Lennar (LEN) 10-Q 10 Oct 17 2017 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Aug. 31, 2017	Sep. 30, 2017
Class of Stock [Line Items]
Entity Registrant Name	LENNAR CORP /NEW/
Entity Central Index Key	920,760
Current Fiscal Year End Date	--11-30
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Aug. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class A Common Stock
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		203,957,071
Class B Common Stock
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		31,303,195

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Aug. 31, 2017	Nov. 30, 2016
ASSETS
Cash and cash equivalents		$ 837,726	$ 1,329,529
Inventories:
Total assets	[1]	16,939,373	15,361,781
LIABILITIES AND EQUITY
Total liabilities	[2]	9,279,913	8,150,214
Stockholders' equity:
Preferred stock	[2]	0	0
Additional paid-in capital	[2]	2,886,273	2,805,349
Retained earnings	[2]	4,778,965	4,306,256
Treasury stock, at cost; August 31, 2017 - 1,467,826 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]	(136,070)	(108,961)
Accumulated other comprehensive income (loss)	[2]	1,251	(309)
Total stockholders’ equity	[2]	7,554,260	7,026,042
Noncontrolling interests	[2]	105,200	185,525
Total equity	[2]	7,659,460	7,211,567
Total liabilities and equity	[2]	16,939,373	15,361,781
Class A Common Stock
Stockholders' equity:
Common stock		20,543	20,409	[2]
Class B Common Stock
Stockholders' equity:
Common stock	[2]	3,298	3,298
Lennar Homebuilding
ASSETS
Cash and cash equivalents		564,591	1,050,138	[1]
Restricted cash	[1]	9,051	5,977
Receivables, net	[1]	86,640	106,976
Inventories:
Finished homes and construction in progress	[1]	5,037,433	3,951,716
Land and land under development	[1]	5,497,572	5,106,191
Consolidated inventory not owned	[1]	386,579	121,019
Total inventories	[1]	10,921,584	9,178,926
Investments in unconsolidated entities	[1]	1,016,588	811,723
Goodwill	[1]	140,270	0
Other assets	[1]	936,796	651,028
Total assets	[1]	13,675,520	11,804,768
LIABILITIES AND EQUITY
Accounts payable		524,852	478,546	[2]
Liabilities related to consolidated inventory not owned	[2]	381,679	110,006
Senior notes and other debts payable	[2]	5,523,765	4,575,977
Other liabilities	[2]	1,068,028	841,449
Total liabilities	[2]	7,498,324	6,005,978
Lennar Financial Services
ASSETS
Cash and cash equivalents		115,016	123,964
Restricted cash		14,152	17,053
Receivables, net		286,902	409,528
Inventories:
Goodwill		59,838	39,838
Other assets		98,551	99,319
Total assets	[1]	1,385,188	1,754,672
LIABILITIES AND EQUITY
Other liabilities		230,371	241,055
Total liabilities	[2]	950,098	1,318,283
Rialto
ASSETS
Cash and cash equivalents		154,814	148,827
Restricted cash		30,928	9,935
Receivables, net		0	204,518
Inventories:
Investments in unconsolidated entities	[1]	249,551	245,741
Goodwill		5,396	5,396
Other assets		136,194	113,671
Total assets	[1]	1,195,407	1,276,210
LIABILITIES AND EQUITY
Other liabilities		86,177	85,645
Total liabilities		703,329	707,980
Lennar Multifamily
ASSETS
Cash and cash equivalents		3,305	6,600
Receivables, net		71,464	58,929
Inventories:
Land and land under development		179,965	139,713
Investments in unconsolidated entities		397,119	318,559
Other assets		31,405	2,330
Total assets	[1]	683,258	526,131
LIABILITIES AND EQUITY
Total liabilities	[2]	$ 128,162	$ 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 August 31, 2017, total assets include $812.9 million related to consolidated VIEs of which $9.7 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $81.3 million in Lennar Homebuilding finished homes and construction in progress, $189.6 million in Lennar Homebuilding land and land under development, $386.6 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $13.1 million in Lennar Homebuilding other assets, $85.8 million in Rialto assets and $42.0 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 in Lennar Multifamily assets.
[2]	Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations, ("ASC 810") the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of August 31, 2017, total liabilities include $390.2 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, $381.7 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.1 million in Lennar Homebuilding other liabilities and $2.7 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 in Rialto liabilities.

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands		Aug. 31, 2017	Nov. 30, 2016
Total assets	[1]	$ 16,939,373	$ 15,361,781
Cash and cash equivalents		837,726	1,329,529
Total liabilities	[2]	$ 9,279,913	$ 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		205,428,593	204,089,447
Treasury stock, shares		1,467,826	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		$ 812,900	$ 536,300
Total liabilities		390,200	126,400
Lennar Homebuilding
Total assets	[1]	13,675,520	11,804,768
Cash and cash equivalents		564,591	1,050,138	[1]
Receivables, net	[1]	86,640	106,976
Finished homes and construction in progress	[1]	5,037,433	3,951,716
Land and land under development	[1]	5,497,572	5,106,191
Consolidated inventory not owned	[1]	386,579	121,019
Investments in unconsolidated entities	[1]	1,016,588	811,723
Other assets	[1]	936,796	651,028
Total liabilities	[2]	7,498,324	6,005,978
Accounts payable		524,852	478,546	[2]
Liabilities related to consolidated inventory not owned	[2]	381,679	110,006
Other liabilities	[2]	1,068,028	841,449
Lennar Homebuilding | Variable Interest Entity, Primary Beneficiary
Cash and cash equivalents		9,700	13,300
Receivables, net		200	200
Finished homes and construction in progress		81,300	54,200
Land and land under development		189,600	106,300
Consolidated inventory not owned		386,600	121,000
Investments in unconsolidated entities		4,600	4,600
Other assets		13,100	13,900
Accounts payable		4,700	3,600
Liabilities related to consolidated inventory not owned		381,700	110,000
Other liabilities		1,100	2,500
Rialto
Total assets	[1]	1,195,407	1,276,210
Cash and cash equivalents		154,814	148,827
Receivables, net		0	204,518
Investments in unconsolidated entities	[1]	249,551	245,741
Other assets		136,194	113,671
Total liabilities		703,329	707,980
Other liabilities		86,177	85,645
Lennar Multifamily
Total assets	[1]	683,258	526,131
Cash and cash equivalents		3,305	6,600
Receivables, net		71,464	58,929
Land and land under development		179,965	139,713
Investments in unconsolidated entities		397,119	318,559
Other assets		31,405	2,330
Total liabilities	[2]	128,162	117,973
Lennar Multifamily | Variable Interest Entity, Primary Beneficiary
Total assets		42,000	8,800
Variable Interest Entity, Primary Beneficiary | Rialto
Total assets		85,800	213,800
Total liabilities		$ 2,700	$ 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 August 31, 2017, total assets include $812.9 million related to consolidated VIEs of which $9.7 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $81.3 million in Lennar Homebuilding finished homes and construction in progress, $189.6 million in Lennar Homebuilding land and land under development, $386.6 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $13.1 million in Lennar Homebuilding other assets, $85.8 million in Rialto assets and $42.0 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 in Lennar Multifamily assets.
[2]	Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations, ("ASC 810") the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of August 31, 2017, total liabilities include $390.2 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, $381.7 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.1 million in Lennar Homebuilding other liabilities and $2.7 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 in Rialto liabilities.

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2017	Aug. 31, 2016
Revenues:
Revenues	$ 3,261,476	$ 2,833,894	$ 8,860,796	$ 7,573,373
Cost and expenses:
Corporate general and administrative	72,860	61,164	200,333	164,634
Total costs and expenses	2,886,383	2,509,700	7,964,251	6,747,887
Equity in earnings (loss) from unconsolidated entities			12,838	28,424
Earnings before income taxes	368,385	339,558	727,628	869,090
Provision for income taxes	(124,795)	(106,427)	(253,656)	(266,469)
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	243,590	233,131	473,972	602,621
Less: Net earnings (loss) attributable to noncontrolling interests	(5,575)	(2,711)	(26,918)	4,230
Net earnings attributable to Lennar	249,165	235,842	500,890	598,391
Other comprehensive income, net of tax:
Net unrealized gains on securities available-for-sale	165	639	1,556	1,121
Reclassification adjustments for (gains) loss included in earnings, net of tax	0	(31)	4	(37)
Other comprehensive income attributable to Lennar	249,330	236,450	502,450	599,475
Other comprehensive income (loss) attributable to noncontrolling interests	$ (5,575)	$ (2,711)	$ (26,918)	$ 4,230
Basic earnings per share (in dollars per share)	$ 1.06	$ 1.04	$ 2.13	$ 2.74
Diluted earnings per share (in dollars per share)	1.06	1.01	2.13	2.59
Class A Common Stock
Other comprehensive income, net of tax:
Cash dividends per each common share (in dollars per share)	$ 0.04	$ 0.04	$ 0.12	$ 0.12
Lennar Homebuilding
Revenues:
Revenues	$ 2,885,195	$ 2,496,969	$ 7,789,630	$ 6,734,335
Cost and expenses:
Cost and expenses	2,492,065	2,164,027	6,829,109	5,844,520
Equity in earnings (loss) from unconsolidated entities	(9,651)	(18,034)	(42,691)	(24,667)
Other income (expense), net	2,797	29,974	12,364	43,068
Lennar Homebuilding loss due to litigation	0	0	(140,000)	0
Lennar Financial Services
Revenues:
Revenues	215,056	191,444	571,462	491,340
Cost and expenses:
Cost and expenses	165,999	138,196	458,014	379,073
Rialto
Revenues:
Revenues	57,810	63,885	207,804	152,434
Cost and expenses:
Cost and expenses	49,503	62,306	175,492	155,416
Equity in earnings (loss) from unconsolidated entities	4,858	5,976	11,310	14,337
Other income (expense), net	(16,357)	(7,612)	(54,119)	(27,888)
Lennar Multifamily
Revenues:
Revenues	103,415	81,596	291,900	195,264
Cost and expenses:
Cost and expenses	105,956	84,007	301,303	204,244
Equity in earnings (loss) from unconsolidated entities	$ 11,645	$ 5,060	$ 44,219	$ 38,754

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands		9 Months Ended
		Aug. 31, 2017	Aug. 31, 2016
Cash flows from operating activities:
Net earnings (including net earnings (loss) attributable to noncontrolling interests)		$ 473,972	$ 602,621
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation and amortization		46,907	35,785
Amortization of discount/premium and accretion on debt, net		7,079	11,901
Equity in earnings from unconsolidated entities		(12,838)	(28,424)
Distributions of earnings from unconsolidated entities		59,927	52,787
Share-based compensation expense		43,303	34,628
Excess tax benefits from share-based awards		(1,980)	(7,039)
Deferred income tax (benefit) expense		(4,027)	53,833
Loss on retirement of debt and notes payable		0	1,569
Gain on sale of operating properties and equipment		0	(12,559)
Unrealized and realized gains on real estate owned		(5,064)	(17,251)
Impairments of loans receivable, loans held-for-sale and real estate owned		60,237	26,893
Valuation adjustments and write-offs of option deposits and pre-acquisition costs		13,462	9,817
Changes in assets and liabilities:
Decrease in restricted cash		9,321	16,820
Decrease in receivables		325,375	40,108
Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs		(902,585)	(892,208)
Increase in other assets		(47,160)	(34,753)
Decrease in loans held-for-sale		118,930	126,484
Increase (decrease) in accounts payable and other liabilities		142,854	(24,092)
Net cash provided by (used in) operating activities		327,713	(3,080)
Cash flows from investing activities:
Increase (Decrease) in Restricted Cash		23,750	0
Net additions of operating properties and equipment		(67,107)	(54,847)
Proceeds from the sale of operating properties and equipment		0	17,450
Investments in and contributions to unconsolidated entities		(381,209)	(320,047)
Distributions of capital from unconsolidated entities		123,209	209,820
Proceeds from sales of real estate owned		72,952	66,638
Improvements to real estate owned		(866)	(2,998)
Purchases of loans receivable and real estate owned		(148)	(249)
Receipts of principal payments on loans held-for-sale		5,937	0
Receipts of principal payments on loans receivable and other		73,948	57,733
Originations of loans receivable		(57,375)	(56,507)
Purchases of commercial mortgage-backed securities bonds		(70,187)	(33,005)
Acquisition, net of cash acquired		(611,399)	(725)
(Increase) decrease in Lennar Financial Services loans held-for-investment, net		(7,862)	2,086
Purchases of Lennar Financial Services investment securities		(38,733)	(20,936)
Proceeds from maturities/sales of Lennar Financial Services investments securities		25,039	18,912
Net cash used in investing activities		(957,551)	(116,675)
Cash flows from financing activities:
Proceeds from senior notes		1,250,000	499,024
Debt issuance costs		(16,697)	(3,981)
Redemption of senior notes		(658,595)	(250,000)
Conversions and exchanges on convertible senior notes		0	(233,893)
Proceeds from other borrowings		75,927	34,095
Principal payments on other borrowings		(55,295)	(133,899)
Receipts related to noncontrolling interests		10,299	266
Payments related to noncontrolling interests		(61,782)	(98,178)
Excess tax benefits from share-based awards		1,980	7,039
Common stock:
Issuances		693	19,471
Repurchases		(27,104)	(19,871)
Dividends		(28,181)	(26,222)
Net cash provided by (used in) financing activities		138,035	(222,595)
Net decrease in cash and cash equivalents		(491,803)	(342,350)
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		837,726	816,095
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		42,691	24,667
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		564,591
Rialto
Adjustments to reconcile net earnings to net cash used in operating activities:
Equity in earnings from unconsolidated entities		(11,310)	(14,337)
Cash flows from financing activities:
Proceeds from Rialto notes payable		63,494	0
Principal payments on Rialto notes payable including structured notes		(18,944)	(4,121)
Summary of cash and cash equivalents:
Cash and cash equivalents at beginning of period		148,827
Cash and cash equivalents at end of period		154,814
Rialto:
Real estate owned acquired in satisfaction/partial satisfaction of loans receivable		757	7,842
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		115,016
Lennar Multifamily
Adjustments to reconcile net earnings to net cash used in operating activities:
Equity in earnings from unconsolidated entities		(44,219)	(38,754)
Summary of cash and cash equivalents:
Cash and cash equivalents at beginning of period		6,600
Cash and cash equivalents at end of period		3,305
Lennar Homebuilding and Lennar Multifamily
Lennar Homebuilding and Lennar Multifamily:
Non-cash contributions to unconsolidated entities		62,659	59,262
Non-cash distributions from unconsolidated entities		0	16,331
Conversion of convertible senior notes to equity		0	243,009
Purchases of inventories and other assets financed by sellers		108,726	92,368
Operating Segments
Summary of cash and cash equivalents:
Cash and cash equivalents at end of period		837,726	816,095
Operating Segments | Lennar Homebuilding
Summary of cash and cash equivalents:
Cash and cash equivalents at end of period		564,591	567,708
Operating Segments | Rialto
Summary of cash and cash equivalents:
Cash and cash equivalents at end of period		154,814	133,103
Operating Segments | Lennar Financial Services
Summary of cash and cash equivalents:
Cash and cash equivalents at end of period		115,016	110,164
Operating Segments | Lennar Multifamily
Summary of cash and cash equivalents:
Cash and cash equivalents at end of period		3,305	5,120
Unsecured Revolving Credit Facility
Cash flows from financing activities:
Net (repayments) borrowings under credit facilities		0	125,000
Warehouse Repurchase Facility
Cash flows from financing activities:
Net (repayments) borrowings under credit facilities		$ (397,760)	$ (137,325)
[1]	Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations, ("ASC 810") the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of August 31, 2017, total assets include $812.9 million related to consolidated VIEs of which $9.7 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $81.3 million in Lennar Homebuilding finished homes and construction in progress, $189.6 million in Lennar Homebuilding land and land under development, $386.6 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $13.1 million in Lennar Homebuilding other assets, $85.8 million in Rialto assets and $42.0 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 in Lennar Multifamily assets.

