a Carried Interest Incentive Plan (the "Plan"), under which participating employees in the aggregate may receive up to 40% of the equity units of a limited liability company (a "Carried Interest Entity") that is entitled to distributions made by a fund or other investment vehicle (a "Fund") m

Lennar Homebuilding Investments

Lennar Homebuilding Investments In Unconsolidated Entities	9 Months Ended
	Aug. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Lennar Homebuilding Investments in Unconsolidated Entities	Lennar Homebuilding Investments in Unconsolidated Entities Summarized condensed financial information on a combined 100% basis related to Lennar Homebuilding’s unconsolidated entities that are accounted for by the equity method was as follows: Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Revenues $ 43,889 141,599 352,251 765,346 Costs and expenses 110,649 127,678 409,219 580,696 Other income — 46,400 — 49,343 Net earnings (loss) of unconsolidated entities $ (66,760 ) 60,321 (56,968 ) 233,993 Lennar Homebuilding equity in earnings (loss) from unconsolidated entities $ (18,034 ) 13,300 (24,667 ) 48,693 For both the three and nine months ended August 31, 2016 , Lennar Homebuilding equity in loss from unconsolidated entities was primarily attributable to the Company's share of costs associated with the FivePoint combination and the Company’s share of net operating losses associated with the new FivePoint unconsolidated entity. For the nine months ended August 31, 2016 , Lennar Homebuilding equity in loss from unconsolidated entities was partially offset by equity in earnings from one of the Company's unconsolidated entities primarily due to sales of homesites to third parties. For the three months ended August 31, 2015 , Lennar Homebuilding equity in earnings included $21.5 million of equity in earnings from one of the Company's unconsolidated entities primarily due to a gain on debt extinguishment and sales of approximately 40 homesites to third parties. For the nine months ended August 31, 2015 , Lennar Homebuilding equity in earnings included $64.5 million of equity in earnings from one of the Company's unconsolidated entities primarily due to sales of approximately 700 homesites and a commercial property to third parties and a gain on debt extinguishment. In addition, for the nine months ended August 31, 2015 , net earnings of unconsolidated entities included sales of 300 homesites to Lennar by one of the Company’s unconsolidated entities that resulted in $49.3 million of gross profit, of which the Company's portion was deferred. Balance Sheets (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 369,203 248,980 Inventories 3,798,070 3,059,054 Other assets 1,354,826 465,404 $ 5,522,099 3,773,438 Liabilities and equity: Accounts payable and other liabilities $ 854,568 288,192 Debt 865,496 792,886 Equity 3,802,035 2,692,360 $ 5,522,099 3,773,438 On May 2, 2016 (the “Closing Date”), the Company contributed, or obtained the right to contribute, its investment in three strategic joint ventures previously managed by FivePoint Communities in exchange for an investment in a newly formed FivePoint entity. The fair values of the assets contributed to the newly formed FivePoint entity, included within the unconsolidated entities summarized condensed balance sheet presented above, are preliminary and will be adjusted when additional information is obtained during the transaction’s measurement period (a period of up to one year from the Closing Date) that may change the fair value allocation as of the acquisition date. A portion of the assets of one of the three strategic joint ventures was retained by Lennar and its venture partner in a new unconsolidated entity. The transactions did not have a material impact to the Company’s financial position or cash flows. The Company recorded its share of combination costs in equity in loss from unconsolidated entities on the condensed consolidated statement of operations for the three and nine months ended August 31, 2016 . As of August 31, 2016 and November 30, 2015 , the Company’s recorded investments in Lennar Homebuilding unconsolidated entities were $796.5 million and $741.6 million , respectively, while the underlying equity in Lennar Homebuilding unconsolidated entities partners’ net assets as of August 31, 2016 and November 30, 2015 was $1.2 billion and $839.5 million , respectively. The basis difference is primarily as a result of the Company contributing its investment in three strategic joint ventures with a higher fair value than book value for an investment in the newly formed FivePoint entity, contributing non-monetary assets to an unconsolidated entity with a higher fair value than book value and deferring equity in earnings on land sales to the Company. The Lennar Homebuilding unconsolidated entities in which the Company has investments usually finance their activities with a combination of partner equity and debt financing. In some instances, the Company and its partners have guaranteed debt of certain unconsolidated entities. The total debt of the Lennar Homebuilding unconsolidated entities in which the Company has investments, including Lennar's maximum recourse exposure, were as follows: (Dollars in thousands) August 31, November 30, Non-recourse bank debt and other debt (partner’s share of several recourse) $ 48,792 50,411 Non-recourse land seller debt and other debt 323,995 324,000 Non-recourse debt with completion guarantees 137,152 146,760 Non-recourse debt without completion guarantees 306,929 260,734 Non-recourse debt to the Company 816,868 781,905 The Company’s maximum recourse exposure (1) 48,628 10,981 Total debt $ 865,496 792,886 The Company’s maximum recourse exposure as a % of total JV debt 6 % 1 % (1) The increase in the Company's maximum recourse exposure was primarily related to the Company providing a repayment guarantee on an unconsolidated entity's debt. In most instances in which the Company has guaranteed debt of a Lennar Homebuilding unconsolidated entity, the Company’s partners have also guaranteed that debt and are required to contribute their share of the guarantee payments. In a repayment guarantee, the Company and its venture partners guarantee repayment of a portion or all of the debt in the event of default before the lender would have to exercise its rights against the collateral. In connection with many of the loans to Lennar Homebuilding unconsolidated entities, the Company and its joint venture partners (or entities related to them) have been required to give guarantees of completion to the lenders. Those completion guarantees may require that the guarantors complete the construction of the improvements for which the financing was obtained. If the construction is to be done in phases, the guarantee generally is limited to completing only the phases as to which construction has already commenced and for which loan proceeds were used. If the Company is required to make a payment under any guarantee, the payment would constitute a capital contribution or loan to the Lennar Homebuilding unconsolidated entity and increase the Company’s investment in the unconsolidated entity and its share of any funds the unconsolidated entity distributes. As of both August 31, 2016 and November 30, 2015 , the fair values of the repayment guarantees and completion guarantees were not material. The Company believes that as of August 31, 2016

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Aug. 31, 2016
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity The following table reflects the changes in equity attributable to both Lennar Corporation and the noncontrolling interests of its consolidated subsidiaries in which it has less than a 100% ownership interest for both the nine months ended August 31, 2016 and 2015 : Stockholders’ Equity (In thousands) Total Equity Class A Class B Additional Treasury Stock Accumulated Other Comprehensive Income Retained Earnings Noncontrolling Interests Balance at November 30, 2015 $ 5,950,072 18,066 3,298 2,305,560 (107,755 ) 39 3,429,736 301,128 Net earnings (including net earnings attributable to noncontrolling interests) 602,621 — — — — — 598,391 4,230 Employee stock and directors plans 501 124 — 1,552 (1,175 ) — — — Conversions and exchanges of convertible senior notes to Class A common stock 242,406 1,551 — 240,855 — — — — Tax benefit from employee stock plans, vesting of restricted stock and conversions of convertible senior notes 45,803 — — 45,803 — — — — Amortization of restricted stock 34,628 — — 34,628 — — — — Cash dividends (26,222 ) — — — — — (26,222 ) — Receipts related to noncontrolling interests 266 — — — — — — 266 Payments related to noncontrolling interests (98,178 ) — — — — — — (98,178 ) Non-cash distributions to noncontrolling interests (5,033 ) — — — — — — (5,033 ) Non-cash consolidations, net 12,478 — — — — — — 12,478 Non-cash activity related to noncontrolling interests 2,480 — — — — — — 2,480 Other comprehensive income, net of tax 1,084 — — — — 1,084 — — Balance at August 31, 2016 $ 6,762,906 19,741 3,298 2,628,398 (108,930 ) 1,123 4,001,905 217,371 Stockholders’ Equity (In thousands) Total Equity Class A Class B Additional Treasury Stock Accumulated Other Comprehensive Income (loss) Retained Earnings Noncontrolling Interests Balance at November 30, 2014 $ 5,251,302 17,424 3,298 2,239,574 (93,440 ) 130 2,660,034 424,282 Net earnings (including net earnings attributable to noncontrolling interests) 526,538 — — — — — 521,291 5,247 Employee stock and directors plans (12,727 ) 121 — 1,411 (14,259 ) — — — Conversions and exchanges of convertible senior notes to Class A common stock — 415 — (415 ) — — — — Tax benefit from employee stock plans, vesting of restricted stock and conversions of convertible senior notes 17,419 — — 17,419 — — — — Amortization of restricted stock 32,095 — — 32,095 — — — — Cash dividends (24,765 ) — — — — — (24,765 ) — Receipts related to noncontrolling interests 1,475 — — — — — — 1,475 Payments related to noncontrolling interests (105,830 ) — — — — — — (105,830 ) Non-cash deconsolidations, net (13,253 ) — — — — — — (13,253 ) Non-cash activity related to noncontrolling interests 2,760 — — — — — — 2,760 Other comprehensive loss, net of tax (317 ) — — — — (317 ) — — Balance at August 31, 2015 $ 5,674,697 17,960 3,298 2,290,084 (107,699 ) (187 ) 3,156,560 314,681

Income Taxes

Income Taxes	9 Months Ended
	Aug. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The provision for income taxes and effective tax rate were as follows: Three Months Ended Nine Months Ended August 31, August 31, (Dollars in thousands) 2016 2015 2016 2015 Provision for income taxes $ (106,427 ) (95,621 ) (266,469 ) (250,573 ) Effective tax rate (1) 31.09 % 29.98 % 30.81 % 32.46 % (1) For the three months ended August 31, 2016 , the effective tax rate included tax benefits for the domestic production activities deduction and energy tax credits, offset primarily by state income tax expense. For the nine months ended August 31, 2016 , the effective tax rate included tax benefits for (1) a settlement with the IRS, (2) the domestic production activities deduction, and (3) energy tax credits, offset primarily by state income tax expense. For both the three and nine months ended August 31, 2015 , the effective tax rate included tax benefits for the domestic production activities deduction and energy tax credits, offset primarily by state income tax expense and interest accrued on uncertain tax positions. As of August 31, 2016 and November 30, 2015 , the Company's deferred tax assets, net included in the condensed consolidated balance sheets were $320.1 million and $340.7 million , respectively. At both August 31, 2016 and November 30, 2015 , the Company had $12.3 million of gross unrecognized tax benefits. At August 31, 2016 , the Company had $45.2 million accrued for interest and penalties, of which $2.4 million was accrued during the nine months ended August 31, 2016 . In addition, during the nine months ended August 31, 2016 , the Company's accrual for interest and penalties was reduced by $22.3 million due primarily to a settlement with the IRS. At November 30, 2015 , the Company had $65.1 million

Earnings Per Share

Earnings Per Share	9 Months Ended
	Aug. 31, 2016
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share is computed by dividing net earnings attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. All outstanding nonvested shares that contain non-forfeitable rights to dividends or dividend equivalents that participate in undistributed earnings with common stock are considered participating securities and are included in computing earnings per share pursuant to the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating securities according to dividends or dividend equivalents and participation rights in undistributed earnings. The Company’s restricted common stock (“nonvested shares”) are considered participating securities. Basic and diluted earnings per share were calculated as follows: Three Months Ended Nine Months Ended August 31, August 31, (In thousands, except per share amounts) 2016 2015 2016 2015 Numerator: Net earnings attributable to Lennar $ 235,842 223,312 598,391 521,291 Less: distributed earnings allocated to nonvested shares 81 91 256 271 Less: undistributed earnings allocated to nonvested shares 2,232 2,313 5,798 5,431 Numerator for basic earnings per share 233,529 220,908 592,337 515,589 Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan (1) 258 1,044 864 2,842 Plus: interest on 3.25% convertible senior notes due 2021 964 1,982 4,836 5,946 Plus: undistributed earnings allocated to convertible shares 2,232 2,313 5,797 5,430 Less: undistributed earnings reallocated to convertible shares 2,162 2,093 5,484 4,870 Numerator for diluted earnings per share $ 234,305 222,066 596,622 519,253 Denominator: Denominator for basic earnings per share - weighted average common shares outstanding 223,549 206,439 215,814 204,120 Effect of dilutive securities: Share-based payments 3 7 4 9 Convertible senior notes 8,266 24,102 14,399 26,506 Denominator for diluted earnings per share - weighted average common shares outstanding 231,818 230,548 230,217 230,635 Basic earnings per share $ 1.04 1.07 2.74 2.53 Diluted earnings per share $ 1.01 0.96 2.59 2.25 (1) The amounts presented above relate to Rialto's Carried Interest Incentive Plan adopted in June 2015 (see Note 8) and represents the difference between the advanced tax distributions received by Rialto's subsidiary and the amount Lennar, as the parent company, is assumed to own. For both the three and nine months ended August 31, 2016 and 2015 , there were no

Lennar Financial Services Segme

Lennar Financial Services Segment	9 Months Ended
	Aug. 31, 2016
Segment Reporting [Abstract]
Operating and Reporting Segments	(2) Operating and Reporting Segments The Company’s operating segments are aggregated into reportable segments, based primarily upon similar economic characteristics, geography and product type. The Company’s reportable segments consist of: (1) Homebuilding East (2) Homebuilding Central (3) Homebuilding West (4) Homebuilding Houston (5) Lennar Financial Services (6) Rialto (7) Lennar Multifamily In the first quarter of 2016, the Company made the decision to divide the Southeast Florida operating division into two operating segments to maximize operational efficiencies given the continued growth of the division. As a result of this change in management structure, the Company re-evaluated its reportable segments and determined that neither operating segment met the reportable criteria set forth in Accounting Standards Codification ("ASC") 280, Segment Reporting . The Company aggregated these operating segments into the Homebuilding East reportable segment as these divisions exhibit similar economic characteristics, geography and product type as the other divisions in Homebuilding East. All prior year segment information has been restated to conform with the 2016 presentation. The change in the reportable segments has no effect on the Company's condensed consolidated financial position, results of operations or cash flows for the periods presented. Information about homebuilding activities in states which are not economically similar to other states in the same geographic area is grouped under “Homebuilding Other,” which is not considered a reportable segment. Evaluation of segment performance is based primarily on operating earnings (loss) before income taxes. Operations of the Company’s homebuilding segments primarily include the construction and sale of single-family attached and detached homes as well as the purchase, development and sale of residential land directly and through the Company’s unconsolidated entities. Operating earnings (loss) for the homebuilding segments consist of revenues generated from the sales of homes and land, equity in earnings (loss) from unconsolidated entities and other income (expense), net, less the cost of homes sold and land sold, selling, general and administrative expenses and other interest expense of the segment. The Company’s reportable homebuilding segments and all other homebuilding operations not required to be reported separately have homebuilding divisions located in: East: Florida, Georgia, Maryland, New Jersey, North Carolina, South Carolina and Virginia Central: Arizona, Colorado and Texas (1) West: California and Nevada Houston: Houston, Texas Other: Illinois, Minnesota, Oregon, Tennessee and Washington (1) Texas in the Central reportable segment excludes Houston, Texas, which is its own reportable segment. Operations of the Lennar Financial Services segment include primarily mortgage financing, title insurance and closing services for both buyers of the Company’s homes and others. The Lennar Financial Services segment sells substantially all of the loans it originates within a short period in the secondary mortgage market, the majority of which are sold on a servicing released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that it breached certain limited industry-standard representations and warranties in the loan sale agreements. Lennar Financial Services’ operating earnings consist of revenues generated primarily from mortgage financing, title insurance and closing services, less the cost of such services and certain selling, general and administrative expenses incurred by the segment. The Lennar Financial Services segment operates generally in the same states as the Company’s homebuilding operations as well as in other states. Operations of the Rialto segment include raising, investing and managing third-party capital, originating and securitizing commercial mortgage loans as well as investing its own capital in real estate related mortgage loans, properties and related securities. Rialto utilizes its vertically-integrated investment and operating platform to underwrite, diligence, acquire, manage, workout and add value to diverse portfolios of real estate loans, properties and real estate related securities as well as providing strategic real estate capital. Rialto’s operating earnings consist of revenues generated primarily from gains from securitization transactions and interest income from the Rialto Mortgage Finance (“RMF”) business, interest income associated with portfolios of real estate loans acquired and other portfolios of real estate loans and assets acquired, asset management, due diligence and underwriting fees derived from the real estate investment funds managed by the Rialto segment, fees for sub-advisory services, other income (expense), net and equity in earnings (loss) from unconsolidated entities, less the costs incurred by the segment for managing portfolios, costs related to RMF and other general and administrative expenses. Operations of the Lennar Multifamily segment include revenues generated from the sales of land, revenue from construction activities and management fees generated from joint ventures and equity in earnings (loss) from unconsolidated entities, less the cost of sales of land, expenses related to construction activities and general and administrative expenses. Each reportable segment follows the same accounting policies described in Note 1 – “Summary of Significant Accounting Policies” to the consolidated financial statements in the Company’s Form 10-K for the year ended November 30, 2015 . 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. Financial information relating to the Company’s operations was as follows: (In thousands) August 31, November 30, Assets: Homebuilding East $ 3,621,564 3,140,604 Homebuilding Central 1,494,703 1,421,195 Homebuilding West 4,527,360 4,157,616 Homebuilding Houston 495,216 481,386 Homebuilding Other 825,798 858,000 Rialto 1,196,653 1,505,500 Lennar Financial Services 1,527,556 1,425,837 Lennar Multifamily 532,574 415,352 Corporate and unallocated 777,296 1,014,019 Total assets $ 14,998,720 14,419,509 Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Revenues: Homebuilding East $ 1,002,584 913,184 2,615,936 2,362,102 Homebuilding Central 422,504 322,242 1,117,034 835,259 Homebuilding West 671,122 639,593 1,940,520 1,649,727 Homebuilding Houston 199,800 204,948 528,097 525,852 Homebuilding Other 200,959 152,351 532,748 416,848 Lennar Financial Services 191,444 168,748 491,340 463,460 Rialto 63,885 51,554 152,434 160,682 Lennar Multifamily 81,596 39,078 195,264 114,511 Total revenues (1) $ 2,833,894 2,491,698 7,573,373 6,528,441 Operating earnings (loss): Homebuilding East (2) $ 161,789 147,055 389,433 365,154 Homebuilding Central 44,627 32,152 110,629 77,919 Homebuilding West (3) 92,308 114,499 294,949 299,324 Homebuilding Houston 23,132 26,665 59,087 66,418 Homebuilding Other 23,026 13,341 54,118 25,330 Lennar Financial Services 53,248 39,437 112,267 94,017 Rialto (57 ) 6,993 (16,533 ) 16,682 Lennar Multifamily 2,649 (2,990 ) 29,774 (17,378 ) Total operating earnings 400,722 377,152 1,033,724 927,466 Corporate general and administrative expenses 61,164 56,494 164,634 150,355 Earnings before income taxes $ 339,558 320,658 869,090 777,111 (1) Total revenues were net of sales incentives of $152.3 million ( $22,500 per home delivered) and $402.2 million ( $22,000 per home delivered) for the three and nine months ended August 31, 2016 , respectively, compared to $130.6 million ( $20,700 per home delivered) and $353.1 million ( $21,300 per home delivered) for the three and nine months ended August 31, 2015 , respectively. (2) For both the three and nine months ended August 31, 2016 , operating earnings included a gain of $8.7 million on the sale of a clubhouse. (3) For the three and nine months ended August 31, 2016 , operating earnings included the Company's share of costs associated with the FivePoint combination and the Company's share of net operating losses associated with the new FivePoint unconsolidated entity, partially offset by $17.4 million of management fee income related to a Lennar Homebuilding strategic joint venture for the three months ended August 31, 2016 and $30.1 million of management fee income and a profit participation related to Lennar Homebuilding's strategic joint ventures for the nine months ended August 31, 2016 . For the three and nine months ended August 31, 2015 , operating earnings included $21.5 million and $64.5 million Lennar Financial Services Segment The assets and liabilities related to the Lennar Financial Services segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 110,164 106,777 Restricted cash 13,910 13,961 Receivables, net (1) 374,769 242,808 Loans held-for-sale (2) 800,139 843,252 Loans held-for-investment, net 29,704 30,998 Investments held-to-maturity 34,746 40,174 Investments available-for-sale (3) 51,535 42,827 Goodwill 39,838 38,854 Other (4) 72,751 66,186 $ 1,527,556 1,425,837 Liabilities: Notes and other debts payable $ 913,040 858,300 Other (5) 227,175 225,678 $ 1,140,215 1,083,978 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of August 31, 2016 and November 30, 2015 , respectively. (2) Loans held-for-sale related to unsold loans carried at fair value. (3) Investments available-for-sale are carried at fair value with changes in fair value recorded as a component of accumulated other comprehensive income. (4) As of August 31, 2016 and November 30, 2015 , other assets included mortgage loan commitments carried at fair value of $20.7 million and $13.1 million , respectively, and mortgage servicing rights carried at fair value of $18.4 million and $16.8 million , respectively. In addition, other assets also included forward contracts carried at fair value of $0.5 million as of November 30, 2015 . (5) As of August 31, 2016 and November 30, 2015 , other liabilities included $58.4 million and $65.0 million , respectively, of certain of the Company’s self-insurance reserves related to construction defects, general liability and workers’ compensation. Other liabilities also included forward contracts carried at fair value of $2.0 million as of August 31, 2016 . At August 31, 2016 , the Lennar Financial Services segment warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures October 2016 (1) $ 300,000 364-day warehouse repurchase facility that matures October 2016 (2) 450,000 364-day warehouse repurchase facility that matures June 2017 600,000 Total $ 1,350,000 (1) Subsequent to August 31, 2016 , the warehouse repurchase facility maturity date was extended to September 2017. (2) Maximum aggregate commitment includes an uncommitted amount of $250 million . The Lennar Financial Services segment uses these facilities to finance its lending activities until the mortgage loans are sold to investors and the proceeds are collected. The facilities are non-recourse to the Company and are expected to be renewed or replaced with other facilities when they mature. Borrowings under the facilities and their prior year predecessors were $912.7 million and $858.3 million at August 31, 2016 and November 30, 2015 , respectively, and were collateralized by mortgage loans and receivables on loans sold to investors but not yet paid for with outstanding principal balances of $960.4 million and $916.9 million at August 31, 2016 and November 30, 2015 , respectively. If the facilities are not renewed or replaced, the borrowings under the lines of credit will be paid off by selling the mortgage loans held-for-sale to investors and by collecting on receivables on loans sold but not yet paid. Without the facilities, the Lennar Financial Services segment would have to use cash from operations and other funding sources to finance its lending activities. Substantially, all of the loans the Lennar Financial Services segment originates are sold within a short period in the secondary mortgage market on a servicing released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that it breached certain limited industry-standard representations and warranties in the loan sale agreements. Over the last several years there has been an industry-wide effort by purchasers to defray their losses by purporting to have found inaccuracies related to sellers’ representations and warranties in particular loan sale agreements. Mortgage investors could seek to have the Company buy back mortgage loans or compensate them for losses incurred on mortgage loans that the Company has sold based on claims that the Company breached its limited representations or warranties. The Company’s mortgage operations have established accruals for possible losses associated with mortgage loans previously originated and sold to investors. The Company establishes accruals for such possible losses based upon, among other things, an analysis of repurchase requests received, an estimate of potential repurchase claims not yet received and actual past repurchases and losses through the disposition of affected loans as well as previous settlements. While the Company believes that it has adequately reserved for known losses and projected repurchase requests, given the volatility in the mortgage industry and the uncertainty regarding the ultimate resolution of these claims, if either actual repurchases or the losses incurred resolving those repurchases exceed the Company’s expectations, additional recourse expense may be incurred. Loan origination liabilities are included in Lennar Financial Services’ liabilities in the Company's condensed consolidated balance sheets. The activity in the Company’s loan origination liabilities was as follows: Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Loan origination liabilities, beginning of period $ 20,994 13,660 19,492 11,818 Provision for losses 1,288 1,147 3,186 3,174 Adjustments to pre-existing provisions for losses from changes in estimates 1,224 — 1,224 — Payments/settlements (17 ) — (413 ) (185 ) Loan origination liabilities, end of period $ 23,489 14,807 23,489 14,807 Rialto Segment The assets and liabilities related to the Rialto segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 133,103 150,219 Restricted cash (1) 6,499 15,061 Receivables, net (2) — 154,948 Loans held-for-sale (3) 228,931 316,275 Loans receivable, net 145,813 164,826 Real estate owned - held-for-sale 170,524 183,052 Real estate owned - held-and-used, net 111,619 153,717 Investments in unconsolidated entities 241,680 224,869 Investments held-to-maturity 60,928 25,625 Other 97,556 116,908 $ 1,196,653 1,505,500 Liabilities: Notes and other debts payable $ 576,448 771,728 Other 56,114 94,496 $ 632,562 866,224 (1) Restricted cash primarily consists of upfront deposits and application fees RMF receives before originating loans and is recognized as income once the loan has been originated as well as cash held in escrow by the Company’s loan servicer provider on behalf of customers and lenders and is disbursed in accordance with agreements between the transacting parties. (2) Receivables, net primarily relate to loans sold but not settled as of November 30, 2015 . (3) Loans held-for-sale relate to unsold loans originated by RMF carried at fair value. Rialto costs and expenses included loan impairments of $4.3 million and $11.1 million for the three and nine months ended August 31, 2016 , respectively, and $4.5 million and $7.3 million for the three and nine months ended August 31, 2015 , respectively, primarily associated with the segment's FDIC loans portfolio (before noncontrolling interests). For the three and nine months ended August 31, 2016 Rialto operating loss included a net loss attributable to noncontrolling interests of $6.0 million and $10.6 million , respectively. For the three and nine months ended August 31, 2015 , Rialto operating earnings included a net loss attributable to the noncontrolling interests of $2.0 million and $4.5 million , respectively. The following is a detail of Rialto other income (expense), net: Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Realized gains on REO sales, net $ 4,337 6,178 13,575 13,852 Unrealized losses on transfer of loans receivable to REO and impairments, net (6,617 ) (3,124 ) (12,166 ) (7,892 ) REO and other expenses (13,006 ) (14,714 ) (39,964 ) (43,123 ) Rental and other income (1) 7,674 12,832 10,667 37,191 Rialto other income (expense), net $ (7,612 ) 1,172 (27,888 ) 28 (1) Rental and other income for the nine months ended August 31, 2016 , included a $16.0 million write-off of uncollectible receivables related to a hospital, which was acquired through the resolution of one of Rialto's loans from a 2010 portfolio. The hospital is managed by a third-party management company. Loans Receivable The following table represents loans receivable, net by type: (In thousands) August 31, November 30, Nonaccrual loans: FDIC and Bank Portfolios $ 62,092 88,694 Accrual loans 83,721 76,132 Loans receivable, net $ 145,813 164,826 The nonaccrual loan portfolios consist primarily of loans acquired at a discount. In 2010, the Rialto segment acquired indirectly 40% managing member equity interests in two limited liability companies ("LLCs") in partnership with the FDIC (“FDIC Portfolios”). The LLCs met the accounting definition of VIEs and since the Company was determined to be the primary beneficiary, the Company consolidated the LLCs. The Company was determined to be the primary beneficiary because it has the power to direct the activities of the LLCs that most significantly impact the LLCs' performance through Rialto's management and servicer contracts. At August 31, 2016 , these consolidated LLCs had total combined assets and liabilities of $251.5 million and $12.1 million , respectively. At November 30, 2015 , these consolidated LLCs had total combined assets and liabilities of $355.2 million and $11.3 million , respectively. In addition in 2010, Rialto acquired 400 distressed residential and commercial real estate loans (“Bank Portfolios”) and over 300 REO properties from three financial institutions. Based on the nature of these loans, the portfolios are managed by assessing the risks related to the likelihood of collection of payments from borrowers and guarantors, as well as monitoring the value of the underlying collateral. As of August 31, 2016 and November 30, 2015 , management classified all loans receivable within the FDIC Portfolios and Bank Portfolios as nonaccrual loans as forecasted principal and interest cannot be reasonably estimated, and therefore, accounts for these assets in accordance with ASC 310-10, Receivables . As of August 31, 2016 , accrual loans included $83.7 million of floating and fixed rate commercial property loans maturing between October 2017 and August 2018. The following tables represent nonaccrual loans in the FDIC Portfolios and Bank Portfolios accounted for under ASC 310-10 aggregated by collateral type: August 31, 2016 Recorded Investment (In thousands) Unpaid Principal Balance With Allowance Without Allowance Total Recorded Investment Land $ 96,220 44,752 124 44,876 Single family homes 18,283 2,166 4,984 7,150 Commercial properties 11,448 1,372 508 1,880 Other 56,443 278 7,908 8,186 Loans receivable $ 182,394 48,568 13,524 62,092 November 30, 2015 Recorded Investment (In thousands) Unpaid Principal Balance With Allowance Without Allowance Total Recorded Investment Land $ 145,417 59,740 1,165 60,905 Single family homes 39,659 8,344 3,459 11,803 Commercial properties 13,458 1,368 1,085 2,453 Other 78,279 — 13,533 13,533 Loans receivable $ 276,813 69,452 19,242 88,694 The average recorded investment in impaired loans was approximately $75 million and $112 million for the nine months ended August 31, 2016 and 2015 , respectively. In order to assess the risk associated with each risk category, management evaluates the forecasted cash flows and the value of the underlying collateral securing the loans receivable on a quarterly basis or when an event occurs that suggests a decline in the collateral’s fair value. Allowance for Loan Losses The allowance for loan losses is a valuation reserve established through provisions for loan losses charged against Rialto’s operating earnings. For nonaccrual loans, the risk relates to a decline in the value of the collateral securing the outstanding obligation. If the recorded investment in the nonaccrual loan exceeds its fair value, an impairment is recognized through an allowance for loan losses. The activity in the Company's allowance rollforward related to nonaccrual loans was as follows: Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Allowance on nonaccrual loans, beginning of the period $ 29,186 40,593 35,625 58,326 Provision for loan losses 4,330 4,497 11,051 7,306 Charge-offs (6,924 ) (6,707 ) (20,084 ) (27,249 ) Allowance on nonaccrual loans, end of the period $ 26,592 38,383 26,592 38,383 For accrual loans an allowance is calculated based on a review of individual loans considered impaired. The analysis of impaired losses may be based on the present value of expected future cash flows discounted at the effective loan rate, an observable market price or the fair value of the underlying collateral on collateral dependent loans. In determining the collectability of certain loans, management also considers the fair value of any underlying collateral. Based on Rialto's segment assessment, no allowance for loan losses were recorded for its accrual loans as of August 31, 2016 and November 30, 2015 . Real Estate Owned The acquisition of properties acquired through, or in lieu of, loan foreclosure are reported within the condensed consolidated balance sheets as REO held-and-used, net and REO held-for-sale. When a property is determined to be held-and-used, net, the asset is recorded at fair value and depreciated over its useful life using the straight line method. When certain criteria set forth in ASC 360, Property, Plant and Equipment , are met, the property is classified as held-for-sale. When a real estate asset is classified as held-for-sale, the property is recorded at the lower of its cost basis or fair value less estimated costs to sell. The fair value of REO held-for-sale is determined in part by placing reliance on third-party appraisals of the properties and/or internally prepared analyses of recent offers or prices on comparable properties in the proximate vicinity. The following tables represent the activity in REO : Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 REO - held-for-sale, beginning of period $ 180,547 195,386 183,052 190,535 Improvements 575 1,023 2,170 4,318 Sales (18,889 ) (26,575 ) (52,840 ) (74,713 ) Impairments and unrealized losses (6,669 ) (3,127 ) (15,016 ) (7,499 ) Transfers from held-and-used, net (1) 14,960 19,031 53,158 73,097 REO - held-for-sale, end of period $ 170,524 185,738 170,524 185,738 Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 REO - held-and-used, net, beginning of period $ 125,406 213,748 153,717 255,795 Additions 1,013 1,367 12,316 15,710 Improvements 706 309 828 1,737 Impairments (23 ) (7 ) (826 ) (1,420 ) Depreciation (523 ) (520 ) (1,258 ) (1,895 ) Transfers to held-for-sale (1) (14,960 ) (19,031 ) (53,158 ) (73,097 ) Other — — — (964 ) REO - held-and-used, net, end of period $ 111,619 195,866 111,619 195,866 (1) During the three and nine months ended August 31, 2016 and 2015 , the Rialto segment transferred certain properties from REO held-and-used, net to REO held-for-sale as a result of changes in the disposition strategy of the real estate assets. For the three and nine months ended August 31, 2016 , the Company recorded net gains (losses) of ($0.4) million and $1.6 million , respectively, from acquisitions of REO through foreclosure. For the three and nine months ended August 31, 2015 , the Company recorded net losses of $0.3 million and $0.1 million , respectively, from acquisitions of REO through foreclosure. These net gains (losses) are recorded in Rialto other income (expense), net. Rialto Mortgage Finance - loans held-for-sale During the nine months ended August 31, 2016 , RMF originated loans with a total principal balance of $1.2 billion of which $1.2 billion were recorded as loans held-for-sale and $55.7 million were recorded as accrual loans within loans receivable, net, and sold $1.3 billion of loans into seven separate securitizations. During the nine months ended August 31, 2015 , RMF originated loans with a total principal balance of $2.0 billion and sold $1.6 billion of loans into eight separate securitizations. As of November 30, 2015 , $151.8 million of the originated loans were sold into a securitization trust but not settled and thus were included as receivables, net. Notes and Other Debts Payable The Rialto segment has $350 million aggregate principal amount of 7.00% senior notes due 2018 ("7.00% Senior Notes"). Interest on the 7.00% Senior Notes is due semi-annually. At August 31, 2016 and November 30, 2015 , the carrying amount, net of debt issuance costs, of the 7.00% Senior Notes was $348.5 million and $347.9 million , respectively. Under the indenture, Rialto is subject to certain covenants limiting, among other things, Rialto’s ability to incur indebtedness, to make investments, to make distributions to or enter into transactions with Lennar or to create liens, subject to certain exceptions and qualifications. Rialto also has quarterly and annual reporting requirements, similar to an SEC registrant, to holders of the 7.00% Senior Notes. The Company believes Rialto was in compliance with its debt covenants at August 31, 2016 . At August 31, 2016 , Rialto warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures October 2016 (one year extension) (1) (2) $ 400,000 364-day warehouse repurchase facility that matures January 2017 (1) 250,000 Warehouse repurchase facility that matures December 2017 (1) (3) 100,000 Warehouse repurchase facility that matures August 2018 (two - one year extensions) (4) 100,000 Total $ 850,000 (1) RMF uses these facilities to finance its loan origination and securitization activities. (2) Subsequent to August 31, 2016 , the warehouse repurchase facility maturity date was extended to April 2017, with the option for an additional six month extension, and the maximum aggregate commitment was increased to $500 million . (3) Subsequent to August 31, 2016 , the warehouse repurchase facility was amended and the maximum aggregate commitment was increased to $200 million . (4) In 2015, Rialto entered into a separate repurchase facility to finance the origination of floating rate accrual loans. Loans financed under this facility are held as accrual loans within loans receivable, net. As of both August 31, 2016 and November 30, 2015 , borrowings under this facility were $36.3 million . Borrowings under the facilities that finance RMF's loan originations and securitization activities were $106.6 million and $317.1 million as of August 31, 2016 and November 30, 2015 , respectively, and were secured by a 75% interest in the originated commercial loans financed. The facilities require immediate repayment of the 75% interest in the secured commercial loans when the loans are sold in a securitization and the proceeds are collected. These warehouse repurchase facilities are non-recourse to the Company and are expected to be renewed or replaced with other facilities when they mature. In 2010, Rialto paid $310 million for the Bank Portfolios and for over 300 REO properties, of which $124 million was financed through a 5 -year senior unsecured note provided by one of the selling institutions for which the maturity was subsequently extended. The remaining balance is due in December 2016. As of both August 31, 2016 and November 30, 2015 , the outstanding amount related to the 5 -year senior unsecured note was $30.3 million . In May 2014, the Rialto segment issued $73.8 million principal amount of notes through a structured note offering (the “Structured Notes”) collateralized by certain assets originally acquired in the Bank Portfolios transaction at a price of 100% , with an annual coupon rate of 2.85% . Proceeds from the offering, after payment of expenses and hold backs for a cash reserve, were $69.1 million . In November 2014, the Rialto segment issued an additional $20.8 million of the Structured Notes at a price of 99.5% , with an annual coupon rate of 5.0% . Proceeds from the offering, after payment of expenses, were $20.7 million . The estimated final payment date of the Structured Notes is November 15, 2017 . As of August 31, 2016 and November 30, 2015 , the outstanding amount, net of debt issuance costs, related to the Structured Notes was $27.9 million and $31.3 million , respectively. Investments All of Rialto's investments in funds have the attributes of an investment company in accordance with ASC 946, Financial Services – Investment Companies , as amended by ASU 2013-08, Financial Services - Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements, the attributes of which are different from the attributes that would cause a company to be an investment company for purposes of the Investment Company Act of 1940. As a result, the assets and liabilities of the funds in which Rialto has investments in are recorded at fair value with increases/decreases in fair value recorded in their respective statements of operations and the Company’s share is recorded in Rialto equity in earnings from unconsolidated entities in the Company's statement of operations. The following table reflects Rialto's investments in funds that invest in and manage real estate related assets and other investments: August 31, August 31, November 30, (Dollars in thousands) Inception Year Equity Commitments Equity Commitments Called Commitment to Fund by the Company Funds Contributed by the Company Investment Rialto Real Estate Fund, LP 2010 $ 700,006 $ 700,006 $ 75,000 $ 75,000 $ 62,659 68,570 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 96,863 99,947 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 26,310 32,344 Rialto Capital CMBS Funds 2014 111,753 111,753 47,057 47,057 47,270 23,233 Rialto Real Estate Fund III 2015 949,578 — 100,000 — 1,559 — Rialto Credit Partnership, LP 2016 220,000 51,150 19,999 4,650 4,637 — Other investments 2,382 775 $ 241,680 224,869 Rialto's share of earnings (loss) from unconsolidated entities was as follows: Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Rialto Real Estate Fund, LP $ 1,127 4,158 3,397 7,948 Rialto Real Estate Fund II, LP 2,672 2,354 4,420 5,533 Rialto Mezzanine Partners Fund, LP 703 637 2,128 1,563 Rialto Capital CMBS Funds 1,471 429 3,051 2,506 Rialto Real Estate Fund III 4 — 1,387 — Rialto Credit Partnership, LP (1 ) — (13 ) — Other investments — 12 (33 ) 32 Rialto equity in earnings from unconsolidated entities $ 5,976 7,590 14,337 17,582 During the three and nine months ended August 31, 2016 , Rialto received $2.1 million and $9.5 million , respectively, of advance distributions with regard to Rialto's carried interests in its real estate funds in order to cover income tax obligations resulting from allocations of taxable income to Rialto's carried interests in these funds. During the three and nine months ended August 31, 2015 , Rialto received $5.0 million and $16.2 million of such advanced distributions. These advance distributions are not subject to clawbacks and are included in Rialto's revenues. During 2015, Rialto adopted a Carried Interest Incentive Plan (the "Plan"), under which participating employees in the aggregate may receive up to 40% of the equity units of a limited liability company (a "Carried Interest Entity") that is entitled to distributions made by a fund or other investment vehicle (a "Fund") m

