Lennar (LEN) 10-Q 30 Jun 17 2017 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	6 Months Ended
	May 31, 2017shares
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	May 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A Common Stock
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding	203,191,983
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		May 31, 2017	Nov. 30, 2016
ASSETS
Cash and cash equivalents		$ 983,968	$ 1,329,529
Inventories:
Total assets	[1]	16,754,505	15,361,781
LIABILITIES AND EQUITY
Total liabilities	[2]	9,317,499	8,150,214
Stockholders' equity:
Preferred stock	[2]	0	0
Additional paid-in capital	[2]	2,867,618	2,805,349
Retained earnings	[2]	4,539,203	4,306,256
Treasury stock, at cost; May 31, 2017 - 955,371 shares of Class A common stock and 1,679,620 shares of Class B common stock; November 30, 2016 - 917,447 shares of Class A common stock and 1,679,620 shares of Class B common stock	[2]	(109,049)	(108,961)
Accumulated other comprehensive income (loss)	[2]	1,086	(309)
Total stockholders’ equity	[2]	7,322,571	7,026,042
Noncontrolling interests	[2]	114,435	185,525
Total equity	[2]	7,437,006	7,211,567
Total liabilities and equity	[2]	16,754,505	15,361,781
Class A Common Stock
Stockholders' equity:
Common stock	[2]	20,415	20,409
Class B Common Stock
Stockholders' equity:
Common stock	[2]	3,298	3,298
Lennar Homebuilding
ASSETS
Cash and cash equivalents	[1]	747,652	1,050,138
Restricted cash	[1]	6,397	5,977
Receivables, net	[1]	82,640	106,976
Inventories:
Finished homes and construction in progress	[1]	4,670,827	3,951,716
Land and land under development	[1]	5,623,727	5,106,191
Consolidated inventory not owned	[1]	138,620	121,019
Total inventories	[1]	10,433,174	9,178,926
Investments in unconsolidated entities	[1]	995,400	811,723
Goodwill	[1]	136,633	0
Other assets	[1]	890,665	651,028
Total assets	[1]	13,292,561	11,804,768
LIABILITIES AND EQUITY
Accounts payable	[2]	492,734	478,546
Liabilities related to consolidated inventory not owned	[2]	133,554	110,006
Senior notes and other debts payable	[2]	5,767,689	4,575,977
Other liabilities	[2]	902,081	841,449
Total liabilities	[2]	7,296,058	6,005,978
Rialto
ASSETS
Cash and cash equivalents		119,592	148,827
Restricted cash		6,026	9,935
Receivables, net		415,285	204,518
Inventories:
Investments in unconsolidated entities	[1]	244,301	245,741
Goodwill		5,396	5,396
Other assets		134,372	113,671
Total assets	[1]	1,364,421	1,276,210
LIABILITIES AND EQUITY
Other liabilities		78,767	85,645
Total liabilities	[2]	860,612	707,980
Lennar Financial Services
ASSETS
Cash and cash equivalents		107,436	123,964
Restricted cash		13,311	17,053
Receivables, net		213,550	409,528
Inventories:
Goodwill		59,838	39,838
Other assets		86,196	99,319
Total assets	[1]	1,444,294	1,754,672
LIABILITIES AND EQUITY
Other liabilities		245,040	241,055
Total liabilities	[2]	1,037,663	1,318,283
Lennar Multifamily
ASSETS
Cash and cash equivalents		9,288	6,600
Receivables, net		64,740	58,929
Inventories:
Land and land under development		171,066	139,713
Investments in unconsolidated entities		377,265	318,559
Other assets		30,870	2,330
Total assets	[1]	653,229	526,131
LIABILITIES AND EQUITY
Total liabilities	[2]	$ 123,166	$ 117,973
[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 May 31, 2017 , total assets include $575.7 million related to consolidated VIEs of which $9.4 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $77.8 million in Lennar Homebuilding finished homes and construction in progress, $173.1 million in Lennar Homebuilding land and land under development, $138.6 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $12.9 million in Lennar Homebuilding other assets, $117.5 million in Rialto assets and $41.6 million in Lennar Multifamily assets. As of November 30, 2016 , total assets include $536.3 million related to consolidated VIEs of which $13.3 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $54.2 million in Lennar Homebuilding finished homes and construction in progress, $106.3 million in Lennar Homebuilding land and land under development, $121.0 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $13.9 million in Lennar Homebuilding other assets, $213.8 million in Rialto assets and $8.8 million
[2]	As of May 31, 2017 , total liabilities include $144.1 million related to consolidated VIEs as to which there was no recourse against the Company, of which $4.7 million is included in Lennar Homebuilding accounts payable, $133.6 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.1 million in Lennar Homebuilding other liabilities and $4.7 million in Rialto liabilities. As of November 30, 2016 , total liabilities include $126.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $3.6 million is included in Lennar Homebuilding accounts payable, $110.0 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $2.5 million in Lennar Homebuilding other liabilities and $10.3 million

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands		May 31, 2017	Nov. 30, 2016
Total assets	[1]	$ 16,754,505	$ 15,361,781
Cash and cash equivalents		983,968	1,329,529
Total liabilities	[2]	$ 9,317,499	$ 8,150,214
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		204,147,354	204,089,447
Treasury stock, shares		955,371	917,447
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	32,982,815
Treasury stock, shares		1,679,620	1,679,620
Variable Interest Entity, Primary Beneficiary
Total assets		$ 575,700	$ 536,300
Total liabilities		144,100	126,400
Lennar Homebuilding
Total assets	[1]	13,292,561	11,804,768
Cash and cash equivalents	[1]	747,652	1,050,138
Receivables, net	[1]	82,640	106,976
Finished homes and construction in progress	[1]	4,670,827	3,951,716
Land and land under development	[1]	5,623,727	5,106,191
Consolidated inventory not owned	[1]	138,620	121,019
Investments in unconsolidated entities	[1]	995,400	811,723
Other assets	[1]	890,665	651,028
Total liabilities	[2]	7,296,058	6,005,978
Accounts payable	[2]	492,734	478,546
Liabilities related to consolidated inventory not owned	[2]	133,554	110,006
Other liabilities	[2]	902,081	841,449
Lennar Homebuilding | Variable Interest Entity, Primary Beneficiary
Cash and cash equivalents		9,400	13,300
Receivables, net		200	200
Finished homes and construction in progress		77,800	54,200
Land and land under development		173,100	106,300
Consolidated inventory not owned		138,600	121,000
Investments in unconsolidated entities		4,600	4,600
Other assets		12,900	13,900
Accounts payable		4,700	3,600
Liabilities related to consolidated inventory not owned		133,600	110,000
Other liabilities		1,100	2,500
Rialto
Total assets	[1]	1,364,421	1,276,210
Cash and cash equivalents		119,592	148,827
Receivables, net		415,285	204,518
Investments in unconsolidated entities	[1]	244,301	245,741
Other assets		134,372	113,671
Total liabilities	[2]	860,612	707,980
Other liabilities		78,767	85,645
Lennar Multifamily
Total assets	[1]	653,229	526,131
Cash and cash equivalents		9,288	6,600
Receivables, net		64,740	58,929
Land and land under development		171,066	139,713
Investments in unconsolidated entities		377,265	318,559
Other assets		30,870	2,330
Total liabilities	[2]	123,166	117,973
Lennar Multifamily | Variable Interest Entity, Primary Beneficiary
Total assets		41,600	8,800
Variable Interest Entity, Primary Beneficiary | Rialto
Total assets		117,500	213,800
Total liabilities		$ 4,700	$ 10,300
[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 May 31, 2017 , total assets include $575.7 million related to consolidated VIEs of which $9.4 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $77.8 million in Lennar Homebuilding finished homes and construction in progress, $173.1 million in Lennar Homebuilding land and land under development, $138.6 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $12.9 million in Lennar Homebuilding other assets, $117.5 million in Rialto assets and $41.6 million in Lennar Multifamily assets. As of November 30, 2016 , total assets include $536.3 million related to consolidated VIEs of which $13.3 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $54.2 million in Lennar Homebuilding finished homes and construction in progress, $106.3 million in Lennar Homebuilding land and land under development, $121.0 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $13.9 million in Lennar Homebuilding other assets, $213.8 million in Rialto assets and $8.8 million
[2]	As of May 31, 2017 , total liabilities include $144.1 million related to consolidated VIEs as to which there was no recourse against the Company, of which $4.7 million is included in Lennar Homebuilding accounts payable, $133.6 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.1 million in Lennar Homebuilding other liabilities and $4.7 million in Rialto liabilities. As of November 30, 2016 , total liabilities include $126.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $3.6 million is included in Lennar Homebuilding accounts payable, $110.0 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $2.5 million in Lennar Homebuilding other liabilities and $10.3 million

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016
Revenues:
Revenues	$ 3,261,892	$ 2,745,815	$ 5,599,320	$ 4,739,479
Cost and expenses:
Corporate general and administrative	66,774	55,802	127,473	103,470
Total costs and expenses	2,928,667	2,423,362	5,077,868	4,238,187
Equity in earnings (loss) from unconsolidated entities			5,986	35,422
Earnings before income taxes	309,600	327,839	359,243	529,532
Provision for income taxes	(108,892)	(103,801)	(128,861)	(160,042)
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	200,708	224,038	230,382	369,490
Less: Net earnings (loss) attributable to noncontrolling interests	(12,937)	5,569	(21,343)	6,941
Net earnings attributable to Lennar	213,645	218,469	251,725	362,549
Other comprehensive income, net of tax:
Net unrealized gains on securities available-for-sale	419	919	1,391	482
Reclassification adjustments for (gains) loss included in earnings, net of tax	4	(6)	4	(6)
Other comprehensive income attributable to Lennar	214,068	219,382	253,120	363,025
Other comprehensive income (loss) attributable to noncontrolling interests	$ (12,937)	$ 5,569	$ (21,343)	$ 6,941
Basic earnings per share (in dollars per share)	$ 0.91	$ 1.01	$ 1.07	$ 1.69
Diluted earnings per share (in dollars per share)	0.91	0.95	1.07	1.58
Class A Common Stock
Other comprehensive income, net of tax:
Cash dividends per each common share (in dollars per share)	$ 0.04	$ 0.04	$ 0.08	$ 0.08
Lennar Homebuilding
Revenues:
Revenues	$ 2,885,741	$ 2,450,885	$ 4,904,435	$ 4,237,366
Cost and expenses:
Cost and expenses	2,535,483	2,112,288	4,337,044	3,680,493
Equity in earnings (loss) from unconsolidated entities	(21,506)	(9,633)	(33,040)	(6,633)
Other income (expense), net	3,828	13,732	9,567	13,094
Lennar Homebuilding loss due to litigation	0	0	(140,000)	0
Lennar Financial Services
Revenues:
Revenues	208,363	175,940	356,406	299,896
Cost and expenses:
Cost and expenses	164,636	131,852	292,015	240,877
Rialto
Revenues:
Revenues	67,988	44,838	149,994	88,549
Cost and expenses:
Cost and expenses	59,076	50,203	125,989	93,110
Equity in earnings (loss) from unconsolidated entities	5,730	6,864	6,452	8,361
Other income (expense), net	(21,104)	(19,585)	(37,762)	(20,276)
Lennar Multifamily
Revenues:
Revenues	99,800	74,152	188,485	113,668
Cost and expenses:
Cost and expenses	102,698	73,217	195,347	120,237
Equity in earnings (loss) from unconsolidated entities	$ 9,427	$ 14,008	$ 32,574	$ 33,694

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands		6 Months Ended
		May 31, 2017	May 31, 2016
Cash flows from operating activities:
Net earnings (including net earnings (loss) attributable to noncontrolling interests)		$ 230,382	$ 369,490
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation and amortization		29,418	22,752
Amortization of discount/premium and accretion on debt, net		5,059	8,054
Equity in earnings from unconsolidated entities		(5,986)	(35,422)
Distributions of earnings from unconsolidated entities		44,412	43,740
Share-based compensation expense		24,817	22,266
Excess tax benefits from share-based awards		(1,980)	(7,039)
Deferred income tax expense		13,197	45,538
Loss on retirement of debt and notes payable		0	(415)
Unrealized and realized gains on real estate owned		(3,374)	(12,838)
Impairments of loans receivable, loans held-for-sale and real estate owned		45,803	15,871
Valuation adjustments and write-offs of option deposits and pre-acquisition costs		12,343	2,699
Changes in assets and liabilities:
Decrease in restricted cash		13,968	14,764
Decrease in receivables		16,817	236,084
Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs		(655,183)	(868,779)
Increase in other assets		(13,502)	(28,014)
Decrease in loans held-for-sale		140,372	93,690
Decrease in accounts payable and other liabilities		(56,322)	(98,653)
Net cash used in operating activities		(159,759)	(175,382)
Cash flows from investing activities:
Net additions of operating properties and equipment		(47,043)	(39,216)
Investments in and contributions to unconsolidated entities		(315,755)	(210,225)
Distributions of capital from unconsolidated entities		96,499	103,009
Proceeds from sales of real estate owned		55,521	43,412
Improvements to real estate owned		(392)	(1,717)
Purchases of real estate owned		148	0
Receipts of principal payments on loans receivable and other		19,487	5,484
Originations of loans receivable		(14,055)	(16,864)
Purchases of commercial mortgage-backed securities bonds		(40,357)	(33,005)
Acquisition, net of cash acquired		(611,103)	(600)
(Increase) decrease in Lennar Financial Services loans held-for-investment, net		(2,719)	1,060
Purchases of Lennar Financial Services investment securities		(26,811)	(11,646)
Proceeds from maturities/sales of Lennar Financial Services investments securities		13,340	10,681
Net cash used in investing activities		(873,536)	(149,627)
Cash flows from financing activities:
Proceeds from senior notes		1,250,000	499,024
Debt issuance costs		(14,060)	(3,796)
Redemption of senior notes		(400,000)	(250,000)
Conversions and exchanges on convertible senior notes		0	(233,893)
Proceeds from other borrowings		65,096	15,657
Principal payments on other borrowings		(30,600)	(103,189)
Receipts related to noncontrolling interests		320	167
Payments related to noncontrolling interests		(47,909)	(73,195)
Excess tax benefits from share-based awards		1,980	7,039
Common stock:
Issuances		693	594
Repurchases		(83)	(971)
Dividends		(18,778)	(17,191)
Net cash provided by (used in) financing activities		687,734	(17,959)
Net decrease in cash and cash equivalents		(345,561)	(342,968)
Summary of cash and cash equivalents:
Cash and cash equivalents at beginning of period		1,329,529	1,158,445
Cash and cash equivalents at end of period		983,968	815,477
Consolidation/deconsolidation of unconsolidated/consolidated entities, net:
Inventories		0	111,347
Investments in unconsolidated entities		0	(2,445)
Liabilities related to consolidated inventory not owned		0	(96,424)
Noncontrolling interests		0	(12,478)
Lennar Homebuilding
Adjustments to reconcile net earnings to net cash used in operating activities:
Equity in earnings from unconsolidated entities		33,040	6,633
Summary of cash and cash equivalents:
Cash and cash equivalents at beginning of period	[1]	1,050,138
Cash and cash equivalents at end of period	[1]	747,652
Rialto
Adjustments to reconcile net earnings to net cash used in operating activities:
Equity in earnings from unconsolidated entities		(6,452)	(8,361)
Cash flows from financing activities:
Proceeds from Rialto notes payable		35,460	0
Principal payments on Rialto notes payable		(10,120)	(2,999)
Summary of cash and cash equivalents:
Cash and cash equivalents at beginning of period		148,827
Cash and cash equivalents at end of period		119,592
Rialto:
Real estate owned acquired in satisfaction/partial satisfaction of loans receivable		272	7,703
Lennar Financial Services
Summary of cash and cash equivalents:
Cash and cash equivalents at beginning of period		123,964
Cash and cash equivalents at end of period		107,436
Lennar Multifamily
Adjustments to reconcile net earnings to net cash used in operating activities:
Equity in earnings from unconsolidated entities		(32,574)	(33,694)
Summary of cash and cash equivalents:
Cash and cash equivalents at beginning of period		6,600
Cash and cash equivalents at end of period		9,288
Lennar Homebuilding and Lennar Multifamily
Lennar Homebuilding and Lennar Multifamily:
Non-cash contributions to unconsolidated entities		63,014	25,420
Non-cash distributions from unconsolidated entities		0	16,331
Conversion of convertible senior notes to equity		0	67,535
Purchases of inventories and other assets financed by sellers		78,948	53,287
Operating Segments
Summary of cash and cash equivalents:
Cash and cash equivalents at end of period		983,968	815,477
Operating Segments | Lennar Homebuilding
Summary of cash and cash equivalents:
Cash and cash equivalents at end of period		747,652	601,192
Operating Segments | Rialto
Summary of cash and cash equivalents:
Cash and cash equivalents at end of period		119,592	103,622
Operating Segments | Lennar Financial Services
Summary of cash and cash equivalents:
Cash and cash equivalents at end of period		107,436	105,596
Operating Segments | Lennar Multifamily
Summary of cash and cash equivalents:
Cash and cash equivalents at end of period		9,288	5,067
Unsecured Revolving Credit Facility
Cash flows from financing activities:
Net (repayments) borrowings under credit facilities		0	375,000
Warehouse Repurchase Facility
Cash flows from financing activities:
Net (repayments) borrowings under credit facilities		$ (144,265)	$ (230,206)
[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 May 31, 2017 , total assets include $575.7 million related to consolidated VIEs of which $9.4 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $77.8 million in Lennar Homebuilding finished homes and construction in progress, $173.1 million in Lennar Homebuilding land and land under development, $138.6 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $12.9 million in Lennar Homebuilding other assets, $117.5 million in Rialto assets and $41.6 million in Lennar Multifamily assets. As of November 30, 2016 , total assets include $536.3 million related to consolidated VIEs of which $13.3 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $54.2 million in Lennar Homebuilding finished homes and construction in progress, $106.3 million in Lennar Homebuilding land and land under development, $121.0 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $13.9 million in Lennar Homebuilding other assets, $213.8 million in Rialto assets and $8.8 million

Basis of Presentation

Basis of Presentation	6 Months Ended
	May 31, 2017
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 16) 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, 2016 . 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 six months ended May 31, 2017 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

Business Acquisition

Business Acquisition	6 Months Ended
	May 31, 2017
Business Combinations [Abstract]
Business Acquisition	Business Acquisition On February 10, 2017, the Company acquired WCI Communities, Inc. ("WCI") a homebuilder of luxury single and multifamily homes, including a small percentage of luxury high-rise tower units, with operations in Florida. WCI stockholders received $642.6 million in cash. The cash consideration was funded primarily from working capital and from proceeds from the issuance of 4.125% senior notes due 2022 (see Note 12). Based on an evaluation of the provisions of ASC Topic 805, Business Combinations , ("ASC 805"), Lennar Corporation was determined to be the acquirer for accounting purposes. The following table summarizes the provisional purchase price allocation based on the estimated fair value of net assets acquired and liabilities assumed at the date of acquisition, which are subject to change within a measurement period of up to one year from the acquisition date pursuant to ASC 805. The purchase price allocation is provisional pending completion of the fair value analysis of acquired assets and liabilities assumed: (In thousands) Assets: Cash and cash equivalents, restricted cash and receivables, net $ 42,079 Inventories 619,458 Intangible assets (1) 59,283 Goodwill (2) 156,633 Deferred tax assets, net 81,752 Other assets 66,173 Total assets 1,025,378 Liabilities: Accounts payable 26,735 Senior notes and other debts payable 282,793 Other liabilities 73,228 Total liabilities 382,756 Total purchase price $ 642,622 (1) Intangible assets include non-compete agreements and a trade name. The amortization period for these intangible assets is six months for the non-compete agreements and 20 years for the trade name. (2) Goodwill represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed, and it is not deductible for income tax purposes. As of the merger date, goodwill consisted primarily of purchasing and other synergies resulting from the merger, expected production, savings in corporate and division overhead costs and expected expanded opportunities for growth through a higher-end more luxurious product, greater presence in the state of Florida and customer diversity. The provisional amount of goodwill allocated to the Company's Homebuilding East segment was $136.6 million and to the Lennar Financial Services segment was $20.0 million . These provisional amounts were based on the relative fair value of each acquired reporting unit in accordance with ASC 350, Intangibles-Goodwill and Other. Lennar Homebuilding revenue and net earnings attributable to Lennar for the three and six months ended May 31, 2017 included $182.8 million and $202.3 million , respectively, of home sales revenue and $21.9 million and $13.2 million , respectively, of pre-tax earnings from WCI since the date of acquisition, which included transaction-related expenses of $8.0 million and $19.0 million , respectively, comprised mainly of severance costs, general and administrative expenses, and amortization expense related to non-compete agreements and trade name since the date of acquisition. These transaction expenses were included primarily within Lennar Homebuilding selling, general and administrative expenses in the accompanying condensed consolidated statement of operations for the three and six months ended May 31, 2017

Operating and Reporting Segment

Operating and Reporting Segments	6 Months Ended
	May 31, 2017
Segment Reporting [Abstract]
Operating and Reporting Segments	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) Lennar Financial Services (5) Rialto (6) Lennar Multifamily 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 incurred by the segment and loss due to litigation. The Company’s reportable homebuilding segments and all other homebuilding operations not required to be reported separately have homebuilding divisions located in: East: Florida (1) , Georgia, Maryland, New Jersey, North Carolina, South Carolina and Virginia Central: Arizona, Colorado and Texas West: California and Nevada Other: Illinois, Minnesota, Oregon, Tennessee and Washington (1) Florida includes information related to WCI from the date of acquisition (February 10, 2017) to May 31, 2017. 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. It also includes a real estate brokerage business acquired as part of the WCI transaction. 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, closing services and real estate brokerage, 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, 2016 . 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) May 31, November 30, Assets: Homebuilding East (1) $ 4,764,611 3,512,990 Homebuilding Central 2,032,627 1,993,403 Homebuilding West 4,684,956 4,318,924 Homebuilding Other 903,137 907,523 Rialto 1,364,421 1,276,210 Lennar Financial Services 1,444,294 1,754,672 Lennar Multifamily 653,229 526,131 Corporate and unallocated 907,230 1,071,928 Total assets $ 16,754,505 15,361,781 Lennar Homebuilding goodwill (2) $ 136,633 — Rialto goodwill $ 5,396 5,396 Lennar Financial Services goodwill (2) $ 59,838 39,838 (1) Homebuilding East segment includes the provisional fair values of homebuilding assets acquired as part of the WCI acquisition. (2) In connection with the WCI acquisition, the Company allocated $136.6 million of goodwill to the Lennar Homebuilding East reportable segment and $20.0 million to the Lennar Financial Services segment. These amounts are provisional pending completion of the fair value analysis of acquired assets and liabilities. Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2017 2016 2017 2016 Revenues: Homebuilding East $ 1,194,890 954,298 1,962,616 1,613,352 Homebuilding Central 682,342 608,987 1,198,523 1,022,827 Homebuilding West 770,194 718,059 1,322,992 1,269,398 Homebuilding Other 238,315 169,541 420,304 331,789 Lennar Financial Services 208,363 175,940 356,406 299,896 Rialto 67,988 44,838 149,994 88,549 Lennar Multifamily 99,800 74,152 188,485 113,668 Total revenues (1) $ 3,261,892 2,745,815 5,599,320 4,739,479 Operating earnings (loss): Homebuilding East (2) $ 153,707 142,938 97,998 227,644 Homebuilding Central 75,944 68,762 128,802 101,957 Homebuilding West 71,224 113,807 124,584 202,641 Homebuilding Other 31,705 17,189 52,534 31,092 Lennar Financial Services 43,727 44,088 64,391 59,019 Rialto (6,462 ) (18,086 ) (7,305 ) (16,476 ) Lennar Multifamily 6,529 14,943 25,712 27,125 Total operating earnings 376,374 383,641 486,716 633,002 Corporate general and administrative expenses 66,774 55,802 127,473 103,470 Earnings before income taxes $ 309,600 327,839 359,243 529,532 (1) Total revenues were net of sales incentives of $174.5 million ( $22,700 per home delivered) and $298.1 million ( $22,700 per home delivered) for the three and six months ended May 31, 2017 , respectively, compared to $146.1 million ( $21,800 per home delivered) and $249.8 million ( $21,700 per home delivered) for the three and six months ended May 31, 2016 , respectively. (2) Homebuilding East operating earnings for the six months ended May 31, 2017 included a $ 140 million Lennar Financial Services Segment The assets and liabilities related to the Lennar Financial Services segment were as follows: (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 107,436 123,964 Restricted cash 13,311 17,053 Receivables, net (1) 213,550 409,528 Loans held-for-sale (2) 820,443 939,405 Loans held-for-investment, net 32,691 30,004 Investments held-to-maturity 54,824 41,991 Investments available-for-sale (3) 56,005 53,570 Goodwill (4) 59,838 39,838 Other (5) 86,196 99,319 $ 1,444,294 1,754,672 Liabilities: Notes and other debts payable $ 792,623 1,077,228 Other (6) 245,040 241,055 $ 1,037,663 1,318,283 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of May 31, 2017 and November 30, 2016 , 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 (loss). (4) As of May 31, 2017 , goodwill included $20.0 million of goodwill related to the WCI acquisition. The amount provided herein is provisional, pending completion of the fair value analysis of WCI's acquired assets and liabilities assumed (see Note 2). (5) As of May 31, 2017 and November 30, 2016 , other assets included mortgage loan commitments carried at fair value of $18.4 million and $7.4 million , respectively, and mortgage servicing rights carried at fair value of $27.4 million and $23.9 million , respectively. In addition, other assets also included forward contracts carried at fair value of $26.5 million as of November 30, 2016 . (6) As of May 31, 2017 and November 30, 2016 , other liabilities included $58.4 million and $57.4 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 $6.8 million as of May 31, 2017 . At May 31, 2017 , the Lennar Financial Services segment warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures June 2017 (1) $ 600,000 364-day warehouse repurchase facility that matures September 2017 300,000 364-day warehouse repurchase facility that matures December 2017 (2) 400,000 364-day warehouse repurchase facility that matures March 2018 (3) 150,000 Total $ 1,450,000 (1) Subsequent to May 31, 2017 , the warehouse repurchase facility maturity date was extended to June 2018. (2) Maximum aggregate commitment includes an uncommitted amount of $250 million . (3) Maximum aggregate commitment includes an uncommitted amount of $75 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 $792.4 million and $1.1 billion at May 31, 2017 and November 30, 2016 , respectively, and were collateralized by mortgage loans and receivables on loans sold to investors but not yet paid for with outstanding principal balances of $824.1 million and $1.1 billion at May 31, 2017 and November 30, 2016 , 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 for. 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 Six Months Ended May 31, May 31, (In thousands) 2017 2016 2017 2016 Loan origination liabilities, beginning of period $ 25,003 20,108 24,905 19,492 Provision for losses 1,066 1,110 1,944 1,898 Payments/settlements (157 ) (224 ) (937 ) (396 ) Loan origination liabilities, end of period $ 25,912 20,994 25,912 20,994 Rialto Segment The assets and liabilities related to the Rialto segment were as follows: (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 119,592 148,827 Restricted cash (1) 6,026 9,935 Receivables, net (2) 415,285 204,518 Loans held-for-sale (3) 106,615 126,947 Loans receivable, net 65,326 111,608 Real estate owned, net 160,452 243,703 Investments in unconsolidated entities 244,301 245,741 Investments held-to-maturity 112,452 71,260 Other 134,372 113,671 $ 1,364,421 1,276,210 Liabilities: Notes and other debts payable (4) $ 781,845 622,335 Other 78,767 85,645 $ 860,612 707,980 (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 related to loans sold but not settled as of May 31, 2017 and November 30, 2016 , respectively. (3) Loans held-for-sale related to unsold loans originated by RMF carried at fair value and loans in the FDIC Portfolios carried at lower of cost or market. (4) As of May 31, 2017 and November 30, 2016 , notes and other debts payable primarily included $349.0 million and $348.7 million , respectively, related to Rialto's 7.00% senior notes due 2018, and $363.6 million and $223.5 million , respectively, related to Rialto's warehouse repurchase facilities. Rialto Mortgage Finance - loans held-for-sale During the six months ended May 31, 2017 , RMF originated loans with a total principal balance of $837.7 million of which $823.7 million were recorded as loans held-for-sale and $14.1 million were recorded as accrual loans within loans receivable, net, and sold $870.4 million of loans into five separate securitizations. During the six months ended May 31, 2016 , RMF originated loans with a total principal balance of $670.3 million of which $654.0 million were recorded as loans held-for-sale and $16.3 million as accrual loans within loans receivable, net, and sold $766.4 million of loans into five separate securitizations. As of May 31, 2017 and November 30, 2016 , originated loans with an unpaid principal balance of $392.7 million and $199.8 million , respectively, were sold into a securitization trust but not settled and thus were included as receivables, net. FDIC Portfolios 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. In February 2017, the FDIC exercised its “clean-up call rights” under the Amended and Restated Limited Liability Company Agreement. As a result, Rialto has until July 10, 2017 to liquidate and sell the assets in the FDIC Portfolios. After July 10, 2017, the FDIC can, at its discretion, sell any remaining assets. At May 31, 2017 , the consolidated LLCs had total combined assets of $117.5 million , which primarily included $80.3 million of real estate owned, net and $23.8 million of loans held-for-sale. Warehouse Facilities At May 31, 2017 , Rialto warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures October 2017 $ 500,000 Warehouse repurchase facility that matures December 2017 200,000 364-day warehouse repurchase facility that matures January 2018 250,000 Total - Loan origination and securitization business (RMF) $ 950,000 Warehouse repurchase facility that matures August 2018 (two - one year extensions) (1) 100,000 Total $ 1,050,000 (1) Rialto uses this warehouse repurchase facility to finance the origination of floating rate accrual loans, which are reported as accrual loans within loans receivable, net. Borrowings under this facility were $43.3 million as of both May 31, 2017 and November 30, 2016 . Borrowings under the facilities that finance RMF's loan originations and securitization activities were $320.3 million and $180.2 million as of May 31, 2017 and November 30, 2016 , 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. If the facilities are not renewed or replaced, the borrowings under the lines of credit will be paid off by selling the loans held-for-sale to investors and by collecting on receivables on loans sold, but not yet paid for. Without the facilities, the Rialto segment would have to use cash from operations and other funding sources to finance its lending activities. Investments in Unconsolidated Entities Generally, 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: May 31, May 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 $ 48,519 58,116 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 84,862 96,192 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 21,188 23,643 Rialto Capital CMBS Funds 2014 119,174 119,174 52,474 52,474 50,948 50,519 Rialto Real Estate Fund III 2015 1,887,000 362,242 140,000 25,318 25,520 9,093 Rialto Credit Partnership, LP 2016 220,000 121,225 19,999 11,020 11,182 5,794 Other investments 2,082 2,384 $ 244,301 245,741 During the three and six months ended May 31, 2017 , Rialto received $2.2 million and $3.1 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. In addition, during the three and six months ended May 31, 2017 , Rialto received $8.8 million and $18.8 million , respectively, of distributions with regard to its carried interest in Rialto Real Estate Fund, LP. During the three and six months ended May 31, 2016 , Rialto received $2.5 million and $7.4 million , respectively, of such advanced distributions. 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 carried interest distributions made by a fund or other investment vehicle (a "Fund") managed by a subsidiary of Rialto. As such, those employees receiving equity units in a Carried Interest Entity may benefit from distributions made by a Fund to the extent the Carried Interest Entity makes distributions to its equity holders. The units issued to employees are equity awards and are subject to vesting schedules and forfeiture or repurchase provisions in the case of a termination of employment. 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: Balance Sheets (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 77,047 230,229 Loans receivable 434,771 406,812 Real estate owned 360,337 439,191 Investment securities 1,543,517 1,379,155 Investments in partnerships 415,316 398,535 Other assets 190,885 29,036 $ 3,021,873 2,882,958 Liabilities and equity: Accounts payable and other liabilities $ 44,989 36,131 Notes payable (1) 617,587 532,264 Equity 2,359,297 2,314,563 $ 3,021,873 2,882,958 (1) Notes payable are net of debt issuance costs of $4.1 million and $2.9 million , as of May 31, 2017 and November 30, 2016 , respectively. Statements of Operations Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2017 2016 2017 2016 Revenues $ 61,030 51,240 118,186 95,536 Costs and expenses 29,000 20,704 57,001 41,603 Other income, net (1) 9,321 26,710 9,648 11,548 Net earnings of unconsolidated entities $ 41,351 57,246 70,833 65,481 Rialto equity in earnings from unconsolidated entities $ 5,730 6,864 6,452 8,361 (1) Other income, net, included realized and unrealized gains (losses) on investments. Investments held-to-maturity At May 31, 2017 and November 30, 2016 , the carrying value of Rialto's commercial mortgage-backed securities ("CMBS") was $112.5 million and $71.3 million , respectively. These securities were purchased at discounts ranging from 9% to 78% with coupon rates ranging from 1.3% to 4.4% , stated and assumed final distribution dates between November 2020 and February 2027 , and stated maturity dates between November 2043 and March 2059 . The Rialto segment reviews changes in estimated cash flows periodically to determine if an other-than-temporary impairment has occurred on its CMBS. Based on the Rialto segment’s assessment, no impairment charges were recorded during either the three and six months ended May 31, 2017 or May 31, 2016 Lennar Multifamily Segment The Company is actively involved, primarily through unconsolidated entities, in the development, construction and property management of multifamily rental properties. The Lennar Multifamily segment focuses on developing a geographically diversified portfolio of institutional quality multifamily rental properties in select U.S. markets. The assets and liabilities related to the Lennar Multifamily segment were as follows: (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 9,288 6,600 Receivables (1) 64,740 58,929 Land under development 171,066 139,713 Investments in unconsolidated entities 377,265 318,559 Other assets 30,870 2,330 $ 653,229 526,131 Liabilities: Accounts payable and other liabilities $ 123,166 117,973 (1) Receivables primarily related to general contractor services and management fee income receivables due from unconsolidated entities as of May 31, 2017 and November 30, 2016 , respectively. The unconsolidated entities in which the Lennar Multifamily segment has investments usually finance their activities with a combination of partner equity and debt financing. In connection with many of the loans to Lennar Multifamily unconsolidated entities, the Company (or entities related to them) has been required to give guarantees of completion and cost over-runs to the lenders and partners. Those completion guarantees may require that the guarantors complete the construction of the improvements for which the financing was obtained. Additionally, the Company guarantees the construction costs of the project as construction cost over-runs would be paid by the Company. Generally, these payments would be increases to the Company's investment in the entities and would increase its share of funds the entities distribute after the achievement of certain thresholds. As of both May 31, 2017 and November 30, 2016 , the fair value of the completion guarantees was immaterial. Additionally, as of May 31, 2017 and November 30, 2016 , the Lennar Multifamily segment had $15.2 million and $32.0 million , respectively, of letters of credit outstanding primarily for credit enhancements for the bank debt of certain of its unconsolidated entities and deposits on land purchase contracts. These letters of credit outstanding are included in the disclosure in Note 12 related to the Company's performance and financial letters of credit. As of May 31, 2017 and November 30, 2016 , Lennar Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $744.2 million and $589.4 million , respectively. In many instances, the Lennar Multifamily segment is appointed as the construction, development and property manager for certain of its Lennar Multifamily unconsolidated entities and receives fees for performing this function. During the three and six months ended May 31, 2017 , the Lennar Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $15.2 million and $28.1 million , respectively. During the three and six months ended May 31, 2016 , the Lennar Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $9.3 million and $17.4 million , respectively. The Lennar Multifamily segment also provides general contractor services for construction of some of the rental properties owned by unconsolidated entities in which the Company has an investment. During the three and six months ended May 31, 2017 , the Lennar Multifamily segment provided general contractor services totaling $84.6 million and $160.4 million , respectively, which were partially offset by costs related to those services of $83.3 million and $157.0 million , respectively. During the three and six months ended May 31, 2016 , the Lennar Multifamily segment provided general contractor services totaling $53.5 million and $84.9 million , respectively, which were partially offset by costs related to those services of $51.7 million and $82.3 million , respectively. The Lennar Multifamily Venture (the "Venture") is a long-term multifamily development investment vehicle involved in the development, construction and property management of class-A multifamily assets with $2.2 billion in equity commitments, including a $504 million co-investment commitment by Lennar comprised of cash, undeveloped land and preacquisition costs. During the six months ended May 31, 2017 , $334.5 million in equity commitments were called, of which the Company contributed $76.0 million representing the Company's pro-rata portion of the called equity. During the six months ended May 31, 2017 , the Company received no distributions as a return of capital from the Venture, except for distributions of capital related to land contributions to the Venture. As of May 31, 2017 , $1.3 billion of the $2.2 billion in equity commitments had been called, of which the Company had contributed $291.9 million , representing its pro-rata portion of the called equity, resulting in a remaining equity commitment for the Company of $212.1 million . As of May 31, 2017 and November 30, 2016 , the carrying value of the Company's investment in the Venture was $268.1 million and $198.2 million , respectively. Summarized condensed financial information on a combined 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) May 31, November 30, Assets: Cash and cash equivalents $ 44,765 43,658 Operating properties and equipment 2,658,080 2,210,627 Other assets 38,160 33,703 $ 2,741,005 2,287,988 Liabilities and equity: Accounts payable and other liabilities $ 223,061 196,617 Notes payable (1) 727,070 577,085 Equity 1,790,874 1,514,286 $ 2,741,005 2,287,988 (1) Notes payable are net of debt issuance costs of $17.1 million and $12.3 million , as of May 31, 2017 and November 30, 2016 , respectively. Statements of Operations Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2017 2016 2017 2016 Revenues $ 13,975 9,649 25,592 17,963 Costs and expenses 24,477 14,058 46,823 25,730 Other income, net 28,190 30,272 78,729 70,394 Net earnings of unconsolidated entities $ 17,688 25,863 57,498 62,627 Lennar Multifamily equity in earnings from unconsolidated entities (1) $ 9,427 14,008 32,574 33,694 (1) During three and six months ended May 31, 2017 , the Lennar Multifamily segment sold one and three operating properties, respectively, through its unconsolidated entities resulting in the segment's $11.4 million and $37.4 million share of gains, respectively. During the three and six months ended May 31, 2016 , the Lennar Multifamily segment sold one and two operating properties, respectively, through its unconsolidated entities resulting in the segment's $15.4 million and $35.8 million