Basis of Presentation

Basis of Presentation	9 Months Ended
	Aug. 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 nine months ended August 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 As 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.

Business Acquisition

Business Acquisition	9 Months Ended
	Aug. 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 613,495 Intangible assets (1) 59,283 Goodwill (2) 160,270 Deferred tax assets, net 84,078 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 was 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 $140.3 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. For the three and nine months ended August 31, 2017 , Lennar Homebuilding revenues included $149.6 million and $351.9 million , respectively, of home sales revenues from WCI and earnings before income taxes included $20.0 million and $33.2 million , respectively, of pre-tax earnings from WCI since the date of acquisition, which included transaction-related expenses of $6.9 million and $25.9 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 nine months ended August 31, 2017 . The pro-forma effect of the acquisition on the results of operations is not presented as this acquisition was not considered material.

Operating and Reporting Segment

Operating and Reporting Segments	9 Months Ended
	Aug. 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 August 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 expense, net and equity in earnings 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) August 31, November 30, Assets: Homebuilding East (1) $ 4,812,569 3,512,990 Homebuilding Central 2,092,624 1,993,403 Homebuilding West 5,093,996 4,318,924 Homebuilding Other 913,250 907,523 Lennar Financial Services 1,385,188 1,754,672 Rialto 1,195,407 1,276,210 Lennar Multifamily 683,258 526,131 Corporate and unallocated 763,081 1,071,928 Total assets $ 16,939,373 15,361,781 Lennar Homebuilding goodwill (2) $ 140,270 — Lennar Financial Services goodwill (2) $ 59,838 39,838 Rialto goodwill $ 5,396 5,396 (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 $140.3 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 Nine Months Ended August 31, August 31, (In thousands) 2017 2016 2017 2016 Revenues: Homebuilding East $ 1,255,797 1,002,584 3,218,413 2,615,936 Homebuilding Central 602,901 622,304 1,801,424 1,645,131 Homebuilding West 823,500 671,122 2,146,492 1,940,520 Homebuilding Other 202,997 200,959 623,301 532,748 Lennar Financial Services 215,056 191,444 571,462 491,340 Rialto 57,810 63,885 207,804 152,434 Lennar Multifamily 103,415 81,596 291,900 195,264 Total revenues (1) $ 3,261,476 2,833,894 8,860,796 7,573,373 Operating earnings (loss): Homebuilding East (2) $ 179,908 161,789 277,906 389,433 Homebuilding Central 66,184 67,759 194,986 169,716 Homebuilding West 112,749 92,308 237,333 294,949 Homebuilding Other 27,435 23,026 79,969 54,118 Lennar Financial Services 49,057 53,248 113,448 112,267 Rialto (3,192 ) (57 ) (10,497 ) (16,533 ) Lennar Multifamily 9,104 2,649 34,816 29,774 Total operating earnings 441,245 400,722 927,961 1,033,724 Corporate general and administrative expenses 72,860 61,164 200,333 164,634 Earnings before income taxes $ 368,385 339,558 727,628 869,090 (1) Total revenues were net of sales incentives of $165.4 million ( $21,800 per home delivered) and $463.4 million ( $22,400 per home delivered) for the three and nine months ended August 31, 2017 , respectively, compared to $152.3 million ( $22,500 per home delivered) and $402.2 million ( $22,000 per home delivered) for the three and nine months ended August 31, 2016 , respectively. (2) Homebuilding East operating earnings for the nine months ended August 31, 2017 included a $ 140 million loss due to litigation (see Note 17). For both the three and nine months ended August 31, 2016 operating earnings included a gain of $8.7 million on the sale of a clubhouse. Lennar Financial Services Segment The assets and liabilities related to the Lennar Financial Services segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 115,016 123,964 Restricted cash 14,152 17,053 Receivables, net (1) 286,902 409,528 Loans held-for-sale (2) 661,649 939,405 Loans held-for-investment, net 37,665 30,004 Investments held-to-maturity 53,631 41,991 Investments available-for-sale (3) 57,784 53,570 Goodwill (4) 59,838 39,838 Other (5) 98,551 99,319 $ 1,385,188 1,754,672 Liabilities: Notes and other debts payable $ 719,727 1,077,228 Other (6) 230,371 241,055 $ 950,098 1,318,283 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of August 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 August 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 August 31, 2017 and November 30, 2016 , other assets included mortgage loan commitments carried at fair value of $17.5 million and $7.4 million , respectively, and mortgage servicing rights carried at fair value of $27.7 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 August 31, 2017 and November 30, 2016 , other liabilities included $56.1 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 $5.5 million August 31, 2017 . At August 31, 2017 , the Lennar Financial Services segment warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures September 2017 (1) $ 300,000 364-day warehouse repurchase facility that matures December 2017 (2) 400,000 364-day warehouse repurchase facility that matures March 2018 (3) 150,000 364-day warehouse repurchase facility that matures June 2018 600,000 Total $ 1,450,000 (1) Subsequent to August 31, 2017, the warehouse repurchase facility maturity date was extended to September 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 $719.5 million and $1.1 billion at August 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 $747.9 million and $1.1 billion at August 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 Nine Months Ended August 31, August 31, (In thousands) 2017 2016 2017 2016 Loan origination liabilities, beginning of period $ 25,912 20,994 24,905 19,492 Provision for losses 1,056 1,288 3,000 3,186 Adjustments to pre-existing provisions for losses from changes in estimates (4,440 ) 1,224 (4,440 ) 1,224 Payments/settlements (651 ) (17 ) (1,588 ) (413 ) Loan origination liabilities, end of period $ 21,877 23,489 21,877 23,489 Rialto Segment The assets and liabilities related to the Rialto segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 154,814 148,827 Restricted cash (1) 30,928 9,935 Receivables, net (2) — 204,518 Loans held-for-sale (3) 304,984 126,947 Loans receivable, net 52,779 111,608 Real estate owned, net 123,695 243,703 Investments in unconsolidated entities 249,551 245,741 Investments held-to-maturity 142,462 71,260 Other 136,194 113,671 $ 1,195,407 1,276,210 Liabilities: Notes and other debts payable (4) $ 617,152 622,335 Other 86,177 85,645 $ 703,329 707,980 (1) Restricted cash primarily consisted of cash set aside for future investments on behalf of a real estate investment trust that Rialto is a sub-advisor to. It also included 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 November 30, 2016 . (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 August 31, 2017 and November 30, 2016 , notes and other debts payable primarily included $349.2 million and $348.7 million , respectively, related to Rialto's 7.00% senior notes due 2018, and $182.7 million and $223.5 million , respectively, related to Rialto's warehouse repurchase facilities. Rialto Mortgage Finance - loans held-for-sale During the nine months ended August 31, 2017 , RMF originated loans with a total principal balance of $1.3 billion of which $1.3 billion were recorded as loans held-for-sale and $57.4 million were recorded as accrual loans within loans receivable, net, and sold $1.1 billion of loans into eight separate securitizations. During the nine months ended August 31, 2016 , RMF originated loans with a total principal balance of $1.2 billion of which $1.2 billion were recorded as loans held-for-sale and $55.7 million as accrual loans within loans receivable, net, and sold $1.3 billion of loans into seven separate securitizations. As of August 31, 2017 , there were no unsettled transactions. As of November 30, 2016 , originated loans with an unpaid principal balance of $199.8 million 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 had until July 10, 2017 to liquidate and sell the assets in the FDIC Portfolios. On July 10, 2017, Rialto and the FDIC entered into an agreement which extended the original agreement date to January 10, 2018. After January 10, 2018, (1) the FDIC can, at its discretion, sell any remaining assets, or (2) Rialto will have the option to purchase the FDIC's interest in the portfolios. At August 31, 2017 , the consolidated LLCs had total combined assets of $85.8 million , which primarily included $49.0 million of real estate owned, net and $19.2 million of loans held-for-sale. Warehouse Facilities At August 31, 2017 , Rialto warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures October 2017 (1) $ 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) (2) 100,000 Total $ 1,050,000 (1) Subsequent to August 31, 2017 , Rialto executed an amendment and extension of this facility, providing for, among other things, the extension of the maximum term facility to October 2018, with the option for an additional one year extension, and decreased the maximum aggregate commitment of the facility to $400 million . (2) 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 $34.4 million and $43.3 million as of August 31, 2017 and November 30, 2016 , respectively. Borrowings under the facilities that finance RMF's loan originations and securitization activities were $148.3 million and $180.2 million as of August 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. 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: August 31, August 31, November 30, (Dollars in thousands) Inception Year Equity Commitments Equity Commitments Called Commitment to Fund by the Company Funds Contributed by the Company Investment Rialto Real Estate Fund, LP 2010 $ 700,006 $ 700,006 $ 75,000 $ 75,000 $ 46,623 58,116 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 81,169 96,192 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 20,632 23,643 Rialto Capital CMBS Funds 2014 119,174 119,174 52,474 52,474 50,545 50,519 Rialto Real Estate Fund III 2015 1,887,000 469,150 140,000 33,533 33,268 9,093 Rialto Credit Partnership, LP 2016 220,000 150,786 19,999 13,707 13,800 5,794 Other investments 3,514 2,384 $ 249,551 245,741 During the three and nine months ended August 31, 2017 , Rialto received $0.8 million and $3.9 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 nine months ended August 31, 2017 , Rialto received $10.6 million and $29.4 million , respectively, of distributions with regard to its carried interest in Rialto Real Estate Fund, LP. During the three and nine months ended August 31, 2016 , Rialto received $2.1 million and $9.5 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) August 31, November 30, Assets: Cash and cash equivalents $ 80,337 230,229 Loans receivable 595,149 406,812 Real estate owned 307,669 439,191 Investment securities 1,700,572 1,379,155 Investments in partnerships 409,670 398,535 Other assets 49,452 29,036 $ 3,142,849 2,882,958 Liabilities and equity: Accounts payable and other liabilities $ 40,239 36,131 Notes payable (1) 587,813 532,264 Equity 2,514,797 2,314,563 $ 3,142,849 2,882,958 (1) Notes payable are net of debt issuance costs of $3.4 million and $2.9 million , as of August 31, 2017 and November 30, 2016 , respectively. Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2017 2016 2017 2016 Revenues $ 64,267 51,485 182,453 147,021 Costs and expenses 26,752 24,472 83,753 66,075 Other income, net (1) 245 28,947 9,893 40,495 Net earnings of unconsolidated entities $ 37,760 55,960 108,593 121,441 Rialto equity in earnings from unconsolidated entities $ 4,858 5,976 11,310 14,337 (1) Other income, net, included realized and unrealized gains (losses) on investments. Investments held-to-maturity At August 31, 2017 and November 30, 2016 , the carrying value of Rialto's commercial mortgage-backed securities ("CMBS") was $142.5 million and $71.3 million , respectively. These securities were purchased at discounts ranging from 9% to 84% with coupon rates ranging from 1.3% to 5.0% , stated and assumed final distribution dates between November 2020 and June 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 nine months ended August 31, 2017 or August 31, 2016 . The Rialto segment classified these securities as held-to-maturity based on its intent and ability to hold the securities until maturity. ) 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) August 31, November 30, Assets: Cash and cash equivalents $ 3,305 6,600 Receivables (1) 71,464 58,929 Land under development 179,965 139,713 Investments in unconsolidated entities 397,119 318,559 Other assets 31,405 2,330 $ 683,258 526,131 Liabilities: Accounts payable and other liabilities $ 128,162 117,973 (1) Receivables primarily related to general contractor services, net of deferrals and management fee income receivables due from unconsolidated entities as of August 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 August 31, 2017 and November 30, 2016 , the fair value of the completion guarantees was immaterial. Additionally, as of August 31, 2017 and November 30, 2016 , the Lennar Multifamily segment had $13.0 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 August 31, 2017 and November 30, 2016 , Lennar Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $838.9 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 nine months ended August 31, 2017 , the Lennar Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $13.1 million and $41.2 million , respectively. During the three and nine months ended August 31, 2016 , the Lennar Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $10.0 million and $27.4 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 nine months ended August 31, 2017 , the Lennar Multifamily segment provided general contractor services, net of deferrals totaling $90.3 million and $250.7 million , respectively, which were partially offset by costs related to those services of $86.7 million and $243.7 million , respectively. During the three and nine months ended August 31, 2016 , the Lennar Multifamily segment provided general contractor services, net of deferrals totaling $71.6 million and $156.5 million , respectively, which were partially offset by costs related to those services of $69.1 million and $151.4 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 nine months ended August 31, 2017 , $464.4 million in equity commitments were called, of which the Company contributed $106.1 million representing the Company's pro-rata portion of the called equity. During the nine months ended August 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 August 31, 2017 , $1.4 billion of the $2.2 billion in equity commitments had been called, of which the Company had contributed $321.9 million , representing its pro-rata portion of the called equity, resulting in a remaining equity commitment for the Company of $182.1 million . As of August 31, 2017 and November 30, 2016 , the carrying value of the Company's investment in the Venture was $296.9 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) August 31, November 30, Assets: Cash and cash equivalents $ 51,725 43,658 Operating properties and equipment 2,832,790 2,210,627 Other assets 35,848 33,703 $ 2,920,363 2,287,988 Liabilities and equity: Accounts payable and other liabilities $ 220,881 196,617 Notes payable (1) 821,500 577,085 Equity 1,877,982 1,514,286 $ 2,920,363 2,287,988 (1) Notes payable are net of debt issuance costs of $17.4 million and $12.3 million , as of August 31, 2017 and November 30, 2016 , respectively. Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2017 2016 2017 2016 Revenues $ 18,822 13,796 44,414 31,759 Costs and expenses 28,904 24,611 75,727 50,341 Other income, net 47,210 20,335 125,939 90,729 Net earnings of unconsolidated entities $ 37,128 9,520 94,626 72,147 Lennar Multifamily equity in earnings from unconsolidated entities (1) $ 11,645 5,060 44,219 38,754 (1) During three and nine months ended August 31, 2017 , the Lennar Multifamily segment sold two and five operating properties, respectively, through its unconsolidated entities resulting in the segment's $15.4 million and $52.9 million share of gains, respectively. During the three and nine months ended August 31, 2016 , the Lennar Multifamily segment sold one and three operating properties, respectively, through its unconsolidated entities resulting in the segment's $8.0 million and $43.8 million share of gains, respectively.