Rialto Segment

Rialto Segment	9 Months Ended
	Aug. 31, 2016
Segment Reporting [Abstract]
Operating and Reporting Segments	(2) Operating and Reporting Segments The Company’s operating segments are aggregated into reportable segments, based primarily upon similar economic characteristics, geography and product type. The Company’s reportable segments consist of: (1) Homebuilding East (2) Homebuilding Central (3) Homebuilding West (4) Homebuilding Houston (5) Lennar Financial Services (6) Rialto (7) Lennar Multifamily In the first quarter of 2016, the Company made the decision to divide the Southeast Florida operating division into two operating segments to maximize operational efficiencies given the continued growth of the division. As a result of this change in management structure, the Company re-evaluated its reportable segments and determined that neither operating segment met the reportable criteria set forth in Accounting Standards Codification ("ASC") 280, Segment Reporting . The Company aggregated these operating segments into the Homebuilding East reportable segment as these divisions exhibit similar economic characteristics, geography and product type as the other divisions in Homebuilding East. All prior year segment information has been restated to conform with the 2016 presentation. The change in the reportable segments has no effect on the Company's condensed consolidated financial position, results of operations or cash flows for the periods presented. Information about homebuilding activities in states which are not economically similar to other states in the same geographic area is grouped under “Homebuilding Other,” which is not considered a reportable segment. Evaluation of segment performance is based primarily on operating earnings (loss) before income taxes. Operations of the Company’s homebuilding segments primarily include the construction and sale of single-family attached and detached homes as well as the purchase, development and sale of residential land directly and through the Company’s unconsolidated entities. Operating earnings (loss) for the homebuilding segments consist of revenues generated from the sales of homes and land, equity in earnings (loss) from unconsolidated entities and other income (expense), net, less the cost of homes sold and land sold, selling, general and administrative expenses and other interest expense of the segment. The Company’s reportable homebuilding segments and all other homebuilding operations not required to be reported separately have homebuilding divisions located in: East: Florida, Georgia, Maryland, New Jersey, North Carolina, South Carolina and Virginia Central: Arizona, Colorado and Texas (1) West: California and Nevada Houston: Houston, Texas Other: Illinois, Minnesota, Oregon, Tennessee and Washington (1) Texas in the Central reportable segment excludes Houston, Texas, which is its own reportable segment. Operations of the Lennar Financial Services segment include primarily mortgage financing, title insurance and closing services for both buyers of the Company’s homes and others. The Lennar Financial Services segment sells substantially all of the loans it originates within a short period in the secondary mortgage market, the majority of which are sold on a servicing released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that it breached certain limited industry-standard representations and warranties in the loan sale agreements. Lennar Financial Services’ operating earnings consist of revenues generated primarily from mortgage financing, title insurance and closing services, less the cost of such services and certain selling, general and administrative expenses incurred by the segment. The Lennar Financial Services segment operates generally in the same states as the Company’s homebuilding operations as well as in other states. Operations of the Rialto segment include raising, investing and managing third-party capital, originating and securitizing commercial mortgage loans as well as investing its own capital in real estate related mortgage loans, properties and related securities. Rialto utilizes its vertically-integrated investment and operating platform to underwrite, diligence, acquire, manage, workout and add value to diverse portfolios of real estate loans, properties and real estate related securities as well as providing strategic real estate capital. Rialto’s operating earnings consist of revenues generated primarily from gains from securitization transactions and interest income from the Rialto Mortgage Finance (“RMF”) business, interest income associated with portfolios of real estate loans acquired and other portfolios of real estate loans and assets acquired, asset management, due diligence and underwriting fees derived from the real estate investment funds managed by the Rialto segment, fees for sub-advisory services, other income (expense), net and equity in earnings (loss) from unconsolidated entities, less the costs incurred by the segment for managing portfolios, costs related to RMF and other general and administrative expenses. Operations of the Lennar Multifamily segment include revenues generated from the sales of land, revenue from construction activities and management fees generated from joint ventures and equity in earnings (loss) from unconsolidated entities, less the cost of sales of land, expenses related to construction activities and general and administrative expenses. Each reportable segment follows the same accounting policies described in Note 1 – “Summary of Significant Accounting Policies” to the consolidated financial statements in the Company’s Form 10-K for the year ended November 30, 2015 . 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. Financial information relating to the Company’s operations was as follows: (In thousands) August 31, November 30, Assets: Homebuilding East $ 3,621,564 3,140,604 Homebuilding Central 1,494,703 1,421,195 Homebuilding West 4,527,360 4,157,616 Homebuilding Houston 495,216 481,386 Homebuilding Other 825,798 858,000 Rialto 1,196,653 1,505,500 Lennar Financial Services 1,527,556 1,425,837 Lennar Multifamily 532,574 415,352 Corporate and unallocated 777,296 1,014,019 Total assets $ 14,998,720 14,419,509 Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Revenues: Homebuilding East $ 1,002,584 913,184 2,615,936 2,362,102 Homebuilding Central 422,504 322,242 1,117,034 835,259 Homebuilding West 671,122 639,593 1,940,520 1,649,727 Homebuilding Houston 199,800 204,948 528,097 525,852 Homebuilding Other 200,959 152,351 532,748 416,848 Lennar Financial Services 191,444 168,748 491,340 463,460 Rialto 63,885 51,554 152,434 160,682 Lennar Multifamily 81,596 39,078 195,264 114,511 Total revenues (1) $ 2,833,894 2,491,698 7,573,373 6,528,441 Operating earnings (loss): Homebuilding East (2) $ 161,789 147,055 389,433 365,154 Homebuilding Central 44,627 32,152 110,629 77,919 Homebuilding West (3) 92,308 114,499 294,949 299,324 Homebuilding Houston 23,132 26,665 59,087 66,418 Homebuilding Other 23,026 13,341 54,118 25,330 Lennar Financial Services 53,248 39,437 112,267 94,017 Rialto (57 ) 6,993 (16,533 ) 16,682 Lennar Multifamily 2,649 (2,990 ) 29,774 (17,378 ) Total operating earnings 400,722 377,152 1,033,724 927,466 Corporate general and administrative expenses 61,164 56,494 164,634 150,355 Earnings before income taxes $ 339,558 320,658 869,090 777,111 (1) Total revenues were net of sales incentives of $152.3 million ( $22,500 per home delivered) and $402.2 million ( $22,000 per home delivered) for the three and nine months ended August 31, 2016 , respectively, compared to $130.6 million ( $20,700 per home delivered) and $353.1 million ( $21,300 per home delivered) for the three and nine months ended August 31, 2015 , respectively. (2) For both the three and nine months ended August 31, 2016 , operating earnings included a gain of $8.7 million on the sale of a clubhouse. (3) For the three and nine months ended August 31, 2016 , operating earnings included the Company's share of costs associated with the FivePoint combination and the Company's share of net operating losses associated with the new FivePoint unconsolidated entity, partially offset by $17.4 million of management fee income related to a Lennar Homebuilding strategic joint venture for the three months ended August 31, 2016 and $30.1 million of management fee income and a profit participation related to Lennar Homebuilding's strategic joint ventures for the nine months ended August 31, 2016 . For the three and nine months ended August 31, 2015 , operating earnings included $21.5 million and $64.5 million Lennar Financial Services Segment The assets and liabilities related to the Lennar Financial Services segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 110,164 106,777 Restricted cash 13,910 13,961 Receivables, net (1) 374,769 242,808 Loans held-for-sale (2) 800,139 843,252 Loans held-for-investment, net 29,704 30,998 Investments held-to-maturity 34,746 40,174 Investments available-for-sale (3) 51,535 42,827 Goodwill 39,838 38,854 Other (4) 72,751 66,186 $ 1,527,556 1,425,837 Liabilities: Notes and other debts payable $ 913,040 858,300 Other (5) 227,175 225,678 $ 1,140,215 1,083,978 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of August 31, 2016 and November 30, 2015 , respectively. (2) Loans held-for-sale related to unsold loans carried at fair value. (3) Investments available-for-sale are carried at fair value with changes in fair value recorded as a component of accumulated other comprehensive income. (4) As of August 31, 2016 and November 30, 2015 , other assets included mortgage loan commitments carried at fair value of $20.7 million and $13.1 million , respectively, and mortgage servicing rights carried at fair value of $18.4 million and $16.8 million , respectively. In addition, other assets also included forward contracts carried at fair value of $0.5 million as of November 30, 2015 . (5) As of August 31, 2016 and November 30, 2015 , other liabilities included $58.4 million and $65.0 million , respectively, of certain of the Company’s self-insurance reserves related to construction defects, general liability and workers’ compensation. Other liabilities also included forward contracts carried at fair value of $2.0 million as of August 31, 2016 . At August 31, 2016 , the Lennar Financial Services segment warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures October 2016 (1) $ 300,000 364-day warehouse repurchase facility that matures October 2016 (2) 450,000 364-day warehouse repurchase facility that matures June 2017 600,000 Total $ 1,350,000 (1) Subsequent to August 31, 2016 , the warehouse repurchase facility maturity date was extended to September 2017. (2) Maximum aggregate commitment includes an uncommitted amount of $250 million . The Lennar Financial Services segment uses these facilities to finance its lending activities until the mortgage loans are sold to investors and the proceeds are collected. The facilities are non-recourse to the Company and are expected to be renewed or replaced with other facilities when they mature. Borrowings under the facilities and their prior year predecessors were $912.7 million and $858.3 million at August 31, 2016 and November 30, 2015 , respectively, and were collateralized by mortgage loans and receivables on loans sold to investors but not yet paid for with outstanding principal balances of $960.4 million and $916.9 million at August 31, 2016 and November 30, 2015 , respectively. If the facilities are not renewed or replaced, the borrowings under the lines of credit will be paid off by selling the mortgage loans held-for-sale to investors and by collecting on receivables on loans sold but not yet paid. Without the facilities, the Lennar Financial Services segment would have to use cash from operations and other funding sources to finance its lending activities. Substantially, all of the loans the Lennar Financial Services segment originates are sold within a short period in the secondary mortgage market on a servicing released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that it breached certain limited industry-standard representations and warranties in the loan sale agreements. Over the last several years there has been an industry-wide effort by purchasers to defray their losses by purporting to have found inaccuracies related to sellers’ representations and warranties in particular loan sale agreements. Mortgage investors could seek to have the Company buy back mortgage loans or compensate them for losses incurred on mortgage loans that the Company has sold based on claims that the Company breached its limited representations or warranties. The Company’s mortgage operations have established accruals for possible losses associated with mortgage loans previously originated and sold to investors. The Company establishes accruals for such possible losses based upon, among other things, an analysis of repurchase requests received, an estimate of potential repurchase claims not yet received and actual past repurchases and losses through the disposition of affected loans as well as previous settlements. While the Company believes that it has adequately reserved for known losses and projected repurchase requests, given the volatility in the mortgage industry and the uncertainty regarding the ultimate resolution of these claims, if either actual repurchases or the losses incurred resolving those repurchases exceed the Company’s expectations, additional recourse expense may be incurred. Loan origination liabilities are included in Lennar Financial Services’ liabilities in the Company's condensed consolidated balance sheets. The activity in the Company’s loan origination liabilities was as follows: Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Loan origination liabilities, beginning of period $ 20,994 13,660 19,492 11,818 Provision for losses 1,288 1,147 3,186 3,174 Adjustments to pre-existing provisions for losses from changes in estimates 1,224 — 1,224 — Payments/settlements (17 ) — (413 ) (185 ) Loan origination liabilities, end of period $ 23,489 14,807 23,489 14,807 Rialto Segment The assets and liabilities related to the Rialto segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 133,103 150,219 Restricted cash (1) 6,499 15,061 Receivables, net (2) — 154,948 Loans held-for-sale (3) 228,931 316,275 Loans receivable, net 145,813 164,826 Real estate owned - held-for-sale 170,524 183,052 Real estate owned - held-and-used, net 111,619 153,717 Investments in unconsolidated entities 241,680 224,869 Investments held-to-maturity 60,928 25,625 Other 97,556 116,908 $ 1,196,653 1,505,500 Liabilities: Notes and other debts payable $ 576,448 771,728 Other 56,114 94,496 $ 632,562 866,224 (1) Restricted cash primarily consists of upfront deposits and application fees RMF receives before originating loans and is recognized as income once the loan has been originated as well as cash held in escrow by the Company’s loan servicer provider on behalf of customers and lenders and is disbursed in accordance with agreements between the transacting parties. (2) Receivables, net primarily relate to loans sold but not settled as of November 30, 2015 . (3) Loans held-for-sale relate to unsold loans originated by RMF carried at fair value. Rialto costs and expenses included loan impairments of $4.3 million and $11.1 million for the three and nine months ended August 31, 2016 , respectively, and $4.5 million and $7.3 million for the three and nine months ended August 31, 2015 , respectively, primarily associated with the segment's FDIC loans portfolio (before noncontrolling interests). For the three and nine months ended August 31, 2016 Rialto operating loss included a net loss attributable to noncontrolling interests of $6.0 million and $10.6 million , respectively. For the three and nine months ended August 31, 2015 , Rialto operating earnings included a net loss attributable to the noncontrolling interests of $2.0 million and $4.5 million , respectively. The following is a detail of Rialto other income (expense), net: Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Realized gains on REO sales, net $ 4,337 6,178 13,575 13,852 Unrealized losses on transfer of loans receivable to REO and impairments, net (6,617 ) (3,124 ) (12,166 ) (7,892 ) REO and other expenses (13,006 ) (14,714 ) (39,964 ) (43,123 ) Rental and other income (1) 7,674 12,832 10,667 37,191 Rialto other income (expense), net $ (7,612 ) 1,172 (27,888 ) 28 (1) Rental and other income for the nine months ended August 31, 2016 , included a $16.0 million write-off of uncollectible receivables related to a hospital, which was acquired through the resolution of one of Rialto's loans from a 2010 portfolio. The hospital is managed by a third-party management company. Loans Receivable The following table represents loans receivable, net by type: (In thousands) August 31, November 30, Nonaccrual loans: FDIC and Bank Portfolios $ 62,092 88,694 Accrual loans 83,721 76,132 Loans receivable, net $ 145,813 164,826 The nonaccrual loan portfolios consist primarily of loans acquired at a discount. In 2010, the Rialto segment acquired indirectly 40% managing member equity interests in two limited liability companies ("LLCs") in partnership with the FDIC (“FDIC Portfolios”). The LLCs met the accounting definition of VIEs and since the Company was determined to be the primary beneficiary, the Company consolidated the LLCs. The Company was determined to be the primary beneficiary because it has the power to direct the activities of the LLCs that most significantly impact the LLCs' performance through Rialto's management and servicer contracts. At August 31, 2016 , these consolidated LLCs had total combined assets and liabilities of $251.5 million and $12.1 million , respectively. At November 30, 2015 , these consolidated LLCs had total combined assets and liabilities of $355.2 million and $11.3 million , respectively. In addition in 2010, Rialto acquired 400 distressed residential and commercial real estate loans (“Bank Portfolios”) and over 300 REO properties from three financial institutions. Based on the nature of these loans, the portfolios are managed by assessing the risks related to the likelihood of collection of payments from borrowers and guarantors, as well as monitoring the value of the underlying collateral. As of August 31, 2016 and November 30, 2015 , management classified all loans receivable within the FDIC Portfolios and Bank Portfolios as nonaccrual loans as forecasted principal and interest cannot be reasonably estimated, and therefore, accounts for these assets in accordance with ASC 310-10, Receivables . As of August 31, 2016 , accrual loans included $83.7 million of floating and fixed rate commercial property loans maturing between October 2017 and August 2018. The following tables represent nonaccrual loans in the FDIC Portfolios and Bank Portfolios accounted for under ASC 310-10 aggregated by collateral type: August 31, 2016 Recorded Investment (In thousands) Unpaid Principal Balance With Allowance Without Allowance Total Recorded Investment Land $ 96,220 44,752 124 44,876 Single family homes 18,283 2,166 4,984 7,150 Commercial properties 11,448 1,372 508 1,880 Other 56,443 278 7,908 8,186 Loans receivable $ 182,394 48,568 13,524 62,092 November 30, 2015 Recorded Investment (In thousands) Unpaid Principal Balance With Allowance Without Allowance Total Recorded Investment Land $ 145,417 59,740 1,165 60,905 Single family homes 39,659 8,344 3,459 11,803 Commercial properties 13,458 1,368 1,085 2,453 Other 78,279 — 13,533 13,533 Loans receivable $ 276,813 69,452 19,242 88,694 The average recorded investment in impaired loans was approximately $75 million and $112 million for the nine months ended August 31, 2016 and 2015 , respectively. In order to assess the risk associated with each risk category, management evaluates the forecasted cash flows and the value of the underlying collateral securing the loans receivable on a quarterly basis or when an event occurs that suggests a decline in the collateral’s fair value. Allowance for Loan Losses The allowance for loan losses is a valuation reserve established through provisions for loan losses charged against Rialto’s operating earnings. For nonaccrual loans, the risk relates to a decline in the value of the collateral securing the outstanding obligation. If the recorded investment in the nonaccrual loan exceeds its fair value, an impairment is recognized through an allowance for loan losses. The activity in the Company's allowance rollforward related to nonaccrual loans was as follows: Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Allowance on nonaccrual loans, beginning of the period $ 29,186 40,593 35,625 58,326 Provision for loan losses 4,330 4,497 11,051 7,306 Charge-offs (6,924 ) (6,707 ) (20,084 ) (27,249 ) Allowance on nonaccrual loans, end of the period $ 26,592 38,383 26,592 38,383 For accrual loans an allowance is calculated based on a review of individual loans considered impaired. The analysis of impaired losses may be based on the present value of expected future cash flows discounted at the effective loan rate, an observable market price or the fair value of the underlying collateral on collateral dependent loans. In determining the collectability of certain loans, management also considers the fair value of any underlying collateral. Based on Rialto's segment assessment, no allowance for loan losses were recorded for its accrual loans as of August 31, 2016 and November 30, 2015 . Real Estate Owned The acquisition of properties acquired through, or in lieu of, loan foreclosure are reported within the condensed consolidated balance sheets as REO held-and-used, net and REO held-for-sale. When a property is determined to be held-and-used, net, the asset is recorded at fair value and depreciated over its useful life using the straight line method. When certain criteria set forth in ASC 360, Property, Plant and Equipment , are met, the property is classified as held-for-sale. When a real estate asset is classified as held-for-sale, the property is recorded at the lower of its cost basis or fair value less estimated costs to sell. The fair value of REO held-for-sale is determined in part by placing reliance on third-party appraisals of the properties and/or internally prepared analyses of recent offers or prices on comparable properties in the proximate vicinity. The following tables represent the activity in REO : Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 REO - held-for-sale, beginning of period $ 180,547 195,386 183,052 190,535 Improvements 575 1,023 2,170 4,318 Sales (18,889 ) (26,575 ) (52,840 ) (74,713 ) Impairments and unrealized losses (6,669 ) (3,127 ) (15,016 ) (7,499 ) Transfers from held-and-used, net (1) 14,960 19,031 53,158 73,097 REO - held-for-sale, end of period $ 170,524 185,738 170,524 185,738 Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 REO - held-and-used, net, beginning of period $ 125,406 213,748 153,717 255,795 Additions 1,013 1,367 12,316 15,710 Improvements 706 309 828 1,737 Impairments (23 ) (7 ) (826 ) (1,420 ) Depreciation (523 ) (520 ) (1,258 ) (1,895 ) Transfers to held-for-sale (1) (14,960 ) (19,031 ) (53,158 ) (73,097 ) Other — — — (964 ) REO - held-and-used, net, end of period $ 111,619 195,866 111,619 195,866 (1) During the three and nine months ended August 31, 2016 and 2015 , the Rialto segment transferred certain properties from REO held-and-used, net to REO held-for-sale as a result of changes in the disposition strategy of the real estate assets. For the three and nine months ended August 31, 2016 , the Company recorded net gains (losses) of ($0.4) million and $1.6 million , respectively, from acquisitions of REO through foreclosure. For the three and nine months ended August 31, 2015 , the Company recorded net losses of $0.3 million and $0.1 million , respectively, from acquisitions of REO through foreclosure. These net gains (losses) are recorded in Rialto other income (expense), net. Rialto Mortgage Finance - loans held-for-sale During the nine months ended August 31, 2016 , RMF originated loans with a total principal balance of $1.2 billion of which $1.2 billion were recorded as loans held-for-sale and $55.7 million were recorded as accrual loans within loans receivable, net, and sold $1.3 billion of loans into seven separate securitizations. During the nine months ended August 31, 2015 , RMF originated loans with a total principal balance of $2.0 billion and sold $1.6 billion of loans into eight separate securitizations. As of November 30, 2015 , $151.8 million of the originated loans were sold into a securitization trust but not settled and thus were included as receivables, net. Notes and Other Debts Payable The Rialto segment has $350 million aggregate principal amount of 7.00% senior notes due 2018 ("7.00% Senior Notes"). Interest on the 7.00% Senior Notes is due semi-annually. At August 31, 2016 and November 30, 2015 , the carrying amount, net of debt issuance costs, of the 7.00% Senior Notes was $348.5 million and $347.9 million , respectively. Under the indenture, Rialto is subject to certain covenants limiting, among other things, Rialto’s ability to incur indebtedness, to make investments, to make distributions to or enter into transactions with Lennar or to create liens, subject to certain exceptions and qualifications. Rialto also has quarterly and annual reporting requirements, similar to an SEC registrant, to holders of the 7.00% Senior Notes. The Company believes Rialto was in compliance with its debt covenants at August 31, 2016 . At August 31, 2016 , Rialto warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures October 2016 (one year extension) (1) (2) $ 400,000 364-day warehouse repurchase facility that matures January 2017 (1) 250,000 Warehouse repurchase facility that matures December 2017 (1) (3) 100,000 Warehouse repurchase facility that matures August 2018 (two - one year extensions) (4) 100,000 Total $ 850,000 (1) RMF uses these facilities to finance its loan origination and securitization activities. (2) Subsequent to August 31, 2016 , the warehouse repurchase facility maturity date was extended to April 2017, with the option for an additional six month extension, and the maximum aggregate commitment was increased to $500 million . (3) Subsequent to August 31, 2016 , the warehouse repurchase facility was amended and the maximum aggregate commitment was increased to $200 million . (4) In 2015, Rialto entered into a separate repurchase facility to finance the origination of floating rate accrual loans. Loans financed under this facility are held as accrual loans within loans receivable, net. As of both August 31, 2016 and November 30, 2015 , borrowings under this facility were $36.3 million . Borrowings under the facilities that finance RMF's loan originations and securitization activities were $106.6 million and $317.1 million as of August 31, 2016 and November 30, 2015 , respectively, and were secured by a 75% interest in the originated commercial loans financed. The facilities require immediate repayment of the 75% interest in the secured commercial loans when the loans are sold in a securitization and the proceeds are collected. These warehouse repurchase facilities are non-recourse to the Company and are expected to be renewed or replaced with other facilities when they mature. In 2010, Rialto paid $310 million for the Bank Portfolios and for over 300 REO properties, of which $124 million was financed through a 5 -year senior unsecured note provided by one of the selling institutions for which the maturity was subsequently extended. The remaining balance is due in December 2016. As of both August 31, 2016 and November 30, 2015 , the outstanding amount related to the 5 -year senior unsecured note was $30.3 million . In May 2014, the Rialto segment issued $73.8 million principal amount of notes through a structured note offering (the “Structured Notes”) collateralized by certain assets originally acquired in the Bank Portfolios transaction at a price of 100% , with an annual coupon rate of 2.85% . Proceeds from the offering, after payment of expenses and hold backs for a cash reserve, were $69.1 million . In November 2014, the Rialto segment issued an additional $20.8 million of the Structured Notes at a price of 99.5% , with an annual coupon rate of 5.0% . Proceeds from the offering, after payment of expenses, were $20.7 million . The estimated final payment date of the Structured Notes is November 15, 2017 . As of August 31, 2016 and November 30, 2015 , the outstanding amount, net of debt issuance costs, related to the Structured Notes was $27.9 million and $31.3 million , respectively. Investments All of Rialto's investments in funds have the attributes of an investment company in accordance with ASC 946, Financial Services – Investment Companies , as amended by ASU 2013-08, Financial Services - Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements, the attributes of which are different from the attributes that would cause a company to be an investment company for purposes of the Investment Company Act of 1940. As a result, the assets and liabilities of the funds in which Rialto has investments in are recorded at fair value with increases/decreases in fair value recorded in their respective statements of operations and the Company’s share is recorded in Rialto equity in earnings from unconsolidated entities in the Company's statement of operations. The following table reflects Rialto's investments in funds that invest in and manage real estate related assets and other investments: August 31, August 31, November 30, (Dollars in thousands) Inception Year Equity Commitments Equity Commitments Called Commitment to Fund by the Company Funds Contributed by the Company Investment Rialto Real Estate Fund, LP 2010 $ 700,006 $ 700,006 $ 75,000 $ 75,000 $ 62,659 68,570 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 96,863 99,947 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 26,310 32,344 Rialto Capital CMBS Funds 2014 111,753 111,753 47,057 47,057 47,270 23,233 Rialto Real Estate Fund III 2015 949,578 — 100,000 — 1,559 — Rialto Credit Partnership, LP 2016 220,000 51,150 19,999 4,650 4,637 — Other investments 2,382 775 $ 241,680 224,869 Rialto's share of earnings (loss) from unconsolidated entities was as follows: Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Rialto Real Estate Fund, LP $ 1,127 4,158 3,397 7,948 Rialto Real Estate Fund II, LP 2,672 2,354 4,420 5,533 Rialto Mezzanine Partners Fund, LP 703 637 2,128 1,563 Rialto Capital CMBS Funds 1,471 429 3,051 2,506 Rialto Real Estate Fund III 4 — 1,387 — Rialto Credit Partnership, LP (1 ) — (13 ) — Other investments — 12 (33 ) 32 Rialto equity in earnings from unconsolidated entities $ 5,976 7,590 14,337 17,582 During the three and nine months ended August 31, 2016 , Rialto received $2.1 million and $9.5 million , respectively, of advance distributions with regard to Rialto's carried interests in its real estate funds in order to cover income tax obligations resulting from allocations of taxable income to Rialto's carried interests in these funds. During the three and nine months ended August 31, 2015 , Rialto received $5.0 million and $16.2 million of such advanced distributions. These advance distributions are not subject to clawbacks and are included in Rialto's revenues. During 2015, Rialto adopted a Carried Interest Incentive Plan (the "Plan"), under which participating employees in the aggregate may receive up to 40% of the equity units of a limited liability company (a "Carried Interest Entity") that is entitled to distributions made by a fund or other investment vehicle (a "Fund") m

Lennar Multifamily Segment

Lennar Multifamily Segment	9 Months Ended
	Aug. 31, 2016
Segment Reporting [Abstract]
Operating and Reporting Segments	(2) Operating and Reporting Segments The Company’s operating segments are aggregated into reportable segments, based primarily upon similar economic characteristics, geography and product type. The Company’s reportable segments consist of: (1) Homebuilding East (2) Homebuilding Central (3) Homebuilding West (4) Homebuilding Houston (5) Lennar Financial Services (6) Rialto (7) Lennar Multifamily In the first quarter of 2016, the Company made the decision to divide the Southeast Florida operating division into two operating segments to maximize operational efficiencies given the continued growth of the division. As a result of this change in management structure, the Company re-evaluated its reportable segments and determined that neither operating segment met the reportable criteria set forth in Accounting Standards Codification ("ASC") 280, Segment Reporting . The Company aggregated these operating segments into the Homebuilding East reportable segment as these divisions exhibit similar economic characteristics, geography and product type as the other divisions in Homebuilding East. All prior year segment information has been restated to conform with the 2016 presentation. The change in the reportable segments has no effect on the Company's condensed consolidated financial position, results of operations or cash flows for the periods presented. Information about homebuilding activities in states which are not economically similar to other states in the same geographic area is grouped under “Homebuilding Other,” which is not considered a reportable segment. Evaluation of segment performance is based primarily on operating earnings (loss) before income taxes. Operations of the Company’s homebuilding segments primarily include the construction and sale of single-family attached and detached homes as well as the purchase, development and sale of residential land directly and through the Company’s unconsolidated entities. Operating earnings (loss) for the homebuilding segments consist of revenues generated from the sales of homes and land, equity in earnings (loss) from unconsolidated entities and other income (expense), net, less the cost of homes sold and land sold, selling, general and administrative expenses and other interest expense of the segment. The Company’s reportable homebuilding segments and all other homebuilding operations not required to be reported separately have homebuilding divisions located in: East: Florida, Georgia, Maryland, New Jersey, North Carolina, South Carolina and Virginia Central: Arizona, Colorado and Texas (1) West: California and Nevada Houston: Houston, Texas Other: Illinois, Minnesota, Oregon, Tennessee and Washington (1) Texas in the Central reportable segment excludes Houston, Texas, which is its own reportable segment. Operations of the Lennar Financial Services segment include primarily mortgage financing, title insurance and closing services for both buyers of the Company’s homes and others. The Lennar Financial Services segment sells substantially all of the loans it originates within a short period in the secondary mortgage market, the majority of which are sold on a servicing released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that it breached certain limited industry-standard representations and warranties in the loan sale agreements. Lennar Financial Services’ operating earnings consist of revenues generated primarily from mortgage financing, title insurance and closing services, less the cost of such services and certain selling, general and administrative expenses incurred by the segment. The Lennar Financial Services segment operates generally in the same states as the Company’s homebuilding operations as well as in other states. Operations of the Rialto segment include raising, investing and managing third-party capital, originating and securitizing commercial mortgage loans as well as investing its own capital in real estate related mortgage loans, properties and related securities. Rialto utilizes its vertically-integrated investment and operating platform to underwrite, diligence, acquire, manage, workout and add value to diverse portfolios of real estate loans, properties and real estate related securities as well as providing strategic real estate capital. Rialto’s operating earnings consist of revenues generated primarily from gains from securitization transactions and interest income from the Rialto Mortgage Finance (“RMF”) business, interest income associated with portfolios of real estate loans acquired and other portfolios of real estate loans and assets acquired, asset management, due diligence and underwriting fees derived from the real estate investment funds managed by the Rialto segment, fees for sub-advisory services, other income (expense), net and equity in earnings (loss) from unconsolidated entities, less the costs incurred by the segment for managing portfolios, costs related to RMF and other general and administrative expenses. Operations of the Lennar Multifamily segment include revenues generated from the sales of land, revenue from construction activities and management fees generated from joint ventures and equity in earnings (loss) from unconsolidated entities, less the cost of sales of land, expenses related to construction activities and general and administrative expenses. Each reportable segment follows the same accounting policies described in Note 1 – “Summary of Significant Accounting Policies” to the consolidated financial statements in the Company’s Form 10-K for the year ended November 30, 2015 . 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. Financial information relating to the Company’s operations was as follows: (In thousands) August 31, November 30, Assets: Homebuilding East $ 3,621,564 3,140,604 Homebuilding Central 1,494,703 1,421,195 Homebuilding West 4,527,360 4,157,616 Homebuilding Houston 495,216 481,386 Homebuilding Other 825,798 858,000 Rialto 1,196,653 1,505,500 Lennar Financial Services 1,527,556 1,425,837 Lennar Multifamily 532,574 415,352 Corporate and unallocated 777,296 1,014,019 Total assets $ 14,998,720 14,419,509 Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Revenues: Homebuilding East $ 1,002,584 913,184 2,615,936 2,362,102 Homebuilding Central 422,504 322,242 1,117,034 835,259 Homebuilding West 671,122 639,593 1,940,520 1,649,727 Homebuilding Houston 199,800 204,948 528,097 525,852 Homebuilding Other 200,959 152,351 532,748 416,848 Lennar Financial Services 191,444 168,748 491,340 463,460 Rialto 63,885 51,554 152,434 160,682 Lennar Multifamily 81,596 39,078 195,264 114,511 Total revenues (1) $ 2,833,894 2,491,698 7,573,373 6,528,441 Operating earnings (loss): Homebuilding East (2) $ 161,789 147,055 389,433 365,154 Homebuilding Central 44,627 32,152 110,629 77,919 Homebuilding West (3) 92,308 114,499 294,949 299,324 Homebuilding Houston 23,132 26,665 59,087 66,418 Homebuilding Other 23,026 13,341 54,118 25,330 Lennar Financial Services 53,248 39,437 112,267 94,017 Rialto (57 ) 6,993 (16,533 ) 16,682 Lennar Multifamily 2,649 (2,990 ) 29,774 (17,378 ) Total operating earnings 400,722 377,152 1,033,724 927,466 Corporate general and administrative expenses 61,164 56,494 164,634 150,355 Earnings before income taxes $ 339,558 320,658 869,090 777,111 (1) Total revenues were net of sales incentives of $152.3 million ( $22,500 per home delivered) and $402.2 million ( $22,000 per home delivered) for the three and nine months ended August 31, 2016 , respectively, compared to $130.6 million ( $20,700 per home delivered) and $353.1 million ( $21,300 per home delivered) for the three and nine months ended August 31, 2015 , respectively. (2) For both the three and nine months ended August 31, 2016 , operating earnings included a gain of $8.7 million on the sale of a clubhouse. (3) For the three and nine months ended August 31, 2016 , operating earnings included the Company's share of costs associated with the FivePoint combination and the Company's share of net operating losses associated with the new FivePoint unconsolidated entity, partially offset by $17.4 million of management fee income related to a Lennar Homebuilding strategic joint venture for the three months ended August 31, 2016 and $30.1 million of management fee income and a profit participation related to Lennar Homebuilding's strategic joint ventures for the nine months ended August 31, 2016 . For the three and nine months ended August 31, 2015 , operating earnings included $21.5 million and $64.5 million Lennar Financial Services Segment The assets and liabilities related to the Lennar Financial Services segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 110,164 106,777 Restricted cash 13,910 13,961 Receivables, net (1) 374,769 242,808 Loans held-for-sale (2) 800,139 843,252 Loans held-for-investment, net 29,704 30,998 Investments held-to-maturity 34,746 40,174 Investments available-for-sale (3) 51,535 42,827 Goodwill 39,838 38,854 Other (4) 72,751 66,186 $ 1,527,556 1,425,837 Liabilities: Notes and other debts payable $ 913,040 858,300 Other (5) 227,175 225,678 $ 1,140,215 1,083,978 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of August 31, 2016 and November 30, 2015 , respectively. (2) Loans held-for-sale related to unsold loans carried at fair value. (3) Investments available-for-sale are carried at fair value with changes in fair value recorded as a component of accumulated other comprehensive income. (4) As of August 31, 2016 and November 30, 2015 , other assets included mortgage loan commitments carried at fair value of $20.7 million and $13.1 million , respectively, and mortgage servicing rights carried at fair value of $18.4 million and $16.8 million , respectively. In addition, other assets also included forward contracts carried at fair value of $0.5 million as of November 30, 2015 . (5) As of August 31, 2016 and November 30, 2015 , other liabilities included $58.4 million and $65.0 million , respectively, of certain of the Company’s self-insurance reserves related to construction defects, general liability and workers’ compensation. Other liabilities also included forward contracts carried at fair value of $2.0 million as of August 31, 2016 . At August 31, 2016 , the Lennar Financial Services segment warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures October 2016 (1) $ 300,000 364-day warehouse repurchase facility that matures October 2016 (2) 450,000 364-day warehouse repurchase facility that matures June 2017 600,000 Total $ 1,350,000 (1) Subsequent to August 31, 2016 , the warehouse repurchase facility maturity date was extended to September 2017. (2) Maximum aggregate commitment includes an uncommitted amount of $250 million . The Lennar Financial Services segment uses these facilities to finance its lending activities until the mortgage loans are sold to investors and the proceeds are collected. The facilities are non-recourse to the Company and are expected to be renewed or replaced with other facilities when they mature. Borrowings under the facilities and their prior year predecessors were $912.7 million and $858.3 million at August 31, 2016 and November 30, 2015 , respectively, and were collateralized by mortgage loans and receivables on loans sold to investors but not yet paid for with outstanding principal balances of $960.4 million and $916.9 million at August 31, 2016 and November 30, 2015 , respectively. If the facilities are not renewed or replaced, the borrowings under the lines of credit will be paid off by selling the mortgage loans held-for-sale to investors and by collecting on receivables on loans sold but not yet paid. Without the facilities, the Lennar Financial Services segment would have to use cash from operations and other funding sources to finance its lending activities. Substantially, all of the loans the Lennar Financial Services segment originates are sold within a short period in the secondary mortgage market on a servicing released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that it breached certain limited industry-standard representations and warranties in the loan sale agreements. Over the last several years there has been an industry-wide effort by purchasers to defray their losses by purporting to have found inaccuracies related to sellers’ representations and warranties in particular loan sale agreements. Mortgage investors could seek to have the Company buy back mortgage loans or compensate them for losses incurred on mortgage loans that the Company has sold based on claims that the Company breached its limited representations or warranties. The Company’s mortgage operations have established accruals for possible losses associated with mortgage loans previously originated and sold to investors. The Company establishes accruals for such possible losses based upon, among other things, an analysis of repurchase requests received, an estimate of potential repurchase claims not yet received and actual past repurchases and losses through the disposition of affected loans as well as previous settlements. While the Company believes that it has adequately reserved for known losses and projected repurchase requests, given the volatility in the mortgage industry and the uncertainty regarding the ultimate resolution of these claims, if either actual repurchases or the losses incurred resolving those repurchases exceed the Company’s expectations, additional recourse expense may be incurred. Loan origination liabilities are included in Lennar Financial Services’ liabilities in the Company's condensed consolidated balance sheets. The activity in the Company’s loan origination liabilities was as follows: Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Loan origination liabilities, beginning of period $ 20,994 13,660 19,492 11,818 Provision for losses 1,288 1,147 3,186 3,174 Adjustments to pre-existing provisions for losses from changes in estimates 1,224 — 1,224 — Payments/settlements (17 ) — (413 ) (185 ) Loan origination liabilities, end of period $ 23,489 14,807 23,489 14,807 Rialto Segment The assets and liabilities related to the Rialto segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 133,103 150,219 Restricted cash (1) 6,499 15,061 Receivables, net (2) — 154,948 Loans held-for-sale (3) 228,931 316,275 Loans receivable, net 145,813 164,826 Real estate owned - held-for-sale 170,524 183,052 Real estate owned - held-and-used, net 111,619 153,717 Investments in unconsolidated entities 241,680 224,869 Investments held-to-maturity 60,928 25,625 Other 97,556 116,908 $ 1,196,653 1,505,500 Liabilities: Notes and other debts payable $ 576,448 771,728 Other 56,114 94,496 $ 632,562 866,224 (1) Restricted cash primarily consists of upfront deposits and application fees RMF receives before originating loans and is recognized as income once the loan has been originated as well as cash held in escrow by the Company’s loan servicer provider on behalf of customers and lenders and is disbursed in accordance with agreements between the transacting parties. (2) Receivables, net primarily relate to loans sold but not settled as of November 30, 2015 . (3) Loans held-for-sale relate to unsold loans originated by RMF carried at fair value. Rialto costs and expenses included loan impairments of $4.3 million and $11.1 million for the three and nine months ended August 31, 2016 , respectively, and $4.5 million and $7.3 million for the three and nine months ended August 31, 2015 , respectively, primarily associated with the segment's FDIC loans portfolio (before noncontrolling interests). For the three and nine months ended August 31, 2016 Rialto operating loss included a net loss attributable to noncontrolling interests of $6.0 million and $10.6 million , respectively. For the three and nine months ended August 31, 2015 , Rialto operating earnings included a net loss attributable to the noncontrolling interests of $2.0 million and $4.5 million , respectively. The following is a detail of Rialto other income (expense), net: Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Realized gains on REO sales, net $ 4,337 6,178 13,575 13,852 Unrealized losses on transfer of loans receivable to REO and impairments, net (6,617 ) (3,124 ) (12,166 ) (7,892 ) REO and other expenses (13,006 ) (14,714 ) (39,964 ) (43,123 ) Rental and other income (1) 7,674 12,832 10,667 37,191 Rialto other income (expense), net $ (7,612 ) 1,172 (27,888 ) 28 (1) Rental and other income for the nine months ended August 31, 2016 , included a $16.0 million write-off of uncollectible receivables related to a hospital, which was acquired through the resolution of one of Rialto's loans from a 2010 portfolio. The hospital is managed by a third-party management company. Loans Receivable The following table represents loans receivable, net by type: (In thousands) August 31, November 30, Nonaccrual loans: FDIC and Bank Portfolios $ 62,092 88,694 Accrual loans 83,721 76,132 Loans receivable, net $ 145,813 164,826 The nonaccrual loan portfolios consist primarily of loans acquired at a discount. In 2010, the Rialto segment acquired indirectly 40% managing member equity interests in two limited liability companies ("LLCs") in partnership with the FDIC (“FDIC Portfolios”). The LLCs met the accounting definition of VIEs and since the Company was determined to be the primary beneficiary, the Company consolidated the LLCs. The Company was determined to be the primary beneficiary because it has the power to direct the activities of the LLCs that most significantly impact the LLCs' performance through Rialto's management and servicer contracts. At August 31, 2016 , these consolidated LLCs had total combined assets and liabilities of $251.5 million and $12.1 million , respectively. At November 30, 2015 , these consolidated LLCs had total combined assets and liabilities of $355.2 million and $11.3 million , respectively. In addition in 2010, Rialto acquired 400 distressed residential and commercial real estate loans (“Bank Portfolios”) and over 300 REO properties from three financial institutions. Based on the nature of these loans, the portfolios are managed by assessing the risks related to the likelihood of collection of payments from borrowers and guarantors, as well as monitoring the value of the underlying collateral. As of August 31, 2016 and November 30, 2015 , management classified all loans receivable within the FDIC Portfolios and Bank Portfolios as nonaccrual loans as forecasted principal and interest cannot be reasonably estimated, and therefore, accounts for these assets in accordance with ASC 310-10, Receivables . As of August 31, 2016 , accrual loans included $83.7 million of floating and fixed rate commercial property loans maturing between October 2017 and August 2018. The following tables represent nonaccrual loans in the FDIC Portfolios and Bank Portfolios accounted for under ASC 310-10 aggregated by collateral type: August 31, 2016 Recorded Investment (In thousands) Unpaid Principal Balance With Allowance Without Allowance Total Recorded Investment Land $ 96,220 44,752 124 44,876 Single family homes 18,283 2,166 4,984 7,150 Commercial properties 11,448 1,372 508 1,880 Other 56,443 278 7,908 8,186 Loans receivable $ 182,394 48,568 13,524 62,092 November 30, 2015 Recorded Investment (In thousands) Unpaid Principal Balance With Allowance Without Allowance Total Recorded Investment Land $ 145,417 59,740 1,165 60,905 Single family homes 39,659 8,344 3,459 11,803 Commercial properties 13,458 1,368 1,085 2,453 Other 78,279 — 13,533 13,533 Loans receivable $ 276,813 69,452 19,242 88,694 The average recorded investment in impaired loans was approximately $75 million and $112 million for the nine months ended August 31, 2016 and 2015 , respectively. In order to assess the risk associated with each risk category, management evaluates the forecasted cash flows and the value of the underlying collateral securing the loans receivable on a quarterly basis or when an event occurs that suggests a decline in the collateral’s fair value. Allowance for Loan Losses The allowance for loan losses is a valuation reserve established through provisions for loan losses charged against Rialto’s operating earnings. For nonaccrual loans, the risk relates to a decline in the value of the collateral securing the outstanding obligation. If the recorded investment in the nonaccrual loan exceeds its fair value, an impairment is recognized through an allowance for loan losses. The activity in the Company's allowance rollforward related to nonaccrual loans was as follows: Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Allowance on nonaccrual loans, beginning of the period $ 29,186 40,593 35,625 58,326 Provision for loan losses 4,330 4,497 11,051 7,306 Charge-offs (6,924 ) (6,707 ) (20,084 ) (27,249 ) Allowance on nonaccrual loans, end of the period $ 26,592 38,383 26,592 38,383 For accrual loans an allowance is calculated based on a review of individual loans considered impaired. The analysis of impaired losses may be based on the present value of expected future cash flows discounted at the effective loan rate, an observable market price or the fair value of the underlying collateral on collateral dependent loans. In determining the collectability of certain loans, management also considers the fair value of any underlying collateral. Based on Rialto's segment assessment, no allowance for loan losses were recorded for its accrual loans as of August 31, 2016 and November 30, 2015 . Real Estate Owned The acquisition of properties acquired through, or in lieu of, loan foreclosure are reported within the condensed consolidated balance sheets as REO held-and-used, net and REO held-for-sale. When a property is determined to be held-and-used, net, the asset is recorded at fair value and depreciated over its useful life using the straight line method. When certain criteria set forth in ASC 360, Property, Plant and Equipment , are met, the property is classified as held-for-sale. When a real estate asset is classified as held-for-sale, the property is recorded at the lower of its cost basis or fair value less estimated costs to sell. The fair value of REO held-for-sale is determined in part by placing reliance on third-party appraisals of the properties and/or internally prepared analyses of recent offers or prices on comparable properties in the proximate vicinity. The following tables represent the activity in REO : Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 REO - held-for-sale, beginning of period $ 180,547 195,386 183,052 190,535 Improvements 575 1,023 2,170 4,318 Sales (18,889 ) (26,575 ) (52,840 ) (74,713 ) Impairments and unrealized losses (6,669 ) (3,127 ) (15,016 ) (7,499 ) Transfers from held-and-used, net (1) 14,960 19,031 53,158 73,097 REO - held-for-sale, end of period $ 170,524 185,738 170,524 185,738 Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 REO - held-and-used, net, beginning of period $ 125,406 213,748 153,717 255,795 Additions 1,013 1,367 12,316 15,710 Improvements 706 309 828 1,737 Impairments (23 ) (7 ) (826 ) (1,420 ) Depreciation (523 ) (520 ) (1,258 ) (1,895 ) Transfers to held-for-sale (1) (14,960 ) (19,031 ) (53,158 ) (73,097 ) Other — — — (964 ) REO - held-and-used, net, end of period $ 111,619 195,866 111,619 195,866 (1) During the three and nine months ended August 31, 2016 and 2015 , the Rialto segment transferred certain properties from REO held-and-used, net to REO held-for-sale as a result of changes in the disposition strategy of the real estate assets. For the three and nine months ended August 31, 2016 , the Company recorded net gains (losses) of ($0.4) million and $1.6 million , respectively, from acquisitions of REO through foreclosure. For the three and nine months ended August 31, 2015 , the Company recorded net losses of $0.3 million and $0.1 million , respectively, from acquisitions of REO through foreclosure. These net gains (losses) are recorded in Rialto other income (expense), net. Rialto Mortgage Finance - loans held-for-sale During the nine months ended August 31, 2016 , RMF originated loans with a total principal balance of $1.2 billion of which $1.2 billion were recorded as loans held-for-sale and $55.7 million were recorded as accrual loans within loans receivable, net, and sold $1.3 billion of loans into seven separate securitizations. During the nine months ended August 31, 2015 , RMF originated loans with a total principal balance of $2.0 billion and sold $1.6 billion of loans into eight separate securitizations. As of November 30, 2015 , $151.8 million of the originated loans were sold into a securitization trust but not settled and thus were included as receivables, net. Notes and Other Debts Payable The Rialto segment has $350 million aggregate principal amount of 7.00% senior notes due 2018 ("7.00% Senior Notes"). Interest on the 7.00% Senior Notes is due semi-annually. At August 31, 2016 and November 30, 2015 , the carrying amount, net of debt issuance costs, of the 7.00% Senior Notes was $348.5 million and $347.9 million , respectively. Under the indenture, Rialto is subject to certain covenants limiting, among other things, Rialto’s ability to incur indebtedness, to make investments, to make distributions to or enter into transactions with Lennar or to create liens, subject to certain exceptions and qualifications. Rialto also has quarterly and annual reporting requirements, similar to an SEC registrant, to holders of the 7.00% Senior Notes. The Company believes Rialto was in compliance with its debt covenants at August 31, 2016 . At August 31, 2016 , Rialto warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures October 2016 (one year extension) (1) (2) $ 400,000 364-day warehouse repurchase facility that matures January 2017 (1) 250,000 Warehouse repurchase facility that matures December 2017 (1) (3) 100,000 Warehouse repurchase facility that matures August 2018 (two - one year extensions) (4) 100,000 Total $ 850,000 (1) RMF uses these facilities to finance its loan origination and securitization activities. (2) Subsequent to August 31, 2016 , the warehouse repurchase facility maturity date was extended to April 2017, with the option for an additional six month extension, and the maximum aggregate commitment was increased to $500 million . (3) Subsequent to August 31, 2016 , the warehouse repurchase facility was amended and the maximum aggregate commitment was increased to $200 million . (4) In 2015, Rialto entered into a separate repurchase facility to finance the origination of floating rate accrual loans. Loans financed under this facility are held as accrual loans within loans receivable, net. As of both August 31, 2016 and November 30, 2015 , borrowings under this facility were $36.3 million . Borrowings under the facilities that finance RMF's loan originations and securitization activities were $106.6 million and $317.1 million as of August 31, 2016 and November 30, 2015 , respectively, and were secured by a 75% interest in the originated commercial loans financed. The facilities require immediate repayment of the 75% interest in the secured commercial loans when the loans are sold in a securitization and the proceeds are collected. These warehouse repurchase facilities are non-recourse to the Company and are expected to be renewed or replaced with other facilities when they mature. In 2010, Rialto paid $310 million for the Bank Portfolios and for over 300 REO properties, of which $124 million was financed through a 5 -year senior unsecured note provided by one of the selling institutions for which the maturity was subsequently extended. The remaining balance is due in December 2016. As of both August 31, 2016 and November 30, 2015 , the outstanding amount related to the 5 -year senior unsecured note was $30.3 million . In May 2014, the Rialto segment issued $73.8 million principal amount of notes through a structured note offering (the “Structured Notes”) collateralized by certain assets originally acquired in the Bank Portfolios transaction at a price of 100% , with an annual coupon rate of 2.85% . Proceeds from the offering, after payment of expenses and hold backs for a cash reserve, were $69.1 million . In November 2014, the Rialto segment issued an additional $20.8 million of the Structured Notes at a price of 99.5% , with an annual coupon rate of 5.0% . Proceeds from the offering, after payment of expenses, were $20.7 million . The estimated final payment date of the Structured Notes is November 15, 2017 . As of August 31, 2016 and November 30, 2015 , the outstanding amount, net of debt issuance costs, related to the Structured Notes was $27.9 million and $31.3 million , respectively. Investments All of Rialto's investments in funds have the attributes of an investment company in accordance with ASC 946, Financial Services – Investment Companies , as amended by ASU 2013-08, Financial Services - Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements, the attributes of which are different from the attributes that would cause a company to be an investment company for purposes of the Investment Company Act of 1940. As a result, the assets and liabilities of the funds in which Rialto has investments in are recorded at fair value with increases/decreases in fair value recorded in their respective statements of operations and the Company’s share is recorded in Rialto equity in earnings from unconsolidated entities in the Company's statement of operations. The following table reflects Rialto's investments in funds that invest in and manage real estate related assets and other investments: August 31, August 31, November 30, (Dollars in thousands) Inception Year Equity Commitments Equity Commitments Called Commitment to Fund by the Company Funds Contributed by the Company Investment Rialto Real Estate Fund, LP 2010 $ 700,006 $ 700,006 $ 75,000 $ 75,000 $ 62,659 68,570 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 96,863 99,947 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 26,310 32,344 Rialto Capital CMBS Funds 2014 111,753 111,753 47,057 47,057 47,270 23,233 Rialto Real Estate Fund III 2015 949,578 — 100,000 — 1,559 — Rialto Credit Partnership, LP 2016 220,000 51,150 19,999 4,650 4,637 — Other investments 2,382 775 $ 241,680 224,869 Rialto's share of earnings (loss) from unconsolidated entities was as follows: Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Rialto Real Estate Fund, LP $ 1,127 4,158 3,397 7,948 Rialto Real Estate Fund II, LP 2,672 2,354 4,420 5,533 Rialto Mezzanine Partners Fund, LP 703 637 2,128 1,563 Rialto Capital CMBS Funds 1,471 429 3,051 2,506 Rialto Real Estate Fund III 4 — 1,387 — Rialto Credit Partnership, LP (1 ) — (13 ) — Other investments — 12 (33 ) 32 Rialto equity in earnings from unconsolidated entities $ 5,976 7,590 14,337 17,582 During the three and nine months ended August 31, 2016 , Rialto received $2.1 million and $9.5 million , respectively, of advance distributions with regard to Rialto's carried interests in its real estate funds in order to cover income tax obligations resulting from allocations of taxable income to Rialto's carried interests in these funds. During the three and nine months ended August 31, 2015 , Rialto received $5.0 million and $16.2 million of such advanced distributions. These advance distributions are not subject to clawbacks and are included in Rialto's revenues. During 2015, Rialto adopted a Carried Interest Incentive Plan (the "Plan"), under which participating employees in the aggregate may receive up to 40% of the equity units of a limited liability company (a "Carried Interest Entity") that is entitled to distributions made by a fund or other investment vehicle (a "Fund") m