Lennar Homebuilding Investments

Lennar Homebuilding Investments In Unconsolidated Entities	6 Months Ended
	May 31, 2017
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 Six Months Ended May 31, May 31, (In thousands) 2017 2016 2017 2016 Revenues $ 132,587 208,636 178,723 308,362 Costs and expenses 190,845 201,370 269,911 298,570 Other income 6,117 — 6,117 — Net earnings (loss) of unconsolidated entities $ (52,141 ) 7,266 (85,071 ) 9,792 Lennar Homebuilding equity in loss from unconsolidated entities $ (21,506 ) (9,633 ) (33,040 ) (6,633 ) For the three and six months ended May 31, 2017 , Lennar Homebuilding equity in loss from unconsolidated entities was primarily attributable to the Company’s share of net operating losses from its unconsolidated entities. The operating losses from the Company's unconsolidated entities were primarily driven by general and administrative expenses as there were no significant home and land sale transactions to offset those expenses during the three and six months ended May 31, 2017 . For the both the three and six months ended May 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. This was partially offset by $6.7 million and $12.7 million , respectively, of equity in earnings from one of the Company's unconsolidated entities primarily due to sales to third parties of 253 and 471 homesites, respectively, for the three and six months ended May 31, 2016 . For both the three and six months ended May 31, 2016 , 312 homesites were sold to Lennar by one of the Company's unconsolidated entities for $92.0 million that resulted in $29.7 million of gross profit, of which the Company's portion was deferred. Balance Sheets (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 393,507 221,334 Inventories 3,979,975 3,889,795 Other assets 961,126 1,334,116 $ 5,334,608 5,445,245 Liabilities and equity: Accounts payable and other liabilities $ 651,791 791,245 Debt (1) 783,339 888,664 Equity 3,899,478 3,765,336 $ 5,334,608 5,445,245 (1) Debt presented above is net of debt issuance costs of $5.7 million and $4.2 million , as of May 31, 2017 and November 30, 2016 , respectively. 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 FivePoint entity. The fair values of the assets contributed to this FivePoint entity are included within the unconsolidated entities summarized condensed balance sheet presented above. A portion of the assets of one of the three strategic joint ventures transferred to a new unconsolidated entity was retained by Lennar and its venture partner. The transactions did not have a material impact to the Company’s financial position or cash flows for the year ended November 30, 2016 . For the year ended November 30, 2016 , the Company recorded $42.6 million of its share of combination costs and operational net losses in equity in loss from unconsolidated entities on the consolidated statement of operations. In May 2017, FivePoint completed its initial public offering ("IPO"). Concurrent with the IPO, the Company invested $100 million in FivePoint. As of May 31, 2017 , the Company owns approximately 40% of FivePoint and the carrying amount of the Company's investment is $356.4 million . As of May 31, 2017 and November 30, 2016 , the Company’s recorded investments in Lennar Homebuilding unconsolidated entities were $995.4 million and $811.7 million , respectively, while the underlying equity in Lennar Homebuilding unconsolidated entities partners’ net assets as of both May 31, 2017 and November 30, 2016 was $1.2 billion . 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 FivePoint entity 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) May 31, November 30, Non-recourse bank debt and other debt (partner’s share of several recourse) $ 73,239 48,945 Non-recourse land seller debt and other debt (1) 1,997 323,995 Non-recourse debt with completion guarantees 305,420 147,100 Non-recourse debt without completion guarantees 327,877 320,372 Non-recourse debt to the Company 708,533 840,412 The Company’s maximum recourse exposure (2) 80,468 52,438 Debt issuance costs (5,662 ) (4,186 ) Total debt $ 783,339 888,664 The Company’s maximum recourse exposure as a % of total JV debt 10 % 6 % (1) Non-recourse land seller debt and other debt as of November 30, 2016 included a $320 million non-recourse note related to a transaction between one of the Company's unconsolidated entities and another unconsolidated joint venture, which was settled in December 2016. (2) As of May 31, 2017 and November 30, 2016 , the Company's maximum recourse exposure was primarily related to the Company providing repayment guarantees on three unconsolidated entities' debt and one unconsolidated entity's debt, respectively. 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 May 31, 2017 and November 30, 2016 , the fair values of the repayment guarantees and completion guarantees were not material. The Company believes that as of May 31, 2017

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	May 31, 2017
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 six months ended May 31, 2017 and 2016 : 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, 2016 $ 7,211,567 20,409 3,298 2,805,349 (108,961 ) (309 ) 4,306,256 185,525 Net earnings (including net loss attributable to noncontrolling interests) 230,382 — — — — — 251,725 (21,343 ) Employee stock and directors plans 1,828 6 — 1,910 (88 ) — — — Tax benefit from employee stock plans, vesting of restricted stock and conversions of convertible senior notes 35,542 — — 35,542 — — — — Amortization of restricted stock 24,817 — — 24,817 — — — — Cash dividends (18,778 ) — — — — — (18,778 ) — Receipts related to noncontrolling interests 320 — — — — — — 320 Payments related to noncontrolling interests (47,909 ) — — — — — — (47,909 ) Non-cash activity related to noncontrolling interests (2,158 ) — — — — — — (2,158 ) Other comprehensive income, net of tax 1,395 — — — — 1,395 — — Balance at May 31, 2017 $ 7,437,006 20,415 3,298 2,867,618 (109,049 ) 1,086 4,539,203 114,435 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) 369,490 — — — — — 362,549 6,941 Employee stock and directors plans 472 4 — 1,445 (977 ) — — — Conversions and exchanges of convertible senior notes to Class A common stock 67,355 804 — 66,551 — — — — Tax benefit from employee stock plans, vesting of restricted stock and conversions of convertible senior notes 33,495 — — 33,495 — — — — Amortization of restricted stock 22,266 — — 22,266 — — — — Cash dividends (17,191 ) — — — — — (17,191 ) — Receipts related to noncontrolling interests 167 — — — — — — 167 Payments related to noncontrolling interests (73,195 ) — — — — — — (73,195 ) 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 2,082 — — — — — — 2,082 Other comprehensive income, net of tax 476 — — — — 476 — — Balance at May 31, 2016 $ 6,362,934 18,874 3,298 2,429,317 (108,732 ) 515 3,775,094 244,568

Income Taxes

Income Taxes	6 Months Ended
	May 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The provision for income taxes and effective tax rate were as follows: Three Months Ended Six Months Ended May 31, May 31, (Dollars in thousands) 2017 2016 2017 2016 Provision for income taxes $ (108,892 ) (103,801 ) (128,861 ) (160,042 ) Effective tax rate (1) 33.76 % 32.21 % 33.86 % 30.62 % (1) For the three and six months ended May 31, 2017 and 2016 , the effective tax rate included tax benefits for (1) settlements with the IRS, (2) the domestic production activities deduction, and (3) energy tax credits, offset primarily by state income tax expense. As of May 31, 2017 and November 30, 2016 , the Company's deferred tax assets, net, included in the condensed consolidated balance sheets were $369.0 million and $277.4 million , respectively. At both May 31, 2017 and November 30, 2016 , the Company had $12.3 million of gross unrecognized tax benefits. At May 31, 2017 , the Company had $47.8 million accrued for interest and penalties, of which $2.2 million was accrued during the six months ended May 31, 2017 . During the six months ended May 31, 2017 , the accrual for interest and penalties was reduced by $0.4 million , primarily as a result of interest payments. At November 30, 2016 , the Company had $46.0 million

Earnings Per Share

Earnings Per Share	6 Months Ended
	May 31, 2017
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 Six Months Ended May 31, May 31, (In thousands, except per share amounts) 2017 2016 2017 2016 Numerator: Net earnings attributable to Lennar $ 213,645 218,469 251,725 362,549 Less: distributed earnings allocated to nonvested shares 91 86 203 175 Less: undistributed earnings allocated to nonvested shares 1,972 2,119 2,254 3,552 Numerator for basic earnings per share 211,582 216,264 249,268 358,822 Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan (1) 214 396 552 598 Plus: interest on 3.25% convertible senior notes due 2021 — 1,889 — 3,872 Plus: undistributed earnings allocated to convertible shares — 2,119 — 3,552 Less: undistributed earnings reallocated to convertible shares — 1,987 — 3,321 Numerator for diluted earnings per share $ 211,368 217,889 248,716 362,327 Denominator: Denominator for basic earnings per share - weighted average common shares outstanding 232,217 213,601 232,205 211,947 Effect of dilutive securities: Share-based payments 2 4 2 4 Convertible senior notes — 16,312 — 17,466 Denominator for diluted earnings per share - weighted average common shares outstanding 232,219 229,917 232,207 229,417 Basic earnings per share $ 0.91 1.01 1.07 1.69 Diluted earnings per share $ 0.91 0.95 1.07 1.58 (1) The amounts presented relate to Rialto's Carried Interest Incentive Plan adopted in June 2015 (see Note 9) 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 the three and six months ended May 31, 2017 and 2016 , there were no

Lennar Financial Services Segme

Lennar Financial Services Segment	6 Months Ended
	May 31, 2017
Segment Reporting [Abstract]
Operating and Reporting Segments	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) Lennar Financial Services (5) Rialto (6) Lennar Multifamily 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 incurred by the segment and loss due to litigation. The Company’s reportable homebuilding segments and all other homebuilding operations not required to be reported separately have homebuilding divisions located in: East: Florida (1) , Georgia, Maryland, New Jersey, North Carolina, South Carolina and Virginia Central: Arizona, Colorado and Texas West: California and Nevada Other: Illinois, Minnesota, Oregon, Tennessee and Washington (1) Florida includes information related to WCI from the date of acquisition (February 10, 2017) to May 31, 2017. 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. It also includes a real estate brokerage business acquired as part of the WCI transaction. 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, closing services and real estate brokerage, 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, 2016 . 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) May 31, November 30, Assets: Homebuilding East (1) $ 4,764,611 3,512,990 Homebuilding Central 2,032,627 1,993,403 Homebuilding West 4,684,956 4,318,924 Homebuilding Other 903,137 907,523 Rialto 1,364,421 1,276,210 Lennar Financial Services 1,444,294 1,754,672 Lennar Multifamily 653,229 526,131 Corporate and unallocated 907,230 1,071,928 Total assets $ 16,754,505 15,361,781 Lennar Homebuilding goodwill (2) $ 136,633 — Rialto goodwill $ 5,396 5,396 Lennar Financial Services goodwill (2) $ 59,838 39,838 (1) Homebuilding East segment includes the provisional fair values of homebuilding assets acquired as part of the WCI acquisition. (2) In connection with the WCI acquisition, the Company allocated $136.6 million of goodwill to the Lennar Homebuilding East reportable segment and $20.0 million to the Lennar Financial Services segment. These amounts are provisional pending completion of the fair value analysis of acquired assets and liabilities. Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2017 2016 2017 2016 Revenues: Homebuilding East $ 1,194,890 954,298 1,962,616 1,613,352 Homebuilding Central 682,342 608,987 1,198,523 1,022,827 Homebuilding West 770,194 718,059 1,322,992 1,269,398 Homebuilding Other 238,315 169,541 420,304 331,789 Lennar Financial Services 208,363 175,940 356,406 299,896 Rialto 67,988 44,838 149,994 88,549 Lennar Multifamily 99,800 74,152 188,485 113,668 Total revenues (1) $ 3,261,892 2,745,815 5,599,320 4,739,479 Operating earnings (loss): Homebuilding East (2) $ 153,707 142,938 97,998 227,644 Homebuilding Central 75,944 68,762 128,802 101,957 Homebuilding West 71,224 113,807 124,584 202,641 Homebuilding Other 31,705 17,189 52,534 31,092 Lennar Financial Services 43,727 44,088 64,391 59,019 Rialto (6,462 ) (18,086 ) (7,305 ) (16,476 ) Lennar Multifamily 6,529 14,943 25,712 27,125 Total operating earnings 376,374 383,641 486,716 633,002 Corporate general and administrative expenses 66,774 55,802 127,473 103,470 Earnings before income taxes $ 309,600 327,839 359,243 529,532 (1) Total revenues were net of sales incentives of $174.5 million ( $22,700 per home delivered) and $298.1 million ( $22,700 per home delivered) for the three and six months ended May 31, 2017 , respectively, compared to $146.1 million ( $21,800 per home delivered) and $249.8 million ( $21,700 per home delivered) for the three and six months ended May 31, 2016 , respectively. (2) Homebuilding East operating earnings for the six months ended May 31, 2017 included a $ 140 million Lennar Financial Services Segment The assets and liabilities related to the Lennar Financial Services segment were as follows: (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 107,436 123,964 Restricted cash 13,311 17,053 Receivables, net (1) 213,550 409,528 Loans held-for-sale (2) 820,443 939,405 Loans held-for-investment, net 32,691 30,004 Investments held-to-maturity 54,824 41,991 Investments available-for-sale (3) 56,005 53,570 Goodwill (4) 59,838 39,838 Other (5) 86,196 99,319 $ 1,444,294 1,754,672 Liabilities: Notes and other debts payable $ 792,623 1,077,228 Other (6) 245,040 241,055 $ 1,037,663 1,318,283 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of May 31, 2017 and November 30, 2016 , 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 (loss). (4) As of May 31, 2017 , goodwill included $20.0 million of goodwill related to the WCI acquisition. The amount provided herein is provisional, pending completion of the fair value analysis of WCI's acquired assets and liabilities assumed (see Note 2). (5) As of May 31, 2017 and November 30, 2016 , other assets included mortgage loan commitments carried at fair value of $18.4 million and $7.4 million , respectively, and mortgage servicing rights carried at fair value of $27.4 million and $23.9 million , respectively. In addition, other assets also included forward contracts carried at fair value of $26.5 million as of November 30, 2016 . (6) As of May 31, 2017 and November 30, 2016 , other liabilities included $58.4 million and $57.4 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 $6.8 million as of May 31, 2017 . At May 31, 2017 , the Lennar Financial Services segment warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures June 2017 (1) $ 600,000 364-day warehouse repurchase facility that matures September 2017 300,000 364-day warehouse repurchase facility that matures December 2017 (2) 400,000 364-day warehouse repurchase facility that matures March 2018 (3) 150,000 Total $ 1,450,000 (1) Subsequent to May 31, 2017 , the warehouse repurchase facility maturity date was extended to June 2018. (2) Maximum aggregate commitment includes an uncommitted amount of $250 million . (3) Maximum aggregate commitment includes an uncommitted amount of $75 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 $792.4 million and $1.1 billion at May 31, 2017 and November 30, 2016 , respectively, and were collateralized by mortgage loans and receivables on loans sold to investors but not yet paid for with outstanding principal balances of $824.1 million and $1.1 billion at May 31, 2017 and November 30, 2016 , 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 for. 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 Six Months Ended May 31, May 31, (In thousands) 2017 2016 2017 2016 Loan origination liabilities, beginning of period $ 25,003 20,108 24,905 19,492 Provision for losses 1,066 1,110 1,944 1,898 Payments/settlements (157 ) (224 ) (937 ) (396 ) Loan origination liabilities, end of period $ 25,912 20,994 25,912 20,994 Rialto Segment The assets and liabilities related to the Rialto segment were as follows: (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 119,592 148,827 Restricted cash (1) 6,026 9,935 Receivables, net (2) 415,285 204,518 Loans held-for-sale (3) 106,615 126,947 Loans receivable, net 65,326 111,608 Real estate owned, net 160,452 243,703 Investments in unconsolidated entities 244,301 245,741 Investments held-to-maturity 112,452 71,260 Other 134,372 113,671 $ 1,364,421 1,276,210 Liabilities: Notes and other debts payable (4) $ 781,845 622,335 Other 78,767 85,645 $ 860,612 707,980 (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 related to loans sold but not settled as of May 31, 2017 and November 30, 2016 , respectively. (3) Loans held-for-sale related to unsold loans originated by RMF carried at fair value and loans in the FDIC Portfolios carried at lower of cost or market. (4) As of May 31, 2017 and November 30, 2016 , notes and other debts payable primarily included $349.0 million and $348.7 million , respectively, related to Rialto's 7.00% senior notes due 2018, and $363.6 million and $223.5 million , respectively, related to Rialto's warehouse repurchase facilities. Rialto Mortgage Finance - loans held-for-sale During the six months ended May 31, 2017 , RMF originated loans with a total principal balance of $837.7 million of which $823.7 million were recorded as loans held-for-sale and $14.1 million were recorded as accrual loans within loans receivable, net, and sold $870.4 million of loans into five separate securitizations. During the six months ended May 31, 2016 , RMF originated loans with a total principal balance of $670.3 million of which $654.0 million were recorded as loans held-for-sale and $16.3 million as accrual loans within loans receivable, net, and sold $766.4 million of loans into five separate securitizations. As of May 31, 2017 and November 30, 2016 , originated loans with an unpaid principal balance of $392.7 million and $199.8 million , respectively, were sold into a securitization trust but not settled and thus were included as receivables, net. FDIC Portfolios 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. In February 2017, the FDIC exercised its “clean-up call rights” under the Amended and Restated Limited Liability Company Agreement. As a result, Rialto has until July 10, 2017 to liquidate and sell the assets in the FDIC Portfolios. After July 10, 2017, the FDIC can, at its discretion, sell any remaining assets. At May 31, 2017 , the consolidated LLCs had total combined assets of $117.5 million , which primarily included $80.3 million of real estate owned, net and $23.8 million of loans held-for-sale. Warehouse Facilities At May 31, 2017 , Rialto warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures October 2017 $ 500,000 Warehouse repurchase facility that matures December 2017 200,000 364-day warehouse repurchase facility that matures January 2018 250,000 Total - Loan origination and securitization business (RMF) $ 950,000 Warehouse repurchase facility that matures August 2018 (two - one year extensions) (1) 100,000 Total $ 1,050,000 (1) Rialto uses this warehouse repurchase facility to finance the origination of floating rate accrual loans, which are reported as accrual loans within loans receivable, net. Borrowings under this facility were $43.3 million as of both May 31, 2017 and November 30, 2016 . Borrowings under the facilities that finance RMF's loan originations and securitization activities were $320.3 million and $180.2 million as of May 31, 2017 and November 30, 2016 , 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. If the facilities are not renewed or replaced, the borrowings under the lines of credit will be paid off by selling the loans held-for-sale to investors and by collecting on receivables on loans sold, but not yet paid for. Without the facilities, the Rialto segment would have to use cash from operations and other funding sources to finance its lending activities. Investments in Unconsolidated Entities Generally, 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: May 31, May 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 $ 48,519 58,116 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 84,862 96,192 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 21,188 23,643 Rialto Capital CMBS Funds 2014 119,174 119,174 52,474 52,474 50,948 50,519 Rialto Real Estate Fund III 2015 1,887,000 362,242 140,000 25,318 25,520 9,093 Rialto Credit Partnership, LP 2016 220,000 121,225 19,999 11,020 11,182 5,794 Other investments 2,082 2,384 $ 244,301 245,741 During the three and six months ended May 31, 2017 , Rialto received $2.2 million and $3.1 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. In addition, during the three and six months ended May 31, 2017 , Rialto received $8.8 million and $18.8 million , respectively, of distributions with regard to its carried interest in Rialto Real Estate Fund, LP. During the three and six months ended May 31, 2016 , Rialto received $2.5 million and $7.4 million , respectively, of such advanced distributions. 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 carried interest distributions made by a fund or other investment vehicle (a "Fund") managed by a subsidiary of Rialto. As such, those employees receiving equity units in a Carried Interest Entity may benefit from distributions made by a Fund to the extent the Carried Interest Entity makes distributions to its equity holders. The units issued to employees are equity awards and are subject to vesting schedules and forfeiture or repurchase provisions in the case of a termination of employment. 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: Balance Sheets (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 77,047 230,229 Loans receivable 434,771 406,812 Real estate owned 360,337 439,191 Investment securities 1,543,517 1,379,155 Investments in partnerships 415,316 398,535 Other assets 190,885 29,036 $ 3,021,873 2,882,958 Liabilities and equity: Accounts payable and other liabilities $ 44,989 36,131 Notes payable (1) 617,587 532,264 Equity 2,359,297 2,314,563 $ 3,021,873 2,882,958 (1) Notes payable are net of debt issuance costs of $4.1 million and $2.9 million , as of May 31, 2017 and November 30, 2016 , respectively. Statements of Operations Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2017 2016 2017 2016 Revenues $ 61,030 51,240 118,186 95,536 Costs and expenses 29,000 20,704 57,001 41,603 Other income, net (1) 9,321 26,710 9,648 11,548 Net earnings of unconsolidated entities $ 41,351 57,246 70,833 65,481 Rialto equity in earnings from unconsolidated entities $ 5,730 6,864 6,452 8,361 (1) Other income, net, included realized and unrealized gains (losses) on investments. Investments held-to-maturity At May 31, 2017 and November 30, 2016 , the carrying value of Rialto's commercial mortgage-backed securities ("CMBS") was $112.5 million and $71.3 million , respectively. These securities were purchased at discounts ranging from 9% to 78% with coupon rates ranging from 1.3% to 4.4% , stated and assumed final distribution dates between November 2020 and February 2027 , and stated maturity dates between November 2043 and March 2059 . The Rialto segment reviews changes in estimated cash flows periodically to determine if an other-than-temporary impairment has occurred on its CMBS. Based on the Rialto segment’s assessment, no impairment charges were recorded during either the three and six months ended May 31, 2017 or May 31, 2016 Lennar Multifamily Segment The Company is actively involved, primarily through unconsolidated entities, in the development, construction and property management of multifamily rental properties. The Lennar Multifamily segment focuses on developing a geographically diversified portfolio of institutional quality multifamily rental properties in select U.S. markets. The assets and liabilities related to the Lennar Multifamily segment were as follows: (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 9,288 6,600 Receivables (1) 64,740 58,929 Land under development 171,066 139,713 Investments in unconsolidated entities 377,265 318,559 Other assets 30,870 2,330 $ 653,229 526,131 Liabilities: Accounts payable and other liabilities $ 123,166 117,973 (1) Receivables primarily related to general contractor services and management fee income receivables due from unconsolidated entities as of May 31, 2017 and November 30, 2016 , respectively. The unconsolidated entities in which the Lennar Multifamily segment has investments usually finance their activities with a combination of partner equity and debt financing. In connection with many of the loans to Lennar Multifamily unconsolidated entities, the Company (or entities related to them) has been required to give guarantees of completion and cost over-runs to the lenders and partners. Those completion guarantees may require that the guarantors complete the construction of the improvements for which the financing was obtained. Additionally, the Company guarantees the construction costs of the project as construction cost over-runs would be paid by the Company. Generally, these payments would be increases to the Company's investment in the entities and would increase its share of funds the entities distribute after the achievement of certain thresholds. As of both May 31, 2017 and November 30, 2016 , the fair value of the completion guarantees was immaterial. Additionally, as of May 31, 2017 and November 30, 2016 , the Lennar Multifamily segment had $15.2 million and $32.0 million , respectively, of letters of credit outstanding primarily for credit enhancements for the bank debt of certain of its unconsolidated entities and deposits on land purchase contracts. These letters of credit outstanding are included in the disclosure in Note 12 related to the Company's performance and financial letters of credit. As of May 31, 2017 and November 30, 2016 , Lennar Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $744.2 million and $589.4 million , respectively. In many instances, the Lennar Multifamily segment is appointed as the construction, development and property manager for certain of its Lennar Multifamily unconsolidated entities and receives fees for performing this function. During the three and six months ended May 31, 2017 , the Lennar Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $15.2 million and $28.1 million , respectively. During the three and six months ended May 31, 2016 , the Lennar Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $9.3 million and $17.4 million , respectively. The Lennar Multifamily segment also provides general contractor services for construction of some of the rental properties owned by unconsolidated entities in which the Company has an investment. During the three and six months ended May 31, 2017 , the Lennar Multifamily segment provided general contractor services totaling $84.6 million and $160.4 million , respectively, which were partially offset by costs related to those services of $83.3 million and $157.0 million , respectively. During the three and six months ended May 31, 2016 , the Lennar Multifamily segment provided general contractor services totaling $53.5 million and $84.9 million , respectively, which were partially offset by costs related to those services of $51.7 million and $82.3 million , respectively. The Lennar Multifamily Venture (the "Venture") is a long-term multifamily development investment vehicle involved in the development, construction and property management of class-A multifamily assets with $2.2 billion in equity commitments, including a $504 million co-investment commitment by Lennar comprised of cash, undeveloped land and preacquisition costs. During the six months ended May 31, 2017 , $334.5 million in equity commitments were called, of which the Company contributed $76.0 million representing the Company's pro-rata portion of the called equity. During the six months ended May 31, 2017 , the Company received no distributions as a return of capital from the Venture, except for distributions of capital related to land contributions to the Venture. As of May 31, 2017 , $1.3 billion of the $2.2 billion in equity commitments had been called, of which the Company had contributed $291.9 million , representing its pro-rata portion of the called equity, resulting in a remaining equity commitment for the Company of $212.1 million . As of May 31, 2017 and November 30, 2016 , the carrying value of the Company's investment in the Venture was $268.1 million and $198.2 million , respectively. Summarized condensed financial information on a combined 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) May 31, November 30, Assets: Cash and cash equivalents $ 44,765 43,658 Operating properties and equipment 2,658,080 2,210,627 Other assets 38,160 33,703 $ 2,741,005 2,287,988 Liabilities and equity: Accounts payable and other liabilities $ 223,061 196,617 Notes payable (1) 727,070 577,085 Equity 1,790,874 1,514,286 $ 2,741,005 2,287,988 (1) Notes payable are net of debt issuance costs of $17.1 million and $12.3 million , as of May 31, 2017 and November 30, 2016 , respectively. Statements of Operations Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2017 2016 2017 2016 Revenues $ 13,975 9,649 25,592 17,963 Costs and expenses 24,477 14,058 46,823 25,730 Other income, net 28,190 30,272 78,729 70,394 Net earnings of unconsolidated entities $ 17,688 25,863 57,498 62,627 Lennar Multifamily equity in earnings from unconsolidated entities (1) $ 9,427 14,008 32,574 33,694 (1) During three and six months ended May 31, 2017 , the Lennar Multifamily segment sold one and three operating properties, respectively, through its unconsolidated entities resulting in the segment's $11.4 million and $37.4 million share of gains, respectively. During the three and six months ended May 31, 2016 , the Lennar Multifamily segment sold one and two operating properties, respectively, through its unconsolidated entities resulting in the segment's $15.4 million and $35.8 million

Rialto Segment

Rialto Segment	6 Months Ended
	May 31, 2017
Segment Reporting [Abstract]
Operating and Reporting Segments	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) Lennar Financial Services (5) Rialto (6) Lennar Multifamily 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 incurred by the segment and loss due to litigation. The Company’s reportable homebuilding segments and all other homebuilding operations not required to be reported separately have homebuilding divisions located in: East: Florida (1) , Georgia, Maryland, New Jersey, North Carolina, South Carolina and Virginia Central: Arizona, Colorado and Texas West: California and Nevada Other: Illinois, Minnesota, Oregon, Tennessee and Washington (1) Florida includes information related to WCI from the date of acquisition (February 10, 2017) to May 31, 2017. 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. It also includes a real estate brokerage business acquired as part of the WCI transaction. 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, closing services and real estate brokerage, 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, 2016 . 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) May 31, November 30, Assets: Homebuilding East (1) $ 4,764,611 3,512,990 Homebuilding Central 2,032,627 1,993,403 Homebuilding West 4,684,956 4,318,924 Homebuilding Other 903,137 907,523 Rialto 1,364,421 1,276,210 Lennar Financial Services 1,444,294 1,754,672 Lennar Multifamily 653,229 526,131 Corporate and unallocated 907,230 1,071,928 Total assets $ 16,754,505 15,361,781 Lennar Homebuilding goodwill (2) $ 136,633 — Rialto goodwill $ 5,396 5,396 Lennar Financial Services goodwill (2) $ 59,838 39,838 (1) Homebuilding East segment includes the provisional fair values of homebuilding assets acquired as part of the WCI acquisition. (2) In connection with the WCI acquisition, the Company allocated $136.6 million of goodwill to the Lennar Homebuilding East reportable segment and $20.0 million to the Lennar Financial Services segment. These amounts are provisional pending completion of the fair value analysis of acquired assets and liabilities. Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2017 2016 2017 2016 Revenues: Homebuilding East $ 1,194,890 954,298 1,962,616 1,613,352 Homebuilding Central 682,342 608,987 1,198,523 1,022,827 Homebuilding West 770,194 718,059 1,322,992 1,269,398 Homebuilding Other 238,315 169,541 420,304 331,789 Lennar Financial Services 208,363 175,940 356,406 299,896 Rialto 67,988 44,838 149,994 88,549 Lennar Multifamily 99,800 74,152 188,485 113,668 Total revenues (1) $ 3,261,892 2,745,815 5,599,320 4,739,479 Operating earnings (loss): Homebuilding East (2) $ 153,707 142,938 97,998 227,644 Homebuilding Central 75,944 68,762 128,802 101,957 Homebuilding West 71,224 113,807 124,584 202,641 Homebuilding Other 31,705 17,189 52,534 31,092 Lennar Financial Services 43,727 44,088 64,391 59,019 Rialto (6,462 ) (18,086 ) (7,305 ) (16,476 ) Lennar Multifamily 6,529 14,943 25,712 27,125 Total operating earnings 376,374 383,641 486,716 633,002 Corporate general and administrative expenses 66,774 55,802 127,473 103,470 Earnings before income taxes $ 309,600 327,839 359,243 529,532 (1) Total revenues were net of sales incentives of $174.5 million ( $22,700 per home delivered) and $298.1 million ( $22,700 per home delivered) for the three and six months ended May 31, 2017 , respectively, compared to $146.1 million ( $21,800 per home delivered) and $249.8 million ( $21,700 per home delivered) for the three and six months ended May 31, 2016 , respectively. (2) Homebuilding East operating earnings for the six months ended May 31, 2017 included a $ 140 million Lennar Financial Services Segment The assets and liabilities related to the Lennar Financial Services segment were as follows: (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 107,436 123,964 Restricted cash 13,311 17,053 Receivables, net (1) 213,550 409,528 Loans held-for-sale (2) 820,443 939,405 Loans held-for-investment, net 32,691 30,004 Investments held-to-maturity 54,824 41,991 Investments available-for-sale (3) 56,005 53,570 Goodwill (4) 59,838 39,838 Other (5) 86,196 99,319 $ 1,444,294 1,754,672 Liabilities: Notes and other debts payable $ 792,623 1,077,228 Other (6) 245,040 241,055 $ 1,037,663 1,318,283 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of May 31, 2017 and November 30, 2016 , 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 (loss). (4) As of May 31, 2017 , goodwill included $20.0 million of goodwill related to the WCI acquisition. The amount provided herein is provisional, pending completion of the fair value analysis of WCI's acquired assets and liabilities assumed (see Note 2). (5) As of May 31, 2017 and November 30, 2016 , other assets included mortgage loan commitments carried at fair value of $18.4 million and $7.4 million , respectively, and mortgage servicing rights carried at fair value of $27.4 million and $23.9 million , respectively. In addition, other assets also included forward contracts carried at fair value of $26.5 million as of November 30, 2016 . (6) As of May 31, 2017 and November 30, 2016 , other liabilities included $58.4 million and $57.4 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 $6.8 million as of May 31, 2017 . At May 31, 2017 , the Lennar Financial Services segment warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures June 2017 (1) $ 600,000 364-day warehouse repurchase facility that matures September 2017 300,000 364-day warehouse repurchase facility that matures December 2017 (2) 400,000 364-day warehouse repurchase facility that matures March 2018 (3) 150,000 Total $ 1,450,000 (1) Subsequent to May 31, 2017 , the warehouse repurchase facility maturity date was extended to June 2018. (2) Maximum aggregate commitment includes an uncommitted amount of $250 million . (3) Maximum aggregate commitment includes an uncommitted amount of $75 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 $792.4 million and $1.1 billion at May 31, 2017 and November 30, 2016 , respectively, and were collateralized by mortgage loans and receivables on loans sold to investors but not yet paid for with outstanding principal balances of $824.1 million and $1.1 billion at May 31, 2017 and November 30, 2016 , 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 for. 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 Six Months Ended May 31, May 31, (In thousands) 2017 2016 2017 2016 Loan origination liabilities, beginning of period $ 25,003 20,108 24,905 19,492 Provision for losses 1,066 1,110 1,944 1,898 Payments/settlements (157 ) (224 ) (937 ) (396 ) Loan origination liabilities, end of period $ 25,912 20,994 25,912 20,994 Rialto Segment The assets and liabilities related to the Rialto segment were as follows: (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 119,592 148,827 Restricted cash (1) 6,026 9,935 Receivables, net (2) 415,285 204,518 Loans held-for-sale (3) 106,615 126,947 Loans receivable, net 65,326 111,608 Real estate owned, net 160,452 243,703 Investments in unconsolidated entities 244,301 245,741 Investments held-to-maturity 112,452 71,260 Other 134,372 113,671 $ 1,364,421 1,276,210 Liabilities: Notes and other debts payable (4) $ 781,845 622,335 Other 78,767 85,645 $ 860,612 707,980 (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 related to loans sold but not settled as of May 31, 2017 and November 30, 2016 , respectively. (3) Loans held-for-sale related to unsold loans originated by RMF carried at fair value and loans in the FDIC Portfolios carried at lower of cost or market. (4) As of May 31, 2017 and November 30, 2016 , notes and other debts payable primarily included $349.0 million and $348.7 million , respectively, related to Rialto's 7.00% senior notes due 2018, and $363.6 million and $223.5 million , respectively, related to Rialto's warehouse repurchase facilities. Rialto Mortgage Finance - loans held-for-sale During the six months ended May 31, 2017 , RMF originated loans with a total principal balance of $837.7 million of which $823.7 million were recorded as loans held-for-sale and $14.1 million were recorded as accrual loans within loans receivable, net, and sold $870.4 million of loans into five separate securitizations. During the six months ended May 31, 2016 , RMF originated loans with a total principal balance of $670.3 million of which $654.0 million were recorded as loans held-for-sale and $16.3 million as accrual loans within loans receivable, net, and sold $766.4 million of loans into five separate securitizations. As of May 31, 2017 and November 30, 2016 , originated loans with an unpaid principal balance of $392.7 million and $199.8 million , respectively, were sold into a securitization trust but not settled and thus were included as receivables, net. FDIC Portfolios 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. In February 2017, the FDIC exercised its “clean-up call rights” under the Amended and Restated Limited Liability Company Agreement. As a result, Rialto has until July 10, 2017 to liquidate and sell the assets in the FDIC Portfolios. After July 10, 2017, the FDIC can, at its discretion, sell any remaining assets. At May 31, 2017 , the consolidated LLCs had total combined assets of $117.5 million , which primarily included $80.3 million of real estate owned, net and $23.8 million of loans held-for-sale. Warehouse Facilities At May 31, 2017 , Rialto warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures October 2017 $ 500,000 Warehouse repurchase facility that matures December 2017 200,000 364-day warehouse repurchase facility that matures January 2018 250,000 Total - Loan origination and securitization business (RMF) $ 950,000 Warehouse repurchase facility that matures August 2018 (two - one year extensions) (1) 100,000 Total $ 1,050,000 (1) Rialto uses this warehouse repurchase facility to finance the origination of floating rate accrual loans, which are reported as accrual loans within loans receivable, net. Borrowings under this facility were $43.3 million as of both May 31, 2017 and November 30, 2016 . Borrowings under the facilities that finance RMF's loan originations and securitization activities were $320.3 million and $180.2 million as of May 31, 2017 and November 30, 2016 , 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. If the facilities are not renewed or replaced, the borrowings under the lines of credit will be paid off by selling the loans held-for-sale to investors and by collecting on receivables on loans sold, but not yet paid for. Without the facilities, the Rialto segment would have to use cash from operations and other funding sources to finance its lending activities. Investments in Unconsolidated Entities Generally, 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: May 31, May 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 $ 48,519 58,116 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 84,862 96,192 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 21,188 23,643 Rialto Capital CMBS Funds 2014 119,174 119,174 52,474 52,474 50,948 50,519 Rialto Real Estate Fund III 2015 1,887,000 362,242 140,000 25,318 25,520 9,093 Rialto Credit Partnership, LP 2016 220,000 121,225 19,999 11,020 11,182 5,794 Other investments 2,082 2,384 $ 244,301 245,741 During the three and six months ended May 31, 2017 , Rialto received $2.2 million and $3.1 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. In addition, during the three and six months ended May 31, 2017 , Rialto received $8.8 million and $18.8 million , respectively, of distributions with regard to its carried interest in Rialto Real Estate Fund, LP. During the three and six months ended May 31, 2016 , Rialto received $2.5 million and $7.4 million , respectively, of such advanced distributions. 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 carried interest distributions made by a fund or other investment vehicle (a "Fund") managed by a subsidiary of Rialto. As such, those employees receiving equity units in a Carried Interest Entity may benefit from distributions made by a Fund to the extent the Carried Interest Entity makes distributions to its equity holders. The units issued to employees are equity awards and are subject to vesting schedules and forfeiture or repurchase provisions in the case of a termination of employment. 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: Balance Sheets (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 77,047 230,229 Loans receivable 434,771 406,812 Real estate owned 360,337 439,191 Investment securities 1,543,517 1,379,155 Investments in partnerships 415,316 398,535 Other assets 190,885 29,036 $ 3,021,873 2,882,958 Liabilities and equity: Accounts payable and other liabilities $ 44,989 36,131 Notes payable (1) 617,587 532,264 Equity 2,359,297 2,314,563 $ 3,021,873 2,882,958 (1) Notes payable are net of debt issuance costs of $4.1 million and $2.9 million , as of May 31, 2017 and November 30, 2016 , respectively. Statements of Operations Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2017 2016 2017 2016 Revenues $ 61,030 51,240 118,186 95,536 Costs and expenses 29,000 20,704 57,001 41,603 Other income, net (1) 9,321 26,710 9,648 11,548 Net earnings of unconsolidated entities $ 41,351 57,246 70,833 65,481 Rialto equity in earnings from unconsolidated entities $ 5,730 6,864 6,452 8,361 (1) Other income, net, included realized and unrealized gains (losses) on investments. Investments held-to-maturity At May 31, 2017 and November 30, 2016 , the carrying value of Rialto's commercial mortgage-backed securities ("CMBS") was $112.5 million and $71.3 million , respectively. These securities were purchased at discounts ranging from 9% to 78% with coupon rates ranging from 1.3% to 4.4% , stated and assumed final distribution dates between November 2020 and February 2027 , and stated maturity dates between November 2043 and March 2059 . The Rialto segment reviews changes in estimated cash flows periodically to determine if an other-than-temporary impairment has occurred on its CMBS. Based on the Rialto segment’s assessment, no impairment charges were recorded during either the three and six months ended May 31, 2017 or May 31, 2016 Lennar Multifamily Segment The Company is actively involved, primarily through unconsolidated entities, in the development, construction and property management of multifamily rental properties. The Lennar Multifamily segment focuses on developing a geographically diversified portfolio of institutional quality multifamily rental properties in select U.S. markets. The assets and liabilities related to the Lennar Multifamily segment were as follows: (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 9,288 6,600 Receivables (1) 64,740 58,929 Land under development 171,066 139,713 Investments in unconsolidated entities 377,265 318,559 Other assets 30,870 2,330 $ 653,229 526,131 Liabilities: Accounts payable and other liabilities $ 123,166 117,973 (1) Receivables primarily related to general contractor services and management fee income receivables due from unconsolidated entities as of May 31, 2017 and November 30, 2016 , respectively. The unconsolidated entities in which the Lennar Multifamily segment has investments usually finance their activities with a combination of partner equity and debt financing. In connection with many of the loans to Lennar Multifamily unconsolidated entities, the Company (or entities related to them) has been required to give guarantees of completion and cost over-runs to the lenders and partners. Those completion guarantees may require that the guarantors complete the construction of the improvements for which the financing was obtained. Additionally, the Company guarantees the construction costs of the project as construction cost over-runs would be paid by the Company. Generally, these payments would be increases to the Company's investment in the entities and would increase its share of funds the entities distribute after the achievement of certain thresholds. As of both May 31, 2017 and November 30, 2016 , the fair value of the completion guarantees was immaterial. Additionally, as of May 31, 2017 and November 30, 2016 , the Lennar Multifamily segment had $15.2 million and $32.0 million , respectively, of letters of credit outstanding primarily for credit enhancements for the bank debt of certain of its unconsolidated entities and deposits on land purchase contracts. These letters of credit outstanding are included in the disclosure in Note 12 related to the Company's performance and financial letters of credit. As of May 31, 2017 and November 30, 2016 , Lennar Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $744.2 million and $589.4 million , respectively. In many instances, the Lennar Multifamily segment is appointed as the construction, development and property manager for certain of its Lennar Multifamily unconsolidated entities and receives fees for performing this function. During the three and six months ended May 31, 2017 , the Lennar Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $15.2 million and $28.1 million , respectively. During the three and six months ended May 31, 2016 , the Lennar Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $9.3 million and $17.4 million , respectively. The Lennar Multifamily segment also provides general contractor services for construction of some of the rental properties owned by unconsolidated entities in which the Company has an investment. During the three and six months ended May 31, 2017 , the Lennar Multifamily segment provided general contractor services totaling $84.6 million and $160.4 million , respectively, which were partially offset by costs related to those services of $83.3 million and $157.0 million , respectively. During the three and six months ended May 31, 2016 , the Lennar Multifamily segment provided general contractor services totaling $53.5 million and $84.9 million , respectively, which were partially offset by costs related to those services of $51.7 million and $82.3 million , respectively. The Lennar Multifamily Venture (the "Venture") is a long-term multifamily development investment vehicle involved in the development, construction and property management of class-A multifamily assets with $2.2 billion in equity commitments, including a $504 million co-investment commitment by Lennar comprised of cash, undeveloped land and preacquisition costs. During the six months ended May 31, 2017 , $334.5 million in equity commitments were called, of which the Company contributed $76.0 million representing the Company's pro-rata portion of the called equity. During the six months ended May 31, 2017 , the Company received no distributions as a return of capital from the Venture, except for distributions of capital related to land contributions to the Venture. As of May 31, 2017 , $1.3 billion of the $2.2 billion in equity commitments had been called, of which the Company had contributed $291.9 million , representing its pro-rata portion of the called equity, resulting in a remaining equity commitment for the Company of $212.1 million . As of May 31, 2017 and November 30, 2016 , the carrying value of the Company's investment in the Venture was $268.1 million and $198.2 million , respectively. Summarized condensed financial information on a combined 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) May 31, November 30, Assets: Cash and cash equivalents $ 44,765 43,658 Operating properties and equipment 2,658,080 2,210,627 Other assets 38,160 33,703 $ 2,741,005 2,287,988 Liabilities and equity: Accounts payable and other liabilities $ 223,061 196,617 Notes payable (1) 727,070 577,085 Equity 1,790,874 1,514,286 $ 2,741,005 2,287,988 (1) Notes payable are net of debt issuance costs of $17.1 million and $12.3 million , as of May 31, 2017 and November 30, 2016 , respectively. Statements of Operations Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2017 2016 2017 2016 Revenues $ 13,975 9,649 25,592 17,963 Costs and expenses 24,477 14,058 46,823 25,730 Other income, net 28,190 30,272 78,729 70,394 Net earnings of unconsolidated entities $ 17,688 25,863 57,498 62,627 Lennar Multifamily equity in earnings from unconsolidated entities (1) $ 9,427 14,008 32,574 33,694 (1) During three and six months ended May 31, 2017 , the Lennar Multifamily segment sold one and three operating properties, respectively, through its unconsolidated entities resulting in the segment's $11.4 million and $37.4 million share of gains, respectively. During the three and six months ended May 31, 2016 , the Lennar Multifamily segment sold one and two operating properties, respectively, through its unconsolidated entities resulting in the segment's $15.4 million and $35.8 million