Lennar Homebuilding Investments

Lennar Homebuilding Investments In Unconsolidated Entities	9 Months Ended
	Aug. 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 Nine Months Ended August 31, August 31, (In thousands) 2017 2016 2017 2016 Revenues $ 144,966 43,889 323,689 352,251 Costs and expenses 151,643 110,649 421,554 409,219 Other income 12,578 — 18,695 — Net earnings (loss) of unconsolidated entities $ 5,901 (66,760 ) (79,170 ) (56,968 ) Lennar Homebuilding equity in loss from unconsolidated entities $ (9,651 ) (18,034 ) (42,691 ) (24,667 ) For both the three and nine months ended August 31, 2017 , one of the Company’s unconsolidated entities had equity in earnings of $18.8 million relating to an equity method investee selling 475 homesites to a third-party land bank. Simultaneous with the purchase by the land bank, the Company entered into an option contract to purchase all 475 homesites from the land bank. Due to the Company’s continuing involvement with respect to the homesites sold from the investee entity, the Company deferred all of its equity in earnings from the unconsolidated entity relating to the sale transaction, which amounted to $7.8 million . For the three months ended August 31, 2017 , Lennar Homebuilding equity in loss from unconsolidated entities was primarily attributable to the Company's share of net operating losses from unconsolidated entities and its deferral of equity in earnings from the land sale transaction discussed above. The net earnings of unconsolidated entities were primarily driven by the unconsolidated entity’s equity in earnings relating to the land sale offset by general and administrative expenses during the three months ended August 31, 2017 . For the nine months ended August 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 and its deferral of equity in earnings from the land sale transaction discussed above. The net loss from unconsolidated entities was primarily driven by general and administrative expenses, partially offset by the unconsolidated entity’s equity in earnings from the land sale discussed above. For both the three and nine months ended August 31, 2016 , Lennar Homebuilding equity in loss from unconsolidated entities was primarily attributable to the Company's share of costs associated with the FivePoint combination and the Company’s share of net operating losses associated with the new FivePoint unconsolidated entity. For the nine months ended August 31, 2016 , Lennar Homebuilding equity in loss from unconsolidated entities was partially offset by equity in earnings from one of the Company's unconsolidated entities primarily due to sales of homesites to third parties. Balance Sheets (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 806,972 221,334 Inventories 3,785,662 3,889,795 Other assets 1,227,756 1,334,116 $ 5,820,390 5,445,245 Liabilities and equity: Accounts payable and other liabilities $ 697,065 791,245 Debt (1) 754,749 888,664 Equity 4,368,576 3,765,336 $ 5,820,390 5,445,245 (1) Debt presented above is net of debt issuance costs of $5.4 million and $4.2 million , as of August 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 August 31, 2017 , the Company owns approximately 40% of FivePoint and the carrying amount of the Company's investment is $361.1 million . As of August 31, 2017 and November 30, 2016 , the Company’s recorded investments in Lennar Homebuilding unconsolidated entities were $1.0 billion and $811.7 million , respectively, while the underlying equity in Lennar Homebuilding unconsolidated entities partners’ net assets as of August 31, 2017 and November 30, 2016 was $1.4 billion and $1.2 billion , respectively. The basis difference is primarily as a result of the Company contributing its investment in three strategic joint ventures with a higher fair value than book value for an investment in the 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) August 31, November 30, Non-recourse bank debt and other debt (partner’s share of several recourse) $ 68,302 48,945 Non-recourse land seller debt and other debt (1) 1,997 323,995 Non-recourse debt with completion guarantees 275,959 147,100 Non-recourse debt without completion guarantees 342,987 320,372 Non-recourse debt to the Company 689,245 840,412 The Company’s maximum recourse exposure (2) 70,929 52,438 Debt issuance costs (5,425 ) (4,186 ) Total debt $ 754,749 888,664 The Company’s maximum recourse exposure as a % of total JV debt 9 % 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 August 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 August 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 August 31, 2017 , in the event it becomes legally obligated to perform under a guarantee of the obligation of a Lennar Homebuilding unconsolidated entity due to a triggering event under a guarantee, the collateral would be sufficient to repay at least a significant portion of the obligation or the Company and its partners would contribute additional capital into the venture. In certain instances, the Company has placed performance letters of credit and surety bonds with municipalities with regard to obligations of its joint ventures (see Note 12).

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Aug. 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 nine months ended August 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) 473,972 — — — — — 500,890 (26,918 ) Employee stock and directors plans (24,896 ) 134 — 2,079 (27,109 ) — — — Tax benefit from employee stock plans, vesting of restricted stock and conversions of convertible senior notes 35,542 — — 35,542 — — — — Amortization of restricted stock 43,303 — — 43,303 — — — — Cash dividends (28,181 ) — — — — — (28,181 ) — Receipts related to noncontrolling interests 10,299 — — — — — — 10,299 Payments related to noncontrolling interests (61,782 ) — — — — — — (61,782 ) Non-cash activity related to noncontrolling interests (1,924 ) — — — — — — (1,924 ) Other comprehensive income, net of tax 1,560 — — — — 1,560 — — Balance at August 31, 2017 $ 7,659,460 20,543 3,298 2,886,273 (136,070 ) 1,251 4,778,965 105,200 Stockholders’ Equity (In thousands) Total Equity Class A Class B Additional Treasury Stock Accumulated Other Comprehensive Income Retained Earnings Noncontrolling Interests Balance at November 30, 2015 $ 5,950,072 18,066 3,298 2,305,560 (107,755 ) 39 3,429,736 301,128 Net earnings (including net earnings attributable to noncontrolling interests) 602,621 — — — — — 598,391 4,230 Employee stock and directors plans 501 124 — 1,552 (1,175 ) — — — Conversions and exchanges of convertible senior notes to Class A common stock 242,406 1,551 — 240,855 — — — — Tax benefit from employee stock plans, vesting of restricted stock and conversions of convertible senior notes 45,803 — — 45,803 — — — — Amortization of restricted stock 34,628 — — 34,628 — — — — Cash dividends (26,222 ) — — — — — (26,222 ) — Receipts related to noncontrolling interests 266 — — — — — — 266 Payments related to noncontrolling interests (98,178 ) — — — — — — (98,178 ) Non-cash distributions to noncontrolling interests (5,033 ) — — — — — — (5,033 ) Non-cash consolidations, net 12,478 — — — — — — 12,478 Non-cash activity related to noncontrolling interests 2,480 — — — — — — 2,480 Other comprehensive income, net of tax 1,084 — — — — 1,084 — — Balance at August 31, 2016 $ 6,762,906 19,741 3,298 2,628,398 (108,930 ) 1,123 4,001,905 217,371

Income Taxes

Income Taxes	9 Months Ended
	Aug. 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 Nine Months Ended August 31, August 31, (Dollars in thousands) 2017 2016 2017 2016 Provision for income taxes $ (124,795 ) (106,427 ) (253,656 ) (266,469 ) Effective tax rate (1) 33.37 % 31.09 % 33.62 % 30.81 % (1) For the three months ended August 31, 2017 , the effective tax rate included tax benefits for the domestic production activities deduction, and energy tax credits, offset primarily by state income tax expense and a valuation allowance recorded against state net operating losses the Company expects to expire unutilized. For the nine months ended August 31, 2017 , 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, and a valuation allowance recorded against state net operating losses the Company expects to expire unutilized. For the three months ended August 31, 2016 , the effective tax rate included tax benefits for the domestic production activities deduction and energy tax credits, offset primarily by state income tax expense. For the nine months ended August 31, 2016 , the effective tax rate included tax benefits for (1) settlements with the IRS, (2) the domestic production activities deduction, and (3) energy tax credits, offset primarily by state income tax expense. As of August 31, 2017 and November 30, 2016 , the Company's deferred tax assets, net, included in the condensed consolidated balance sheets were $388.4 million and $277.4 million , respectively. At both August 31, 2017 and November 30, 2016 , the Company had $12.3 million of gross unrecognized tax benefits. At August 31, 2017 , the Company had $48.8 million accrued for interest and penalties, of which $3.2 million was accrued during the nine months ended August 31, 2017 . During the nine months ended August 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 accrued for interest and penalties.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Aug. 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 Nine Months Ended August 31, August 31, (In thousands, except per share amounts) 2017 2016 2017 2016 Numerator: Net earnings attributable to Lennar $ 249,165 235,842 500,890 598,391 Less: distributed earnings allocated to nonvested shares 88 81 290 256 Less: undistributed earnings allocated to nonvested shares 2,358 2,232 4,600 5,798 Numerator for basic earnings per share 246,719 233,529 496,000 592,337 Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan (1) 294 258 845 864 Plus: interest on 3.25% convertible senior notes due 2021 — 964 — 4,836 Plus: undistributed earnings allocated to convertible shares — 2,232 — 5,797 Less: undistributed earnings reallocated to convertible shares — 2,162 — 5,484 Numerator for diluted earnings per share $ 246,425 234,305 495,155 596,622 Denominator: Denominator for basic earnings per share - weighted average common shares outstanding 232,673 223,549 232,361 215,814 Effect of dilutive securities: Share-based payments 1 3 2 4 Convertible senior notes — 8,266 — 14,399 Denominator for diluted earnings per share - weighted average common shares outstanding 232,674 231,818 232,363 230,217 Basic earnings per share $ 1.06 1.04 2.13 2.74 Diluted earnings per share $ 1.06 1.01 2.13 2.59 (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 nine months ended August 31, 2017 and 2016 , there were no options to purchase shares of common stock that were outstanding and anti-dilutive.