Lennar Homebuilding Cash and Ca

Lennar Homebuilding Cash and Cash Equivalents	9 Months Ended
	Aug. 31, 2016
Cash and Cash Equivalents [Abstract]
Lennar Homebuilding Cash and Cash Equivalents	Lennar Homebuilding Cash and Cash Equivalents Cash and cash equivalents as of August 31, 2016 and November 30, 2015 included $275.5 million and $414.9 million , respectively, of cash held in escrow for approximately three

Lennar Homebuilding Senior Note

Lennar Homebuilding Senior Notes and Other Debts Payable	9 Months Ended
	Aug. 31, 2016
Debt Disclosure [Abstract]
Lennar Homebuilding Senior Notes and Other Debts Payable	Lennar Homebuilding Senior Notes and Other Debts Payable (Dollars in thousands) August 31, November 30, Unsecured revolving credit facility $ 125,000 — 12.25% senior notes due 2017 398,046 396,252 4.75% senior notes due 2017 398,293 397,736 6.95% senior notes due 2018 248,355 247,632 4.125% senior notes due 2018 273,746 273,319 4.500% senior notes due 2019 497,780 497,210 4.50% senior notes due 2019 597,294 596,622 3.25% convertible senior notes due 2021 156,823 398,194 4.750% senior notes due 2021 496,352 — 4.750% senior notes due 2022 568,025 567,325 4.875% senior notes due 2023 394,073 393,545 4.750% senior notes due 2025 496,116 495,784 2.75% convertible senior notes due 2020 — 233,225 6.50% senior notes due 2016 — 249,905 Mortgage notes on land and other debt 270,945 278,381 $ 4,920,848 5,025,130 The carrying amounts of the senior notes listed above are net of debt issuance costs of $23.9 million and $26.4 million , as of August 31, 2016 and November 30, 2015 , respectively. In June 2016, the Company amended the credit agreement governing its unsecured revolving credit facility (the "Credit Facility") to increase the maximum borrowings from $1.6 billion to $1.8 billion , including a $318 million accordion feature, subject to additional commitments, with certain financial institutions. The maturity for $1.3 billion of the Credit Facility was extended from June 2019 to June 2020, with the remaining $160 million maturing in June 2018. The proceeds available under the Credit Facility, which are subject to specified conditions for borrowing, may be used for working capital and general corporate purposes. The credit agreement also provides that up to $500 million in commitments may be used for letters of credit. Under the Credit Facility agreement, the Company is required to maintain a minimum consolidated tangible net worth, a maximum leverage ratio and either a liquidity or an interest coverage ratio. These ratios are calculated per the Credit Facility agreement, which involves adjustments to GAAP financial measures. The Company believes it was in compliance with its debt covenants at August 31, 2016 . In addition, the Company had $320 million letter of credit facilities with different financial institutions. The Company’s performance letters of credit outstanding were $261.8 million and $236.5 million , respectively, at August 31, 2016 and November 30, 2015 . The Company’s financial letters of credit outstanding were $214.0 million and $216.7 million , at August 31, 2016 and November 30, 2015 , respectively. Performance letters of credit are generally posted with regulatory bodies to guarantee the Company’s performance of certain development and construction activities. Financial letters of credit are generally posted in lieu of cash deposits on option contracts, for insurance risks, credit enhancements and as other collateral. Additionally, at August 31, 2016 , the Company had outstanding surety bonds of $1.4 billion including performance surety bonds related to site improvements at various projects (including certain projects in the Company’s joint ventures) and financial surety bonds including $223.4 million related to pending litigation. Although significant development and construction activities have been completed related to these site improvements, these bonds are generally not released until all development and construction activities are completed. As of August 31, 2016 , there were approximately $497.8 million , or 36% , of anticipated future costs to complete related to these site improvements. The Company does not presently anticipate any draws upon these bonds or letters of credit, but if any such draws occur, the Company does not believe they would have a material effect on its financial position, results of operations or cash flows. In March 2016, the Company issued $500 million aggregate principal amount of 4.750% senior notes due 2021 (the “ 4.750% Senior Notes”) at a price of 100% . Proceeds from the offering, after payment of expenses, were $496.0 million . The Company used the net proceeds from the sales of the 4.750% Senior Notes to retire its 6.50% senior notes due April 2016 for 100% of the outstanding principal amount, plus accrued and unpaid interest. Interest on the 4.750% Senior Notes is due semi-annually beginning October 1, 2016. The 4.750% Senior Notes are unsecured and unsubordinated, but are guaranteed by substantially all of the Company's 100% owned homebuilding subsidiaries. The 3.25% convertible senior notes due 2021 (the “ 3.25% Convertible Senior Notes”) are convertible into shares of Class A common stock at any time prior to maturity or redemption at the initial conversion rate of 42.5555 shares of Class A common stock per $1,000 principal amount of the 3.25% Convertible Senior Notes or 6,680,405 remaining shares of Class A common stock if all the 3.25% Convertible Senior Notes outstanding principal amount is converted, which is equivalent to an initial conversion price of approximately $23.50 per share of Class A common stock, subject to anti-dilution adjustments. For the three and nine months ended August 31, 2016 , 8.3 million shares and 13.8 million shares, respectively, are included in the calculation of diluted earnings per share. For both the three and nine months ended August 31, 2015 , 17.0 million shares were included in the calculation of diluted earnings per share. During the nine months ended August 31, 2016 , holders converted approximately $243 million aggregate principal amount of the 3.25% Convertible Senior Notes for 10.3 million shares of Class A common stock, plus accrued and unpaid interest through the date of the conversions and small cash premiums. At August 31, 2016 and November 30, 2015 , the principal amount of the 3.25% Convertible Senior Notes was $157.0 million and $400.0 million , respectively. The 3.25% Convertible Senior Notes are unsecured and unsubordinated, but are guaranteed by substantially all of the Company's 100% owned homebuilding subsidiaries. During the nine months ended August 31, 2016 , all of the $234 million aggregate outstanding principal amount of the 2.75% convertible senior notes due 2020 (the “ 2.75% Convertible Senior Notes”) were converted and exchanged by the holders for approximately $234 million in cash and 5.2 million shares of Class A common stock, plus accrued and unpaid interest with respect to the exchanges. The 2.75% Convertible Senior Notes were convertible into cash, shares of Class A common stock or a combination of both, at the Company’s election. However, the Company settled the face value of the 2.75% Convertible Senior Notes in cash. Holders converted the 2.75% Convertible Senior Notes at the initial conversion rate of 45.1794 shares of Class A common stock per $1,000 principal amount, which was equivalent to an initial conversion price of approximately $22.13 per share of Class A common stock. For the nine months ended August 31, 2016 , the calculation for diluted earnings per share included 0.6 million shares related to the dilutive effect of the 2.75% Convertible Senior Notes prior to the conversions. For the three and nine months ended August 31, 2015 , the calculation for diluted earnings per share included 7.1 million shares and 9.5 million shares, respectively, related to the dilutive effect of the 2.75% Convertible Senior Notes. Although the guarantees by substantially all of the Company's 100% owned homebuilding subsidiaries and some of the Company's other subsidiaries are full, unconditional and joint and several while they are in effect, (i) a subsidiary will cease to be a guarantor at any time when it is not directly or indirectly guaranteeing at least $75 million

Product Warranty

Product Warranty	9 Months Ended
	Aug. 31, 2016
Product Warranties Disclosures [Abstract]
Product Warranty	Product Warranty Warranty and similar reserves for homes are established at an amount estimated to be adequate to cover potential costs for materials and labor with regard to warranty-type claims expected to be incurred subsequent to the delivery of a home. Reserves are determined based on historical data and trends with respect to similar product types and geographical areas. The Company regularly monitors the warranty reserve and makes adjustments to its pre-existing warranties in order to reflect changes in trends and historical data as information becomes available. Warranty reserves are included in Lennar Homebuilding other liabilities in the condensed consolidated balance sheets. The activity in the Company’s warranty reserve was as follows: Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Warranty reserve, beginning of period $ 127,159 119,610 130,853 115,927 Warranties issued 25,382 21,873 67,952 55,665 Adjustments to pre-existing warranties from changes in estimates (1) 4,982 (111 ) 4,247 5,273 Payments (23,984 ) (21,676 ) (69,513 ) (57,169 ) Warranty reserve, end of period $ 133,539 119,696 133,539 119,696 (1) The adjustments to pre-existing warranties from changes in estimates during both the three and nine months ended August 31, 2016 and 2015

Share-Based Payments

Share-Based Payments	9 Months Ended
	Aug. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Payments	Share-Based Payments During both the three and nine months ended August 31, 2016 and 2015 , the Company granted 1.2 million nonvested shares. Compensation expense related to the Company’s share-based payment awards was as follows: Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Nonvested shares $ 12,362 11,484 34,628 32,095 Stock options — 65 — 104 Total compensation expense for share-based awards $ 12,362 11,549 34,628 32,199

Financial Instruments and Fair

Financial Instruments and Fair Value Disclosures	9 Months Ended
	Aug. 31, 2016
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value Disclosures	Financial Instruments and Fair Value Disclosures The following table presents the carrying amounts and estimated fair values of financial instruments held by the Company at August 31, 2016 and November 30, 2015 , using available market information and what the Company believes to be appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions and/or estimation methodologies might have a material effect on the estimated fair value amounts. The table excludes cash and cash equivalents, restricted cash, receivables, net and accounts payable, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments. August 31, 2016 November 30, 2015 Fair Value Carrying Fair Carrying Fair (In thousands) Hierarchy Amount Value Amount Value ASSETS Rialto: Loans receivable, net Level 3 $ 145,813 148,756 164,826 169,302 Investments held-to-maturity Level 3 $ 60,928 60,226 25,625 25,227 Lennar Financial Services: Loans held-for-investment, net Level 3 $ 29,704 28,603 30,998 29,931 Investments held-to-maturity Level 2 $ 34,746 34,868 40,174 40,098 LIABILITIES Lennar Homebuilding senior notes and other debts payable Level 2 $ 4,920,848 5,323,307 5,025,130 5,936,327 Rialto notes and other debts payable Level 2 $ 576,448 596,020 771,728 803,013 Lennar Financial Services notes and other debts payable Level 2 $ 913,040 913,040 858,300 858,300 The following methods and assumptions are used by the Company in estimating fair values: Rialto —The fair values for loans receivable, net are based on the fair value of the collateral less estimated cost to sell or discounted cash flows, if estimable. The fair value for investments held-to-maturity is based on discounted cash flows. For notes and other debts payable, the fair value is calculated based on discounted cash flows using the Company’s weighted average borrowing rate and for the warehouse repurchase financing agreements fair values approximate their carrying value due to their short-term maturities. Lennar Financial Services —The fair values above are based on quoted market prices, if available. The fair values for instruments that do not have quoted market prices are estimated by the Company on the basis of discounted cash flows or other financial information. For notes and other debts payable, the fair values approximate their carrying value due to variable interest pricing terms and short-term nature of the borrowings. Lennar Homebuilding —For senior notes and other debts payable, the fair value of fixed-rate borrowings is primarily based on quoted market prices and the fair value of variable-rate borrowings is based on expected future cash flows calculated using current market forward rates. Fair Value Measurements: GAAP provides a framework for measuring fair value, expands disclosures about fair value measurements and establishes a fair value hierarchy which prioritizes the inputs used in measuring fair value summarized as follows: Level 1: Fair value determined based on quoted prices in active markets for identical assets. Level 2: Fair value determined using significant other observable inputs. Level 3: Fair value determined using significant unobservable inputs. The Company’s financial instruments measured at fair value on a recurring basis are summarized below: (In thousands) Fair Value Hierarchy Fair Value at Fair Value at Rialto Financial Assets: Loans held-for-sale (1) Level 3 $ 228,931 316,275 Credit default swaps (2) Level 2 $ 4,448 6,153 Rialto Financial Liabilities: Interest rate swaps and swap futures (3) Level 1 $ 238 978 Lennar Financial Services Assets (Liabilities): Loans held-for-sale (4) Level 2 $ 800,139 843,252 Investments available-for-sale Level 1 $ 51,535 42,827 Mortgage loan commitments Level 2 $ 20,663 13,060 Forward contracts Level 2 $ (2,011 ) 531 Mortgage servicing rights Level 3 $ 18,369 16,770 (1) The aggregate fair value of Rialto loans held-for-sale of $228.9 million at August 31, 2016 exceeds their aggregate principal balance of $228.8 million by $0.1 million . The aggregate fair value of loans held-for-sale of $316.3 million at November 30, 2015 exceeds their aggregate principal balance of $314.3 million by $2.0 million . (2) Rialto credit default swaps are included within Rialto's other assets. (3) Rialto interest rate swaps and swap futures are included within Rialto's other liabilities. (4) The aggregate fair value of Lennar Financial Services loans held-for-sale of $800.1 million at August 31, 2016 exceeds their aggregate principal balance of $771.1 million by $29.1 million . The aggregate fair value of loans held-for-sale of $843.3 million at November 30, 2015 exceeds their aggregate principal balance of $815.0 million by $28.2 million . The estimated fair values of the Company’s financial instruments have been determined by using available market information and what the Company believes to be appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions and/or estimation methodologies might have a material effect on the estimated fair value amounts. The following methods and assumptions are used by the Company in estimating fair values: Rialto loans held-for-sale - The fair value of loans held-for-sale is calculated from model-based techniques that use discounted cash flow assumptions and the Company’s own estimates of CMBS spreads, market interest rate movements and the underlying loan credit quality. Loan values are calculated by allocating the change in value of an assumed CMBS capital structure to each loan. The value of an assumed CMBS capital structure is calculated, generally, by discounting the cash flows associated with each CMBS class at market interest rates and at the Company’s own estimate of CMBS spreads. The Company estimates CMBS spreads by observing the pricing of recent CMBS offerings, secondary CMBS markets, changes in the CMBX index, and general capital and commercial real estate market conditions. Considerations in estimating CMBS spreads include comparing the Company’s current loan portfolio with comparable CMBS offerings containing loans with similar duration, credit quality and collateral composition. These methods use unobservable inputs in estimating a discount rate that is used to assign a value to each loan. While the cash payments on the loans are contractual, the discount rate used and assumptions regarding the relative size of each class in the CMBS capital structure can significantly impact the valuation. Therefore, the estimates used could differ materially from the fair value determined when the loans are sold to a securitization trust. Rialto credit default swaps - The fair value of credit default swaps (derivatives) is based on quoted market prices for similar investments traded in active markets. Rialto interest rate swaps and swap futures - The fair value of interest rate swaps (derivatives) is based on observable values for underlying interest rates and market determined risk premiums. The fair value of interest rate swap futures (derivatives) is based on quoted market prices for identical investments traded in active markets. Lennar Financial Services loans held-for-sale - Fair value is based on independent quoted market prices, where available, or the prices for other mortgage whole loans with similar characteristics. Management believes carrying loans held-for-sale at fair value improves financial reporting by mitigating volatility in reported earnings caused by measuring the fair value of the loans and the derivative instruments used to economically hedge them without having to apply complex hedge accounting provisions. In addition, the Company recognizes the fair value of its rights to service a mortgage loan as revenue upon entering into an interest rate lock loan commitment with a borrower. The fair value of these servicing rights is included in Lennar Financial Services’ loans held-for-sale as of August 31, 2016 and November 30, 2015 . Fair value of servicing rights is determined based on actual sales of servicing rights on loans with similar characteristics. Lennar Financial Services investments available-for-sale - The fair value of these investments is based on the quoted market prices for similar financial instruments. Lennar Financial Services mortgage loan commitments - Fair value of commitments to originate loans is based upon the difference between the current value of similar loans and the price at which the Lennar Financial Services segment has committed to originate the loans. The fair value of commitments to sell loan contracts is the estimated amount that the Lennar Financial Services segment would receive or pay to terminate the commitments at the reporting date based on market prices for similar financial instruments. In addition, the Company recognizes the fair value of its rights to service a mortgage loan as revenue upon entering into an interest rate lock loan commitment with a borrower. The fair value of servicing rights is determined based on actual sales of servicing rights on loans with similar characteristics. The fair value of the mortgage loan commitments and related servicing rights is included in Lennar Financial Services’ other assets. Lennar Financial Services forward contracts - Fair value is based on quoted market prices for similar financial instruments. The fair value of forward contracts is included in the Lennar Financial Services segment's other liabilities as of August 31, 2016 . The fair value of forward contracts is included in the Lennar Financial Services segment's other assets as of November 30, 2015 . The Lennar Financial Services segment uses mandatory mortgage-backed securities (“MBS”) forward commitments, option contracts and investor commitments to hedge its mortgage-related interest rate exposure. These instruments involve, to varying degrees, elements of credit and interest rate risk. Credit risk associated with MBS forward commitments, option contracts and loan sales transactions is managed by limiting the Company’s counterparties to investment banks, federally regulated bank affiliates and other investors meeting the Company’s credit standards. The segment’s risk, in the event of default by the purchaser, is the difference between the contract price and fair value of the MBS forward commitments and option contracts. At August 31, 2016 , the segment had open commitments amounting to $1.3 billion to sell MBS with varying settlement dates through November 2016. Lennar Financial Services mortgage servicing rights - Lennar Financial Services records mortgage servicing rights when it sells loans on a servicing-retained basis or through the acquisition or assumption of the right to service a financial asset. The fair value of the mortgage servicing rights is calculated using third-party valuations. The key assumptions, which are generally unobservable inputs, used in the valuation of the mortgage servicing rights include mortgage prepayment rates, discount rates and delinquency rates. As of August 31, 2016 , the key assumptions used in determining the fair value include a 16.6% mortgage prepayment rate, a 12.3% discount rate and a 7.6% delinquency rate. The fair value of mortgage servicing rights is included in the Lennar Financial Services segment's other assets. The changes in fair values for Level 1 and Level 2 financial instruments measured on a recurring basis are shown below by financial instrument and financial statement line item: Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Changes in fair value included in Lennar Financial Services revenues: Loans held-for-sale $ (2,808 ) 2,836 826 (283 ) Mortgage loan commitments $ 1,781 (384 ) 7,603 5,811 Forward contracts $ (362 ) (3,493 ) (2,542 ) 4,238 Investments available-for-sale $ 31 — 37 23 Changes in fair value included in Rialto revenues: Financial Assets: Credit default swaps $ (1,570 ) 3,466 (1,547 ) 2,641 Financial Liabilities: Interest rate swaps and swap futures $ (133 ) (4,740 ) 740 (4,308 ) Changes in fair value included in other comprehensive income (loss), net of tax: Lennar Financial Services investments available-for-sale $ 639 (400 ) 1,121 (294 ) Interest on Lennar Financial Services loans held-for-sale and Rialto loans held-for-sale measured at fair value is calculated based on the interest rate of the loan and recorded as revenues in the Lennar Financial Services’ statement of operations and Rialto's statement of operations, respectively. The following table represents the reconciliation of the beginning and ending balance for the Level 3 recurring fair value measurements: Three Months Ended August 31, 2016 2015 Lennar Financial Services Rialto Lennar Financial Services Rialto (In thousands) Mortgage servicing rights Loans held-for-sale Mortgage servicing rights Loans held-for-sale Beginning balance $ 18,241 199,415 16,504 318,037 Purchases/loan originations 2,275 520,510 844 719,998 Sales/loan originations sold, including those not settled — (491,428 ) — (528,518 ) Disposals/settlements (1,311 ) — (974 ) — Changes in fair value (1) (836 ) 522 66 679 Interest and principal paydowns — (88 ) — (63 ) Ending balance $ 18,369 228,931 16,440 510,133 Nine Months Ended August 31, 2016 2015 Lennar Financial Services Rialto Lennar Financial Services Rialto (In thousands) Mortgage servicing rights Loans held-for-sale Mortgage servicing rights Loans held-for-sale Beginning balance $ 16,770 316,275 17,353 113,596 Purchases/loan originations 6,269 1,174,483 1,840 1,968,692 Sales/loan originations sold, including those not settled — (1,259,320 ) — (1,570,101 ) Disposals/settlements (2,881 ) — (2,848 ) — Changes in fair value (1) (1,789 ) (687 ) 95 (1,622 ) Interest and principal paydowns — (1,820 ) — (432 ) Ending balance $ 18,369 228,931 16,440 510,133 (1) Changes in fair value for Rialto loans held-for-sale and Lennar Financial Services mortgage servicing rights are included in Rialto's and Lennar Financial Services' revenues, respectively. The Company’s assets measured at fair value on a nonrecurring basis are those assets for which the Company has recorded valuation adjustments and write-offs. The fair values included in the table below represents only those assets whose carrying value were adjusted to fair value during the respective periods disclosed. The assets measured at fair value on a nonrecurring basis are summarized below: Three Months Ended August 31, 2016 2015 (In thousands) Fair Value Hierarchy Carrying Value Fair Value Total Gains (Losses) (1) Carrying Value Fair Value Total Gains (Losses) (1) Financial assets Rialto: Impaired loans receivable Level 3 $ 52,460 48,130 (4,330 ) 76,138 71,641 (4,497 ) Non-financial assets Lennar Homebuilding: Finished homes and construction in progress (2) Level 3 $ — — — 5,754 4,607 (1,147 ) Land and land under development (2) Level 3 $ 23,736 18,000 (5,736 ) 16,482 11,811 (4,671 ) Rialto: REO - held-for-sale (3): Upon acquisition/transfer Level 3 $ 8,283 7,786 (497 ) 4,767 4,481 (286 ) Upon management periodic valuations Level 3 $ 28,850 22,678 (6,172 ) 9,146 6,305 (2,841 ) REO - held-and-used, net (4): Upon acquisition/transfer Level 3 $ 937 1,013 76 1,357 1,367 10 Upon management periodic valuations Level 3 $ 60 37 (23 ) 14 7 (7 ) Nine Months Ended August 31, 2016 2015 (In thousands) Fair Value Hierarchy Carrying Value Fair Value Total Gains (Losses) (1) Carrying Value Fair Value Total Gains (Losses) (1) Financial assets Rialto: Impaired loans receivable Level 3 $ 72,375 61,324 (11,051 ) 248,250 240,944 (7,306 ) Non-financial assets Lennar Homebuilding: Finished homes and construction in progress (2) Level 3 $ — — — 52,093 41,343 (10,750 ) Land and land under development (2) Level 3 $ 29,418 22,925 (6,493 ) 16,482 11,811 (4,671 ) Rialto: REO - held-for-sale (3): Upon acquisition/transfer Level 3 $ 34,017 31,976 (2,041 ) 18,383 17,280 (1,103 ) Upon management periodic valuations Level 3 $ 63,172 50,197 (12,975 ) 26,008 19,612 (6,396 ) REO - held-and-used, net (4): Upon acquisition/transfer Level 3 $ 8,640 12,316 3,676 14,683 15,710 1,027 Upon management periodic valuations Level 3 $ 4,976 4,150 (826 ) 2,703 1,283 (1,420 ) (1) Represents losses due to valuation adjustments, write-offs, gains (losses) from transfers or acquisitions of real estate through foreclosure and REO impairments recorded during the three and nine months ended August 31, 2016 and 2015 . (2) Valuation adjustments were included in Lennar Homebuilding costs and expenses in the Company's condensed consolidated statement of operations for the three and nine months ended August 31, 2016 and 2015 . (3) REO held-for-sale assets are initially recorded at fair value less estimated costs to sell at the time of the transfer or acquisition through, or in lieu of, loan foreclosure. The fair value of REO held-for-sale is based upon appraised value at the time of foreclosure or management's best estimate. In addition, management periodically performs valuations of its REO held-for-sale. The losses upon the transfer or acquisition of REO and impairments were included in Rialto other income (expense), net, in the Company’s condensed consolidated statement of operations for the three and nine months ended August 31, 2016 and 2015 . (4) REO held-and-used, net, assets are initially recorded at fair value at the time of acquisition through, or in lieu of, loan foreclosure. The fair value of REO held-and-used, net, is based upon the appraised value at the time of foreclosure or management’s best estimate. In addition, management periodically performs valuations of its REO held-and-used, net. The gains (losses) upon acquisition of REO held-and-used, net and impairments were included in Rialto other income (expense), net, in the Company’s condensed consolidated statement of operations for the three and nine months ended August 31, 2016 and 2015 . Finished homes and construction in progress are included within inventories. Inventories are stated at cost unless the inventory within a community is determined to be impaired, in which case the impaired inventory is written down to fair value. The Company disclosed its accounting policy related to inventories and its review for indicators of impairments in the Summary of Significant Accounting Policies in its Form 10-K for the year ended November 30, 2015. The Company estimates the fair value of inventory evaluated for impairment based on market conditions and assumptions made by management at the time the inventory is evaluated, which may differ materially from actual results if market conditions or assumptions change. For example, changes in market conditions and other specific developments or changes in assumptions may cause the Company to re-evaluate its strategy regarding previously impaired inventory, as well as inventory not currently impaired but for which indicators of impairment may arise if market deterioration occurs, and certain other assets that could result in further valuation adjustments and/or additional write-offs of option deposits and pre-acquisition costs due to abandonment of those options contracts. On a quarterly basis, the Company reviews its active communities for indicators of potential impairments. As of August 31, 2016 and 2015 , there were 691 and 670 active communities, excluding unconsolidated entities, respectively. As of August 31, 2016 , the Company identified 16 communities with 444 homesites and a corresponding carrying value of $134.7 million as having potential indicators of impairment. For the nine months ended August 31, 2016 , the Company recorded no impairments. As of August 31, 2015 , the Company identified 15 communities with 453 homesites and a corresponding carrying value of $74.0 million as having potential indicators of impairment. For the nine months ended August 31, 2015 , the Company recorded a valuation adjustment of $15.4 million on 138 homesites in two communities with a carrying value of $68.6 million . The table below summarizes the most significant unobservable inputs used in the Company's discounted cash flow model to determine the fair value of its communities for which the Company recorded valuation adjustments during the nine months ended August 31, 2015 : Nine Months Ended August 31, 2015 Unobservable inputs Range Average selling price $486,000 - $1,300,000 Absorption rate per quarter (homes) 9 - 14 Discount rate 12% - 20%

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Aug. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities The Company evaluated the agreements of its joint ventures that were formed or that had reconsideration events during the nine months ended August 31, 2016 . Based on the Company's evaluation, during the nine months ended August 31, 2016 , the Company consolidated entities that had total combined assets of $122.1 million and liabilities of $96.4 million . During the nine months ended August 31, 2016 , there were no VIEs that were deconsolidated. The Company’s recorded investments in unconsolidated entities were as follows: (In thousands) August 31, November 30, Lennar Homebuilding $ 796,499 741,551 Rialto $ 241,680 224,869 Lennar Multifamily $ 304,032 250,876 Consolidated VIEs As of August 31, 2016 , the carrying amounts of the VIEs’ assets and non-recourse liabilities that consolidated were $596.6 million and $136.8 million , respectively. As of November 30, 2015 , the carrying amounts of the VIEs’ assets and non-recourse liabilities that consolidated were $652.3 million and $84.4 million , respectively. Those assets are owned by, and those liabilities are obligations of, the VIEs, not the Company. A VIE’s assets can only be used to settle obligations of that VIE. The VIEs are not guarantors of the Company’s senior notes and other debts payable. The assets held by a VIE usually are collateral for that VIE’s debt. The Company and other partners do not generally have an obligation to make capital contributions to a VIE unless the Company and/or the other partner(s) have entered into debt guarantees with a VIE’s banks. Other than debt guarantee agreements with a VIE’s banks, there are no liquidity arrangements or agreements to fund capital or purchase assets that could require the Company to provide financial support to a VIE. While the Company has option contracts to purchase land from certain of its VIEs, the Company is not required to purchase the assets and could walk away from the contracts. Unconsolidated VIEs The Company’s recorded investment in unconsolidated VIEs and its estimated maximum exposure to loss were as follows: As of August 31, 2016 (In thousands) Investments in Unconsolidated VIEs Lennar’s Maximum Exposure to Loss Lennar Homebuilding (1) $ 100,452 140,228 Rialto (2) 60,928 60,928 Lennar Multifamily (3) 224,574 574,114 $ 385,954 775,270 As of November 30, 2015 (In thousands) Investments in Unconsolidated VIEs Lennar’s Maximum Exposure to Loss Lennar Homebuilding (1) $ 102,706 111,215 Rialto (2) 25,625 25,625 Lennar Multifamily (3) 177,359 586,842 $ 305,690 723,682 (1) At August 31, 2016 , the maximum exposure to loss of Lennar Homebuilding’s investments in unconsolidated VIEs was limited to its investments in the unconsolidated VIEs, except with regard to a $39.6 million repayment guarantee of an unconsolidated entity's debt. At November 30, 2015 , the maximum exposure to loss of Lennar Homebuilding’s investments in unconsolidated VIEs was limited to its investments in the unconsolidated VIEs, except with regard to $8.3 million remaining commitment to fund an unconsolidated entity for further expenses up until the unconsolidated entity obtained permanent financing. (2) At both August 31, 2016 and November 30, 2015 , the maximum recourse exposure to loss of Rialto’s investments in unconsolidated VIEs was limited to its investments in the unconsolidated VIEs. At August 31, 2016 and November 30, 2015 , investments in unconsolidated VIEs and Lennar’s maximum exposure to loss included $60.9 million and $25.6 million , respectively, related to Rialto’s investments held-to-maturity. (3) As of August 31, 2016 and November 30, 2015 , the remaining equity commitment of $321.2 million and $378.3 million , respectively, to fund the Venture for future expenditures related to the construction and development of its projects is included in Lennar's maximum exposure to loss. In addition, at August 31, 2016 and November 30, 2015 , the maximum exposure to loss of Lennar Multifamily's investments in unconsolidated VIEs was limited to its investments in the unconsolidated VIEs, except with regard to $27.3 million and $30.0 million , respectively, of letters of credit outstanding for certain of the unconsolidated VIEs that could be drawn upon in the event of default under their debt agreements. While these entities are VIEs, the Company has determined that the power to direct the activities of the VIEs that most significantly impact the VIEs’ economic performance is generally shared and the Company and its partners are not de-facto agents. While the Company generally manages the day-to-day operations of the VIEs, each of these VIEs has an executive committee made up of representatives from each partner. The members of the executive committee have equal votes and major decisions require unanimous consent and approval from all members. The Company does not have the unilateral ability to exercise participating voting rights without partner consent. As of August 31, 2016 , the Company and other partners do not generally have an obligation to make capital contributions to the VIEs, except for $321.2 million remaining equity commitment to fund the Venture for further expenditures related to the construction and development of its projects and $27.3 million of letters of credit outstanding for certain Lennar Multifamily unconsolidated VIEs that could be drawn upon in the event of default under their debt agreements. In addition, there are no liquidity arrangements or agreements to fund capital or purchase assets that could require the Company to provide financial support to the VIEs, except with regard to a $39.6 million repayment guarantee of an unconsolidated entity's debt. Except for the unconsolidated VIEs discussed above, the Company and the other partners did not guarantee any debt of the other unconsolidated VIEs. While the Company has option contracts to purchase land from certain of its unconsolidated VIEs, the Company is not required to purchase the assets and could walk away from the contracts. Option Contracts The Company has access to land through option contracts, which generally enables it to control portions of properties owned by third parties (including land funds) and unconsolidated entities until the Company has determined whether to exercise the option. The Company evaluates all option contracts for land to determine whether they are VIEs and, if so, whether the Company is the primary beneficiary of certain of these option contracts. Although the Company does not have legal title to the optioned land, if the Company is deemed to be the primary beneficiary or makes a significant deposit for optioned land, it may need to consolidate the land under option at the purchase price of the optioned land. During the nine months ended August 31, 2016 , consolidated inventory not owned increased by $68.2 million with a corresponding increase to liabilities related to consolidated inventory not owned in the accompanying condensed consolidated balance sheet as of August 31, 2016 . The increase was primarily related to the consolidation of an option agreement, partially offset by the Company exercising its option to acquire land under previously consolidated contracts. To reflect the purchase price of the inventory consolidated, the Company had a net reclass related to option deposits from land under development to consolidated inventory not owned in the accompanying condensed consolidated balance sheet as of August 31, 2016 . The liabilities related to consolidated inventory not owned primarily represent the difference between the option exercise prices for the optioned land and the Company’s cash deposits. The Company’s exposure to loss related to its option contracts with third parties and unconsolidated entities consisted of its non-refundable option deposits and pre-acquisition costs totaling $85.7 million and $89.2 million at August 31, 2016 and November 30, 2015 , respectively. Additionally, the Company had posted $53.1 million and $70.4 million of letters of credit in lieu of cash deposits under certain land and option contracts as of August 31, 2016 and November 30, 2015

Commitments and Contingent Liab

Commitments and Contingent Liabilities	9 Months Ended
	Aug. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	Commitments and Contingent Liabilities The Company is party to various claims, legal actions and complaints arising in the ordinary course of business. In the opinion of management, the disposition of these matters will not have a material adverse effect on the Company’s condensed consolidated financial statements. The Company is also a party to various lawsuits involving purchases and sales of real property. These lawsuits include claims regarding representations and warranties made in connection with the transfer of properties and disputes regarding the obligation to purchase or sell properties. The Company has been engaged in litigation since 2008 in the United States District Court for the District of Maryland regarding whether the Company is required by a contract it entered into in 2005 to purchase a property in Maryland. After entering into the contract, the Company later renegotiated the purchase price, reducing it from $200 million to $134 million , $20 million of which has been paid and subsequently written off, leaving a balance of $114 million . In January 2015, the District Court rendered a decision ordering the Company to purchase the property for the $114 million balance of the contract price, to pay interest at the rate of 12% per annum from May 27, 2008, and to reimburse the seller for real estate taxes and attorneys’ fees. The Company believes the decision is contrary to applicable law and has appealed the decision. The Company does not believe it is probable that a loss has occurred and, therefore, no liability has been recorded with respect to this case. If the District Court decision is affirmed in its entirety, the Company will purchase the property and record it at fair value, which the Company believes will not result in an impairment. The amount of interest the Company will be required to pay has been the subject of further proceedings before the court. On June 29, 2015, the court ruled that interest will be calculated as simple interest at the rate of 12% per annum from May 27, 2008 until the date the Company purchases the property. Simple interest on $114 million at 12% per annum will accrue at the rate of $13.7 million per year, totaling approximately $113 million as of August 31, 2016 . In addition, if the Company is required to purchase the property, it will be obligated to reimburse the seller for real estate taxes, which currently total $1.6 million . The Company has not engaged in discovery regarding the amount of the plaintiffs’ attorneys’ fees. If the District Court decision is totally reversed on appeal, the Company will not have to purchase the property or pay interest, real estate taxes or attorneys’ fees. In its June 29, 2015 ruling, the District Court determined that the Company would be permitted to stay the judgment during appeal by posting a bond in the amount of $223.4 million related to pending litigation. The District Court calculated this amount by adding 12% per annum simple interest to the $114 million

Subsequent Event Subsequent Eve

Subsequent Event Subsequent Event	9 Months Ended
	Aug. 31, 2016
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On September 22, 2016, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with WCI Communities, Inc. (“WCI”), under which the Company will acquire WCI through a merger for a combination of the Company’s Class A common stock and cash totaling $23.50 per share of WCI common stock. It is currently anticipated that the merger consideration payable to WCI stockholders will be $11.75 in cash and $11.75 in Class A common stock, with the Class A common stock valued at the average of its volume weighted average price on the New York Stock Exchange (“NYSE”) on each of the 10 NYSE trading days before closing. However, the Company has the right to reduce the portion of the merger consideration that will be Class A common stock and increase the portion that will be cash, including the right to make the entire merger consideration cash. The Merger Agreement provides that until October 26, 2016, WCI may actively solicit proposals from persons other than the Company. WCI can terminate the Merger Agreement to engage in a transaction that its Board of Directors deems to be more favorable to its stockholders than the transaction with the Company, unless the Company will match the deemed more favorable transaction. However, if WCI terminates the Merger Agreement to engage in another transaction, it will have to pay the Company a termination fee of $22.5 million , or $11.3 million

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Aug. 31, 2016
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements	In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09, Revenue from Contracts with Customers, (“ASU 2014-09”). ASU 2014-09 provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. ASU 2014-09 will require an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update creates a five-step model that requires entities to exercise judgment when considering the terms of the contract(s) which include (i) identifying the contract(s) with the customer, (ii) identifying the separate performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the separate performance obligations, and (v) recognizing revenue when each performance obligation is satisfied. In July 2015, the FASB deferred the effective date by one year and permitted early adoption of the standard, but not before the original effective date; therefore, ASU 2014-09 will be effective for the Company’s fiscal year beginning December 1, 2018 and subsequent interim periods. The Company has the option to apply the provisions of ASU 2014-09 either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of applying this ASU recognized at the date of initial application. The Company is currently evaluating the method and impact the adoption of ASU 2014-09 will have on the Company's condensed consolidated financial statements. Subsequent to the issuance of ASU 2014-09, the FASB has issued several ASUs such as ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) , ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , and ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients among others. These ASUs do not change the core principle of the guidance stated in ASU 2014-09, instead these amendments are intended to clarify and improve operability of certain topics included within the revenue standard. These ASUs will have the same effective date and transition requirements as ASU 2014-09. The Company is currently evaluating the method and impact the adoption of these ASUs and ASU 2014-09 will have on the Company's condensed consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”). ASU 2015-02 amends the consolidation requirements and significantly changes the consolidation analysis required. ASU 2015-02 requires management to reevaluate all legal entities under a revised consolidation model specifically (i) modify the evaluation of whether limited partnership and similar legal entities are VIEs, (ii) eliminate the presumption that a general partner should consolidate a limited partnership, (iii) affect the consolidation analysis of reporting entities that are involved with VIEs particularly those that have fee arrangements and related party relationships, and (iv) provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Act of 1940 for registered money market funds. ASU 2015-02 will be effective for the Company’s fiscal year beginning December 1, 2016 and subsequent interim periods. The adoption of ASU 2015-02 is not expected to have a material effect on the Company’s condensed consolidated financial statements. In April 2015, the FASB issued ASU 2015-05, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customers' Accounting for Fees Paid in a Cloud Computing Arrangement (“ASU 2015-05”). ASU 2015-05 provides guidance for a customer to determine whether a cloud computing arrangement contains a software license or should be accounted for as a service contract. ASU 2015-05 will be effective for the Company’s fiscal year beginning December 1, 2016 and subsequent interim periods. As permitted, the Company has elected early adoption. The adoption of ASU 2015-05 did not have a material effect on the Company’s condensed consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”). ASU 2015-16 requires an acquirer to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. ASU 2015-16 will be effective for the Company’s fiscal year beginning December 1, 2017 and subsequent interim periods. The adoption of ASU 2015-16 is not expected to have a material effect on the Company’s condensed consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). ASU 2016-01 modifies how entities measure equity investments and present changes in the fair value of financial liabilities. Under the new guidance, entities will have to measure equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and recognize any changes in fair value in net income unless the investments qualify for the new practicality exception. A practicality exception will apply to those equity investments that do not have a readily determinable fair value and do not qualify for the practical expedient to estimate fair value under ASC 820, Fair Value Measurements , and as such these investments may be measured at cost. ASU 2016-01 will be effective for the Company’s fiscal year beginning December 1, 2018 and subsequent interim periods. The adoption of ASU 2016-01 is not expected to have a material effect on the Company’s condensed consolidated financial statements. In March 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”), which provides guidance for accounting for leases. ASU 2016-02 requires lessees to classify leases as either finance or operating leases and to record a right-of-use asset and a lease liability for all leases with a term greater than 12 months regardless of the lease classification. The lease classification will determine whether the lease expense is recognized based on an effective interest rate method or on a straight line basis over the term of the lease. Accounting for lessors remains largely unchanged from current GAAP. ASU 2016-02 will be effective for the Company’s fiscal year beginning December 1, 2019 and subsequent interim periods. The Company is currently evaluating the impact the adoption of ASU 2016-02 will have on the Company's condensed consolidated financial statements. In March 2016, the FASB issued ASU 2016-07, Investments- Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting (“ASU 2016-07”). ASU 2016-07 eliminates the requirement to apply the equity method of accounting retrospectively when a reporting entity obtains significant influence over a previously held investment. ASU 2016-07 will be effective for the Company’s fiscal year beginning December 1, 2017 and subsequent interim periods. The adoption of ASU 2016-07 is not expected to have a material effect on the Company’s condensed consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). ASU 2016-09 simplifies several aspects related to the accounting for share-based payment transactions, including the accounting for income taxes, statutory tax withholding requirements and classification on the statement of cash flows. ASU 2016-09 will be effective for the Company’s fiscal year beginning December 1, 2017 and subsequent interim periods. The Company is currently evaluating the potential impact of ASU 2016-09 but the Company does not expect it to have a material impact on the Company's condensed consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). ASU 2016-13 significantly changes the impairment model for most financial assets and certain other instruments. ASU 2016-13 will require immediate recognition of estimated credit losses expected to occur over the remaining life of many financial assets, which will generally result in earlier recognition of allowances for credit losses on loans and other financial instruments. ASU 2016-13 is effective for the Company's fiscal year beginning December 1, 2020 and subsequent interim periods. The Company is currently evaluating the impact the adoption of ASU 2016-13 will have on the Company's condensed consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 reduces the existing diversity in practice in financial reporting across all industries by clarifying certain existing principles in ASC 230, Statement of Cash Flows , including providing additional guidance on how and what an entity should consider in determining the classification of certain cash flows. ASU 2016-15 will be effective for the Company’s fiscal year beginning December 1, 2018 and subsequent interim periods. The