Lennar Multifamily Segment

Lennar Multifamily Segment	6 Months Ended
	May 31, 2017
Segment Reporting [Abstract]
Operating and Reporting Segments	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) Lennar Financial Services (5) Rialto (6) Lennar Multifamily 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 incurred by the segment and loss due to litigation. The Company’s reportable homebuilding segments and all other homebuilding operations not required to be reported separately have homebuilding divisions located in: East: Florida (1) , Georgia, Maryland, New Jersey, North Carolina, South Carolina and Virginia Central: Arizona, Colorado and Texas West: California and Nevada Other: Illinois, Minnesota, Oregon, Tennessee and Washington (1) Florida includes information related to WCI from the date of acquisition (February 10, 2017) to May 31, 2017. 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. It also includes a real estate brokerage business acquired as part of the WCI transaction. 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, closing services and real estate brokerage, 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, 2016 . 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) May 31, November 30, Assets: Homebuilding East (1) $ 4,764,611 3,512,990 Homebuilding Central 2,032,627 1,993,403 Homebuilding West 4,684,956 4,318,924 Homebuilding Other 903,137 907,523 Rialto 1,364,421 1,276,210 Lennar Financial Services 1,444,294 1,754,672 Lennar Multifamily 653,229 526,131 Corporate and unallocated 907,230 1,071,928 Total assets $ 16,754,505 15,361,781 Lennar Homebuilding goodwill (2) $ 136,633 — Rialto goodwill $ 5,396 5,396 Lennar Financial Services goodwill (2) $ 59,838 39,838 (1) Homebuilding East segment includes the provisional fair values of homebuilding assets acquired as part of the WCI acquisition. (2) In connection with the WCI acquisition, the Company allocated $136.6 million of goodwill to the Lennar Homebuilding East reportable segment and $20.0 million to the Lennar Financial Services segment. These amounts are provisional pending completion of the fair value analysis of acquired assets and liabilities. Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2017 2016 2017 2016 Revenues: Homebuilding East $ 1,194,890 954,298 1,962,616 1,613,352 Homebuilding Central 682,342 608,987 1,198,523 1,022,827 Homebuilding West 770,194 718,059 1,322,992 1,269,398 Homebuilding Other 238,315 169,541 420,304 331,789 Lennar Financial Services 208,363 175,940 356,406 299,896 Rialto 67,988 44,838 149,994 88,549 Lennar Multifamily 99,800 74,152 188,485 113,668 Total revenues (1) $ 3,261,892 2,745,815 5,599,320 4,739,479 Operating earnings (loss): Homebuilding East (2) $ 153,707 142,938 97,998 227,644 Homebuilding Central 75,944 68,762 128,802 101,957 Homebuilding West 71,224 113,807 124,584 202,641 Homebuilding Other 31,705 17,189 52,534 31,092 Lennar Financial Services 43,727 44,088 64,391 59,019 Rialto (6,462 ) (18,086 ) (7,305 ) (16,476 ) Lennar Multifamily 6,529 14,943 25,712 27,125 Total operating earnings 376,374 383,641 486,716 633,002 Corporate general and administrative expenses 66,774 55,802 127,473 103,470 Earnings before income taxes $ 309,600 327,839 359,243 529,532 (1) Total revenues were net of sales incentives of $174.5 million ( $22,700 per home delivered) and $298.1 million ( $22,700 per home delivered) for the three and six months ended May 31, 2017 , respectively, compared to $146.1 million ( $21,800 per home delivered) and $249.8 million ( $21,700 per home delivered) for the three and six months ended May 31, 2016 , respectively. (2) Homebuilding East operating earnings for the six months ended May 31, 2017 included a $ 140 million Lennar Financial Services Segment The assets and liabilities related to the Lennar Financial Services segment were as follows: (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 107,436 123,964 Restricted cash 13,311 17,053 Receivables, net (1) 213,550 409,528 Loans held-for-sale (2) 820,443 939,405 Loans held-for-investment, net 32,691 30,004 Investments held-to-maturity 54,824 41,991 Investments available-for-sale (3) 56,005 53,570 Goodwill (4) 59,838 39,838 Other (5) 86,196 99,319 $ 1,444,294 1,754,672 Liabilities: Notes and other debts payable $ 792,623 1,077,228 Other (6) 245,040 241,055 $ 1,037,663 1,318,283 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of May 31, 2017 and November 30, 2016 , 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 (loss). (4) As of May 31, 2017 , goodwill included $20.0 million of goodwill related to the WCI acquisition. The amount provided herein is provisional, pending completion of the fair value analysis of WCI's acquired assets and liabilities assumed (see Note 2). (5) As of May 31, 2017 and November 30, 2016 , other assets included mortgage loan commitments carried at fair value of $18.4 million and $7.4 million , respectively, and mortgage servicing rights carried at fair value of $27.4 million and $23.9 million , respectively. In addition, other assets also included forward contracts carried at fair value of $26.5 million as of November 30, 2016 . (6) As of May 31, 2017 and November 30, 2016 , other liabilities included $58.4 million and $57.4 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 $6.8 million as of May 31, 2017 . At May 31, 2017 , the Lennar Financial Services segment warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures June 2017 (1) $ 600,000 364-day warehouse repurchase facility that matures September 2017 300,000 364-day warehouse repurchase facility that matures December 2017 (2) 400,000 364-day warehouse repurchase facility that matures March 2018 (3) 150,000 Total $ 1,450,000 (1) Subsequent to May 31, 2017 , the warehouse repurchase facility maturity date was extended to June 2018. (2) Maximum aggregate commitment includes an uncommitted amount of $250 million . (3) Maximum aggregate commitment includes an uncommitted amount of $75 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 $792.4 million and $1.1 billion at May 31, 2017 and November 30, 2016 , respectively, and were collateralized by mortgage loans and receivables on loans sold to investors but not yet paid for with outstanding principal balances of $824.1 million and $1.1 billion at May 31, 2017 and November 30, 2016 , 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 for. 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 Six Months Ended May 31, May 31, (In thousands) 2017 2016 2017 2016 Loan origination liabilities, beginning of period $ 25,003 20,108 24,905 19,492 Provision for losses 1,066 1,110 1,944 1,898 Payments/settlements (157 ) (224 ) (937 ) (396 ) Loan origination liabilities, end of period $ 25,912 20,994 25,912 20,994 Rialto Segment The assets and liabilities related to the Rialto segment were as follows: (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 119,592 148,827 Restricted cash (1) 6,026 9,935 Receivables, net (2) 415,285 204,518 Loans held-for-sale (3) 106,615 126,947 Loans receivable, net 65,326 111,608 Real estate owned, net 160,452 243,703 Investments in unconsolidated entities 244,301 245,741 Investments held-to-maturity 112,452 71,260 Other 134,372 113,671 $ 1,364,421 1,276,210 Liabilities: Notes and other debts payable (4) $ 781,845 622,335 Other 78,767 85,645 $ 860,612 707,980 (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 related to loans sold but not settled as of May 31, 2017 and November 30, 2016 , respectively. (3) Loans held-for-sale related to unsold loans originated by RMF carried at fair value and loans in the FDIC Portfolios carried at lower of cost or market. (4) As of May 31, 2017 and November 30, 2016 , notes and other debts payable primarily included $349.0 million and $348.7 million , respectively, related to Rialto's 7.00% senior notes due 2018, and $363.6 million and $223.5 million , respectively, related to Rialto's warehouse repurchase facilities. Rialto Mortgage Finance - loans held-for-sale During the six months ended May 31, 2017 , RMF originated loans with a total principal balance of $837.7 million of which $823.7 million were recorded as loans held-for-sale and $14.1 million were recorded as accrual loans within loans receivable, net, and sold $870.4 million of loans into five separate securitizations. During the six months ended May 31, 2016 , RMF originated loans with a total principal balance of $670.3 million of which $654.0 million were recorded as loans held-for-sale and $16.3 million as accrual loans within loans receivable, net, and sold $766.4 million of loans into five separate securitizations. As of May 31, 2017 and November 30, 2016 , originated loans with an unpaid principal balance of $392.7 million and $199.8 million , respectively, were sold into a securitization trust but not settled and thus were included as receivables, net. FDIC Portfolios 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. In February 2017, the FDIC exercised its “clean-up call rights” under the Amended and Restated Limited Liability Company Agreement. As a result, Rialto has until July 10, 2017 to liquidate and sell the assets in the FDIC Portfolios. After July 10, 2017, the FDIC can, at its discretion, sell any remaining assets. At May 31, 2017 , the consolidated LLCs had total combined assets of $117.5 million , which primarily included $80.3 million of real estate owned, net and $23.8 million of loans held-for-sale. Warehouse Facilities At May 31, 2017 , Rialto warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures October 2017 $ 500,000 Warehouse repurchase facility that matures December 2017 200,000 364-day warehouse repurchase facility that matures January 2018 250,000 Total - Loan origination and securitization business (RMF) $ 950,000 Warehouse repurchase facility that matures August 2018 (two - one year extensions) (1) 100,000 Total $ 1,050,000 (1) Rialto uses this warehouse repurchase facility to finance the origination of floating rate accrual loans, which are reported as accrual loans within loans receivable, net. Borrowings under this facility were $43.3 million as of both May 31, 2017 and November 30, 2016 . Borrowings under the facilities that finance RMF's loan originations and securitization activities were $320.3 million and $180.2 million as of May 31, 2017 and November 30, 2016 , 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. If the facilities are not renewed or replaced, the borrowings under the lines of credit will be paid off by selling the loans held-for-sale to investors and by collecting on receivables on loans sold, but not yet paid for. Without the facilities, the Rialto segment would have to use cash from operations and other funding sources to finance its lending activities. Investments in Unconsolidated Entities Generally, 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: May 31, May 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 $ 48,519 58,116 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 84,862 96,192 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 21,188 23,643 Rialto Capital CMBS Funds 2014 119,174 119,174 52,474 52,474 50,948 50,519 Rialto Real Estate Fund III 2015 1,887,000 362,242 140,000 25,318 25,520 9,093 Rialto Credit Partnership, LP 2016 220,000 121,225 19,999 11,020 11,182 5,794 Other investments 2,082 2,384 $ 244,301 245,741 During the three and six months ended May 31, 2017 , Rialto received $2.2 million and $3.1 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. In addition, during the three and six months ended May 31, 2017 , Rialto received $8.8 million and $18.8 million , respectively, of distributions with regard to its carried interest in Rialto Real Estate Fund, LP. During the three and six months ended May 31, 2016 , Rialto received $2.5 million and $7.4 million , respectively, of such advanced distributions. 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 carried interest distributions made by a fund or other investment vehicle (a "Fund") managed by a subsidiary of Rialto. As such, those employees receiving equity units in a Carried Interest Entity may benefit from distributions made by a Fund to the extent the Carried Interest Entity makes distributions to its equity holders. The units issued to employees are equity awards and are subject to vesting schedules and forfeiture or repurchase provisions in the case of a termination of employment. 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: Balance Sheets (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 77,047 230,229 Loans receivable 434,771 406,812 Real estate owned 360,337 439,191 Investment securities 1,543,517 1,379,155 Investments in partnerships 415,316 398,535 Other assets 190,885 29,036 $ 3,021,873 2,882,958 Liabilities and equity: Accounts payable and other liabilities $ 44,989 36,131 Notes payable (1) 617,587 532,264 Equity 2,359,297 2,314,563 $ 3,021,873 2,882,958 (1) Notes payable are net of debt issuance costs of $4.1 million and $2.9 million , as of May 31, 2017 and November 30, 2016 , respectively. Statements of Operations Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2017 2016 2017 2016 Revenues $ 61,030 51,240 118,186 95,536 Costs and expenses 29,000 20,704 57,001 41,603 Other income, net (1) 9,321 26,710 9,648 11,548 Net earnings of unconsolidated entities $ 41,351 57,246 70,833 65,481 Rialto equity in earnings from unconsolidated entities $ 5,730 6,864 6,452 8,361 (1) Other income, net, included realized and unrealized gains (losses) on investments. Investments held-to-maturity At May 31, 2017 and November 30, 2016 , the carrying value of Rialto's commercial mortgage-backed securities ("CMBS") was $112.5 million and $71.3 million , respectively. These securities were purchased at discounts ranging from 9% to 78% with coupon rates ranging from 1.3% to 4.4% , stated and assumed final distribution dates between November 2020 and February 2027 , and stated maturity dates between November 2043 and March 2059 . The Rialto segment reviews changes in estimated cash flows periodically to determine if an other-than-temporary impairment has occurred on its CMBS. Based on the Rialto segment’s assessment, no impairment charges were recorded during either the three and six months ended May 31, 2017 or May 31, 2016 Lennar Multifamily Segment The Company is actively involved, primarily through unconsolidated entities, in the development, construction and property management of multifamily rental properties. The Lennar Multifamily segment focuses on developing a geographically diversified portfolio of institutional quality multifamily rental properties in select U.S. markets. The assets and liabilities related to the Lennar Multifamily segment were as follows: (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 9,288 6,600 Receivables (1) 64,740 58,929 Land under development 171,066 139,713 Investments in unconsolidated entities 377,265 318,559 Other assets 30,870 2,330 $ 653,229 526,131 Liabilities: Accounts payable and other liabilities $ 123,166 117,973 (1) Receivables primarily related to general contractor services and management fee income receivables due from unconsolidated entities as of May 31, 2017 and November 30, 2016 , respectively. The unconsolidated entities in which the Lennar Multifamily segment has investments usually finance their activities with a combination of partner equity and debt financing. In connection with many of the loans to Lennar Multifamily unconsolidated entities, the Company (or entities related to them) has been required to give guarantees of completion and cost over-runs to the lenders and partners. Those completion guarantees may require that the guarantors complete the construction of the improvements for which the financing was obtained. Additionally, the Company guarantees the construction costs of the project as construction cost over-runs would be paid by the Company. Generally, these payments would be increases to the Company's investment in the entities and would increase its share of funds the entities distribute after the achievement of certain thresholds. As of both May 31, 2017 and November 30, 2016 , the fair value of the completion guarantees was immaterial. Additionally, as of May 31, 2017 and November 30, 2016 , the Lennar Multifamily segment had $15.2 million and $32.0 million , respectively, of letters of credit outstanding primarily for credit enhancements for the bank debt of certain of its unconsolidated entities and deposits on land purchase contracts. These letters of credit outstanding are included in the disclosure in Note 12 related to the Company's performance and financial letters of credit. As of May 31, 2017 and November 30, 2016 , Lennar Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $744.2 million and $589.4 million , respectively. In many instances, the Lennar Multifamily segment is appointed as the construction, development and property manager for certain of its Lennar Multifamily unconsolidated entities and receives fees for performing this function. During the three and six months ended May 31, 2017 , the Lennar Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $15.2 million and $28.1 million , respectively. During the three and six months ended May 31, 2016 , the Lennar Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $9.3 million and $17.4 million , respectively. The Lennar Multifamily segment also provides general contractor services for construction of some of the rental properties owned by unconsolidated entities in which the Company has an investment. During the three and six months ended May 31, 2017 , the Lennar Multifamily segment provided general contractor services totaling $84.6 million and $160.4 million , respectively, which were partially offset by costs related to those services of $83.3 million and $157.0 million , respectively. During the three and six months ended May 31, 2016 , the Lennar Multifamily segment provided general contractor services totaling $53.5 million and $84.9 million , respectively, which were partially offset by costs related to those services of $51.7 million and $82.3 million , respectively. The Lennar Multifamily Venture (the "Venture") is a long-term multifamily development investment vehicle involved in the development, construction and property management of class-A multifamily assets with $2.2 billion in equity commitments, including a $504 million co-investment commitment by Lennar comprised of cash, undeveloped land and preacquisition costs. During the six months ended May 31, 2017 , $334.5 million in equity commitments were called, of which the Company contributed $76.0 million representing the Company's pro-rata portion of the called equity. During the six months ended May 31, 2017 , the Company received no distributions as a return of capital from the Venture, except for distributions of capital related to land contributions to the Venture. As of May 31, 2017 , $1.3 billion of the $2.2 billion in equity commitments had been called, of which the Company had contributed $291.9 million , representing its pro-rata portion of the called equity, resulting in a remaining equity commitment for the Company of $212.1 million . As of May 31, 2017 and November 30, 2016 , the carrying value of the Company's investment in the Venture was $268.1 million and $198.2 million , respectively. Summarized condensed financial information on a combined 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) May 31, November 30, Assets: Cash and cash equivalents $ 44,765 43,658 Operating properties and equipment 2,658,080 2,210,627 Other assets 38,160 33,703 $ 2,741,005 2,287,988 Liabilities and equity: Accounts payable and other liabilities $ 223,061 196,617 Notes payable (1) 727,070 577,085 Equity 1,790,874 1,514,286 $ 2,741,005 2,287,988 (1) Notes payable are net of debt issuance costs of $17.1 million and $12.3 million , as of May 31, 2017 and November 30, 2016 , respectively. Statements of Operations Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2017 2016 2017 2016 Revenues $ 13,975 9,649 25,592 17,963 Costs and expenses 24,477 14,058 46,823 25,730 Other income, net 28,190 30,272 78,729 70,394 Net earnings of unconsolidated entities $ 17,688 25,863 57,498 62,627 Lennar Multifamily equity in earnings from unconsolidated entities (1) $ 9,427 14,008 32,574 33,694 (1) During three and six months ended May 31, 2017 , the Lennar Multifamily segment sold one and three operating properties, respectively, through its unconsolidated entities resulting in the segment's $11.4 million and $37.4 million share of gains, respectively. During the three and six months ended May 31, 2016 , the Lennar Multifamily segment sold one and two operating properties, respectively, through its unconsolidated entities resulting in the segment's $15.4 million and $35.8 million

Lennar Homebuilding Cash and Ca

Lennar Homebuilding Cash and Cash Equivalents	6 Months Ended
	May 31, 2017
Cash and Cash Equivalents [Abstract]
Lennar Homebuilding Cash and Cash Equivalents	Lennar Homebuilding Cash and Cash Equivalents Cash and cash equivalents as of May 31, 2017 and November 30, 2016 included $274.8 million and $460.5 million , respectively, of cash held in escrow for approximately 3

Lennar Homebuilding Senior Note

Lennar Homebuilding Senior Notes and Other Debts Payable	6 Months Ended
	May 31, 2017
Debt Disclosure [Abstract]
Lennar Homebuilding Senior Notes and Other Debts Payable	Lennar Homebuilding Senior Notes and Other Debts Payable (Dollars in thousands) May 31, November 30, 4.75% senior notes due December 2017 398,851 398,479 6.95% senior notes due 2018 248,905 248,474 4.125% senior notes due December 2018 274,174 273,889 4.500% senior notes due 2019 498,397 498,002 4.50% senior notes due 2019 597,899 597,474 4.750% senior notes due 2021 496,938 496,547 6.875% senior notes due 2021 (1) 260,157 — 4.125% senior notes due 2022 595,514 — 4.750% senior notes due 2022 568,944 568,404 4.875% senior notes due December 2023 394,567 394,170 4.500% senior notes due 2024 645,113 — 4.750% senior notes due 2025 496,449 496,226 12.25% senior notes due 2017 — 398,232 Mortgage notes on land and other debt 291,781 206,080 $ 5,767,689 4,575,977 (1) The Company became a co-borrower with regard to the 6.875% senior notes due 2021 (the " 6.875% Senior Notes") as a result of the WCI acquisition. The 6.875% Senior Notes were recorded at fair value with a principal outstanding amount of $249.8 million and are callable at declining premiums until maturity. The carrying amounts of the senior notes listed above are net of debt issuance costs of $28.1 million and $22.1 million , as of May 31, 2017 and November 30, 2016 , respectively. In May 2017, the Company amended the credit agreement governing its unsecured revolving credit facility (the "Credit Facility") to increase the maximum borrowings from $1.8 billion to $2.0 billion and extend the maturity on $1.4 billion of the Credit Facility from June 2020 to June 2022, with $160 million maturing in June 2018 and the remaining $50 million maturing in June 2020. As of May 31, 2017 , the Credit Facility included a $403 million accordion feature, subject to additional commitments. 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 May 31, 2017 . In addition, the Company had $330 million of letter of credit facilities with different financial institutions. The Company’s performance letters of credit outstanding were $318.7 million and $270.8 million , respectively, at May 31, 2017 and November 30, 2016 . The Company’s financial letters of credit outstanding were $144.3 million and $210.3 million , at May 31, 2017 and November 30, 2016 , 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 May 31, 2017 , the Company had outstanding surety bonds of $1.2 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. 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 May 31, 2017 , there were approximately $575.4 million , or 48% , 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 January 2017, the Company issued $600 million aggregate principal amount of 4.125% senior notes due 2022 (the " 4.125% Senior Notes") at a price of 100% . Proceeds from the offering, after payment of expenses, were $595.2 million . The Company used the net proceeds from the sales of the 4.125% Senior Notes to fund a portion of the cash consideration for the Company's acquisition of WCI and to pay for costs and expenses related to this acquisition as well as for general corporate purposes. Interest on the 4.125% Senior Notes is due semi-annually beginning July 15, 2017. The 4.125% Senior Notes are unsecured and unsubordinated, but are guaranteed by substantially all of the Company's 100% owned homebuilding subsidiaries. In April 2017, the Company issued $650 million aggregate principal amount of 4.50% senior notes due 2024 (the " 4.50% Senior Notes") at a price of 100% . Proceeds from the offering, after payment of expenses, were $645.0 million . The Company used a portion of the net proceeds from the sales of the 4.50% Senior Notes for the retirement of its 12.25% senior notes due 2017 for 100% of the $400 million outstanding principal amount, plus accrued and unpaid interest. The Company intends to use the balance of the net proceeds together with cash on hand for general corporate purposes, which may include the redemption of its 6.875% senior notes due 2021. Interest on the 4.50% Senior Notes is due semi-annually beginning October 30, 2017. The 4.50% Senior Notes are unsecured and unsubordinated, but are guaranteed by substantially all of the Company's 100% owned homebuilding subsidiaries. The Company's senior notes are guaranteed by substantially all of the Company's 100% owned homebuilding subsidiaries and some of the Company's other subsidiaries. Although the guarantees 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	6 Months Ended
	May 31, 2017
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 Six Months Ended May 31, May 31, (In thousands) 2017 2016 2017 2016 Warranty reserve, beginning of period $ 138,987 124,733 135,403 130,853 Warranties issued 29,430 24,997 50,150 42,570 Adjustments to pre-existing warranties from changes in estimates (1) 7,987 (115 ) 10,333 (735 ) Warranties assumed related to the WCI acquisition — — 6,345 — Payments (24,571 ) (22,456 ) (50,398 ) (45,529 ) Warranty reserve, end of period $ 151,833 127,159 151,833 127,159 (1) The adjustments to pre-existing warranties from changes in estimates during the three and six months ended May 31, 2017 and 2016

Share-Based Payments

Share-Based Payments	6 Months Ended
	May 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Payments	Share-Based Payments During the three and six months ended May 31, 2017 and 2016 , the Company granted employees an immaterial number of nonvested shares. Compensation expense related to the Company’s nonvested shares for the three and six months ended May 31, 2017 was $12.3 million and $24.8 million , respectively. Compensation expense related to the Company’s nonvested shares for the three and six months ended May 31, 2016 was $11.1 million and $22.3 million

Financial Instruments and Fair

Financial Instruments and Fair Value Disclosures	6 Months Ended
	May 31, 2017
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 May 31, 2017 and November 30, 2016 , 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. May 31, 2017 November 30, 2016 Fair Value Carrying Fair Carrying Fair (In thousands) Hierarchy Amount Value Amount Value ASSETS Rialto: Loans receivable, net Level 3 $ 65,326 65,326 111,608 113,747 Investments held-to-maturity Level 3 $ 112,452 112,747 71,260 69,992 Lennar Financial Services: Loans held-for-investment, net Level 3 $ 32,691 31,211 30,004 31,233 Investments held-to-maturity Level 2 $ 54,824 54,857 41,991 42,058 LIABILITIES Lennar Homebuilding senior notes and other debts payable Level 2 $ 5,767,689 5,964,645 4,575,977 4,669,643 Rialto notes and other debts payable Level 2 $ 781,845 803,943 622,335 646,366 Lennar Financial Services notes and other debts payable Level 2 $ 792,623 792,623 1,077,228 1,077,228 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 the 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: RMF loans held-for-sale (1) Level 3 $ 82,803 126,947 Credit default swaps (2) Level 2 $ 2,046 2,863 Rialto Financial Liabilities: Interest rate swaps and swap futures (3) Level 2 $ 906 6 Lennar Financial Services Assets (Liabilities): Loans held-for-sale (4) Level 2 $ 820,443 939,405 Investments available-for-sale Level 1 $ 56,005 53,570 Mortgage loan commitments Level 2 $ 18,372 7,437 Forward contracts Level 2 $ (6,796 ) 26,467 Mortgage servicing rights Level 3 $ 27,370 23,930 (1) The aggregate fair value of RMF loans held-for-sale of $82.8 million at May 31, 2017 exceeds their aggregate principal balance of $80.4 million by $2.4 million . The aggregate fair value of loans held-for-sale of $126.9 million at November 30, 2016 was below their aggregate principal balance of $127.8 million by $0.9 million . (2) Rialto's credit default swaps are included within Rialto's other assets. (3) Rialto's 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 $820.4 million at May 31, 2017 exceeds their aggregate principal balance of $788.0 million by $32.4 million . The aggregate fair value of Lennar Financial Services loans held-for-sale of $939.4 million at November 30, 2016 exceeded their aggregate principal balance of $931.0 million by $8.4 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 similar 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 May 31, 2017 and November 30, 2016 . 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 May 31, 2017 . The fair value of forward contracts is included in the Lennar Financial Services segment's other assets as of November 30, 2016 . 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 May 31, 2017 , the segment had open commitments amounting to $1.2 billion to sell MBS with varying settlement dates through August 2017. 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 May 31, 2017 , the key assumptions used in determining the fair value include a 14.1% mortgage prepayment rate, a 12.3% discount rate and a 6.1% 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 Six Months Ended May 31, May 31, (In thousands) 2017 2016 2017 2016 Changes in fair value included in Lennar Financial Services revenues: Loans held-for-sale $ 10,737 3,121 24,037 3,634 Mortgage loan commitments $ 4,715 (231 ) 10,935 5,822 Forward contracts $ (5,049 ) 7,988 (33,263 ) (2,180 ) Investments available-for-sale $ (4 ) 6 (4 ) 6 Changes in fair value included in Rialto revenues: Financial Assets: Credit default swaps $ (885 ) (3,408 ) (1,316 ) 23 Financial Liabilities: Interest rate swaps and swap futures $ (787 ) 5,879 (900 ) 873 Changes in fair value included in other comprehensive income (loss), net of tax: Lennar Financial Services investments available-for-sale $ 419 919 1,391 482 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 May 31, 2017 2016 Lennar Financial Services Rialto Lennar Financial Services Rialto (In thousands) Mortgage servicing rights RMF loans held-for-sale Mortgage servicing rights RMF loans held-for-sale Beginning balance $ 26,497 44,939 15,810 243,230 Purchases/loan originations 2,866 429,320 2,375 348,188 Sales/loan originations sold, including those not settled — (392,678 ) — (386,226 ) Disposals/settlements (904 ) — (943 ) — Changes in fair value (1) (1,089 ) 1,078 999 (5,293 ) Interest and principal paydowns — 144 — (484 ) Ending balance $ 27,370 82,803 18,241 199,415 Six Months Ended May 31, 2017 2016 Lennar Financial Services Rialto Lennar Financial Services Rialto (In thousands) Mortgage servicing rights RMF loans held-for-sale Mortgage servicing rights RMF loans held-for-sale Beginning balance $ 23,930 126,947 16,770 316,275 Purchases/loan originations 5,712 823,660 3,994 653,973 Sales/loan originations sold, including those not settled — (870,394 ) — (767,892 ) Disposals/settlements (1,795 ) — (1,570 ) — Changes in fair value (1) (477 ) 2,498 (953 ) (1,209 ) Interest and principal paydowns — 92 — (1,732 ) Ending balance $ 27,370 82,803 18,241 199,415 (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 May 31, 2017 2016 (In thousands) Fair Value Hierarchy Carrying Value Fair Value Total Losses, Net (1) Carrying Value Fair Value Total Losses, Net (1) Financial assets Rialto: Impaired loans receivable Level 3 $ 4 — (4 ) 56,010 51,628 (4,382 ) FDIC Portfolios loans held-for-sale Level 3 $ 29,030 23,812 (5,218 ) — — — Non-financial assets Lennar Homebuilding: Finished homes and construction in progress (2) Level 3 $ 6,659 2,745 (3,914 ) — — — Land and land under development (2) Level 3 $ 6,771 3,094 (3,677 ) 1,855 1,500 (355 ) Rialto: REO, net (3): Upon acquisition/transfer Level 3 $ 21,429 20,271 (1,158 ) 15,470 14,809 (661 ) Upon management periodic valuations Level 3 $ 50,075 36,250 (13,825 ) 19,719 14,983 (4,736 ) Six Months Ended May 31, 2017 2016 (In thousands) Fair Value Hierarchy Carrying Value Fair Value Total Losses, Net (1) Carrying Value Fair Value Total Gains (Losses), Net (1) Financial assets Rialto: Impaired loans receivable Level 3 $ 31,554 18,885 (12,669 ) 63,627 56,906 (6,721 ) FDIC Portfolios loans held-for-sale Level 3 $ 29,030 23,812 (5,218 ) — — — Non-financial assets Lennar Homebuilding: Finished homes and construction in progress (2) Level 3 $ 6,659 2,745 (3,914 ) — — — Land and land under development (2) Level 3 $ 6,771 3,094 (3,677 ) 5,682 4,925 (757 ) Rialto: REO, net (3): Upon acquisition/transfer Level 3 $ 30,303 28,690 (1,613 ) 33,436 35,492 2,056 Upon management periodic valuations Level 3 $ 84,330 58,176 (26,154 ) 39,238 31,632 (7,606 ) (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 six months ended May 31, 2017 and 2016 . (2) Valuation adjustments were included in Lennar Homebuilding costs and expenses in the Company's condensed consolidated statement of operations for the three and six months ended May 31, 2017 and 2016 . (3) The fair value of REO, net is based upon appraised value at the time of foreclosure or management's best estimate. In addition, management periodically performs valuations of its REO. The losses, net upon the transfer or acquisition of REO and impairments were included in Rialto other expense, net, in the Company’s condensed consolidated statement of operations for the three and six months ended May 31, 2017 and 2016 . 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 impairment in the Summary of Significant Accounting Policies in its Form 10-K for the year ended November 30, 2016 . 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 May 31, 2017 and 2016 , there were 732 and 689 active communities, excluding unconsolidated entities, respectively. As of May 31, 2017 , the Company identified 16 communities with 677 homesites and a corresponding carrying value of $70.0 million as having potential indicators of impairment. Of those communities, the Company recorded a valuation adjustment of $7.5 million on 469 homesites in six communities with a carrying value of $12.0 million . As of May 31, 2016 , the Company identified 20 communities with 652 homesites and a corresponding carrying value of $116.0 million as having potential indicators of impairment. For the six months ended May 31, 2016 , the Company recorded no impairments. 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 six months ended May 31, 2017 : Six Months Ended May 31, 2017 Unobservable inputs Range Average selling price $ 125,000 - $567,000 Absorption rate per quarter (homes) 4 - 10 Discount rate 20%

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	May 31, 2017
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 six months ended May 31, 2017 . Based on the Company's evaluation, during the six months ended May 31, 2017 , there were no VIEs that were consolidated or deconsolidated. The Company’s recorded investments in unconsolidated entities were as follows: (In thousands) May 31, November 30, Lennar Homebuilding $ 995,400 811,723 Rialto $ 244,301 245,741 Lennar Multifamily $ 377,265 318,559 Consolidated VIEs As of May 31, 2017 , the carrying amounts of the VIEs’ assets and non-recourse liabilities that consolidated were $575.7 million and $144.1 million , respectively. As of November 30, 2016 , the carrying amounts of the VIEs’ assets and non-recourse liabilities that consolidated were $536.3 million and $126.4 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 investments in VIEs that are unconsolidated and its estimated maximum exposure to loss were as follows: As of May 31, 2017 (In thousands) Investments in Unconsolidated VIEs Lennar’s Maximum Exposure to Loss Lennar Homebuilding (1) $ 214,608 290,705 Rialto (2) 112,452 112,452 Lennar Multifamily (3) 309,198 537,997 $ 636,258 941,154 As of November 30, 2016 (In thousands) Investments in Unconsolidated VIEs Lennar’s Maximum Exposure to Loss Lennar Homebuilding (1) $ 120,940 164,804 Rialto (2) 71,260 71,260 Lennar Multifamily (3) 240,928 549,093 $ 433,128 785,157 (1) At both May 31, 2017 and November 30, 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 repayment guarantees of unconsolidated entities' debt of $72.9 million and $43.4 million , respectively. (2) At both May 31, 2017 and November 30, 2016 , the maximum recourse exposure to loss of Rialto’s investments in unconsolidated VIEs was limited to its investments in the unconsolidated VIEs. At May 31, 2017 and November 30, 2016 , investments in unconsolidated VIEs and Lennar’s maximum exposure to loss included $112.5 million and $71.3 million , respectively, related to Rialto’s investments held-to-maturity. (3) As of May 31, 2017 and November 30, 2016 , the remaining equity commitment of $212.1 million and $288.2 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 May 31, 2017 and November 30, 2016 , 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 $15.1 million and $19.7 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. 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 May 31, 2017 , the Company and other partners did not have an obligation to make capital contributions to the VIEs, except for $212.1 million remaining equity commitment to fund the Venture for future expenditures related to the construction and development of the projects and $15.1 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 $72.9 million repayment guarantees of two unconsolidated entities' 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 six months ended May 31, 2017 , consolidated inventory not owned increased by $17.6 million with a corresponding increase to liabilities related to consolidated inventory not owned in the accompanying condensed consolidated balance sheet as of May 31, 2017 . 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 May 31, 2017 . 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 $91.1 million and $85.0 million at May 31, 2017 and November 30, 2016 , respectively. Additionally, the Company had posted $41.1 million and $45.1 million of letters of credit in lieu of cash deposits under certain land and option contracts as of May 31, 2017 and November 30, 2016