Lennar Financial Services Segme

Lennar Financial Services Segment	9 Months Ended
	Aug. 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 August 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 expense, net and equity in earnings 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) August 31, November 30, Assets: Homebuilding East (1) $ 4,812,569 3,512,990 Homebuilding Central 2,092,624 1,993,403 Homebuilding West 5,093,996 4,318,924 Homebuilding Other 913,250 907,523 Lennar Financial Services 1,385,188 1,754,672 Rialto 1,195,407 1,276,210 Lennar Multifamily 683,258 526,131 Corporate and unallocated 763,081 1,071,928 Total assets $ 16,939,373 15,361,781 Lennar Homebuilding goodwill (2) $ 140,270 — Lennar Financial Services goodwill (2) $ 59,838 39,838 Rialto goodwill $ 5,396 5,396 (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 $140.3 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 Nine Months Ended August 31, August 31, (In thousands) 2017 2016 2017 2016 Revenues: Homebuilding East $ 1,255,797 1,002,584 3,218,413 2,615,936 Homebuilding Central 602,901 622,304 1,801,424 1,645,131 Homebuilding West 823,500 671,122 2,146,492 1,940,520 Homebuilding Other 202,997 200,959 623,301 532,748 Lennar Financial Services 215,056 191,444 571,462 491,340 Rialto 57,810 63,885 207,804 152,434 Lennar Multifamily 103,415 81,596 291,900 195,264 Total revenues (1) $ 3,261,476 2,833,894 8,860,796 7,573,373 Operating earnings (loss): Homebuilding East (2) $ 179,908 161,789 277,906 389,433 Homebuilding Central 66,184 67,759 194,986 169,716 Homebuilding West 112,749 92,308 237,333 294,949 Homebuilding Other 27,435 23,026 79,969 54,118 Lennar Financial Services 49,057 53,248 113,448 112,267 Rialto (3,192 ) (57 ) (10,497 ) (16,533 ) Lennar Multifamily 9,104 2,649 34,816 29,774 Total operating earnings 441,245 400,722 927,961 1,033,724 Corporate general and administrative expenses 72,860 61,164 200,333 164,634 Earnings before income taxes $ 368,385 339,558 727,628 869,090 (1) Total revenues were net of sales incentives of $165.4 million ( $21,800 per home delivered) and $463.4 million ( $22,400 per home delivered) for the three and nine months ended August 31, 2017 , respectively, compared to $152.3 million ( $22,500 per home delivered) and $402.2 million ( $22,000 per home delivered) for the three and nine months ended August 31, 2016 , respectively. (2) Homebuilding East operating earnings for the nine months ended August 31, 2017 included a $ 140 million loss due to litigation (see Note 17). For both the three and nine months ended August 31, 2016 operating earnings included a gain of $8.7 million on the sale of a clubhouse. Lennar Financial Services Segment The assets and liabilities related to the Lennar Financial Services segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 115,016 123,964 Restricted cash 14,152 17,053 Receivables, net (1) 286,902 409,528 Loans held-for-sale (2) 661,649 939,405 Loans held-for-investment, net 37,665 30,004 Investments held-to-maturity 53,631 41,991 Investments available-for-sale (3) 57,784 53,570 Goodwill (4) 59,838 39,838 Other (5) 98,551 99,319 $ 1,385,188 1,754,672 Liabilities: Notes and other debts payable $ 719,727 1,077,228 Other (6) 230,371 241,055 $ 950,098 1,318,283 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of August 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 August 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 August 31, 2017 and November 30, 2016 , other assets included mortgage loan commitments carried at fair value of $17.5 million and $7.4 million , respectively, and mortgage servicing rights carried at fair value of $27.7 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 August 31, 2017 and November 30, 2016 , other liabilities included $56.1 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 $5.5 million August 31, 2017 . At August 31, 2017 , the Lennar Financial Services segment warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures September 2017 (1) $ 300,000 364-day warehouse repurchase facility that matures December 2017 (2) 400,000 364-day warehouse repurchase facility that matures March 2018 (3) 150,000 364-day warehouse repurchase facility that matures June 2018 600,000 Total $ 1,450,000 (1) Subsequent to August 31, 2017, the warehouse repurchase facility maturity date was extended to September 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 $719.5 million and $1.1 billion at August 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 $747.9 million and $1.1 billion at August 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 Nine Months Ended August 31, August 31, (In thousands) 2017 2016 2017 2016 Loan origination liabilities, beginning of period $ 25,912 20,994 24,905 19,492 Provision for losses 1,056 1,288 3,000 3,186 Adjustments to pre-existing provisions for losses from changes in estimates (4,440 ) 1,224 (4,440 ) 1,224 Payments/settlements (651 ) (17 ) (1,588 ) (413 ) Loan origination liabilities, end of period $ 21,877 23,489 21,877 23,489 Rialto Segment The assets and liabilities related to the Rialto segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 154,814 148,827 Restricted cash (1) 30,928 9,935 Receivables, net (2) — 204,518 Loans held-for-sale (3) 304,984 126,947 Loans receivable, net 52,779 111,608 Real estate owned, net 123,695 243,703 Investments in unconsolidated entities 249,551 245,741 Investments held-to-maturity 142,462 71,260 Other 136,194 113,671 $ 1,195,407 1,276,210 Liabilities: Notes and other debts payable (4) $ 617,152 622,335 Other 86,177 85,645 $ 703,329 707,980 (1) Restricted cash primarily consisted of cash set aside for future investments on behalf of a real estate investment trust that Rialto is a sub-advisor to. It also included 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 November 30, 2016 . (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 August 31, 2017 and November 30, 2016 , notes and other debts payable primarily included $349.2 million and $348.7 million , respectively, related to Rialto's 7.00% senior notes due 2018, and $182.7 million and $223.5 million , respectively, related to Rialto's warehouse repurchase facilities. Rialto Mortgage Finance - loans held-for-sale During the nine months ended August 31, 2017 , RMF originated loans with a total principal balance of $1.3 billion of which $1.3 billion were recorded as loans held-for-sale and $57.4 million were recorded as accrual loans within loans receivable, net, and sold $1.1 billion of loans into eight separate securitizations. During the nine months ended August 31, 2016 , RMF originated loans with a total principal balance of $1.2 billion of which $1.2 billion were recorded as loans held-for-sale and $55.7 million as accrual loans within loans receivable, net, and sold $1.3 billion of loans into seven separate securitizations. As of August 31, 2017 , there were no unsettled transactions. As of November 30, 2016 , originated loans with an unpaid principal balance of $199.8 million 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 had until July 10, 2017 to liquidate and sell the assets in the FDIC Portfolios. On July 10, 2017, Rialto and the FDIC entered into an agreement which extended the original agreement date to January 10, 2018. After January 10, 2018, (1) the FDIC can, at its discretion, sell any remaining assets, or (2) Rialto will have the option to purchase the FDIC's interest in the portfolios. At August 31, 2017 , the consolidated LLCs had total combined assets of $85.8 million , which primarily included $49.0 million of real estate owned, net and $19.2 million of loans held-for-sale. Warehouse Facilities At August 31, 2017 , Rialto warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures October 2017 (1) $ 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) (2) 100,000 Total $ 1,050,000 (1) Subsequent to August 31, 2017 , Rialto executed an amendment and extension of this facility, providing for, among other things, the extension of the maximum term facility to October 2018, with the option for an additional one year extension, and decreased the maximum aggregate commitment of the facility to $400 million . (2) 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 $34.4 million and $43.3 million as of August 31, 2017 and November 30, 2016 , respectively. Borrowings under the facilities that finance RMF's loan originations and securitization activities were $148.3 million and $180.2 million as of August 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. 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: August 31, August 31, November 30, (Dollars in thousands) Inception Year Equity Commitments Equity Commitments Called Commitment to Fund by the Company Funds Contributed by the Company Investment Rialto Real Estate Fund, LP 2010 $ 700,006 $ 700,006 $ 75,000 $ 75,000 $ 46,623 58,116 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 81,169 96,192 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 20,632 23,643 Rialto Capital CMBS Funds 2014 119,174 119,174 52,474 52,474 50,545 50,519 Rialto Real Estate Fund III 2015 1,887,000 469,150 140,000 33,533 33,268 9,093 Rialto Credit Partnership, LP 2016 220,000 150,786 19,999 13,707 13,800 5,794 Other investments 3,514 2,384 $ 249,551 245,741 During the three and nine months ended August 31, 2017 , Rialto received $0.8 million and $3.9 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 nine months ended August 31, 2017 , Rialto received $10.6 million and $29.4 million , respectively, of distributions with regard to its carried interest in Rialto Real Estate Fund, LP. During the three and nine months ended August 31, 2016 , Rialto received $2.1 million and $9.5 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) August 31, November 30, Assets: Cash and cash equivalents $ 80,337 230,229 Loans receivable 595,149 406,812 Real estate owned 307,669 439,191 Investment securities 1,700,572 1,379,155 Investments in partnerships 409,670 398,535 Other assets 49,452 29,036 $ 3,142,849 2,882,958 Liabilities and equity: Accounts payable and other liabilities $ 40,239 36,131 Notes payable (1) 587,813 532,264 Equity 2,514,797 2,314,563 $ 3,142,849 2,882,958 (1) Notes payable are net of debt issuance costs of $3.4 million and $2.9 million , as of August 31, 2017 and November 30, 2016 , respectively. Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2017 2016 2017 2016 Revenues $ 64,267 51,485 182,453 147,021 Costs and expenses 26,752 24,472 83,753 66,075 Other income, net (1) 245 28,947 9,893 40,495 Net earnings of unconsolidated entities $ 37,760 55,960 108,593 121,441 Rialto equity in earnings from unconsolidated entities $ 4,858 5,976 11,310 14,337 (1) Other income, net, included realized and unrealized gains (losses) on investments. Investments held-to-maturity At August 31, 2017 and November 30, 2016 , the carrying value of Rialto's commercial mortgage-backed securities ("CMBS") was $142.5 million and $71.3 million , respectively. These securities were purchased at discounts ranging from 9% to 84% with coupon rates ranging from 1.3% to 5.0% , stated and assumed final distribution dates between November 2020 and June 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 nine months ended August 31, 2017 or August 31, 2016 . The Rialto segment classified these securities as held-to-maturity based on its intent and ability to hold the securities until maturity. ) 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) August 31, November 30, Assets: Cash and cash equivalents $ 3,305 6,600 Receivables (1) 71,464 58,929 Land under development 179,965 139,713 Investments in unconsolidated entities 397,119 318,559 Other assets 31,405 2,330 $ 683,258 526,131 Liabilities: Accounts payable and other liabilities $ 128,162 117,973 (1) Receivables primarily related to general contractor services, net of deferrals and management fee income receivables due from unconsolidated entities as of August 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 August 31, 2017 and November 30, 2016 , the fair value of the completion guarantees was immaterial. Additionally, as of August 31, 2017 and November 30, 2016 , the Lennar Multifamily segment had $13.0 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 August 31, 2017 and November 30, 2016 , Lennar Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $838.9 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 nine months ended August 31, 2017 , the Lennar Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $13.1 million and $41.2 million , respectively. During the three and nine months ended August 31, 2016 , the Lennar Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $10.0 million and $27.4 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 nine months ended August 31, 2017 , the Lennar Multifamily segment provided general contractor services, net of deferrals totaling $90.3 million and $250.7 million , respectively, which were partially offset by costs related to those services of $86.7 million and $243.7 million , respectively. During the three and nine months ended August 31, 2016 , the Lennar Multifamily segment provided general contractor services, net of deferrals totaling $71.6 million and $156.5 million , respectively, which were partially offset by costs related to those services of $69.1 million and $151.4 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 nine months ended August 31, 2017 , $464.4 million in equity commitments were called, of which the Company contributed $106.1 million representing the Company's pro-rata portion of the called equity. During the nine months ended August 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 August 31, 2017 , $1.4 billion of the $2.2 billion in equity commitments had been called, of which the Company had contributed $321.9 million , representing its pro-rata portion of the called equity, resulting in a remaining equity commitment for the Company of $182.1 million . As of August 31, 2017 and November 30, 2016 , the carrying value of the Company's investment in the Venture was $296.9 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) August 31, November 30, Assets: Cash and cash equivalents $ 51,725 43,658 Operating properties and equipment 2,832,790 2,210,627 Other assets 35,848 33,703 $ 2,920,363 2,287,988 Liabilities and equity: Accounts payable and other liabilities $ 220,881 196,617 Notes payable (1) 821,500 577,085 Equity 1,877,982 1,514,286 $ 2,920,363 2,287,988 (1) Notes payable are net of debt issuance costs of $17.4 million and $12.3 million , as of August 31, 2017 and November 30, 2016 , respectively. Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2017 2016 2017 2016 Revenues $ 18,822 13,796 44,414 31,759 Costs and expenses 28,904 24,611 75,727 50,341 Other income, net 47,210 20,335 125,939 90,729 Net earnings of unconsolidated entities $ 37,128 9,520 94,626 72,147 Lennar Multifamily equity in earnings from unconsolidated entities (1) $ 11,645 5,060 44,219 38,754 (1) During three and nine months ended August 31, 2017 , the Lennar Multifamily segment sold two and five operating properties, respectively, through its unconsolidated entities resulting in the segment's $15.4 million and $52.9 million share of gains, respectively. During the three and nine months ended August 31, 2016 , the Lennar Multifamily segment sold one and three operating properties, respectively, through its unconsolidated entities resulting in the segment's $8.0 million and $43.8 million share of gains, respectively.