Supplemental Financial Informat

Supplemental Financial Information	9 Months Ended
	Aug. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Financial Information	Supplemental Financial Information The indentures governing the Company’s 12.25% senior notes due 2017, 4.75% senior notes due 2017, 6.95% senior notes due 2018, 4.125% senior notes due 2018, 4.500% senior notes due 2019, 4.50% senior notes due 2019, 3.25% convertible senior notes due 2021, 4.750% senior notes due 2021, 4.750% senior notes due 2022, 4.875% senior notes due 2023 and 4.750% senior notes due 2025 require that, if any of the Company’s 100% owned subsidiaries, other than its finance company subsidiaries and foreign subsidiaries, directly or indirectly guarantee at least $75 million principal amount of debt of Lennar Corporation, those subsidiaries must also guarantee Lennar Corporation’s obligations with regard to its senior notes. The entities referred to as “guarantors” in the following tables are subsidiaries that are not finance company subsidiaries or foreign subsidiaries and were guaranteeing the senior notes because at August 31, 2016 they were guaranteeing Lennar Corporation's letter of credit facilities and its Credit Facility, disclosed in Note 11. The guarantees are full, unconditional and joint and several and the guarantor subsidiaries are 100% directly or indirectly owned by Lennar Corporation. A subsidiary's guarantee will be suspended at any time when it is not directly or indirectly guaranteeing at least $75 million principal amount of debt of Lennar Corporation, and a subsidiary will be released from its guarantee and any other obligations it may have regarding the senior notes if all or substantially all its assets, or all of its capital stock, are sold or otherwise disposed of. August 31, 2016 was as follows: Condensed Consolidating Balance Sheet August 31, 2016 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total ASSETS Lennar Homebuilding: Cash and cash equivalents, restricted cash and receivables, net $ 365,177 270,020 16,949 — 652,146 Inventories — 9,378,652 277,094 — 9,655,746 Investments in unconsolidated entities — 778,532 17,967 — 796,499 Other assets 211,279 334,483 80,635 11,149 637,546 Investments in subsidiaries 3,918,687 126,787 — (4,045,474 ) — Intercompany 7,187,710 — — (7,187,710 ) — 11,682,853 10,888,474 392,645 (11,222,035 ) 11,741,937 Rialto — — 1,196,653 — 1,196,653 Lennar Financial Services — 98,716 1,432,641 (3,801 ) 1,527,556 Lennar Multifamily — — 549,148 (16,574 ) 532,574 Total assets $ 11,682,853 10,987,190 3,571,087 (11,242,410 ) 14,998,720 LIABILITIES AND EQUITY Lennar Homebuilding: Accounts payable and other liabilities $ 487,415 769,239 79,122 (9,226 ) 1,326,550 Liabilities related to consolidated inventory not owned — 12,019 96,424 — 108,443 Senior notes and other debts payable 4,649,903 260,095 10,850 — 4,920,848 Intercompany — 6,303,367 884,343 (7,187,710 ) — 5,137,318 7,344,720 1,070,739 (7,196,936 ) 6,355,841 Rialto — — 632,562 — 632,562 Lennar Financial Services — 35,732 1,104,483 — 1,140,215 Lennar Multifamily — — 107,196 — 107,196 Total liabilities 5,137,318 7,380,452 2,914,980 (7,196,936 ) 8,235,814 Stockholders’ equity 6,545,535 3,606,738 438,736 (4,045,474 ) 6,545,535 Noncontrolling interests — — 217,371 — 217,371 Total equity 6,545,535 3,606,738 656,107 (4,045,474 ) 6,762,906 Total liabilities and equity $ 11,682,853 10,987,190 3,571,087 (11,242,410 ) 14,998,720 November 30, 2015 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total ASSETS Lennar Homebuilding: Cash and cash equivalents, restricted cash and receivables, net $ 595,921 372,146 13,384 — 981,451 Inventories — 8,571,769 168,827 — 8,740,596 Investments in unconsolidated entities — 692,879 48,672 — 741,551 Other assets 193,360 324,050 75,108 16,704 609,222 Investments in subsidiaries 3,958,687 176,660 — (4,135,347 ) — Intercompany 6,227,193 — — (6,227,193 ) — 10,975,161 10,137,504 305,991 (10,345,836 ) 11,072,820 Rialto — — 1,505,500 — 1,505,500 Lennar Financial Services — 89,532 1,341,565 (5,260 ) 1,425,837 Lennar Multifamily — — 426,796 (11,444 ) 415,352 Total assets $ 10,975,161 10,227,036 3,579,852 (10,362,540 ) 14,419,509 LIABILITIES AND EQUITY Lennar Homebuilding: Accounts payable and other liabilities $ 579,468 710,460 85,796 — 1,375,724 Liabilities related to consolidated inventory not owned — 51,431 — — 51,431 Senior notes and other debts payable 4,746,749 267,531 10,850 — 5,025,130 Intercompany — 5,514,610 712,583 (6,227,193 ) — 5,326,217 6,544,032 809,229 (6,227,193 ) 6,452,285 Rialto — — 866,224 — 866,224 Lennar Financial Services — 36,229 1,047,749 — 1,083,978 Lennar Multifamily — — 66,950 — 66,950 Total liabilities 5,326,217 6,580,261 2,790,152 (6,227,193 ) 8,469,437 Stockholders’ equity 5,648,944 3,646,775 488,572 (4,135,347 ) 5,648,944 Noncontrolling interests — — 301,128 — 301,128 Total equity 5,648,944 3,646,775 789,700 (4,135,347 ) 5,950,072 Total liabilities and equity $ 10,975,161 10,227,036 3,579,852 (10,362,540 ) 14,419,509 Three Months Ended August 31, 2016 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 2,492,189 4,780 — 2,496,969 Lennar Financial Services — 60,518 135,939 (5,013 ) 191,444 Rialto — — 63,885 — 63,885 Lennar Multifamily — — 81,620 (24 ) 81,596 Total revenues — 2,552,707 286,224 (5,037 ) 2,833,894 Cost and expenses: Lennar Homebuilding — 2,157,506 7,309 (788 ) 2,164,027 Lennar Financial Services — 50,602 92,431 (4,837 ) 138,196 Rialto — — 62,721 (415 ) 62,306 Lennar Multifamily — — 84,007 — 84,007 Corporate general and administrative 59,644 255 — 1,265 61,164 Total costs and expenses 59,644 2,208,363 246,468 (4,775 ) 2,509,700 Lennar Homebuilding equity in earnings (loss) from unconsolidated entities — (18,127 ) 93 — (18,034 ) Lennar Homebuilding other income, net 1,209 29,823 1,113 (1,198 ) 30,947 Other interest expense (1,460 ) (973 ) — 1,460 (973 ) Rialto equity in earnings from unconsolidated entities — — 5,976 — 5,976 Rialto other expense, net — — (7,612 ) — (7,612 ) Lennar Multifamily equity in earnings from unconsolidated entities — — 5,060 — 5,060 Earnings (loss) before income taxes (59,895 ) 355,067 44,386 — 339,558 Benefit (provision) for income taxes 18,646 (106,867 ) (18,206 ) — (106,427 ) Equity in earnings from subsidiaries 277,091 22,301 — (299,392 ) — Net earnings (including net loss attributable to noncontrolling interests) 235,842 270,501 26,180 (299,392 ) 233,131 Less: Net loss attributable to noncontrolling interests — — (2,711 ) — (2,711 ) Net earnings attributable to Lennar $ 235,842 270,501 28,891 (299,392 ) 235,842 Other comprehensive income, net of tax: Net unrealized gain on securities available-for-sale $ — — 639 — 639 Reclassification adjustments for gains included in earnings, net of tax — — (31 ) — (31 ) Other comprehensive income attributable to Lennar $ 235,842 270,501 29,499 (299,392 ) 236,450 Other comprehensive loss attributable to noncontrolling interests $ — — (2,711 ) — (2,711 ) Three Months Ended August 31, 2015 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 2,232,318 — — 2,232,318 Lennar Financial Services — 54,415 119,345 (5,012 ) 168,748 Rialto — — 51,554 — 51,554 Lennar Multifamily — — 39,091 (13 ) 39,078 Total revenues — 2,286,733 209,990 (5,025 ) 2,491,698 Cost and expenses: Lennar Homebuilding — 1,897,755 21,080 (5,552 ) 1,913,283 Lennar Financial Services — 47,514 81,762 35 129,311 Rialto — — 53,732 (409 ) 53,323 Lennar Multifamily — — 47,072 — 47,072 Corporate general and administrative 55,229 — — 1,265 56,494 Total costs and expenses 55,229 1,945,269 203,646 (4,661 ) 2,199,483 Lennar Homebuilding equity in earnings from unconsolidated entities — 8,633 4,667 — 13,300 Lennar Homebuilding other income (expense), net 1,674 (12,495 ) 16,106 (1,096 ) 4,189 Other interest expense (1,460 ) (2,812 ) — 1,460 (2,812 ) Rialto equity in earnings from unconsolidated entities — — 7,590 — 7,590 Rialto other income, net — — 1,172 — 1,172 Lennar Multifamily equity in earnings from unconsolidated entities — — 5,004 — 5,004 Earnings (loss) before income taxes (55,015 ) 334,790 40,883 — 320,658 Benefit (provision) for income taxes 16,215 (96,069 ) (15,767 ) — (95,621 ) Equity in earnings from subsidiaries 262,112 17,947 — (280,059 ) — Net earnings (including net earnings attributable to noncontrolling interests) 223,312 256,668 25,116 (280,059 ) 225,037 Less: Net earnings attributable to noncontrolling interests — — 1,725 — 1,725 Net earnings attributable to Lennar $ 223,312 256,668 23,391 (280,059 ) 223,312 Other comprehensive income, net of tax: Net unrealized loss on securities available-for-sale $ — — (400 ) — (400 ) Other comprehensive income attributable to Lennar $ 223,312 256,668 22,991 (280,059 ) 222,912 Other comprehensive earnings attributable to noncontrolling interests $ — — 1,725 — 1,725 Nine Months Ended August 31, 2016 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 6,729,555 4,780 — 6,734,335 Lennar Financial Services — 154,438 351,923 (15,021 ) 491,340 Rialto — — 152,434 — 152,434 Lennar Multifamily — — 195,320 (56 ) 195,264 Total revenues — 6,883,993 704,457 (15,077 ) 7,573,373 Cost and expenses: Lennar Homebuilding — 5,840,084 15,941 (11,505 ) 5,844,520 Lennar Financial Services — 140,618 243,755 (5,300 ) 379,073 Rialto — — 156,198 (782 ) 155,416 Lennar Multifamily — — 204,244 — 204,244 Corporate general and administrative 160,074 764 — 3,796 164,634 Total costs and expenses 160,074 5,981,466 620,138 (13,791 ) 6,747,887 Lennar Homebuilding equity in earnings (loss) from unconsolidated entities — (25,138 ) 471 — (24,667 ) Lennar Homebuilding other income, net 3,108 45,123 1,239 (3,079 ) 46,391 Other interest expense (4,365 ) (3,323 ) — 4,365 (3,323 ) Rialto equity in earnings from unconsolidated entities — — 14,337 — 14,337 Rialto other expense, net — — (27,888 ) — (27,888 ) Lennar Multifamily equity in earnings from unconsolidated entities — — 38,754 — 38,754 Earnings (loss) before income taxes (161,331 ) 919,189 111,232 — 869,090 Benefit (provision) for income taxes 49,706 (277,230 ) (38,945 ) — (266,469 ) Equity in earnings from subsidiaries 710,016 42,297 — (752,313 ) — Net earnings (including net earnings attributable to noncontrolling interests) 598,391 684,256 72,287 (752,313 ) 602,621 Less: Net earnings attributable to noncontrolling interests — — 4,230 — 4,230 Net earnings attributable to Lennar $ 598,391 684,256 68,057 (752,313 ) 598,391 Other comprehensive income, net of tax: Net unrealized gain on securities available-for-sale $ — — 1,121 — 1,121 Reclassification adjustments for gains included in earnings, net of tax — — (37 ) — (37 ) Other comprehensive income attributable to Lennar $ 598,391 684,256 69,141 (752,313 ) 599,475 Other comprehensive income attributable to noncontrolling interests $ — — 4,230 — 4,230 Nine Months Ended August 31, 2015 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 5,789,788 — — 5,789,788 Lennar Financial Services — 145,386 333,079 (15,005 ) 463,460 Rialto — — 160,682 — 160,682 Lennar Multifamily — — 114,529 (18 ) 114,511 Total revenues — 5,935,174 608,290 (15,023 ) 6,528,441 Cost and expenses: Lennar Homebuilding — 4,974,687 41,110 (11,857 ) 5,003,940 Lennar Financial Services — 135,264 237,854 (3,675 ) 369,443 Rialto — — 162,019 (409 ) 161,610 Lennar Multifamily — — 136,293 — 136,293 Corporate general and administrative 146,559 — — 3,796 150,355 Total costs and expenses 146,559 5,109,951 577,276 (12,145 ) 5,821,641 Lennar Homebuilding equity in earnings from unconsolidated entities — 35,020 13,673 — 48,693 Lennar Homebuilding other income (expense), net 2,068 (4,894 ) 14,602 (1,471 ) 10,305 Other interest expense (4,349 ) (10,701 ) — 4,349 (10,701 ) Rialto equity in earnings from unconsolidated entities — — 17,582 — 17,582 Rialto other income, net — — 28 — 28 Lennar Multifamily equity in earnings from unconsolidated entities — — 4,404 — 4,404 Earnings (loss) before income taxes (148,840 ) 844,648 81,303 — 777,111 Benefit (provision) for income taxes 48,313 (267,715 ) (31,171 ) — (250,573 ) Equity in earnings from subsidiaries 621,818 38,033 — (659,851 ) — Net earnings (including net earnings attributable to noncontrolling interests) 521,291 614,966 50,132 (659,851 ) 526,538 Less: Net earnings attributable to noncontrolling interests — — 5,247 — 5,247 Net earnings attributable to Lennar $ 521,291 614,966 44,885 (659,851 ) 521,291 Other comprehensive income, net of tax: Net unrealized loss on securities available-for-sale $ — — (294 ) — (294 ) Reclassification adjustments for gains included in earnings, net of tax $ — — (23 ) — (23 ) Other comprehensive income attributable to Lennar $ 521,291 614,966 44,568 (659,851 ) 520,974 Other comprehensive earnings attributable to noncontrolling interests $ — — 5,247 — 5,247 Nine Months Ended August 31, 2016 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Cash flows from operating activities: Net earnings (including net earnings attributable to noncontrolling interests) $ 598,391 684,256 72,287 (752,313 ) 602,621 Distributions of earnings from guarantor and non-guarantor subsidiaries 710,016 42,297 — (752,313 ) — Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities (712,476 ) (707,332 ) 61,794 752,313 (605,701 ) Net cash provided by (used in) operating activities 595,931 19,221 134,081 (752,313 ) (3,080 ) Cash flows from investing activities: Proceeds from the sale of operating properties and equipment — 17,450 — — 17,450 Investments in and contributions to unconsolidated entities, net of distributions of capital — (100,475 ) (9,752 ) — (110,227 ) Proceeds from sales of real estate owned — — 66,638 — 66,638 Receipts of principal payments on loans receivable and other — — 57,733 — 57,733 Originations/purchases of loans receivable — — (56,507 ) — (56,507 ) Purchases of commercial mortgage-backed securities bonds — — (33,005 ) — (33,005 ) Other (8,836 ) (41,120 ) (8,801 ) — (58,757 ) Distributions of capital from guarantor and non-guarantor subsidiaries 40,000 40,000 — (80,000 ) — Intercompany (956,734 ) — — 956,734 — Net cash provided by (used in) investing activities (925,570 ) (84,145 ) 16,306 876,734 (116,675 ) Cash flows from financing activities: Net borrowings under unsecured revolving credit facility 125,000 — — — 125,000 Net (repayments) borrowings under warehouse facilities — 141 (137,466 ) — (137,325 ) Proceeds from senior notes and debt issuance costs 495,974 — (931 ) — 495,043 Redemption of senior notes (250,000 ) — — — (250,000 ) Conversions and exchanges of convertible senior notes (233,893 ) — — — (233,893 ) Principal payments on Rialto notes payable including structured notes — — (4,121 ) — (4,121 ) Net payments on other borrowings — (99,804 ) — (99,804 ) Net payments related to noncontrolling interests — (97,912 ) — (97,912 ) Excess tax benefits from share-based awards 7,039 — — — 7,039 Common stock: Issuances 19,471 — — — 19,471 Repurchases (19,871 ) — — — (19,871 ) Dividends (26,222 ) (724,256 ) (108,057 ) 832,313 (26,222 ) Intercompany — 782,877 173,857 (956,734 ) — Net cash provided by (used in) financing activities 117,498 (41,042 ) (174,630 ) (124,421 ) (222,595 ) Net decrease in cash and cash equivalents (212,141 ) (105,966 ) (24,243 ) — (342,350 ) Cash and cash equivalents at beginning of period 575,821 336,048 246,576 — 1,158,445 Cash and cash equivalents at end of period $ 363,680 230,082 222,333 — 816,095 Nine Months Ended August 31, 2015 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Cash flows from operating activities: Net earnings (including net earnings attributable to noncontrolling interests) $ 521,291 614,966 50,132 (659,851 ) 526,538 Distributions of earnings from guarantor and non-guarantor subsidiaries 621,818 38,033 — (659,851 ) — Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities (594,735 ) (1,090,481 ) (589,587 ) 659,851 (1,614,952 ) Net cash provided by (used in) operating activities 548,374 (437,482 ) (539,455 ) (659,851 ) (1,088,414 ) Cash flows from investing activities: Proceeds from sale of operating properties — — 73,732 — 73,732 Investments in and contributions to unconsolidated entities, net of distributions of capital — (17,833 ) (18,729 ) — (36,562 ) Proceeds from sales of real estate owned — — 88,565 — 88,565 Receipts of principal payments on loans receivable and other — — 14,225 — 14,225 Other (26,189 ) (47,141 ) (82,311 ) — (155,641 ) Distributions of capital from guarantor and non-guarantor subsidiaries 75,000 75,050 — (150,050 ) — Intercompany (1,470,225 ) — — 1,470,225 — Net cash provided by (used in) investing activities (1,421,414 ) 10,076 75,482 1,320,175 (15,681 ) Cash flows from financing activities: Net borrowings under unsecured revolving credit facility 575,000 — — — 575,000 Net borrowings under warehouse facilities — — 294,015 — 294,015 Proceeds from senior notes and debt issuance costs 744,409 — (994 ) — 743,415 Redemption of senior notes (500,000 ) — — — (500,000 ) Conversions and exchanges of convertible senior notes (168,854 ) — — — (168,854 ) Principal payments on Rialto notes payable including structured notes — — (28,247 ) — (28,247 ) Net proceeds (payments) on other borrowings 20,746 (96,265 ) (69,501 ) — (145,020 ) Net payments related to noncontrolling interests — — (104,355 ) — (104,355 ) Excess tax benefit from share-based awards 113 — — — 113 Common stock: Issuances 9,406 — — — 9,406 Repurchases (23,133 ) — — — (23,133 ) Dividends (24,765 ) (689,966 ) (119,935 ) 809,901 (24,765 ) Intercompany — 1,169,960 300,265 (1,470,225 ) — Net cash provided by financing activities 632,922 383,729 271,248 (660,324 ) 627,575 Net decrease in cash and cash equivalents (240,118 ) (43,677 ) (192,725 ) — (476,520 ) Cash and cash equivalents at beginning of period 633,318 252,914 395,582 — 1,281,814 Cash and cash equivalents at end of period $ 393,200 209,237 202,857 — 805,294

Basis of Presentation (Policy)

Basis of Presentation (Policy)	9 Months Ended
	Aug. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Consolidation	Basis of ConsolidationThe accompanying condensed consolidated financial statements include the accounts of Lennar Corporation and all subsidiaries, partnerships and other entities in which Lennar Corporation has a controlling interest and VIEs (see Note 15) in which Lennar Corporation is deemed to be the primary beneficiary (the “Company”). The Company’s investments in both unconsolidated entities in which a significant, but less than controlling, interest is held and in VIEs in which the Company is not deemed to be the primary beneficiary, are accounted for by the equity method. All intercompany transactions and balances have been eliminated in consolidation.
Basis of Accounting	The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended November 30, 2015 . In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the accompanying condensed consolidated financial statements have been made. The Company has historically experienced, and expects to continue to experience, variability in quarterly results. The condensed consolidated statements of operations for the three and nine months ended August 31, 2016
Use of Estimates	Use of EstimatesThe preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Reclassifications/Revisions	Reclassifications/RevisionsAs a result of the Company's change in reportable segments in the first quarter of 2016, the Company restated certain prior year amounts in the condensed consolidated financial statements to conform with the 2016 presentation (See Note 2). These reclassifications had no impact on the Company's condensed consolidated financial statements.
New Accounting Pronouncements	In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09, Revenue from Contracts with Customers, (“ASU 2014-09”). ASU 2014-09 provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. ASU 2014-09 will require an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update creates a five-step model that requires entities to exercise judgment when considering the terms of the contract(s) which include (i) identifying the contract(s) with the customer, (ii) identifying the separate performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the separate performance obligations, and (v) recognizing revenue when each performance obligation is satisfied. In July 2015, the FASB deferred the effective date by one year and permitted early adoption of the standard, but not before the original effective date; therefore, ASU 2014-09 will be effective for the Company’s fiscal year beginning December 1, 2018 and subsequent interim periods. The Company has the option to apply the provisions of ASU 2014-09 either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of applying this ASU recognized at the date of initial application. The Company is currently evaluating the method and impact the adoption of ASU 2014-09 will have on the Company's condensed consolidated financial statements. Subsequent to the issuance of ASU 2014-09, the FASB has issued several ASUs such as ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) , ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , and ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients among others. These ASUs do not change the core principle of the guidance stated in ASU 2014-09, instead these amendments are intended to clarify and improve operability of certain topics included within the revenue standard. These ASUs will have the same effective date and transition requirements as ASU 2014-09. The Company is currently evaluating the method and impact the adoption of these ASUs and ASU 2014-09 will have on the Company's condensed consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”). ASU 2015-02 amends the consolidation requirements and significantly changes the consolidation analysis required. ASU 2015-02 requires management to reevaluate all legal entities under a revised consolidation model specifically (i) modify the evaluation of whether limited partnership and similar legal entities are VIEs, (ii) eliminate the presumption that a general partner should consolidate a limited partnership, (iii) affect the consolidation analysis of reporting entities that are involved with VIEs particularly those that have fee arrangements and related party relationships, and (iv) provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Act of 1940 for registered money market funds. ASU 2015-02 will be effective for the Company’s fiscal year beginning December 1, 2016 and subsequent interim periods. The adoption of ASU 2015-02 is not expected to have a material effect on the Company’s condensed consolidated financial statements. In April 2015, the FASB issued ASU 2015-05, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customers' Accounting for Fees Paid in a Cloud Computing Arrangement (“ASU 2015-05”). ASU 2015-05 provides guidance for a customer to determine whether a cloud computing arrangement contains a software license or should be accounted for as a service contract. ASU 2015-05 will be effective for the Company’s fiscal year beginning December 1, 2016 and subsequent interim periods. As permitted, the Company has elected early adoption. The adoption of ASU 2015-05 did not have a material effect on the Company’s condensed consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”). ASU 2015-16 requires an acquirer to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. ASU 2015-16 will be effective for the Company’s fiscal year beginning December 1, 2017 and subsequent interim periods. The adoption of ASU 2015-16 is not expected to have a material effect on the Company’s condensed consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). ASU 2016-01 modifies how entities measure equity investments and present changes in the fair value of financial liabilities. Under the new guidance, entities will have to measure equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and recognize any changes in fair value in net income unless the investments qualify for the new practicality exception. A practicality exception will apply to those equity investments that do not have a readily determinable fair value and do not qualify for the practical expedient to estimate fair value under ASC 820, Fair Value Measurements , and as such these investments may be measured at cost. ASU 2016-01 will be effective for the Company’s fiscal year beginning December 1, 2018 and subsequent interim periods. The adoption of ASU 2016-01 is not expected to have a material effect on the Company’s condensed consolidated financial statements. In March 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”), which provides guidance for accounting for leases. ASU 2016-02 requires lessees to classify leases as either finance or operating leases and to record a right-of-use asset and a lease liability for all leases with a term greater than 12 months regardless of the lease classification. The lease classification will determine whether the lease expense is recognized based on an effective interest rate method or on a straight line basis over the term of the lease. Accounting for lessors remains largely unchanged from current GAAP. ASU 2016-02 will be effective for the Company’s fiscal year beginning December 1, 2019 and subsequent interim periods. The Company is currently evaluating the impact the adoption of ASU 2016-02 will have on the Company's condensed consolidated financial statements. In March 2016, the FASB issued ASU 2016-07, Investments- Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting (“ASU 2016-07”). ASU 2016-07 eliminates the requirement to apply the equity method of accounting retrospectively when a reporting entity obtains significant influence over a previously held investment. ASU 2016-07 will be effective for the Company’s fiscal year beginning December 1, 2017 and subsequent interim periods. The adoption of ASU 2016-07 is not expected to have a material effect on the Company’s condensed consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). ASU 2016-09 simplifies several aspects related to the accounting for share-based payment transactions, including the accounting for income taxes, statutory tax withholding requirements and classification on the statement of cash flows. ASU 2016-09 will be effective for the Company’s fiscal year beginning December 1, 2017 and subsequent interim periods. The Company is currently evaluating the potential impact of ASU 2016-09 but the Company does not expect it to have a material impact on the Company's condensed consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). ASU 2016-13 significantly changes the impairment model for most financial assets and certain other instruments. ASU 2016-13 will require immediate recognition of estimated credit losses expected to occur over the remaining life of many financial assets, which will generally result in earlier recognition of allowances for credit losses on loans and other financial instruments. ASU 2016-13 is effective for the Company's fiscal year beginning December 1, 2020 and subsequent interim periods. The Company is currently evaluating the impact the adoption of ASU 2016-13 will have on the Company's condensed consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 reduces the existing diversity in practice in financial reporting across all industries by clarifying certain existing principles in ASC 230, Statement of Cash Flows , including providing additional guidance on how and what an entity should consider in determining the classification of certain cash flows. ASU 2016-15 will be effective for the Company’s fiscal year beginning December 1, 2018 and subsequent interim periods. The

Operating and Reporting Segme26

Operating and Reporting Segments (Tables)	9 Months Ended
	Aug. 31, 2016
Segment Reporting [Abstract]
Disclosure Of Financial Information Relating To Company's Operations	Financial information relating to the Company’s operations was as follows: (In thousands) August 31, November 30, Assets: Homebuilding East $ 3,621,564 3,140,604 Homebuilding Central 1,494,703 1,421,195 Homebuilding West 4,527,360 4,157,616 Homebuilding Houston 495,216 481,386 Homebuilding Other 825,798 858,000 Rialto 1,196,653 1,505,500 Lennar Financial Services 1,527,556 1,425,837 Lennar Multifamily 532,574 415,352 Corporate and unallocated 777,296 1,014,019 Total assets $ 14,998,720 14,419,509 Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Revenues: Homebuilding East $ 1,002,584 913,184 2,615,936 2,362,102 Homebuilding Central 422,504 322,242 1,117,034 835,259 Homebuilding West 671,122 639,593 1,940,520 1,649,727 Homebuilding Houston 199,800 204,948 528,097 525,852 Homebuilding Other 200,959 152,351 532,748 416,848 Lennar Financial Services 191,444 168,748 491,340 463,460 Rialto 63,885 51,554 152,434 160,682 Lennar Multifamily 81,596 39,078 195,264 114,511 Total revenues (1) $ 2,833,894 2,491,698 7,573,373 6,528,441 Operating earnings (loss): Homebuilding East (2) $ 161,789 147,055 389,433 365,154 Homebuilding Central 44,627 32,152 110,629 77,919 Homebuilding West (3) 92,308 114,499 294,949 299,324 Homebuilding Houston 23,132 26,665 59,087 66,418 Homebuilding Other 23,026 13,341 54,118 25,330 Lennar Financial Services 53,248 39,437 112,267 94,017 Rialto (57 ) 6,993 (16,533 ) 16,682 Lennar Multifamily 2,649 (2,990 ) 29,774 (17,378 ) Total operating earnings 400,722 377,152 1,033,724 927,466 Corporate general and administrative expenses 61,164 56,494 164,634 150,355 Earnings before income taxes $ 339,558 320,658 869,090 777,111 (1) Total revenues were net of sales incentives of $152.3 million ( $22,500 per home delivered) and $402.2 million ( $22,000 per home delivered) for the three and nine months ended August 31, 2016 , respectively, compared to $130.6 million ( $20,700 per home delivered) and $353.1 million ( $21,300 per home delivered) for the three and nine months ended August 31, 2015 , respectively. (2) For both the three and nine months ended August 31, 2016 , operating earnings included a gain of $8.7 million on the sale of a clubhouse. (3) For the three and nine months ended August 31, 2016 , operating earnings included the Company's share of costs associated with the FivePoint combination and the Company's share of net operating losses associated with the new FivePoint unconsolidated entity, partially offset by $17.4 million of management fee income related to a Lennar Homebuilding strategic joint venture for the three months ended August 31, 2016 and $30.1 million of management fee income and a profit participation related to Lennar Homebuilding's strategic joint ventures for the nine months ended August 31, 2016 . For the three and nine months ended August 31, 2015 , operating earnings included $21.5 million and $64.5 million (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 110,164 106,777 Restricted cash 13,910 13,961 Receivables, net (1) 374,769 242,808 Loans held-for-sale (2) 800,139 843,252 Loans held-for-investment, net 29,704 30,998 Investments held-to-maturity 34,746 40,174 Investments available-for-sale (3) 51,535 42,827 Goodwill 39,838 38,854 Other (4) 72,751 66,186 $ 1,527,556 1,425,837 Liabilities: Notes and other debts payable $ 913,040 858,300 Other (5) 227,175 225,678 $ 1,140,215 1,083,978 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of August 31, 2016 and November 30, 2015 , respectively. (2) Loans held-for-sale related to unsold loans carried at fair value. (3) Investments available-for-sale are carried at fair value with changes in fair value recorded as a component of accumulated other comprehensive income. (4) As of August 31, 2016 and November 30, 2015 , other assets included mortgage loan commitments carried at fair value of $20.7 million and $13.1 million , respectively, and mortgage servicing rights carried at fair value of $18.4 million and $16.8 million , respectively. In addition, other assets also included forward contracts carried at fair value of $0.5 million as of November 30, 2015 . (5) As of August 31, 2016 and November 30, 2015 , other liabilities included $58.4 million and $65.0 million , respectively, of certain of the Company’s self-insurance reserves related to construction defects, general liability and workers’ compensation. Other liabilities also included forward contracts carried at fair value of $2.0 million as of August 31, 2016 (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 133,103 150,219 Restricted cash (1) 6,499 15,061 Receivables, net (2) — 154,948 Loans held-for-sale (3) 228,931 316,275 Loans receivable, net 145,813 164,826 Real estate owned - held-for-sale 170,524 183,052 Real estate owned - held-and-used, net 111,619 153,717 Investments in unconsolidated entities 241,680 224,869 Investments held-to-maturity 60,928 25,625 Other 97,556 116,908 $ 1,196,653 1,505,500 Liabilities: Notes and other debts payable $ 576,448 771,728 Other 56,114 94,496 $ 632,562 866,224 (1) Restricted cash primarily consists of upfront deposits and application fees RMF receives before originating loans and is recognized as income once the loan has been originated as well as cash held in escrow by the Company’s loan servicer provider on behalf of customers and lenders and is disbursed in accordance with agreements between the transacting parties. (2) Receivables, net primarily relate to loans sold but not settled as of November 30, 2015 . (3) (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 5,120 8,041 Land under development 148,241 115,982 Consolidated inventory not owned 18,500 5,508 Investments in unconsolidated entities 304,032 250,876 Other assets 56,681 34,945 $ 532,574 415,352 Liabilities: Accounts payable and other liabilities $ 95,346 62,943 Liabilities related to consolidated inventory not owned 11,850 4,007 $ 107,196 66,950

Lennar Homebuilding Investmen27

Lennar Homebuilding Investments in Unconsolidated Entities (Tables)	9 Months Ended
	Aug. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	The total debt of the Lennar Homebuilding unconsolidated entities in which the Company has investments, including Lennar's maximum recourse exposure, were as follows: (Dollars in thousands) August 31, November 30, Non-recourse bank debt and other debt (partner’s share of several recourse) $ 48,792 50,411 Non-recourse land seller debt and other debt 323,995 324,000 Non-recourse debt with completion guarantees 137,152 146,760 Non-recourse debt without completion guarantees 306,929 260,734 Non-recourse debt to the Company 816,868 781,905 The Company’s maximum recourse exposure (1) 48,628 10,981 Total debt $ 865,496 792,886 The Company’s maximum recourse exposure as a % of total JV debt 6 % 1 % (1) (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 369,203 248,980 Inventories 3,798,070 3,059,054 Other assets 1,354,826 465,404 $ 5,522,099 3,773,438 Liabilities and equity: Accounts payable and other liabilities $ 854,568 288,192 Debt 865,496 792,886 Equity 3,802,035 2,692,360 $ 5,522,099 3,773,438 Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Revenues $ 43,889 141,599 352,251 765,346 Costs and expenses 110,649 127,678 409,219 580,696 Other income — 46,400 — 49,343 Net earnings (loss) of unconsolidated entities $ (66,760 ) 60,321 (56,968 ) 233,993 Lennar Homebuilding equity in earnings (loss) from unconsolidated entities $ (18,034 ) 13,300 (24,667 ) 48,693 (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 159,683 188,147 Loans receivable 396,543 473,997 Real estate owned 566,012 506,609 Investment securities 1,284,583 1,092,476 Investments in partnerships 413,836 429,979 Other assets 41,282 30,340 $ 2,861,939 2,721,548 Liabilities and equity: Accounts payable and other liabilities $ 27,605 29,462 Notes payable 562,935 374,498 Equity 2,271,399 2,317,588 $ 2,861,939 2,721,548 Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Revenues $ 51,485 41,278 147,021 122,336 Costs and expenses 24,472 24,937 66,075 73,024 Other income, net (1) 28,947 60,106 40,495 121,457 Net earnings of unconsolidated entities $ 55,960 76,447 121,441 170,769 Rialto equity in earnings from unconsolidated entities $ 5,976 7,590 14,337 17,582 (1) Summarized condensed financial information on a combined 100% basis related to Rialto’s investments in unconsolidated entities that are accounted for by the equity method was as follows: August 31, August 31, November 30, (Dollars in thousands) Inception Year Equity Commitments Equity Commitments Called Commitment to Fund by the Company Funds Contributed by the Company Investment Rialto Real Estate Fund, LP 2010 $ 700,006 $ 700,006 $ 75,000 $ 75,000 $ 62,659 68,570 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 96,863 99,947 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 26,310 32,344 Rialto Capital CMBS Funds 2014 111,753 111,753 47,057 47,057 47,270 23,233 Rialto Real Estate Fund III 2015 949,578 — 100,000 — 1,559 — Rialto Credit Partnership, LP 2016 220,000 51,150 19,999 4,650 4,637 — Other investments 2,382 775 $ 241,680 224,869 Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Rialto Real Estate Fund, LP $ 1,127 4,158 3,397 7,948 Rialto Real Estate Fund II, LP 2,672 2,354 4,420 5,533 Rialto Mezzanine Partners Fund, LP 703 637 2,128 1,563 Rialto Capital CMBS Funds 1,471 429 3,051 2,506 Rialto Real Estate Fund III 4 — 1,387 — Rialto Credit Partnership, LP (1 ) — (13 ) — Other investments — 12 (33 ) 32 Rialto equity in earnings from unconsolidated entities $ 5,976 7,590 14,337 17,582 100% basis related to Lennar Multifamily's investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 106,007 39,579 Operating properties and equipment 2,007,129 1,398,244 Other assets 49,728 25,925 $ 2,162,864 1,463,748 Liabilities and equity: Accounts payable and other liabilities $ 187,715 179,551 Notes payable 628,237 466,724 Equity 1,346,912 817,473 $ 2,162,864 1,463,748 Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Revenues $ 13,796 4,067 31,759 9,236 Costs and expenses 24,611 7,174 50,341 15,249 Other income, net 20,335 13,330 90,729 13,330 Net earnings of unconsolidated entities $ 9,520 10,223 72,147 7,317 Lennar Multifamily equity in earnings from unconsolidated entities (1) $ 5,060 5,004 38,754 4,404 (1) For the three and nine months ended August 31, 2016 , Lennar Multifamily equity in earnings from unconsolidated entities included the segment's $8.0 million and $43.8 million , respectively, share of gains as a result of the sale of one and three operating properties, respectively, by its unconsolidated entities. For both the three and nine months ended August 31, 2015 , Lennar Multifamily equity in earnings from unconsolidated entities included the segment's $5.7 million share of a gain as a result of the sale of an operating property by one (In thousands) August 31, November 30, Lennar Homebuilding $ 796,499 741,551 Rialto $ 241,680 224,869 Lennar Multifamily $ 304,032 250,876

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Aug. 31, 2016
Equity [Abstract]
Schedule of Changes in Equity	The following table reflects the changes in equity attributable to both Lennar Corporation and the noncontrolling interests of its consolidated subsidiaries in which it has less than a 100% ownership interest for both the nine months ended August 31, 2016 and 2015 : Stockholders’ Equity (In thousands) Total Equity Class A Class B Additional Treasury Stock Accumulated Other Comprehensive Income Retained Earnings Noncontrolling Interests Balance at November 30, 2015 $ 5,950,072 18,066 3,298 2,305,560 (107,755 ) 39 3,429,736 301,128 Net earnings (including net earnings attributable to noncontrolling interests) 602,621 — — — — — 598,391 4,230 Employee stock and directors plans 501 124 — 1,552 (1,175 ) — — — Conversions and exchanges of convertible senior notes to Class A common stock 242,406 1,551 — 240,855 — — — — Tax benefit from employee stock plans, vesting of restricted stock and conversions of convertible senior notes 45,803 — — 45,803 — — — — Amortization of restricted stock 34,628 — — 34,628 — — — — Cash dividends (26,222 ) — — — — — (26,222 ) — Receipts related to noncontrolling interests 266 — — — — — — 266 Payments related to noncontrolling interests (98,178 ) — — — — — — (98,178 ) Non-cash distributions to noncontrolling interests (5,033 ) — — — — — — (5,033 ) Non-cash consolidations, net 12,478 — — — — — — 12,478 Non-cash activity related to noncontrolling interests 2,480 — — — — — — 2,480 Other comprehensive income, net of tax 1,084 — — — — 1,084 — — Balance at August 31, 2016 $ 6,762,906 19,741 3,298 2,628,398 (108,930 ) 1,123 4,001,905 217,371 Stockholders’ Equity (In thousands) Total Equity Class A Class B Additional Treasury Stock Accumulated Other Comprehensive Income (loss) Retained Earnings Noncontrolling Interests Balance at November 30, 2014 $ 5,251,302 17,424 3,298 2,239,574 (93,440 ) 130 2,660,034 424,282 Net earnings (including net earnings attributable to noncontrolling interests) 526,538 — — — — — 521,291 5,247 Employee stock and directors plans (12,727 ) 121 — 1,411 (14,259 ) — — — Conversions and exchanges of convertible senior notes to Class A common stock — 415 — (415 ) — — — — Tax benefit from employee stock plans, vesting of restricted stock and conversions of convertible senior notes 17,419 — — 17,419 — — — — Amortization of restricted stock 32,095 — — 32,095 — — — — Cash dividends (24,765 ) — — — — — (24,765 ) — Receipts related to noncontrolling interests 1,475 — — — — — — 1,475 Payments related to noncontrolling interests (105,830 ) — — — — — — (105,830 ) Non-cash deconsolidations, net (13,253 ) — — — — — — (13,253 ) Non-cash activity related to noncontrolling interests 2,760 — — — — — — 2,760 Other comprehensive loss, net of tax (317 ) — — — — (317 ) — — Balance at August 31, 2015 $ 5,674,697 17,960 3,298 2,290,084 (107,699 ) (187 ) 3,156,560 314,681

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Aug. 31, 2016
Income Tax Disclosure [Abstract]
Schedule of Income Tax Benefit (Provision) and Effective Tax Rate	The provision for income taxes and effective tax rate were as follows: Three Months Ended Nine Months Ended August 31, August 31, (Dollars in thousands) 2016 2015 2016 2015 Provision for income taxes $ (106,427 ) (95,621 ) (266,469 ) (250,573 ) Effective tax rate (1) 31.09 % 29.98 % 30.81 % 32.46 % (1) For the three months ended August 31, 2016 , the effective tax rate included tax benefits for the domestic production activities deduction and energy tax credits, offset primarily by state income tax expense. For the nine months ended August 31, 2016 , the effective tax rate included tax benefits for (1) a settlement with the IRS, (2) the domestic production activities deduction, and (3) energy tax credits, offset primarily by state income tax expense. For both the three and nine months ended August 31, 2015

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Aug. 31, 2016
Earnings Per Share [Abstract]
Schedule of Calculation of Numerator and Denominator In Earnings Per Share	Basic and diluted earnings per share were calculated as follows: Three Months Ended Nine Months Ended August 31, August 31, (In thousands, except per share amounts) 2016 2015 2016 2015 Numerator: Net earnings attributable to Lennar $ 235,842 223,312 598,391 521,291 Less: distributed earnings allocated to nonvested shares 81 91 256 271 Less: undistributed earnings allocated to nonvested shares 2,232 2,313 5,798 5,431 Numerator for basic earnings per share 233,529 220,908 592,337 515,589 Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan (1) 258 1,044 864 2,842 Plus: interest on 3.25% convertible senior notes due 2021 964 1,982 4,836 5,946 Plus: undistributed earnings allocated to convertible shares 2,232 2,313 5,797 5,430 Less: undistributed earnings reallocated to convertible shares 2,162 2,093 5,484 4,870 Numerator for diluted earnings per share $ 234,305 222,066 596,622 519,253 Denominator: Denominator for basic earnings per share - weighted average common shares outstanding 223,549 206,439 215,814 204,120 Effect of dilutive securities: Share-based payments 3 7 4 9 Convertible senior notes 8,266 24,102 14,399 26,506 Denominator for diluted earnings per share - weighted average common shares outstanding 231,818 230,548 230,217 230,635 Basic earnings per share $ 1.04 1.07 2.74 2.53 Diluted earnings per share $ 1.01 0.96 2.59 2.25 (1)

Lennar Financial Services Seg31

Lennar Financial Services Segment (Tables)	9 Months Ended
	Aug. 31, 2016
Segment Reporting [Abstract]
Schedule of Assets and Liabilities	Financial information relating to the Company’s operations was as follows: (In thousands) August 31, November 30, Assets: Homebuilding East $ 3,621,564 3,140,604 Homebuilding Central 1,494,703 1,421,195 Homebuilding West 4,527,360 4,157,616 Homebuilding Houston 495,216 481,386 Homebuilding Other 825,798 858,000 Rialto 1,196,653 1,505,500 Lennar Financial Services 1,527,556 1,425,837 Lennar Multifamily 532,574 415,352 Corporate and unallocated 777,296 1,014,019 Total assets $ 14,998,720 14,419,509 Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Revenues: Homebuilding East $ 1,002,584 913,184 2,615,936 2,362,102 Homebuilding Central 422,504 322,242 1,117,034 835,259 Homebuilding West 671,122 639,593 1,940,520 1,649,727 Homebuilding Houston 199,800 204,948 528,097 525,852 Homebuilding Other 200,959 152,351 532,748 416,848 Lennar Financial Services 191,444 168,748 491,340 463,460 Rialto 63,885 51,554 152,434 160,682 Lennar Multifamily 81,596 39,078 195,264 114,511 Total revenues (1) $ 2,833,894 2,491,698 7,573,373 6,528,441 Operating earnings (loss): Homebuilding East (2) $ 161,789 147,055 389,433 365,154 Homebuilding Central 44,627 32,152 110,629 77,919 Homebuilding West (3) 92,308 114,499 294,949 299,324 Homebuilding Houston 23,132 26,665 59,087 66,418 Homebuilding Other 23,026 13,341 54,118 25,330 Lennar Financial Services 53,248 39,437 112,267 94,017 Rialto (57 ) 6,993 (16,533 ) 16,682 Lennar Multifamily 2,649 (2,990 ) 29,774 (17,378 ) Total operating earnings 400,722 377,152 1,033,724 927,466 Corporate general and administrative expenses 61,164 56,494 164,634 150,355 Earnings before income taxes $ 339,558 320,658 869,090 777,111 (1) Total revenues were net of sales incentives of $152.3 million ( $22,500 per home delivered) and $402.2 million ( $22,000 per home delivered) for the three and nine months ended August 31, 2016 , respectively, compared to $130.6 million ( $20,700 per home delivered) and $353.1 million ( $21,300 per home delivered) for the three and nine months ended August 31, 2015 , respectively. (2) For both the three and nine months ended August 31, 2016 , operating earnings included a gain of $8.7 million on the sale of a clubhouse. (3) For the three and nine months ended August 31, 2016 , operating earnings included the Company's share of costs associated with the FivePoint combination and the Company's share of net operating losses associated with the new FivePoint unconsolidated entity, partially offset by $17.4 million of management fee income related to a Lennar Homebuilding strategic joint venture for the three months ended August 31, 2016 and $30.1 million of management fee income and a profit participation related to Lennar Homebuilding's strategic joint ventures for the nine months ended August 31, 2016 . For the three and nine months ended August 31, 2015 , operating earnings included $21.5 million and $64.5 million (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 110,164 106,777 Restricted cash 13,910 13,961 Receivables, net (1) 374,769 242,808 Loans held-for-sale (2) 800,139 843,252 Loans held-for-investment, net 29,704 30,998 Investments held-to-maturity 34,746 40,174 Investments available-for-sale (3) 51,535 42,827 Goodwill 39,838 38,854 Other (4) 72,751 66,186 $ 1,527,556 1,425,837 Liabilities: Notes and other debts payable $ 913,040 858,300 Other (5) 227,175 225,678 $ 1,140,215 1,083,978 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of August 31, 2016 and November 30, 2015 , respectively. (2) Loans held-for-sale related to unsold loans carried at fair value. (3) Investments available-for-sale are carried at fair value with changes in fair value recorded as a component of accumulated other comprehensive income. (4) As of August 31, 2016 and November 30, 2015 , other assets included mortgage loan commitments carried at fair value of $20.7 million and $13.1 million , respectively, and mortgage servicing rights carried at fair value of $18.4 million and $16.8 million , respectively. In addition, other assets also included forward contracts carried at fair value of $0.5 million as of November 30, 2015 . (5) As of August 31, 2016 and November 30, 2015 , other liabilities included $58.4 million and $65.0 million , respectively, of certain of the Company’s self-insurance reserves related to construction defects, general liability and workers’ compensation. Other liabilities also included forward contracts carried at fair value of $2.0 million as of August 31, 2016 (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 133,103 150,219 Restricted cash (1) 6,499 15,061 Receivables, net (2) — 154,948 Loans held-for-sale (3) 228,931 316,275 Loans receivable, net 145,813 164,826 Real estate owned - held-for-sale 170,524 183,052 Real estate owned - held-and-used, net 111,619 153,717 Investments in unconsolidated entities 241,680 224,869 Investments held-to-maturity 60,928 25,625 Other 97,556 116,908 $ 1,196,653 1,505,500 Liabilities: Notes and other debts payable $ 576,448 771,728 Other 56,114 94,496 $ 632,562 866,224 (1) Restricted cash primarily consists of upfront deposits and application fees RMF receives before originating loans and is recognized as income once the loan has been originated as well as cash held in escrow by the Company’s loan servicer provider on behalf of customers and lenders and is disbursed in accordance with agreements between the transacting parties. (2) Receivables, net primarily relate to loans sold but not settled as of November 30, 2015 . (3) (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 5,120 8,041 Land under development 148,241 115,982 Consolidated inventory not owned 18,500 5,508 Investments in unconsolidated entities 304,032 250,876 Other assets 56,681 34,945 $ 532,574 415,352 Liabilities: Accounts payable and other liabilities $ 95,346 62,943 Liabilities related to consolidated inventory not owned 11,850 4,007 $ 107,196 66,950
Schedule of Line of Credit Facilities	At August 31, 2016 , the Lennar Financial Services segment warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures October 2016 (1) $ 300,000 364-day warehouse repurchase facility that matures October 2016 (2) 450,000 364-day warehouse repurchase facility that matures June 2017 600,000 Total $ 1,350,000 (1) Subsequent to August 31, 2016 , the warehouse repurchase facility maturity date was extended to September 2017. (2) Maximum aggregate commitment includes an uncommitted amount of $250 million August 31, 2016 . At August 31, 2016 , Rialto warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures October 2016 (one year extension) (1) (2) $ 400,000 364-day warehouse repurchase facility that matures January 2017 (1) 250,000 Warehouse repurchase facility that matures December 2017 (1) (3) 100,000 Warehouse repurchase facility that matures August 2018 (two - one year extensions) (4) 100,000 Total $ 850,000 (1) RMF uses these facilities to finance its loan origination and securitization activities. (2) Subsequent to August 31, 2016 , the warehouse repurchase facility maturity date was extended to April 2017, with the option for an additional six month extension, and the maximum aggregate commitment was increased to $500 million . (3) Subsequent to August 31, 2016 , the warehouse repurchase facility was amended and the maximum aggregate commitment was increased to $200 million . (4) In 2015, Rialto entered into a separate repurchase facility to finance the origination of floating rate accrual loans. Loans financed under this facility are held as accrual loans within loans receivable, net. As of both August 31, 2016 and November 30, 2015 , borrowings under this facility were $36.3 million
Schedule Of Loan Origination Liabilities	The activity in the Company’s loan origination liabilities was as follows: Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Loan origination liabilities, beginning of period $ 20,994 13,660 19,492 11,818 Provision for losses 1,288 1,147 3,186 3,174 Adjustments to pre-existing provisions for losses from changes in estimates 1,224 — 1,224 — Payments/settlements (17 ) — (413 ) (185 ) Loan origination liabilities, end of period $ 23,489 14,807 23,489 14,807