Commitments and Contingent Liab

Commitments and Contingent Liabilities	6 Months Ended
	May 31, 2017
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 during the downturn, 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 believed the decision was contrary to applicable law and appealed the decision. On March 23, 2017, the United States Court of Appeals for the Fourth Circuit held oral argument in the appeal. Following oral argument, the Company concluded that it was appropriate to establish an accrual of $140 million for the litigation. The accrual represented the high end of the range of expected liability associated with the litigation, and did not include the Company’s estimate of the fair value of the property. On April 12, 2017, the United States Court of Appeals for the Fourth Circuit issued a decision upholding the lower court’s decision. The Company subsequently purchased the property for $114 million , which approximates the Company's estimate of the fair value of the property, and paid approximately $124 million

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	May 31, 2017
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements	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 continuing to evaluate the method and impact the adoption of ASU 2014-09 will have on its 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) , 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 continuing to evaluate the method and impact the adoption of these ASUs and ASU 2014-09 will have on its 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 was effective for the Company’s fiscal year beginning December 1, 2016 and subsequent interim periods. The adoption of ASU 2015-02 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 its 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 its 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 its 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. Early adoption is permitted, including adoption in an interim period. The adoption of ASU 2016-15 will modify the Company's current disclosures and reclassifications within the condensed consolidated statement of cash flows but is not expected to have a material effect on the Company’s condensed consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash ("ASU 2016-18"). ASU 2016-18 clarifies certain existing principles in ASC 230, Statement of Cash Flows , including providing additional guidance related to transfers between cash and restricted cash and how entities present, in their statement of cash flows, the cash receipts and cash payments that directly affect the restricted cash accounts. ASU 2016-18 will be effective for the Company’s fiscal year beginning December 1, 2018 and subsequent interim periods. Early adoption is permitted, including adoption in an interim period. The adoption of ASU 2016-18 will modify the Company's current disclosures and reclassifications within the condensed consolidated statement of cash flows but is not expected to have a material effect on the Company’s condensed consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805), Clarifying the Definition of a Business ("ASU 2017-01"). ASU 2017-01 clarifies the definition of a business with the objective of addressing whether transactions involving in-substance nonfinancial assets, held directly or in a subsidiary, should be accounted for as acquisitions or disposals of nonfinancial assets or of businesses. ASU 2017-01 will be effective for the Company’s fiscal year beginning December 1, 2018 and subsequent interim periods. Early adoption is permitted for transactions, including acquisitions or dispositions, which occurred before the issuance date or effective date of the standard if the transactions were not reported in financial statements that have been issued or made available for issuance. The adoption of ASU 2017-01 is not expected to have a material effect on the Company’s condensed consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350), Simplifying the Accounting for Goodwill Impairment

Supplemental Financial Informat

Supplemental Financial Information	6 Months Ended
	May 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Financial Information	Supplemental Financial Information The indentures governing the Company’s 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, 4.750% senior notes due 2021, 6.875% senior notes due 2021, 4.125% senior notes due 2022, 4.750% senior notes due 2022, 4.875% senior notes due 2023, 4.50% senior notes due 2024 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 May 31, 2017 they were guaranteeing Lennar Corporation's letter of credit facilities and its Credit Facility, disclosed in Note 12. In addition, effective February 10, 2017, in connection with the acquisition of WCI, the Company agreed to become a co-issuer of the 6.875% senior notes due 2021 that were issued by WCI and guaranteed by several of its wholly-owned subsidiaries. Because WCI and those subsidiaries are in effect guarantors of the Company’s obligations as a co-issuer of the 6.875% senior notes due 2021, most of those subsidiaries must also guarantee the Company’s obligations with regard to its senior notes. As such, WCI and its subsidiaries are included in the subsidiaries that are referred to as “Guarantor Subsidiaries” in the following tables. The separate assets and liabilities of WCI and its subsidiaries are set forth in Note 2. 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. May 31, 2017 was as follows: Condensed Consolidating Balance Sheet May 31, 2017 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total ASSETS Lennar Homebuilding: Cash and cash equivalents, restricted cash and receivables, net $ 554,381 265,539 16,769 — 836,689 Inventories — 10,157,196 275,978 — 10,433,174 Investments in unconsolidated entities — 978,629 16,771 — 995,400 Goodwill — 136,633 — — 136,633 Other assets 224,770 579,538 99,507 (13,150 ) 890,665 Investments in subsidiaries 4,501,309 72,290 — (4,573,599 ) — Intercompany 7,670,891 — — (7,670,891 ) — 12,951,351 12,189,825 409,025 (12,257,640 ) 13,292,561 Rialto — — 1,364,421 — 1,364,421 Lennar Financial Services — 123,529 1,323,623 (2,858 ) 1,444,294 Lennar Multifamily — — 653,229 — 653,229 Total assets $ 12,951,351 12,313,354 3,750,298 (12,260,498 ) 16,754,505 LIABILITIES AND EQUITY Lennar Homebuilding: Accounts payable and other liabilities $ 413,029 866,959 130,835 (16,008 ) 1,394,815 Liabilities related to consolidated inventory not owned — 120,054 13,500 — 133,554 Senior notes and other debts payable 5,215,751 534,593 17,345 — 5,767,689 Intercompany — 6,573,012 1,097,879 (7,670,891 ) — 5,628,780 8,094,618 1,259,559 (7,686,899 ) 7,296,058 Rialto — — 860,612 — 860,612 Lennar Financial Services — 38,100 999,563 — 1,037,663 Lennar Multifamily — — 123,166 — 123,166 Total liabilities 5,628,780 8,132,718 3,242,900 (7,686,899 ) 9,317,499 Stockholders’ equity 7,322,571 4,180,636 392,963 (4,573,599 ) 7,322,571 Noncontrolling interests — — 114,435 — 114,435 Total equity 7,322,571 4,180,636 507,398 (4,573,599 ) 7,437,006 Total liabilities and equity $ 12,951,351 12,313,354 3,750,298 (12,260,498 ) 16,754,505 November 30, 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 $ 705,126 436,090 21,875 — 1,163,091 Inventories — 8,901,874 277,052 — 9,178,926 Investments in unconsolidated entities — 793,840 17,883 — 811,723 Other assets 227,267 346,865 84,224 (7,328 ) 651,028 Investments in subsidiaries 3,918,687 130,878 — (4,049,565 ) — Intercompany 7,017,962 — — (7,017,962 ) — 11,869,042 10,609,547 401,034 (11,074,855 ) 11,804,768 Rialto — — 1,276,210 — 1,276,210 Lennar Financial Services loans held-for-sale — — 939,405 — 939,405 Lennar Financial Services all other assets — 103,000 715,758 (3,491 ) 815,267 Lennar Multifamily — — 526,131 — 526,131 Total assets $ 11,869,042 10,712,547 3,858,538 (11,078,346 ) 15,361,781 LIABILITIES AND EQUITY Lennar Homebuilding: Accounts payable and other liabilities $ 473,103 778,249 79,462 (10,819 ) 1,319,995 Liabilities related to consolidated inventory not owned — 13,582 96,424 — 110,006 Senior notes and other debts payable 4,369,897 203,572 2,508 — 4,575,977 Intercompany — 6,071,778 946,184 (7,017,962 ) — 4,843,000 7,067,181 1,124,578 (7,028,781 ) 6,005,978 Rialto — — 707,980 — 707,980 Lennar Financial Services — 38,530 1,279,753 — 1,318,283 Lennar Multifamily — — 117,973 — 117,973 Total liabilities 4,843,000 7,105,711 3,230,284 (7,028,781 ) 8,150,214 Stockholders’ equity 7,026,042 3,606,836 442,729 (4,049,565 ) 7,026,042 Noncontrolling interests — — 185,525 — 185,525 Total equity 7,026,042 3,606,836 628,254 (4,049,565 ) 7,211,567 Total liabilities and equity $ 11,869,042 10,712,547 3,858,538 (11,078,346 ) 15,361,781 Three Months Ended May 31, 2017 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 2,875,612 10,129 — 2,885,741 Lennar Financial Services — 86,596 126,767 (5,000 ) 208,363 Rialto — — 67,988 — 67,988 Lennar Multifamily — — 99,835 (35 ) 99,800 Total revenues — 2,962,208 304,719 (5,035 ) 3,261,892 Cost and expenses: Lennar Homebuilding — 2,525,007 10,718 (242 ) 2,535,483 Lennar Financial Services — 77,742 92,673 (5,779 ) 164,636 Rialto — — 59,166 (90 ) 59,076 Lennar Multifamily — — 102,698 — 102,698 Corporate general and administrative 65,217 291 — 1,266 66,774 Total costs and expenses 65,217 2,603,040 265,255 (4,845 ) 2,928,667 Lennar Homebuilding equity in loss from unconsolidated entities — (21,468 ) (38 ) — (21,506 ) Lennar Homebuilding other income (expense), net (180 ) 1,880 1,938 190 3,828 Rialto equity in earnings from unconsolidated entities — — 5,730 — 5,730 Rialto other expense, net — — (21,104 ) — (21,104 ) Lennar Multifamily equity in earnings from unconsolidated entities — — 9,427 — 9,427 Earnings (loss) before income taxes (65,397 ) 339,580 35,417 — 309,600 Benefit (provision) for income taxes 21,822 (112,372 ) (18,342 ) — (108,892 ) Equity in earnings from subsidiaries 257,220 21,415 — (278,635 ) — Net earnings (including net loss attributable to noncontrolling interests) 213,645 248,623 17,075 (278,635 ) 200,708 Less: Net loss attributable to noncontrolling interests — — (12,937 ) — (12,937 ) Net earnings attributable to Lennar $ 213,645 248,623 30,012 (278,635 ) 213,645 Other comprehensive income, net of tax: Net unrealized gains on securities available-for-sale $ — — 419 — 419 Reclassification adjustments for loss included in earnings, net of tax — — 4 — 4 Other comprehensive income attributable to Lennar $ 213,645 248,623 30,435 (278,635 ) 214,068 Other comprehensive loss attributable to noncontrolling interests $ — — (12,937 ) — (12,937 ) Three Months Ended May 31, 2016 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 2,450,885 — — 2,450,885 Lennar Financial Services — 53,310 127,642 (5,012 ) 175,940 Rialto — — 44,838 — 44,838 Lennar Multifamily — — 74,171 (19 ) 74,152 Total revenues — 2,504,195 246,651 (5,031 ) 2,745,815 Cost and expenses: Lennar Homebuilding — 2,126,412 (6,231 ) (7,893 ) 2,112,288 Lennar Financial Services — 48,204 81,255 2,393 131,852 Rialto — — 50,260 (57 ) 50,203 Lennar Multifamily — — 73,217 — 73,217 Corporate general and administrative 54,282 254 — 1,266 55,802 Total costs and expenses 54,282 2,174,870 198,501 (4,291 ) 2,423,362 Lennar Homebuilding equity in earnings (loss) from unconsolidated entities — (10,860 ) 1,227 — (9,633 ) Lennar Homebuilding other income (expense), net (732 ) 22,623 (8,899 ) 740 13,732 Rialto equity in earnings from unconsolidated entities — — 6,864 — 6,864 Rialto other expense, net — — (19,585 ) — (19,585 ) Lennar Multifamily equity in earnings from unconsolidated entities — — 14,008 — 14,008 Earnings (loss) before income taxes (55,014 ) 341,088 41,765 — 327,839 Benefit (provision) for income taxes 18,025 (108,653 ) (13,173 ) — (103,801 ) Equity in earnings from subsidiaries 255,458 15,458 — (270,916 ) — Net earnings (including net earnings attributable to noncontrolling interests) 218,469 247,893 28,592 (270,916 ) 224,038 Less: Net earnings attributable to noncontrolling interests — — 5,569 — 5,569 Net earnings attributable to Lennar $ 218,469 247,893 23,023 (270,916 ) 218,469 Other comprehensive income, net of tax: Net unrealized gain on securities available-for-sale $ — — 919 — 919 Reclassification adjustments for gains included in earnings, net of tax — — (6 ) — (6 ) Other comprehensive income attributable to Lennar $ 218,469 247,893 23,936 (270,916 ) 219,382 Other comprehensive income attributable to noncontrolling interests $ — — 5,569 — 5,569 Six Months Ended May 31, 2017 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 4,888,494 15,941 — 4,904,435 Lennar Financial Services — 137,105 229,299 (9,998 ) 356,406 Rialto — — 149,994 — 149,994 Lennar Multifamily — — 188,552 (67 ) 188,485 Total revenues — 5,025,599 583,786 (10,065 ) 5,599,320 Cost and expenses: Lennar Homebuilding — 4,319,017 18,586 (559 ) 4,337,044 Lennar Financial Services — 126,798 176,661 (11,444 ) 292,015 Rialto — — 126,131 (142 ) 125,989 Lennar Multifamily — — 195,347 — 195,347 Corporate general and administrative 124,396 546 — 2,531 127,473 Total costs and expenses 124,396 4,446,361 516,725 (9,614 ) 5,077,868 Lennar Homebuilding equity in loss from unconsolidated entities — (33,028 ) (12 ) — (33,040 ) Lennar Homebuilding other income (expense), net (431 ) 6,653 2,894 451 9,567 Lennar Homebuilding loss due to litigation — (140,000 ) — — (140,000 ) Rialto equity in earnings from unconsolidated entities — — 6,452 — 6,452 Rialto other expense, net — — (37,762 ) — (37,762 ) Lennar Multifamily equity in earnings from unconsolidated entities — — 32,574 — 32,574 Earnings (loss) before income taxes (124,827 ) 412,863 71,207 — 359,243 Benefit (provision) for income taxes 42,266 (135,716 ) (35,411 ) — (128,861 ) Equity in earnings from subsidiaries 334,286 28,308 — (362,594 ) — Net earnings (including net loss attributable to noncontrolling interests) 251,725 305,455 35,796 (362,594 ) 230,382 Less: Net loss attributable to noncontrolling interests — — (21,343 ) — (21,343 ) Net earnings attributable to Lennar $ 251,725 305,455 57,139 (362,594 ) 251,725 Other comprehensive income, net of tax: Net unrealized gain on securities available-for-sale $ — — 1,391 — 1,391 Reclassification adjustments for loss included in earnings, net of tax — — 4 — 4 Other comprehensive income attributable to Lennar $ 251,725 305,455 58,534 (362,594 ) 253,120 Other comprehensive loss attributable to noncontrolling interests $ — — (21,343 ) — (21,343 ) Six Months Ended May 31, 2016 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 4,237,366 — — 4,237,366 Lennar Financial Services — 93,920 215,984 (10,008 ) 299,896 Rialto — — 88,549 — 88,549 Lennar Multifamily — — 113,700 (32 ) 113,668 Total revenues — 4,331,286 418,233 (10,040 ) 4,739,479 Cost and expenses: Lennar Homebuilding — 3,682,578 8,632 (10,717 ) 3,680,493 Lennar Financial Services — 90,016 151,324 (463 ) 240,877 Rialto — — 93,477 (367 ) 93,110 Lennar Multifamily — — 120,237 — 120,237 Corporate general and administrative 100,430 509 — 2,531 103,470 Total costs and expenses 100,430 3,773,103 373,670 (9,016 ) 4,238,187 Lennar Homebuilding equity in earnings (loss) from unconsolidated entities — (7,011 ) 378 — (6,633 ) Lennar Homebuilding other income (expense), net (1,006 ) 12,950 126 1,024 13,094 Rialto equity in earnings from unconsolidated entities — — 8,361 — 8,361 Rialto other expense, net — — (20,276 ) — (20,276 ) Lennar Multifamily equity in earnings from unconsolidated entities — — 33,694 — 33,694 Earnings (loss) before income taxes (101,436 ) 564,122 66,846 — 529,532 Benefit (provision) for income taxes 31,060 (170,363 ) (20,739 ) — (160,042 ) Equity in earnings from subsidiaries 432,925 19,996 — (452,921 ) — Net earnings (including net earnings attributable to noncontrolling interests) 362,549 413,755 46,107 (452,921 ) 369,490 Less: Net earnings attributable to noncontrolling interests — — 6,941 — 6,941 Net earnings attributable to Lennar $ 362,549 413,755 39,166 (452,921 ) 362,549 Other comprehensive income, net of tax: Net unrealized gain on securities available-for-sale $ — — 482 — 482 Reclassification adjustments for gains included in earnings, net of tax — — (6 ) — (6 ) Other comprehensive income attributable to Lennar $ 362,549 413,755 39,642 (452,921 ) 363,025 Other comprehensive income attributable to noncontrolling interests $ — — 6,941 — 6,941 Six Months Ended May 31, 2017 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Cash flows from operating activities: Net earnings (including net loss attributable to noncontrolling interests) $ 251,725 305,455 35,796 (362,594 ) 230,382 Distributions of earnings from guarantor and non-guarantor subsidiaries 334,286 28,308 — (362,594 ) — Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities (340,147 ) (412,545 ) (43 ) 362,594 (390,141 ) Net cash provided by (used in) operating activities 245,864 (78,782 ) 35,753 (362,594 ) (159,759 ) Cash flows from investing activities: Investments in and contributions to unconsolidated entities, net of distributions of capital — (218,153 ) (1,103 ) — (219,256 ) Proceeds from sales of real estate owned — — 55,521 — 55,521 Originations of loans receivable — — (14,055 ) — (14,055 ) Purchases of commercial mortgage-backed securities bonds — — (40,357 ) — (40,357 ) Acquisition, net of cash acquired (611,103 ) — — — (611,103 ) Other (3,897 ) (23,370 ) (17,019 ) — (44,286 ) Distributions of capital from guarantor and non-guarantor subsidiaries 60,000 60,000 — (120,000 ) — Intercompany (657,990 ) — — 657,990 — Net cash used in investing activities (1,212,990 ) (181,523 ) (17,013 ) 537,990 (873,536 ) Cash flows from financing activities: Net repayments under warehouse facilities — (51 ) (144,214 ) — (144,265 ) Proceeds from senior notes and debt issuance costs 1,240,449 — (4,509 ) — 1,235,940 Redemption of senior notes (400,000 ) — — — (400,000 ) Net proceeds on Rialto notes payable — — 25,340 — 25,340 Net proceeds (payments) on other borrowings — (28,705 ) 63,201 — 34,496 Net payments related to noncontrolling interests — (47,589 ) — (47,589 ) Excess tax benefits from share-based awards 1,980 — — — 1,980 Common stock: Issuances 693 — — — 693 Repurchases (83 ) — — — (83 ) Dividends (18,778 ) (365,455 ) (117,139 ) 482,594 (18,778 ) Intercompany — 497,457 160,533 (657,990 ) — Net cash provided by (used in) financing activities 824,261 103,246 (64,377 ) (175,396 ) 687,734 Net decrease in cash and cash equivalents (142,865 ) (157,059 ) (45,637 ) — (345,561 ) Cash and cash equivalents at beginning of period 697,112 377,070 255,347 — 1,329,529 Cash and cash equivalents at end of period $ 554,247 220,011 209,710 — 983,968 Six Months Ended May 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) $ 362,549 413,755 46,107 (452,921 ) 369,490 Distributions of earnings from guarantor and non-guarantor subsidiaries 432,925 19,996 — (452,921 ) — Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities (412,335 ) (789,132 ) 203,674 452,921 (544,872 ) Net cash provided by (used in) operating activities 383,139 (355,381 ) 249,781 (452,921 ) (175,382 ) Cash flows from investing activities: Investments in and contributions to unconsolidated entities, net of distributions of capital — (65,441 ) (41,775 ) — (107,216 ) Proceeds from sales of real estate owned — — 43,412 — 43,412 Originations of loans receivable — — (16,864 ) — (16,864 ) Receipts of principal payments on loans receivable — — 5,484 — 5,484 Purchases of commercial mortgage-backed securities bonds — — (33,005 ) — (33,005 ) Other (6,704 ) (30,269 ) (4,465 ) — (41,438 ) Distributions of capital from guarantor and non-guarantor subsidiaries 40,000 40,000 — (80,000 ) — Intercompany (1,008,886 ) — — 1,008,886 — Net cash used in investing activities (975,590 ) (55,710 ) (47,213 ) 928,886 (149,627 ) Cash flows from financing activities: Net borrowings under unsecured revolving credit facility 375,000 — — — 375,000 Net repayments under warehouse facilities — — (230,206 ) — (230,206 ) Proceeds from senior notes and debt issuance costs 495,974 — (746 ) — 495,228 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 — — (2,999 ) — (2,999 ) Net payments on other borrowings (87,532 ) — — (87,532 ) Net payments related to noncontrolling interests — — (73,028 ) — (73,028 ) Excess tax benefits from share-based awards 7,039 — — — 7,039 Common stock: Issuances 594 — — — 594 Repurchases (971 ) — — — (971 ) Dividends (17,191 ) (453,755 ) (79,166 ) 532,921 (17,191 ) Intercompany — 879,733 129,153 (1,008,886 ) — Net cash provided by (used in) financing activities 376,552 338,446 (256,992 ) (475,965 ) (17,959 ) Net decrease in cash and cash equivalents (215,899 ) (72,645 ) (54,424 ) — (342,968 ) 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 $ 359,922 263,403 192,152 — 815,477

Basis of Presentation (Policy)

Basis of Presentation (Policy)	6 Months Ended
	May 31, 2017
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 16) 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, 2016 . 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 six months ended May 31, 2017
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 during fiscal year 2016, the Company restated certain prior year amounts in the condensed consolidated financial statements to conform with the 2017 presentation (see Note 3). In addition, certain prior year amounts in the condensed consolidated financial statements have been reclassified to conform with the 2017 presentation. 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 continuing to evaluate the method and impact the adoption of ASU 2014-09 will have on its 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) , 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 continuing to evaluate the method and impact the adoption of these ASUs and ASU 2014-09 will have on its 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 was effective for the Company’s fiscal year beginning December 1, 2016 and subsequent interim periods. The adoption of ASU 2015-02 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 its 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 its 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 its 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. Early adoption is permitted, including adoption in an interim period. The adoption of ASU 2016-15 will modify the Company's current disclosures and reclassifications within the condensed consolidated statement of cash flows but is not expected to have a material effect on the Company’s condensed consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash ("ASU 2016-18"). ASU 2016-18 clarifies certain existing principles in ASC 230, Statement of Cash Flows , including providing additional guidance related to transfers between cash and restricted cash and how entities present, in their statement of cash flows, the cash receipts and cash payments that directly affect the restricted cash accounts. ASU 2016-18 will be effective for the Company’s fiscal year beginning December 1, 2018 and subsequent interim periods. Early adoption is permitted, including adoption in an interim period. The adoption of ASU 2016-18 will modify the Company's current disclosures and reclassifications within the condensed consolidated statement of cash flows but is not expected to have a material effect on the Company’s condensed consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805), Clarifying the Definition of a Business ("ASU 2017-01"). ASU 2017-01 clarifies the definition of a business with the objective of addressing whether transactions involving in-substance nonfinancial assets, held directly or in a subsidiary, should be accounted for as acquisitions or disposals of nonfinancial assets or of businesses. ASU 2017-01 will be effective for the Company’s fiscal year beginning December 1, 2018 and subsequent interim periods. Early adoption is permitted for transactions, including acquisitions or dispositions, which occurred before the issuance date or effective date of the standard if the transactions were not reported in financial statements that have been issued or made available for issuance. The adoption of ASU 2017-01 is not expected to have a material effect on the Company’s condensed consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350), Simplifying the Accounting for Goodwill Impairment

Business Acquisition (Tables)

Business Acquisition (Tables)	6 Months Ended
	May 31, 2017
Business Combinations [Abstract]
Schedule of Purchase Price Allocation	The purchase price allocation is provisional pending completion of the fair value analysis of acquired assets and liabilities assumed: (In thousands) Assets: Cash and cash equivalents, restricted cash and receivables, net $ 42,079 Inventories 619,458 Intangible assets (1) 59,283 Goodwill (2) 156,633 Deferred tax assets, net 81,752 Other assets 66,173 Total assets 1,025,378 Liabilities: Accounts payable 26,735 Senior notes and other debts payable 282,793 Other liabilities 73,228 Total liabilities 382,756 Total purchase price $ 642,622 (1) Intangible assets include non-compete agreements and a trade name. The amortization period for these intangible assets is six months for the non-compete agreements and 20 years for the trade name. (2) Goodwill represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed, and it is not deductible for income tax purposes. As of the merger date, goodwill consisted primarily of purchasing and other synergies resulting from the merger, expected production, savings in corporate and division overhead costs and expected expanded opportunities for growth through a higher-end more luxurious product, greater presence in the state of Florida and customer diversity. The provisional amount of goodwill allocated to the Company's Homebuilding East segment was $136.6 million and to the Lennar Financial Services segment was $20.0 million . These provisional amounts were based on the relative fair value of each acquired reporting unit in accordance with ASC 350,

Operating and Reporting Segme27

Operating and Reporting Segments (Tables)	6 Months Ended
	May 31, 2017
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) May 31, November 30, Assets: Homebuilding East (1) $ 4,764,611 3,512,990 Homebuilding Central 2,032,627 1,993,403 Homebuilding West 4,684,956 4,318,924 Homebuilding Other 903,137 907,523 Rialto 1,364,421 1,276,210 Lennar Financial Services 1,444,294 1,754,672 Lennar Multifamily 653,229 526,131 Corporate and unallocated 907,230 1,071,928 Total assets $ 16,754,505 15,361,781 Lennar Homebuilding goodwill (2) $ 136,633 — Rialto goodwill $ 5,396 5,396 Lennar Financial Services goodwill (2) $ 59,838 39,838 (1) Homebuilding East segment includes the provisional fair values of homebuilding assets acquired as part of the WCI acquisition. (2) In connection with the WCI acquisition, the Company allocated $136.6 million of goodwill to the Lennar Homebuilding East reportable segment and $20.0 million to the Lennar Financial Services segment. These amounts are provisional pending completion of the fair value analysis of acquired assets and liabilities. Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2017 2016 2017 2016 Revenues: Homebuilding East $ 1,194,890 954,298 1,962,616 1,613,352 Homebuilding Central 682,342 608,987 1,198,523 1,022,827 Homebuilding West 770,194 718,059 1,322,992 1,269,398 Homebuilding Other 238,315 169,541 420,304 331,789 Lennar Financial Services 208,363 175,940 356,406 299,896 Rialto 67,988 44,838 149,994 88,549 Lennar Multifamily 99,800 74,152 188,485 113,668 Total revenues (1) $ 3,261,892 2,745,815 5,599,320 4,739,479 Operating earnings (loss): Homebuilding East (2) $ 153,707 142,938 97,998 227,644 Homebuilding Central 75,944 68,762 128,802 101,957 Homebuilding West 71,224 113,807 124,584 202,641 Homebuilding Other 31,705 17,189 52,534 31,092 Lennar Financial Services 43,727 44,088 64,391 59,019 Rialto (6,462 ) (18,086 ) (7,305 ) (16,476 ) Lennar Multifamily 6,529 14,943 25,712 27,125 Total operating earnings 376,374 383,641 486,716 633,002 Corporate general and administrative expenses 66,774 55,802 127,473 103,470 Earnings before income taxes $ 309,600 327,839 359,243 529,532 (1) Total revenues were net of sales incentives of $174.5 million ( $22,700 per home delivered) and $298.1 million ( $22,700 per home delivered) for the three and six months ended May 31, 2017 , respectively, compared to $146.1 million ( $21,800 per home delivered) and $249.8 million ( $21,700 per home delivered) for the three and six months ended May 31, 2016 , respectively. (2) Homebuilding East operating earnings for the six months ended May 31, 2017 included a $ 140 million (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 107,436 123,964 Restricted cash 13,311 17,053 Receivables, net (1) 213,550 409,528 Loans held-for-sale (2) 820,443 939,405 Loans held-for-investment, net 32,691 30,004 Investments held-to-maturity 54,824 41,991 Investments available-for-sale (3) 56,005 53,570 Goodwill (4) 59,838 39,838 Other (5) 86,196 99,319 $ 1,444,294 1,754,672 Liabilities: Notes and other debts payable $ 792,623 1,077,228 Other (6) 245,040 241,055 $ 1,037,663 1,318,283 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of May 31, 2017 and November 30, 2016 , 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 (loss). (4) As of May 31, 2017 , goodwill included $20.0 million of goodwill related to the WCI acquisition. The amount provided herein is provisional, pending completion of the fair value analysis of WCI's acquired assets and liabilities assumed (see Note 2). (5) As of May 31, 2017 and November 30, 2016 , other assets included mortgage loan commitments carried at fair value of $18.4 million and $7.4 million , respectively, and mortgage servicing rights carried at fair value of $27.4 million and $23.9 million , respectively. In addition, other assets also included forward contracts carried at fair value of $26.5 million as of November 30, 2016 . (6) As of May 31, 2017 and November 30, 2016 , other liabilities included $58.4 million and $57.4 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 $6.8 million as of May 31, 2017 (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 119,592 148,827 Restricted cash (1) 6,026 9,935 Receivables, net (2) 415,285 204,518 Loans held-for-sale (3) 106,615 126,947 Loans receivable, net 65,326 111,608 Real estate owned, net 160,452 243,703 Investments in unconsolidated entities 244,301 245,741 Investments held-to-maturity 112,452 71,260 Other 134,372 113,671 $ 1,364,421 1,276,210 Liabilities: Notes and other debts payable (4) $ 781,845 622,335 Other 78,767 85,645 $ 860,612 707,980 (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 related to loans sold but not settled as of May 31, 2017 and November 30, 2016 , respectively. (3) Loans held-for-sale related to unsold loans originated by RMF carried at fair value and loans in the FDIC Portfolios carried at lower of cost or market. (4) As of May 31, 2017 and November 30, 2016 , notes and other debts payable primarily included $349.0 million and $348.7 million , respectively, related to Rialto's 7.00% senior notes due 2018, and $363.6 million and $223.5 million The assets and liabilities related to the Lennar Multifamily segment were as follows: (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 9,288 6,600 Receivables (1) 64,740 58,929 Land under development 171,066 139,713 Investments in unconsolidated entities 377,265 318,559 Other assets 30,870 2,330 $ 653,229 526,131 Liabilities: Accounts payable and other liabilities $ 123,166 117,973 (1) Receivables primarily related to general contractor services and management fee income receivables due from unconsolidated entities as of May 31, 2017 and November 30, 2016

Lennar Homebuilding Investmen28

Lennar Homebuilding Investments in Unconsolidated Entities (Tables)	6 Months Ended
	May 31, 2017
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) May 31, November 30, Non-recourse bank debt and other debt (partner’s share of several recourse) $ 73,239 48,945 Non-recourse land seller debt and other debt (1) 1,997 323,995 Non-recourse debt with completion guarantees 305,420 147,100 Non-recourse debt without completion guarantees 327,877 320,372 Non-recourse debt to the Company 708,533 840,412 The Company’s maximum recourse exposure (2) 80,468 52,438 Debt issuance costs (5,662 ) (4,186 ) Total debt $ 783,339 888,664 The Company’s maximum recourse exposure as a % of total JV debt 10 % 6 % (1) Non-recourse land seller debt and other debt as of November 30, 2016 included a $320 million non-recourse note related to a transaction between one of the Company's unconsolidated entities and another unconsolidated joint venture, which was settled in December 2016. (2) As of May 31, 2017 and November 30, 2016 , the Company's maximum recourse exposure was primarily related to the Company providing repayment guarantees on three unconsolidated entities' debt and one (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 393,507 221,334 Inventories 3,979,975 3,889,795 Other assets 961,126 1,334,116 $ 5,334,608 5,445,245 Liabilities and equity: Accounts payable and other liabilities $ 651,791 791,245 Debt (1) 783,339 888,664 Equity 3,899,478 3,765,336 $ 5,334,608 5,445,245 (1) Debt presented above is net of debt issuance costs of $5.7 million and $4.2 million , as of May 31, 2017 and November 30, 2016 , respectively. Statements of Operations Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2017 2016 2017 2016 Revenues $ 132,587 208,636 178,723 308,362 Costs and expenses 190,845 201,370 269,911 298,570 Other income 6,117 — 6,117 — Net earnings (loss) of unconsolidated entities $ (52,141 ) 7,266 (85,071 ) 9,792 Lennar Homebuilding equity in loss from unconsolidated entities $ (21,506 ) (9,633 ) (33,040 ) (6,633 ) May 31, May 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 $ 48,519 58,116 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 84,862 96,192 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 21,188 23,643 Rialto Capital CMBS Funds 2014 119,174 119,174 52,474 52,474 50,948 50,519 Rialto Real Estate Fund III 2015 1,887,000 362,242 140,000 25,318 25,520 9,093 Rialto Credit Partnership, LP 2016 220,000 121,225 19,999 11,020 11,182 5,794 Other investments 2,082 2,384 $ 244,301 245,741 100% basis related to Rialto’s investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 77,047 230,229 Loans receivable 434,771 406,812 Real estate owned 360,337 439,191 Investment securities 1,543,517 1,379,155 Investments in partnerships 415,316 398,535 Other assets 190,885 29,036 $ 3,021,873 2,882,958 Liabilities and equity: Accounts payable and other liabilities $ 44,989 36,131 Notes payable (1) 617,587 532,264 Equity 2,359,297 2,314,563 $ 3,021,873 2,882,958 (1) Notes payable are net of debt issuance costs of $4.1 million and $2.9 million , as of May 31, 2017 and November 30, 2016 , respectively. Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2017 2016 2017 2016 Revenues $ 61,030 51,240 118,186 95,536 Costs and expenses 29,000 20,704 57,001 41,603 Other income, net (1) 9,321 26,710 9,648 11,548 Net earnings of unconsolidated entities $ 41,351 57,246 70,833 65,481 Rialto equity in earnings from unconsolidated entities $ 5,730 6,864 6,452 8,361 (1) Summarized condensed financial information on a combined 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) May 31, November 30, Assets: Cash and cash equivalents $ 44,765 43,658 Operating properties and equipment 2,658,080 2,210,627 Other assets 38,160 33,703 $ 2,741,005 2,287,988 Liabilities and equity: Accounts payable and other liabilities $ 223,061 196,617 Notes payable (1) 727,070 577,085 Equity 1,790,874 1,514,286 $ 2,741,005 2,287,988 (1) Notes payable are net of debt issuance costs of $17.1 million and $12.3 million , as of May 31, 2017 and November 30, 2016 , respectively. Statements of Operations Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2017 2016 2017 2016 Revenues $ 13,975 9,649 25,592 17,963 Costs and expenses 24,477 14,058 46,823 25,730 Other income, net 28,190 30,272 78,729 70,394 Net earnings of unconsolidated entities $ 17,688 25,863 57,498 62,627 Lennar Multifamily equity in earnings from unconsolidated entities (1) $ 9,427 14,008 32,574 33,694 (1) During three and six months ended May 31, 2017 , the Lennar Multifamily segment sold one and three operating properties, respectively, through its unconsolidated entities resulting in the segment's $11.4 million and $37.4 million share of gains, respectively. During the three and six months ended May 31, 2016 , the Lennar Multifamily segment sold one and two operating properties, respectively, through its unconsolidated entities resulting in the segment's $15.4 million and $35.8 million (In thousands) May 31, November 30, Lennar Homebuilding $ 995,400 811,723 Rialto $ 244,301 245,741 Lennar Multifamily $ 377,265 318,559

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	May 31, 2017
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 six months ended May 31, 2017 and 2016 : 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, 2016 $ 7,211,567 20,409 3,298 2,805,349 (108,961 ) (309 ) 4,306,256 185,525 Net earnings (including net loss attributable to noncontrolling interests) 230,382 — — — — — 251,725 (21,343 ) Employee stock and directors plans 1,828 6 — 1,910 (88 ) — — — Tax benefit from employee stock plans, vesting of restricted stock and conversions of convertible senior notes 35,542 — — 35,542 — — — — Amortization of restricted stock 24,817 — — 24,817 — — — — Cash dividends (18,778 ) — — — — — (18,778 ) — Receipts related to noncontrolling interests 320 — — — — — — 320 Payments related to noncontrolling interests (47,909 ) — — — — — — (47,909 ) Non-cash activity related to noncontrolling interests (2,158 ) — — — — — — (2,158 ) Other comprehensive income, net of tax 1,395 — — — — 1,395 — — Balance at May 31, 2017 $ 7,437,006 20,415 3,298 2,867,618 (109,049 ) 1,086 4,539,203 114,435 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) 369,490 — — — — — 362,549 6,941 Employee stock and directors plans 472 4 — 1,445 (977 ) — — — Conversions and exchanges of convertible senior notes to Class A common stock 67,355 804 — 66,551 — — — — Tax benefit from employee stock plans, vesting of restricted stock and conversions of convertible senior notes 33,495 — — 33,495 — — — — Amortization of restricted stock 22,266 — — 22,266 — — — — Cash dividends (17,191 ) — — — — — (17,191 ) — Receipts related to noncontrolling interests 167 — — — — — — 167 Payments related to noncontrolling interests (73,195 ) — — — — — — (73,195 ) 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 2,082 — — — — — — 2,082 Other comprehensive income, net of tax 476 — — — — 476 — — Balance at May 31, 2016 $ 6,362,934 18,874 3,298 2,429,317 (108,732 ) 515 3,775,094 244,568

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	May 31, 2017
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 Six Months Ended May 31, May 31, (Dollars in thousands) 2017 2016 2017 2016 Provision for income taxes $ (108,892 ) (103,801 ) (128,861 ) (160,042 ) Effective tax rate (1) 33.76 % 32.21 % 33.86 % 30.62 % (1) For the three and six months ended May 31, 2017 and 2016