Rialto Segment

Rialto Segment	9 Months Ended
	Aug. 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 August 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 expense, net and equity in earnings 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) August 31, November 30, Assets: Homebuilding East (1) $ 4,812,569 3,512,990 Homebuilding Central 2,092,624 1,993,403 Homebuilding West 5,093,996 4,318,924 Homebuilding Other 913,250 907,523 Lennar Financial Services 1,385,188 1,754,672 Rialto 1,195,407 1,276,210 Lennar Multifamily 683,258 526,131 Corporate and unallocated 763,081 1,071,928 Total assets $ 16,939,373 15,361,781 Lennar Homebuilding goodwill (2) $ 140,270 — Lennar Financial Services goodwill (2) $ 59,838 39,838 Rialto goodwill $ 5,396 5,396 (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 $140.3 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 Nine Months Ended August 31, August 31, (In thousands) 2017 2016 2017 2016 Revenues: Homebuilding East $ 1,255,797 1,002,584 3,218,413 2,615,936 Homebuilding Central 602,901 622,304 1,801,424 1,645,131 Homebuilding West 823,500 671,122 2,146,492 1,940,520 Homebuilding Other 202,997 200,959 623,301 532,748 Lennar Financial Services 215,056 191,444 571,462 491,340 Rialto 57,810 63,885 207,804 152,434 Lennar Multifamily 103,415 81,596 291,900 195,264 Total revenues (1) $ 3,261,476 2,833,894 8,860,796 7,573,373 Operating earnings (loss): Homebuilding East (2) $ 179,908 161,789 277,906 389,433 Homebuilding Central 66,184 67,759 194,986 169,716 Homebuilding West 112,749 92,308 237,333 294,949 Homebuilding Other 27,435 23,026 79,969 54,118 Lennar Financial Services 49,057 53,248 113,448 112,267 Rialto (3,192 ) (57 ) (10,497 ) (16,533 ) Lennar Multifamily 9,104 2,649 34,816 29,774 Total operating earnings 441,245 400,722 927,961 1,033,724 Corporate general and administrative expenses 72,860 61,164 200,333 164,634 Earnings before income taxes $ 368,385 339,558 727,628 869,090 (1) Total revenues were net of sales incentives of $165.4 million ( $21,800 per home delivered) and $463.4 million ( $22,400 per home delivered) for the three and nine months ended August 31, 2017 , respectively, compared to $152.3 million ( $22,500 per home delivered) and $402.2 million ( $22,000 per home delivered) for the three and nine months ended August 31, 2016 , respectively. (2) Homebuilding East operating earnings for the nine months ended August 31, 2017 included a $ 140 million loss due to litigation (see Note 17). For both the three and nine months ended August 31, 2016 operating earnings included a gain of $8.7 million on the sale of a clubhouse. Lennar Financial Services Segment The assets and liabilities related to the Lennar Financial Services segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 115,016 123,964 Restricted cash 14,152 17,053 Receivables, net (1) 286,902 409,528 Loans held-for-sale (2) 661,649 939,405 Loans held-for-investment, net 37,665 30,004 Investments held-to-maturity 53,631 41,991 Investments available-for-sale (3) 57,784 53,570 Goodwill (4) 59,838 39,838 Other (5) 98,551 99,319 $ 1,385,188 1,754,672 Liabilities: Notes and other debts payable $ 719,727 1,077,228 Other (6) 230,371 241,055 $ 950,098 1,318,283 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of August 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 August 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 August 31, 2017 and November 30, 2016 , other assets included mortgage loan commitments carried at fair value of $17.5 million and $7.4 million , respectively, and mortgage servicing rights carried at fair value of $27.7 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 August 31, 2017 and November 30, 2016 , other liabilities included $56.1 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 $5.5 million August 31, 2017 . At August 31, 2017 , the Lennar Financial Services segment warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures September 2017 (1) $ 300,000 364-day warehouse repurchase facility that matures December 2017 (2) 400,000 364-day warehouse repurchase facility that matures March 2018 (3) 150,000 364-day warehouse repurchase facility that matures June 2018 600,000 Total $ 1,450,000 (1) Subsequent to August 31, 2017, the warehouse repurchase facility maturity date was extended to September 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 $719.5 million and $1.1 billion at August 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 $747.9 million and $1.1 billion at August 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 Nine Months Ended August 31, August 31, (In thousands) 2017 2016 2017 2016 Loan origination liabilities, beginning of period $ 25,912 20,994 24,905 19,492 Provision for losses 1,056 1,288 3,000 3,186 Adjustments to pre-existing provisions for losses from changes in estimates (4,440 ) 1,224 (4,440 ) 1,224 Payments/settlements (651 ) (17 ) (1,588 ) (413 ) Loan origination liabilities, end of period $ 21,877 23,489 21,877 23,489 Rialto Segment The assets and liabilities related to the Rialto segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 154,814 148,827 Restricted cash (1) 30,928 9,935 Receivables, net (2) — 204,518 Loans held-for-sale (3) 304,984 126,947 Loans receivable, net 52,779 111,608 Real estate owned, net 123,695 243,703 Investments in unconsolidated entities 249,551 245,741 Investments held-to-maturity 142,462 71,260 Other 136,194 113,671 $ 1,195,407 1,276,210 Liabilities: Notes and other debts payable (4) $ 617,152 622,335 Other 86,177 85,645 $ 703,329 707,980 (1) Restricted cash primarily consisted of cash set aside for future investments on behalf of a real estate investment trust that Rialto is a sub-advisor to. It also included 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 November 30, 2016 . (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 August 31, 2017 and November 30, 2016 , notes and other debts payable primarily included $349.2 million and $348.7 million , respectively, related to Rialto's 7.00% senior notes due 2018, and $182.7 million and $223.5 million , respectively, related to Rialto's warehouse repurchase facilities. Rialto Mortgage Finance - loans held-for-sale During the nine months ended August 31, 2017 , RMF originated loans with a total principal balance of $1.3 billion of which $1.3 billion were recorded as loans held-for-sale and $57.4 million were recorded as accrual loans within loans receivable, net, and sold $1.1 billion of loans into eight separate securitizations. During the nine months ended August 31, 2016 , RMF originated loans with a total principal balance of $1.2 billion of which $1.2 billion were recorded as loans held-for-sale and $55.7 million as accrual loans within loans receivable, net, and sold $1.3 billion of loans into seven separate securitizations. As of August 31, 2017 , there were no unsettled transactions. As of November 30, 2016 , originated loans with an unpaid principal balance of $199.8 million 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 had until July 10, 2017 to liquidate and sell the assets in the FDIC Portfolios. On July 10, 2017, Rialto and the FDIC entered into an agreement which extended the original agreement date to January 10, 2018. After January 10, 2018, (1) the FDIC can, at its discretion, sell any remaining assets, or (2) Rialto will have the option to purchase the FDIC's interest in the portfolios. At August 31, 2017 , the consolidated LLCs had total combined assets of $85.8 million , which primarily included $49.0 million of real estate owned, net and $19.2 million of loans held-for-sale. Warehouse Facilities At August 31, 2017 , Rialto warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures October 2017 (1) $ 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) (2) 100,000 Total $ 1,050,000 (1) Subsequent to August 31, 2017 , Rialto executed an amendment and extension of this facility, providing for, among other things, the extension of the maximum term facility to October 2018, with the option for an additional one year extension, and decreased the maximum aggregate commitment of the facility to $400 million . (2) 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 $34.4 million and $43.3 million as of August 31, 2017 and November 30, 2016 , respectively. Borrowings under the facilities that finance RMF's loan originations and securitization activities were $148.3 million and $180.2 million as of August 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. 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: August 31, August 31, November 30, (Dollars in thousands) Inception Year Equity Commitments Equity Commitments Called Commitment to Fund by the Company Funds Contributed by the Company Investment Rialto Real Estate Fund, LP 2010 $ 700,006 $ 700,006 $ 75,000 $ 75,000 $ 46,623 58,116 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 81,169 96,192 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 20,632 23,643 Rialto Capital CMBS Funds 2014 119,174 119,174 52,474 52,474 50,545 50,519 Rialto Real Estate Fund III 2015 1,887,000 469,150 140,000 33,533 33,268 9,093 Rialto Credit Partnership, LP 2016 220,000 150,786 19,999 13,707 13,800 5,794 Other investments 3,514 2,384 $ 249,551 245,741 During the three and nine months ended August 31, 2017 , Rialto received $0.8 million and $3.9 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 nine months ended August 31, 2017 , Rialto received $10.6 million and $29.4 million , respectively, of distributions with regard to its carried interest in Rialto Real Estate Fund, LP. During the three and nine months ended August 31, 2016 , Rialto received $2.1 million and $9.5 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) August 31, November 30, Assets: Cash and cash equivalents $ 80,337 230,229 Loans receivable 595,149 406,812 Real estate owned 307,669 439,191 Investment securities 1,700,572 1,379,155 Investments in partnerships 409,670 398,535 Other assets 49,452 29,036 $ 3,142,849 2,882,958 Liabilities and equity: Accounts payable and other liabilities $ 40,239 36,131 Notes payable (1) 587,813 532,264 Equity 2,514,797 2,314,563 $ 3,142,849 2,882,958 (1) Notes payable are net of debt issuance costs of $3.4 million and $2.9 million , as of August 31, 2017 and November 30, 2016 , respectively. Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2017 2016 2017 2016 Revenues $ 64,267 51,485 182,453 147,021 Costs and expenses 26,752 24,472 83,753 66,075 Other income, net (1) 245 28,947 9,893 40,495 Net earnings of unconsolidated entities $ 37,760 55,960 108,593 121,441 Rialto equity in earnings from unconsolidated entities $ 4,858 5,976 11,310 14,337 (1) Other income, net, included realized and unrealized gains (losses) on investments. Investments held-to-maturity At August 31, 2017 and November 30, 2016 , the carrying value of Rialto's commercial mortgage-backed securities ("CMBS") was $142.5 million and $71.3 million , respectively. These securities were purchased at discounts ranging from 9% to 84% with coupon rates ranging from 1.3% to 5.0% , stated and assumed final distribution dates between November 2020 and June 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 nine months ended August 31, 2017 or August 31, 2016 . The Rialto segment classified these securities as held-to-maturity based on its intent and ability to hold the securities until maturity. ) 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) August 31, November 30, Assets: Cash and cash equivalents $ 3,305 6,600 Receivables (1) 71,464 58,929 Land under development 179,965 139,713 Investments in unconsolidated entities 397,119 318,559 Other assets 31,405 2,330 $ 683,258 526,131 Liabilities: Accounts payable and other liabilities $ 128,162 117,973 (1) Receivables primarily related to general contractor services, net of deferrals and management fee income receivables due from unconsolidated entities as of August 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 August 31, 2017 and November 30, 2016 , the fair value of the completion guarantees was immaterial. Additionally, as of August 31, 2017 and November 30, 2016 , the Lennar Multifamily segment had $13.0 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 August 31, 2017 and November 30, 2016 , Lennar Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $838.9 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 nine months ended August 31, 2017 , the Lennar Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $13.1 million and $41.2 million , respectively. During the three and nine months ended August 31, 2016 , the Lennar Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $10.0 million and $27.4 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 nine months ended August 31, 2017 , the Lennar Multifamily segment provided general contractor services, net of deferrals totaling $90.3 million and $250.7 million , respectively, which were partially offset by costs related to those services of $86.7 million and $243.7 million , respectively. During the three and nine months ended August 31, 2016 , the Lennar Multifamily segment provided general contractor services, net of deferrals totaling $71.6 million and $156.5 million , respectively, which were partially offset by costs related to those services of $69.1 million and $151.4 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 nine months ended August 31, 2017 , $464.4 million in equity commitments were called, of which the Company contributed $106.1 million representing the Company's pro-rata portion of the called equity. During the nine months ended August 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 August 31, 2017 , $1.4 billion of the $2.2 billion in equity commitments had been called, of which the Company had contributed $321.9 million , representing its pro-rata portion of the called equity, resulting in a remaining equity commitment for the Company of $182.1 million . As of August 31, 2017 and November 30, 2016 , the carrying value of the Company's investment in the Venture was $296.9 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) August 31, November 30, Assets: Cash and cash equivalents $ 51,725 43,658 Operating properties and equipment 2,832,790 2,210,627 Other assets 35,848 33,703 $ 2,920,363 2,287,988 Liabilities and equity: Accounts payable and other liabilities $ 220,881 196,617 Notes payable (1) 821,500 577,085 Equity 1,877,982 1,514,286 $ 2,920,363 2,287,988 (1) Notes payable are net of debt issuance costs of $17.4 million and $12.3 million , as of August 31, 2017 and November 30, 2016 , respectively. Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2017 2016 2017 2016 Revenues $ 18,822 13,796 44,414 31,759 Costs and expenses 28,904 24,611 75,727 50,341 Other income, net 47,210 20,335 125,939 90,729 Net earnings of unconsolidated entities $ 37,128 9,520 94,626 72,147 Lennar Multifamily equity in earnings from unconsolidated entities (1) $ 11,645 5,060 44,219 38,754 (1) During three and nine months ended August 31, 2017 , the Lennar Multifamily segment sold two and five operating properties, respectively, through its unconsolidated entities resulting in the segment's $15.4 million and $52.9 million share of gains, respectively. During the three and nine months ended August 31, 2016 , the Lennar Multifamily segment sold one and three operating properties, respectively, through its unconsolidated entities resulting in the segment's $8.0 million and $43.8 million share of gains, respectively.