Rialto Segment (Tables)

Rialto Segment (Tables)	9 Months Ended
	Aug. 31, 2016
Segment Reporting [Abstract]
Schedule of Assets and Liabilities	Financial information relating to the Company’s operations was as follows: (In thousands) August 31, November 30, Assets: Homebuilding East $ 3,621,564 3,140,604 Homebuilding Central 1,494,703 1,421,195 Homebuilding West 4,527,360 4,157,616 Homebuilding Houston 495,216 481,386 Homebuilding Other 825,798 858,000 Rialto 1,196,653 1,505,500 Lennar Financial Services 1,527,556 1,425,837 Lennar Multifamily 532,574 415,352 Corporate and unallocated 777,296 1,014,019 Total assets $ 14,998,720 14,419,509 Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Revenues: Homebuilding East $ 1,002,584 913,184 2,615,936 2,362,102 Homebuilding Central 422,504 322,242 1,117,034 835,259 Homebuilding West 671,122 639,593 1,940,520 1,649,727 Homebuilding Houston 199,800 204,948 528,097 525,852 Homebuilding Other 200,959 152,351 532,748 416,848 Lennar Financial Services 191,444 168,748 491,340 463,460 Rialto 63,885 51,554 152,434 160,682 Lennar Multifamily 81,596 39,078 195,264 114,511 Total revenues (1) $ 2,833,894 2,491,698 7,573,373 6,528,441 Operating earnings (loss): Homebuilding East (2) $ 161,789 147,055 389,433 365,154 Homebuilding Central 44,627 32,152 110,629 77,919 Homebuilding West (3) 92,308 114,499 294,949 299,324 Homebuilding Houston 23,132 26,665 59,087 66,418 Homebuilding Other 23,026 13,341 54,118 25,330 Lennar Financial Services 53,248 39,437 112,267 94,017 Rialto (57 ) 6,993 (16,533 ) 16,682 Lennar Multifamily 2,649 (2,990 ) 29,774 (17,378 ) Total operating earnings 400,722 377,152 1,033,724 927,466 Corporate general and administrative expenses 61,164 56,494 164,634 150,355 Earnings before income taxes $ 339,558 320,658 869,090 777,111 (1) Total revenues were net of sales incentives of $152.3 million ( $22,500 per home delivered) and $402.2 million ( $22,000 per home delivered) for the three and nine months ended August 31, 2016 , respectively, compared to $130.6 million ( $20,700 per home delivered) and $353.1 million ( $21,300 per home delivered) for the three and nine months ended August 31, 2015 , respectively. (2) For both the three and nine months ended August 31, 2016 , operating earnings included a gain of $8.7 million on the sale of a clubhouse. (3) For the three and nine months ended August 31, 2016 , operating earnings included the Company's share of costs associated with the FivePoint combination and the Company's share of net operating losses associated with the new FivePoint unconsolidated entity, partially offset by $17.4 million of management fee income related to a Lennar Homebuilding strategic joint venture for the three months ended August 31, 2016 and $30.1 million of management fee income and a profit participation related to Lennar Homebuilding's strategic joint ventures for the nine months ended August 31, 2016 . For the three and nine months ended August 31, 2015 , operating earnings included $21.5 million and $64.5 million (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 110,164 106,777 Restricted cash 13,910 13,961 Receivables, net (1) 374,769 242,808 Loans held-for-sale (2) 800,139 843,252 Loans held-for-investment, net 29,704 30,998 Investments held-to-maturity 34,746 40,174 Investments available-for-sale (3) 51,535 42,827 Goodwill 39,838 38,854 Other (4) 72,751 66,186 $ 1,527,556 1,425,837 Liabilities: Notes and other debts payable $ 913,040 858,300 Other (5) 227,175 225,678 $ 1,140,215 1,083,978 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of August 31, 2016 and November 30, 2015 , respectively. (2) Loans held-for-sale related to unsold loans carried at fair value. (3) Investments available-for-sale are carried at fair value with changes in fair value recorded as a component of accumulated other comprehensive income. (4) As of August 31, 2016 and November 30, 2015 , other assets included mortgage loan commitments carried at fair value of $20.7 million and $13.1 million , respectively, and mortgage servicing rights carried at fair value of $18.4 million and $16.8 million , respectively. In addition, other assets also included forward contracts carried at fair value of $0.5 million as of November 30, 2015 . (5) As of August 31, 2016 and November 30, 2015 , other liabilities included $58.4 million and $65.0 million , respectively, of certain of the Company’s self-insurance reserves related to construction defects, general liability and workers’ compensation. Other liabilities also included forward contracts carried at fair value of $2.0 million as of August 31, 2016 (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 133,103 150,219 Restricted cash (1) 6,499 15,061 Receivables, net (2) — 154,948 Loans held-for-sale (3) 228,931 316,275 Loans receivable, net 145,813 164,826 Real estate owned - held-for-sale 170,524 183,052 Real estate owned - held-and-used, net 111,619 153,717 Investments in unconsolidated entities 241,680 224,869 Investments held-to-maturity 60,928 25,625 Other 97,556 116,908 $ 1,196,653 1,505,500 Liabilities: Notes and other debts payable $ 576,448 771,728 Other 56,114 94,496 $ 632,562 866,224 (1) Restricted cash primarily consists of upfront deposits and application fees RMF receives before originating loans and is recognized as income once the loan has been originated as well as cash held in escrow by the Company’s loan servicer provider on behalf of customers and lenders and is disbursed in accordance with agreements between the transacting parties. (2) Receivables, net primarily relate to loans sold but not settled as of November 30, 2015 . (3) (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 5,120 8,041 Land under development 148,241 115,982 Consolidated inventory not owned 18,500 5,508 Investments in unconsolidated entities 304,032 250,876 Other assets 56,681 34,945 $ 532,574 415,352 Liabilities: Accounts payable and other liabilities $ 95,346 62,943 Liabilities related to consolidated inventory not owned 11,850 4,007 $ 107,196 66,950
Schedule of Other Income (Expense)	The following is a detail of Rialto other income (expense), net: Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Realized gains on REO sales, net $ 4,337 6,178 13,575 13,852 Unrealized losses on transfer of loans receivable to REO and impairments, net (6,617 ) (3,124 ) (12,166 ) (7,892 ) REO and other expenses (13,006 ) (14,714 ) (39,964 ) (43,123 ) Rental and other income (1) 7,674 12,832 10,667 37,191 Rialto other income (expense), net $ (7,612 ) 1,172 (27,888 ) 28 (1) Rental and other income for the nine months ended August 31, 2016 , included a $16.0 million write-off of uncollectible receivables related to a hospital, which was acquired through the resolution of one of Rialto's loans from a 2010 portfolio. The hospital is managed by a third-party management company.
Loans Receivable, Net by Type	The following table represents loans receivable, net by type: (In thousands) August 31, November 30, Nonaccrual loans: FDIC and Bank Portfolios $ 62,092 88,694 Accrual loans 83,721 76,132 Loans receivable, net $ 145,813 164,826
Nonaccrual Loans	The following tables represent nonaccrual loans in the FDIC Portfolios and Bank Portfolios accounted for under ASC 310-10 aggregated by collateral type: August 31, 2016 Recorded Investment (In thousands) Unpaid Principal Balance With Allowance Without Allowance Total Recorded Investment Land $ 96,220 44,752 124 44,876 Single family homes 18,283 2,166 4,984 7,150 Commercial properties 11,448 1,372 508 1,880 Other 56,443 278 7,908 8,186 Loans receivable $ 182,394 48,568 13,524 62,092 November 30, 2015 Recorded Investment (In thousands) Unpaid Principal Balance With Allowance Without Allowance Total Recorded Investment Land $ 145,417 59,740 1,165 60,905 Single family homes 39,659 8,344 3,459 11,803 Commercial properties 13,458 1,368 1,085 2,453 Other 78,279 — 13,533 13,533 Loans receivable $ 276,813 69,452 19,242 88,694
Allowance for Credit Losses on Financing Receivables	The activity in the Company's allowance rollforward related to nonaccrual loans was as follows: Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Allowance on nonaccrual loans, beginning of the period $ 29,186 40,593 35,625 58,326 Provision for loan losses 4,330 4,497 11,051 7,306 Charge-offs (6,924 ) (6,707 ) (20,084 ) (27,249 ) Allowance on nonaccrual loans, end of the period $ 26,592 38,383 26,592 38,383
Changes In Real Estate Owned	The following tables represent the activity in REO : Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 REO - held-for-sale, beginning of period $ 180,547 195,386 183,052 190,535 Improvements 575 1,023 2,170 4,318 Sales (18,889 ) (26,575 ) (52,840 ) (74,713 ) Impairments and unrealized losses (6,669 ) (3,127 ) (15,016 ) (7,499 ) Transfers from held-and-used, net (1) 14,960 19,031 53,158 73,097 REO - held-for-sale, end of period $ 170,524 185,738 170,524 185,738 Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 REO - held-and-used, net, beginning of period $ 125,406 213,748 153,717 255,795 Additions 1,013 1,367 12,316 15,710 Improvements 706 309 828 1,737 Impairments (23 ) (7 ) (826 ) (1,420 ) Depreciation (523 ) (520 ) (1,258 ) (1,895 ) Transfers to held-for-sale (1) (14,960 ) (19,031 ) (53,158 ) (73,097 ) Other — — — (964 ) REO - held-and-used, net, end of period $ 111,619 195,866 111,619 195,866 (1) During the three and nine months ended August 31, 2016 and 2015
Schedule of Line of Credit Facilities	At August 31, 2016 , the Lennar Financial Services segment warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures October 2016 (1) $ 300,000 364-day warehouse repurchase facility that matures October 2016 (2) 450,000 364-day warehouse repurchase facility that matures June 2017 600,000 Total $ 1,350,000 (1) Subsequent to August 31, 2016 , the warehouse repurchase facility maturity date was extended to September 2017. (2) Maximum aggregate commitment includes an uncommitted amount of $250 million August 31, 2016 . At August 31, 2016 , Rialto warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures October 2016 (one year extension) (1) (2) $ 400,000 364-day warehouse repurchase facility that matures January 2017 (1) 250,000 Warehouse repurchase facility that matures December 2017 (1) (3) 100,000 Warehouse repurchase facility that matures August 2018 (two - one year extensions) (4) 100,000 Total $ 850,000 (1) RMF uses these facilities to finance its loan origination and securitization activities. (2) Subsequent to August 31, 2016 , the warehouse repurchase facility maturity date was extended to April 2017, with the option for an additional six month extension, and the maximum aggregate commitment was increased to $500 million . (3) Subsequent to August 31, 2016 , the warehouse repurchase facility was amended and the maximum aggregate commitment was increased to $200 million . (4) In 2015, Rialto entered into a separate repurchase facility to finance the origination of floating rate accrual loans. Loans financed under this facility are held as accrual loans within loans receivable, net. As of both August 31, 2016 and November 30, 2015 , borrowings under this facility were $36.3 million
Equity Method Investments	The total debt of the Lennar Homebuilding unconsolidated entities in which the Company has investments, including Lennar's maximum recourse exposure, were as follows: (Dollars in thousands) August 31, November 30, Non-recourse bank debt and other debt (partner’s share of several recourse) $ 48,792 50,411 Non-recourse land seller debt and other debt 323,995 324,000 Non-recourse debt with completion guarantees 137,152 146,760 Non-recourse debt without completion guarantees 306,929 260,734 Non-recourse debt to the Company 816,868 781,905 The Company’s maximum recourse exposure (1) 48,628 10,981 Total debt $ 865,496 792,886 The Company’s maximum recourse exposure as a % of total JV debt 6 % 1 % (1) (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 369,203 248,980 Inventories 3,798,070 3,059,054 Other assets 1,354,826 465,404 $ 5,522,099 3,773,438 Liabilities and equity: Accounts payable and other liabilities $ 854,568 288,192 Debt 865,496 792,886 Equity 3,802,035 2,692,360 $ 5,522,099 3,773,438 Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Revenues $ 43,889 141,599 352,251 765,346 Costs and expenses 110,649 127,678 409,219 580,696 Other income — 46,400 — 49,343 Net earnings (loss) of unconsolidated entities $ (66,760 ) 60,321 (56,968 ) 233,993 Lennar Homebuilding equity in earnings (loss) from unconsolidated entities $ (18,034 ) 13,300 (24,667 ) 48,693 (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 159,683 188,147 Loans receivable 396,543 473,997 Real estate owned 566,012 506,609 Investment securities 1,284,583 1,092,476 Investments in partnerships 413,836 429,979 Other assets 41,282 30,340 $ 2,861,939 2,721,548 Liabilities and equity: Accounts payable and other liabilities $ 27,605 29,462 Notes payable 562,935 374,498 Equity 2,271,399 2,317,588 $ 2,861,939 2,721,548 Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Revenues $ 51,485 41,278 147,021 122,336 Costs and expenses 24,472 24,937 66,075 73,024 Other income, net (1) 28,947 60,106 40,495 121,457 Net earnings of unconsolidated entities $ 55,960 76,447 121,441 170,769 Rialto equity in earnings from unconsolidated entities $ 5,976 7,590 14,337 17,582 (1) Summarized condensed financial information on a combined 100% basis related to Rialto’s investments in unconsolidated entities that are accounted for by the equity method was as follows: August 31, August 31, November 30, (Dollars in thousands) Inception Year Equity Commitments Equity Commitments Called Commitment to Fund by the Company Funds Contributed by the Company Investment Rialto Real Estate Fund, LP 2010 $ 700,006 $ 700,006 $ 75,000 $ 75,000 $ 62,659 68,570 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 96,863 99,947 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 26,310 32,344 Rialto Capital CMBS Funds 2014 111,753 111,753 47,057 47,057 47,270 23,233 Rialto Real Estate Fund III 2015 949,578 — 100,000 — 1,559 — Rialto Credit Partnership, LP 2016 220,000 51,150 19,999 4,650 4,637 — Other investments 2,382 775 $ 241,680 224,869 Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Rialto Real Estate Fund, LP $ 1,127 4,158 3,397 7,948 Rialto Real Estate Fund II, LP 2,672 2,354 4,420 5,533 Rialto Mezzanine Partners Fund, LP 703 637 2,128 1,563 Rialto Capital CMBS Funds 1,471 429 3,051 2,506 Rialto Real Estate Fund III 4 — 1,387 — Rialto Credit Partnership, LP (1 ) — (13 ) — Other investments — 12 (33 ) 32 Rialto equity in earnings from unconsolidated entities $ 5,976 7,590 14,337 17,582 100% basis related to Lennar Multifamily's investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 106,007 39,579 Operating properties and equipment 2,007,129 1,398,244 Other assets 49,728 25,925 $ 2,162,864 1,463,748 Liabilities and equity: Accounts payable and other liabilities $ 187,715 179,551 Notes payable 628,237 466,724 Equity 1,346,912 817,473 $ 2,162,864 1,463,748 Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Revenues $ 13,796 4,067 31,759 9,236 Costs and expenses 24,611 7,174 50,341 15,249 Other income, net 20,335 13,330 90,729 13,330 Net earnings of unconsolidated entities $ 9,520 10,223 72,147 7,317 Lennar Multifamily equity in earnings from unconsolidated entities (1) $ 5,060 5,004 38,754 4,404 (1) For the three and nine months ended August 31, 2016 , Lennar Multifamily equity in earnings from unconsolidated entities included the segment's $8.0 million and $43.8 million , respectively, share of gains as a result of the sale of one and three operating properties, respectively, by its unconsolidated entities. For both the three and nine months ended August 31, 2015 , Lennar Multifamily equity in earnings from unconsolidated entities included the segment's $5.7 million share of a gain as a result of the sale of an operating property by one (In thousands) August 31, November 30, Lennar Homebuilding $ 796,499 741,551 Rialto $ 241,680 224,869 Lennar Multifamily $ 304,032 250,876

Lennar Multifamily Segment (Tab

Lennar Multifamily Segment (Tables)	9 Months Ended
	Aug. 31, 2016
Segment Reporting [Abstract]
Schedule of Assets and Liabilities	Financial information relating to the Company’s operations was as follows: (In thousands) August 31, November 30, Assets: Homebuilding East $ 3,621,564 3,140,604 Homebuilding Central 1,494,703 1,421,195 Homebuilding West 4,527,360 4,157,616 Homebuilding Houston 495,216 481,386 Homebuilding Other 825,798 858,000 Rialto 1,196,653 1,505,500 Lennar Financial Services 1,527,556 1,425,837 Lennar Multifamily 532,574 415,352 Corporate and unallocated 777,296 1,014,019 Total assets $ 14,998,720 14,419,509 Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Revenues: Homebuilding East $ 1,002,584 913,184 2,615,936 2,362,102 Homebuilding Central 422,504 322,242 1,117,034 835,259 Homebuilding West 671,122 639,593 1,940,520 1,649,727 Homebuilding Houston 199,800 204,948 528,097 525,852 Homebuilding Other 200,959 152,351 532,748 416,848 Lennar Financial Services 191,444 168,748 491,340 463,460 Rialto 63,885 51,554 152,434 160,682 Lennar Multifamily 81,596 39,078 195,264 114,511 Total revenues (1) $ 2,833,894 2,491,698 7,573,373 6,528,441 Operating earnings (loss): Homebuilding East (2) $ 161,789 147,055 389,433 365,154 Homebuilding Central 44,627 32,152 110,629 77,919 Homebuilding West (3) 92,308 114,499 294,949 299,324 Homebuilding Houston 23,132 26,665 59,087 66,418 Homebuilding Other 23,026 13,341 54,118 25,330 Lennar Financial Services 53,248 39,437 112,267 94,017 Rialto (57 ) 6,993 (16,533 ) 16,682 Lennar Multifamily 2,649 (2,990 ) 29,774 (17,378 ) Total operating earnings 400,722 377,152 1,033,724 927,466 Corporate general and administrative expenses 61,164 56,494 164,634 150,355 Earnings before income taxes $ 339,558 320,658 869,090 777,111 (1) Total revenues were net of sales incentives of $152.3 million ( $22,500 per home delivered) and $402.2 million ( $22,000 per home delivered) for the three and nine months ended August 31, 2016 , respectively, compared to $130.6 million ( $20,700 per home delivered) and $353.1 million ( $21,300 per home delivered) for the three and nine months ended August 31, 2015 , respectively. (2) For both the three and nine months ended August 31, 2016 , operating earnings included a gain of $8.7 million on the sale of a clubhouse. (3) For the three and nine months ended August 31, 2016 , operating earnings included the Company's share of costs associated with the FivePoint combination and the Company's share of net operating losses associated with the new FivePoint unconsolidated entity, partially offset by $17.4 million of management fee income related to a Lennar Homebuilding strategic joint venture for the three months ended August 31, 2016 and $30.1 million of management fee income and a profit participation related to Lennar Homebuilding's strategic joint ventures for the nine months ended August 31, 2016 . For the three and nine months ended August 31, 2015 , operating earnings included $21.5 million and $64.5 million (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 110,164 106,777 Restricted cash 13,910 13,961 Receivables, net (1) 374,769 242,808 Loans held-for-sale (2) 800,139 843,252 Loans held-for-investment, net 29,704 30,998 Investments held-to-maturity 34,746 40,174 Investments available-for-sale (3) 51,535 42,827 Goodwill 39,838 38,854 Other (4) 72,751 66,186 $ 1,527,556 1,425,837 Liabilities: Notes and other debts payable $ 913,040 858,300 Other (5) 227,175 225,678 $ 1,140,215 1,083,978 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of August 31, 2016 and November 30, 2015 , respectively. (2) Loans held-for-sale related to unsold loans carried at fair value. (3) Investments available-for-sale are carried at fair value with changes in fair value recorded as a component of accumulated other comprehensive income. (4) As of August 31, 2016 and November 30, 2015 , other assets included mortgage loan commitments carried at fair value of $20.7 million and $13.1 million , respectively, and mortgage servicing rights carried at fair value of $18.4 million and $16.8 million , respectively. In addition, other assets also included forward contracts carried at fair value of $0.5 million as of November 30, 2015 . (5) As of August 31, 2016 and November 30, 2015 , other liabilities included $58.4 million and $65.0 million , respectively, of certain of the Company’s self-insurance reserves related to construction defects, general liability and workers’ compensation. Other liabilities also included forward contracts carried at fair value of $2.0 million as of August 31, 2016 (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 133,103 150,219 Restricted cash (1) 6,499 15,061 Receivables, net (2) — 154,948 Loans held-for-sale (3) 228,931 316,275 Loans receivable, net 145,813 164,826 Real estate owned - held-for-sale 170,524 183,052 Real estate owned - held-and-used, net 111,619 153,717 Investments in unconsolidated entities 241,680 224,869 Investments held-to-maturity 60,928 25,625 Other 97,556 116,908 $ 1,196,653 1,505,500 Liabilities: Notes and other debts payable $ 576,448 771,728 Other 56,114 94,496 $ 632,562 866,224 (1) Restricted cash primarily consists of upfront deposits and application fees RMF receives before originating loans and is recognized as income once the loan has been originated as well as cash held in escrow by the Company’s loan servicer provider on behalf of customers and lenders and is disbursed in accordance with agreements between the transacting parties. (2) Receivables, net primarily relate to loans sold but not settled as of November 30, 2015 . (3) (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 5,120 8,041 Land under development 148,241 115,982 Consolidated inventory not owned 18,500 5,508 Investments in unconsolidated entities 304,032 250,876 Other assets 56,681 34,945 $ 532,574 415,352 Liabilities: Accounts payable and other liabilities $ 95,346 62,943 Liabilities related to consolidated inventory not owned 11,850 4,007 $ 107,196 66,950
Equity Method Investments	The total debt of the Lennar Homebuilding unconsolidated entities in which the Company has investments, including Lennar's maximum recourse exposure, were as follows: (Dollars in thousands) August 31, November 30, Non-recourse bank debt and other debt (partner’s share of several recourse) $ 48,792 50,411 Non-recourse land seller debt and other debt 323,995 324,000 Non-recourse debt with completion guarantees 137,152 146,760 Non-recourse debt without completion guarantees 306,929 260,734 Non-recourse debt to the Company 816,868 781,905 The Company’s maximum recourse exposure (1) 48,628 10,981 Total debt $ 865,496 792,886 The Company’s maximum recourse exposure as a % of total JV debt 6 % 1 % (1) (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 369,203 248,980 Inventories 3,798,070 3,059,054 Other assets 1,354,826 465,404 $ 5,522,099 3,773,438 Liabilities and equity: Accounts payable and other liabilities $ 854,568 288,192 Debt 865,496 792,886 Equity 3,802,035 2,692,360 $ 5,522,099 3,773,438 Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Revenues $ 43,889 141,599 352,251 765,346 Costs and expenses 110,649 127,678 409,219 580,696 Other income — 46,400 — 49,343 Net earnings (loss) of unconsolidated entities $ (66,760 ) 60,321 (56,968 ) 233,993 Lennar Homebuilding equity in earnings (loss) from unconsolidated entities $ (18,034 ) 13,300 (24,667 ) 48,693 (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 159,683 188,147 Loans receivable 396,543 473,997 Real estate owned 566,012 506,609 Investment securities 1,284,583 1,092,476 Investments in partnerships 413,836 429,979 Other assets 41,282 30,340 $ 2,861,939 2,721,548 Liabilities and equity: Accounts payable and other liabilities $ 27,605 29,462 Notes payable 562,935 374,498 Equity 2,271,399 2,317,588 $ 2,861,939 2,721,548 Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Revenues $ 51,485 41,278 147,021 122,336 Costs and expenses 24,472 24,937 66,075 73,024 Other income, net (1) 28,947 60,106 40,495 121,457 Net earnings of unconsolidated entities $ 55,960 76,447 121,441 170,769 Rialto equity in earnings from unconsolidated entities $ 5,976 7,590 14,337 17,582 (1) Summarized condensed financial information on a combined 100% basis related to Rialto’s investments in unconsolidated entities that are accounted for by the equity method was as follows: August 31, August 31, November 30, (Dollars in thousands) Inception Year Equity Commitments Equity Commitments Called Commitment to Fund by the Company Funds Contributed by the Company Investment Rialto Real Estate Fund, LP 2010 $ 700,006 $ 700,006 $ 75,000 $ 75,000 $ 62,659 68,570 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 96,863 99,947 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 26,310 32,344 Rialto Capital CMBS Funds 2014 111,753 111,753 47,057 47,057 47,270 23,233 Rialto Real Estate Fund III 2015 949,578 — 100,000 — 1,559 — Rialto Credit Partnership, LP 2016 220,000 51,150 19,999 4,650 4,637 — Other investments 2,382 775 $ 241,680 224,869 Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Rialto Real Estate Fund, LP $ 1,127 4,158 3,397 7,948 Rialto Real Estate Fund II, LP 2,672 2,354 4,420 5,533 Rialto Mezzanine Partners Fund, LP 703 637 2,128 1,563 Rialto Capital CMBS Funds 1,471 429 3,051 2,506 Rialto Real Estate Fund III 4 — 1,387 — Rialto Credit Partnership, LP (1 ) — (13 ) — Other investments — 12 (33 ) 32 Rialto equity in earnings from unconsolidated entities $ 5,976 7,590 14,337 17,582 100% basis related to Lennar Multifamily's investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 106,007 39,579 Operating properties and equipment 2,007,129 1,398,244 Other assets 49,728 25,925 $ 2,162,864 1,463,748 Liabilities and equity: Accounts payable and other liabilities $ 187,715 179,551 Notes payable 628,237 466,724 Equity 1,346,912 817,473 $ 2,162,864 1,463,748 Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Revenues $ 13,796 4,067 31,759 9,236 Costs and expenses 24,611 7,174 50,341 15,249 Other income, net 20,335 13,330 90,729 13,330 Net earnings of unconsolidated entities $ 9,520 10,223 72,147 7,317 Lennar Multifamily equity in earnings from unconsolidated entities (1) $ 5,060 5,004 38,754 4,404 (1) For the three and nine months ended August 31, 2016 , Lennar Multifamily equity in earnings from unconsolidated entities included the segment's $8.0 million and $43.8 million , respectively, share of gains as a result of the sale of one and three operating properties, respectively, by its unconsolidated entities. For both the three and nine months ended August 31, 2015 , Lennar Multifamily equity in earnings from unconsolidated entities included the segment's $5.7 million share of a gain as a result of the sale of an operating property by one (In thousands) August 31, November 30, Lennar Homebuilding $ 796,499 741,551 Rialto $ 241,680 224,869 Lennar Multifamily $ 304,032 250,876

Lennar Homebuilding Senior No34

Lennar Homebuilding Senior Notes and Other Debts Payable (Tables)	9 Months Ended
	Aug. 31, 2016
Debt Disclosure [Abstract]
Schedule of Senior Notes and Other Debts Payable	(Dollars in thousands) August 31, November 30, Unsecured revolving credit facility $ 125,000 — 12.25% senior notes due 2017 398,046 396,252 4.75% senior notes due 2017 398,293 397,736 6.95% senior notes due 2018 248,355 247,632 4.125% senior notes due 2018 273,746 273,319 4.500% senior notes due 2019 497,780 497,210 4.50% senior notes due 2019 597,294 596,622 3.25% convertible senior notes due 2021 156,823 398,194 4.750% senior notes due 2021 496,352 — 4.750% senior notes due 2022 568,025 567,325 4.875% senior notes due 2023 394,073 393,545 4.750% senior notes due 2025 496,116 495,784 2.75% convertible senior notes due 2020 — 233,225 6.50% senior notes due 2016 — 249,905 Mortgage notes on land and other debt 270,945 278,381 $ 4,920,848 5,025,130

Product Warranty (Tables)

Product Warranty (Tables)	9 Months Ended
	Aug. 31, 2016
Product Warranties Disclosures [Abstract]
Schedule of Product Warranty Reserve	The activity in the Company’s warranty reserve was as follows: Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Warranty reserve, beginning of period $ 127,159 119,610 130,853 115,927 Warranties issued 25,382 21,873 67,952 55,665 Adjustments to pre-existing warranties from changes in estimates (1) 4,982 (111 ) 4,247 5,273 Payments (23,984 ) (21,676 ) (69,513 ) (57,169 ) Warranty reserve, end of period $ 133,539 119,696 133,539 119,696 (1) The adjustments to pre-existing warranties from changes in estimates during both the three and nine months ended August 31, 2016 and 2015

Share-Based Payments (Tables)

Share-Based Payments (Tables)	9 Months Ended
	Aug. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Compensation Expense	Compensation expense related to the Company’s share-based payment awards was as follows: Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Nonvested shares $ 12,362 11,484 34,628 32,095 Stock options — 65 — 104 Total compensation expense for share-based awards $ 12,362 11,549 34,628 32,199

Financial Instruments and Fai37

Financial Instruments and Fair Value Disclosures (Tables)	9 Months Ended
	Aug. 31, 2016
Fair Value Disclosures [Abstract]
Carrying Amounts And Estimated Fair Value Of Financial Instruments	The table excludes cash and cash equivalents, restricted cash, receivables, net and accounts payable, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments. August 31, 2016 November 30, 2015 Fair Value Carrying Fair Carrying Fair (In thousands) Hierarchy Amount Value Amount Value ASSETS Rialto: Loans receivable, net Level 3 $ 145,813 148,756 164,826 169,302 Investments held-to-maturity Level 3 $ 60,928 60,226 25,625 25,227 Lennar Financial Services: Loans held-for-investment, net Level 3 $ 29,704 28,603 30,998 29,931 Investments held-to-maturity Level 2 $ 34,746 34,868 40,174 40,098 LIABILITIES Lennar Homebuilding senior notes and other debts payable Level 2 $ 4,920,848 5,323,307 5,025,130 5,936,327 Rialto notes and other debts payable Level 2 $ 576,448 596,020 771,728 803,013 Lennar Financial Services notes and other debts payable Level 2 $ 913,040 913,040 858,300 858,300
Fair Value Measured On Recurring Basis	The Company’s financial instruments measured at fair value on a recurring basis are summarized below: (In thousands) Fair Value Hierarchy Fair Value at Fair Value at Rialto Financial Assets: Loans held-for-sale (1) Level 3 $ 228,931 316,275 Credit default swaps (2) Level 2 $ 4,448 6,153 Rialto Financial Liabilities: Interest rate swaps and swap futures (3) Level 1 $ 238 978 Lennar Financial Services Assets (Liabilities): Loans held-for-sale (4) Level 2 $ 800,139 843,252 Investments available-for-sale Level 1 $ 51,535 42,827 Mortgage loan commitments Level 2 $ 20,663 13,060 Forward contracts Level 2 $ (2,011 ) 531 Mortgage servicing rights Level 3 $ 18,369 16,770 (1) The aggregate fair value of Rialto loans held-for-sale of $228.9 million at August 31, 2016 exceeds their aggregate principal balance of $228.8 million by $0.1 million . The aggregate fair value of loans held-for-sale of $316.3 million at November 30, 2015 exceeds their aggregate principal balance of $314.3 million by $2.0 million . (2) Rialto credit default swaps are included within Rialto's other assets. (3) Rialto interest rate swaps and swap futures are included within Rialto's other liabilities. (4) The aggregate fair value of Lennar Financial Services loans held-for-sale of $800.1 million at August 31, 2016 exceeds their aggregate principal balance of $771.1 million by $29.1 million . The aggregate fair value of loans held-for-sale of $843.3 million at November 30, 2015 exceeds their aggregate principal balance of $815.0 million by $28.2 million
Schedule Of Gains And Losses Of Financial Instruments Measured on a Recurring Basis	The changes in fair values for Level 1 and Level 2 financial instruments measured on a recurring basis are shown below by financial instrument and financial statement line item: Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Changes in fair value included in Lennar Financial Services revenues: Loans held-for-sale $ (2,808 ) 2,836 826 (283 ) Mortgage loan commitments $ 1,781 (384 ) 7,603 5,811 Forward contracts $ (362 ) (3,493 ) (2,542 ) 4,238 Investments available-for-sale $ 31 — 37 23 Changes in fair value included in Rialto revenues: Financial Assets: Credit default swaps $ (1,570 ) 3,466 (1,547 ) 2,641 Financial Liabilities: Interest rate swaps and swap futures $ (133 ) (4,740 ) 740 (4,308 ) Changes in fair value included in other comprehensive income (loss), net of tax: Lennar Financial Services investments available-for-sale $ 639 (400 ) 1,121 (294 )
Reconciliation Of Beginning And Ending Balance For The Company's Level 3 Recurring Fair Value Measurements	The following table represents the reconciliation of the beginning and ending balance for the Level 3 recurring fair value measurements: Three Months Ended August 31, 2016 2015 Lennar Financial Services Rialto Lennar Financial Services Rialto (In thousands) Mortgage servicing rights Loans held-for-sale Mortgage servicing rights Loans held-for-sale Beginning balance $ 18,241 199,415 16,504 318,037 Purchases/loan originations 2,275 520,510 844 719,998 Sales/loan originations sold, including those not settled — (491,428 ) — (528,518 ) Disposals/settlements (1,311 ) — (974 ) — Changes in fair value (1) (836 ) 522 66 679 Interest and principal paydowns — (88 ) — (63 ) Ending balance $ 18,369 228,931 16,440 510,133 Nine Months Ended August 31, 2016 2015 Lennar Financial Services Rialto Lennar Financial Services Rialto (In thousands) Mortgage servicing rights Loans held-for-sale Mortgage servicing rights Loans held-for-sale Beginning balance $ 16,770 316,275 17,353 113,596 Purchases/loan originations 6,269 1,174,483 1,840 1,968,692 Sales/loan originations sold, including those not settled — (1,259,320 ) — (1,570,101 ) Disposals/settlements (2,881 ) — (2,848 ) — Changes in fair value (1) (1,789 ) (687 ) 95 (1,622 ) Interest and principal paydowns — (1,820 ) — (432 ) Ending balance $ 18,369 228,931 16,440 510,133 (1) Changes in fair value for Rialto loans held-for-sale and Lennar Financial Services mortgage servicing rights are included in Rialto's and Lennar Financial Services' revenues, respectively.
Fair Value Measurements, Nonrecurring	The assets measured at fair value on a nonrecurring basis are summarized below: Three Months Ended August 31, 2016 2015 (In thousands) Fair Value Hierarchy Carrying Value Fair Value Total Gains (Losses) (1) Carrying Value Fair Value Total Gains (Losses) (1) Financial assets Rialto: Impaired loans receivable Level 3 $ 52,460 48,130 (4,330 ) 76,138 71,641 (4,497 ) Non-financial assets Lennar Homebuilding: Finished homes and construction in progress (2) Level 3 $ — — — 5,754 4,607 (1,147 ) Land and land under development (2) Level 3 $ 23,736 18,000 (5,736 ) 16,482 11,811 (4,671 ) Rialto: REO - held-for-sale (3): Upon acquisition/transfer Level 3 $ 8,283 7,786 (497 ) 4,767 4,481 (286 ) Upon management periodic valuations Level 3 $ 28,850 22,678 (6,172 ) 9,146 6,305 (2,841 ) REO - held-and-used, net (4): Upon acquisition/transfer Level 3 $ 937 1,013 76 1,357 1,367 10 Upon management periodic valuations Level 3 $ 60 37 (23 ) 14 7 (7 ) Nine Months Ended August 31, 2016 2015 (In thousands) Fair Value Hierarchy Carrying Value Fair Value Total Gains (Losses) (1) Carrying Value Fair Value Total Gains (Losses) (1) Financial assets Rialto: Impaired loans receivable Level 3 $ 72,375 61,324 (11,051 ) 248,250 240,944 (7,306 ) Non-financial assets Lennar Homebuilding: Finished homes and construction in progress (2) Level 3 $ — — — 52,093 41,343 (10,750 ) Land and land under development (2) Level 3 $ 29,418 22,925 (6,493 ) 16,482 11,811 (4,671 ) Rialto: REO - held-for-sale (3): Upon acquisition/transfer Level 3 $ 34,017 31,976 (2,041 ) 18,383 17,280 (1,103 ) Upon management periodic valuations Level 3 $ 63,172 50,197 (12,975 ) 26,008 19,612 (6,396 ) REO - held-and-used, net (4): Upon acquisition/transfer Level 3 $ 8,640 12,316 3,676 14,683 15,710 1,027 Upon management periodic valuations Level 3 $ 4,976 4,150 (826 ) 2,703 1,283 (1,420 ) (1) Represents losses due to valuation adjustments, write-offs, gains (losses) from transfers or acquisitions of real estate through foreclosure and REO impairments recorded during the three and nine months ended August 31, 2016 and 2015 . (2) Valuation adjustments were included in Lennar Homebuilding costs and expenses in the Company's condensed consolidated statement of operations for the three and nine months ended August 31, 2016 and 2015 . (3) REO held-for-sale assets are initially recorded at fair value less estimated costs to sell at the time of the transfer or acquisition through, or in lieu of, loan foreclosure. The fair value of REO held-for-sale is based upon appraised value at the time of foreclosure or management's best estimate. In addition, management periodically performs valuations of its REO held-for-sale. The losses upon the transfer or acquisition of REO and impairments were included in Rialto other income (expense), net, in the Company’s condensed consolidated statement of operations for the three and nine months ended August 31, 2016 and 2015 . (4) REO held-and-used, net, assets are initially recorded at fair value at the time of acquisition through, or in lieu of, loan foreclosure. The fair value of REO held-and-used, net, is based upon the appraised value at the time of foreclosure or management’s best estimate. In addition, management periodically performs valuations of its REO held-and-used, net. The gains (losses) upon acquisition of REO held-and-used, net and impairments were included in Rialto other income (expense), net, in the Company’s condensed consolidated statement of operations for the three and nine months ended August 31, 2016 and 2015 .
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques	The table below summarizes the most significant unobservable inputs used in the Company's discounted cash flow model to determine the fair value of its communities for which the Company recorded valuation adjustments during the nine months ended August 31, 2015 : Nine Months Ended August 31, 2015 Unobservable inputs Range Average selling price $486,000 - $1,300,000 Absorption rate per quarter (homes) 9 - 14 Discount rate 12% - 20%

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Aug. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Equity Method Investments	The total debt of the Lennar Homebuilding unconsolidated entities in which the Company has investments, including Lennar's maximum recourse exposure, were as follows: (Dollars in thousands) August 31, November 30, Non-recourse bank debt and other debt (partner’s share of several recourse) $ 48,792 50,411 Non-recourse land seller debt and other debt 323,995 324,000 Non-recourse debt with completion guarantees 137,152 146,760 Non-recourse debt without completion guarantees 306,929 260,734 Non-recourse debt to the Company 816,868 781,905 The Company’s maximum recourse exposure (1) 48,628 10,981 Total debt $ 865,496 792,886 The Company’s maximum recourse exposure as a % of total JV debt 6 % 1 % (1) (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 369,203 248,980 Inventories 3,798,070 3,059,054 Other assets 1,354,826 465,404 $ 5,522,099 3,773,438 Liabilities and equity: Accounts payable and other liabilities $ 854,568 288,192 Debt 865,496 792,886 Equity 3,802,035 2,692,360 $ 5,522,099 3,773,438 Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Revenues $ 43,889 141,599 352,251 765,346 Costs and expenses 110,649 127,678 409,219 580,696 Other income — 46,400 — 49,343 Net earnings (loss) of unconsolidated entities $ (66,760 ) 60,321 (56,968 ) 233,993 Lennar Homebuilding equity in earnings (loss) from unconsolidated entities $ (18,034 ) 13,300 (24,667 ) 48,693 (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 159,683 188,147 Loans receivable 396,543 473,997 Real estate owned 566,012 506,609 Investment securities 1,284,583 1,092,476 Investments in partnerships 413,836 429,979 Other assets 41,282 30,340 $ 2,861,939 2,721,548 Liabilities and equity: Accounts payable and other liabilities $ 27,605 29,462 Notes payable 562,935 374,498 Equity 2,271,399 2,317,588 $ 2,861,939 2,721,548 Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Revenues $ 51,485 41,278 147,021 122,336 Costs and expenses 24,472 24,937 66,075 73,024 Other income, net (1) 28,947 60,106 40,495 121,457 Net earnings of unconsolidated entities $ 55,960 76,447 121,441 170,769 Rialto equity in earnings from unconsolidated entities $ 5,976 7,590 14,337 17,582 (1) Summarized condensed financial information on a combined 100% basis related to Rialto’s investments in unconsolidated entities that are accounted for by the equity method was as follows: August 31, August 31, November 30, (Dollars in thousands) Inception Year Equity Commitments Equity Commitments Called Commitment to Fund by the Company Funds Contributed by the Company Investment Rialto Real Estate Fund, LP 2010 $ 700,006 $ 700,006 $ 75,000 $ 75,000 $ 62,659 68,570 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 96,863 99,947 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 26,310 32,344 Rialto Capital CMBS Funds 2014 111,753 111,753 47,057 47,057 47,270 23,233 Rialto Real Estate Fund III 2015 949,578 — 100,000 — 1,559 — Rialto Credit Partnership, LP 2016 220,000 51,150 19,999 4,650 4,637 — Other investments 2,382 775 $ 241,680 224,869 Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Rialto Real Estate Fund, LP $ 1,127 4,158 3,397 7,948 Rialto Real Estate Fund II, LP 2,672 2,354 4,420 5,533 Rialto Mezzanine Partners Fund, LP 703 637 2,128 1,563 Rialto Capital CMBS Funds 1,471 429 3,051 2,506 Rialto Real Estate Fund III 4 — 1,387 — Rialto Credit Partnership, LP (1 ) — (13 ) — Other investments — 12 (33 ) 32 Rialto equity in earnings from unconsolidated entities $ 5,976 7,590 14,337 17,582 100% basis related to Lennar Multifamily's investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 106,007 39,579 Operating properties and equipment 2,007,129 1,398,244 Other assets 49,728 25,925 $ 2,162,864 1,463,748 Liabilities and equity: Accounts payable and other liabilities $ 187,715 179,551 Notes payable 628,237 466,724 Equity 1,346,912 817,473 $ 2,162,864 1,463,748 Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2016 2015 2016 2015 Revenues $ 13,796 4,067 31,759 9,236 Costs and expenses 24,611 7,174 50,341 15,249 Other income, net 20,335 13,330 90,729 13,330 Net earnings of unconsolidated entities $ 9,520 10,223 72,147 7,317 Lennar Multifamily equity in earnings from unconsolidated entities (1) $ 5,060 5,004 38,754 4,404 (1) For the three and nine months ended August 31, 2016 , Lennar Multifamily equity in earnings from unconsolidated entities included the segment's $8.0 million and $43.8 million , respectively, share of gains as a result of the sale of one and three operating properties, respectively, by its unconsolidated entities. For both the three and nine months ended August 31, 2015 , Lennar Multifamily equity in earnings from unconsolidated entities included the segment's $5.7 million share of a gain as a result of the sale of an operating property by one (In thousands) August 31, November 30, Lennar Homebuilding $ 796,499 741,551 Rialto $ 241,680 224,869 Lennar Multifamily $ 304,032 250,876
Estimated Maximum Exposure To Loss	The Company’s recorded investment in unconsolidated VIEs and its estimated maximum exposure to loss were as follows: As of August 31, 2016 (In thousands) Investments in Unconsolidated VIEs Lennar’s Maximum Exposure to Loss Lennar Homebuilding (1) $ 100,452 140,228 Rialto (2) 60,928 60,928 Lennar Multifamily (3) 224,574 574,114 $ 385,954 775,270 As of November 30, 2015 (In thousands) Investments in Unconsolidated VIEs Lennar’s Maximum Exposure to Loss Lennar Homebuilding (1) $ 102,706 111,215 Rialto (2) 25,625 25,625 Lennar Multifamily (3) 177,359 586,842 $ 305,690 723,682 (1) At August 31, 2016 , the maximum exposure to loss of Lennar Homebuilding’s investments in unconsolidated VIEs was limited to its investments in the unconsolidated VIEs, except with regard to a $39.6 million repayment guarantee of an unconsolidated entity's debt. At November 30, 2015 , the maximum exposure to loss of Lennar Homebuilding’s investments in unconsolidated VIEs was limited to its investments in the unconsolidated VIEs, except with regard to $8.3 million remaining commitment to fund an unconsolidated entity for further expenses up until the unconsolidated entity obtained permanent financing. (2) At both August 31, 2016 and November 30, 2015 , the maximum recourse exposure to loss of Rialto’s investments in unconsolidated VIEs was limited to its investments in the unconsolidated VIEs. At August 31, 2016 and November 30, 2015 , investments in unconsolidated VIEs and Lennar’s maximum exposure to loss included $60.9 million and $25.6 million , respectively, related to Rialto’s investments held-to-maturity. (3) As of August 31, 2016 and November 30, 2015 , the remaining equity commitment of $321.2 million and $378.3 million , respectively, to fund the Venture for future expenditures related to the construction and development of its projects is included in Lennar's maximum exposure to loss. In addition, at August 31, 2016 and November 30, 2015 , the maximum exposure to loss of Lennar Multifamily's investments in unconsolidated VIEs was limited to its investments in the unconsolidated VIEs, except with regard to $27.3 million and $30.0 million