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	May 31, 2017
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 Six Months Ended May 31, May 31, (In thousands, except per share amounts) 2017 2016 2017 2016 Numerator: Net earnings attributable to Lennar $ 213,645 218,469 251,725 362,549 Less: distributed earnings allocated to nonvested shares 91 86 203 175 Less: undistributed earnings allocated to nonvested shares 1,972 2,119 2,254 3,552 Numerator for basic earnings per share 211,582 216,264 249,268 358,822 Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan (1) 214 396 552 598 Plus: interest on 3.25% convertible senior notes due 2021 — 1,889 — 3,872 Plus: undistributed earnings allocated to convertible shares — 2,119 — 3,552 Less: undistributed earnings reallocated to convertible shares — 1,987 — 3,321 Numerator for diluted earnings per share $ 211,368 217,889 248,716 362,327 Denominator: Denominator for basic earnings per share - weighted average common shares outstanding 232,217 213,601 232,205 211,947 Effect of dilutive securities: Share-based payments 2 4 2 4 Convertible senior notes — 16,312 — 17,466 Denominator for diluted earnings per share - weighted average common shares outstanding 232,219 229,917 232,207 229,417 Basic earnings per share $ 0.91 1.01 1.07 1.69 Diluted earnings per share $ 0.91 0.95 1.07 1.58 (1)

Lennar Financial Services Seg32

Lennar Financial Services Segment (Tables)	6 Months Ended
	May 31, 2017
Segment Reporting [Abstract]
Schedule of Assets and Liabilities	Financial information relating to the Company’s operations was as follows: (In thousands) May 31, November 30, Assets: Homebuilding East (1) $ 4,764,611 3,512,990 Homebuilding Central 2,032,627 1,993,403 Homebuilding West 4,684,956 4,318,924 Homebuilding Other 903,137 907,523 Rialto 1,364,421 1,276,210 Lennar Financial Services 1,444,294 1,754,672 Lennar Multifamily 653,229 526,131 Corporate and unallocated 907,230 1,071,928 Total assets $ 16,754,505 15,361,781 Lennar Homebuilding goodwill (2) $ 136,633 — Rialto goodwill $ 5,396 5,396 Lennar Financial Services goodwill (2) $ 59,838 39,838 (1) Homebuilding East segment includes the provisional fair values of homebuilding assets acquired as part of the WCI acquisition. (2) In connection with the WCI acquisition, the Company allocated $136.6 million of goodwill to the Lennar Homebuilding East reportable segment and $20.0 million to the Lennar Financial Services segment. These amounts are provisional pending completion of the fair value analysis of acquired assets and liabilities. Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2017 2016 2017 2016 Revenues: Homebuilding East $ 1,194,890 954,298 1,962,616 1,613,352 Homebuilding Central 682,342 608,987 1,198,523 1,022,827 Homebuilding West 770,194 718,059 1,322,992 1,269,398 Homebuilding Other 238,315 169,541 420,304 331,789 Lennar Financial Services 208,363 175,940 356,406 299,896 Rialto 67,988 44,838 149,994 88,549 Lennar Multifamily 99,800 74,152 188,485 113,668 Total revenues (1) $ 3,261,892 2,745,815 5,599,320 4,739,479 Operating earnings (loss): Homebuilding East (2) $ 153,707 142,938 97,998 227,644 Homebuilding Central 75,944 68,762 128,802 101,957 Homebuilding West 71,224 113,807 124,584 202,641 Homebuilding Other 31,705 17,189 52,534 31,092 Lennar Financial Services 43,727 44,088 64,391 59,019 Rialto (6,462 ) (18,086 ) (7,305 ) (16,476 ) Lennar Multifamily 6,529 14,943 25,712 27,125 Total operating earnings 376,374 383,641 486,716 633,002 Corporate general and administrative expenses 66,774 55,802 127,473 103,470 Earnings before income taxes $ 309,600 327,839 359,243 529,532 (1) Total revenues were net of sales incentives of $174.5 million ( $22,700 per home delivered) and $298.1 million ( $22,700 per home delivered) for the three and six months ended May 31, 2017 , respectively, compared to $146.1 million ( $21,800 per home delivered) and $249.8 million ( $21,700 per home delivered) for the three and six months ended May 31, 2016 , respectively. (2) Homebuilding East operating earnings for the six months ended May 31, 2017 included a $ 140 million (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 107,436 123,964 Restricted cash 13,311 17,053 Receivables, net (1) 213,550 409,528 Loans held-for-sale (2) 820,443 939,405 Loans held-for-investment, net 32,691 30,004 Investments held-to-maturity 54,824 41,991 Investments available-for-sale (3) 56,005 53,570 Goodwill (4) 59,838 39,838 Other (5) 86,196 99,319 $ 1,444,294 1,754,672 Liabilities: Notes and other debts payable $ 792,623 1,077,228 Other (6) 245,040 241,055 $ 1,037,663 1,318,283 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of May 31, 2017 and November 30, 2016 , 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 (loss). (4) As of May 31, 2017 , goodwill included $20.0 million of goodwill related to the WCI acquisition. The amount provided herein is provisional, pending completion of the fair value analysis of WCI's acquired assets and liabilities assumed (see Note 2). (5) As of May 31, 2017 and November 30, 2016 , other assets included mortgage loan commitments carried at fair value of $18.4 million and $7.4 million , respectively, and mortgage servicing rights carried at fair value of $27.4 million and $23.9 million , respectively. In addition, other assets also included forward contracts carried at fair value of $26.5 million as of November 30, 2016 . (6) As of May 31, 2017 and November 30, 2016 , other liabilities included $58.4 million and $57.4 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 $6.8 million as of May 31, 2017 (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 119,592 148,827 Restricted cash (1) 6,026 9,935 Receivables, net (2) 415,285 204,518 Loans held-for-sale (3) 106,615 126,947 Loans receivable, net 65,326 111,608 Real estate owned, net 160,452 243,703 Investments in unconsolidated entities 244,301 245,741 Investments held-to-maturity 112,452 71,260 Other 134,372 113,671 $ 1,364,421 1,276,210 Liabilities: Notes and other debts payable (4) $ 781,845 622,335 Other 78,767 85,645 $ 860,612 707,980 (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 related to loans sold but not settled as of May 31, 2017 and November 30, 2016 , respectively. (3) Loans held-for-sale related to unsold loans originated by RMF carried at fair value and loans in the FDIC Portfolios carried at lower of cost or market. (4) As of May 31, 2017 and November 30, 2016 , notes and other debts payable primarily included $349.0 million and $348.7 million , respectively, related to Rialto's 7.00% senior notes due 2018, and $363.6 million and $223.5 million The assets and liabilities related to the Lennar Multifamily segment were as follows: (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 9,288 6,600 Receivables (1) 64,740 58,929 Land under development 171,066 139,713 Investments in unconsolidated entities 377,265 318,559 Other assets 30,870 2,330 $ 653,229 526,131 Liabilities: Accounts payable and other liabilities $ 123,166 117,973 (1) Receivables primarily related to general contractor services and management fee income receivables due from unconsolidated entities as of May 31, 2017 and November 30, 2016
Schedule of Line of Credit Facilities	At May 31, 2017 , the Lennar Financial Services segment warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures June 2017 (1) $ 600,000 364-day warehouse repurchase facility that matures September 2017 300,000 364-day warehouse repurchase facility that matures December 2017 (2) 400,000 364-day warehouse repurchase facility that matures March 2018 (3) 150,000 Total $ 1,450,000 (1) Subsequent to May 31, 2017 , the warehouse repurchase facility maturity date was extended to June 2018. (2) Maximum aggregate commitment includes an uncommitted amount of $250 million May 31, 2017 , Rialto warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures October 2017 $ 500,000 Warehouse repurchase facility that matures December 2017 200,000 364-day warehouse repurchase facility that matures January 2018 250,000 Total - Loan origination and securitization business (RMF) $ 950,000 Warehouse repurchase facility that matures August 2018 (two - one year extensions) (1) 100,000 Total $ 1,050,000 (1) Rialto uses this warehouse repurchase facility to finance the origination of floating rate accrual loans, which are reported as accrual loans within loans receivable, net. Borrowings under this facility were $43.3 million as of both May 31, 2017 and November 30, 2016
Schedule of Loan Origination Liabilities	The activity in the Company’s loan origination liabilities was as follows: Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2017 2016 2017 2016 Loan origination liabilities, beginning of period $ 25,003 20,108 24,905 19,492 Provision for losses 1,066 1,110 1,944 1,898 Payments/settlements (157 ) (224 ) (937 ) (396 ) Loan origination liabilities, end of period $ 25,912 20,994 25,912 20,994

Rialto Segment (Tables)

Rialto Segment (Tables)	6 Months Ended
	May 31, 2017
Segment Reporting [Abstract]
Schedule of Assets and Liabilities	Financial information relating to the Company’s operations was as follows: (In thousands) May 31, November 30, Assets: Homebuilding East (1) $ 4,764,611 3,512,990 Homebuilding Central 2,032,627 1,993,403 Homebuilding West 4,684,956 4,318,924 Homebuilding Other 903,137 907,523 Rialto 1,364,421 1,276,210 Lennar Financial Services 1,444,294 1,754,672 Lennar Multifamily 653,229 526,131 Corporate and unallocated 907,230 1,071,928 Total assets $ 16,754,505 15,361,781 Lennar Homebuilding goodwill (2) $ 136,633 — Rialto goodwill $ 5,396 5,396 Lennar Financial Services goodwill (2) $ 59,838 39,838 (1) Homebuilding East segment includes the provisional fair values of homebuilding assets acquired as part of the WCI acquisition. (2) In connection with the WCI acquisition, the Company allocated $136.6 million of goodwill to the Lennar Homebuilding East reportable segment and $20.0 million to the Lennar Financial Services segment. These amounts are provisional pending completion of the fair value analysis of acquired assets and liabilities. Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2017 2016 2017 2016 Revenues: Homebuilding East $ 1,194,890 954,298 1,962,616 1,613,352 Homebuilding Central 682,342 608,987 1,198,523 1,022,827 Homebuilding West 770,194 718,059 1,322,992 1,269,398 Homebuilding Other 238,315 169,541 420,304 331,789 Lennar Financial Services 208,363 175,940 356,406 299,896 Rialto 67,988 44,838 149,994 88,549 Lennar Multifamily 99,800 74,152 188,485 113,668 Total revenues (1) $ 3,261,892 2,745,815 5,599,320 4,739,479 Operating earnings (loss): Homebuilding East (2) $ 153,707 142,938 97,998 227,644 Homebuilding Central 75,944 68,762 128,802 101,957 Homebuilding West 71,224 113,807 124,584 202,641 Homebuilding Other 31,705 17,189 52,534 31,092 Lennar Financial Services 43,727 44,088 64,391 59,019 Rialto (6,462 ) (18,086 ) (7,305 ) (16,476 ) Lennar Multifamily 6,529 14,943 25,712 27,125 Total operating earnings 376,374 383,641 486,716 633,002 Corporate general and administrative expenses 66,774 55,802 127,473 103,470 Earnings before income taxes $ 309,600 327,839 359,243 529,532 (1) Total revenues were net of sales incentives of $174.5 million ( $22,700 per home delivered) and $298.1 million ( $22,700 per home delivered) for the three and six months ended May 31, 2017 , respectively, compared to $146.1 million ( $21,800 per home delivered) and $249.8 million ( $21,700 per home delivered) for the three and six months ended May 31, 2016 , respectively. (2) Homebuilding East operating earnings for the six months ended May 31, 2017 included a $ 140 million (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 107,436 123,964 Restricted cash 13,311 17,053 Receivables, net (1) 213,550 409,528 Loans held-for-sale (2) 820,443 939,405 Loans held-for-investment, net 32,691 30,004 Investments held-to-maturity 54,824 41,991 Investments available-for-sale (3) 56,005 53,570 Goodwill (4) 59,838 39,838 Other (5) 86,196 99,319 $ 1,444,294 1,754,672 Liabilities: Notes and other debts payable $ 792,623 1,077,228 Other (6) 245,040 241,055 $ 1,037,663 1,318,283 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of May 31, 2017 and November 30, 2016 , 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 (loss). (4) As of May 31, 2017 , goodwill included $20.0 million of goodwill related to the WCI acquisition. The amount provided herein is provisional, pending completion of the fair value analysis of WCI's acquired assets and liabilities assumed (see Note 2). (5) As of May 31, 2017 and November 30, 2016 , other assets included mortgage loan commitments carried at fair value of $18.4 million and $7.4 million , respectively, and mortgage servicing rights carried at fair value of $27.4 million and $23.9 million , respectively. In addition, other assets also included forward contracts carried at fair value of $26.5 million as of November 30, 2016 . (6) As of May 31, 2017 and November 30, 2016 , other liabilities included $58.4 million and $57.4 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 $6.8 million as of May 31, 2017 (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 119,592 148,827 Restricted cash (1) 6,026 9,935 Receivables, net (2) 415,285 204,518 Loans held-for-sale (3) 106,615 126,947 Loans receivable, net 65,326 111,608 Real estate owned, net 160,452 243,703 Investments in unconsolidated entities 244,301 245,741 Investments held-to-maturity 112,452 71,260 Other 134,372 113,671 $ 1,364,421 1,276,210 Liabilities: Notes and other debts payable (4) $ 781,845 622,335 Other 78,767 85,645 $ 860,612 707,980 (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 related to loans sold but not settled as of May 31, 2017 and November 30, 2016 , respectively. (3) Loans held-for-sale related to unsold loans originated by RMF carried at fair value and loans in the FDIC Portfolios carried at lower of cost or market. (4) As of May 31, 2017 and November 30, 2016 , notes and other debts payable primarily included $349.0 million and $348.7 million , respectively, related to Rialto's 7.00% senior notes due 2018, and $363.6 million and $223.5 million The assets and liabilities related to the Lennar Multifamily segment were as follows: (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 9,288 6,600 Receivables (1) 64,740 58,929 Land under development 171,066 139,713 Investments in unconsolidated entities 377,265 318,559 Other assets 30,870 2,330 $ 653,229 526,131 Liabilities: Accounts payable and other liabilities $ 123,166 117,973 (1) Receivables primarily related to general contractor services and management fee income receivables due from unconsolidated entities as of May 31, 2017 and November 30, 2016
Schedule of Line of Credit Facilities	At May 31, 2017 , the Lennar Financial Services segment warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures June 2017 (1) $ 600,000 364-day warehouse repurchase facility that matures September 2017 300,000 364-day warehouse repurchase facility that matures December 2017 (2) 400,000 364-day warehouse repurchase facility that matures March 2018 (3) 150,000 Total $ 1,450,000 (1) Subsequent to May 31, 2017 , the warehouse repurchase facility maturity date was extended to June 2018. (2) Maximum aggregate commitment includes an uncommitted amount of $250 million May 31, 2017 , Rialto warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures October 2017 $ 500,000 Warehouse repurchase facility that matures December 2017 200,000 364-day warehouse repurchase facility that matures January 2018 250,000 Total - Loan origination and securitization business (RMF) $ 950,000 Warehouse repurchase facility that matures August 2018 (two - one year extensions) (1) 100,000 Total $ 1,050,000 (1) Rialto uses this warehouse repurchase facility to finance the origination of floating rate accrual loans, which are reported as accrual loans within loans receivable, net. Borrowings under this facility were $43.3 million as of both May 31, 2017 and November 30, 2016
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) May 31, November 30, Non-recourse bank debt and other debt (partner’s share of several recourse) $ 73,239 48,945 Non-recourse land seller debt and other debt (1) 1,997 323,995 Non-recourse debt with completion guarantees 305,420 147,100 Non-recourse debt without completion guarantees 327,877 320,372 Non-recourse debt to the Company 708,533 840,412 The Company’s maximum recourse exposure (2) 80,468 52,438 Debt issuance costs (5,662 ) (4,186 ) Total debt $ 783,339 888,664 The Company’s maximum recourse exposure as a % of total JV debt 10 % 6 % (1) Non-recourse land seller debt and other debt as of November 30, 2016 included a $320 million non-recourse note related to a transaction between one of the Company's unconsolidated entities and another unconsolidated joint venture, which was settled in December 2016. (2) As of May 31, 2017 and November 30, 2016 , the Company's maximum recourse exposure was primarily related to the Company providing repayment guarantees on three unconsolidated entities' debt and one (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 393,507 221,334 Inventories 3,979,975 3,889,795 Other assets 961,126 1,334,116 $ 5,334,608 5,445,245 Liabilities and equity: Accounts payable and other liabilities $ 651,791 791,245 Debt (1) 783,339 888,664 Equity 3,899,478 3,765,336 $ 5,334,608 5,445,245 (1) Debt presented above is net of debt issuance costs of $5.7 million and $4.2 million , as of May 31, 2017 and November 30, 2016 , respectively. Statements of Operations Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2017 2016 2017 2016 Revenues $ 132,587 208,636 178,723 308,362 Costs and expenses 190,845 201,370 269,911 298,570 Other income 6,117 — 6,117 — Net earnings (loss) of unconsolidated entities $ (52,141 ) 7,266 (85,071 ) 9,792 Lennar Homebuilding equity in loss from unconsolidated entities $ (21,506 ) (9,633 ) (33,040 ) (6,633 ) May 31, May 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 $ 48,519 58,116 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 84,862 96,192 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 21,188 23,643 Rialto Capital CMBS Funds 2014 119,174 119,174 52,474 52,474 50,948 50,519 Rialto Real Estate Fund III 2015 1,887,000 362,242 140,000 25,318 25,520 9,093 Rialto Credit Partnership, LP 2016 220,000 121,225 19,999 11,020 11,182 5,794 Other investments 2,082 2,384 $ 244,301 245,741 100% basis related to Rialto’s investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 77,047 230,229 Loans receivable 434,771 406,812 Real estate owned 360,337 439,191 Investment securities 1,543,517 1,379,155 Investments in partnerships 415,316 398,535 Other assets 190,885 29,036 $ 3,021,873 2,882,958 Liabilities and equity: Accounts payable and other liabilities $ 44,989 36,131 Notes payable (1) 617,587 532,264 Equity 2,359,297 2,314,563 $ 3,021,873 2,882,958 (1) Notes payable are net of debt issuance costs of $4.1 million and $2.9 million , as of May 31, 2017 and November 30, 2016 , respectively. Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2017 2016 2017 2016 Revenues $ 61,030 51,240 118,186 95,536 Costs and expenses 29,000 20,704 57,001 41,603 Other income, net (1) 9,321 26,710 9,648 11,548 Net earnings of unconsolidated entities $ 41,351 57,246 70,833 65,481 Rialto equity in earnings from unconsolidated entities $ 5,730 6,864 6,452 8,361 (1) Summarized condensed financial information on a combined 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) May 31, November 30, Assets: Cash and cash equivalents $ 44,765 43,658 Operating properties and equipment 2,658,080 2,210,627 Other assets 38,160 33,703 $ 2,741,005 2,287,988 Liabilities and equity: Accounts payable and other liabilities $ 223,061 196,617 Notes payable (1) 727,070 577,085 Equity 1,790,874 1,514,286 $ 2,741,005 2,287,988 (1) Notes payable are net of debt issuance costs of $17.1 million and $12.3 million , as of May 31, 2017 and November 30, 2016 , respectively. Statements of Operations Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2017 2016 2017 2016 Revenues $ 13,975 9,649 25,592 17,963 Costs and expenses 24,477 14,058 46,823 25,730 Other income, net 28,190 30,272 78,729 70,394 Net earnings of unconsolidated entities $ 17,688 25,863 57,498 62,627 Lennar Multifamily equity in earnings from unconsolidated entities (1) $ 9,427 14,008 32,574 33,694 (1) During three and six months ended May 31, 2017 , the Lennar Multifamily segment sold one and three operating properties, respectively, through its unconsolidated entities resulting in the segment's $11.4 million and $37.4 million share of gains, respectively. During the three and six months ended May 31, 2016 , the Lennar Multifamily segment sold one and two operating properties, respectively, through its unconsolidated entities resulting in the segment's $15.4 million and $35.8 million (In thousands) May 31, November 30, Lennar Homebuilding $ 995,400 811,723 Rialto $ 244,301 245,741 Lennar Multifamily $ 377,265 318,559

Lennar Multifamily Segment (Tab

Lennar Multifamily Segment (Tables)	6 Months Ended
	May 31, 2017
Segment Reporting [Abstract]
Schedule of Assets and Liabilities	Financial information relating to the Company’s operations was as follows: (In thousands) May 31, November 30, Assets: Homebuilding East (1) $ 4,764,611 3,512,990 Homebuilding Central 2,032,627 1,993,403 Homebuilding West 4,684,956 4,318,924 Homebuilding Other 903,137 907,523 Rialto 1,364,421 1,276,210 Lennar Financial Services 1,444,294 1,754,672 Lennar Multifamily 653,229 526,131 Corporate and unallocated 907,230 1,071,928 Total assets $ 16,754,505 15,361,781 Lennar Homebuilding goodwill (2) $ 136,633 — Rialto goodwill $ 5,396 5,396 Lennar Financial Services goodwill (2) $ 59,838 39,838 (1) Homebuilding East segment includes the provisional fair values of homebuilding assets acquired as part of the WCI acquisition. (2) In connection with the WCI acquisition, the Company allocated $136.6 million of goodwill to the Lennar Homebuilding East reportable segment and $20.0 million to the Lennar Financial Services segment. These amounts are provisional pending completion of the fair value analysis of acquired assets and liabilities. Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2017 2016 2017 2016 Revenues: Homebuilding East $ 1,194,890 954,298 1,962,616 1,613,352 Homebuilding Central 682,342 608,987 1,198,523 1,022,827 Homebuilding West 770,194 718,059 1,322,992 1,269,398 Homebuilding Other 238,315 169,541 420,304 331,789 Lennar Financial Services 208,363 175,940 356,406 299,896 Rialto 67,988 44,838 149,994 88,549 Lennar Multifamily 99,800 74,152 188,485 113,668 Total revenues (1) $ 3,261,892 2,745,815 5,599,320 4,739,479 Operating earnings (loss): Homebuilding East (2) $ 153,707 142,938 97,998 227,644 Homebuilding Central 75,944 68,762 128,802 101,957 Homebuilding West 71,224 113,807 124,584 202,641 Homebuilding Other 31,705 17,189 52,534 31,092 Lennar Financial Services 43,727 44,088 64,391 59,019 Rialto (6,462 ) (18,086 ) (7,305 ) (16,476 ) Lennar Multifamily 6,529 14,943 25,712 27,125 Total operating earnings 376,374 383,641 486,716 633,002 Corporate general and administrative expenses 66,774 55,802 127,473 103,470 Earnings before income taxes $ 309,600 327,839 359,243 529,532 (1) Total revenues were net of sales incentives of $174.5 million ( $22,700 per home delivered) and $298.1 million ( $22,700 per home delivered) for the three and six months ended May 31, 2017 , respectively, compared to $146.1 million ( $21,800 per home delivered) and $249.8 million ( $21,700 per home delivered) for the three and six months ended May 31, 2016 , respectively. (2) Homebuilding East operating earnings for the six months ended May 31, 2017 included a $ 140 million (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 107,436 123,964 Restricted cash 13,311 17,053 Receivables, net (1) 213,550 409,528 Loans held-for-sale (2) 820,443 939,405 Loans held-for-investment, net 32,691 30,004 Investments held-to-maturity 54,824 41,991 Investments available-for-sale (3) 56,005 53,570 Goodwill (4) 59,838 39,838 Other (5) 86,196 99,319 $ 1,444,294 1,754,672 Liabilities: Notes and other debts payable $ 792,623 1,077,228 Other (6) 245,040 241,055 $ 1,037,663 1,318,283 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of May 31, 2017 and November 30, 2016 , 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 (loss). (4) As of May 31, 2017 , goodwill included $20.0 million of goodwill related to the WCI acquisition. The amount provided herein is provisional, pending completion of the fair value analysis of WCI's acquired assets and liabilities assumed (see Note 2). (5) As of May 31, 2017 and November 30, 2016 , other assets included mortgage loan commitments carried at fair value of $18.4 million and $7.4 million , respectively, and mortgage servicing rights carried at fair value of $27.4 million and $23.9 million , respectively. In addition, other assets also included forward contracts carried at fair value of $26.5 million as of November 30, 2016 . (6) As of May 31, 2017 and November 30, 2016 , other liabilities included $58.4 million and $57.4 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 $6.8 million as of May 31, 2017 (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 119,592 148,827 Restricted cash (1) 6,026 9,935 Receivables, net (2) 415,285 204,518 Loans held-for-sale (3) 106,615 126,947 Loans receivable, net 65,326 111,608 Real estate owned, net 160,452 243,703 Investments in unconsolidated entities 244,301 245,741 Investments held-to-maturity 112,452 71,260 Other 134,372 113,671 $ 1,364,421 1,276,210 Liabilities: Notes and other debts payable (4) $ 781,845 622,335 Other 78,767 85,645 $ 860,612 707,980 (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 related to loans sold but not settled as of May 31, 2017 and November 30, 2016 , respectively. (3) Loans held-for-sale related to unsold loans originated by RMF carried at fair value and loans in the FDIC Portfolios carried at lower of cost or market. (4) As of May 31, 2017 and November 30, 2016 , notes and other debts payable primarily included $349.0 million and $348.7 million , respectively, related to Rialto's 7.00% senior notes due 2018, and $363.6 million and $223.5 million The assets and liabilities related to the Lennar Multifamily segment were as follows: (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 9,288 6,600 Receivables (1) 64,740 58,929 Land under development 171,066 139,713 Investments in unconsolidated entities 377,265 318,559 Other assets 30,870 2,330 $ 653,229 526,131 Liabilities: Accounts payable and other liabilities $ 123,166 117,973 (1) Receivables primarily related to general contractor services and management fee income receivables due from unconsolidated entities as of May 31, 2017 and November 30, 2016
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) May 31, November 30, Non-recourse bank debt and other debt (partner’s share of several recourse) $ 73,239 48,945 Non-recourse land seller debt and other debt (1) 1,997 323,995 Non-recourse debt with completion guarantees 305,420 147,100 Non-recourse debt without completion guarantees 327,877 320,372 Non-recourse debt to the Company 708,533 840,412 The Company’s maximum recourse exposure (2) 80,468 52,438 Debt issuance costs (5,662 ) (4,186 ) Total debt $ 783,339 888,664 The Company’s maximum recourse exposure as a % of total JV debt 10 % 6 % (1) Non-recourse land seller debt and other debt as of November 30, 2016 included a $320 million non-recourse note related to a transaction between one of the Company's unconsolidated entities and another unconsolidated joint venture, which was settled in December 2016. (2) As of May 31, 2017 and November 30, 2016 , the Company's maximum recourse exposure was primarily related to the Company providing repayment guarantees on three unconsolidated entities' debt and one (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 393,507 221,334 Inventories 3,979,975 3,889,795 Other assets 961,126 1,334,116 $ 5,334,608 5,445,245 Liabilities and equity: Accounts payable and other liabilities $ 651,791 791,245 Debt (1) 783,339 888,664 Equity 3,899,478 3,765,336 $ 5,334,608 5,445,245 (1) Debt presented above is net of debt issuance costs of $5.7 million and $4.2 million , as of May 31, 2017 and November 30, 2016 , respectively. Statements of Operations Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2017 2016 2017 2016 Revenues $ 132,587 208,636 178,723 308,362 Costs and expenses 190,845 201,370 269,911 298,570 Other income 6,117 — 6,117 — Net earnings (loss) of unconsolidated entities $ (52,141 ) 7,266 (85,071 ) 9,792 Lennar Homebuilding equity in loss from unconsolidated entities $ (21,506 ) (9,633 ) (33,040 ) (6,633 ) May 31, May 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 $ 48,519 58,116 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 84,862 96,192 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 21,188 23,643 Rialto Capital CMBS Funds 2014 119,174 119,174 52,474 52,474 50,948 50,519 Rialto Real Estate Fund III 2015 1,887,000 362,242 140,000 25,318 25,520 9,093 Rialto Credit Partnership, LP 2016 220,000 121,225 19,999 11,020 11,182 5,794 Other investments 2,082 2,384 $ 244,301 245,741 100% basis related to Rialto’s investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 77,047 230,229 Loans receivable 434,771 406,812 Real estate owned 360,337 439,191 Investment securities 1,543,517 1,379,155 Investments in partnerships 415,316 398,535 Other assets 190,885 29,036 $ 3,021,873 2,882,958 Liabilities and equity: Accounts payable and other liabilities $ 44,989 36,131 Notes payable (1) 617,587 532,264 Equity 2,359,297 2,314,563 $ 3,021,873 2,882,958 (1) Notes payable are net of debt issuance costs of $4.1 million and $2.9 million , as of May 31, 2017 and November 30, 2016 , respectively. Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2017 2016 2017 2016 Revenues $ 61,030 51,240 118,186 95,536 Costs and expenses 29,000 20,704 57,001 41,603 Other income, net (1) 9,321 26,710 9,648 11,548 Net earnings of unconsolidated entities $ 41,351 57,246 70,833 65,481 Rialto equity in earnings from unconsolidated entities $ 5,730 6,864 6,452 8,361 (1) Summarized condensed financial information on a combined 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) May 31, November 30, Assets: Cash and cash equivalents $ 44,765 43,658 Operating properties and equipment 2,658,080 2,210,627 Other assets 38,160 33,703 $ 2,741,005 2,287,988 Liabilities and equity: Accounts payable and other liabilities $ 223,061 196,617 Notes payable (1) 727,070 577,085 Equity 1,790,874 1,514,286 $ 2,741,005 2,287,988 (1) Notes payable are net of debt issuance costs of $17.1 million and $12.3 million , as of May 31, 2017 and November 30, 2016 , respectively. Statements of Operations Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2017 2016 2017 2016 Revenues $ 13,975 9,649 25,592 17,963 Costs and expenses 24,477 14,058 46,823 25,730 Other income, net 28,190 30,272 78,729 70,394 Net earnings of unconsolidated entities $ 17,688 25,863 57,498 62,627 Lennar Multifamily equity in earnings from unconsolidated entities (1) $ 9,427 14,008 32,574 33,694 (1) During three and six months ended May 31, 2017 , the Lennar Multifamily segment sold one and three operating properties, respectively, through its unconsolidated entities resulting in the segment's $11.4 million and $37.4 million share of gains, respectively. During the three and six months ended May 31, 2016 , the Lennar Multifamily segment sold one and two operating properties, respectively, through its unconsolidated entities resulting in the segment's $15.4 million and $35.8 million (In thousands) May 31, November 30, Lennar Homebuilding $ 995,400 811,723 Rialto $ 244,301 245,741 Lennar Multifamily $ 377,265 318,559

Lennar Homebuilding Senior No35

Lennar Homebuilding Senior Notes and Other Debts Payable (Tables)	6 Months Ended
	May 31, 2017
Debt Disclosure [Abstract]
Schedule of Senior Notes and Other Debts Payable	(Dollars in thousands) May 31, November 30, 4.75% senior notes due December 2017 398,851 398,479 6.95% senior notes due 2018 248,905 248,474 4.125% senior notes due December 2018 274,174 273,889 4.500% senior notes due 2019 498,397 498,002 4.50% senior notes due 2019 597,899 597,474 4.750% senior notes due 2021 496,938 496,547 6.875% senior notes due 2021 (1) 260,157 — 4.125% senior notes due 2022 595,514 — 4.750% senior notes due 2022 568,944 568,404 4.875% senior notes due December 2023 394,567 394,170 4.500% senior notes due 2024 645,113 — 4.750% senior notes due 2025 496,449 496,226 12.25% senior notes due 2017 — 398,232 Mortgage notes on land and other debt 291,781 206,080 $ 5,767,689 4,575,977 (1) The Company became a co-borrower with regard to the 6.875% senior notes due 2021 (the " 6.875% Senior Notes") as a result of the WCI acquisition. The 6.875% Senior Notes were recorded at fair value with a principal outstanding amount of $249.8 million

Product Warranty (Tables)

Product Warranty (Tables)	6 Months Ended
	May 31, 2017
Product Warranties Disclosures [Abstract]
Schedule of Product Warranty Reserve	The activity in the Company’s warranty reserve was as follows: Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2017 2016 2017 2016 Warranty reserve, beginning of period $ 138,987 124,733 135,403 130,853 Warranties issued 29,430 24,997 50,150 42,570 Adjustments to pre-existing warranties from changes in estimates (1) 7,987 (115 ) 10,333 (735 ) Warranties assumed related to the WCI acquisition — — 6,345 — Payments (24,571 ) (22,456 ) (50,398 ) (45,529 ) Warranty reserve, end of period $ 151,833 127,159 151,833 127,159 (1) The adjustments to pre-existing warranties from changes in estimates during the three and six months ended May 31, 2017 and 2016

Financial Instruments and Fai37

Financial Instruments and Fair Value Disclosures (Tables)	6 Months Ended
	May 31, 2017
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. May 31, 2017 November 30, 2016 Fair Value Carrying Fair Carrying Fair (In thousands) Hierarchy Amount Value Amount Value ASSETS Rialto: Loans receivable, net Level 3 $ 65,326 65,326 111,608 113,747 Investments held-to-maturity Level 3 $ 112,452 112,747 71,260 69,992 Lennar Financial Services: Loans held-for-investment, net Level 3 $ 32,691 31,211 30,004 31,233 Investments held-to-maturity Level 2 $ 54,824 54,857 41,991 42,058 LIABILITIES Lennar Homebuilding senior notes and other debts payable Level 2 $ 5,767,689 5,964,645 4,575,977 4,669,643 Rialto notes and other debts payable Level 2 $ 781,845 803,943 622,335 646,366 Lennar Financial Services notes and other debts payable Level 2 $ 792,623 792,623 1,077,228 1,077,228
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: RMF loans held-for-sale (1) Level 3 $ 82,803 126,947 Credit default swaps (2) Level 2 $ 2,046 2,863 Rialto Financial Liabilities: Interest rate swaps and swap futures (3) Level 2 $ 906 6 Lennar Financial Services Assets (Liabilities): Loans held-for-sale (4) Level 2 $ 820,443 939,405 Investments available-for-sale Level 1 $ 56,005 53,570 Mortgage loan commitments Level 2 $ 18,372 7,437 Forward contracts Level 2 $ (6,796 ) 26,467 Mortgage servicing rights Level 3 $ 27,370 23,930 (1) The aggregate fair value of RMF loans held-for-sale of $82.8 million at May 31, 2017 exceeds their aggregate principal balance of $80.4 million by $2.4 million . The aggregate fair value of loans held-for-sale of $126.9 million at November 30, 2016 was below their aggregate principal balance of $127.8 million by $0.9 million . (2) Rialto's credit default swaps are included within Rialto's other assets. (3) Rialto's 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 $820.4 million at May 31, 2017 exceeds their aggregate principal balance of $788.0 million by $32.4 million . The aggregate fair value of Lennar Financial Services loans held-for-sale of $939.4 million at November 30, 2016 exceeded their aggregate principal balance of $931.0 million by $8.4 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 Six Months Ended May 31, May 31, (In thousands) 2017 2016 2017 2016 Changes in fair value included in Lennar Financial Services revenues: Loans held-for-sale $ 10,737 3,121 24,037 3,634 Mortgage loan commitments $ 4,715 (231 ) 10,935 5,822 Forward contracts $ (5,049 ) 7,988 (33,263 ) (2,180 ) Investments available-for-sale $ (4 ) 6 (4 ) 6 Changes in fair value included in Rialto revenues: Financial Assets: Credit default swaps $ (885 ) (3,408 ) (1,316 ) 23 Financial Liabilities: Interest rate swaps and swap futures $ (787 ) 5,879 (900 ) 873 Changes in fair value included in other comprehensive income (loss), net of tax: Lennar Financial Services investments available-for-sale $ 419 919 1,391 482
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 May 31, 2017 2016 Lennar Financial Services Rialto Lennar Financial Services Rialto (In thousands) Mortgage servicing rights RMF loans held-for-sale Mortgage servicing rights RMF loans held-for-sale Beginning balance $ 26,497 44,939 15,810 243,230 Purchases/loan originations 2,866 429,320 2,375 348,188 Sales/loan originations sold, including those not settled — (392,678 ) — (386,226 ) Disposals/settlements (904 ) — (943 ) — Changes in fair value (1) (1,089 ) 1,078 999 (5,293 ) Interest and principal paydowns — 144 — (484 ) Ending balance $ 27,370 82,803 18,241 199,415 Six Months Ended May 31, 2017 2016 Lennar Financial Services Rialto Lennar Financial Services Rialto (In thousands) Mortgage servicing rights RMF loans held-for-sale Mortgage servicing rights RMF loans held-for-sale Beginning balance $ 23,930 126,947 16,770 316,275 Purchases/loan originations 5,712 823,660 3,994 653,973 Sales/loan originations sold, including those not settled — (870,394 ) — (767,892 ) Disposals/settlements (1,795 ) — (1,570 ) — Changes in fair value (1) (477 ) 2,498 (953 ) (1,209 ) Interest and principal paydowns — 92 — (1,732 ) Ending balance $ 27,370 82,803 18,241 199,415 (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 May 31, 2017 2016 (In thousands) Fair Value Hierarchy Carrying Value Fair Value Total Losses, Net (1) Carrying Value Fair Value Total Losses, Net (1) Financial assets Rialto: Impaired loans receivable Level 3 $ 4 — (4 ) 56,010 51,628 (4,382 ) FDIC Portfolios loans held-for-sale Level 3 $ 29,030 23,812 (5,218 ) — — — Non-financial assets Lennar Homebuilding: Finished homes and construction in progress (2) Level 3 $ 6,659 2,745 (3,914 ) — — — Land and land under development (2) Level 3 $ 6,771 3,094 (3,677 ) 1,855 1,500 (355 ) Rialto: REO, net (3): Upon acquisition/transfer Level 3 $ 21,429 20,271 (1,158 ) 15,470 14,809 (661 ) Upon management periodic valuations Level 3 $ 50,075 36,250 (13,825 ) 19,719 14,983 (4,736 ) Six Months Ended May 31, 2017 2016 (In thousands) Fair Value Hierarchy Carrying Value Fair Value Total Losses, Net (1) Carrying Value Fair Value Total Gains (Losses), Net (1) Financial assets Rialto: Impaired loans receivable Level 3 $ 31,554 18,885 (12,669 ) 63,627 56,906 (6,721 ) FDIC Portfolios loans held-for-sale Level 3 $ 29,030 23,812 (5,218 ) — — — Non-financial assets Lennar Homebuilding: Finished homes and construction in progress (2) Level 3 $ 6,659 2,745 (3,914 ) — — — Land and land under development (2) Level 3 $ 6,771 3,094 (3,677 ) 5,682 4,925 (757 ) Rialto: REO, net (3): Upon acquisition/transfer Level 3 $ 30,303 28,690 (1,613 ) 33,436 35,492 2,056 Upon management periodic valuations Level 3 $ 84,330 58,176 (26,154 ) 39,238 31,632 (7,606 ) (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 six months ended May 31, 2017 and 2016 . (2) Valuation adjustments were included in Lennar Homebuilding costs and expenses in the Company's condensed consolidated statement of operations for the three and six months ended May 31, 2017 and 2016 . (3) The fair value of REO, net is based upon appraised value at the time of foreclosure or management's best estimate. In addition, management periodically performs valuations of its REO. The losses, net upon the transfer or acquisition of REO and impairments were included in Rialto other expense, net, in the Company’s condensed consolidated statement of operations for the three and six months ended May 31, 2017 and 2016
Schedule of Unobservable Inputs Used in Discounted Cash Flow Model to Determine the Fair Value of Communities	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 six months ended May 31, 2017 : Six Months Ended May 31, 2017 Unobservable inputs Range Average selling price $ 125,000 - $567,000 Absorption rate per quarter (homes) 4 - 10 Discount rate 20%