Lennar Multifamily Segment

Lennar Multifamily Segment	9 Months Ended
	Aug. 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 August 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 expense, net and equity in earnings 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) August 31, November 30, Assets: Homebuilding East (1) $ 4,812,569 3,512,990 Homebuilding Central 2,092,624 1,993,403 Homebuilding West 5,093,996 4,318,924 Homebuilding Other 913,250 907,523 Lennar Financial Services 1,385,188 1,754,672 Rialto 1,195,407 1,276,210 Lennar Multifamily 683,258 526,131 Corporate and unallocated 763,081 1,071,928 Total assets $ 16,939,373 15,361,781 Lennar Homebuilding goodwill (2) $ 140,270 — Lennar Financial Services goodwill (2) $ 59,838 39,838 Rialto goodwill $ 5,396 5,396 (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 $140.3 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 Nine Months Ended August 31, August 31, (In thousands) 2017 2016 2017 2016 Revenues: Homebuilding East $ 1,255,797 1,002,584 3,218,413 2,615,936 Homebuilding Central 602,901 622,304 1,801,424 1,645,131 Homebuilding West 823,500 671,122 2,146,492 1,940,520 Homebuilding Other 202,997 200,959 623,301 532,748 Lennar Financial Services 215,056 191,444 571,462 491,340 Rialto 57,810 63,885 207,804 152,434 Lennar Multifamily 103,415 81,596 291,900 195,264 Total revenues (1) $ 3,261,476 2,833,894 8,860,796 7,573,373 Operating earnings (loss): Homebuilding East (2) $ 179,908 161,789 277,906 389,433 Homebuilding Central 66,184 67,759 194,986 169,716 Homebuilding West 112,749 92,308 237,333 294,949 Homebuilding Other 27,435 23,026 79,969 54,118 Lennar Financial Services 49,057 53,248 113,448 112,267 Rialto (3,192 ) (57 ) (10,497 ) (16,533 ) Lennar Multifamily 9,104 2,649 34,816 29,774 Total operating earnings 441,245 400,722 927,961 1,033,724 Corporate general and administrative expenses 72,860 61,164 200,333 164,634 Earnings before income taxes $ 368,385 339,558 727,628 869,090 (1) Total revenues were net of sales incentives of $165.4 million ( $21,800 per home delivered) and $463.4 million ( $22,400 per home delivered) for the three and nine months ended August 31, 2017 , respectively, compared to $152.3 million ( $22,500 per home delivered) and $402.2 million ( $22,000 per home delivered) for the three and nine months ended August 31, 2016 , respectively. (2) Homebuilding East operating earnings for the nine months ended August 31, 2017 included a $ 140 million loss due to litigation (see Note 17). For both the three and nine months ended August 31, 2016 operating earnings included a gain of $8.7 million on the sale of a clubhouse. Lennar Financial Services Segment The assets and liabilities related to the Lennar Financial Services segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 115,016 123,964 Restricted cash 14,152 17,053 Receivables, net (1) 286,902 409,528 Loans held-for-sale (2) 661,649 939,405 Loans held-for-investment, net 37,665 30,004 Investments held-to-maturity 53,631 41,991 Investments available-for-sale (3) 57,784 53,570 Goodwill (4) 59,838 39,838 Other (5) 98,551 99,319 $ 1,385,188 1,754,672 Liabilities: Notes and other debts payable $ 719,727 1,077,228 Other (6) 230,371 241,055 $ 950,098 1,318,283 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of August 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 August 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 August 31, 2017 and November 30, 2016 , other assets included mortgage loan commitments carried at fair value of $17.5 million and $7.4 million , respectively, and mortgage servicing rights carried at fair value of $27.7 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 August 31, 2017 and November 30, 2016 , other liabilities included $56.1 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 $5.5 million August 31, 2017 . At August 31, 2017 , the Lennar Financial Services segment warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures September 2017 (1) $ 300,000 364-day warehouse repurchase facility that matures December 2017 (2) 400,000 364-day warehouse repurchase facility that matures March 2018 (3) 150,000 364-day warehouse repurchase facility that matures June 2018 600,000 Total $ 1,450,000 (1) Subsequent to August 31, 2017, the warehouse repurchase facility maturity date was extended to September 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 $719.5 million and $1.1 billion at August 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 $747.9 million and $1.1 billion at August 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 Nine Months Ended August 31, August 31, (In thousands) 2017 2016 2017 2016 Loan origination liabilities, beginning of period $ 25,912 20,994 24,905 19,492 Provision for losses 1,056 1,288 3,000 3,186 Adjustments to pre-existing provisions for losses from changes in estimates (4,440 ) 1,224 (4,440 ) 1,224 Payments/settlements (651 ) (17 ) (1,588 ) (413 ) Loan origination liabilities, end of period $ 21,877 23,489 21,877 23,489 Rialto Segment The assets and liabilities related to the Rialto segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 154,814 148,827 Restricted cash (1) 30,928 9,935 Receivables, net (2) — 204,518 Loans held-for-sale (3) 304,984 126,947 Loans receivable, net 52,779 111,608 Real estate owned, net 123,695 243,703 Investments in unconsolidated entities 249,551 245,741 Investments held-to-maturity 142,462 71,260 Other 136,194 113,671 $ 1,195,407 1,276,210 Liabilities: Notes and other debts payable (4) $ 617,152 622,335 Other 86,177 85,645 $ 703,329 707,980 (1) Restricted cash primarily consisted of cash set aside for future investments on behalf of a real estate investment trust that Rialto is a sub-advisor to. It also included 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 November 30, 2016 . (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 August 31, 2017 and November 30, 2016 , notes and other debts payable primarily included $349.2 million and $348.7 million , respectively, related to Rialto's 7.00% senior notes due 2018, and $182.7 million and $223.5 million , respectively, related to Rialto's warehouse repurchase facilities. Rialto Mortgage Finance - loans held-for-sale During the nine months ended August 31, 2017 , RMF originated loans with a total principal balance of $1.3 billion of which $1.3 billion were recorded as loans held-for-sale and $57.4 million were recorded as accrual loans within loans receivable, net, and sold $1.1 billion of loans into eight separate securitizations. During the nine months ended August 31, 2016 , RMF originated loans with a total principal balance of $1.2 billion of which $1.2 billion were recorded as loans held-for-sale and $55.7 million as accrual loans within loans receivable, net, and sold $1.3 billion of loans into seven separate securitizations. As of August 31, 2017 , there were no unsettled transactions. As of November 30, 2016 , originated loans with an unpaid principal balance of $199.8 million 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 had until July 10, 2017 to liquidate and sell the assets in the FDIC Portfolios. On July 10, 2017, Rialto and the FDIC entered into an agreement which extended the original agreement date to January 10, 2018. After January 10, 2018, (1) the FDIC can, at its discretion, sell any remaining assets, or (2) Rialto will have the option to purchase the FDIC's interest in the portfolios. At August 31, 2017 , the consolidated LLCs had total combined assets of $85.8 million , which primarily included $49.0 million of real estate owned, net and $19.2 million of loans held-for-sale. Warehouse Facilities At August 31, 2017 , Rialto warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures October 2017 (1) $ 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) (2) 100,000 Total $ 1,050,000 (1) Subsequent to August 31, 2017 , Rialto executed an amendment and extension of this facility, providing for, among other things, the extension of the maximum term facility to October 2018, with the option for an additional one year extension, and decreased the maximum aggregate commitment of the facility to $400 million . (2) 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 $34.4 million and $43.3 million as of August 31, 2017 and November 30, 2016 , respectively. Borrowings under the facilities that finance RMF's loan originations and securitization activities were $148.3 million and $180.2 million as of August 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. 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: August 31, August 31, November 30, (Dollars in thousands) Inception Year Equity Commitments Equity Commitments Called Commitment to Fund by the Company Funds Contributed by the Company Investment Rialto Real Estate Fund, LP 2010 $ 700,006 $ 700,006 $ 75,000 $ 75,000 $ 46,623 58,116 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 81,169 96,192 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 20,632 23,643 Rialto Capital CMBS Funds 2014 119,174 119,174 52,474 52,474 50,545 50,519 Rialto Real Estate Fund III 2015 1,887,000 469,150 140,000 33,533 33,268 9,093 Rialto Credit Partnership, LP 2016 220,000 150,786 19,999 13,707 13,800 5,794 Other investments 3,514 2,384 $ 249,551 245,741 During the three and nine months ended August 31, 2017 , Rialto received $0.8 million and $3.9 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 nine months ended August 31, 2017 , Rialto received $10.6 million and $29.4 million , respectively, of distributions with regard to its carried interest in Rialto Real Estate Fund, LP. During the three and nine months ended August 31, 2016 , Rialto received $2.1 million and $9.5 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) August 31, November 30, Assets: Cash and cash equivalents $ 80,337 230,229 Loans receivable 595,149 406,812 Real estate owned 307,669 439,191 Investment securities 1,700,572 1,379,155 Investments in partnerships 409,670 398,535 Other assets 49,452 29,036 $ 3,142,849 2,882,958 Liabilities and equity: Accounts payable and other liabilities $ 40,239 36,131 Notes payable (1) 587,813 532,264 Equity 2,514,797 2,314,563 $ 3,142,849 2,882,958 (1) Notes payable are net of debt issuance costs of $3.4 million and $2.9 million , as of August 31, 2017 and November 30, 2016 , respectively. Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2017 2016 2017 2016 Revenues $ 64,267 51,485 182,453 147,021 Costs and expenses 26,752 24,472 83,753 66,075 Other income, net (1) 245 28,947 9,893 40,495 Net earnings of unconsolidated entities $ 37,760 55,960 108,593 121,441 Rialto equity in earnings from unconsolidated entities $ 4,858 5,976 11,310 14,337 (1) Other income, net, included realized and unrealized gains (losses) on investments. Investments held-to-maturity At August 31, 2017 and November 30, 2016 , the carrying value of Rialto's commercial mortgage-backed securities ("CMBS") was $142.5 million and $71.3 million , respectively. These securities were purchased at discounts ranging from 9% to 84% with coupon rates ranging from 1.3% to 5.0% , stated and assumed final distribution dates between November 2020 and June 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 nine months ended August 31, 2017 or August 31, 2016 . The Rialto segment classified these securities as held-to-maturity based on its intent and ability to hold the securities until maturity. ) 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) August 31, November 30, Assets: Cash and cash equivalents $ 3,305 6,600 Receivables (1) 71,464 58,929 Land under development 179,965 139,713 Investments in unconsolidated entities 397,119 318,559 Other assets 31,405 2,330 $ 683,258 526,131 Liabilities: Accounts payable and other liabilities $ 128,162 117,973 (1) Receivables primarily related to general contractor services, net of deferrals and management fee income receivables due from unconsolidated entities as of August 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 August 31, 2017 and November 30, 2016 , the fair value of the completion guarantees was immaterial. Additionally, as of August 31, 2017 and November 30, 2016 , the Lennar Multifamily segment had $13.0 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 August 31, 2017 and November 30, 2016 , Lennar Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $838.9 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 nine months ended August 31, 2017 , the Lennar Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $13.1 million and $41.2 million , respectively. During the three and nine months ended August 31, 2016 , the Lennar Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $10.0 million and $27.4 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 nine months ended August 31, 2017 , the Lennar Multifamily segment provided general contractor services, net of deferrals totaling $90.3 million and $250.7 million , respectively, which were partially offset by costs related to those services of $86.7 million and $243.7 million , respectively. During the three and nine months ended August 31, 2016 , the Lennar Multifamily segment provided general contractor services, net of deferrals totaling $71.6 million and $156.5 million , respectively, which were partially offset by costs related to those services of $69.1 million and $151.4 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 nine months ended August 31, 2017 , $464.4 million in equity commitments were called, of which the Company contributed $106.1 million representing the Company's pro-rata portion of the called equity. During the nine months ended August 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 August 31, 2017 , $1.4 billion of the $2.2 billion in equity commitments had been called, of which the Company had contributed $321.9 million , representing its pro-rata portion of the called equity, resulting in a remaining equity commitment for the Company of $182.1 million . As of August 31, 2017 and November 30, 2016 , the carrying value of the Company's investment in the Venture was $296.9 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) August 31, November 30, Assets: Cash and cash equivalents $ 51,725 43,658 Operating properties and equipment 2,832,790 2,210,627 Other assets 35,848 33,703 $ 2,920,363 2,287,988 Liabilities and equity: Accounts payable and other liabilities $ 220,881 196,617 Notes payable (1) 821,500 577,085 Equity 1,877,982 1,514,286 $ 2,920,363 2,287,988 (1) Notes payable are net of debt issuance costs of $17.4 million and $12.3 million , as of August 31, 2017 and November 30, 2016 , respectively. Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2017 2016 2017 2016 Revenues $ 18,822 13,796 44,414 31,759 Costs and expenses 28,904 24,611 75,727 50,341 Other income, net 47,210 20,335 125,939 90,729 Net earnings of unconsolidated entities $ 37,128 9,520 94,626 72,147 Lennar Multifamily equity in earnings from unconsolidated entities (1) $ 11,645 5,060 44,219 38,754 (1) During three and nine months ended August 31, 2017 , the Lennar Multifamily segment sold two and five operating properties, respectively, through its unconsolidated entities resulting in the segment's $15.4 million and $52.9 million share of gains, respectively. During the three and nine months ended August 31, 2016 , the Lennar Multifamily segment sold one and three operating properties, respectively, through its unconsolidated entities resulting in the segment's $8.0 million and $43.8 million share of gains, respectively.