Supplemental Financial Inform39

Supplemental Financial Information (Tables)	9 Months Ended
	Aug. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidating Balance Sheet	Supplemental information for the subsidiaries that were guarantor subsidiaries at August 31, 2016 was as follows: Condensed Consolidating Balance Sheet August 31, 2016 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total ASSETS Lennar Homebuilding: Cash and cash equivalents, restricted cash and receivables, net $ 365,177 270,020 16,949 — 652,146 Inventories — 9,378,652 277,094 — 9,655,746 Investments in unconsolidated entities — 778,532 17,967 — 796,499 Other assets 211,279 334,483 80,635 11,149 637,546 Investments in subsidiaries 3,918,687 126,787 — (4,045,474 ) — Intercompany 7,187,710 — — (7,187,710 ) — 11,682,853 10,888,474 392,645 (11,222,035 ) 11,741,937 Rialto — — 1,196,653 — 1,196,653 Lennar Financial Services — 98,716 1,432,641 (3,801 ) 1,527,556 Lennar Multifamily — — 549,148 (16,574 ) 532,574 Total assets $ 11,682,853 10,987,190 3,571,087 (11,242,410 ) 14,998,720 LIABILITIES AND EQUITY Lennar Homebuilding: Accounts payable and other liabilities $ 487,415 769,239 79,122 (9,226 ) 1,326,550 Liabilities related to consolidated inventory not owned — 12,019 96,424 — 108,443 Senior notes and other debts payable 4,649,903 260,095 10,850 — 4,920,848 Intercompany — 6,303,367 884,343 (7,187,710 ) — 5,137,318 7,344,720 1,070,739 (7,196,936 ) 6,355,841 Rialto — — 632,562 — 632,562 Lennar Financial Services — 35,732 1,104,483 — 1,140,215 Lennar Multifamily — — 107,196 — 107,196 Total liabilities 5,137,318 7,380,452 2,914,980 (7,196,936 ) 8,235,814 Stockholders’ equity 6,545,535 3,606,738 438,736 (4,045,474 ) 6,545,535 Noncontrolling interests — — 217,371 — 217,371 Total equity 6,545,535 3,606,738 656,107 (4,045,474 ) 6,762,906 Total liabilities and equity $ 11,682,853 10,987,190 3,571,087 (11,242,410 ) 14,998,720 November 30, 2015 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total ASSETS Lennar Homebuilding: Cash and cash equivalents, restricted cash and receivables, net $ 595,921 372,146 13,384 — 981,451 Inventories — 8,571,769 168,827 — 8,740,596 Investments in unconsolidated entities — 692,879 48,672 — 741,551 Other assets 193,360 324,050 75,108 16,704 609,222 Investments in subsidiaries 3,958,687 176,660 — (4,135,347 ) — Intercompany 6,227,193 — — (6,227,193 ) — 10,975,161 10,137,504 305,991 (10,345,836 ) 11,072,820 Rialto — — 1,505,500 — 1,505,500 Lennar Financial Services — 89,532 1,341,565 (5,260 ) 1,425,837 Lennar Multifamily — — 426,796 (11,444 ) 415,352 Total assets $ 10,975,161 10,227,036 3,579,852 (10,362,540 ) 14,419,509 LIABILITIES AND EQUITY Lennar Homebuilding: Accounts payable and other liabilities $ 579,468 710,460 85,796 — 1,375,724 Liabilities related to consolidated inventory not owned — 51,431 — — 51,431 Senior notes and other debts payable 4,746,749 267,531 10,850 — 5,025,130 Intercompany — 5,514,610 712,583 (6,227,193 ) — 5,326,217 6,544,032 809,229 (6,227,193 ) 6,452,285 Rialto — — 866,224 — 866,224 Lennar Financial Services — 36,229 1,047,749 — 1,083,978 Lennar Multifamily — — 66,950 — 66,950 Total liabilities 5,326,217 6,580,261 2,790,152 (6,227,193 ) 8,469,437 Stockholders’ equity 5,648,944 3,646,775 488,572 (4,135,347 ) 5,648,944 Noncontrolling interests — — 301,128 — 301,128 Total equity 5,648,944 3,646,775 789,700 (4,135,347 ) 5,950,072 Total liabilities and equity $ 10,975,161 10,227,036 3,579,852 (10,362,540 ) 14,419,509
Condensed Consolidating Statement of Operations and Comprehensive Income	Condensed Consolidating Statement of Operations and Comprehensive Income Three Months Ended August 31, 2016 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 2,492,189 4,780 — 2,496,969 Lennar Financial Services — 60,518 135,939 (5,013 ) 191,444 Rialto — — 63,885 — 63,885 Lennar Multifamily — — 81,620 (24 ) 81,596 Total revenues — 2,552,707 286,224 (5,037 ) 2,833,894 Cost and expenses: Lennar Homebuilding — 2,157,506 7,309 (788 ) 2,164,027 Lennar Financial Services — 50,602 92,431 (4,837 ) 138,196 Rialto — — 62,721 (415 ) 62,306 Lennar Multifamily — — 84,007 — 84,007 Corporate general and administrative 59,644 255 — 1,265 61,164 Total costs and expenses 59,644 2,208,363 246,468 (4,775 ) 2,509,700 Lennar Homebuilding equity in earnings (loss) from unconsolidated entities — (18,127 ) 93 — (18,034 ) Lennar Homebuilding other income, net 1,209 29,823 1,113 (1,198 ) 30,947 Other interest expense (1,460 ) (973 ) — 1,460 (973 ) Rialto equity in earnings from unconsolidated entities — — 5,976 — 5,976 Rialto other expense, net — — (7,612 ) — (7,612 ) Lennar Multifamily equity in earnings from unconsolidated entities — — 5,060 — 5,060 Earnings (loss) before income taxes (59,895 ) 355,067 44,386 — 339,558 Benefit (provision) for income taxes 18,646 (106,867 ) (18,206 ) — (106,427 ) Equity in earnings from subsidiaries 277,091 22,301 — (299,392 ) — Net earnings (including net loss attributable to noncontrolling interests) 235,842 270,501 26,180 (299,392 ) 233,131 Less: Net loss attributable to noncontrolling interests — — (2,711 ) — (2,711 ) Net earnings attributable to Lennar $ 235,842 270,501 28,891 (299,392 ) 235,842 Other comprehensive income, net of tax: Net unrealized gain on securities available-for-sale $ — — 639 — 639 Reclassification adjustments for gains included in earnings, net of tax — — (31 ) — (31 ) Other comprehensive income attributable to Lennar $ 235,842 270,501 29,499 (299,392 ) 236,450 Other comprehensive loss attributable to noncontrolling interests $ — — (2,711 ) — (2,711 ) Three Months Ended August 31, 2015 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 2,232,318 — — 2,232,318 Lennar Financial Services — 54,415 119,345 (5,012 ) 168,748 Rialto — — 51,554 — 51,554 Lennar Multifamily — — 39,091 (13 ) 39,078 Total revenues — 2,286,733 209,990 (5,025 ) 2,491,698 Cost and expenses: Lennar Homebuilding — 1,897,755 21,080 (5,552 ) 1,913,283 Lennar Financial Services — 47,514 81,762 35 129,311 Rialto — — 53,732 (409 ) 53,323 Lennar Multifamily — — 47,072 — 47,072 Corporate general and administrative 55,229 — — 1,265 56,494 Total costs and expenses 55,229 1,945,269 203,646 (4,661 ) 2,199,483 Lennar Homebuilding equity in earnings from unconsolidated entities — 8,633 4,667 — 13,300 Lennar Homebuilding other income (expense), net 1,674 (12,495 ) 16,106 (1,096 ) 4,189 Other interest expense (1,460 ) (2,812 ) — 1,460 (2,812 ) Rialto equity in earnings from unconsolidated entities — — 7,590 — 7,590 Rialto other income, net — — 1,172 — 1,172 Lennar Multifamily equity in earnings from unconsolidated entities — — 5,004 — 5,004 Earnings (loss) before income taxes (55,015 ) 334,790 40,883 — 320,658 Benefit (provision) for income taxes 16,215 (96,069 ) (15,767 ) — (95,621 ) Equity in earnings from subsidiaries 262,112 17,947 — (280,059 ) — Net earnings (including net earnings attributable to noncontrolling interests) 223,312 256,668 25,116 (280,059 ) 225,037 Less: Net earnings attributable to noncontrolling interests — — 1,725 — 1,725 Net earnings attributable to Lennar $ 223,312 256,668 23,391 (280,059 ) 223,312 Other comprehensive income, net of tax: Net unrealized loss on securities available-for-sale $ — — (400 ) — (400 ) Other comprehensive income attributable to Lennar $ 223,312 256,668 22,991 (280,059 ) 222,912 Other comprehensive earnings attributable to noncontrolling interests $ — — 1,725 — 1,725 Nine Months Ended August 31, 2016 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 6,729,555 4,780 — 6,734,335 Lennar Financial Services — 154,438 351,923 (15,021 ) 491,340 Rialto — — 152,434 — 152,434 Lennar Multifamily — — 195,320 (56 ) 195,264 Total revenues — 6,883,993 704,457 (15,077 ) 7,573,373 Cost and expenses: Lennar Homebuilding — 5,840,084 15,941 (11,505 ) 5,844,520 Lennar Financial Services — 140,618 243,755 (5,300 ) 379,073 Rialto — — 156,198 (782 ) 155,416 Lennar Multifamily — — 204,244 — 204,244 Corporate general and administrative 160,074 764 — 3,796 164,634 Total costs and expenses 160,074 5,981,466 620,138 (13,791 ) 6,747,887 Lennar Homebuilding equity in earnings (loss) from unconsolidated entities — (25,138 ) 471 — (24,667 ) Lennar Homebuilding other income, net 3,108 45,123 1,239 (3,079 ) 46,391 Other interest expense (4,365 ) (3,323 ) — 4,365 (3,323 ) Rialto equity in earnings from unconsolidated entities — — 14,337 — 14,337 Rialto other expense, net — — (27,888 ) — (27,888 ) Lennar Multifamily equity in earnings from unconsolidated entities — — 38,754 — 38,754 Earnings (loss) before income taxes (161,331 ) 919,189 111,232 — 869,090 Benefit (provision) for income taxes 49,706 (277,230 ) (38,945 ) — (266,469 ) Equity in earnings from subsidiaries 710,016 42,297 — (752,313 ) — Net earnings (including net earnings attributable to noncontrolling interests) 598,391 684,256 72,287 (752,313 ) 602,621 Less: Net earnings attributable to noncontrolling interests — — 4,230 — 4,230 Net earnings attributable to Lennar $ 598,391 684,256 68,057 (752,313 ) 598,391 Other comprehensive income, net of tax: Net unrealized gain on securities available-for-sale $ — — 1,121 — 1,121 Reclassification adjustments for gains included in earnings, net of tax — — (37 ) — (37 ) Other comprehensive income attributable to Lennar $ 598,391 684,256 69,141 (752,313 ) 599,475 Other comprehensive income attributable to noncontrolling interests $ — — 4,230 — 4,230 Nine Months Ended August 31, 2015 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 5,789,788 — — 5,789,788 Lennar Financial Services — 145,386 333,079 (15,005 ) 463,460 Rialto — — 160,682 — 160,682 Lennar Multifamily — — 114,529 (18 ) 114,511 Total revenues — 5,935,174 608,290 (15,023 ) 6,528,441 Cost and expenses: Lennar Homebuilding — 4,974,687 41,110 (11,857 ) 5,003,940 Lennar Financial Services — 135,264 237,854 (3,675 ) 369,443 Rialto — — 162,019 (409 ) 161,610 Lennar Multifamily — — 136,293 — 136,293 Corporate general and administrative 146,559 — — 3,796 150,355 Total costs and expenses 146,559 5,109,951 577,276 (12,145 ) 5,821,641 Lennar Homebuilding equity in earnings from unconsolidated entities — 35,020 13,673 — 48,693 Lennar Homebuilding other income (expense), net 2,068 (4,894 ) 14,602 (1,471 ) 10,305 Other interest expense (4,349 ) (10,701 ) — 4,349 (10,701 ) Rialto equity in earnings from unconsolidated entities — — 17,582 — 17,582 Rialto other income, net — — 28 — 28 Lennar Multifamily equity in earnings from unconsolidated entities — — 4,404 — 4,404 Earnings (loss) before income taxes (148,840 ) 844,648 81,303 — 777,111 Benefit (provision) for income taxes 48,313 (267,715 ) (31,171 ) — (250,573 ) Equity in earnings from subsidiaries 621,818 38,033 — (659,851 ) — Net earnings (including net earnings attributable to noncontrolling interests) 521,291 614,966 50,132 (659,851 ) 526,538 Less: Net earnings attributable to noncontrolling interests — — 5,247 — 5,247 Net earnings attributable to Lennar $ 521,291 614,966 44,885 (659,851 ) 521,291 Other comprehensive income, net of tax: Net unrealized loss on securities available-for-sale $ — — (294 ) — (294 ) Reclassification adjustments for gains included in earnings, net of tax $ — — (23 ) — (23 ) Other comprehensive income attributable to Lennar $ 521,291 614,966 44,568 (659,851 ) 520,974 Other comprehensive earnings attributable to noncontrolling interests $ — — 5,247 — 5,247
Condensed Consolidating Statement of Cash Flows	Condensed Consolidating Statement of Cash Flows Nine Months Ended August 31, 2016 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Cash flows from operating activities: Net earnings (including net earnings attributable to noncontrolling interests) $ 598,391 684,256 72,287 (752,313 ) 602,621 Distributions of earnings from guarantor and non-guarantor subsidiaries 710,016 42,297 — (752,313 ) — Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities (712,476 ) (707,332 ) 61,794 752,313 (605,701 ) Net cash provided by (used in) operating activities 595,931 19,221 134,081 (752,313 ) (3,080 ) Cash flows from investing activities: Proceeds from the sale of operating properties and equipment — 17,450 — — 17,450 Investments in and contributions to unconsolidated entities, net of distributions of capital — (100,475 ) (9,752 ) — (110,227 ) Proceeds from sales of real estate owned — — 66,638 — 66,638 Receipts of principal payments on loans receivable and other — — 57,733 — 57,733 Originations/purchases of loans receivable — — (56,507 ) — (56,507 ) Purchases of commercial mortgage-backed securities bonds — — (33,005 ) — (33,005 ) Other (8,836 ) (41,120 ) (8,801 ) — (58,757 ) Distributions of capital from guarantor and non-guarantor subsidiaries 40,000 40,000 — (80,000 ) — Intercompany (956,734 ) — — 956,734 — Net cash provided by (used in) investing activities (925,570 ) (84,145 ) 16,306 876,734 (116,675 ) Cash flows from financing activities: Net borrowings under unsecured revolving credit facility 125,000 — — — 125,000 Net (repayments) borrowings under warehouse facilities — 141 (137,466 ) — (137,325 ) Proceeds from senior notes and debt issuance costs 495,974 — (931 ) — 495,043 Redemption of senior notes (250,000 ) — — — (250,000 ) Conversions and exchanges of convertible senior notes (233,893 ) — — — (233,893 ) Principal payments on Rialto notes payable including structured notes — — (4,121 ) — (4,121 ) Net payments on other borrowings — (99,804 ) — (99,804 ) Net payments related to noncontrolling interests — (97,912 ) — (97,912 ) Excess tax benefits from share-based awards 7,039 — — — 7,039 Common stock: Issuances 19,471 — — — 19,471 Repurchases (19,871 ) — — — (19,871 ) Dividends (26,222 ) (724,256 ) (108,057 ) 832,313 (26,222 ) Intercompany — 782,877 173,857 (956,734 ) — Net cash provided by (used in) financing activities 117,498 (41,042 ) (174,630 ) (124,421 ) (222,595 ) Net decrease in cash and cash equivalents (212,141 ) (105,966 ) (24,243 ) — (342,350 ) Cash and cash equivalents at beginning of period 575,821 336,048 246,576 — 1,158,445 Cash and cash equivalents at end of period $ 363,680 230,082 222,333 — 816,095 Nine Months Ended August 31, 2015 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Cash flows from operating activities: Net earnings (including net earnings attributable to noncontrolling interests) $ 521,291 614,966 50,132 (659,851 ) 526,538 Distributions of earnings from guarantor and non-guarantor subsidiaries 621,818 38,033 — (659,851 ) — Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities (594,735 ) (1,090,481 ) (589,587 ) 659,851 (1,614,952 ) Net cash provided by (used in) operating activities 548,374 (437,482 ) (539,455 ) (659,851 ) (1,088,414 ) Cash flows from investing activities: Proceeds from sale of operating properties — — 73,732 — 73,732 Investments in and contributions to unconsolidated entities, net of distributions of capital — (17,833 ) (18,729 ) — (36,562 ) Proceeds from sales of real estate owned — — 88,565 — 88,565 Receipts of principal payments on loans receivable and other — — 14,225 — 14,225 Other (26,189 ) (47,141 ) (82,311 ) — (155,641 ) Distributions of capital from guarantor and non-guarantor subsidiaries 75,000 75,050 — (150,050 ) — Intercompany (1,470,225 ) — — 1,470,225 — Net cash provided by (used in) investing activities (1,421,414 ) 10,076 75,482 1,320,175 (15,681 ) Cash flows from financing activities: Net borrowings under unsecured revolving credit facility 575,000 — — — 575,000 Net borrowings under warehouse facilities — — 294,015 — 294,015 Proceeds from senior notes and debt issuance costs 744,409 — (994 ) — 743,415 Redemption of senior notes (500,000 ) — — — (500,000 ) Conversions and exchanges of convertible senior notes (168,854 ) — — — (168,854 ) Principal payments on Rialto notes payable including structured notes — — (28,247 ) — (28,247 ) Net proceeds (payments) on other borrowings 20,746 (96,265 ) (69,501 ) — (145,020 ) Net payments related to noncontrolling interests — — (104,355 ) — (104,355 ) Excess tax benefit from share-based awards 113 — — — 113 Common stock: Issuances 9,406 — — — 9,406 Repurchases (23,133 ) — — — (23,133 ) Dividends (24,765 ) (689,966 ) (119,935 ) 809,901 (24,765 ) Intercompany — 1,169,960 300,265 (1,470,225 ) — Net cash provided by financing activities 632,922 383,729 271,248 (660,324 ) 627,575 Net decrease in cash and cash equivalents (240,118 ) (43,677 ) (192,725 ) — (476,520 ) Cash and cash equivalents at beginning of period 633,318 252,914 395,582 — 1,281,814 Cash and cash equivalents at end of period $ 393,200 209,237 202,857 — 805,294

Operating and Reporting Segme40

Operating and Reporting Segments (Disclosure Of Financial Information Relating To Company's Operations) (Details) $ in Thousands		3 Months Ended			9 Months Ended
		Aug. 31, 2016USD ($)$ / homes	Feb. 29, 2016segment	Aug. 31, 2015USD ($)$ / homes	Aug. 31, 2016USD ($)$ / homes	Aug. 31, 2015USD ($)$ / homes	Nov. 30, 2015USD ($)
Segment Reporting Information [Line Items]
Assets	[1]	$ 14,998,720			$ 14,998,720		$ 14,419,509
Revenues		2,833,894		$ 2,491,698	7,573,373	$ 6,528,441
Operating earnings (loss):
Operating earnings		400,722		377,152	1,033,724	927,466
Corporate general and administrative expenses		61,164		56,494	164,634	150,355
Earnings before income taxes		339,558		320,658	869,090	777,111
Sales incentives		$ 152,300		$ 130,600	$ 402,200	$ 353,100
Sales incentives per home delivered (in dollars per home) | $ / homes		22,500		20,700	22,000	21,300
Gain on sale of clubhouse					$ 12,559	$ 5,945
Equity in earnings (loss) from unconsolidated entities					28,424	70,679
Rialto
Segment Reporting Information [Line Items]
Assets	[1]	$ 1,196,653			1,196,653		1,505,500
Revenues		63,885		$ 51,554	152,434	160,682
Operating earnings (loss):
Equity in earnings (loss) from unconsolidated entities		5,976		7,590	14,337	17,582
Lennar Financial Services
Segment Reporting Information [Line Items]
Assets	[1]	1,527,556			1,527,556		1,425,837
Revenues		191,444		168,748	491,340	463,460
Lennar Multifamily
Segment Reporting Information [Line Items]
Assets	[1]	532,574			532,574		415,352
Revenues		81,596		39,078	195,264	114,511
Operating earnings (loss):
Equity in earnings (loss) from unconsolidated entities		5,060		5,004	38,754	4,404
Lennar Homebuilding
Segment Reporting Information [Line Items]
Assets	[1]	11,741,937			11,741,937		11,072,820
Revenues		2,496,969		2,232,318	6,734,335	5,789,788
Operating earnings (loss):
Equity in earnings (loss) from unconsolidated entities		(18,034)		13,300	(24,667)	48,693
Operating Segments | Homebuilding East
Segment Reporting Information [Line Items]
Assets		3,621,564			3,621,564		3,140,604
Revenues		1,002,584		913,184	2,615,936	2,362,102
Operating earnings (loss):
Operating earnings		161,789		147,055	389,433	365,154
Gain on sale of clubhouse		8,700			8,700
Operating Segments | Homebuilding Central
Segment Reporting Information [Line Items]
Assets		1,494,703			1,494,703		1,421,195
Revenues		422,504		322,242	1,117,034	835,259
Operating earnings (loss):
Operating earnings		44,627		32,152	110,629	77,919
Operating Segments | Homebuilding West
Segment Reporting Information [Line Items]
Assets		4,527,360			4,527,360		4,157,616
Revenues		671,122		639,593	1,940,520	1,649,727
Operating earnings (loss):
Operating earnings		92,308		114,499	294,949	299,324
Operating Segments | Homebuilding West | Strategic Joint Venture
Operating earnings (loss):
Management fee income and profit participation		17,400			30,100
Operating Segments | Homebuilding Houston
Segment Reporting Information [Line Items]
Assets		495,216			495,216		481,386
Revenues		199,800		204,948	528,097	525,852
Operating earnings (loss):
Operating earnings		23,132		26,665	59,087	66,418
Operating Segments | Rialto
Segment Reporting Information [Line Items]
Assets		1,196,653			1,196,653		1,505,500
Revenues		63,885		51,554	152,434	160,682
Operating earnings (loss):
Operating earnings		(57)		6,993	(16,533)	16,682
Operating Segments | Lennar Financial Services
Segment Reporting Information [Line Items]
Assets		1,527,556			1,527,556		1,425,837
Revenues		191,444		168,748	491,340	463,460
Operating earnings (loss):
Operating earnings		53,248		39,437	112,267	94,017
Operating Segments | Lennar Multifamily
Segment Reporting Information [Line Items]
Assets		532,574			532,574		415,352
Revenues		81,596		39,078	195,264	114,511
Operating earnings (loss):
Operating earnings		2,649		(2,990)	29,774	(17,378)
Operating Segments | Lennar Homebuilding | Unconsolidated entity
Operating earnings (loss):
Equity in earnings (loss) from unconsolidated entities				21,500		64,500
Homebuilding Other
Segment Reporting Information [Line Items]
Assets		825,798			825,798		858,000
Revenues		200,959		152,351	532,748	416,848
Operating earnings (loss):
Operating earnings		23,026		$ 13,341	54,118	$ 25,330
Corporate and unallocated
Segment Reporting Information [Line Items]
Assets		$ 777,296			$ 777,296		$ 1,014,019
Southeast Florida
Segment Reporting Information [Line Items]
Number of operating segments | segment			2
[1]	Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations, (“ASC 810”) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of August 31, 2016, total assets include $596.6 million related to consolidated VIEs of which $9.7 million is included in Lennar Homebuilding cash and cash equivalents, $0.1 million in Lennar Homebuilding receivables, net, $46.9 million in Lennar Homebuilding finished homes and construction in progress, $113.8 million in Lennar Homebuilding land and land under development, $127.0 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $16.5 million in Lennar Homebuilding other assets, $251.5 million in Rialto assets and $26.6 million in Lennar Multifamily assets.As of November 30, 2015, total assets include $652.3 million related to consolidated VIEs of which $9.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.5 million in Lennar Homebuilding receivables, net, $3.9 million in Lennar Homebuilding finished homes and construction in progress, $154.2 million in Lennar Homebuilding land and land under development, $58.9 million in Lennar Homebuilding consolidated inventory not owned, $35.8 million in Lennar Homebuilding investments in unconsolidated entities, $22.7 million in Lennar Homebuilding other assets, $355.2 million in Rialto assets and $11.5 million in Lennar Multifamily assets.

Lennar Homebuilding Investmen41

Lennar Homebuilding Investments in Unconsolidated Entities (Statements Of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2016	Aug. 31, 2015
Schedule of Equity Method Investments [Line Items]
Equity in earnings (loss) from unconsolidated entities			$ 28,424	$ 70,679
Lennar Homebuilding
Schedule of Equity Method Investments [Line Items]
Revenues	$ 43,889	$ 141,599	352,251	765,346
Costs and expenses	110,649	127,678	409,219	580,696
Other income	0	46,400	0	49,343
Net earnings (loss) of unconsolidated entities	(66,760)	60,321	(56,968)	233,993
Equity in earnings (loss) from unconsolidated entities	$ (18,034)	$ 13,300	$ (24,667)	$ 48,693

Lennar Homebuilding Investmen42

Lennar Homebuilding Investments in Unconsolidated Entities (Narrative) (Details) $ in Thousands		3 Months Ended		9 Months Ended
		Aug. 31, 2016USD ($)	Aug. 31, 2015USD ($)homes	Aug. 31, 2016USD ($)homes	Aug. 31, 2015USD ($)homes	May 02, 2016investment	Nov. 30, 2015USD ($)
Schedule of Equity Method Investments [Line Items]
Equity in earnings (loss) from unconsolidated entities				$ 28,424	$ 70,679
Number of investments contributed | investment						3
Lennar Homebuilding
Schedule of Equity Method Investments [Line Items]
Equity in earnings (loss) from unconsolidated entities		$ (18,034)	$ 13,300	(24,667)	$ 48,693
Investments in unconsolidated entities	[1]	796,499		796,499			$ 741,551
Underlying equity in unconsolidated partners' net assets		$ 1,200,000		$ 1,200,000			$ 839,500
Lennar Homebuilding | Unconsolidated entity
Schedule of Equity Method Investments [Line Items]
Homesites sold | homes			40		700
Lennar Homebuilding | Unconsolidated entity | Lennar Corp
Schedule of Equity Method Investments [Line Items]
Homesites sold | homes				300
Gross profit				$ 49,300
Operating Segments | Lennar Homebuilding | Unconsolidated entity
Schedule of Equity Method Investments [Line Items]
Equity in earnings (loss) from unconsolidated entities			$ 21,500		$ 64,500
[1]	Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations, (“ASC 810”) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of August 31, 2016, total assets include $596.6 million related to consolidated VIEs of which $9.7 million is included in Lennar Homebuilding cash and cash equivalents, $0.1 million in Lennar Homebuilding receivables, net, $46.9 million in Lennar Homebuilding finished homes and construction in progress, $113.8 million in Lennar Homebuilding land and land under development, $127.0 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $16.5 million in Lennar Homebuilding other assets, $251.5 million in Rialto assets and $26.6 million in Lennar Multifamily assets.As of November 30, 2015, total assets include $652.3 million related to consolidated VIEs of which $9.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.5 million in Lennar Homebuilding receivables, net, $3.9 million in Lennar Homebuilding finished homes and construction in progress, $154.2 million in Lennar Homebuilding land and land under development, $58.9 million in Lennar Homebuilding consolidated inventory not owned, $35.8 million in Lennar Homebuilding investments in unconsolidated entities, $22.7 million in Lennar Homebuilding other assets, $355.2 million in Rialto assets and $11.5 million in Lennar Multifamily assets.

Lennar Homebuilding Investmen43

Lennar Homebuilding Investments in Unconsolidated Entities (Balance Sheets) (Details) - Lennar Homebuilding - USD ($) $ in Thousands	Aug. 31, 2016	Nov. 30, 2015
Assets:
Cash and cash equivalents	$ 369,203	$ 248,980
Inventories	3,798,070	3,059,054
Other assets	1,354,826	465,404
Total assets	5,522,099	3,773,438
Liabilities and equity:
Accounts payable and other liabilities	854,568	288,192
Debt	865,496	792,886
Equity	3,802,035	2,692,360
Total liabilities and equity	$ 5,522,099	$ 3,773,438

Lennar Homebuilding Investmen44

Lennar Homebuilding Investments in Unconsolidated Entities (Total Debt Of Unconsolidated Entities) (Details) - Lennar Homebuilding - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Aug. 31, 2016	Nov. 30, 2015
Schedule of Equity Method Investments [Line Items]
Non-recourse bank debt and other debt (partner’s share of several recourse)	$ 48,792	$ 50,411
Non-recourse land seller debt and other debt	323,995	324,000
Non-recourse debt with completion guarantees	137,152	146,760
Non-recourse debt without completion guarantees	306,929	260,734
Non-recourse debt to the Company	816,868	781,905
The Company’s maximum recourse exposure	48,628	10,981
Total debt	$ 865,496	$ 792,886
The Company’s maximum recourse exposure as a % of total JV debt	6.00%	1.00%

Stockholders' Equity (Schedule

Stockholders' Equity (Schedule Of Changes In Equity) (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Aug. 31, 2016		Aug. 31, 2015	Aug. 31, 2016		Aug. 31, 2015
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning				$ 5,950,072	[1]	$ 5,251,302
Net earnings (including net earnings attributable to noncontrolling interests)	$ 233,131		$ 225,037	602,621		526,538
Employee stock and directors plans				501		(12,727)
Conversions and exchanges of convertible senior notes to Class A common stock				242,406		0
Tax benefit from employee stock plans, vesting of restricted stock and conversions of convertible senior notes				45,803		17,419
Amortization of restricted stock				34,628		32,095
Cash dividends				(26,222)		(24,765)
Receipts related to noncontrolling interests				266		1,475
Payments related to noncontrolling interests				(98,178)		(105,830)
Non-cash distributions to noncontrolling interests				(5,033)
Non-cash consolidations, net				12,478
Non-cash deconsolidations, net						(13,253)
Non-cash activity related to noncontrolling interests				2,480		2,760
Other comprehensive income, net of tax				1,084		(317)
Balance, ending	6,762,906	[1]	5,674,697	6,762,906	[1]	5,674,697
Additional Paid - in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning				2,305,560		2,239,574
Employee stock and directors plans				1,552		1,411
Conversions and exchanges of convertible senior notes to Class A common stock				240,855		(415)
Tax benefit from employee stock plans, vesting of restricted stock and conversions of convertible senior notes				45,803		17,419
Amortization of restricted stock				34,628		32,095
Balance, ending	2,628,398		2,290,084	2,628,398		2,290,084
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning				(107,755)		(93,440)
Employee stock and directors plans				(1,175)		(14,259)
Balance, ending	(108,930)		(107,699)	(108,930)		(107,699)
Accumulated Other Comprehensive Income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning				39		130
Other comprehensive income, net of tax				1,084		(317)
Balance, ending	1,123		(187)	1,123		(187)
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning				3,429,736		2,660,034
Net earnings (including net earnings attributable to noncontrolling interests)				598,391		521,291
Cash dividends				(26,222)		(24,765)
Balance, ending	4,001,905		3,156,560	4,001,905		3,156,560
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning				301,128		424,282
Net earnings (including net earnings attributable to noncontrolling interests)				4,230		5,247
Receipts related to noncontrolling interests				266		1,475
Payments related to noncontrolling interests				(98,178)		(105,830)
Non-cash distributions to noncontrolling interests				(5,033)
Non-cash consolidations, net				12,478
Non-cash deconsolidations, net						(13,253)
Non-cash activity related to noncontrolling interests				2,480		2,760
Balance, ending	217,371		314,681	217,371		314,681
Class A Common Stock | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning				18,066		17,424
Employee stock and directors plans				124		121
Conversions and exchanges of convertible senior notes to Class A common stock				1,551		415
Balance, ending	19,741		17,960	19,741		17,960
Class B Common Stock | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning				3,298		3,298
Balance, ending	$ 3,298		$ 3,298	$ 3,298		$ 3,298
[1]	As of August 31, 2016, total liabilities include $136.8 million related to consolidated VIEs as to which there was no recourse against the Company, of which $2.7 million is included in Lennar Homebuilding accounts payable, $108.4 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.7 million in Lennar Homebuilding other liabilities, $12.1 million in Rialto liabilities and $11.9 million in Lennar Multifamily liabilities.As of November 30, 2015, total liabilities include $84.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $2.0 million is included in Lennar Homebuilding accounts payable, $51.4 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $15.6 million in Lennar Homebuilding other liabilities, $11.3 million in Rialto liabilities and $4.0 million in Lennar Multifamily liabilities.

Income Taxes (Income Tax Benefi

Income Taxes (Income Tax Benefit (Provision)) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2016	Aug. 31, 2015
Income Tax Disclosure [Abstract]
Provision for income taxes	$ (106,427)	$ (95,621)	$ (266,469)	$ (250,573)
Effective tax rate	31.09%	29.98%	30.81%	32.46%

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	Aug. 31, 2016	Nov. 30, 2015
Income Tax Disclosure [Abstract]
Deferred tax assets	$ 320.1	$ 340.7
Unrecognized tax benefits	12.3	12.3
Income tax penalties and interest accrued	45.2	$ 65.1
Income tax penalties and interest expense	2.4
Unrecognized tax benefits, decreases in accrued interest and penalties accrued	$ 22.3

Schedule of Basic and Diluted E

Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2016	Aug. 31, 2015
Numerator:
Net earnings attributable to Lennar	$ 235,842	$ 223,312	$ 598,391	$ 521,291
Less: distributed earnings allocated to nonvested shares	81	91	256	271
Less: undistributed earnings allocated to nonvested shares	2,232	2,313	5,798	5,431
Numerator for basic earnings per share	233,529	220,908	592,337	515,589
Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan	258	1,044	864	2,842
Plus: interest on 3.25% convertible senior notes due 2021	964	1,982	4,836	5,946
Plus: undistributed earnings allocated to convertible shares	2,232	2,313	5,797	5,430
Less: undistributed earnings reallocated to convertible shares	2,162	2,093	5,484	4,870
Numerator for diluted earnings per share	$ 234,305	$ 222,066	$ 596,622	$ 519,253
Denominator:
Denominator for basic earnings per share-weighted average common shares outstanding (shares)	223,549	206,439	215,814	204,120
Effect of dilutive securities:
Share-based payments (shares)	3	7	4	9
Convertible senior notes (shares)	8,266	24,102	14,399	26,506
Denominator for diluted earnings per share-weighted average common shares outstanding (shares)	231,818	230,548	230,217	230,635
Basic earnings per share (in dollars per share)	$ 1.04	$ 1.07	$ 2.74	$ 2.53
Diluted earnings per share (in dollars per share)	$ 1.01	$ 0.96	$ 2.59	$ 2.25
Senior Notes | 3.25% convertible senior notes due 2021
Debt Instrument [Line Items]
Interest rate	3.25%		3.25%

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares	3 Months Ended		9 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2016	Aug. 31, 2015
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase outstanding and anti-dilutive shares	0	0	0	0

Lennar Financial Services Seg50

Lennar Financial Services Segment (Schedule Of Assets And Liabilities) (Details) - USD ($) $ in Thousands		Aug. 31, 2016	Nov. 30, 2015	Aug. 31, 2015	Nov. 30, 2014
Assets:
Cash and cash equivalents		$ 816,095	$ 1,158,445	$ 805,294	$ 1,281,814
Total assets	[1]	14,998,720	14,419,509
Liabilities:
Total liabilities	[2]	8,235,814	8,469,437
Lennar Financial Services
Assets:
Cash and cash equivalents		110,164	106,777
Restricted cash		13,910	13,961
Receivables, net		374,769	242,808
Loans held-for-sale		800,139	843,252
Loans held-for-investment, net		29,704	30,998
Investments held-to-maturity		34,746	40,174
Investments available-for-sale		51,535	42,827
Goodwill		39,838	38,854
Other		72,751	66,186
Total assets	[1]	1,527,556	1,425,837
Liabilities:
Notes and other debts payable		913,040	858,300
Other		227,175	225,678
Total liabilities	[2]	1,140,215	1,083,978
Self-insurance reserves		58,400	65,000
Lennar Financial Services | Servicing Contracts
Liabilities:
Mortgage servicing rights		18,400	16,800
Lennar Financial Services | Mortgage loan commitments
Liabilities:
Other asset		20,700	13,100
Lennar Financial Services | Forward Contracts
Liabilities:
Other asset			$ 500
Other liability		$ 2,000
[1]	Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations, (“ASC 810”) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of August 31, 2016, total assets include $596.6 million related to consolidated VIEs of which $9.7 million is included in Lennar Homebuilding cash and cash equivalents, $0.1 million in Lennar Homebuilding receivables, net, $46.9 million in Lennar Homebuilding finished homes and construction in progress, $113.8 million in Lennar Homebuilding land and land under development, $127.0 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $16.5 million in Lennar Homebuilding other assets, $251.5 million in Rialto assets and $26.6 million in Lennar Multifamily assets.As of November 30, 2015, total assets include $652.3 million related to consolidated VIEs of which $9.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.5 million in Lennar Homebuilding receivables, net, $3.9 million in Lennar Homebuilding finished homes and construction in progress, $154.2 million in Lennar Homebuilding land and land under development, $58.9 million in Lennar Homebuilding consolidated inventory not owned, $35.8 million in Lennar Homebuilding investments in unconsolidated entities, $22.7 million in Lennar Homebuilding other assets, $355.2 million in Rialto assets and $11.5 million in Lennar Multifamily assets.
[2]	As of August 31, 2016, total liabilities include $136.8 million related to consolidated VIEs as to which there was no recourse against the Company, of which $2.7 million is included in Lennar Homebuilding accounts payable, $108.4 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.7 million in Lennar Homebuilding other liabilities, $12.1 million in Rialto liabilities and $11.9 million in Lennar Multifamily liabilities.As of November 30, 2015, total liabilities include $84.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $2.0 million is included in Lennar Homebuilding accounts payable, $51.4 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $15.6 million in Lennar Homebuilding other liabilities, $11.3 million in Rialto liabilities and $4.0 million in Lennar Multifamily liabilities.

Lennar Financial Services Seg51

Lennar Financial Services Segment (Schedule of Credit Facilities) (Details) - Lennar Financial Services - Warehouse Repurchase Facility	9 Months Ended
	Aug. 31, 2016USD ($)
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	$ 1,350,000,000
364-day warehouse repurchase facility that matures October 2016 (1)
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	$ 300,000,000
Facility, term	364 days
364-day warehouse repurchase facility that matures October 2016 (2)
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	$ 450,000,000
Facility, term	364 days
Uncommitted amount	$ 250,000,000
364-day warehouse repurchase facility that matures June 2017
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	$ 600,000,000
Facility, term	364 days

Lennar Financial Services Seg52

Lennar Financial Services Segment (Narrative) (Details) - Lennar Financial Services - USD ($) $ in Thousands	Aug. 31, 2016	Nov. 30, 2015
Segment Reporting Information [Line Items]
Notes and other debts payable	$ 913,040	$ 858,300
Outstanding principal balance	960,400	916,900
Warehouse Repurchase Facility
Segment Reporting Information [Line Items]
Notes and other debts payable	$ 912,700	$ 858,300

Lennar Financial Services Seg53

Lennar Financial Services Segment (Schedule Of Loan Origination Liabilities) (Details) - Lennar Financial Services - Loss origination liability - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2016	Aug. 31, 2015
Loss Contingency Accrual [Roll Forward]
Loan origination liabilities, beginning of period	$ 20,994	$ 13,660	$ 19,492	$ 11,818
Provision for losses	1,288	1,147	3,186	3,174
Adjustments to pre-existing provisions for losses from changes in estimates	1,224	0	1,224	0
Payments/settlements	(17)	0	(413)	(185)
Loan origination liabilities, end of period	$ 23,489	$ 14,807	$ 23,489	$ 14,807

Rialto Segment (Assets And Liab

Rialto Segment (Assets And Liabilities By Segment) (Details) - USD ($) $ in Thousands		Aug. 31, 2016	May 31, 2016	Nov. 30, 2015	Aug. 31, 2015	May 31, 2015	Nov. 30, 2014
Assets:
Cash and cash equivalents		$ 816,095		$ 1,158,445	$ 805,294		$ 1,281,814
Total assets	[1]	14,998,720		14,419,509
Liabilities:
Total liabilities	[2]	8,235,814		8,469,437
Rialto
Assets:
Cash and cash equivalents		133,103		150,219
Restricted cash		6,499		15,061
Receivables, net		0		154,948
Loans held-for-sale		228,931		316,275
Loans receivable, net		145,813		164,826
Real estate owned - held-for-sale		170,524	$ 180,547	183,052	185,738	$ 195,386	190,535
Real estate owned - held-and-used, net		111,619	$ 125,406	153,717	$ 195,866	$ 213,748	$ 255,795
Investments in unconsolidated entities	[1]	241,680		224,869
Investments held-to-maturity		60,928		25,625
Other		97,556		116,908
Total assets	[1]	1,196,653		1,505,500
Liabilities:
Notes and other debts payable	[2]	576,448		771,728
Other	[2]	56,114		94,496
Total liabilities	[2]	$ 632,562		$ 866,224
[1]	Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations, (“ASC 810”) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of August 31, 2016, total assets include $596.6 million related to consolidated VIEs of which $9.7 million is included in Lennar Homebuilding cash and cash equivalents, $0.1 million in Lennar Homebuilding receivables, net, $46.9 million in Lennar Homebuilding finished homes and construction in progress, $113.8 million in Lennar Homebuilding land and land under development, $127.0 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $16.5 million in Lennar Homebuilding other assets, $251.5 million in Rialto assets and $26.6 million in Lennar Multifamily assets.As of November 30, 2015, total assets include $652.3 million related to consolidated VIEs of which $9.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.5 million in Lennar Homebuilding receivables, net, $3.9 million in Lennar Homebuilding finished homes and construction in progress, $154.2 million in Lennar Homebuilding land and land under development, $58.9 million in Lennar Homebuilding consolidated inventory not owned, $35.8 million in Lennar Homebuilding investments in unconsolidated entities, $22.7 million in Lennar Homebuilding other assets, $355.2 million in Rialto assets and $11.5 million in Lennar Multifamily assets.
[2]	As of August 31, 2016, total liabilities include $136.8 million related to consolidated VIEs as to which there was no recourse against the Company, of which $2.7 million is included in Lennar Homebuilding accounts payable, $108.4 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.7 million in Lennar Homebuilding other liabilities, $12.1 million in Rialto liabilities and $11.9 million in Lennar Multifamily liabilities.As of November 30, 2015, total liabilities include $84.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $2.0 million is included in Lennar Homebuilding accounts payable, $51.4 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $15.6 million in Lennar Homebuilding other liabilities, $11.3 million in Rialto liabilities and $4.0 million in Lennar Multifamily liabilities.