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	May 31, 2017
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) May 31, November 30, Non-recourse bank debt and other debt (partner’s share of several recourse) $ 73,239 48,945 Non-recourse land seller debt and other debt (1) 1,997 323,995 Non-recourse debt with completion guarantees 305,420 147,100 Non-recourse debt without completion guarantees 327,877 320,372 Non-recourse debt to the Company 708,533 840,412 The Company’s maximum recourse exposure (2) 80,468 52,438 Debt issuance costs (5,662 ) (4,186 ) Total debt $ 783,339 888,664 The Company’s maximum recourse exposure as a % of total JV debt 10 % 6 % (1) Non-recourse land seller debt and other debt as of November 30, 2016 included a $320 million non-recourse note related to a transaction between one of the Company's unconsolidated entities and another unconsolidated joint venture, which was settled in December 2016. (2) As of May 31, 2017 and November 30, 2016 , the Company's maximum recourse exposure was primarily related to the Company providing repayment guarantees on three unconsolidated entities' debt and one (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 393,507 221,334 Inventories 3,979,975 3,889,795 Other assets 961,126 1,334,116 $ 5,334,608 5,445,245 Liabilities and equity: Accounts payable and other liabilities $ 651,791 791,245 Debt (1) 783,339 888,664 Equity 3,899,478 3,765,336 $ 5,334,608 5,445,245 (1) Debt presented above is net of debt issuance costs of $5.7 million and $4.2 million , as of May 31, 2017 and November 30, 2016 , respectively. Statements of Operations Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2017 2016 2017 2016 Revenues $ 132,587 208,636 178,723 308,362 Costs and expenses 190,845 201,370 269,911 298,570 Other income 6,117 — 6,117 — Net earnings (loss) of unconsolidated entities $ (52,141 ) 7,266 (85,071 ) 9,792 Lennar Homebuilding equity in loss from unconsolidated entities $ (21,506 ) (9,633 ) (33,040 ) (6,633 ) May 31, May 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 $ 48,519 58,116 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 84,862 96,192 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 21,188 23,643 Rialto Capital CMBS Funds 2014 119,174 119,174 52,474 52,474 50,948 50,519 Rialto Real Estate Fund III 2015 1,887,000 362,242 140,000 25,318 25,520 9,093 Rialto Credit Partnership, LP 2016 220,000 121,225 19,999 11,020 11,182 5,794 Other investments 2,082 2,384 $ 244,301 245,741 100% basis related to Rialto’s investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 77,047 230,229 Loans receivable 434,771 406,812 Real estate owned 360,337 439,191 Investment securities 1,543,517 1,379,155 Investments in partnerships 415,316 398,535 Other assets 190,885 29,036 $ 3,021,873 2,882,958 Liabilities and equity: Accounts payable and other liabilities $ 44,989 36,131 Notes payable (1) 617,587 532,264 Equity 2,359,297 2,314,563 $ 3,021,873 2,882,958 (1) Notes payable are net of debt issuance costs of $4.1 million and $2.9 million , as of May 31, 2017 and November 30, 2016 , respectively. Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2017 2016 2017 2016 Revenues $ 61,030 51,240 118,186 95,536 Costs and expenses 29,000 20,704 57,001 41,603 Other income, net (1) 9,321 26,710 9,648 11,548 Net earnings of unconsolidated entities $ 41,351 57,246 70,833 65,481 Rialto equity in earnings from unconsolidated entities $ 5,730 6,864 6,452 8,361 (1) Summarized condensed financial information on a combined 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) May 31, November 30, Assets: Cash and cash equivalents $ 44,765 43,658 Operating properties and equipment 2,658,080 2,210,627 Other assets 38,160 33,703 $ 2,741,005 2,287,988 Liabilities and equity: Accounts payable and other liabilities $ 223,061 196,617 Notes payable (1) 727,070 577,085 Equity 1,790,874 1,514,286 $ 2,741,005 2,287,988 (1) Notes payable are net of debt issuance costs of $17.1 million and $12.3 million , as of May 31, 2017 and November 30, 2016 , respectively. Statements of Operations Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2017 2016 2017 2016 Revenues $ 13,975 9,649 25,592 17,963 Costs and expenses 24,477 14,058 46,823 25,730 Other income, net 28,190 30,272 78,729 70,394 Net earnings of unconsolidated entities $ 17,688 25,863 57,498 62,627 Lennar Multifamily equity in earnings from unconsolidated entities (1) $ 9,427 14,008 32,574 33,694 (1) During three and six months ended May 31, 2017 , the Lennar Multifamily segment sold one and three operating properties, respectively, through its unconsolidated entities resulting in the segment's $11.4 million and $37.4 million share of gains, respectively. During the three and six months ended May 31, 2016 , the Lennar Multifamily segment sold one and two operating properties, respectively, through its unconsolidated entities resulting in the segment's $15.4 million and $35.8 million (In thousands) May 31, November 30, Lennar Homebuilding $ 995,400 811,723 Rialto $ 244,301 245,741 Lennar Multifamily $ 377,265 318,559
Estimated Maximum Exposure To Loss	The Company’s recorded investments in VIEs that are unconsolidated and its estimated maximum exposure to loss were as follows: As of May 31, 2017 (In thousands) Investments in Unconsolidated VIEs Lennar’s Maximum Exposure to Loss Lennar Homebuilding (1) $ 214,608 290,705 Rialto (2) 112,452 112,452 Lennar Multifamily (3) 309,198 537,997 $ 636,258 941,154 As of November 30, 2016 (In thousands) Investments in Unconsolidated VIEs Lennar’s Maximum Exposure to Loss Lennar Homebuilding (1) $ 120,940 164,804 Rialto (2) 71,260 71,260 Lennar Multifamily (3) 240,928 549,093 $ 433,128 785,157 (1) At both May 31, 2017 and November 30, 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 repayment guarantees of unconsolidated entities' debt of $72.9 million and $43.4 million , respectively. (2) At both May 31, 2017 and November 30, 2016 , the maximum recourse exposure to loss of Rialto’s investments in unconsolidated VIEs was limited to its investments in the unconsolidated VIEs. At May 31, 2017 and November 30, 2016 , investments in unconsolidated VIEs and Lennar’s maximum exposure to loss included $112.5 million and $71.3 million , respectively, related to Rialto’s investments held-to-maturity. (3) As of May 31, 2017 and November 30, 2016 , the remaining equity commitment of $212.1 million and $288.2 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 May 31, 2017 and November 30, 2016 , 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 $15.1 million and $19.7 million

Supplemental Financial Inform39

Supplemental Financial Information (Tables)	6 Months Ended
	May 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidating Balance Sheet	Supplemental information for the subsidiaries that were guarantor subsidiaries at May 31, 2017 was as follows: Condensed Consolidating Balance Sheet May 31, 2017 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total ASSETS Lennar Homebuilding: Cash and cash equivalents, restricted cash and receivables, net $ 554,381 265,539 16,769 — 836,689 Inventories — 10,157,196 275,978 — 10,433,174 Investments in unconsolidated entities — 978,629 16,771 — 995,400 Goodwill — 136,633 — — 136,633 Other assets 224,770 579,538 99,507 (13,150 ) 890,665 Investments in subsidiaries 4,501,309 72,290 — (4,573,599 ) — Intercompany 7,670,891 — — (7,670,891 ) — 12,951,351 12,189,825 409,025 (12,257,640 ) 13,292,561 Rialto — — 1,364,421 — 1,364,421 Lennar Financial Services — 123,529 1,323,623 (2,858 ) 1,444,294 Lennar Multifamily — — 653,229 — 653,229 Total assets $ 12,951,351 12,313,354 3,750,298 (12,260,498 ) 16,754,505 LIABILITIES AND EQUITY Lennar Homebuilding: Accounts payable and other liabilities $ 413,029 866,959 130,835 (16,008 ) 1,394,815 Liabilities related to consolidated inventory not owned — 120,054 13,500 — 133,554 Senior notes and other debts payable 5,215,751 534,593 17,345 — 5,767,689 Intercompany — 6,573,012 1,097,879 (7,670,891 ) — 5,628,780 8,094,618 1,259,559 (7,686,899 ) 7,296,058 Rialto — — 860,612 — 860,612 Lennar Financial Services — 38,100 999,563 — 1,037,663 Lennar Multifamily — — 123,166 — 123,166 Total liabilities 5,628,780 8,132,718 3,242,900 (7,686,899 ) 9,317,499 Stockholders’ equity 7,322,571 4,180,636 392,963 (4,573,599 ) 7,322,571 Noncontrolling interests — — 114,435 — 114,435 Total equity 7,322,571 4,180,636 507,398 (4,573,599 ) 7,437,006 Total liabilities and equity $ 12,951,351 12,313,354 3,750,298 (12,260,498 ) 16,754,505 November 30, 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 $ 705,126 436,090 21,875 — 1,163,091 Inventories — 8,901,874 277,052 — 9,178,926 Investments in unconsolidated entities — 793,840 17,883 — 811,723 Other assets 227,267 346,865 84,224 (7,328 ) 651,028 Investments in subsidiaries 3,918,687 130,878 — (4,049,565 ) — Intercompany 7,017,962 — — (7,017,962 ) — 11,869,042 10,609,547 401,034 (11,074,855 ) 11,804,768 Rialto — — 1,276,210 — 1,276,210 Lennar Financial Services loans held-for-sale — — 939,405 — 939,405 Lennar Financial Services all other assets — 103,000 715,758 (3,491 ) 815,267 Lennar Multifamily — — 526,131 — 526,131 Total assets $ 11,869,042 10,712,547 3,858,538 (11,078,346 ) 15,361,781 LIABILITIES AND EQUITY Lennar Homebuilding: Accounts payable and other liabilities $ 473,103 778,249 79,462 (10,819 ) 1,319,995 Liabilities related to consolidated inventory not owned — 13,582 96,424 — 110,006 Senior notes and other debts payable 4,369,897 203,572 2,508 — 4,575,977 Intercompany — 6,071,778 946,184 (7,017,962 ) — 4,843,000 7,067,181 1,124,578 (7,028,781 ) 6,005,978 Rialto — — 707,980 — 707,980 Lennar Financial Services — 38,530 1,279,753 — 1,318,283 Lennar Multifamily — — 117,973 — 117,973 Total liabilities 4,843,000 7,105,711 3,230,284 (7,028,781 ) 8,150,214 Stockholders’ equity 7,026,042 3,606,836 442,729 (4,049,565 ) 7,026,042 Noncontrolling interests — — 185,525 — 185,525 Total equity 7,026,042 3,606,836 628,254 (4,049,565 ) 7,211,567 Total liabilities and equity $ 11,869,042 10,712,547 3,858,538 (11,078,346 ) 15,361,781
Condensed Consolidating Statement of Operations and Comprehensive Income	Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended May 31, 2017 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 2,875,612 10,129 — 2,885,741 Lennar Financial Services — 86,596 126,767 (5,000 ) 208,363 Rialto — — 67,988 — 67,988 Lennar Multifamily — — 99,835 (35 ) 99,800 Total revenues — 2,962,208 304,719 (5,035 ) 3,261,892 Cost and expenses: Lennar Homebuilding — 2,525,007 10,718 (242 ) 2,535,483 Lennar Financial Services — 77,742 92,673 (5,779 ) 164,636 Rialto — — 59,166 (90 ) 59,076 Lennar Multifamily — — 102,698 — 102,698 Corporate general and administrative 65,217 291 — 1,266 66,774 Total costs and expenses 65,217 2,603,040 265,255 (4,845 ) 2,928,667 Lennar Homebuilding equity in loss from unconsolidated entities — (21,468 ) (38 ) — (21,506 ) Lennar Homebuilding other income (expense), net (180 ) 1,880 1,938 190 3,828 Rialto equity in earnings from unconsolidated entities — — 5,730 — 5,730 Rialto other expense, net — — (21,104 ) — (21,104 ) Lennar Multifamily equity in earnings from unconsolidated entities — — 9,427 — 9,427 Earnings (loss) before income taxes (65,397 ) 339,580 35,417 — 309,600 Benefit (provision) for income taxes 21,822 (112,372 ) (18,342 ) — (108,892 ) Equity in earnings from subsidiaries 257,220 21,415 — (278,635 ) — Net earnings (including net loss attributable to noncontrolling interests) 213,645 248,623 17,075 (278,635 ) 200,708 Less: Net loss attributable to noncontrolling interests — — (12,937 ) — (12,937 ) Net earnings attributable to Lennar $ 213,645 248,623 30,012 (278,635 ) 213,645 Other comprehensive income, net of tax: Net unrealized gains on securities available-for-sale $ — — 419 — 419 Reclassification adjustments for loss included in earnings, net of tax — — 4 — 4 Other comprehensive income attributable to Lennar $ 213,645 248,623 30,435 (278,635 ) 214,068 Other comprehensive loss attributable to noncontrolling interests $ — — (12,937 ) — (12,937 ) Three Months Ended May 31, 2016 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 2,450,885 — — 2,450,885 Lennar Financial Services — 53,310 127,642 (5,012 ) 175,940 Rialto — — 44,838 — 44,838 Lennar Multifamily — — 74,171 (19 ) 74,152 Total revenues — 2,504,195 246,651 (5,031 ) 2,745,815 Cost and expenses: Lennar Homebuilding — 2,126,412 (6,231 ) (7,893 ) 2,112,288 Lennar Financial Services — 48,204 81,255 2,393 131,852 Rialto — — 50,260 (57 ) 50,203 Lennar Multifamily — — 73,217 — 73,217 Corporate general and administrative 54,282 254 — 1,266 55,802 Total costs and expenses 54,282 2,174,870 198,501 (4,291 ) 2,423,362 Lennar Homebuilding equity in earnings (loss) from unconsolidated entities — (10,860 ) 1,227 — (9,633 ) Lennar Homebuilding other income (expense), net (732 ) 22,623 (8,899 ) 740 13,732 Rialto equity in earnings from unconsolidated entities — — 6,864 — 6,864 Rialto other expense, net — — (19,585 ) — (19,585 ) Lennar Multifamily equity in earnings from unconsolidated entities — — 14,008 — 14,008 Earnings (loss) before income taxes (55,014 ) 341,088 41,765 — 327,839 Benefit (provision) for income taxes 18,025 (108,653 ) (13,173 ) — (103,801 ) Equity in earnings from subsidiaries 255,458 15,458 — (270,916 ) — Net earnings (including net earnings attributable to noncontrolling interests) 218,469 247,893 28,592 (270,916 ) 224,038 Less: Net earnings attributable to noncontrolling interests — — 5,569 — 5,569 Net earnings attributable to Lennar $ 218,469 247,893 23,023 (270,916 ) 218,469 Other comprehensive income, net of tax: Net unrealized gain on securities available-for-sale $ — — 919 — 919 Reclassification adjustments for gains included in earnings, net of tax — — (6 ) — (6 ) Other comprehensive income attributable to Lennar $ 218,469 247,893 23,936 (270,916 ) 219,382 Other comprehensive income attributable to noncontrolling interests $ — — 5,569 — 5,569 Six Months Ended May 31, 2017 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 4,888,494 15,941 — 4,904,435 Lennar Financial Services — 137,105 229,299 (9,998 ) 356,406 Rialto — — 149,994 — 149,994 Lennar Multifamily — — 188,552 (67 ) 188,485 Total revenues — 5,025,599 583,786 (10,065 ) 5,599,320 Cost and expenses: Lennar Homebuilding — 4,319,017 18,586 (559 ) 4,337,044 Lennar Financial Services — 126,798 176,661 (11,444 ) 292,015 Rialto — — 126,131 (142 ) 125,989 Lennar Multifamily — — 195,347 — 195,347 Corporate general and administrative 124,396 546 — 2,531 127,473 Total costs and expenses 124,396 4,446,361 516,725 (9,614 ) 5,077,868 Lennar Homebuilding equity in loss from unconsolidated entities — (33,028 ) (12 ) — (33,040 ) Lennar Homebuilding other income (expense), net (431 ) 6,653 2,894 451 9,567 Lennar Homebuilding loss due to litigation — (140,000 ) — — (140,000 ) Rialto equity in earnings from unconsolidated entities — — 6,452 — 6,452 Rialto other expense, net — — (37,762 ) — (37,762 ) Lennar Multifamily equity in earnings from unconsolidated entities — — 32,574 — 32,574 Earnings (loss) before income taxes (124,827 ) 412,863 71,207 — 359,243 Benefit (provision) for income taxes 42,266 (135,716 ) (35,411 ) — (128,861 ) Equity in earnings from subsidiaries 334,286 28,308 — (362,594 ) — Net earnings (including net loss attributable to noncontrolling interests) 251,725 305,455 35,796 (362,594 ) 230,382 Less: Net loss attributable to noncontrolling interests — — (21,343 ) — (21,343 ) Net earnings attributable to Lennar $ 251,725 305,455 57,139 (362,594 ) 251,725 Other comprehensive income, net of tax: Net unrealized gain on securities available-for-sale $ — — 1,391 — 1,391 Reclassification adjustments for loss included in earnings, net of tax — — 4 — 4 Other comprehensive income attributable to Lennar $ 251,725 305,455 58,534 (362,594 ) 253,120 Other comprehensive loss attributable to noncontrolling interests $ — — (21,343 ) — (21,343 ) Six Months Ended May 31, 2016 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 4,237,366 — — 4,237,366 Lennar Financial Services — 93,920 215,984 (10,008 ) 299,896 Rialto — — 88,549 — 88,549 Lennar Multifamily — — 113,700 (32 ) 113,668 Total revenues — 4,331,286 418,233 (10,040 ) 4,739,479 Cost and expenses: Lennar Homebuilding — 3,682,578 8,632 (10,717 ) 3,680,493 Lennar Financial Services — 90,016 151,324 (463 ) 240,877 Rialto — — 93,477 (367 ) 93,110 Lennar Multifamily — — 120,237 — 120,237 Corporate general and administrative 100,430 509 — 2,531 103,470 Total costs and expenses 100,430 3,773,103 373,670 (9,016 ) 4,238,187 Lennar Homebuilding equity in earnings (loss) from unconsolidated entities — (7,011 ) 378 — (6,633 ) Lennar Homebuilding other income (expense), net (1,006 ) 12,950 126 1,024 13,094 Rialto equity in earnings from unconsolidated entities — — 8,361 — 8,361 Rialto other expense, net — — (20,276 ) — (20,276 ) Lennar Multifamily equity in earnings from unconsolidated entities — — 33,694 — 33,694 Earnings (loss) before income taxes (101,436 ) 564,122 66,846 — 529,532 Benefit (provision) for income taxes 31,060 (170,363 ) (20,739 ) — (160,042 ) Equity in earnings from subsidiaries 432,925 19,996 — (452,921 ) — Net earnings (including net earnings attributable to noncontrolling interests) 362,549 413,755 46,107 (452,921 ) 369,490 Less: Net earnings attributable to noncontrolling interests — — 6,941 — 6,941 Net earnings attributable to Lennar $ 362,549 413,755 39,166 (452,921 ) 362,549 Other comprehensive income, net of tax: Net unrealized gain on securities available-for-sale $ — — 482 — 482 Reclassification adjustments for gains included in earnings, net of tax — — (6 ) — (6 ) Other comprehensive income attributable to Lennar $ 362,549 413,755 39,642 (452,921 ) 363,025 Other comprehensive income attributable to noncontrolling interests $ — — 6,941 — 6,941
Condensed Consolidating Statement of Cash Flows	Condensed Consolidating Statement of Cash Flows Six Months Ended May 31, 2017 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Cash flows from operating activities: Net earnings (including net loss attributable to noncontrolling interests) $ 251,725 305,455 35,796 (362,594 ) 230,382 Distributions of earnings from guarantor and non-guarantor subsidiaries 334,286 28,308 — (362,594 ) — Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities (340,147 ) (412,545 ) (43 ) 362,594 (390,141 ) Net cash provided by (used in) operating activities 245,864 (78,782 ) 35,753 (362,594 ) (159,759 ) Cash flows from investing activities: Investments in and contributions to unconsolidated entities, net of distributions of capital — (218,153 ) (1,103 ) — (219,256 ) Proceeds from sales of real estate owned — — 55,521 — 55,521 Originations of loans receivable — — (14,055 ) — (14,055 ) Purchases of commercial mortgage-backed securities bonds — — (40,357 ) — (40,357 ) Acquisition, net of cash acquired (611,103 ) — — — (611,103 ) Other (3,897 ) (23,370 ) (17,019 ) — (44,286 ) Distributions of capital from guarantor and non-guarantor subsidiaries 60,000 60,000 — (120,000 ) — Intercompany (657,990 ) — — 657,990 — Net cash used in investing activities (1,212,990 ) (181,523 ) (17,013 ) 537,990 (873,536 ) Cash flows from financing activities: Net repayments under warehouse facilities — (51 ) (144,214 ) — (144,265 ) Proceeds from senior notes and debt issuance costs 1,240,449 — (4,509 ) — 1,235,940 Redemption of senior notes (400,000 ) — — — (400,000 ) Net proceeds on Rialto notes payable — — 25,340 — 25,340 Net proceeds (payments) on other borrowings — (28,705 ) 63,201 — 34,496 Net payments related to noncontrolling interests — (47,589 ) — (47,589 ) Excess tax benefits from share-based awards 1,980 — — — 1,980 Common stock: Issuances 693 — — — 693 Repurchases (83 ) — — — (83 ) Dividends (18,778 ) (365,455 ) (117,139 ) 482,594 (18,778 ) Intercompany — 497,457 160,533 (657,990 ) — Net cash provided by (used in) financing activities 824,261 103,246 (64,377 ) (175,396 ) 687,734 Net decrease in cash and cash equivalents (142,865 ) (157,059 ) (45,637 ) — (345,561 ) Cash and cash equivalents at beginning of period 697,112 377,070 255,347 — 1,329,529 Cash and cash equivalents at end of period $ 554,247 220,011 209,710 — 983,968 Six Months Ended May 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) $ 362,549 413,755 46,107 (452,921 ) 369,490 Distributions of earnings from guarantor and non-guarantor subsidiaries 432,925 19,996 — (452,921 ) — Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities (412,335 ) (789,132 ) 203,674 452,921 (544,872 ) Net cash provided by (used in) operating activities 383,139 (355,381 ) 249,781 (452,921 ) (175,382 ) Cash flows from investing activities: Investments in and contributions to unconsolidated entities, net of distributions of capital — (65,441 ) (41,775 ) — (107,216 ) Proceeds from sales of real estate owned — — 43,412 — 43,412 Originations of loans receivable — — (16,864 ) — (16,864 ) Receipts of principal payments on loans receivable — — 5,484 — 5,484 Purchases of commercial mortgage-backed securities bonds — — (33,005 ) — (33,005 ) Other (6,704 ) (30,269 ) (4,465 ) — (41,438 ) Distributions of capital from guarantor and non-guarantor subsidiaries 40,000 40,000 — (80,000 ) — Intercompany (1,008,886 ) — — 1,008,886 — Net cash used in investing activities (975,590 ) (55,710 ) (47,213 ) 928,886 (149,627 ) Cash flows from financing activities: Net borrowings under unsecured revolving credit facility 375,000 — — — 375,000 Net repayments under warehouse facilities — — (230,206 ) — (230,206 ) Proceeds from senior notes and debt issuance costs 495,974 — (746 ) — 495,228 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 — — (2,999 ) — (2,999 ) Net payments on other borrowings (87,532 ) — — (87,532 ) Net payments related to noncontrolling interests — — (73,028 ) — (73,028 ) Excess tax benefits from share-based awards 7,039 — — — 7,039 Common stock: Issuances 594 — — — 594 Repurchases (971 ) — — — (971 ) Dividends (17,191 ) (453,755 ) (79,166 ) 532,921 (17,191 ) Intercompany — 879,733 129,153 (1,008,886 ) — Net cash provided by (used in) financing activities 376,552 338,446 (256,992 ) (475,965 ) (17,959 ) Net decrease in cash and cash equivalents (215,899 ) (72,645 ) (54,424 ) — (342,968 ) 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 $ 359,922 263,403 192,152 — 815,477

Business Acquisition (Narrative

Business Acquisition (Narrative) (Details) - USD ($) $ in Millions	Feb. 10, 2017	May 31, 2017	May 31, 2017	Jan. 31, 2017
Lennar Homebuilding | 4.125% senior notes due 2022
Business Acquisition [Line Items]
Interest rate		4.125%	4.125%
Senior Notes | Lennar Homebuilding | 4.125% senior notes due 2022
Business Acquisition [Line Items]
Interest rate				4.125%
WCI Communities, Inc.
Business Acquisition [Line Items]
Amount paid to WCI stockholders	$ 642.6
Revenue since acquisition		$ 182.8	$ 202.3
Pre-tax earnings since acquisition		21.9	13.2
Transaction costs		$ 8	$ 19

Business Acquisition (Schedule

Business Acquisition (Schedule of Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands	Feb. 10, 2017	May 31, 2017	Nov. 30, 2016
Lennar Financial Services
Assets:
Goodwill		$ 59,838	$ 39,838
WCI Communities, Inc.
Assets:
Cash and cash equivalents, restricted cash and receivables, net	$ 42,079
Inventories	619,458
Intangible assets	59,283
Goodwill	156,633
Deferred tax assets, net	81,752
Other assets	66,173
Total assets	1,025,378
Liabilities:
Accounts payable	26,735
Senior notes and other debts payable	282,793
Other liabilities	73,228
Total liabilities	382,756
Total purchase price	$ 642,622
WCI Communities, Inc. | Homebuilding East
Assets:
Goodwill		136,600
WCI Communities, Inc. | Lennar Financial Services
Assets:
Goodwill		$ 20,000
WCI Communities, Inc. | Non-compete Agreements
Liabilities:
Amortization period	6 months
WCI Communities, Inc. | Trade Name
Liabilities:
Amortization period	20 years

Operating and Reporting Segme42

Operating and Reporting Segments (Disclosure Of Financial Information Relating To Company's Operations) (Details) $ in Thousands		3 Months Ended		6 Months Ended
		May 31, 2017USD ($)$ / homes	May 31, 2016USD ($)$ / homes	May 31, 2017USD ($)$ / homes	May 31, 2016USD ($)$ / homes	Feb. 10, 2017USD ($)	Nov. 30, 2016USD ($)
Segment Reporting Information [Line Items]
Assets	[1]	$ 16,754,505		$ 16,754,505			$ 15,361,781
Revenues		3,261,892	$ 2,745,815	5,599,320	$ 4,739,479
Operating earnings (loss):
Operating earnings		376,374	383,641	486,716	633,002
Corporate general and administrative expenses		66,774	55,802	127,473	103,470
Earnings before income taxes		309,600	327,839	359,243	529,532
Sales incentives		$ 174,500	$ 146,100	$ 298,100	$ 249,800
Sales incentives per home delivered (in dollars per home) | $ / homes		22,700	21,800	22,700	21,700
WCI Communities, Inc.
Segment Reporting Information [Line Items]
Goodwill						$ 156,633
Homebuilding East | WCI Communities, Inc.
Segment Reporting Information [Line Items]
Goodwill		$ 136,600		$ 136,600
Rialto
Segment Reporting Information [Line Items]
Assets	[1]	1,364,421		1,364,421			1,276,210
Goodwill		5,396		5,396			5,396
Revenues		67,988	$ 44,838	149,994	$ 88,549
Lennar Financial Services
Segment Reporting Information [Line Items]
Assets	[1]	1,444,294		1,444,294			1,754,672
Goodwill		59,838		59,838			39,838
Revenues		208,363	175,940	356,406	299,896
Lennar Financial Services | WCI Communities, Inc.
Segment Reporting Information [Line Items]
Goodwill		20,000		20,000
Lennar Multifamily
Segment Reporting Information [Line Items]
Assets	[1]	653,229		653,229			526,131
Revenues		99,800	74,152	188,485	113,668
Lennar Homebuilding
Segment Reporting Information [Line Items]
Assets	[1]	13,292,561		13,292,561			11,804,768
Goodwill	[1]	136,633		136,633			0
Revenues		2,885,741	2,450,885	4,904,435	4,237,366
Operating earnings (loss):
Accrual for litigation		0	0	140,000	0
Operating Segments | Homebuilding East
Segment Reporting Information [Line Items]
Assets		4,764,611		4,764,611			3,512,990
Revenues		1,194,890	954,298	1,962,616	1,613,352
Operating earnings (loss):
Operating earnings		153,707	142,938	97,998	227,644
Accrual for litigation				140,000
Operating Segments | Homebuilding Central
Segment Reporting Information [Line Items]
Assets		2,032,627		2,032,627			1,993,403
Revenues		682,342	608,987	1,198,523	1,022,827
Operating earnings (loss):
Operating earnings		75,944	68,762	128,802	101,957
Operating Segments | Homebuilding West
Segment Reporting Information [Line Items]
Assets		4,684,956		4,684,956			4,318,924
Revenues		770,194	718,059	1,322,992	1,269,398
Operating earnings (loss):
Operating earnings		71,224	113,807	124,584	202,641
Operating Segments | Rialto
Segment Reporting Information [Line Items]
Assets		1,364,421		1,364,421			1,276,210
Revenues		67,988	44,838	149,994	88,549
Operating earnings (loss):
Operating earnings		(6,462)	(18,086)	(7,305)	(16,476)
Operating Segments | Lennar Financial Services
Segment Reporting Information [Line Items]
Assets		1,444,294		1,444,294			1,754,672
Revenues		208,363	175,940	356,406	299,896
Operating earnings (loss):
Operating earnings		43,727	44,088	64,391	59,019
Operating Segments | Lennar Multifamily
Segment Reporting Information [Line Items]
Assets		653,229		653,229			526,131
Revenues		99,800	74,152	188,485	113,668
Operating earnings (loss):
Operating earnings		6,529	14,943	25,712	27,125
Homebuilding Other
Segment Reporting Information [Line Items]
Assets		903,137		903,137			907,523
Revenues		238,315	169,541	420,304	331,789
Operating earnings (loss):
Operating earnings		31,705	$ 17,189	52,534	$ 31,092
Corporate and unallocated
Segment Reporting Information [Line Items]
Assets		$ 907,230		$ 907,230			$ 1,071,928
[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 May 31, 2017 , total assets include $575.7 million related to consolidated VIEs of which $9.4 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $77.8 million in Lennar Homebuilding finished homes and construction in progress, $173.1 million in Lennar Homebuilding land and land under development, $138.6 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $12.9 million in Lennar Homebuilding other assets, $117.5 million in Rialto assets and $41.6 million in Lennar Multifamily assets. As of November 30, 2016 , total assets include $536.3 million related to consolidated VIEs of which $13.3 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $54.2 million in Lennar Homebuilding finished homes and construction in progress, $106.3 million in Lennar Homebuilding land and land under development, $121.0 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $13.9 million in Lennar Homebuilding other assets, $213.8 million in Rialto assets and $8.8 million

Lennar Homebuilding Investmen43

Lennar Homebuilding Investments in Unconsolidated Entities (Statements Of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016
Schedule of Equity Method Investments [Line Items]
Equity in earnings (loss) from unconsolidated entities			$ 5,986	$ 35,422
Lennar Homebuilding
Schedule of Equity Method Investments [Line Items]
Revenues	$ 132,587	$ 208,636	178,723	308,362
Costs and expenses	190,845	201,370	269,911	298,570
Other income	6,117	0	6,117	0
Net earnings (loss) of unconsolidated entities	(52,141)	7,266	(85,071)	9,792
Equity in earnings (loss) from unconsolidated entities	$ (21,506)	$ (9,633)	$ (33,040)	$ (6,633)

Lennar Homebuilding Investmen44

Lennar Homebuilding Investments in Unconsolidated Entities (Narrative) (Details) $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
		May 31, 2017USD ($)	May 31, 2016USD ($)homes	May 31, 2017USD ($)	May 31, 2016USD ($)homes	Nov. 30, 2016USD ($)	May 02, 2016investment
Schedule of Equity Method Investments [Line Items]
Equity in earnings (loss) from unconsolidated entities				$ 5,986	$ 35,422
Payments to Acquire Equity Method Investments				$ 315,755	210,225
FivePoint Unconsolidated Entity
Schedule of Equity Method Investments [Line Items]
Payments to Acquire Equity Method Investments		$ 100,000
Equity Method Investment, Ownership Percentage		40.00%		40.00%
Investments in unconsolidated entities		$ 356,400		$ 356,400
Lennar Homebuilding
Schedule of Equity Method Investments [Line Items]
Equity in earnings (loss) from unconsolidated entities		(21,506)	$ (9,633)	(33,040)	$ (6,633)
Investments in unconsolidated entities	[1]	995,400		995,400		$ 811,723
Underlying equity in unconsolidated partners' net assets		$ 1,200,000		$ 1,200,000		1,200,000
Lennar Homebuilding | Unconsolidated Entity
Schedule of Equity Method Investments [Line Items]
Homesites sold | homes			253		471
Lennar Homebuilding | Joint Ventures Previously Managed by FivePoint Communities
Schedule of Equity Method Investments [Line Items]
Number of investments in joint ventures contributed | investment							3
Lennar Homebuilding | FivePoint Unconsolidated Entity
Schedule of Equity Method Investments [Line Items]
Equity in earnings (loss) from unconsolidated entities						$ 42,600
Operating Segments | Lennar Homebuilding | Unconsolidated Entity
Schedule of Equity Method Investments [Line Items]
Equity in earnings (loss) from unconsolidated entities			$ 6,700		$ 12,700
Lennar Corp [Member] | Lennar Homebuilding | Unconsolidated Entity
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Summarized Financial Information, Sales of Real Estate			92,000		92,000
Equity Method Investment, Summarized Financial Information, Gross Profit (Loss)			$ 29,700		$ 29,700
Homesites sold | homes			312		312
[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 May 31, 2017 , total assets include $575.7 million related to consolidated VIEs of which $9.4 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $77.8 million in Lennar Homebuilding finished homes and construction in progress, $173.1 million in Lennar Homebuilding land and land under development, $138.6 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $12.9 million in Lennar Homebuilding other assets, $117.5 million in Rialto assets and $41.6 million in Lennar Multifamily assets. As of November 30, 2016 , total assets include $536.3 million related to consolidated VIEs of which $13.3 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $54.2 million in Lennar Homebuilding finished homes and construction in progress, $106.3 million in Lennar Homebuilding land and land under development, $121.0 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $13.9 million in Lennar Homebuilding other assets, $213.8 million in Rialto assets and $8.8 million

Lennar Homebuilding Investmen45

Lennar Homebuilding Investments in Unconsolidated Entities (Balance Sheets) (Details) - Lennar Homebuilding - USD ($) $ in Thousands	May 31, 2017	Nov. 30, 2016
Assets:
Cash and cash equivalents	$ 393,507	$ 221,334
Inventories	3,979,975	3,889,795
Other assets	961,126	1,334,116
Total assets	5,334,608	5,445,245
Liabilities and equity:
Accounts payable and other liabilities	651,791	791,245
Debt	783,339	888,664
Equity	3,899,478	3,765,336
Total liabilities and equity	5,334,608	5,445,245
Debt issuance costs	$ 5,662	$ 4,186

Lennar Homebuilding Investmen46

Lennar Homebuilding Investments in Unconsolidated Entities (Total Debt Of Unconsolidated Entities) (Details) $ in Thousands	6 Months Ended	12 Months Ended
	May 31, 2017USD ($)joint_venture	Nov. 30, 2016USD ($)joint_venture
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated entities debt repayment guarantee | joint_venture	3	1
Lennar Homebuilding
Schedule of Equity Method Investments [Line Items]
Non-recourse bank debt and other debt (partner’s share of several recourse)	$ 73,239	$ 48,945
Non-recourse land seller debt and other debt	1,997	323,995
Non-recourse debt with completion guarantees	305,420	147,100
Non-recourse debt without completion guarantees	327,877	320,372
Non-recourse debt to the Company	708,533	840,412
The Company’s maximum recourse exposure	80,468	52,438
Debt issuance costs	5,662	4,186
Total debt	$ 783,339	$ 888,664
The Company’s maximum recourse exposure as a % of total JV debt	10.00%	6.00%
Unconsolidated Entity | Lennar Homebuilding
Schedule of Equity Method Investments [Line Items]
Non-recourse land seller debt and other debt		$ 320,000