Lennar Homebuilding Cash and Ca

Lennar Homebuilding Cash and Cash Equivalents	9 Months Ended
	Aug. 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 August 31, 2017 and November 30, 2016 included $281.0 million and $460.5 million , respectively, of cash held in escrow for approximately 3 days.

Lennar Homebuilding Senior Note

Lennar Homebuilding Senior Notes and Other Debts Payable	9 Months Ended
	Aug. 31, 2017
Debt Disclosure [Abstract]
Lennar Homebuilding Senior Notes and Other Debts Payable	Lennar Homebuilding Senior Notes and Other Debts Payable (Dollars in thousands) August 31, November 30, 4.75% senior notes due December 2017 $ 399,036 398,479 6.95% senior notes due 2018 249,223 248,474 4.125% senior notes due December 2018 274,316 273,889 4.500% senior notes due 2019 498,572 498,002 4.50% senior notes due 2019 598,145 597,474 4.750% senior notes due 2021 497,134 496,547 4.125% senior notes due 2022 595,656 — 4.750% senior notes due 2022 569,105 568,404 4.875% senior notes due December 2023 394,868 394,170 4.500% senior notes due 2024 645,172 — 4.750% senior notes due 2025 496,560 496,226 12.25% senior notes due 2017 — 398,232 Mortgage notes on land and other debt 305,978 206,080 $ 5,523,765 4,575,977 The carrying amounts of the senior notes listed above are net of debt issuance costs of $26.4 million and $22.1 million , as of August 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 August 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 August 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 $395.7 million and $270.8 million , respectively, at August 31, 2017 and November 30, 2016 . The Company’s financial letters of credit outstanding were $153.8 million and $210.3 million , at August 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 August 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 August 31, 2017 , there were approximately $514.4 million , or 42% , 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 February 2017, the Company assumed 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 amount outstanding of $249.8 million and were callable beginning August 2017. In August 2017, the Company redeemed the $250 million principal amount of the 6.875% senior notes. The redemption price, which was paid in cash, was 103.438% of the principal amount plus accrued but unpaid interest up to, but not including, the redemption date. There was no gain or loss recorded on redemption of the 6.875% senior notes as it had been recorded at fair value on the acquisition date. 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 the net proceeds from the sales of the 4.50% Senior Notes for (1) the retirement of its 12.25% senior notes due 2017 for 100% of the $400 million outstanding principal amount, plus accrued and unpaid interest and (2) the redemption of its 6.875% senior notes due 2021 for 103.438% of the $ 250 million outstanding principal amount plus accrued but unpaid interest up to, but not including, the redemption date. 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 of debt of Lennar Corporation (the parent company), and (ii) 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.

Product Warranty

Product Warranty	9 Months Ended
	Aug. 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 Nine Months Ended August 31, August 31, (In thousands) 2017 2016 2017 2016 Warranty reserve, beginning of period $ 151,833 127,159 135,403 130,853 Warranties issued 28,795 25,382 78,945 67,952 Adjustments to pre-existing warranties from changes in estimates (1) 4,436 4,982 14,769 4,247 Warranties assumed related to the WCI acquisition — — 6,345 — Payments (25,758 ) (23,984 ) (76,156 ) (69,513 ) Warranty reserve, end of period $ 159,306 133,539 159,306 133,539 (1) The adjustments to pre-existing warranties from changes in estimates during the three and nine months ended August 31, 2017 and 2016 primarily related to specific claims related to certain of the Company's homebuilding communities and other adjustments.

Share-Based Payments

Share-Based Payments	9 Months Ended
	Aug. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Payments	Share-Based Payments During the three and nine months ended August 31, 2017 and 2016 , the Company granted employees 1.3 million and 1.2 million , respectively, of nonvested shares. Compensation expense related to the Company’s nonvested shares for the three and nine months ended August 31, 2017 was $18.5 million and $43.3 million , respectively. Compensation expense related to the Company’s nonvested shares for the three and nine months ended August 31, 2016 was $12.4 million and $34.6 million , respectively.

Financial Instruments and Fair

Financial Instruments and Fair Value Disclosures	9 Months Ended
	Aug. 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 August 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. August 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 $ 52,779 52,784 111,608 113,747 Investments held-to-maturity Level 3 $ 142,462 143,737 71,260 69,992 Lennar Financial Services: Loans held-for-investment, net Level 3 $ 37,665 35,378 30,004 31,233 Investments held-to-maturity Level 2 $ 53,631 53,658 41,991 42,058 LIABILITIES Lennar Homebuilding senior notes and other debts payable Level 2 $ 5,523,765 5,730,227 4,575,977 4,669,643 Rialto notes and other debts payable Level 2 $ 617,152 632,128 622,335 646,366 Lennar Financial Services notes and other debts payable Level 2 $ 719,727 719,727 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 quoted interest rates 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 $ 285,747 126,947 Credit default swaps (2) Level 2 $ 1,510 2,863 Rialto Financial Liabilities: Interest rate swaps and swap futures (3) Level 2 $ 2,318 6 Credit default swaps (3) Level 2 $ 3,982 377 Lennar Financial Services Assets (Liabilities): Loans held-for-sale (4) Level 2 $ 661,649 939,405 Investments available-for-sale Level 1 $ 57,784 53,570 Mortgage loan commitments Level 2 $ 17,543 7,437 Forward contracts Level 2 $ (5,529 ) 26,467 Mortgage servicing rights Level 3 $ 27,721 23,930 (1) The aggregate fair value of RMF loans held-for-sale of $285.7 million at August 31, 2017 exceeds their aggregate principal balance of $283.2 million by $2.5 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 and credit default swaps are included within Rialto's other liabilities. (4) The aggregate fair value of Lennar Financial Services loans held-for-sale of $661.6 million at August 31, 2017 exceeds their aggregate principal balance of $635.0 million by $26.6 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 August 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 August 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 August 31, 2017 , the segment had open commitments amounting to $1.1 billion to sell MBS with varying settlement dates through November 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 August 31, 2017 , the key assumptions used in determining the fair value include a 15.1% mortgage prepayment rate, a 12.3% discount rate and a 6.2% delinquency rate. The fair value of mortgage servicing rights is included in the Lennar Financial Services segment's other assets. The changes in fair values for Level 1 and Level 2 financial instruments measured on a recurring basis are shown below by financial instrument and financial statement line item: Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2017 2016 2017 2016 Changes in fair value included in Lennar Financial Services revenues: Loans held-for-sale $ (5,804 ) (2,808 ) 18,233 826 Mortgage loan commitments $ (829 ) 1,781 10,106 7,603 Forward contracts $ 1,267 (362 ) (31,996 ) (2,542 ) Investments available-for-sale $ — 31 (4 ) 37 Changes in fair value included in Rialto revenues: Financial Assets: Credit default swaps $ (536 ) (1,570 ) (1,852 ) (1,547 ) Financial Liabilities: Interest rate swaps and swap futures $ (1,412 ) (133 ) (2,312 ) 740 Credit default swaps $ 15 183 124 173 Changes in fair value included in other comprehensive income (loss), net of tax: Lennar Financial Services investments available-for-sale $ 165 639 1,556 1,121 Interest on Lennar Financial Services loans held-for-sale and Rialto loans held-for-sale measured at fair value is calculated based on the interest rate of the loan and recorded as revenues in the Lennar Financial Services’ statement of operations and Rialto's statement of operations, respectively. The following table represents the reconciliation of the beginning and ending balance for the Level 3 recurring fair value measurements: Three Months Ended August 31, 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 $ 27,370 82,803 18,241 199,415 Purchases/loan originations 2,447 439,266 2,275 520,510 Sales/loan originations sold, including those not settled — (235,922 ) — (491,428 ) Disposals/settlements (1,092 ) — (1,311 ) — Changes in fair value (1) (1,004 ) 707 (836 ) 522 Interest and principal paydowns — (1,107 ) — (88 ) Ending balance $ 27,721 285,747 18,369 228,931 Nine Months Ended August 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 8,159 1,262,926 6,269 1,174,483 Sales/loan originations sold, including those not settled — (1,106,316 ) — (1,259,320 ) Disposals/settlements (2,887 ) — (2,881 ) — Changes in fair value (1) (1,481 ) 3,205 (1,789 ) (687 ) Interest and principal paydowns — (1,015 ) — (1,820 ) Ending balance $ 27,721 285,747 18,369 228,931 (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 represent only those assets whose carrying values were adjusted to fair value during the respective periods disclosed. The assets measured at fair value on a nonrecurring basis are summarized below: Three Months Ended August 31, 2017 2016 (In thousands) Fair Value Hierarchy Carrying Value Fair Value Total Gains (Losses), Net (1) Carrying Value Fair Value Total Losses, Net (1) Financial assets Rialto: Impaired loans receivable Level 3 $ — — — 52,460 48,130 (4,330 ) FDIC Portfolios loans held-for-sale Level 3 $ 20,863 19,237 (1,626 ) — — — Non-financial assets Lennar Homebuilding: Land and land under development (2) Level 3 $ — — — 23,736 18,000 (5,736 ) Rialto: REO, net (3): Upon acquisition/transfer Level 3 $ 1,200 1,376 176 9,220 8,799 (421 ) Upon management periodic valuations Level 3 $ 35,507 22,765 (12,742 ) 28,910 22,715 (6,195 ) Nine Months Ended August 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 ) 72,375 61,324 (11,051 ) FDIC Portfolios loans held-for-sale Level 3 $ 26,081 19,237 (6,844 ) — — — 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 ) 29,418 22,925 (6,493 ) Rialto: REO, net (3): Upon acquisition/transfer Level 3 $ 31,503 30,066 (1,437 ) 42,657 44,292 1,635 Upon management periodic valuations Level 3 $ 118,497 79,601 (38,896 ) 68,148 54,347 (13,801 ) (1) Represents losses due to valuation adjustments, write-offs, gains (losses) from transfers or acquisitions of real estate through foreclosure and REO impairments recorded during the three and nine months ended August 31, 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 nine months ended August 31, 2017 and the three and nine months ended August 31, 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 gains (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 nine months ended August 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 August 31, 2017 and 2016 , there were 753 and 691 active communities, excluding unconsolidated entities, respectively. As of August 31, 2017 , the Company identified six communities with 499 homesites and a corresponding carrying value of $31.9 million as having potential indicators of impairment. For the three months ended August 31, 2017 , the Company recorded no impairments. For the nine months ended August 31, 2017 , 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 August 31, 2016 , the Company identified 16 communities with 444 homesites and a corresponding carrying value of $134.7 million as having potential indicators of impairment. For the nine months ended August 31, 2016 , the Company recorded no impairments. The table below summarizes the most significant unobservable inputs used in the Company's discounted cash flow model to determine the fair value of its communities for which the Company recorded valuation adjustments during the nine months ended August 31, 2017 : Nine Months Ended August 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	9 Months Ended
	Aug. 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 nine months ended August 31, 2017 . Based on the Company's evaluation, during the nine months ended August 31, 2017 , there were no VIEs that were consolidated or deconsolidated. The Company’s recorded investments in unconsolidated entities were as follows: (In thousands) August 31, November 30, Lennar Homebuilding $ 1,016,588 811,723 Rialto $ 249,551 245,741 Lennar Multifamily $ 397,119 318,559 Consolidated VIEs As of August 31, 2017 , the carrying amounts of the VIEs’ assets and non-recourse liabilities that consolidated were $812.9 million and $390.2 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 August 31, 2017 (In thousands) Investments in Unconsolidated VIEs Lennar’s Maximum Exposure to Loss Lennar Homebuilding (1) $ 233,150 301,176 Rialto (2) 142,462 142,462 Lennar Multifamily (3) 333,940 529,732 $ 709,552 973,370 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) As of both August 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 $63.3 million and $43.4 million , respectively. (2) As of both August 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. As of August 31, 2017 and November 30, 2016 , investments in unconsolidated VIEs and Lennar’s maximum exposure to loss included $142.5 million and $71.3 million , respectively, related to Rialto’s investments held-to-maturity. (3) As of August 31, 2017 and November 30, 2016 , the remaining equity commitment of $182.1 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, as of August 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 $13.0 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 August 31, 2017 , the Company and other partners did not have an obligation to make capital contributions to the VIEs, except for $182.1 million remaining equity commitment to fund the Venture for future expenditures related to the construction and development of the projects and $13.0 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 $63.3 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 nine months ended August 31, 2017 , consolidated inventory not owned increased by $265.6 million with a corresponding increase to liabilities related to consolidated inventory not owned in the accompanying condensed consolidated balance sheet as of August 31, 2017 . The increase was primarily related to a transaction in which one of the Company’s unconsolidated entities sold 475 homesites to a third-party land bank and simultaneous with the purchase by the land bank, the Company entered into an option contract to purchase all 475 homesites from the land bank. The Company consolidated the option contract with the land bank due to an amount that the Company would have to pay if the Company defaults under the option contract. The consolidation resulted in a $320.1 million increase in consolidated inventory not owned and liabilities related to consolidated not owned. The increase from the land bank transaction was partially offset by the Company exercising its option to acquire land under previously consolidated contracts. To reflect the purchase price of the inventory consolidated, the Company had a net reclass related to option deposits from land under development to consolidated inventory not owned in the accompanying condensed consolidated balance sheet as of August 31, 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 $144.4 million and $85.0 million at August 31, 2017 and November 30, 2016 , respectively. Additionally, the Company had posted $54.5 million and $45.1 million of letters of credit in lieu of cash deposits under certain land and option contracts as of August 31, 2017 and November 30, 2016 , respectively.