Rialto Segment (Narrative) (Det

Rialto Segment (Narrative) (Details)		1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended
		Nov. 30, 2014USD ($)	May 31, 2014USD ($)	Aug. 31, 2016USD ($)	Aug. 31, 2015USD ($)	Aug. 31, 2016USD ($)transaction	Aug. 31, 2015USD ($)transaction	Nov. 30, 2011	Nov. 30, 2010USD ($)businessfinancial_institutionspropertyloans	Nov. 30, 2015USD ($)		Dec. 31, 2014USD ($)	Nov. 30, 2013USD ($)
Segment Reporting Information [Line Items]
Net earnings (loss) attributable to noncontrolling interests				$ (2,711,000)	$ 1,725,000	$ 4,230,000	$ 5,247,000
Assets	[1]			14,998,720,000		14,998,720,000				$ 14,419,509,000
Liabilities	[2]			8,235,814,000		8,235,814,000				8,469,437,000
Originations of loans receivable						56,507,000	22,545,000
Rialto
Segment Reporting Information [Line Items]
Loan impairments				4,300,000	4,500,000	11,100,000	7,300,000
Net earnings (loss) attributable to noncontrolling interests				(6,000,000)	(2,000,000)	(10,600,000)	(4,500,000)
Assets	[1]			1,196,653,000		1,196,653,000				1,505,500,000
Liabilities	[2]			632,562,000		632,562,000				866,224,000
Accrual loans				83,721,000		83,721,000				76,132,000
Average recorded investment in impaired loans						75,000,000	112,000,000
Loss upon acquisition of REO				(400,000)	(300,000)		(100,000)
Gain upon acquisition of REO						1,600,000
Borrowings under facilities	[2]			$ 576,448,000		$ 576,448,000				771,728,000
Percentage interest in loans				75.00%		75.00%
Maximum percentage of LLC equity units employees are eligible to receive as part of carried interest incentive plan								40.00%
Investments held-to-maturity				$ 60,928,000		$ 60,928,000				25,625,000
Investment in private commercial real estate services company												$ 18,000,000
Rialto | 2.85% Structured Notes
Segment Reporting Information [Line Items]
Debt proceeds as a percentage of face value			100.00%
Interest rate			2.85%
Senior notes and other debts payable				27,900,000		27,900,000				31,300,000
Rialto | 5.0% Structured Notes
Segment Reporting Information [Line Items]
Debt proceeds as a percentage of face value		99.50%
Interest rate		5.00%
Rialto | Warehouse Repurchase Facility
Segment Reporting Information [Line Items]
Borrowings under facilities				106,600,000		106,600,000				317,100,000
Rialto | Senior Notes | 7.00% Senior Notes due 2018
Segment Reporting Information [Line Items]
Aggregate principal amount													$ 350,000,000
Interest rate													7.00%
Senior notes and other debts payable				348,500,000		348,500,000				347,900,000
Rialto | Senior Notes | 2.85% Structured Notes
Segment Reporting Information [Line Items]
Aggregate principal amount			$ 73,800,000
Proceeds from Issuance of Long-term Debt			$ 69,100,000
Rialto | Senior Notes | 5.0% Structured Notes
Segment Reporting Information [Line Items]
Aggregate principal amount		$ 20,800,000
Proceeds from Issuance of Long-term Debt		$ 20,700,000
Rialto | Rialto Mortgage Finance
Segment Reporting Information [Line Items]
Originations of loans receivable						1,200,000,000	2,000,000,000
Proceeds from sale of loans held-for-sale						$ 1,300,000,000	$ 1,600,000,000
Number of securitization transactions | transaction						7	8
Receivables from securitization										151,800,000
Rialto | Rialto Mortgage Finance | Performing Financing Receivable
Segment Reporting Information [Line Items]
Originations of loans receivable						$ 55,700,000
Rialto | Rialto Mortgage Finance | Held-for-sale
Segment Reporting Information [Line Items]
Originations of loans receivable						1,200,000,000
Rialto | Commercial Property Loan
Segment Reporting Information [Line Items]
Accrual loans				83,700,000		83,700,000
Rialto | Bank Portfolios
Segment Reporting Information [Line Items]
Number of distressed residential and commercial real estate loans | loans									400
Number of real estate owned properties acquired | property									300
Number of financial institutions | financial_institutions									3
Aggregate principal amount									$ 124,000,000
Payments to acquire investments									$ 310,000,000
Senior notes and other debts payable				30,300,000		30,300,000				30,300,000
Term of note									5 years
Rialto | Real Estate Funds
Segment Reporting Information [Line Items]
Advanced distributions from unconsolidated entities				2,100,000	5,000,000	9,500,000	$ 16,200,000
Rialto | CMBS
Segment Reporting Information [Line Items]
Investments held-to-maturity				60,900,000		60,900,000				25,600,000	[1]
Impairment charges for CMBS securities				0	$ 0	$ 0	$ 0
Rialto | CMBS | Minimum [Member]
Segment Reporting Information [Line Items]
Discount rate as a percentage of face value for held-to-maturity securities						39.00%
Coupon rate for held-to-maturity securities						2.20%
Rialto | CMBS | Maximum [Member]
Segment Reporting Information [Line Items]
Discount rate as a percentage of face value for held-to-maturity securities						55.00%
Coupon rate for held-to-maturity securities						4.00%
Rialto | Variable Interest Entity, Primary Beneficiary
Segment Reporting Information [Line Items]
Assets				251,500,000		$ 251,500,000				355,200,000
Liabilities				12,100,000		12,100,000				11,300,000
Rialto | Variable Interest Entity, Primary Beneficiary | FDIC Portfolio
Segment Reporting Information [Line Items]
Assets				251,500,000		251,500,000				355,200,000
Liabilities				$ 12,100,000		$ 12,100,000				$ 11,300,000
Rialto | FDIC Portfolio
Segment Reporting Information [Line Items]
Managing member equity interests acquired									40.00%
Number of businesses acquired | business									2
[1]	Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations, (“ASC 810”) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of August 31, 2016, total assets include $596.6 million related to consolidated VIEs of which $9.7 million is included in Lennar Homebuilding cash and cash equivalents, $0.1 million in Lennar Homebuilding receivables, net, $46.9 million in Lennar Homebuilding finished homes and construction in progress, $113.8 million in Lennar Homebuilding land and land under development, $127.0 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $16.5 million in Lennar Homebuilding other assets, $251.5 million in Rialto assets and $26.6 million in Lennar Multifamily assets.As of November 30, 2015, total assets include $652.3 million related to consolidated VIEs of which $9.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.5 million in Lennar Homebuilding receivables, net, $3.9 million in Lennar Homebuilding finished homes and construction in progress, $154.2 million in Lennar Homebuilding land and land under development, $58.9 million in Lennar Homebuilding consolidated inventory not owned, $35.8 million in Lennar Homebuilding investments in unconsolidated entities, $22.7 million in Lennar Homebuilding other assets, $355.2 million in Rialto assets and $11.5 million in Lennar Multifamily assets.
[2]	As of August 31, 2016, total liabilities include $136.8 million related to consolidated VIEs as to which there was no recourse against the Company, of which $2.7 million is included in Lennar Homebuilding accounts payable, $108.4 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.7 million in Lennar Homebuilding other liabilities, $12.1 million in Rialto liabilities and $11.9 million in Lennar Multifamily liabilities.As of November 30, 2015, total liabilities include $84.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $2.0 million is included in Lennar Homebuilding accounts payable, $51.4 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $15.6 million in Lennar Homebuilding other liabilities, $11.3 million in Rialto liabilities and $4.0 million in Lennar Multifamily liabilities.

Rialto Segment (Other Income Ex

Rialto Segment (Other Income Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2016	Aug. 31, 2015
Segment Reporting Information [Line Items]
Realized gains on REO sales, net			$ 17,251	$ 14,879
Rialto
Segment Reporting Information [Line Items]
Realized gains on REO sales, net	$ 4,337	$ 6,178	13,575	13,852
Unrealized losses on transfer of loans receivable to REO and impairments, net	(6,617)	(3,124)	(12,166)	(7,892)
REO and other expenses	(13,006)	(14,714)	(39,964)	(43,123)
Rental and other income (loss)	7,674	12,832	10,667	37,191
Rialto other income (expense), net	$ (7,612)	$ 1,172	(27,888)	$ 28
Rialto | Hospital
Segment Reporting Information [Line Items]
Write-off of uncollectible receivable			$ 16,000

Rialto Segment (Loans, Net) (De

Rialto Segment (Loans, Net) (Details) - Rialto - USD ($) $ in Thousands	Aug. 31, 2016	Nov. 30, 2015
Segment Reporting Information [Line Items]
Nonaccrual loans: FDIC and Bank Portfolios	$ 62,092	$ 88,694
Accrual loans	83,721	76,132
Loans receivable, net	$ 145,813	$ 164,826

Rialto Segment (Nonaccrual Loan

Rialto Segment (Nonaccrual Loans) (Details) - Rialto - USD ($) $ in Thousands	Aug. 31, 2016	Nov. 30, 2015
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	$ 182,394	$ 276,813
Recorded Investment, With Allowance	48,568	69,452
Recorded Investment, Without Allowance	13,524	19,242
Total Recorded Investment	62,092	88,694
Land
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	96,220	145,417
Recorded Investment, With Allowance	44,752	59,740
Recorded Investment, Without Allowance	124	1,165
Total Recorded Investment	44,876	60,905
Single family homes
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	18,283	39,659
Recorded Investment, With Allowance	2,166	8,344
Recorded Investment, Without Allowance	4,984	3,459
Total Recorded Investment	7,150	11,803
Commercial properties
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	11,448	13,458
Recorded Investment, With Allowance	1,372	1,368
Recorded Investment, Without Allowance	508	1,085
Total Recorded Investment	1,880	2,453
Other
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	56,443	78,279
Recorded Investment, With Allowance	278	0
Recorded Investment, Without Allowance	7,908	13,533
Total Recorded Investment	$ 8,186	$ 13,533

Rialto Segment (Allowance on Lo

Rialto Segment (Allowance on Loans Receivable) (Details) - Rialto - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2016	Aug. 31, 2015	May 31, 2016	Nov. 30, 2015	May 31, 2015	Nov. 30, 2014
Allowance for Loan and Lease Losses [Roll Forward]
Allowance on nonaccrual loans, beginning of the period	$ 26,592	$ 38,383	$ 26,592	$ 38,383	$ 29,186	$ 35,625	$ 40,593	$ 58,326
Provision for loan losses	4,330	4,497	11,051	7,306
Charge-offs	(6,924)	(6,707)	(20,084)	(27,249)
Allowance on nonaccrual loans, end of the period	$ 26,592	$ 38,383	$ 26,592	$ 38,383

Rialto Segment (Changes In Real

Rialto Segment (Changes In Real Estate Owned) (Details) - Rialto - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2016	Aug. 31, 2015
Real Estate Owned Held-For-Sale [Roll Forward]
REO - held-for-sale, beginning of period	$ 180,547	$ 195,386	$ 183,052	$ 190,535
Improvements	575	1,023	2,170	4,318
Sales	(18,889)	(26,575)	(52,840)	(74,713)
Impairments and unrealized losses	(6,669)	(3,127)	(15,016)	(7,499)
Transfers from held-and-used, net	14,960	19,031	53,158	73,097
REO - held-for-sale, end of period	170,524	185,738	170,524	185,738
REO Held And Used [Roll Forward]
REO - held-and-used, net, beginning of period	125,406	213,748	153,717	255,795
Additions	1,013	1,367	12,316	15,710
Improvements	706	309	828	1,737
Impairments	(23)	(7)	(826)	(1,420)
Depreciation	(523)	(520)	(1,258)	(1,895)
Transfers to held-for-sale	(14,960)	(19,031)	(53,158)	(73,097)
Other	0	0	0	(964)
REO - held-and-used, net, end of period	$ 111,619	$ 195,866	$ 111,619	$ 195,866

Rialto Segment (Schedule of Cre

Rialto Segment (Schedule of Credit Facilities) (Details)	9 Months Ended
	Aug. 31, 2016USD ($)extension	Oct. 04, 2016USD ($)	Nov. 30, 2015USD ($)
Warehouse Repurchase Facility | Rialto
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	$ 850,000,000
364-day warehouse repurchase facility that matures October 2016 | Rialto
Line of Credit Facility [Line Items]
Term of note	364 days
364-day warehouse repurchase facility that matures October 2016 | Warehouse Repurchase Facility | Rialto
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	$ 400,000,000
Extension term	1 year
364-day warehouse repurchase facility that matures January 2017 | Rialto
Line of Credit Facility [Line Items]
Term of note	364 days
364-day warehouse repurchase facility that matures January 2017 | Warehouse Repurchase Facility | Rialto
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	$ 250,000,000
Warehouse repurchase facility that matures December 2017 | Warehouse Repurchase Facility | Rialto
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	100,000,000
Warehouse repurchase facility that matures August 2018 | Warehouse Repurchase Facility | Rialto
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	100,000,000
Borrowings under the facilities	$ 36,300,000		$ 36,300,000
Number of extensions | extension	2
Extension term	1 year
Subsequent Event [Member] | Warehouse repurchase facility that matures April 2017 [Member]
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment		$ 500,000,000
Subsequent Event [Member] | Warehouse repurchase facility that matures December 2017
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment		$ 200,000,000

Rialto Segment (Equity Funds Re

Rialto Segment (Equity Funds Related to Rialto Segment) (Details) - Rialto - USD ($) $ in Thousands		Aug. 31, 2016	Nov. 30, 2015
Schedule of Equity Method Investments [Line Items]
Investment	[1]	$ 241,680	$ 224,869
Rialto Real Estate Fund, LP
Schedule of Equity Method Investments [Line Items]
Equity Commitments		700,006
Equity commitments called		700,006
Commitment to Fund by the Company		75,000
Funds Contributed by the Company		75,000
Investment		62,659	68,570
Rialto Real Estate Fund II, LP
Schedule of Equity Method Investments [Line Items]
Equity Commitments		1,305,000
Equity commitments called		1,305,000
Commitment to Fund by the Company		100,000
Funds Contributed by the Company		100,000
Investment		96,863	99,947
Rialto Mezzanine Partners Fund, LP
Schedule of Equity Method Investments [Line Items]
Equity Commitments		300,000
Equity commitments called		300,000
Commitment to Fund by the Company		33,799
Funds Contributed by the Company		33,799
Investment		26,310	32,344
Rialto Capital CMBS Funds
Schedule of Equity Method Investments [Line Items]
Equity Commitments		111,753
Equity commitments called		111,753
Commitment to Fund by the Company		47,057
Funds Contributed by the Company		47,057
Investment		47,270	23,233
Rialto Real Estate Fund III
Schedule of Equity Method Investments [Line Items]
Equity Commitments		949,578
Equity commitments called		0
Commitment to Fund by the Company		100,000
Funds Contributed by the Company		0
Investment		1,559	0
Rialto Credit Partnership, LP
Schedule of Equity Method Investments [Line Items]
Equity Commitments		220,000
Equity commitments called		51,150
Commitment to Fund by the Company		19,999
Funds Contributed by the Company		4,650
Investment		4,637	0
Other investments
Schedule of Equity Method Investments [Line Items]
Investment		$ 2,382	$ 775
[1]	Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations, (“ASC 810”) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of August 31, 2016, total assets include $596.6 million related to consolidated VIEs of which $9.7 million is included in Lennar Homebuilding cash and cash equivalents, $0.1 million in Lennar Homebuilding receivables, net, $46.9 million in Lennar Homebuilding finished homes and construction in progress, $113.8 million in Lennar Homebuilding land and land under development, $127.0 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $16.5 million in Lennar Homebuilding other assets, $251.5 million in Rialto assets and $26.6 million in Lennar Multifamily assets.As of November 30, 2015, total assets include $652.3 million related to consolidated VIEs of which $9.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.5 million in Lennar Homebuilding receivables, net, $3.9 million in Lennar Homebuilding finished homes and construction in progress, $154.2 million in Lennar Homebuilding land and land under development, $58.9 million in Lennar Homebuilding consolidated inventory not owned, $35.8 million in Lennar Homebuilding investments in unconsolidated entities, $22.7 million in Lennar Homebuilding other assets, $355.2 million in Rialto assets and $11.5 million in Lennar Multifamily assets.

Rialto Segment Rialto Segment (

Rialto Segment Rialto Segment (Equity in Earnings (Loss) on Investments) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2016	Aug. 31, 2015
Schedule of Equity Method Investments [Line Items]
Equity in earnings (loss) from unconsolidated entities			$ 28,424	$ 70,679
Rialto
Schedule of Equity Method Investments [Line Items]
Equity in earnings (loss) from unconsolidated entities	$ 5,976	$ 7,590	14,337	17,582
Rialto Real Estate Fund, LP | Rialto
Schedule of Equity Method Investments [Line Items]
Equity in earnings (loss) from unconsolidated entities	1,127	4,158	3,397	7,948
Rialto Real Estate Fund II, LP | Rialto
Schedule of Equity Method Investments [Line Items]
Equity in earnings (loss) from unconsolidated entities	2,672	2,354	4,420	5,533
Rialto Mezzanine Partners Fund, LP | Rialto
Schedule of Equity Method Investments [Line Items]
Equity in earnings (loss) from unconsolidated entities	703	637	2,128	1,563
Rialto Capital CMBS Funds | Rialto
Schedule of Equity Method Investments [Line Items]
Equity in earnings (loss) from unconsolidated entities	1,471	429	3,051	2,506
Rialto Real Estate Fund III | Rialto
Schedule of Equity Method Investments [Line Items]
Equity in earnings (loss) from unconsolidated entities	4	0	1,387	0
Rialto Credit Partnership, LP | Rialto
Schedule of Equity Method Investments [Line Items]
Equity in earnings (loss) from unconsolidated entities	(1)	0	(13)	0
Other investments | Rialto
Schedule of Equity Method Investments [Line Items]
Equity in earnings (loss) from unconsolidated entities	$ 0	$ 12	$ (33)	$ 32

Rialto Segment (Condensed Finan

Rialto Segment (Condensed Financial Information By Equity Method Investment) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2016	Aug. 31, 2015	Nov. 30, 2015
Segment Reporting Information [Line Items]
Equity in earnings (loss) from unconsolidated entities			$ 28,424	$ 70,679
Rialto
Segment Reporting Information [Line Items]
Cash and cash equivalents	$ 159,683		159,683		$ 188,147
Loans receivable	396,543		396,543		473,997
Real estate owned	566,012		566,012		506,609
Investment securities	1,284,583		1,284,583		1,092,476
Investments in partnerships	413,836		413,836		429,979
Other assets	41,282		41,282		30,340
Total assets	2,861,939		2,861,939		2,721,548
Accounts payable and other liabilities	27,605		27,605		29,462
Notes payable	562,935		562,935		374,498
Equity	2,271,399		2,271,399		2,317,588
Total liabilities and equity	2,861,939		2,861,939		$ 2,721,548
Revenues	51,485	$ 41,278	147,021	122,336
Costs and expenses	24,472	24,937	66,075	73,024
Other income (expense), net	28,947	60,106	40,495	121,457
Net earnings (loss) of unconsolidated entities	55,960	76,447	121,441	170,769
Equity in earnings (loss) from unconsolidated entities	$ 5,976	$ 7,590	$ 14,337	$ 17,582

Lennar Multifamily Segment (Ass

Lennar Multifamily Segment (Assets and Liabilities related to Multifamily Segment) (Details) - USD ($) $ in Thousands		Aug. 31, 2016	Nov. 30, 2015	Aug. 31, 2015	Nov. 30, 2014
Assets:
Cash and cash equivalents		$ 816,095	$ 1,158,445	$ 805,294	$ 1,281,814
Total assets	[1]	14,998,720	14,419,509
Liabilities:
Total liabilities	[2]	8,235,814	8,469,437
Lennar Multifamily
Assets:
Cash and cash equivalents		5,120	8,041
Land under development		148,241	115,982
Consolidated inventory not owned		18,500	5,508
Investments in unconsolidated entities		304,032	250,876
Other assets		56,681	34,945
Total assets	[1]	532,574	415,352
Liabilities:
Accounts payable and other liabilities		95,346	62,943
Liabilities related to consolidated inventory not owned		11,850	4,007
Total liabilities	[2]	$ 107,196	$ 66,950
[1]	Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations, (“ASC 810”) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of August 31, 2016, total assets include $596.6 million related to consolidated VIEs of which $9.7 million is included in Lennar Homebuilding cash and cash equivalents, $0.1 million in Lennar Homebuilding receivables, net, $46.9 million in Lennar Homebuilding finished homes and construction in progress, $113.8 million in Lennar Homebuilding land and land under development, $127.0 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $16.5 million in Lennar Homebuilding other assets, $251.5 million in Rialto assets and $26.6 million in Lennar Multifamily assets.As of November 30, 2015, total assets include $652.3 million related to consolidated VIEs of which $9.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.5 million in Lennar Homebuilding receivables, net, $3.9 million in Lennar Homebuilding finished homes and construction in progress, $154.2 million in Lennar Homebuilding land and land under development, $58.9 million in Lennar Homebuilding consolidated inventory not owned, $35.8 million in Lennar Homebuilding investments in unconsolidated entities, $22.7 million in Lennar Homebuilding other assets, $355.2 million in Rialto assets and $11.5 million in Lennar Multifamily assets.
[2]	As of August 31, 2016, total liabilities include $136.8 million related to consolidated VIEs as to which there was no recourse against the Company, of which $2.7 million is included in Lennar Homebuilding accounts payable, $108.4 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.7 million in Lennar Homebuilding other liabilities, $12.1 million in Rialto liabilities and $11.9 million in Lennar Multifamily liabilities.As of November 30, 2015, total liabilities include $84.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $2.0 million is included in Lennar Homebuilding accounts payable, $51.4 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $15.6 million in Lennar Homebuilding other liabilities, $11.3 million in Rialto liabilities and $4.0 million in Lennar Multifamily liabilities.

Lennar Multifamily (Narrative)

Lennar Multifamily (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 04, 2016	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2016	Aug. 31, 2015	Nov. 30, 2011	Nov. 30, 2015
Segment Reporting Information [Line Items]
Distributions of capital from unconsolidated entities				$ 209,820	$ 80,177
Lennar Multifamily
Segment Reporting Information [Line Items]
Non-recourse debt with completion guarantees		$ 628,200		628,200			$ 466,700
General contractor revenue		71,600	$ 34,500	156,500	101,600
General contractor costs		69,100	33,900	151,400	99,000
Investments in unconsolidated entities		304,032		304,032			250,876
Lennar Multifamily | Variable Interest Entity, Not Primary Beneficiary | Equity Commitments
Segment Reporting Information [Line Items]
Obligations related to VIEs		321,200		321,200			378,300
Lennar Multifamily | Lennar Multifamily Venture
Segment Reporting Information [Line Items]
Additional equity commitments during period				850,000		$ 1,100,000
Total equity commitments		2,000,000		2,000,000
Equity commitments		504,000		504,000
Equity commitments called during period				432,400
Equity commitment called				147,600
Distributions of capital from unconsolidated entities				90,500
Equity commitments called		707,900		707,900
Funds contributed by the company		182,800		182,800
Investments in unconsolidated entities		170,900		170,900			122,500
Lennar Multifamily | Unconsolidated entities
Segment Reporting Information [Line Items]
Fee income		10,000	$ 4,600	27,400	$ 13,000
Lennar Multifamily | Financial Letters of Credit
Segment Reporting Information [Line Items]
Letters of credit outstanding		$ 36,800		$ 36,800			$ 37,900
Subsequent Event [Member] | Lennar Multifamily | Lennar Multifamily Venture
Segment Reporting Information [Line Items]
Additional equity commitments during period	$ 250,000
Total equity commitments	$ 2,200,000

Lennar Multifamily Segment (Con

Lennar Multifamily Segment (Condensed Financial Information by Equity Method Investments) (Details) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended
	Aug. 31, 2016USD ($)property	Aug. 31, 2015USD ($)property	May 31, 2015USD ($)	Aug. 31, 2016USD ($)property	Aug. 31, 2015USD ($)property	Nov. 30, 2015USD ($)
Liabilities and equity:
Equity in earnings (loss) from unconsolidated entities				$ 28,424	$ 70,679
Lennar Multifamily
Assets:
Cash and cash equivalents	$ 106,007			106,007		$ 39,579
Operating properties and equipment	2,007,129			2,007,129		1,398,244
Other assets	49,728			49,728		25,925
Total assets	2,162,864			2,162,864		1,463,748
Liabilities and equity:
Accounts payable and other liabilities	187,715			187,715		179,551
Notes payable	628,237			628,237		466,724
Equity	1,346,912			1,346,912		817,473
Total liabilities and equity	2,162,864			2,162,864		$ 1,463,748
Revenues	13,796	$ 4,067		31,759	9,236
Costs and expenses	24,611	7,174		50,341	15,249
Other income (expense), net	20,335	13,330		90,729	13,330
Net earnings (loss) of unconsolidated entities	9,520	10,223		72,147	7,317
Equity in earnings (loss) from unconsolidated entities	5,060	5,004		38,754	$ 4,404
Gain on disposition of assets	$ 8,000	$ 5,700	$ 5,700	$ 43,800
Number of operating properties sold | property	1	1		3	1

Lennar Homebuilding Cash and 68

Lennar Homebuilding Cash and Cash Equivalents (Details) - USD ($) $ in Millions	9 Months Ended
	Aug. 31, 2016	Nov. 30, 2015
Cash and Cash Equivalents [Abstract]
Cash held in escrow	$ 275.5	$ 414.9
Escrow deposit period	3 days

Lennar Homebuilding Senior No69

Lennar Homebuilding Senior Notes and Other Debts Payable (Schedule of Senior Notes and Other Debts Payable) (Details) - USD ($) $ in Thousands		Aug. 31, 2016	Mar. 31, 2016	Nov. 30, 2015
Senior Notes | 12.25% senior notes due 2017
Debt Instrument [Line Items]
Interest rate		12.25%
Senior Notes | 4.75% senior notes due 2017
Debt Instrument [Line Items]
Interest rate		4.75%
Senior Notes | 6.95% senior notes due 2018
Debt Instrument [Line Items]
Interest rate		6.95%
Senior Notes | 4.125% senior notes due 2018
Debt Instrument [Line Items]
Interest rate		4.125%
Senior Notes | 4.500% senior notes due 2019
Debt Instrument [Line Items]
Interest rate		4.50%
Senior Notes | 4.50% senior notes due 2019
Debt Instrument [Line Items]
Interest rate		4.50%
Senior Notes | 3.25% convertible senior notes due 2021
Debt Instrument [Line Items]
Interest rate		3.25%
Senior Notes | 4.750% senior notes due 2021
Debt Instrument [Line Items]
Interest rate		4.75%
Senior Notes | 4.750% senior notes due 2022
Debt Instrument [Line Items]
Interest rate		4.75%
Senior Notes | 4.875% senior notes due 2023
Debt Instrument [Line Items]
Interest rate		4.875%
Senior Notes | 4.750% senior notes due 2025
Debt Instrument [Line Items]
Interest rate		4.75%
Lennar Homebuilding
Debt Instrument [Line Items]
Senior notes and other debts payable	[1]	$ 4,920,848		$ 5,025,130
Lennar Homebuilding | 12.25% senior notes due 2017
Debt Instrument [Line Items]
Interest rate		12.25%		12.25%
Lennar Homebuilding | 4.75% senior notes due 2017
Debt Instrument [Line Items]
Interest rate		4.75%		4.75%
Lennar Homebuilding | 6.95% senior notes due 2018
Debt Instrument [Line Items]
Interest rate		6.95%		6.95%
Lennar Homebuilding | 4.125% senior notes due 2018
Debt Instrument [Line Items]
Interest rate		4.125%		4.125%
Lennar Homebuilding | 4.500% senior notes due 2019
Debt Instrument [Line Items]
Interest rate		4.50%		4.50%
Lennar Homebuilding | 4.50% senior notes due 2019
Debt Instrument [Line Items]
Interest rate		4.50%		4.50%
Lennar Homebuilding | 3.25% convertible senior notes due 2021
Debt Instrument [Line Items]
Interest rate		3.25%		3.25%
Lennar Homebuilding | 4.750% senior notes due 2021
Debt Instrument [Line Items]
Interest rate		4.75%		4.75%
Lennar Homebuilding | 4.750% senior notes due 2022
Debt Instrument [Line Items]
Interest rate		4.75%		4.75%
Lennar Homebuilding | 4.875% senior notes due 2023
Debt Instrument [Line Items]
Interest rate		4.875%		4.875%
Lennar Homebuilding | 4.750% senior notes due 2025
Debt Instrument [Line Items]
Interest rate		4.75%		4.75%
Lennar Homebuilding | 2.75% convertible senior notes due 2020
Debt Instrument [Line Items]
Interest rate		2.75%		2.75%
Lennar Homebuilding | 6.50% senior notes due 2016
Debt Instrument [Line Items]
Interest rate		6.50%		6.50%
Lennar Homebuilding | Senior Notes | 12.25% senior notes due 2017
Debt Instrument [Line Items]
Senior notes and other debts payable		$ 398,046		$ 396,252
Lennar Homebuilding | Senior Notes | 4.75% senior notes due 2017
Debt Instrument [Line Items]
Senior notes and other debts payable		398,293		397,736
Lennar Homebuilding | Senior Notes | 6.95% senior notes due 2018
Debt Instrument [Line Items]
Senior notes and other debts payable		248,355		247,632
Lennar Homebuilding | Senior Notes | 4.125% senior notes due 2018
Debt Instrument [Line Items]
Senior notes and other debts payable		273,746		273,319
Lennar Homebuilding | Senior Notes | 4.500% senior notes due 2019
Debt Instrument [Line Items]
Senior notes and other debts payable		497,780		497,210
Lennar Homebuilding | Senior Notes | 4.50% senior notes due 2019
Debt Instrument [Line Items]
Senior notes and other debts payable		597,294		596,622
Lennar Homebuilding | Senior Notes | 3.25% convertible senior notes due 2021
Debt Instrument [Line Items]
Senior notes and other debts payable		$ 156,823		398,194
Interest rate		3.25%
Lennar Homebuilding | Senior Notes | 4.750% senior notes due 2021
Debt Instrument [Line Items]
Senior notes and other debts payable		$ 496,352		0
Interest rate			4.75%
Lennar Homebuilding | Senior Notes | 4.750% senior notes due 2022
Debt Instrument [Line Items]
Senior notes and other debts payable		568,025		567,325
Lennar Homebuilding | Senior Notes | 4.875% senior notes due 2023
Debt Instrument [Line Items]
Senior notes and other debts payable		394,073		393,545
Lennar Homebuilding | Senior Notes | 4.750% senior notes due 2025
Debt Instrument [Line Items]
Senior notes and other debts payable		496,116		495,784
Lennar Homebuilding | Senior Notes | 2.75% convertible senior notes due 2020
Debt Instrument [Line Items]
Senior notes and other debts payable		$ 0		233,225
Interest rate		2.75%
Lennar Homebuilding | Senior Notes | 6.50% senior notes due 2016
Debt Instrument [Line Items]
Senior notes and other debts payable		$ 0		249,905
Interest rate			6.50%
Lennar Homebuilding | Mortgage notes on land and other debt
Debt Instrument [Line Items]
Senior notes and other debts payable		270,945		278,381
Lennar Homebuilding | Unsecured revolving credit facility
Debt Instrument [Line Items]
Senior notes and other debts payable		$ 125,000		$ 0
[1]	As of August 31, 2016, total liabilities include $136.8 million related to consolidated VIEs as to which there was no recourse against the Company, of which $2.7 million is included in Lennar Homebuilding accounts payable, $108.4 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.7 million in Lennar Homebuilding other liabilities, $12.1 million in Rialto liabilities and $11.9 million in Lennar Multifamily liabilities.As of November 30, 2015, total liabilities include $84.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $2.0 million is included in Lennar Homebuilding accounts payable, $51.4 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $15.6 million in Lennar Homebuilding other liabilities, $11.3 million in Rialto liabilities and $4.0 million in Lennar Multifamily liabilities.

Lennar Homebuilding Senior No70

Lennar Homebuilding Senior Notes and Other Debts Payable (Narrative) (Details)	1 Months Ended	3 Months Ended		9 Months Ended
	Mar. 31, 2016USD ($)	Aug. 31, 2016USD ($)$ / sharesshares	Aug. 31, 2015shares	Aug. 31, 2016USD ($)shares$ / shares	Aug. 31, 2015USD ($)shares	Jun. 30, 2016USD ($)	May 31, 2016USD ($)	Nov. 30, 2015USD ($)	Jun. 29, 2015USD ($)
Debt Instrument [Line Items]
Shares included in the calculation of diluted earnings per share | shares		8,266,000	24,102,000	14,399,000	26,506,000
Repayments on convertible notes				$ 233,893,000	$ 168,854,000
Surety Bond | Pending Litigation | District of Maryland
Debt Instrument [Line Items]
Outstanding performance and surety bonds									$ 223,400,000
Senior Notes
Debt Instrument [Line Items]
Net proceeds from debt				$ 495,043,000	$ 743,415,000
Senior Notes | 4.750% senior notes due 2021
Debt Instrument [Line Items]
Interest rate		4.75%		4.75%
Senior Notes | 3.25% convertible senior notes due 2021
Debt Instrument [Line Items]
Interest rate		3.25%		3.25%
Lennar Homebuilding
Debt Instrument [Line Items]
Guarantee by subsidiaries				$ 75,000,000
Lennar Homebuilding | 4.750% senior notes due 2021
Debt Instrument [Line Items]
Interest rate		4.75%		4.75%				4.75%
Lennar Homebuilding | 6.50% senior notes due 2016
Debt Instrument [Line Items]
Interest rate		6.50%		6.50%				6.50%
Lennar Homebuilding | 3.25% convertible senior notes due 2021
Debt Instrument [Line Items]
Interest rate		3.25%		3.25%				3.25%
Lennar Homebuilding | 2.75% convertible senior notes due 2020
Debt Instrument [Line Items]
Interest rate		2.75%		2.75%				2.75%
Lennar Homebuilding | Surety Bond
Debt Instrument [Line Items]
Outstanding performance and surety bonds		$ 1,400,000,000		$ 1,400,000,000
Uncompleted site improvements amount		497,800,000		$ 497,800,000
Uncompleted site improvements percent				36.00%
Lennar Homebuilding | Unsecured revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 1,800,000,000	$ 1,600,000,000
Accordion feature						318,000,000
Lennar Homebuilding | Unsecured revolving credit facility | Credit Facility Due in June 2020
Debt Instrument [Line Items]
Maximum borrowing capacity						1,300,000,000
Lennar Homebuilding | Unsecured revolving credit facility | Credit Facility Due in June 2018
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 160,000,000
Lennar Homebuilding | Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		320,000,000		$ 320,000,000
Lennar Homebuilding | Performance Letters of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		500,000,000		500,000,000
Letters of credit outstanding		261,800,000		261,800,000				$ 236,500,000
Lennar Homebuilding | Financial Letters of Credit
Debt Instrument [Line Items]
Letters of credit outstanding		214,000,000		214,000,000				216,700,000
Lennar Homebuilding | Senior Notes
Debt Instrument [Line Items]
Debt issuance cost		$ 23,900,000		$ 23,900,000				26,400,000
Conversion of debt to equity, shares | shares				10,300,000
Lennar Homebuilding | Senior Notes | 4.750% senior notes due 2021
Debt Instrument [Line Items]
Debt principal amount	$ 500,000,000
Interest rate	4.75%
Debt proceeds as a percentage of face value	100.00%
Net proceeds from debt	$ 496,000,000
Lennar Homebuilding | Senior Notes | 6.50% senior notes due 2016
Debt Instrument [Line Items]
Interest rate	6.50%
Lennar Homebuilding | Senior Notes | 3.25% convertible senior notes due 2021
Debt Instrument [Line Items]
Interest rate		3.25%		3.25%
Convertible debt instrument, conversion ratio				0.0425555
Convertible debt instrument, number of equity Instruments | shares				6,680,405
Debt instrument, convertible, conversion price (in dollars per share) | $ / shares		$ 23.50		$ 23.50
Shares included in the calculation of diluted earnings per share | shares		8,300,000	17,000,000	13,800,000	17,000,000
Conversion of debt to equity, amount				$ 243,000,000
Outstanding principal on long-term debt		$ 157,000,000		$ 157,000,000				$ 400,000,000
Lennar Homebuilding | Senior Notes | 2.75% convertible senior notes due 2020
Debt Instrument [Line Items]
Interest rate		2.75%		2.75%
Convertible debt instrument, conversion ratio				0.0451794
Debt instrument, convertible, conversion price (in dollars per share) | $ / shares		$ 22.13		$ 22.13
Shares included in the calculation of diluted earnings per share | shares			7,100,000	600,000	9,500,000
Conversion of debt to equity, shares | shares				5,200,000
Debt conversion, original debt				$ 234,000,000
Repayments on convertible notes				$ 234,000,000

Product Warranty (Schedule of P

Product Warranty (Schedule of Product Warranty Reserve) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2016	Aug. 31, 2015
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty reserve, beginning of period	$ 127,159	$ 119,610	$ 130,853	$ 115,927
Warranties issued	25,382	21,873	67,952	55,665
Adjustments to pre-existing warranties from changes in estimates	4,982	(111)	4,247	5,273
Payments	(23,984)	(21,676)	(69,513)	(57,169)
Warranty reserve, end of period	$ 133,539	$ 119,696	$ 133,539	$ 119,696

Share-Based Payments (Compensat

Share-Based Payments (Compensation Expense, Share-Based Payment Awards) (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2016	Aug. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Restricted Stock Award, Gross	1.2	1.2	1.2	1.2
Compensation expense for share-based awards	$ 12,362	$ 11,549	$ 34,628	$ 32,199
Nonvested shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense for share-based awards	12,362	11,484	34,628	32,095
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense for share-based awards	$ 0	$ 65	$ 0	$ 104

Financial Instruments and Fai73

Financial Instruments and Fair Value Disclosures - (Carrying Amounts And Estimated Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands	Aug. 31, 2016	Nov. 30, 2015
Lennar Homebuilding | Level 2 | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	$ 4,920,848	$ 5,025,130
Lennar Homebuilding | Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	5,323,307	5,936,327
Rialto | Level 3 | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable and loans held-for-investment	145,813	164,826
Investments held-to-maturity	60,928	25,625
Rialto | Level 3 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable and loans held-for-investment	148,756	169,302
Investments held-to-maturity	60,226	25,227
Rialto | Level 2 | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	576,448	771,728
Rialto | Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	596,020	803,013
Lennar Financial Services | Level 3 | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable and loans held-for-investment	29,704	30,998
Lennar Financial Services | Level 3 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable and loans held-for-investment	28,603	29,931
Lennar Financial Services | Level 2 | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments held-to-maturity	34,746	40,174
Notes and other debts payable	913,040	858,300
Lennar Financial Services | Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments held-to-maturity	34,868	40,098
Notes and other debts payable	$ 913,040	$ 858,300

Financial Instruments and Fai74

Financial Instruments and Fair Value Disclosures - (Fair Value Measured On Recurring Basis) (Details) - USD ($) $ in Thousands	Aug. 31, 2016	Nov. 30, 2015
Rialto | Fair Value, Measurements, Recurring | Loans held-for-sale
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Aggregate principal balance	$ 228,800	$ 314,300
Aggregate fair value of loans (below) in excess of principal balance	100	2,000
Rialto | Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Financial asset	228,931	316,275
Rialto | Fair Value, Measurements, Recurring | Credit default swaps | Level 2
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Financial asset	4,448	6,153
Rialto | Fair Value, Measurements, Recurring | Interest rate swaps and swap futures | Level 1
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Financial liability	238	978
Lennar Financial Services
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Investments available-for-sale	51,535	42,827
Lennar Financial Services | Mortgage loan commitments
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Financial asset	20,700	13,100
Lennar Financial Services | Forward contracts
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Financial asset		500
Financial liability	2,000
Lennar Financial Services | Fair Value, Measurements, Recurring | Loans held-for-sale
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Aggregate principal balance	771,100	815,000
Aggregate fair value of loans (below) in excess of principal balance	29,100	28,200
Lennar Financial Services | Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Investments available-for-sale	51,535	42,827
Lennar Financial Services | Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Financial asset	800,139	843,252
Lennar Financial Services | Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Mortgage servicing rights	18,369	16,770
Lennar Financial Services | Fair Value, Measurements, Recurring | Mortgage loan commitments | Level 2
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Financial asset	20,663	13,060
Lennar Financial Services | Fair Value, Measurements, Recurring | Forward contracts | Level 2
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Forward contracts	$ (2,011)	$ 531

Financial Instruments and Fai75

Financial Instruments and Fair Value Disclosures - (Narrative) (Details) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2016USD ($)homescommunity	Aug. 31, 2015USD ($)homescommunitycommunities	Aug. 31, 2015USD ($)homescommunitycommunities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Active communities	691	670	670
Number of communities assessed for impairment | community	16	15
Number of homesites assessed for impairment | homes	444	453
Inventory with potential indicators of impairment	$ 134.7	$ 74	$ 74
Valuation adjustments to inventory			$ 15.4
Number of homesites impaired | homes			138
Number of communities impaired | community			2
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Carrying value of inventory		$ 68.6	$ 68.6
Level 3 | Mortgage servicing rights | Lennar Financial Services
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Mortgage prepayment rate	16.60%
Discount rate	12.30%
Delinquency rate	7.60%
Commitments to Sell MBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Open commitments	$ 1,300

Financial Instruments and Fai76

Financial Instruments and Fair Value Disclosures - (Schedule Of Gains And Losses Of Financial Instruments) (Details) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2016	Aug. 31, 2015
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Changes in fair value included in other comprehensive income (loss), net of tax	$ 639	$ (400)	$ 1,121	$ (294)
Fair Value, Measurements, Recurring
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Changes in fair value included in other comprehensive income (loss), net of tax	639	(400)	1,121	(294)
Fair Value, Measurements, Recurring | Lennar Financial Services | Loans held-for-sale
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Changes in fair value included in revenue	(2,808)	2,836	826	(283)
Fair Value, Measurements, Recurring | Lennar Financial Services | Mortgage loan commitments
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Changes in fair value included in revenue	1,781	(384)	7,603	5,811
Fair Value, Measurements, Recurring | Lennar Financial Services | Forward contracts
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Changes in fair value included in revenue	(362)	(3,493)	(2,542)	4,238
Fair Value, Measurements, Recurring | Lennar Financial Services | Investments available-for-sale
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Changes in fair value included in revenue	31	0	37	23
Fair Value, Measurements, Recurring | Rialto | Liability | Interest rate swaps and swap futures
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Changes in fair value included in revenue	(133)	(4,740)	740	(4,308)
Fair Value, Measurements, Recurring | Rialto | Assets | Credit default swaps
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Changes in fair value included in revenue	$ (1,570)	$ 3,466	$ (1,547)	$ 2,641

Financial Instruments and Fai77

Financial Instruments and Fair Value Disclosures - (Reconciliation Of Beginning And Ending Balance For The Company's Level 3 Recurring Fair Value Measurements) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2016	Aug. 31, 2015
Mortgage servicing rights | Lennar Financial Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 18,241	$ 16,504	$ 16,770	$ 17,353
Purchases/loan originations	2,275	844	6,269	1,840
Sales/loan originations sold, including those not settled	0	0	0	0
Disposals/settlements	(1,311)	(974)	(2,881)	(2,848)
Changes in fair value	(836)	66	(1,789)	95
Interest and principal paydowns	0	0	0	0
Ending balance	18,369	16,440	18,369	16,440
Loans held-for-sale | Rialto
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	199,415	318,037	316,275	113,596
Purchases/loan originations	520,510	719,998	1,174,483	1,968,692
Sales/loan originations sold, including those not settled	(491,428)	(528,518)	(1,259,320)	(1,570,101)
Disposals/settlements	0	0	0	0
Changes in fair value	522	679	(687)	(1,622)
Interest and principal paydowns	(88)	(63)	(1,820)	(432)
Ending balance	$ 228,931	$ 510,133	$ 228,931	$ 510,133

Financial Instruments and Fai78

Financial Instruments and Fair Value Disclosures - (Fair Value Assets Measured On Nonrecurring Basis) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2016	Aug. 31, 2015
Rialto
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Impaired loans receivable, total gains (losses)	$ (4,300)	$ (4,500)	$ (11,100)	$ (7,300)
REO- held-for-sale: Upon management periodic valuations, total gains (losses)	(6,669)	(3,127)	(15,016)	(7,499)
REO - held-and-used, net: Upon management periodic valuation, total gains (losses)	(23)	(7)	(826)	(1,420)
Fair Value, Measurements, Nonrecurring | Level 3 | Rialto
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Impaired loans receivable, carrying value	52,460	76,138	72,375	248,250
Impaired loans receivable, fair value	48,130	71,641	61,324	240,944
Impaired loans receivable, total gains (losses)	(4,330)	(4,497)	(11,051)	(7,306)
REO- held-for-sale: Upon acquisition/transfer, carrying value	8,283	4,767	34,017	18,383
REO- held-for-sale: Upon acquisition/transfer, fair value	7,786	4,481	31,976	17,280
REO- held-for-sale: Upon acquisition/transfer, total gains (losses)	(497)	(286)	(2,041)	(1,103)
REO- held-for-sale: Upon management periodic valuations, carrying value	28,850	9,146	63,172	26,008
REO- held-for-sale: Upon management periodic valuations, fair value	22,678	6,305	50,197	19,612
REO- held-for-sale: Upon management periodic valuations, total gains (losses)	(6,172)	(2,841)	(12,975)	(6,396)
REO - held-and-used, net: Upon acquisition/transfer, carrying value	937	1,357	8,640	14,683
REO - held-and-used, net: Upon acquisition/transfer, fair value	1,013	1,367	12,316	15,710
REO - held-and-used, net: Upon acquisition/transfer, total gains (losses)	76	10	3,676	1,027
REO - held-and-used, net: Upon management periodic valuation, carrying value	60	14	4,976	2,703
REO - held-and-used, net: Upon management periodic valuation, fair value	37	7	4,150	1,283
REO - held-and-used, net: Upon management periodic valuation, total gains (losses)	(23)	(7)	(826)	(1,420)
Fair Value, Measurements, Nonrecurring | Level 3 | Lennar Homebuilding
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Finished homes and construction in progress, carrying value	0	5,754	0	52,093
Finished homes and construction in progress, fair value	0	4,607	0	41,343
Finished homes and construction in progress, total gains (losses)	0	(1,147)	0	(10,750)
Land and land under development, carrying value	23,736	16,482	29,418	16,482
Land and land under development, fair value	18,000	11,811	22,925	11,811
Land and land under development, total gains (losses)	$ (5,736)	$ (4,671)	$ (6,493)	$ 4,671

Financial Instruments and Fai79

Financial Instruments and Fair Value Disclosures - (Unobservable Inputs) (Details) - Income Approach Valuation Technique - Fair Value, Measurements, Nonrecurring - Level 3 $ in Thousands	9 Months Ended
	Aug. 31, 2015USD ($)homes
Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Average selling price | $	$ 486,000
Absorption rate per quarter (homes) | homes	9
Discount rate	12.00%
Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Average selling price | $	$ 1,300,000
Absorption rate per quarter (homes) | homes	14
Discount rate	20.00%

Variable Interest Entities (Nar

Variable Interest Entities (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	Aug. 31, 2016	Nov. 30, 2015
Variable Interest Entity [Line Items]
Assets from entities consolidated during period	$ 122.1
Liabilities from entities consolidated during period	96.4
Consolidated VIEs assets	596.6	$ 652.3
Consolidated VIEs liabilities	136.8	84.4
Variable Interest Entity, Not Primary Beneficiary Including Third Parties
Variable Interest Entity [Line Items]
Decrease in consolidated inventory	68.2
Non-refundable option deposits and pre-acquisition costs	85.7	89.2
Financial Standby Letters of Credit | Variable Interest Entity, Not Primary Beneficiary Including Third Parties
Variable Interest Entity [Line Items]
Letters of credit outstanding	$ 53.1	$ 70.4

Variable Interest Entities (Inv

Variable Interest Entities (Investments in Unconsolidated Entities) (Details) - USD ($) $ in Thousands		Aug. 31, 2016	Nov. 30, 2015
Lennar Homebuilding
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	[1]	$ 796,499	$ 741,551
Rialto
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	[1]	241,680	224,869
Lennar Multifamily
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities		$ 304,032	$ 250,876
[1]	Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations, (“ASC 810”) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of August 31, 2016, total assets include $596.6 million related to consolidated VIEs of which $9.7 million is included in Lennar Homebuilding cash and cash equivalents, $0.1 million in Lennar Homebuilding receivables, net, $46.9 million in Lennar Homebuilding finished homes and construction in progress, $113.8 million in Lennar Homebuilding land and land under development, $127.0 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $16.5 million in Lennar Homebuilding other assets, $251.5 million in Rialto assets and $26.6 million in Lennar Multifamily assets.As of November 30, 2015, total assets include $652.3 million related to consolidated VIEs of which $9.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.5 million in Lennar Homebuilding receivables, net, $3.9 million in Lennar Homebuilding finished homes and construction in progress, $154.2 million in Lennar Homebuilding land and land under development, $58.9 million in Lennar Homebuilding consolidated inventory not owned, $35.8 million in Lennar Homebuilding investments in unconsolidated entities, $22.7 million in Lennar Homebuilding other assets, $355.2 million in Rialto assets and $11.5 million in Lennar Multifamily assets.