Stockholders' Equity (Schedule

Stockholders' Equity (Schedule Of Changes In Equity) (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	May 31, 2017		May 31, 2016	May 31, 2017		May 31, 2016
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning				$ 7,211,567	[1]	$ 5,950,072
Net earnings (including net loss attributable to noncontrolling interests)	$ 200,708		$ 224,038	230,382		369,490
Employee stock and directors plans				1,828		472
Conversions and exchanges of convertible senior notes to Class A common stock						67,355
Tax benefit from employee stock plans, vesting of restricted stock and conversions of convertible senior notes				35,542		33,495
Amortization of restricted stock				24,817		22,266
Cash dividends				(18,778)		(17,191)
Receipts related to noncontrolling interests				320		167
Payments related to noncontrolling interests				(47,909)		(73,195)
Non-cash distributions to noncontrolling interests						(5,033)
Non-cash consolidations, net						12,478
Non-cash activity related to noncontrolling interests				(2,158)		2,082
Other comprehensive income, net of tax				1,395		476
Balance, ending	7,437,006	[1]	6,362,934	7,437,006	[1]	6,362,934
Additional Paid - in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning				2,805,349		2,305,560
Employee stock and directors plans				1,910		1,445
Conversions and exchanges of convertible senior notes to Class A common stock						66,551
Tax benefit from employee stock plans, vesting of restricted stock and conversions of convertible senior notes				35,542		33,495
Amortization of restricted stock				24,817		22,266
Non-cash activity related to noncontrolling interests				0
Balance, ending	2,867,618		2,429,317	2,867,618		2,429,317
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning				(108,961)		(107,755)
Employee stock and directors plans				(88)		(977)
Balance, ending	(109,049)		(108,732)	(109,049)		(108,732)
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning				(309)		39
Other comprehensive income, net of tax				1,395		476
Balance, ending	1,086		515	1,086		515
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning				4,306,256		3,429,736
Net earnings (including net loss attributable to noncontrolling interests)				251,725		362,549
Cash dividends				(18,778)		(17,191)
Balance, ending	4,539,203		3,775,094	4,539,203		3,775,094
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning				185,525		301,128
Net earnings (including net loss attributable to noncontrolling interests)				(21,343)		6,941
Receipts related to noncontrolling interests				320		167
Payments related to noncontrolling interests				(47,909)		(73,195)
Non-cash distributions to noncontrolling interests						(5,033)
Non-cash consolidations, net						12,478
Non-cash activity related to noncontrolling interests				(2,158)		2,082
Balance, ending	114,435		244,568	114,435		244,568
Class A Common Stock | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning				20,409		18,066
Employee stock and directors plans				6		4
Conversions and exchanges of convertible senior notes to Class A common stock						804
Balance, ending	20,415		18,874	20,415		18,874
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 May 31, 2017 , total liabilities include $144.1 million related to consolidated VIEs as to which there was no recourse against the Company, of which $4.7 million is included in Lennar Homebuilding accounts payable, $133.6 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.1 million in Lennar Homebuilding other liabilities and $4.7 million in Rialto liabilities. As of November 30, 2016 , total liabilities include $126.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $3.6 million is included in Lennar Homebuilding accounts payable, $110.0 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $2.5 million in Lennar Homebuilding other liabilities and $10.3 million

Income Taxes (Income Tax Benefi

Income Taxes (Income Tax Benefit (Provision)) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016
Income Tax Disclosure [Abstract]
Provision for income taxes	$ (108,892)	$ (103,801)	$ (128,861)	$ (160,042)
Effective tax rate	33.76%	32.21%	33.86%	30.62%

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended
	May 31, 2017	Feb. 10, 2017	Nov. 30, 2016
Income Tax Disclosure [Abstract]
Deferred tax assets	$ 369,000		$ 277,400
Business Acquisition [Line Items]
Unrecognized tax benefits	12,300		12,300
Income tax penalties and interest accrued	47,800		$ 46,000
Income tax penalties and interest expense	2,200
Reduction to the accrual for interest and penalties	$ 400
WCI Communities, Inc.
Business Acquisition [Line Items]
Deferred tax assets, net		$ 81,752

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		6 Months Ended
	May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016
Numerator:
Net earnings attributable to Lennar	$ 213,645	$ 218,469	$ 251,725	$ 362,549
Less: distributed earnings allocated to nonvested shares	91	86	203	175
Less: undistributed earnings allocated to nonvested shares	1,972	2,119	2,254	3,552
Numerator for basic earnings per share	211,582	216,264	249,268	358,822
Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan	214	396	552	598
Plus: interest on 3.25% convertible senior notes due 2021	0	1,889	0	3,872
Plus: undistributed earnings allocated to convertible shares	0	2,119	0	3,552
Less: undistributed earnings reallocated to convertible shares	0	1,987	0	3,321
Numerator for diluted earnings per share	$ 211,368	$ 217,889	$ 248,716	$ 362,327
Denominator:
Denominator for basic earnings per share-weighted average common shares outstanding (shares)	232,217	213,601	232,205	211,947
Effect of dilutive securities:
Share-based payments (shares)	2	4	2	4
Convertible senior notes (shares)	0	16,312	0	17,466
Denominator for diluted earnings per share-weighted average common shares outstanding (shares)	232,219	229,917	232,207	229,417
Basic earnings per share (in dollars per share)	$ 0.91	$ 1.01	$ 1.07	$ 1.69
Diluted earnings per share (in dollars per share)	$ 0.91	$ 0.95	$ 1.07	$ 1.58
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		6 Months Ended
	May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016
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 Seg52

Lennar Financial Services Segment (Schedule Of Assets And Liabilities) (Details) - USD ($) $ in Thousands		May 31, 2017	Feb. 10, 2017	Nov. 30, 2016	May 31, 2016	Nov. 30, 2015
Assets:
Cash and cash equivalents		$ 983,968		$ 1,329,529	$ 815,477	$ 1,158,445
Total assets	[1]	16,754,505		15,361,781
Liabilities:
Total liabilities	[2]	9,317,499		8,150,214
WCI Communities, Inc.
Assets:
Goodwill			$ 156,633
Lennar Financial Services
Assets:
Cash and cash equivalents		107,436		123,964
Restricted cash		13,311		17,053
Receivables, net		213,550		409,528
Lennar Financial Services loans held-for-sale		820,443		939,405
Loans held-for-investment, net		32,691		30,004
Investments held-to-maturity		54,824		41,991
Investments available-for-sale		56,005		53,570
Goodwill		59,838		39,838
Other		86,196		99,319
Total assets	[1]	1,444,294		1,754,672
Liabilities:
Notes and other debts payable		792,623		1,077,228
Other		245,040		241,055
Total liabilities	[2]	1,037,663		1,318,283
Self-insurance reserves		58,400		57,400
Lennar Financial Services | Servicing Contracts
Liabilities:
Mortgage servicing rights		27,400		23,900
Lennar Financial Services | Mortgage loan commitments
Liabilities:
Other asset		18,400		7,400
Lennar Financial Services | Forward Contracts
Liabilities:
Other asset				$ 26,500
Other liability		6,800
Lennar Financial Services | WCI Communities, Inc.
Assets:
Goodwill		$ 20,000
[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 May 31, 2017 , total assets include $575.7 million related to consolidated VIEs of which $9.4 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $77.8 million in Lennar Homebuilding finished homes and construction in progress, $173.1 million in Lennar Homebuilding land and land under development, $138.6 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $12.9 million in Lennar Homebuilding other assets, $117.5 million in Rialto assets and $41.6 million in Lennar Multifamily assets. As of November 30, 2016 , total assets include $536.3 million related to consolidated VIEs of which $13.3 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $54.2 million in Lennar Homebuilding finished homes and construction in progress, $106.3 million in Lennar Homebuilding land and land under development, $121.0 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $13.9 million in Lennar Homebuilding other assets, $213.8 million in Rialto assets and $8.8 million
[2]	As of May 31, 2017 , total liabilities include $144.1 million related to consolidated VIEs as to which there was no recourse against the Company, of which $4.7 million is included in Lennar Homebuilding accounts payable, $133.6 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.1 million in Lennar Homebuilding other liabilities and $4.7 million in Rialto liabilities. As of November 30, 2016 , total liabilities include $126.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $3.6 million is included in Lennar Homebuilding accounts payable, $110.0 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $2.5 million in Lennar Homebuilding other liabilities and $10.3 million

Lennar Financial Services Seg53

Lennar Financial Services Segment (Schedule of Credit Facilities) (Details) - Lennar Financial Services - Warehouse Repurchase Facility	6 Months Ended
	May 31, 2017USD ($)
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	$ 1,450,000,000
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
364-day warehouse repurchase facility that matures September 2017
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	$ 300,000,000
Facility, term	364 days
364-day warehouse repurchase facility that matures December 2017
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	$ 400,000,000
Facility, term	364 days
Uncommitted amount	$ 250,000,000
364-day warehouse repurchase facility that matures March 2018
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	$ 150,000,000
Facility, term	364 days
Uncommitted amount	$ 75,000,000

Lennar Financial Services Seg54

Lennar Financial Services Segment (Narrative) (Details) - Lennar Financial Services - USD ($) $ in Thousands	May 31, 2017	Nov. 30, 2016
Segment Reporting Information [Line Items]
Notes and other debts payable	$ 792,623	$ 1,077,228
Outstanding principal balance	824,100	1,100,000
Warehouse Repurchase Facility
Segment Reporting Information [Line Items]
Notes and other debts payable	$ 792,400	$ 1,100,000

Lennar Financial Services Seg55

Lennar Financial Services Segment (Schedule Of Loan Origination Liabilities) (Details) - Lennar Financial Services - Loss origination liability - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016
Loss Contingency Accrual [Roll Forward]
Loan origination liabilities, beginning of period	$ 25,003	$ 20,108	$ 24,905	$ 19,492
Provision for losses	1,066	1,110	1,944	1,898
Payments/settlements	(157)	(224)	(937)	(396)
Loan origination liabilities, end of period	$ 25,912	$ 20,994	$ 25,912	$ 20,994

Rialto Segment (Assets And Liab

Rialto Segment (Assets And Liabilities By Segment) (Details) - USD ($) $ in Thousands		May 31, 2017	Nov. 30, 2016	May 31, 2016	Nov. 30, 2015
Assets:
Cash and cash equivalents		$ 983,968	$ 1,329,529	$ 815,477	$ 1,158,445
Total assets	[1]	16,754,505	15,361,781
Liabilities:
Total liabilities	[2]	9,317,499	8,150,214
Rialto
Assets:
Cash and cash equivalents		119,592	148,827
Restricted cash		6,026	9,935
Receivables, net		415,285	204,518
Lennar Financial Services loans held-for-sale		106,615	126,947
Loans receivable, net		65,326	111,608
Real estate owned, net		160,452	243,703
Investments in unconsolidated entities	[1]	244,301	245,741
Investments held-to-maturity		112,452	71,260
Other		134,372	113,671
Total assets	[1]	1,364,421	1,276,210
Liabilities:
Notes and other debts payable		781,845	622,335
Other		78,767	85,645
Total liabilities	[2]	860,612	707,980
Rialto | Warehouse Repurchase Facility
Liabilities:
Notes and other debts payable		363,600	223,500
Rialto | Senior Notes | 7.00% Senior Notes due 2018
Liabilities:
Senior notes and other debts payable		$ 349,000	$ 348,700
Interest rate		7.00%
[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 May 31, 2017 , total assets include $575.7 million related to consolidated VIEs of which $9.4 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $77.8 million in Lennar Homebuilding finished homes and construction in progress, $173.1 million in Lennar Homebuilding land and land under development, $138.6 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $12.9 million in Lennar Homebuilding other assets, $117.5 million in Rialto assets and $41.6 million in Lennar Multifamily assets. As of November 30, 2016 , total assets include $536.3 million related to consolidated VIEs of which $13.3 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $54.2 million in Lennar Homebuilding finished homes and construction in progress, $106.3 million in Lennar Homebuilding land and land under development, $121.0 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $13.9 million in Lennar Homebuilding other assets, $213.8 million in Rialto assets and $8.8 million
[2]	As of May 31, 2017 , total liabilities include $144.1 million related to consolidated VIEs as to which there was no recourse against the Company, of which $4.7 million is included in Lennar Homebuilding accounts payable, $133.6 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.1 million in Lennar Homebuilding other liabilities and $4.7 million in Rialto liabilities. As of November 30, 2016 , total liabilities include $126.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $3.6 million is included in Lennar Homebuilding accounts payable, $110.0 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $2.5 million in Lennar Homebuilding other liabilities and $10.3 million

Rialto Segment (Narrative) (Det

Rialto Segment (Narrative) (Details)		3 Months Ended		6 Months Ended		12 Months Ended
		May 31, 2017USD ($)	May 31, 2016USD ($)	May 31, 2017USD ($)transaction	May 31, 2016USD ($)transaction	Nov. 30, 2015	Dec. 31, 2010business	Nov. 30, 2016USD ($)		Nov. 30, 2010
Segment Reporting Information [Line Items]
Originations of loans receivable				$ 14,055,000	$ 16,864,000
Assets	[1]	$ 16,754,505,000		16,754,505,000				$ 15,361,781,000
Liabilities	[2]	9,317,499,000		9,317,499,000				8,150,214,000
Distributions of earnings from unconsolidated entities				44,412,000	43,740,000
Rialto
Segment Reporting Information [Line Items]
Debt issuance costs		4,100,000		4,100,000				2,900,000
Assets	[1]	1,364,421,000		1,364,421,000				1,276,210,000
Liabilities	[2]	860,612,000		860,612,000				707,980,000
Real estate owned, net		160,452,000		160,452,000				243,703,000
Loans receivable, net		65,326,000		65,326,000				111,608,000
Borrowings under facilities		$ 781,845,000		$ 781,845,000				622,335,000
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		$ 112,452,000		$ 112,452,000				71,260,000
Rialto | Warehouse Repurchase Facility
Segment Reporting Information [Line Items]
Borrowings under facilities		363,600,000		363,600,000				223,500,000
Rialto | CMBS
Segment Reporting Information [Line Items]
Investments held-to-maturity		112,500,000		112,500,000				71,300,000	[1]
Impairment charges for CMBS securities		0	$ 0	$ 0	0
Rialto | CMBS | Minimum
Segment Reporting Information [Line Items]
Discount rate as a percentage of face value for held-to-maturity securities				9.00%
Coupon rate for held-to-maturity securities				1.30%
Rialto | CMBS | Maximum
Segment Reporting Information [Line Items]
Discount rate as a percentage of face value for held-to-maturity securities				78.00%
Coupon rate for held-to-maturity securities				4.40%
Rialto | Rialto Real Estate Fund, LP
Segment Reporting Information [Line Items]
Advanced distributions from unconsolidated entities		2,200,000	$ 2,500,000	$ 3,100,000	7,400,000
Distributions of earnings from unconsolidated entities		8,800,000		18,800,000
Rialto | Rialto Mortgage Finance
Segment Reporting Information [Line Items]
Originations of loans receivable				837,700,000	670,300,000
Proceeds from sale of loans held-for-sale				$ 870,400,000	$ 766,400,000
Number of securitization transactions | transaction				5	5
Receivables from securitization		392,700,000		$ 392,700,000				199,800,000
Rialto | Rialto Mortgage Finance | Warehouse Repurchase Facility
Segment Reporting Information [Line Items]
Borrowings under facilities		320,300,000		320,300,000				180,200,000
Rialto | Rialto Mortgage Finance | Performing Financing Receivable
Segment Reporting Information [Line Items]
Originations of loans receivable				14,100,000	$ 16,300,000
Rialto | Rialto Mortgage Finance | Held-for-sale
Segment Reporting Information [Line Items]
Originations of loans receivable				823,700,000	$ 654,000,000
Rialto | Variable Interest Entity, Primary Beneficiary
Segment Reporting Information [Line Items]
Assets		117,500,000		117,500,000				213,800,000
Liabilities		4,700,000		4,700,000				$ 10,300,000
Rialto | Variable Interest Entity, Primary Beneficiary | FDIC Portfolio
Segment Reporting Information [Line Items]
Assets		117,500,000		117,500,000
Real estate owned, net		80,300,000		80,300,000
Loans receivable, net		$ 23,800,000		$ 23,800,000
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 May 31, 2017 , total assets include $575.7 million related to consolidated VIEs of which $9.4 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $77.8 million in Lennar Homebuilding finished homes and construction in progress, $173.1 million in Lennar Homebuilding land and land under development, $138.6 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $12.9 million in Lennar Homebuilding other assets, $117.5 million in Rialto assets and $41.6 million in Lennar Multifamily assets. As of November 30, 2016 , total assets include $536.3 million related to consolidated VIEs of which $13.3 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $54.2 million in Lennar Homebuilding finished homes and construction in progress, $106.3 million in Lennar Homebuilding land and land under development, $121.0 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $13.9 million in Lennar Homebuilding other assets, $213.8 million in Rialto assets and $8.8 million
[2]	As of May 31, 2017 , total liabilities include $144.1 million related to consolidated VIEs as to which there was no recourse against the Company, of which $4.7 million is included in Lennar Homebuilding accounts payable, $133.6 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.1 million in Lennar Homebuilding other liabilities and $4.7 million in Rialto liabilities. As of November 30, 2016 , total liabilities include $126.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $3.6 million is included in Lennar Homebuilding accounts payable, $110.0 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $2.5 million in Lennar Homebuilding other liabilities and $10.3 million

Rialto Segment (Schedule of Cre

Rialto Segment (Schedule of Credit Facilities) (Details) - Rialto	6 Months Ended
	May 31, 2017USD ($)extension	Nov. 30, 2016USD ($)
Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	$ 1,050,000,000
364-day warehouse repurchase facility that matures October 2017
Line of Credit Facility [Line Items]
Term of note	364 days
364-day warehouse repurchase facility that matures January 2018
Line of Credit Facility [Line Items]
Term of note	364 days
Warehouse repurchase facility that matures August 2018 (two - one year extensions) | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	$ 100,000,000
Borrowings under the facilities	$ 43,300,000	$ 43,300,000
Number of extensions | extension	2
Extension term	1 year
Rialto Mortgage Finance | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	$ 950,000,000
Rialto Mortgage Finance | 364-day warehouse repurchase facility that matures October 2017 | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	500,000,000
Rialto Mortgage Finance | Warehouse repurchase facility that matures December 2017 | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	200,000,000
Rialto Mortgage Finance | 364-day warehouse repurchase facility that matures January 2018 | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	$ 250,000,000
Rialto Mortgage Finance | Warehouse repurchase facility that matures August 2018 (two - one year extensions) | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Extension term	6 months

Rialto Segment (Equity Funds Re

Rialto Segment (Equity Funds Related to Rialto Segment) (Details) - Rialto - USD ($) $ in Thousands		May 31, 2017	Nov. 30, 2016
Schedule of Equity Method Investments [Line Items]
Investment	[1]	$ 244,301	$ 245,741
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		48,519	58,116
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		84,862	96,192
Rialto Real Estate Fund III
Schedule of Equity Method Investments [Line Items]
Equity Commitments		1,887,000
Equity Commitments Called		362,242
Commitment to Fund by the Company		140,000
Funds Contributed by the Company		25,318
Investment		25,520	9,093
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		21,188	23,643
Rialto Capital CMBS Funds
Schedule of Equity Method Investments [Line Items]
Equity Commitments		119,174
Equity Commitments Called		119,174
Commitment to Fund by the Company		52,474
Funds Contributed by the Company		52,474
Investment		50,948	50,519
Rialto Credit Partnership, LP
Schedule of Equity Method Investments [Line Items]
Equity Commitments		220,000
Equity Commitments Called		121,225
Commitment to Fund by the Company		19,999
Funds Contributed by the Company		11,020
Investment		11,182	5,794
Other investments
Schedule of Equity Method Investments [Line Items]
Investment		$ 2,082	$ 2,384
[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 May 31, 2017 , total assets include $575.7 million related to consolidated VIEs of which $9.4 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $77.8 million in Lennar Homebuilding finished homes and construction in progress, $173.1 million in Lennar Homebuilding land and land under development, $138.6 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $12.9 million in Lennar Homebuilding other assets, $117.5 million in Rialto assets and $41.6 million in Lennar Multifamily assets. As of November 30, 2016 , total assets include $536.3 million related to consolidated VIEs of which $13.3 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $54.2 million in Lennar Homebuilding finished homes and construction in progress, $106.3 million in Lennar Homebuilding land and land under development, $121.0 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $13.9 million in Lennar Homebuilding other assets, $213.8 million in Rialto assets and $8.8 million

Rialto Segment (Condensed Finan

Rialto Segment (Condensed Financial Information By Equity Method Investment) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016	Nov. 30, 2016
Segment Reporting Information [Line Items]
Equity in earnings (loss) from unconsolidated entities			$ 5,986	$ 35,422
Rialto
Segment Reporting Information [Line Items]
Cash and cash equivalents	$ 77,047		77,047		$ 230,229
Loans receivable	434,771		434,771		406,812
Real estate owned	360,337		360,337		439,191
Investment securities	1,543,517		1,543,517		1,379,155
Investments in partnerships	415,316		415,316		398,535
Other assets	190,885		190,885		29,036
Total assets	3,021,873		3,021,873		2,882,958
Accounts payable and other liabilities	44,989		44,989		36,131
Notes payable	617,587		617,587		532,264
Equity	2,359,297		2,359,297		2,314,563
Total liabilities and equity	3,021,873		3,021,873		2,882,958
Revenues	61,030	$ 51,240	118,186	95,536
Costs and expenses	29,000	20,704	57,001	41,603
Other income (expense), net	9,321	26,710	9,648	11,548
Net earnings (loss) of unconsolidated entities	41,351	57,246	70,833	65,481
Equity in earnings (loss) from unconsolidated entities	5,730	$ 6,864	6,452	$ 8,361
Debt issuance costs	$ 4,100		$ 4,100		$ 2,900

Lennar Multifamily Segment (Ass

Lennar Multifamily Segment (Assets and Liabilities related to Multifamily Segment) (Details) - USD ($) $ in Thousands		May 31, 2017	Nov. 30, 2016	May 31, 2016	Nov. 30, 2015
Assets:
Cash and cash equivalents		$ 983,968	$ 1,329,529	$ 815,477	$ 1,158,445
Total assets	[1]	16,754,505	15,361,781
Lennar Multifamily
Assets:
Cash and cash equivalents		9,288	6,600
Receivables, net		64,740	58,929
Land under development		171,066	139,713
Investments in unconsolidated entities		377,265	318,559
Other assets		30,870	2,330
Total assets	[1]	653,229	526,131
Liabilities:
Accounts payable and other liabilities		$ 123,166	$ 117,973
[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 May 31, 2017 , total assets include $575.7 million related to consolidated VIEs of which $9.4 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $77.8 million in Lennar Homebuilding finished homes and construction in progress, $173.1 million in Lennar Homebuilding land and land under development, $138.6 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $12.9 million in Lennar Homebuilding other assets, $117.5 million in Rialto assets and $41.6 million in Lennar Multifamily assets. As of November 30, 2016 , total assets include $536.3 million related to consolidated VIEs of which $13.3 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $54.2 million in Lennar Homebuilding finished homes and construction in progress, $106.3 million in Lennar Homebuilding land and land under development, $121.0 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $13.9 million in Lennar Homebuilding other assets, $213.8 million in Rialto assets and $8.8 million

Lennar Multifamily (Narrative)

Lennar Multifamily (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016	Nov. 30, 2016
Segment Reporting Information [Line Items]
Distributions of capital from unconsolidated entities			$ 96,499,000	$ 103,009,000
Lennar Multifamily
Segment Reporting Information [Line Items]
Non-recourse debt with completion guarantees	$ 744,200,000		744,200,000		$ 589,400,000
General Contractor Revenue	84,600,000	$ 53,500,000	160,400,000	84,900,000
General Contractor Costs	83,300,000	51,700,000	157,000,000	82,300,000
Investments in unconsolidated entities	377,265,000		377,265,000		318,559,000
Lennar Multifamily | Variable Interest Entity, Not Primary Beneficiary | Equity Commitments
Segment Reporting Information [Line Items]
Obligations related to VIEs	212,100,000		212,100,000		288,200,000
Lennar Multifamily | Lennar Multifamily Venture
Segment Reporting Information [Line Items]
Total equity commitments	2,200,000,000		2,200,000,000
Equity commitments	504,000,000		504,000,000
Equity commitments called during period			334,500,000
Equity commitment contributions during period			76,000,000
Distributions of capital from unconsolidated entities			0
Equity Commitments Called	1,300,000,000		1,300,000,000
Funds contributed by the company	291,900,000		291,900,000
Investments in unconsolidated entities	268,100,000		268,100,000		198,200,000
Lennar Multifamily | Unconsolidated Entities
Segment Reporting Information [Line Items]
Fee Income	15,200,000	$ 9,300,000	28,100,000	$ 17,400,000
Lennar Multifamily | Financial Letters of Credit
Segment Reporting Information [Line Items]
Letters of credit outstanding	$ 15,200,000		$ 15,200,000		$ 32,000,000

Lennar Multifamily Segment (Con

Lennar Multifamily Segment (Condensed Financial Information by Equity Method Investments) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2017USD ($)property	May 31, 2016USD ($)property	May 31, 2017USD ($)property	May 31, 2016USD ($)property	Nov. 30, 2016USD ($)
Liabilities and equity:
Equity in earnings (loss) from unconsolidated entities			$ 5,986	$ 35,422
Lennar Multifamily
Assets:
Cash and cash equivalents	$ 44,765		44,765		$ 43,658
Operating properties and equipment	2,658,080		2,658,080		2,210,627
Other assets	38,160		38,160		33,703
Total assets	2,741,005		2,741,005		2,287,988
Liabilities and equity:
Accounts payable and other liabilities	223,061		223,061		196,617
Notes payable	727,070		727,070		577,085
Equity	1,790,874		1,790,874		1,514,286
Total liabilities and equity	2,741,005		2,741,005		2,287,988
Debt issuance cost	17,100		17,100		$ 12,300
Revenues	13,975	$ 9,649	25,592	17,963
Costs and expenses	24,477	14,058	46,823	25,730
Other income (expense), net	28,190	30,272	78,729	70,394
Net earnings (loss) of unconsolidated entities	17,688	25,863	57,498	62,627
Equity in earnings (loss) from unconsolidated entities	9,427	14,008	32,574	33,694
Gain on disposition of assets	$ 11,400	$ 15,400	$ 37,400	$ 35,800
Number of operating properties sold | property	1	1	3	2
General Contractor Revenue	$ 84,600	$ 53,500	$ 160,400	$ 84,900
General Contractor Costs	83,300	51,700	157,000	82,300
Equity Method Investee | Lennar Multifamily
Segment Reporting Information [Line Items]
Management Fees Revenue	$ 15,200	$ 9,300	$ 28,100	$ 17,400

Lennar Homebuilding Cash and 64

Lennar Homebuilding Cash and Cash Equivalents (Details) - USD ($) $ in Millions	6 Months Ended
	May 31, 2017	Nov. 30, 2016
Cash and Cash Equivalents [Abstract]
Cash held in escrow	$ 274.8	$ 460.5
Escrow deposit period	3 days

Lennar Homebuilding Senior No65

Lennar Homebuilding Senior Notes and Other Debts Payable (Schedule of Senior Notes and Other Debts Payable) (Details) - USD ($) $ in Thousands		May 31, 2017	Jan. 31, 2017	Nov. 30, 2016
Senior Notes | 4.75% senior notes due December 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 December 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 | 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 December 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]	$ 5,767,689		$ 4,575,977
Lennar Homebuilding | 4.75% senior notes due December 2017
Debt Instrument [Line Items]
Interest rate		4.75%
Lennar Homebuilding | 6.95% senior notes due 2018
Debt Instrument [Line Items]
Interest rate		6.95%
Lennar Homebuilding | 4.125% senior notes due December 2018
Debt Instrument [Line Items]
Interest rate		4.125%
Lennar Homebuilding | 4.500% senior notes due 2019
Debt Instrument [Line Items]
Interest rate		4.50%
Lennar Homebuilding | 4.50% senior notes due 2019
Debt Instrument [Line Items]
Interest rate		4.50%
Lennar Homebuilding | 4.750% senior notes due 2021
Debt Instrument [Line Items]
Interest rate		4.75%
Lennar Homebuilding | 6.875% senior notes due 2021
Debt Instrument [Line Items]
Interest rate		6.875%
Lennar Homebuilding | 4.125% senior notes due 2022
Debt Instrument [Line Items]
Interest rate		4.125%
Lennar Homebuilding | 4.750% senior notes due 2022
Debt Instrument [Line Items]
Interest rate		4.75%
Lennar Homebuilding | 4.875% senior notes due December 2023
Debt Instrument [Line Items]
Interest rate		4.875%
Lennar Homebuilding | 4.500% senior notes due 2024
Debt Instrument [Line Items]
Interest rate		4.50%
Lennar Homebuilding | 4.750% senior notes due 2025
Debt Instrument [Line Items]
Interest rate		4.75%
Lennar Homebuilding | 12.25% senior notes due 2017
Debt Instrument [Line Items]
Interest rate		12.25%
Lennar Homebuilding | Senior Notes | 4.75% senior notes due December 2017
Debt Instrument [Line Items]
Senior notes and other debts payable		$ 398,851		398,479
Lennar Homebuilding | Senior Notes | 6.95% senior notes due 2018
Debt Instrument [Line Items]
Senior notes and other debts payable		248,905		248,474
Lennar Homebuilding | Senior Notes | 4.125% senior notes due December 2018
Debt Instrument [Line Items]
Senior notes and other debts payable		274,174		273,889
Lennar Homebuilding | Senior Notes | 4.500% senior notes due 2019
Debt Instrument [Line Items]
Senior notes and other debts payable		498,397		498,002
Lennar Homebuilding | Senior Notes | 4.50% senior notes due 2019
Debt Instrument [Line Items]
Senior notes and other debts payable		597,899		597,474
Lennar Homebuilding | Senior Notes | 4.750% senior notes due 2021
Debt Instrument [Line Items]
Senior notes and other debts payable		496,938		496,547
Lennar Homebuilding | Senior Notes | 6.875% senior notes due 2021
Debt Instrument [Line Items]
Senior notes and other debts payable		$ 260,157		0
Interest rate		6.875%
Outstanding principal on long-term debt		$ 249,800
Lennar Homebuilding | Senior Notes | 4.125% senior notes due 2022
Debt Instrument [Line Items]
Senior notes and other debts payable		595,514		0
Interest rate			4.125%
Lennar Homebuilding | Senior Notes | 4.750% senior notes due 2022
Debt Instrument [Line Items]
Senior notes and other debts payable		568,944		568,404
Lennar Homebuilding | Senior Notes | 4.875% senior notes due December 2023
Debt Instrument [Line Items]
Senior notes and other debts payable		394,567		394,170
Lennar Homebuilding | Senior Notes | 4.500% senior notes due 2024
Debt Instrument [Line Items]
Senior notes and other debts payable		645,113		0
Lennar Homebuilding | Senior Notes | 4.750% senior notes due 2025
Debt Instrument [Line Items]
Senior notes and other debts payable		496,449		496,226
Lennar Homebuilding | Senior Notes | 12.25% senior notes due 2017
Debt Instrument [Line Items]
Senior notes and other debts payable		0		398,232
Lennar Homebuilding | Mortgage notes on land and other debt
Debt Instrument [Line Items]
Senior notes and other debts payable		$ 291,781		$ 206,080
[1]	As of May 31, 2017 , total liabilities include $144.1 million related to consolidated VIEs as to which there was no recourse against the Company, of which $4.7 million is included in Lennar Homebuilding accounts payable, $133.6 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.1 million in Lennar Homebuilding other liabilities and $4.7 million in Rialto liabilities. As of November 30, 2016 , total liabilities include $126.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $3.6 million is included in Lennar Homebuilding accounts payable, $110.0 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $2.5 million in Lennar Homebuilding other liabilities and $10.3 million

Lennar Homebuilding Senior No66

Lennar Homebuilding Senior Notes and Other Debts Payable (Narrative) (Details) - USD ($)	1 Months Ended		6 Months Ended
	Apr. 30, 2017	Jan. 31, 2017	May 31, 2017	May 31, 2016	May 30, 2017	Nov. 30, 2016
Senior Notes
Debt Instrument [Line Items]
Net proceeds from debt			$ 1,235,940,000	$ 495,228,000
Lennar Homebuilding
Debt Instrument [Line Items]
Guarantee by subsidiaries			$ 75,000,000
Lennar Homebuilding | 4.125% senior notes due 2022
Debt Instrument [Line Items]
Interest rate			4.125%
Lennar Homebuilding | 4.500% senior notes due 2024
Debt Instrument [Line Items]
Interest rate			4.50%
Lennar Homebuilding | 12.25% senior notes due 2017
Debt Instrument [Line Items]
Interest rate			12.25%
Lennar Homebuilding | Surety Bond
Debt Instrument [Line Items]
Outstanding performance and surety bonds			$ 1,200,000,000
Uncompleted site improvements amount			$ 575,400,000
Uncompleted site improvements percent			48.00%
Lennar Homebuilding | Unsecured revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,800,000,000		$ 2,000,000,000
Accordion feature			403,000,000
Lennar Homebuilding | Unsecured revolving credit facility | Credit Facility Due in June 2020
Debt Instrument [Line Items]
Maximum borrowing capacity			50,000,000
Lennar Homebuilding | Unsecured revolving credit facility | Credit Facility Due in June 2022
Debt Instrument [Line Items]
Maximum borrowing capacity			1,400,000,000
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			330,000,000
Lennar Homebuilding | Performance Letters of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity			500,000,000
Letters of credit outstanding			318,700,000			$ 270,800,000
Lennar Homebuilding | Financial Letters of Credit
Debt Instrument [Line Items]
Letters of credit outstanding			144,300,000			210,300,000
Lennar Homebuilding | Senior Notes
Debt Instrument [Line Items]
Debt issuance cost			$ 28,100,000			$ 22,100,000
Lennar Homebuilding | Senior Notes | 4.125% senior notes due 2022
Debt Instrument [Line Items]
Debt principal amount		$ 600,000,000
Interest rate		4.125%
Debt proceeds as a percentage of face value		100.00%
Net proceeds from debt		$ 595,200,000
Lennar Homebuilding | Senior Notes | 4.500% senior notes due 2024
Debt Instrument [Line Items]
Debt principal amount	$ 650,000,000
Debt proceeds as a percentage of face value	100.00%
Net proceeds from debt	$ 645,000,000
Lennar Homebuilding | Senior Notes | 12.25% senior notes due 2017
Debt Instrument [Line Items]
Debt principal amount					$ 400,000,000

Product Warranty (Schedule of P

Product Warranty (Schedule of Product Warranty Reserve) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty reserve, beginning of period	$ 138,987	$ 124,733	$ 135,403	$ 130,853
Warranties issued	29,430	24,997	50,150	42,570
Adjustments to pre-existing warranties from changes in estimates	7,987	(115)	10,333	(735)
Warranties assumed related to the WCI acquisition	0	0	6,345	0
Payments	(24,571)	(22,456)	(50,398)	(45,529)
Warranty reserve, end of period	$ 151,833	$ 127,159	$ 151,833	$ 127,159

Share-Based Payments (Compensat

Share-Based Payments (Compensation Expense, Share-Based Payment Awards) (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares granted (in shares)	0	0	0	0
Nonvested shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense for share-based awards	$ 12.3	$ 11.1	$ 24.8	$ 22.3

Financial Instruments and Fai69

Financial Instruments and Fair Value Disclosures - (Carrying Amounts And Estimated Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands	May 31, 2017	Nov. 30, 2016
Lennar Homebuilding | Level 2 | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	$ 5,767,689	$ 4,575,977
Lennar Homebuilding | Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	5,964,645	4,669,643
Rialto | Level 3 | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable and loans held-for-investment	65,326	111,608
Investments held-to-maturity	112,452	71,260
Rialto | Level 3 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable and loans held-for-investment	65,326	113,747
Investments held-to-maturity	112,747	69,992
Rialto | Level 2 | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	781,845	622,335
Rialto | Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	803,943	646,366
Lennar Financial Services | Level 3 | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable and loans held-for-investment	32,691	30,004
Lennar Financial Services | Level 3 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable and loans held-for-investment	31,211	31,233
Lennar Financial Services | Level 2 | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments held-to-maturity	54,824	41,991
Notes and other debts payable	792,623	1,077,228
Lennar Financial Services | Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments held-to-maturity	54,857	42,058
Notes and other debts payable	$ 792,623	$ 1,077,228

Financial Instruments and Fai70

Financial Instruments and Fair Value Disclosures - (Fair Value Measured On Recurring Basis) (Details) - USD ($) $ in Thousands	May 31, 2017	Nov. 30, 2016
Rialto | Fair Value, Measurements, Recurring | RMF loans held-for-sale
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Aggregate principal balance	$ 80,400	$ 127,800
Aggregate fair value of loans (below) in excess of principal balance	2,400	(900)
Rialto | Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Financial asset	82,803	126,947
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	2,046	2,863
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	906	6
Lennar Financial Services
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Investments available-for-sale	56,005	53,570
Lennar Financial Services | Mortgage loan commitments
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Financial asset	18,400	7,400
Lennar Financial Services | Forward contracts
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Financial asset		26,500
Financial liability	6,800
Lennar Financial Services | Fair Value, Measurements, Recurring | RMF loans held-for-sale
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Aggregate principal balance	788,000	931,000
Aggregate fair value of loans (below) in excess of principal balance	32,400	8,400
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	56,005	53,570
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	820,443	939,405
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	27,370	23,930
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	18,372	7,437
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	$ (6,796)	$ 26,467

Financial Instruments and Fai71

Financial Instruments and Fair Value Disclosures - (Narrative) (Details)	3 Months Ended	6 Months Ended
	May 31, 2016USD ($)homescommunitycommunities	May 31, 2017USD ($)homescommunity	May 31, 2016USD ($)communities	May 31, 2015USD ($)homes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Discount rate		20.00%
Active communities	689	732	689
Number of communities assessed for impairment | community	20	16
Number of homesites assessed for impairment | homes	652	677
Inventory with potential indicators of impairment	$ 116,000,000	$ 70,000,000	$ 116,000,000
Valuation adjustments to inventory		$ 7,500,000	$ 0
Number of homes impaired | homes				469
Number of communities impaired | community		6
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Carrying value of homesites impaired				$ 12,000,000
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		14.10%
Discount rate		12.30%
Delinquency rate		6.10%
Commitments to Sell MBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Open commitments		$ 1,200,000,000

Financial Instruments and Fai72

Financial Instruments and Fair Value Disclosures - (Schedule Of Gains And Losses Of Financial Instruments) (Details) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016
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	$ 419	$ 919	$ 1,391	$ 482
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	419	919	1,391	482
Fair Value, Measurements, Recurring | Lennar Financial Services | RMF loans held-for-sale
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Changes in fair value included in revenue	10,737	3,121	24,037	3,634
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	4,715	(231)	10,935	5,822
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	(5,049)	7,988	(33,263)	(2,180)
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	(4)	6	(4)	6
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	(787)	5,879	(900)	873
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	$ (885)	$ (3,408)	$ (1,316)	$ 23

Financial Instruments and Fai73

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		6 Months Ended
	May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016
Mortgage servicing rights | Lennar Financial Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 26,497	$ 15,810	$ 23,930	$ 16,770
Purchases/loan originations	2,866	2,375	5,712	3,994
Sales/loan originations sold, including those not settled	0	0	0	0
Disposals/settlements	(904)	(943)	(1,795)	(1,570)
Changes in fair value	(1,089)	999	(477)	(953)
Interest and principal paydowns			0	0
Ending balance	27,370	18,241	27,370	18,241
Mortgage servicing rights | Rialto
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Interest and principal paydowns	0			0
RMF loans held-for-sale | Rialto
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	44,939	243,230	126,947	316,275
Purchases/loan originations	429,320	348,188	823,660	653,973
Sales/loan originations sold, including those not settled	(392,678)	(386,226)	(870,394)	(767,892)
Disposals/settlements	0	0	0	0
Changes in fair value	1,078	(5,293)	2,498	(1,209)
Interest and principal paydowns	144	(484)	92	(1,732)
Ending balance	$ 82,803	$ 199,415	$ 82,803	$ 199,415