Variable Interest Entities (Est

Variable Interest Entities (Estimated Maximum Exposure To Loss) (Details) - USD ($) $ in Thousands	Aug. 31, 2016	Nov. 30, 2015
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	$ 385,954	$ 305,690
Lennar’s Maximum Exposure to Loss	775,270	723,682
Lennar Homebuilding | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	100,452	102,706
Lennar’s Maximum Exposure to Loss	140,228	111,215
Obligations related to VIEs	39,600
Lennar Homebuilding | Variable Interest Entity, Not Primary Beneficiary | Equity Commitments
Variable Interest Entity [Line Items]
Obligations related to VIEs		8,300
Rialto
Variable Interest Entity [Line Items]
Investments held-to-maturity	60,928	25,625
Rialto | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	60,928	25,625
Lennar’s Maximum Exposure to Loss	60,928	25,625
Investments held-to-maturity	60,900	25,600
Lennar Multifamily | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	224,574	177,359
Lennar’s Maximum Exposure to Loss	574,114	586,842
Lennar Multifamily | Variable Interest Entity, Not Primary Beneficiary | Equity Commitments
Variable Interest Entity [Line Items]
Obligations related to VIEs	321,200	378,300
Lennar Multifamily | Variable Interest Entity, Not Primary Beneficiary | Financial Standby Letters of Credit
Variable Interest Entity [Line Items]
Obligations related to VIEs	$ 27,300	$ 30,000

Commitments and Contingent Li83

Commitments and Contingent Liabilities - (Narrative) (Details) - USD ($) $ in Millions	Aug. 31, 2016	Jan. 31, 2015	Jan. 31, 2015	Jun. 29, 2015	Dec. 31, 2005
Loss Contingencies [Line Items]
Amount paid on contract			$ 20
District of Maryland
Loss Contingencies [Line Items]
Annual interest amount				$ 13.7
District of Maryland | Judicial Ruling
Loss Contingencies [Line Items]
Purchase price in litigation		$ 114
Litigation interest rate		12.00%	12.00%	12.00%
District of Maryland | Pending Litigation | Surety Bond
Loss Contingencies [Line Items]
Outstanding surety bonds				$ 223.4
District of Maryland | Interest
Loss Contingencies [Line Items]
Damages sought	$ 113
District of Maryland | Real Estate Taxes
Loss Contingencies [Line Items]
Damages sought	1.6
Original Contract
Loss Contingencies [Line Items]
Purchase price					$ 200
Renegotiated Contract
Loss Contingencies [Line Items]
Purchase price	$ 134

Subsequent Event (Details)

Subsequent Event (Details) - Subsequent Event - WCI Communities, Inc. $ / shares in Units, $ in Millions	Sep. 22, 2016USD ($)$ / shares
Subsequent Event [Line Items]
Anticipated consideration transfered (in USD per share)	$ 23.50
Anticipated consideration transfered, cash (in USD per share)	11.75
Anticipated consideration transfered, stock (in USD per share)	$ 11.75
Termination fee, after solicitation period | $	$ 22.5
Termination fee, during solicitation period | $	$ 11.3

Supplemental Financial Inform85

Supplemental Financial Information (Narrative) (Details) - USD ($)	9 Months Ended
	Aug. 31, 2016	Mar. 31, 2016	Nov. 30, 2015
Senior Notes | 12.25% senior notes due 2017
Debt Instrument [Line Items]
Interest rate	12.25%
Senior Notes | 4.75% senior notes due 2017
Debt Instrument [Line Items]
Interest rate	4.75%
Senior Notes | 6.95% senior notes due 2018
Debt Instrument [Line Items]
Interest rate	6.95%
Senior Notes | 4.125% senior notes due 2018
Debt Instrument [Line Items]
Interest rate	4.125%
Senior Notes | 4.500% senior notes due 2019
Debt Instrument [Line Items]
Interest rate	4.50%
Senior Notes | 4.50% senior notes due 2019
Debt Instrument [Line Items]
Interest rate	4.50%
Senior Notes | 3.25% convertible senior notes due 2021
Debt Instrument [Line Items]
Interest rate	3.25%
Senior Notes | 4.750% senior notes due 2021
Debt Instrument [Line Items]
Interest rate	4.75%
Senior Notes | 4.750% senior notes due 2022
Debt Instrument [Line Items]
Interest rate	4.75%
Senior Notes | 4.875% senior notes due 2023
Debt Instrument [Line Items]
Interest rate	4.875%
Senior Notes | 4.750% senior notes due 2025
Debt Instrument [Line Items]
Interest rate	4.75%
Lennar Homebuilding
Debt Instrument [Line Items]
Guarantee by subsidiaries	$ 75,000,000
Lennar Homebuilding | 12.25% senior notes due 2017
Debt Instrument [Line Items]
Interest rate	12.25%		12.25%
Lennar Homebuilding | 4.75% senior notes due 2017
Debt Instrument [Line Items]
Interest rate	4.75%		4.75%
Lennar Homebuilding | 6.95% senior notes due 2018
Debt Instrument [Line Items]
Interest rate	6.95%		6.95%
Lennar Homebuilding | 4.125% senior notes due 2018
Debt Instrument [Line Items]
Interest rate	4.125%		4.125%
Lennar Homebuilding | 4.500% senior notes due 2019
Debt Instrument [Line Items]
Interest rate	4.50%		4.50%
Lennar Homebuilding | 4.50% senior notes due 2019
Debt Instrument [Line Items]
Interest rate	4.50%		4.50%
Lennar Homebuilding | 3.25% convertible senior notes due 2021
Debt Instrument [Line Items]
Interest rate	3.25%		3.25%
Lennar Homebuilding | 4.750% senior notes due 2021
Debt Instrument [Line Items]
Interest rate	4.75%		4.75%
Lennar Homebuilding | 4.750% senior notes due 2022
Debt Instrument [Line Items]
Interest rate	4.75%		4.75%
Lennar Homebuilding | 4.875% senior notes due 2023
Debt Instrument [Line Items]
Interest rate	4.875%		4.875%
Lennar Homebuilding | 4.750% senior notes due 2025
Debt Instrument [Line Items]
Interest rate	4.75%		4.75%
Lennar Homebuilding | Senior Notes | 3.25% convertible senior notes due 2021
Debt Instrument [Line Items]
Interest rate	3.25%
Lennar Homebuilding | Senior Notes | 4.750% senior notes due 2021
Debt Instrument [Line Items]
Interest rate		4.75%

Supplemental Financial Inform86

Supplemental Financial Information (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Thousands		Aug. 31, 2016		Nov. 30, 2015		Aug. 31, 2015	Nov. 30, 2014
Assets:
Total assets	[1]	$ 14,998,720		$ 14,419,509
LIABILITIES AND EQUITY
Total liabilities	[2]	8,235,814		8,469,437
Stockholders’ equity	[2]	6,545,535		5,648,944
Noncontrolling interests	[2]	217,371		301,128
Total equity		6,762,906	[2]	5,950,072	[2]	$ 5,674,697	$ 5,251,302
Total liabilities and equity	[2]	14,998,720		14,419,509
Lennar Homebuilding
Assets:
Cash and cash equivalents, restricted cash and receivables, net		652,146		981,451
Inventories		9,655,746		8,740,596
Investments in unconsolidated entities	[1]	796,499		741,551
Other assets	[1]	637,546		609,222
Investments in subsidiaries		0		0
Intercompany		0		0
Total assets	[1]	11,741,937		11,072,820
LIABILITIES AND EQUITY
Accounts payable and other liabilities		1,326,550		1,375,724
Liabilities related to consolidated inventory not owned	[2]	108,443		51,431
Senior notes and other debts payable	[2]	4,920,848		5,025,130
Intercompany		0		0
Total liabilities	[2]	6,355,841		6,452,285
Rialto
Assets:
Investments in unconsolidated entities	[1]	241,680		224,869
Other assets		97,556		116,908
Total assets	[1]	1,196,653		1,505,500
LIABILITIES AND EQUITY
Total liabilities	[2]	632,562		866,224
Lennar Financial Services
Assets:
Other assets		72,751		66,186
Total assets	[1]	1,527,556		1,425,837
LIABILITIES AND EQUITY
Total liabilities	[2]	1,140,215		1,083,978
Lennar Multifamily
Assets:
Investments in unconsolidated entities		304,032		250,876
Other assets		56,681		34,945
Total assets	[1]	532,574		415,352
LIABILITIES AND EQUITY
Accounts payable and other liabilities		95,346		62,943
Liabilities related to consolidated inventory not owned		11,850		4,007
Total liabilities	[2]	107,196		66,950
Reportable Legal Entities | Lennar Corporation
Assets:
Total assets		11,682,853		10,975,161
LIABILITIES AND EQUITY
Total liabilities		5,137,318		5,326,217
Stockholders’ equity		6,545,535		5,648,944
Noncontrolling interests		0		0
Total equity		6,545,535		5,648,944
Total liabilities and equity		11,682,853		10,975,161
Reportable Legal Entities | Lennar Corporation | Lennar Homebuilding
Assets:
Cash and cash equivalents, restricted cash and receivables, net		365,177		595,921
Inventories		0		0
Investments in unconsolidated entities		0		0
Other assets		211,279		193,360
Investments in subsidiaries		3,918,687		3,958,687
Intercompany		7,187,710		6,227,193
Total assets		11,682,853		10,975,161
LIABILITIES AND EQUITY
Accounts payable and other liabilities		487,415		579,468
Liabilities related to consolidated inventory not owned		0		0
Senior notes and other debts payable		4,649,903		4,746,749
Intercompany		0		0
Total liabilities		5,137,318		5,326,217
Reportable Legal Entities | Lennar Corporation | Rialto
Assets:
Total assets		0		0
LIABILITIES AND EQUITY
Total liabilities		0		0
Reportable Legal Entities | Lennar Corporation | Lennar Financial Services
Assets:
Total assets		0		0
LIABILITIES AND EQUITY
Total liabilities		0		0
Reportable Legal Entities | Lennar Corporation | Lennar Multifamily
Assets:
Total assets		0		0
LIABILITIES AND EQUITY
Total liabilities		0		0
Reportable Legal Entities | Guarantor Subsidiaries
Assets:
Total assets		10,987,190		10,227,036
LIABILITIES AND EQUITY
Total liabilities		7,380,452		6,580,261
Stockholders’ equity		3,606,738		3,646,775
Noncontrolling interests		0		0
Total equity		3,606,738		3,646,775
Total liabilities and equity		10,987,190		10,227,036
Reportable Legal Entities | Guarantor Subsidiaries | Lennar Homebuilding
Assets:
Cash and cash equivalents, restricted cash and receivables, net		270,020		372,146
Inventories		9,378,652		8,571,769
Investments in unconsolidated entities		778,532		692,879
Other assets		334,483		324,050
Investments in subsidiaries		126,787		176,660
Intercompany		0		0
Total assets		10,888,474		10,137,504
LIABILITIES AND EQUITY
Accounts payable and other liabilities		769,239		710,460
Liabilities related to consolidated inventory not owned		12,019		51,431
Senior notes and other debts payable		260,095		267,531
Intercompany		6,303,367		5,514,610
Total liabilities		7,344,720		6,544,032
Reportable Legal Entities | Guarantor Subsidiaries | Rialto
Assets:
Total assets		0		0
LIABILITIES AND EQUITY
Total liabilities		0		0
Reportable Legal Entities | Guarantor Subsidiaries | Lennar Financial Services
Assets:
Total assets		98,716		89,532
LIABILITIES AND EQUITY
Total liabilities		35,732		36,229
Reportable Legal Entities | Guarantor Subsidiaries | Lennar Multifamily
Assets:
Total assets		0		0
LIABILITIES AND EQUITY
Total liabilities		0		0
Reportable Legal Entities | Non-Guarantor Subsidiaries
Assets:
Total assets		3,571,087		3,579,852
LIABILITIES AND EQUITY
Total liabilities		2,914,980		2,790,152
Stockholders’ equity		438,736		488,572
Noncontrolling interests		217,371		301,128
Total equity		656,107		789,700
Total liabilities and equity		3,571,087		3,579,852
Reportable Legal Entities | Non-Guarantor Subsidiaries | Lennar Homebuilding
Assets:
Cash and cash equivalents, restricted cash and receivables, net		16,949		13,384
Inventories		277,094		168,827
Investments in unconsolidated entities		17,967		48,672
Other assets		80,635		75,108
Investments in subsidiaries		0		0
Intercompany		0		0
Total assets		392,645		305,991
LIABILITIES AND EQUITY
Accounts payable and other liabilities		79,122		85,796
Liabilities related to consolidated inventory not owned		96,424		0
Senior notes and other debts payable		10,850		10,850
Intercompany		884,343		712,583
Total liabilities		1,070,739		809,229
Reportable Legal Entities | Non-Guarantor Subsidiaries | Rialto
Assets:
Total assets		1,196,653		1,505,500
LIABILITIES AND EQUITY
Total liabilities		632,562		866,224
Reportable Legal Entities | Non-Guarantor Subsidiaries | Lennar Financial Services
Assets:
Total assets		1,432,641		1,341,565
LIABILITIES AND EQUITY
Total liabilities		1,104,483		1,047,749
Reportable Legal Entities | Non-Guarantor Subsidiaries | Lennar Multifamily
Assets:
Total assets		549,148		426,796
LIABILITIES AND EQUITY
Total liabilities		107,196		66,950
Consolidating Adjustments
Assets:
Total assets		(11,242,410)		(10,362,540)
LIABILITIES AND EQUITY
Total liabilities		(7,196,936)		(6,227,193)
Stockholders’ equity		(4,045,474)		(4,135,347)
Noncontrolling interests		0		0
Total equity		(4,045,474)		(4,135,347)
Total liabilities and equity		(11,242,410)		(10,362,540)
Consolidating Adjustments | Lennar Homebuilding
Assets:
Cash and cash equivalents, restricted cash and receivables, net		0		0
Inventories		0		0
Investments in unconsolidated entities		0		0
Other assets		11,149		16,704
Investments in subsidiaries		(4,045,474)		(4,135,347)
Intercompany		(7,187,710)		(6,227,193)
Total assets		(11,222,035)		(10,345,836)
LIABILITIES AND EQUITY
Accounts payable and other liabilities		(9,226)		0
Liabilities related to consolidated inventory not owned		0		0
Senior notes and other debts payable		0		0
Intercompany		(7,187,710)		(6,227,193)
Total liabilities		(7,196,936)		(6,227,193)
Consolidating Adjustments | Rialto
Assets:
Total assets		0		0
LIABILITIES AND EQUITY
Total liabilities		0		0
Consolidating Adjustments | Lennar Financial Services
Assets:
Total assets		(3,801)		(5,260)
LIABILITIES AND EQUITY
Total liabilities		0		0
Consolidating Adjustments | Lennar Multifamily
Assets:
Total assets		(16,574)		(11,444)
LIABILITIES AND EQUITY
Total liabilities		$ 0		$ 0
[1]	Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations, (“ASC 810”) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of August 31, 2016, total assets include $596.6 million related to consolidated VIEs of which $9.7 million is included in Lennar Homebuilding cash and cash equivalents, $0.1 million in Lennar Homebuilding receivables, net, $46.9 million in Lennar Homebuilding finished homes and construction in progress, $113.8 million in Lennar Homebuilding land and land under development, $127.0 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $16.5 million in Lennar Homebuilding other assets, $251.5 million in Rialto assets and $26.6 million in Lennar Multifamily assets.As of November 30, 2015, total assets include $652.3 million related to consolidated VIEs of which $9.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.5 million in Lennar Homebuilding receivables, net, $3.9 million in Lennar Homebuilding finished homes and construction in progress, $154.2 million in Lennar Homebuilding land and land under development, $58.9 million in Lennar Homebuilding consolidated inventory not owned, $35.8 million in Lennar Homebuilding investments in unconsolidated entities, $22.7 million in Lennar Homebuilding other assets, $355.2 million in Rialto assets and $11.5 million in Lennar Multifamily assets.
[2]	As of August 31, 2016, total liabilities include $136.8 million related to consolidated VIEs as to which there was no recourse against the Company, of which $2.7 million is included in Lennar Homebuilding accounts payable, $108.4 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.7 million in Lennar Homebuilding other liabilities, $12.1 million in Rialto liabilities and $11.9 million in Lennar Multifamily liabilities.As of November 30, 2015, total liabilities include $84.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $2.0 million is included in Lennar Homebuilding accounts payable, $51.4 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $15.6 million in Lennar Homebuilding other liabilities, $11.3 million in Rialto liabilities and $4.0 million in Lennar Multifamily liabilities.

Supplemental Financial Inform87

Supplemental Financial Information (Condensed Consolidating Statement of Operations and Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2016	Aug. 31, 2015
Condensed Financial Statements, Captions [Line Items]
Revenues	$ 2,833,894	$ 2,491,698	$ 7,573,373	$ 6,528,441
Corporate general and administrative	61,164	56,494	164,634	150,355
Total costs and expenses	2,509,700	2,199,483	6,747,887	5,821,641
Equity in earnings (loss) from unconsolidated entities			28,424	70,679
Other interest expense	(973)	(2,812)	(3,323)	(10,701)
Earnings (loss) before income taxes	339,558	320,658	869,090	777,111
Benefit (provision) for income taxes	(106,427)	(95,621)	(266,469)	(250,573)
Equity in earnings from subsidiaries	0	0	0	0
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	233,131	225,037	602,621	526,538
Less: Net earnings (loss) attributable to noncontrolling interests	(2,711)	1,725	4,230	5,247
Net earnings attributable to Lennar	235,842	223,312	598,391	521,291
Other comprehensive income, net of tax:
Net unrealized gain (loss) on securities available-for-sale	639	(400)	1,121	(294)
Reclassification adjustments for gains included in earnings, net of tax	(31)	0	(37)	(23)
Other comprehensive income attributable to Lennar	236,450	222,912	599,475	520,974
Other comprehensive income (loss) attributable to noncontrolling interests	(2,711)	1,725	4,230	5,247
Lennar Homebuilding
Condensed Financial Statements, Captions [Line Items]
Revenues	2,496,969	2,232,318	6,734,335	5,789,788
Cost and expenses	2,164,027	1,913,283	5,844,520	5,003,940
Equity in earnings (loss) from unconsolidated entities	(18,034)	13,300	(24,667)	48,693
Other income (expense), net	30,947	4,189	46,391	10,305
Lennar Financial Services
Condensed Financial Statements, Captions [Line Items]
Revenues	191,444	168,748	491,340	463,460
Cost and expenses	138,196	129,311	379,073	369,443
Rialto
Condensed Financial Statements, Captions [Line Items]
Revenues	63,885	51,554	152,434	160,682
Cost and expenses	62,306	53,323	155,416	161,610
Equity in earnings (loss) from unconsolidated entities	5,976	7,590	14,337	17,582
Other income (expense), net	(7,612)	1,172	(27,888)	28
Less: Net earnings (loss) attributable to noncontrolling interests	(6,000)	(2,000)	(10,600)	(4,500)
Lennar Multifamily
Condensed Financial Statements, Captions [Line Items]
Revenues	81,596	39,078	195,264	114,511
Cost and expenses	84,007	47,072	204,244	136,293
Equity in earnings (loss) from unconsolidated entities	5,060	5,004	38,754	4,404
Reportable Legal Entities | Lennar Corporation
Condensed Financial Statements, Captions [Line Items]
Revenues	0	0	0	0
Corporate general and administrative	59,644	55,229	160,074	146,559
Total costs and expenses	59,644	55,229	160,074	146,559
Other interest expense	(1,460)	(1,460)	(4,365)	(4,349)
Earnings (loss) before income taxes	(59,895)	(55,015)	(161,331)	(148,840)
Benefit (provision) for income taxes	18,646	16,215	49,706	48,313
Equity in earnings from subsidiaries	277,091	262,112	710,016	621,818
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	235,842	223,312	598,391	521,291
Less: Net earnings (loss) attributable to noncontrolling interests	0	0	0	0
Net earnings attributable to Lennar	235,842	223,312	598,391	521,291
Other comprehensive income, net of tax:
Net unrealized gain (loss) on securities available-for-sale	0	0	0	0
Reclassification adjustments for gains included in earnings, net of tax	0		0	0
Other comprehensive income attributable to Lennar	235,842	223,312	598,391	521,291
Other comprehensive income (loss) attributable to noncontrolling interests	0	0	0	0
Reportable Legal Entities | Lennar Corporation | Lennar Homebuilding
Condensed Financial Statements, Captions [Line Items]
Revenues	0	0	0	0
Cost and expenses	0	0	0	0
Equity in earnings (loss) from unconsolidated entities	0	0	0	0
Other income (expense), net	1,209	1,674	3,108	2,068
Reportable Legal Entities | Lennar Corporation | Lennar Financial Services
Condensed Financial Statements, Captions [Line Items]
Revenues	0	0	0	0
Cost and expenses	0	0	0	0
Reportable Legal Entities | Lennar Corporation | Rialto
Condensed Financial Statements, Captions [Line Items]
Revenues	0	0	0	0
Cost and expenses	0	0	0	0
Equity in earnings (loss) from unconsolidated entities	0	0	0	0
Other income (expense), net	0	0	0	0
Reportable Legal Entities | Lennar Corporation | Lennar Multifamily
Condensed Financial Statements, Captions [Line Items]
Revenues	0	0	0	0
Cost and expenses	0	0	0	0
Equity in earnings (loss) from unconsolidated entities	0	0	0	0
Reportable Legal Entities | Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Revenues	2,552,707	2,286,733	6,883,993	5,935,174
Corporate general and administrative	255	0	764	0
Total costs and expenses	2,208,363	1,945,269	5,981,466	5,109,951
Other interest expense	(973)	(2,812)	(3,323)	(10,701)
Earnings (loss) before income taxes	355,067	334,790	919,189	844,648
Benefit (provision) for income taxes	(106,867)	(96,069)	(277,230)	(267,715)
Equity in earnings from subsidiaries	22,301	17,947	42,297	38,033
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	270,501	256,668	684,256	614,966
Less: Net earnings (loss) attributable to noncontrolling interests	0	0	0	0
Net earnings attributable to Lennar	270,501	256,668	684,256	614,966
Other comprehensive income, net of tax:
Net unrealized gain (loss) on securities available-for-sale	0	0	0	0
Reclassification adjustments for gains included in earnings, net of tax	0		0	0
Other comprehensive income attributable to Lennar	270,501	256,668	684,256	614,966
Other comprehensive income (loss) attributable to noncontrolling interests	0	0	0	0
Reportable Legal Entities | Guarantor Subsidiaries | Lennar Homebuilding
Condensed Financial Statements, Captions [Line Items]
Revenues	2,492,189	2,232,318	6,729,555	5,789,788
Cost and expenses	2,157,506	1,897,755	5,840,084	4,974,687
Equity in earnings (loss) from unconsolidated entities	(18,127)	8,633	(25,138)	35,020
Other income (expense), net	29,823	(12,495)	45,123	(4,894)
Reportable Legal Entities | Guarantor Subsidiaries | Lennar Financial Services
Condensed Financial Statements, Captions [Line Items]
Revenues	60,518	54,415	154,438	145,386
Cost and expenses	50,602	47,514	140,618	135,264
Reportable Legal Entities | Guarantor Subsidiaries | Rialto
Condensed Financial Statements, Captions [Line Items]
Revenues	0	0	0	0
Cost and expenses	0	0	0	0
Equity in earnings (loss) from unconsolidated entities	0	0	0	0
Other income (expense), net	0	0	0	0
Reportable Legal Entities | Guarantor Subsidiaries | Lennar Multifamily
Condensed Financial Statements, Captions [Line Items]
Revenues	0	0	0	0
Cost and expenses	0	0	0	0
Equity in earnings (loss) from unconsolidated entities	0	0	0	0
Reportable Legal Entities | Non-Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Revenues	286,224	209,990	704,457	608,290
Corporate general and administrative	0	0	0	0
Total costs and expenses	246,468	203,646	620,138	577,276
Other interest expense	0	0	0	0
Earnings (loss) before income taxes	44,386	40,883	111,232	81,303
Benefit (provision) for income taxes	(18,206)	(15,767)	(38,945)	(31,171)
Equity in earnings from subsidiaries	0	0	0	0
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	26,180	25,116	72,287	50,132
Less: Net earnings (loss) attributable to noncontrolling interests	(2,711)	1,725	4,230	5,247
Net earnings attributable to Lennar	28,891	23,391	68,057	44,885
Other comprehensive income, net of tax:
Net unrealized gain (loss) on securities available-for-sale	639	(400)	1,121	(294)
Reclassification adjustments for gains included in earnings, net of tax	(31)		(37)	(23)
Other comprehensive income attributable to Lennar	29,499	22,991	69,141	44,568
Other comprehensive income (loss) attributable to noncontrolling interests	(2,711)	1,725	4,230	5,247
Reportable Legal Entities | Non-Guarantor Subsidiaries | Lennar Homebuilding
Condensed Financial Statements, Captions [Line Items]
Revenues	4,780	0	4,780	0
Cost and expenses	7,309	21,080	15,941	41,110
Equity in earnings (loss) from unconsolidated entities	93	4,667	471	13,673
Other income (expense), net	1,113	16,106	1,239	14,602
Reportable Legal Entities | Non-Guarantor Subsidiaries | Lennar Financial Services
Condensed Financial Statements, Captions [Line Items]
Revenues	135,939	119,345	351,923	333,079
Cost and expenses	92,431	81,762	243,755	237,854
Reportable Legal Entities | Non-Guarantor Subsidiaries | Rialto
Condensed Financial Statements, Captions [Line Items]
Revenues	63,885	51,554	152,434	160,682
Cost and expenses	62,721	53,732	156,198	162,019
Equity in earnings (loss) from unconsolidated entities	5,976	7,590	14,337	17,582
Other income (expense), net	(7,612)	1,172	(27,888)	28
Reportable Legal Entities | Non-Guarantor Subsidiaries | Lennar Multifamily
Condensed Financial Statements, Captions [Line Items]
Revenues	81,620	39,091	195,320	114,529
Cost and expenses	84,007	47,072	204,244	136,293
Equity in earnings (loss) from unconsolidated entities	5,060	5,004	38,754	4,404
Consolidating Adjustments
Condensed Financial Statements, Captions [Line Items]
Revenues	(5,037)	(5,025)	(15,077)	(15,023)
Corporate general and administrative	1,265	1,265	3,796	3,796
Total costs and expenses	(4,775)	(4,661)	(13,791)	(12,145)
Other interest expense	1,460	1,460	4,365	4,349
Earnings (loss) before income taxes	0	0	0	0
Benefit (provision) for income taxes	0	0	0	0
Equity in earnings from subsidiaries	(299,392)	(280,059)	(752,313)	(659,851)
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	(299,392)	(280,059)	(752,313)	(659,851)
Less: Net earnings (loss) attributable to noncontrolling interests	0	0	0	0
Net earnings attributable to Lennar	(299,392)	(280,059)	(752,313)	(659,851)
Other comprehensive income, net of tax:
Net unrealized gain (loss) on securities available-for-sale	0	0	0	0
Reclassification adjustments for gains included in earnings, net of tax	0		0	0
Other comprehensive income attributable to Lennar	(299,392)	(280,059)	(752,313)	(659,851)
Other comprehensive income (loss) attributable to noncontrolling interests	0	0	0	0
Consolidating Adjustments | Lennar Homebuilding
Condensed Financial Statements, Captions [Line Items]
Revenues	0	0	0	0
Cost and expenses	(788)	(5,552)	(11,505)	(11,857)
Equity in earnings (loss) from unconsolidated entities	0	0	0	0
Other income (expense), net	(1,198)	(1,096)	(3,079)	(1,471)
Consolidating Adjustments | Lennar Financial Services
Condensed Financial Statements, Captions [Line Items]
Revenues	(5,013)	(5,012)	(15,021)	(15,005)
Cost and expenses	(4,837)	35	(5,300)	(3,675)
Consolidating Adjustments | Rialto
Condensed Financial Statements, Captions [Line Items]
Revenues	0	0	0	0
Cost and expenses	(415)	(409)	(782)	(409)
Equity in earnings (loss) from unconsolidated entities	0	0	0	0
Other income (expense), net	0	0	0	0
Consolidating Adjustments | Lennar Multifamily
Condensed Financial Statements, Captions [Line Items]
Revenues	(24)	(13)	(56)	(18)
Cost and expenses	0	0	0	0
Equity in earnings (loss) from unconsolidated entities	$ 0	$ 0	$ 0	$ 0

Supplemental Financial Inform88

Supplemental Financial Information (Condensed Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2016	Aug. 31, 2015
Cash flows from operating activities:
Net earnings (including net earnings attributable to noncontrolling interests)	$ 233,131	$ 225,037	$ 602,621	$ 526,538
Distributions of earnings from guarantor and non-guarantor subsidiaries			0	0
Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities			(605,701)	(1,614,952)
Net cash used in operating activities			(3,080)	(1,088,414)
Cash flows from investing activities:
Proceeds from the sale of operating properties and equipment			17,450	73,732
Investments in and contributions to unconsolidated entities, net of distributions of capital			(110,227)	(36,562)
Proceeds from sales of real estate owned			66,638	88,565
Receipts of principal payments on loans receivable and other			57,733	14,225
Originations/purchases of loans receivable			(56,507)	(22,545)
Purchases of commercial mortgage-backed securities bonds			(33,005)	0
Other			(58,757)	(155,641)
Distributions of capital from guarantor and non-guarantor subsidiaries			0	0
Intercompany			0	0
Net cash used in investing activities			(116,675)	(15,681)
Cash flows from financing activities:
Redemption of senior notes			(250,000)	(500,000)
Conversions and exchanges on convertible senior notes			(233,893)	(168,854)
Net proceeds (payments) on other borrowings			(99,804)	(145,020)
Net payments related to noncontrolling interests			(97,912)	(104,355)
Excess tax benefits from share-based awards			7,039	113
Common stock:
Issuances			19,471	9,406
Repurchases			(19,871)	(23,133)
Dividends			(26,222)	(24,765)
Intercompany			0	0
Net cash (used in) provided by financing activities			(222,595)	627,575
Net decrease in cash and cash equivalents			(342,350)	(476,520)
Cash and cash equivalents at beginning of period			1,158,445	1,281,814
Cash and cash equivalents at end of period	816,095	805,294	816,095	805,294
Rialto
Cash flows from financing activities:
Principal payments on Rialto notes payable including structured notes			(4,121)	(28,247)
Common stock:
Cash and cash equivalents at beginning of period			150,219
Cash and cash equivalents at end of period	133,103		133,103
Senior Notes
Cash flows from financing activities:
Proceeds from senior notes and debt issuance costs			495,043	743,415
Unsecured Revolving Credit Facility
Cash flows from financing activities:
Net (repayments) borrowings under credit facilities			125,000	575,000
Warehouse Repurchase Facility
Cash flows from financing activities:
Net (repayments) borrowings under credit facilities			(137,325)	294,015
Reportable Legal Entities | Lennar Corporation
Cash flows from operating activities:
Net earnings (including net earnings attributable to noncontrolling interests)	235,842	223,312	598,391	521,291
Distributions of earnings from guarantor and non-guarantor subsidiaries			710,016	621,818
Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities			(712,476)	(594,735)
Net cash used in operating activities			595,931	548,374
Cash flows from investing activities:
Proceeds from the sale of operating properties and equipment			0	0
Investments in and contributions to unconsolidated entities, net of distributions of capital			0	0
Proceeds from sales of real estate owned			0	0
Receipts of principal payments on loans receivable and other			0	0
Originations/purchases of loans receivable			0
Purchases of commercial mortgage-backed securities bonds			0
Other			(8,836)	(26,189)
Distributions of capital from guarantor and non-guarantor subsidiaries			40,000	75,000
Intercompany			(956,734)	(1,470,225)
Net cash used in investing activities			(925,570)	(1,421,414)
Cash flows from financing activities:
Redemption of senior notes			(250,000)	(500,000)
Conversions and exchanges on convertible senior notes			(233,893)	(168,854)
Net proceeds (payments) on other borrowings			0	20,746
Net payments related to noncontrolling interests			0	0
Excess tax benefits from share-based awards			7,039	113
Common stock:
Issuances			19,471	9,406
Repurchases			(19,871)	(23,133)
Dividends			(26,222)	(24,765)
Intercompany			0	0
Net cash (used in) provided by financing activities			117,498	632,922
Net decrease in cash and cash equivalents			(212,141)	(240,118)
Cash and cash equivalents at beginning of period			575,821	633,318
Cash and cash equivalents at end of period	363,680	393,200	363,680	393,200
Reportable Legal Entities | Lennar Corporation | Rialto
Cash flows from financing activities:
Principal payments on Rialto notes payable including structured notes			0	0
Reportable Legal Entities | Lennar Corporation | Senior Notes
Cash flows from financing activities:
Proceeds from senior notes and debt issuance costs			495,974	744,409
Reportable Legal Entities | Lennar Corporation | Unsecured Revolving Credit Facility
Cash flows from financing activities:
Net (repayments) borrowings under credit facilities			125,000	575,000
Reportable Legal Entities | Lennar Corporation | Warehouse Repurchase Facility
Cash flows from financing activities:
Net (repayments) borrowings under credit facilities			0	0
Reportable Legal Entities | Guarantor Subsidiaries
Cash flows from operating activities:
Net earnings (including net earnings attributable to noncontrolling interests)	270,501	256,668	684,256	614,966
Distributions of earnings from guarantor and non-guarantor subsidiaries			42,297	38,033
Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities			(707,332)	(1,090,481)
Net cash used in operating activities			19,221	(437,482)
Cash flows from investing activities:
Proceeds from the sale of operating properties and equipment			17,450	0
Investments in and contributions to unconsolidated entities, net of distributions of capital			(100,475)	(17,833)
Proceeds from sales of real estate owned			0	0
Receipts of principal payments on loans receivable and other			0	0
Originations/purchases of loans receivable			0
Purchases of commercial mortgage-backed securities bonds			0
Other			(41,120)	(47,141)
Distributions of capital from guarantor and non-guarantor subsidiaries			40,000	75,050
Intercompany			0	0
Net cash used in investing activities			(84,145)	10,076
Cash flows from financing activities:
Redemption of senior notes			0	0
Conversions and exchanges on convertible senior notes			0	0
Net proceeds (payments) on other borrowings			(99,804)	(96,265)
Net payments related to noncontrolling interests				0
Excess tax benefits from share-based awards			0	0
Common stock:
Issuances			0	0
Repurchases			0	0
Dividends			(724,256)	(689,966)
Intercompany			782,877	1,169,960
Net cash (used in) provided by financing activities			(41,042)	383,729
Net decrease in cash and cash equivalents			(105,966)	(43,677)
Cash and cash equivalents at beginning of period			336,048	252,914
Cash and cash equivalents at end of period	230,082	209,237	230,082	209,237
Reportable Legal Entities | Guarantor Subsidiaries | Rialto
Cash flows from financing activities:
Principal payments on Rialto notes payable including structured notes			0	0
Reportable Legal Entities | Guarantor Subsidiaries | Senior Notes
Cash flows from financing activities:
Proceeds from senior notes and debt issuance costs			0	0
Reportable Legal Entities | Guarantor Subsidiaries | Unsecured Revolving Credit Facility
Cash flows from financing activities:
Net (repayments) borrowings under credit facilities			0	0
Reportable Legal Entities | Guarantor Subsidiaries | Warehouse Repurchase Facility
Cash flows from financing activities:
Net (repayments) borrowings under credit facilities			141	0
Reportable Legal Entities | Non-Guarantor Subsidiaries
Cash flows from operating activities:
Net earnings (including net earnings attributable to noncontrolling interests)	26,180	25,116	72,287	50,132
Distributions of earnings from guarantor and non-guarantor subsidiaries			0	0
Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities			61,794	(589,587)
Net cash used in operating activities			134,081	(539,455)
Cash flows from investing activities:
Proceeds from the sale of operating properties and equipment			0	73,732
Investments in and contributions to unconsolidated entities, net of distributions of capital			(9,752)	(18,729)
Proceeds from sales of real estate owned			66,638	88,565
Receipts of principal payments on loans receivable and other			57,733	14,225
Originations/purchases of loans receivable			(56,507)
Purchases of commercial mortgage-backed securities bonds			(33,005)
Other			(8,801)	(82,311)
Distributions of capital from guarantor and non-guarantor subsidiaries			0	0
Intercompany			0	0
Net cash used in investing activities			16,306	75,482
Cash flows from financing activities:
Redemption of senior notes			0	0
Conversions and exchanges on convertible senior notes			0	0
Net proceeds (payments) on other borrowings				(69,501)
Net payments related to noncontrolling interests			(97,912)	(104,355)
Excess tax benefits from share-based awards			0	0
Common stock:
Issuances			0	0
Repurchases			0	0
Dividends			(108,057)	(119,935)
Intercompany			173,857	300,265
Net cash (used in) provided by financing activities			(174,630)	271,248
Net decrease in cash and cash equivalents			(24,243)	(192,725)
Cash and cash equivalents at beginning of period			246,576	395,582
Cash and cash equivalents at end of period	222,333	202,857	222,333	202,857
Reportable Legal Entities | Non-Guarantor Subsidiaries | Rialto
Cash flows from financing activities:
Principal payments on Rialto notes payable including structured notes			(4,121)	(28,247)
Reportable Legal Entities | Non-Guarantor Subsidiaries | Senior Notes
Cash flows from financing activities:
Proceeds from senior notes and debt issuance costs			(931)	(994)
Reportable Legal Entities | Non-Guarantor Subsidiaries | Unsecured Revolving Credit Facility
Cash flows from financing activities:
Net (repayments) borrowings under credit facilities			0	0
Reportable Legal Entities | Non-Guarantor Subsidiaries | Warehouse Repurchase Facility
Cash flows from financing activities:
Net (repayments) borrowings under credit facilities			(137,466)	294,015
Consolidating Adjustments
Cash flows from operating activities:
Net earnings (including net earnings attributable to noncontrolling interests)	(299,392)	(280,059)	(752,313)	(659,851)
Distributions of earnings from guarantor and non-guarantor subsidiaries			(752,313)	(659,851)
Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities			752,313	659,851
Net cash used in operating activities			(752,313)	(659,851)
Cash flows from investing activities:
Proceeds from the sale of operating properties and equipment			0	0
Investments in and contributions to unconsolidated entities, net of distributions of capital			0	0
Proceeds from sales of real estate owned			0	0
Receipts of principal payments on loans receivable and other			0	0
Originations/purchases of loans receivable			0
Purchases of commercial mortgage-backed securities bonds			0
Other			0	0
Distributions of capital from guarantor and non-guarantor subsidiaries			(80,000)	(150,050)
Intercompany			956,734	1,470,225
Net cash used in investing activities			876,734	1,320,175
Cash flows from financing activities:
Redemption of senior notes			0	0
Conversions and exchanges on convertible senior notes			0	0
Net proceeds (payments) on other borrowings			0	0
Net payments related to noncontrolling interests			0	0
Excess tax benefits from share-based awards			0	0
Common stock:
Issuances			0	0
Repurchases			0	0
Dividends			832,313	809,901
Intercompany			(956,734)	(1,470,225)
Net cash (used in) provided by financing activities			(124,421)	(660,324)
Net decrease in cash and cash equivalents			0	0
Cash and cash equivalents at beginning of period			0	0
Cash and cash equivalents at end of period	$ 0	$ 0	0	0
Consolidating Adjustments | Rialto
Cash flows from financing activities:
Principal payments on Rialto notes payable including structured notes			0	0
Consolidating Adjustments | Senior Notes
Cash flows from financing activities:
Proceeds from senior notes and debt issuance costs			0	0
Consolidating Adjustments | Unsecured Revolving Credit Facility
Cash flows from financing activities:
Net (repayments) borrowings under credit facilities			0	0
Consolidating Adjustments | Warehouse Repurchase Facility
Cash flows from financing activities:
Net (repayments) borrowings under credit facilities			$ 0	$ 0