Financial Instruments and Fai74

Financial Instruments and Fair Value Disclosures - (Fair Value Assets Measured On Nonrecurring Basis) (Details) - Fair Value, Measurements, Nonrecurring - Level 3 - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016
Rialto
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Impaired loans receivable, carrying value	$ 4	$ 56,010	$ 31,554	$ 63,627
Impaired loans receivable, fair value	0	51,628	18,885	56,906
Impaired loans receivable, total gains (losses)	(4)	(4,382)	(12,669)	(6,721)
FDIC Portfolios loans held-for-sale, carrying value	29,030	0	29,030	0
FDIC Portfolios loans held-for-sale, fair value	23,812	0	23,812	0
FDIC Portfolios loans held-for-sale, Total gains (losses)	(5,218)	0	(5,218)	0
REO, net: Upon acquisition/transfer, carrying value	21,429	15,470	30,303	33,436
REO, net: Upon acquisition/transfer, fair value	20,271	14,809	28,690	35,492
REO, net: Upon acquisition/transfer, total gains (losses)	(1,158)	(661)	(1,613)	2,056
REO, net: Upon management periodic valuation, carrying value	50,075	19,719	84,330	39,238
REO, net: Upon management periodic valuation, fair value	36,250	14,983	58,176	31,632
REO, net: Upon management periodic valuation, total gains (losses)	(13,825)	(4,736)	(26,154)	(7,606)
Lennar Homebuilding
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Land and land under development, carrying value	6,771	1,855	6,771	5,682
Land and land under development, fair value	3,094	1,500	3,094	4,925
Land and land under development, total gains (losses)	(3,677)	(355)	(3,677)	(757)
Inventory, Homes under Construction and Finished Homes, Fair Value Measurement Adjustments, Before Impairment	6,659	0	6,659	0
Inventory, Homes under Construction and Finished Homes, Fair Value Measurement Adjustments, After Impairment	2,745	0	2,745	0
Inventory Write-Down, Homes Under Construction and Finished Homes	$ (3,914)	$ 0	$ (3,914)	$ 0

Financial Instruments and Fai75

Financial Instruments and Fair Value Disclosures - (Unobservable Inputs Used in Discounted Cash Flow Model to Determine the Fair Value of Communities) (Details)	6 Months Ended
	May 31, 2017$ / homes
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	20.00%
Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Average selling price	125,000,000
Absorption rate per quarter (homes)	4
Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Average selling price	567,000,000
Absorption rate per quarter (homes)	10

Variable Interest Entities (Nar

Variable Interest Entities (Narrative) (Details) $ in Millions	6 Months Ended
	May 31, 2017USD ($)joint_venture	Nov. 30, 2016USD ($)joint_venture
Variable Interest Entity [Line Items]
Consolidated VIEs assets	$ 575.7	$ 536.3
Consolidated VIEs liabilities	$ 144.1	$ 126.4
Number of Unconsolidated Entities Debt Repayment Guarantee | joint_venture	3	1
Variable Interest Entity, Not Primary Beneficiary Including Third Parties
Variable Interest Entity [Line Items]
Decrease in consolidated inventory	$ 17.6
Non-refundable option deposits and pre-acquisition costs	91.1	$ 85
Financial Standby Letters of Credit | Variable Interest Entity, Not Primary Beneficiary Including Third Parties
Variable Interest Entity [Line Items]
Letters of credit outstanding	41.1	45.1
Lennar Multifamily | Equity Commitments | Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Obligations to make capital contributions to VIEs	(212.1)	(288.2)
Lennar Multifamily | Financial Standby Letters of Credit | Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Obligations to make capital contributions to VIEs	(15.1)	(19.7)
Lennar Homebuilding | Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Obligations to make capital contributions to VIEs	$ (72.9)	$ (43.4)
Number of Unconsolidated Entities Debt Repayment Guarantee | joint_venture	2

Variable Interest Entities (Inv

Variable Interest Entities (Investments in Unconsolidated Entities) (Details) - USD ($) $ in Thousands		May 31, 2017	Nov. 30, 2016
Lennar Homebuilding
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	[1]	$ 995,400	$ 811,723
Rialto
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	[1]	244,301	245,741
Lennar Multifamily
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities		$ 377,265	$ 318,559
[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 May 31, 2017 , total assets include $575.7 million related to consolidated VIEs of which $9.4 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $77.8 million in Lennar Homebuilding finished homes and construction in progress, $173.1 million in Lennar Homebuilding land and land under development, $138.6 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $12.9 million in Lennar Homebuilding other assets, $117.5 million in Rialto assets and $41.6 million in Lennar Multifamily assets. As of November 30, 2016 , total assets include $536.3 million related to consolidated VIEs of which $13.3 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $54.2 million in Lennar Homebuilding finished homes and construction in progress, $106.3 million in Lennar Homebuilding land and land under development, $121.0 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $13.9 million in Lennar Homebuilding other assets, $213.8 million in Rialto assets and $8.8 million

Variable Interest Entities (Est

Variable Interest Entities (Estimated Maximum Exposure To Loss) (Details) - USD ($) $ in Thousands	May 31, 2017	Nov. 30, 2016
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	$ 636,258	$ 433,128
Lennar’s Maximum Exposure to Loss	941,154	785,157
Lennar Homebuilding | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	214,608	120,940
Lennar’s Maximum Exposure to Loss	290,705	164,804
Obligations related to VIEs	72,900	43,400
Rialto
Variable Interest Entity [Line Items]
Investments held-to-maturity	112,452	71,260
Rialto | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	112,452	71,260
Lennar’s Maximum Exposure to Loss	112,452	71,260
Investments held-to-maturity	112,500	71,300
Lennar Multifamily | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	309,198	240,928
Lennar’s Maximum Exposure to Loss	537,997	549,093
Lennar Multifamily | Variable Interest Entity, Not Primary Beneficiary | Equity Commitments
Variable Interest Entity [Line Items]
Obligations related to VIEs	212,100	288,200
Lennar Multifamily | Variable Interest Entity, Not Primary Beneficiary | Financial Standby Letters of Credit
Variable Interest Entity [Line Items]
Obligations related to VIEs	$ 15,100	$ 19,700

Commitments and Contingent Li79

Commitments and Contingent Liabilities - (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	6 Months Ended	109 Months Ended
	Jan. 31, 2015	May 31, 2017	May 31, 2017	Jan. 31, 2015	Dec. 31, 2005
Loss Contingencies [Line Items]
Amount paid on contract				$ 20
District of Maryland
Loss Contingencies [Line Items]
Accrual for litigation			$ 140
District of Maryland | Judicial Ruling
Loss Contingencies [Line Items]
Purchase price in litigation		$ 114
Litigation interest rate	12.00%			12.00%
Interest and other closing costs	$ (124)
Original Contract
Loss Contingencies [Line Items]
Purchase price					$ 200
Renegotiated Contract
Loss Contingencies [Line Items]
Purchase price		$ 134	$ 134

Supplemental Financial Inform80

Supplemental Financial Information (Narrative) (Details) - USD ($)	6 Months Ended
	May 31, 2017	Jan. 31, 2017
Senior Notes | 4.75% senior notes due December 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 December 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 | 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 December 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 | 4.75% senior notes due December 2017
Debt Instrument [Line Items]
Interest rate	4.75%
Lennar Homebuilding | 6.95% senior notes due 2018
Debt Instrument [Line Items]
Interest rate	6.95%
Lennar Homebuilding | 4.125% senior notes due December 2018
Debt Instrument [Line Items]
Interest rate	4.125%
Lennar Homebuilding | 4.500% senior notes due 2019
Debt Instrument [Line Items]
Interest rate	4.50%
Lennar Homebuilding | 4.50% senior notes due 2019
Debt Instrument [Line Items]
Interest rate	4.50%
Lennar Homebuilding | 4.750% senior notes due 2021
Debt Instrument [Line Items]
Interest rate	4.75%
Lennar Homebuilding | 6.875% senior notes due 2021
Debt Instrument [Line Items]
Interest rate	6.875%
Lennar Homebuilding | 4.125% senior notes due 2022
Debt Instrument [Line Items]
Interest rate	4.125%
Lennar Homebuilding | 4.750% senior notes due 2022
Debt Instrument [Line Items]
Interest rate	4.75%
Lennar Homebuilding | 4.875% senior notes due December 2023
Debt Instrument [Line Items]
Interest rate	4.875%
Lennar Homebuilding | 4.500% senior notes due 2024
Debt Instrument [Line Items]
Interest rate	4.50%
Lennar Homebuilding | 4.750% senior notes due 2025
Debt Instrument [Line Items]
Interest rate	4.75%
Lennar Homebuilding | Senior Notes | 6.875% senior notes due 2021
Debt Instrument [Line Items]
Interest rate	6.875%
Lennar Homebuilding | Senior Notes | 4.125% senior notes due 2022
Debt Instrument [Line Items]
Interest rate		4.125%

Supplemental Financial Inform81

Supplemental Financial Information (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Thousands		May 31, 2017		Nov. 30, 2016		May 31, 2016	Nov. 30, 2015
Assets:
Total assets	[1]	$ 16,754,505		$ 15,361,781
LIABILITIES AND EQUITY
Total liabilities	[2]	9,317,499		8,150,214
Stockholders’ equity	[2]	7,322,571		7,026,042
Noncontrolling interests	[2]	114,435		185,525
Total equity		7,437,006	[2]	7,211,567	[2]	$ 6,362,934	$ 5,950,072
Total liabilities and equity	[2]	16,754,505		15,361,781
Lennar Homebuilding
Assets:
Cash and cash equivalents, restricted cash and receivables, net		836,689		1,163,091
Inventories		10,433,174		9,178,926
Investments in unconsolidated entities	[1]	995,400		811,723
Goodwill	[1]	136,633		0
Other assets	[1]	890,665		651,028
Investments in subsidiaries		0		0
Intercompany		0		0
Total assets	[1]	13,292,561		11,804,768
LIABILITIES AND EQUITY
Accounts payable and other liabilities		1,394,815		1,319,995
Liabilities related to consolidated inventory not owned	[2]	133,554		110,006
Senior notes and other debts payable	[2]	5,767,689		4,575,977
Intercompany		0		0
Total liabilities	[2]	7,296,058		6,005,978
Rialto
Assets:
Investments in unconsolidated entities	[1]	244,301		245,741
Goodwill		5,396		5,396
Other assets		134,372		113,671
Total assets	[1]	1,364,421		1,276,210
Lennar Financial Services loans held-for-sale		106,615		126,947
LIABILITIES AND EQUITY
Total liabilities	[2]	860,612		707,980
Lennar Financial Services
Assets:
Goodwill		59,838		39,838
Other assets		86,196		99,319
Total assets	[1]	1,444,294		1,754,672
Lennar Financial Services loans held-for-sale		820,443		939,405
Lennar Financial Services all other assets				815,267
LIABILITIES AND EQUITY
Total liabilities	[2]	1,037,663		1,318,283
Lennar Multifamily
Assets:
Investments in unconsolidated entities		377,265		318,559
Other assets		30,870		2,330
Total assets	[1]	653,229		526,131
LIABILITIES AND EQUITY
Accounts payable and other liabilities		123,166		117,973
Total liabilities	[2]	123,166		117,973
Reportable Legal Entities | Lennar Corporation
Assets:
Total assets		12,951,351		11,869,042
LIABILITIES AND EQUITY
Total liabilities		5,628,780		4,843,000
Stockholders’ equity		7,322,571		7,026,042
Noncontrolling interests		0		0
Total equity		7,322,571		7,026,042
Total liabilities and equity		12,951,351		11,869,042
Reportable Legal Entities | Lennar Corporation | Lennar Homebuilding
Assets:
Cash and cash equivalents, restricted cash and receivables, net		554,381		705,126
Inventories		0		0
Investments in unconsolidated entities		0		0
Goodwill		0
Other assets		224,770		227,267
Investments in subsidiaries		4,501,309		3,918,687
Intercompany		7,670,891		7,017,962
Total assets		12,951,351		11,869,042
LIABILITIES AND EQUITY
Accounts payable and other liabilities		413,029		473,103
Liabilities related to consolidated inventory not owned		0		0
Senior notes and other debts payable		5,215,751		4,369,897
Intercompany		0		0
Total liabilities		5,628,780		4,843,000
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
Lennar Financial Services loans held-for-sale				0
Lennar Financial Services all other assets				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		12,313,354		10,712,547
LIABILITIES AND EQUITY
Total liabilities		8,132,718		7,105,711
Stockholders’ equity		4,180,636		3,606,836
Noncontrolling interests		0		0
Total equity		4,180,636		3,606,836
Total liabilities and equity		12,313,354		10,712,547
Reportable Legal Entities | Guarantor Subsidiaries | Lennar Homebuilding
Assets:
Cash and cash equivalents, restricted cash and receivables, net		265,539		436,090
Inventories		10,157,196		8,901,874
Investments in unconsolidated entities		978,629		793,840
Goodwill		136,633
Other assets		579,538		346,865
Investments in subsidiaries		72,290		130,878
Intercompany		0		0
Total assets		12,189,825		10,609,547
LIABILITIES AND EQUITY
Accounts payable and other liabilities		866,959		778,249
Liabilities related to consolidated inventory not owned		120,054		13,582
Senior notes and other debts payable		534,593		203,572
Intercompany		6,573,012		6,071,778
Total liabilities		8,094,618		7,067,181
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		123,529
Lennar Financial Services all other assets				103,000
LIABILITIES AND EQUITY
Total liabilities		38,100		38,530
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		3,750,298		3,858,538
LIABILITIES AND EQUITY
Total liabilities		3,242,900		3,230,284
Stockholders’ equity		392,963		442,729
Noncontrolling interests		114,435		185,525
Total equity		507,398		628,254
Total liabilities and equity		3,750,298		3,858,538
Reportable Legal Entities | Non-Guarantor Subsidiaries | Lennar Homebuilding
Assets:
Cash and cash equivalents, restricted cash and receivables, net		16,769		21,875
Inventories		275,978		277,052
Investments in unconsolidated entities		16,771		17,883
Other assets		99,507		84,224
Investments in subsidiaries		0		0
Intercompany		0		0
Total assets		409,025		401,034
LIABILITIES AND EQUITY
Accounts payable and other liabilities		130,835		79,462
Liabilities related to consolidated inventory not owned		13,500		96,424
Senior notes and other debts payable		17,345		2,508
Intercompany		1,097,879		946,184
Total liabilities		1,259,559		1,124,578
Reportable Legal Entities | Non-Guarantor Subsidiaries | Rialto
Assets:
Total assets		1,364,421		1,276,210
LIABILITIES AND EQUITY
Total liabilities		860,612		707,980
Reportable Legal Entities | Non-Guarantor Subsidiaries | Lennar Financial Services
Assets:
Total assets		1,323,623
Lennar Financial Services loans held-for-sale				939,405
Lennar Financial Services all other assets				715,758
LIABILITIES AND EQUITY
Total liabilities		999,563		1,279,753
Reportable Legal Entities | Non-Guarantor Subsidiaries | Lennar Multifamily
Assets:
Total assets		653,229		526,131
LIABILITIES AND EQUITY
Total liabilities		123,166		117,973
Consolidating Adjustments
Assets:
Total assets		(12,260,498)		(11,078,346)
LIABILITIES AND EQUITY
Total liabilities		(7,686,899)		(7,028,781)
Stockholders’ equity		(4,573,599)		(4,049,565)
Noncontrolling interests		0		0
Total equity		(4,573,599)		(4,049,565)
Total liabilities and equity		(12,260,498)		(11,078,346)
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
Goodwill		0
Other assets		(13,150)		(7,328)
Investments in subsidiaries		(4,573,599)		(4,049,565)
Intercompany		(7,670,891)		(7,017,962)
Total assets		(12,257,640)		(11,074,855)
LIABILITIES AND EQUITY
Accounts payable and other liabilities		(16,008)		(10,819)
Liabilities related to consolidated inventory not owned		0		0
Senior notes and other debts payable		0		0
Intercompany		(7,670,891)		(7,017,962)
Total liabilities		(7,686,899)		(7,028,781)
Consolidating Adjustments | Rialto
Assets:
Total assets		0		0
LIABILITIES AND EQUITY
Total liabilities		0		0
Consolidating Adjustments | Lennar Financial Services
Assets:
Total assets		(2,858)
Lennar Financial Services all other assets				(3,491)
LIABILITIES AND EQUITY
Total liabilities		0		0
Consolidating Adjustments | Lennar Multifamily
Assets:
Total assets		0		0
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 May 31, 2017 , total assets include $575.7 million related to consolidated VIEs of which $9.4 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $77.8 million in Lennar Homebuilding finished homes and construction in progress, $173.1 million in Lennar Homebuilding land and land under development, $138.6 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $12.9 million in Lennar Homebuilding other assets, $117.5 million in Rialto assets and $41.6 million in Lennar Multifamily assets. As of November 30, 2016 , total assets include $536.3 million related to consolidated VIEs of which $13.3 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $54.2 million in Lennar Homebuilding finished homes and construction in progress, $106.3 million in Lennar Homebuilding land and land under development, $121.0 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $13.9 million in Lennar Homebuilding other assets, $213.8 million in Rialto assets and $8.8 million
[2]	As of May 31, 2017 , total liabilities include $144.1 million related to consolidated VIEs as to which there was no recourse against the Company, of which $4.7 million is included in Lennar Homebuilding accounts payable, $133.6 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.1 million in Lennar Homebuilding other liabilities and $4.7 million in Rialto liabilities. As of November 30, 2016 , total liabilities include $126.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $3.6 million is included in Lennar Homebuilding accounts payable, $110.0 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $2.5 million in Lennar Homebuilding other liabilities and $10.3 million

Supplemental Financial Inform82

Supplemental Financial Information (Condensed Consolidating Statement of Operations and Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016
Revenues:
Revenues	$ 3,261,892	$ 2,745,815	$ 5,599,320	$ 4,739,479
Cost and expenses:
Corporate general and administrative	66,774	55,802	127,473	103,470
Total costs and expenses	2,928,667	2,423,362	5,077,868	4,238,187
Equity in earnings (loss) from unconsolidated entities			5,986	35,422
Earnings before income taxes	309,600	327,839	359,243	529,532
Benefit (provision) for income taxes	(108,892)	(103,801)	(128,861)	(160,042)
Equity in earnings from subsidiaries		0	0	0
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	200,708	224,038	230,382	369,490
Less: Net earnings (loss) attributable to noncontrolling interests	(12,937)	5,569	(21,343)	6,941
Net earnings attributable to Lennar	213,645	218,469	251,725	362,549
Other comprehensive income, net of tax:
Net unrealized gains on securities available-for-sale	419	919	1,391	482
Reclassification adjustments for (gains) loss included in earnings, net of tax	4	(6)	4	(6)
Other comprehensive income attributable to Lennar	214,068	219,382	253,120	363,025
Other comprehensive income (loss) attributable to noncontrolling interests	(12,937)	5,569	(21,343)	6,941
Lennar Homebuilding
Revenues:
Revenues	2,885,741	2,450,885	4,904,435	4,237,366
Cost and expenses:
Cost and expenses	2,535,483	2,112,288	4,337,044	3,680,493
Equity in earnings (loss) from unconsolidated entities	(21,506)	(9,633)	(33,040)	(6,633)
Other income (expense), net	3,828	13,732	9,567	13,094
Loss due to litigation accrual	0	0	(140,000)	0
Lennar Financial Services
Revenues:
Revenues	208,363	175,940	356,406	299,896
Cost and expenses:
Cost and expenses	164,636	131,852	292,015	240,877
Rialto
Revenues:
Revenues	67,988	44,838	149,994	88,549
Cost and expenses:
Cost and expenses	59,076	50,203	125,989	93,110
Equity in earnings (loss) from unconsolidated entities	5,730	6,864	6,452	8,361
Other income (expense), net	(21,104)	(19,585)	(37,762)	(20,276)
Lennar Multifamily
Revenues:
Revenues	99,800	74,152	188,485	113,668
Cost and expenses:
Cost and expenses	102,698	73,217	195,347	120,237
Equity in earnings (loss) from unconsolidated entities	9,427	14,008	32,574	33,694
Reportable Legal Entities | Lennar Corporation
Revenues:
Revenues	0	0	0	0
Cost and expenses:
Corporate general and administrative	65,217	54,282	124,396	100,430
Total costs and expenses	65,217	54,282	124,396	100,430
Earnings before income taxes	(65,397)	(55,014)	(124,827)	(101,436)
Benefit (provision) for income taxes	21,822	18,025	42,266	31,060
Equity in earnings from subsidiaries	257,220	255,458	334,286	432,925
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	213,645	218,469	251,725	362,549
Less: Net earnings (loss) attributable to noncontrolling interests	0		0	0
Net earnings attributable to Lennar	213,645	218,469	251,725	362,549
Other comprehensive income, net of tax:
Net unrealized gains on securities available-for-sale	0	0	0	0
Reclassification adjustments for (gains) loss included in earnings, net of tax	0	0	0	0
Other comprehensive income attributable to Lennar	213,645	218,469	251,725	362,549
Other comprehensive income (loss) attributable to noncontrolling interests	0	0	0	0
Reportable Legal Entities | Lennar Corporation | Lennar Homebuilding
Revenues:
Revenues	0	0	0	0
Cost and expenses:
Cost and expenses	0	0	0	0
Equity in earnings (loss) from unconsolidated entities	0	0	0	0
Other income (expense), net	(180)	(732)	(431)	(1,006)
Loss due to litigation accrual			0
Reportable Legal Entities | Lennar Corporation | Lennar Financial Services
Revenues:
Revenues	0	0	0	0
Cost and expenses:
Cost and expenses	0	0	0	0
Reportable Legal Entities | Lennar Corporation | Rialto
Revenues:
Revenues	0	0	0	0
Cost and expenses:
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
Revenues:
Revenues	0	0	0	0
Cost and expenses:
Cost and expenses	0	0	0	0
Equity in earnings (loss) from unconsolidated entities	0	0	0	0
Reportable Legal Entities | Guarantor Subsidiaries
Revenues:
Revenues	2,962,208	2,504,195	5,025,599	4,331,286
Cost and expenses:
Corporate general and administrative	291	254	546	509
Total costs and expenses	2,603,040	2,174,870	4,446,361	3,773,103
Earnings before income taxes	339,580	341,088	412,863	564,122
Benefit (provision) for income taxes	(112,372)	(108,653)	(135,716)	(170,363)
Equity in earnings from subsidiaries	21,415	15,458	28,308	19,996
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	248,623	247,893	305,455	413,755
Less: Net earnings (loss) attributable to noncontrolling interests	0		0	0
Net earnings attributable to Lennar	248,623	247,893	305,455	413,755
Other comprehensive income, net of tax:
Net unrealized gains on securities available-for-sale	0	0	0	0
Reclassification adjustments for (gains) loss included in earnings, net of tax	0	0	0	0
Other comprehensive income attributable to Lennar	248,623	247,893	305,455	413,755
Other comprehensive income (loss) attributable to noncontrolling interests	0	0	0	0
Reportable Legal Entities | Guarantor Subsidiaries | Lennar Homebuilding
Revenues:
Revenues	2,875,612	2,450,885	4,888,494	4,237,366
Cost and expenses:
Cost and expenses	2,525,007	2,126,412	4,319,017	3,682,578
Equity in earnings (loss) from unconsolidated entities	(21,468)	(10,860)	(33,028)	(7,011)
Other income (expense), net	1,880	22,623	6,653	12,950
Loss due to litigation accrual			(140,000)
Reportable Legal Entities | Guarantor Subsidiaries | Lennar Financial Services
Revenues:
Revenues	86,596	53,310	137,105	93,920
Cost and expenses:
Cost and expenses	77,742	48,204	126,798	90,016
Reportable Legal Entities | Guarantor Subsidiaries | Rialto
Revenues:
Revenues	0	0	0	0
Cost and expenses:
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
Revenues:
Revenues	0	0	0	0
Cost and expenses:
Cost and expenses	0	0	0	0
Equity in earnings (loss) from unconsolidated entities	0	0	0	0
Reportable Legal Entities | Non-Guarantor Subsidiaries
Revenues:
Revenues	304,719	246,651	583,786	418,233
Cost and expenses:
Corporate general and administrative	0	0	0	0
Total costs and expenses	265,255	198,501	516,725	373,670
Earnings before income taxes	35,417	41,765	71,207	66,846
Benefit (provision) for income taxes	(18,342)	(13,173)	(35,411)	(20,739)
Equity in earnings from subsidiaries		0	0	0
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	17,075	28,592	35,796	46,107
Less: Net earnings (loss) attributable to noncontrolling interests	(12,937)	5,569	(21,343)	6,941
Net earnings attributable to Lennar	30,012	23,023	57,139	39,166
Other comprehensive income, net of tax:
Net unrealized gains on securities available-for-sale	419	919	1,391	482
Reclassification adjustments for (gains) loss included in earnings, net of tax	4	(6)	4	(6)
Other comprehensive income attributable to Lennar	30,435	23,936	58,534	39,642
Other comprehensive income (loss) attributable to noncontrolling interests	(12,937)	5,569	(21,343)	6,941
Reportable Legal Entities | Non-Guarantor Subsidiaries | Lennar Homebuilding
Revenues:
Revenues	10,129	0	15,941	0
Cost and expenses:
Cost and expenses	10,718	(6,231)	18,586	8,632
Equity in earnings (loss) from unconsolidated entities	(38)	1,227	(12)	378
Other income (expense), net	1,938	(8,899)	2,894	126
Loss due to litigation accrual			0
Reportable Legal Entities | Non-Guarantor Subsidiaries | Lennar Financial Services
Revenues:
Revenues	126,767	127,642	229,299	215,984
Cost and expenses:
Cost and expenses	92,673	81,255	176,661	151,324
Reportable Legal Entities | Non-Guarantor Subsidiaries | Rialto
Revenues:
Revenues	67,988	44,838	149,994	88,549
Cost and expenses:
Cost and expenses	59,166	50,260	126,131	93,477
Equity in earnings (loss) from unconsolidated entities	5,730	6,864	6,452	8,361
Other income (expense), net	(21,104)	(19,585)	(37,762)	(20,276)
Reportable Legal Entities | Non-Guarantor Subsidiaries | Lennar Multifamily
Revenues:
Revenues	99,835	74,171	188,552	113,700
Cost and expenses:
Cost and expenses	102,698	73,217	195,347	120,237
Equity in earnings (loss) from unconsolidated entities	9,427	14,008	32,574	33,694
Consolidating Adjustments
Revenues:
Revenues	(5,035)	(5,031)	(10,065)	(10,040)
Cost and expenses:
Corporate general and administrative	1,266	1,266	2,531	2,531
Total costs and expenses	(4,845)	(4,291)	(9,614)	(9,016)
Earnings before income taxes	0	0	0	0
Benefit (provision) for income taxes	0	0	0	0
Equity in earnings from subsidiaries	(278,635)	(270,916)	(362,594)	(452,921)
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	(278,635)	(270,916)	(362,594)	(452,921)
Less: Net earnings (loss) attributable to noncontrolling interests	0		0	0
Net earnings attributable to Lennar	(278,635)	(270,916)	(362,594)	(452,921)
Other comprehensive income, net of tax:
Net unrealized gains on securities available-for-sale	0	0	0	0
Reclassification adjustments for (gains) loss included in earnings, net of tax	0	0	0	0
Other comprehensive income attributable to Lennar	(278,635)	(270,916)	(362,594)	(452,921)
Other comprehensive income (loss) attributable to noncontrolling interests	0	0	0	0
Consolidating Adjustments | Lennar Homebuilding
Revenues:
Revenues	0	0	0	0
Cost and expenses:
Cost and expenses	(242)	(7,893)	(559)	(10,717)
Equity in earnings (loss) from unconsolidated entities	0	0	0	0
Other income (expense), net	190	740	451	1,024
Loss due to litigation accrual			0
Consolidating Adjustments | Lennar Financial Services
Revenues:
Revenues	(5,000)	(5,012)	(9,998)	(10,008)
Cost and expenses:
Cost and expenses	(5,779)	2,393	(11,444)	(463)
Consolidating Adjustments | Rialto
Revenues:
Revenues	0	0	0	0
Cost and expenses:
Cost and expenses	(90)	(57)	(142)	(367)
Equity in earnings (loss) from unconsolidated entities	0	0	0	0
Other income (expense), net	0	0	0	0
Consolidating Adjustments | Lennar Multifamily
Revenues:
Revenues	(35)	(19)	(67)	(32)
Cost and expenses:
Cost and expenses	0	0	0	0
Equity in earnings (loss) from unconsolidated entities	$ 0	$ 0	$ 0	$ 0

Supplemental Financial Inform83

Supplemental Financial Information (Condensed Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016
Cash flows from operating activities:
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	$ 200,708	$ 224,038	$ 230,382	$ 369,490
Distributions of earnings from guarantor and non-guarantor subsidiaries			0	0
Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities			(390,141)	(544,872)
Net cash used in operating activities			(159,759)	(175,382)
Cash flows from investing activities:
Investments in and contributions to unconsolidated entities, net of distributions of capital			(219,256)	(107,216)
Proceeds from sales of real estate owned			55,521	43,412
Receipts of principal payments on loans receivable and other			19,487	5,484
Originations of loans receivable			(14,055)	(16,864)
Purchases of commercial mortgage-backed securities bonds			(40,357)	(33,005)
Acquisition, net of cash acquired			(611,103)	(600)
Other			(44,286)	(41,438)
Distributions of capital from guarantor and non-guarantor subsidiaries			0	0
Intercompany			0	0
Net cash used in investing activities			(873,536)	(149,627)
Cash flows from financing activities:
Redemption of senior notes			400,000	250,000
Conversions and exchanges on convertible senior notes			0	(233,893)
Net payments on other borrowings			34,496	(87,532)
Net payments related to noncontrolling interests			(47,589)	(73,028)
Excess tax benefits from share-based awards			1,980	7,039
Common stock:
Issuances			693	594
Repurchases			(83)	(971)
Dividends			(18,778)	(17,191)
Intercompany			0	0
Net cash (used in) provided by financing activities			687,734	(17,959)
Net decrease in cash and cash equivalents			(345,561)	(342,968)
Cash and cash equivalents at beginning of period			1,329,529	1,158,445
Cash and cash equivalents at end of period	983,968	815,477	983,968	815,477
Rialto
Cash flows from financing activities:
Net proceeds on Rialto notes payable			25,340
Principal payments on Rialto notes payable			(10,120)	(2,999)
Common stock:
Cash and cash equivalents at beginning of period			148,827
Cash and cash equivalents at end of period	119,592		119,592
Senior Notes
Cash flows from financing activities:
Net proceeds from debt			1,235,940	495,228
Unsecured Revolving Credit Facility
Cash flows from financing activities:
Net (repayments) borrowings under credit facilities			0	375,000
Warehouse Repurchase Facility
Cash flows from financing activities:
Net (repayments) borrowings under credit facilities			(144,265)	(230,206)
Reportable Legal Entities | Lennar Corporation
Cash flows from operating activities:
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	213,645	218,469	251,725	362,549
Distributions of earnings from guarantor and non-guarantor subsidiaries			334,286	432,925
Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities			(340,147)	(412,335)
Net cash used in operating activities			245,864	383,139
Cash flows from investing activities:
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
Originations of loans receivable			0	0
Purchases of commercial mortgage-backed securities bonds			0	0
Acquisition, net of cash acquired			(611,103)
Other			(3,897)	(6,704)
Distributions of capital from guarantor and non-guarantor subsidiaries			60,000	40,000
Intercompany			(657,990)	(1,008,886)
Net cash used in investing activities			(1,212,990)	(975,590)
Cash flows from financing activities:
Redemption of senior notes			400,000	250,000
Conversions and exchanges on convertible senior notes				(233,893)
Net payments on other borrowings			0
Net payments related to noncontrolling interests			0	0
Excess tax benefits from share-based awards			1,980	7,039
Common stock:
Issuances			693	594
Repurchases			(83)	(971)
Dividends			(18,778)	(17,191)
Intercompany			0	0
Net cash (used in) provided by financing activities			824,261	376,552
Net decrease in cash and cash equivalents			(142,865)	(215,899)
Cash and cash equivalents at beginning of period			697,112	575,821
Cash and cash equivalents at end of period	554,247	359,922	554,247	359,922
Reportable Legal Entities | Lennar Corporation | Rialto
Cash flows from financing activities:
Net proceeds on Rialto notes payable			0
Principal payments on Rialto notes payable				0
Reportable Legal Entities | Lennar Corporation | Senior Notes
Cash flows from financing activities:
Net proceeds from debt			1,240,449	495,974
Reportable Legal Entities | Lennar Corporation | Unsecured Revolving Credit Facility
Cash flows from financing activities:
Net (repayments) borrowings under credit facilities				375,000
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 (loss) attributable to noncontrolling interests)	248,623	247,893	305,455	413,755
Distributions of earnings from guarantor and non-guarantor subsidiaries			28,308	19,996
Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities			(412,545)	(789,132)
Net cash used in operating activities			(78,782)	(355,381)
Cash flows from investing activities:
Investments in and contributions to unconsolidated entities, net of distributions of capital			(218,153)	(65,441)
Proceeds from sales of real estate owned			0	0
Receipts of principal payments on loans receivable and other				0
Originations of loans receivable			0	0
Purchases of commercial mortgage-backed securities bonds			0	0
Acquisition, net of cash acquired			0
Other			(23,370)	(30,269)
Distributions of capital from guarantor and non-guarantor subsidiaries			60,000	40,000
Intercompany			0	0
Net cash used in investing activities			(181,523)	(55,710)
Cash flows from financing activities:
Redemption of senior notes			0	0
Conversions and exchanges on convertible senior notes				0
Net payments on other borrowings			(28,705)	(87,532)
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			(365,455)	(453,755)
Intercompany			497,457	879,733
Net cash (used in) provided by financing activities			103,246	338,446
Net decrease in cash and cash equivalents			(157,059)	(72,645)
Cash and cash equivalents at beginning of period			377,070	336,048
Cash and cash equivalents at end of period	220,011	263,403	220,011	263,403
Reportable Legal Entities | Guarantor Subsidiaries | Rialto
Cash flows from financing activities:
Net proceeds on Rialto notes payable			0
Principal payments on Rialto notes payable				0
Reportable Legal Entities | Guarantor Subsidiaries | Senior Notes
Cash flows from financing activities:
Net proceeds from debt			0	0
Reportable Legal Entities | Guarantor Subsidiaries | Unsecured Revolving Credit Facility
Cash flows from financing activities:
Net (repayments) borrowings under credit facilities				0
Reportable Legal Entities | Guarantor Subsidiaries | Warehouse Repurchase Facility
Cash flows from financing activities:
Net (repayments) borrowings under credit facilities			(51)	0
Reportable Legal Entities | Non-Guarantor Subsidiaries
Cash flows from operating activities:
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	17,075	28,592	35,796	46,107
Distributions of earnings from guarantor and non-guarantor subsidiaries			0	0
Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities			(43)	203,674
Net cash used in operating activities			35,753	249,781
Cash flows from investing activities:
Investments in and contributions to unconsolidated entities, net of distributions of capital			(1,103)	(41,775)
Proceeds from sales of real estate owned			55,521	43,412
Receipts of principal payments on loans receivable and other				5,484
Originations of loans receivable			(14,055)	(16,864)
Purchases of commercial mortgage-backed securities bonds			(40,357)	(33,005)
Acquisition, net of cash acquired			0
Other			(17,019)	(4,465)
Distributions of capital from guarantor and non-guarantor subsidiaries			0	0
Intercompany			0	0
Net cash used in investing activities			(17,013)	(47,213)
Cash flows from financing activities:
Redemption of senior notes			0	0
Conversions and exchanges on convertible senior notes				0
Net payments on other borrowings			63,201
Net payments related to noncontrolling interests			(47,589)	(73,028)
Excess tax benefits from share-based awards			0	0
Common stock:
Issuances			0	0
Repurchases			0	0
Dividends			(117,139)	(79,166)
Intercompany			160,533	129,153
Net cash (used in) provided by financing activities			(64,377)	(256,992)
Net decrease in cash and cash equivalents			(45,637)	(54,424)
Cash and cash equivalents at beginning of period			255,347	246,576
Cash and cash equivalents at end of period	209,710	192,152	209,710	192,152
Reportable Legal Entities | Non-Guarantor Subsidiaries | Rialto
Cash flows from financing activities:
Net proceeds on Rialto notes payable			25,340
Principal payments on Rialto notes payable				(2,999)
Reportable Legal Entities | Non-Guarantor Subsidiaries | Senior Notes
Cash flows from financing activities:
Net proceeds from debt			(4,509)	(746)
Reportable Legal Entities | Non-Guarantor Subsidiaries | Unsecured Revolving Credit Facility
Cash flows from financing activities:
Net (repayments) borrowings under credit facilities				0
Reportable Legal Entities | Non-Guarantor Subsidiaries | Warehouse Repurchase Facility
Cash flows from financing activities:
Net (repayments) borrowings under credit facilities			(144,214)	(230,206)
Consolidating Adjustments
Cash flows from operating activities:
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	(278,635)	(270,916)	(362,594)	(452,921)
Distributions of earnings from guarantor and non-guarantor subsidiaries			(362,594)	(452,921)
Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities			362,594	452,921
Net cash used in operating activities			(362,594)	(452,921)
Cash flows from investing activities:
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
Originations of loans receivable			0	0
Purchases of commercial mortgage-backed securities bonds			0	0
Acquisition, net of cash acquired			0
Other			0	0
Distributions of capital from guarantor and non-guarantor subsidiaries			(120,000)	(80,000)
Intercompany			657,990	1,008,886
Net cash used in investing activities			537,990	928,886
Cash flows from financing activities:
Redemption of senior notes			0	0
Conversions and exchanges on convertible senior notes				0
Net 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			482,594	532,921
Intercompany			(657,990)	(1,008,886)
Net cash (used in) provided by financing activities			(175,396)	(475,965)
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:
Net proceeds on Rialto notes payable			0
Principal payments on Rialto notes payable				0
Consolidating Adjustments | Senior Notes
Cash flows from financing activities:
Net proceeds from debt			0	0
Consolidating Adjustments | Unsecured Revolving Credit Facility
Cash flows from financing activities:
Net (repayments) borrowings under credit facilities				0
Consolidating Adjustments | Warehouse Repurchase Facility
Cash flows from financing activities:
Net (repayments) borrowings under credit facilities			$ 0	$ 0