Commitments and Contingent Liab

Commitments and Contingent Liabilities	9 Months Ended
	Aug. 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 in interest and other closing costs. The Company previously accrued for the amount it expects to pay as reimbursement for attorney’s fees.

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Aug. 31, 2017
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("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 adoption of ASU 2016-09 is not expected to have a material effect on the Company’s condensed consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). ASU 2016-13 significantly changes the impairment model for most financial assets and certain other instruments. ASU 2016-13 will require immediate recognition of estimated credit losses expected to occur over the remaining life of many financial assets, which will generally result in earlier recognition of allowances for credit losses on loans and other financial instruments. ASU 2016-13 is effective for the Company's fiscal year beginning December 1, 2020 and subsequent interim periods. The Company is currently evaluating the impact the adoption of ASU 2016-13 will have on 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 ("ASU 2017-04"). ASU 2017-04 removes the requirement to perform a hypothetical purchase price allocation to measure goodwill impairment. A goodwill impairment will now be the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 will be effective for the Company’s fiscal year beginning December 1, 2020. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently evaluating the impact the adoption of ASU 2017-04 will have on its condensed consolidated financial statements.

Supplemental Financial Informat

Supplemental Financial Information	9 Months Ended
	Aug. 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, 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 August 31, 2017 they were guaranteeing Lennar Corporation's letter of credit facilities and its Credit Facility, disclosed in Note 12. 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. For purposes of the condensed consolidating statement of cash flows included in the following supplemental financial information, the Company's accounting policy is to treat cash received by Lennar Corporation ("the Parent") from its subsidiaries, to the extent of net earnings from such subsidiaries as a dividend and accordingly a return on investment within cash flows from operating activities. Distributions of capital received by the Parent from its subsidiaries are reflected as cash flows from investing activities. The cash outflows associated with the return on investment dividends and distributions of capital received by the Parent are reflected by the Guarantor and Non-Guarantor subsidiaries in the Dividends line item within cash flows from financing activities. All other cash flows between the Parent and its subsidiaries represent the settlement of receivables and payables between such entities in conjunction with the Parent's centralized cash management arrangement with its subsidiaries, which operates with the characteristics of a revolving credit facility, and are accordingly reflected net in the Intercompany line item within cash flows from investing activities for the Parent and net in the Intercompany line item within cash flows from financing activities for the Guarantor and Non-Guarantor subsidiaries. Supplemental information for the subsidiaries that were guarantor subsidiaries at August 31, 2017 was as follows: Condensed Consolidating Balance Sheet August 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 $ 385,066 258,646 16,570 — 660,282 Inventories — 10,625,325 296,259 — 10,921,584 Investments in unconsolidated entities — 999,819 16,769 — 1,016,588 Goodwill — 140,270 — — 140,270 Other assets 247,684 597,581 108,265 (16,734 ) 936,796 Investments in subsidiaries 4,481,309 52,454 — (4,533,763 ) — Intercompany 8,214,897 — — (8,214,897 ) — 13,328,956 12,674,095 437,863 (12,765,394 ) 13,675,520 Lennar Financial Services — 125,493 1,262,213 (2,518 ) 1,385,188 Rialto — — 1,195,407 — 1,195,407 Lennar Multifamily — — 683,258 — 683,258 Total assets $ 13,328,956 12,799,588 3,578,741 (12,767,912 ) 16,939,373 LIABILITIES AND EQUITY Lennar Homebuilding: Accounts payable and other liabilities $ 556,909 918,602 136,621 (19,252 ) 1,592,880 Liabilities related to consolidated inventory not owned — 368,179 13,500 — 381,679 Senior notes and other debts payable 5,217,787 280,249 25,729 — 5,523,765 Intercompany — 7,032,364 1,182,533 (8,214,897 ) — 5,774,696 8,599,394 1,358,383 (8,234,149 ) 7,498,324 Lennar Financial Services — 39,806 910,292 — 950,098 Rialto — — 703,329 — 703,329 Lennar Multifamily — — 128,162 — 128,162 Total liabilities 5,774,696 8,639,200 3,100,166 (8,234,149 ) 9,279,913 Stockholders’ equity 7,554,260 4,160,388 373,375 (4,533,763 ) 7,554,260 Noncontrolling interests — — 105,200 — 105,200 Total equity 7,554,260 4,160,388 478,575 (4,533,763 ) 7,659,460 Total liabilities and equity $ 13,328,956 12,799,588 3,578,741 (12,767,912 ) 16,939,373 Condensed Consolidating Balance Sheet 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 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 Rialto — — 1,276,210 — 1,276,210 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 Lennar Financial Services — 38,530 1,279,753 — 1,318,283 Rialto — — 707,980 — 707,980 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 (Loss) Three Months Ended August 31, 2017 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 2,872,920 12,275 — 2,885,195 Lennar Financial Services — 90,220 129,853 (5,017 ) 215,056 Rialto — — 57,810 — 57,810 Lennar Multifamily — — 103,457 (42 ) 103,415 Total revenues — 2,963,140 303,395 (5,059 ) 3,261,476 Cost and expenses: Lennar Homebuilding — 2,483,401 12,107 (3,443 ) 2,492,065 Lennar Financial Services — 79,077 89,656 (2,734 ) 165,999 Rialto — — 49,574 (71 ) 49,503 Lennar Multifamily — — 105,956 — 105,956 Corporate general and administrative 71,285 310 — 1,265 72,860 Total costs and expenses 71,285 2,562,788 257,293 (4,983 ) 2,886,383 Lennar Homebuilding equity in loss from unconsolidated entities — (9,647 ) (4 ) — (9,651 ) Lennar Homebuilding other income (expense), net (67 ) 1,244 1,544 76 2,797 Rialto equity in earnings from unconsolidated entities — — 4,858 — 4,858 Rialto other expense, net — — (16,357 ) — (16,357 ) Lennar Multifamily equity in earnings from unconsolidated entities — — 11,645 — 11,645 Earnings (loss) before income taxes (71,352 ) 391,949 47,788 — 368,385 Benefit (provision) for income taxes 23,689 (128,170 ) (20,314 ) — (124,795 ) Equity in earnings from subsidiaries 296,828 22,477 — (319,305 ) — Net earnings (including net loss attributable to noncontrolling interests) 249,165 286,256 27,474 (319,305 ) 243,590 Less: Net loss attributable to noncontrolling interests — — (5,575 ) — (5,575 ) Net earnings attributable to Lennar $ 249,165 286,256 33,049 (319,305 ) 249,165 Other comprehensive income, net of tax: Net unrealized gains on securities available-for-sale $ — — 165 — 165 Other comprehensive income attributable to Lennar $ 249,165 286,256 33,214 (319,305 ) 249,330 Other comprehensive loss attributable to noncontrolling interests $ — — (5,575 ) — (5,575 ) Condensed Consolidating Statement of Operations and Comprehensive Income Three Months Ended August 31, 2016 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 2,492,189 4,780 — 2,496,969 Lennar Financial Services — 60,518 135,939 (5,013 ) 191,444 Rialto — — 63,885 — 63,885 Lennar Multifamily — — 81,620 (24 ) 81,596 Total revenues — 2,552,707 286,224 (5,037 ) 2,833,894 Cost and expenses: Lennar Homebuilding — 2,157,506 7,309 (788 ) 2,164,027 Lennar Financial Services — 50,602 92,431 (4,837 ) 138,196 Rialto — — 62,721 (415 ) 62,306 Lennar Multifamily — — 84,007 — 84,007 Corporate general and administrative 59,644 255 — 1,265 61,164 Total costs and expenses 59,644 2,208,363 246,468 (4,775 ) 2,509,700 Lennar Homebuilding equity in earnings (loss) from unconsolidated entities — (18,127 ) 93 — (18,034 ) Lennar Homebuilding other income, net (251 ) 28,850 1,113 262 29,974 Rialto equity in earnings from unconsolidated entities — — 5,976 — 5,976 Rialto other expense, net — — (7,612 ) — (7,612 ) Lennar Multifamily equity in earnings from unconsolidated entities — — 5,060 — 5,060 Earnings (loss) before income taxes (59,895 ) 355,067 44,386 — 339,558 Benefit (provision) for income taxes 18,646 (106,867 ) (18,206 ) — (106,427 ) Equity in earnings from subsidiaries 277,091 22,301 — (299,392 ) — Net earnings (including net loss attributable to noncontrolling interests) 235,842 270,501 26,180 (299,392 ) 233,131 Less: Net loss attributable to noncontrolling interests — — (2,711 ) — (2,711 ) Net earnings attributable to Lennar $ 235,842 270,501 28,891 (299,392 ) 235,842 Other comprehensive income, net of tax: Net unrealized gain on securities available-for-sale $ — — 639 — 639 Reclassification adjustments for gains included in earnings, net of tax — — (31 ) — (31 ) Other comprehensive income attributable to Lennar $ 235,842 270,501 29,499 (299,392 ) 236,450 Other comprehensive loss attributable to noncontrolling interests $ — — (2,711 ) — (2,711 ) Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Nine Months Ended August 31, 2017 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 7,761,414 28,216 — 7,789,630 Lennar Financial Services — 227,325 359,152 (15,015 ) 571,462 Rialto — — 207,804 — 207,804 Lennar Multifamily — — 292,009 (109 ) 291,900 Total revenues — 7,988,739 887,181 (15,124 ) 8,860,796 Cost and expenses: Lennar Homebuilding — 6,802,418 30,693 (4,002 ) 6,829,109 Lennar Financial Services — 205,875 266,317 (14,178 ) 458,014 Rialto — — 175,705 (213 ) 175,492 Lennar Multifamily — — 301,303 — 301,303 Corporate general and administrative 195,681 856 — 3,796 200,333 Total costs and expenses 195,681 7,009,149 774,018 (14,597 ) 7,964,251 Lennar Homebuilding equity in loss from unconsolidated entities — (42,675 ) (16 ) — (42,691 ) Lennar Homebuilding other income (expense), net (498 ) 7,897 4,438 527 12,364 Lennar Homebuilding loss due to litigation — (140,000 ) — — (140,000 ) Rialto equity in earnings from unconsolidated entities — — 11,310 — 11,310 Rialto other expense, net — — (54,119 ) — (54,119 ) Lennar Multifamily equity in earnings from unconsolidated entities — — 44,219 — 44,219 Earnings (loss) before income taxes (196,179 ) 804,812 118,995 — 727,628 Benefit (provision) for income taxes 65,955 (263,886 ) (55,725 ) — (253,656 ) Equity in earnings from subsidiaries 631,114 50,785 — (681,899 ) — Net earnings (including net loss attributable to noncontrolling interests) 500,890 591,711 63,270 (681,899 ) 473,972 Less: Net loss attributable to noncontrolling interests — — (26,918 ) — (26,918 ) Net earnings attributable to Lennar $ 500,890 591,711 90,188 (681,899 ) 500,890 Other comprehensive income, net of tax: Net unrealized gain on securities available-for-sale $ — — 1,556 — 1,556 Reclassification adjustments for loss included in earnings, net of tax — — 4 — 4 Other comprehensive income attributable to Lennar $ 500,890 591,711 91,748 (681,899 ) 502,450 Other comprehensive loss attributable to noncontrolling interests $ — — (26,918 ) — (26,918 ) Condensed Consolidating Statement of Operations and Comprehensive Income Nine Months Ended August 31, 2016 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 6,729,555 4,780 — 6,734,335 Lennar Financial Services — 154,438 351,923 (15,021 ) 491,340 Rialto — — 152,434 — 152,434 Lennar Multifamily — — 195,320 (56 ) 195,264 Total revenues — 6,883,993 704,457 (15,077 ) 7,573,373 Cost and expenses: Lennar Homebuilding — 5,840,084 15,941 (11,505 ) 5,844,520 Lennar Financial Services — 140,618 243,755 (5,300 ) 379,073 Rialto — — 156,198 (782 ) 155,416 Lennar Multifamily — — 204,244 — 204,244 Corporate general and administrative 160,074 764 — 3,796 164,634 Total costs and expenses 160,074 5,981,466 620,138 (13,791 ) 6,747,887 Lennar Homebuilding equity in earnings (loss) from unconsolidated entities — (25,138 ) 471 — (24,667 ) Lennar Homebuilding other income (expense), net (1,257 ) 41,800 1,239 1,286 43,068 Rialto equity in earnings from unconsolidated entities — — 14,337 — 14,337 Rialto other expense, net — — (27,888 ) — (27,888 ) Lennar Multifamily equity in earnings from unconsolidated entities — — 38,754 — 38,754 Earnings (loss) before income taxes (161,331 ) 919,189 111,232 — 869,090 Benefit (provision) for income taxes 49,706 (277,230 ) (38,945 ) — (266,469 ) Equity in earnings from subsidiaries 710,016 42,297 — (752,313 ) — Net earnings (including net earnings attributable to noncontrolling interests) 598,391 684,256 72,287 (752,313 ) 602,621 Less: Net earnings attributable to noncontrolling interests — — 4,230 — 4,230 Net earnings attributable to Lennar $ 598,391 684,256 68,057 (752,313 ) 598,391 Other comprehensive income, net of tax: Net unrealized gain on securities available-for-sale $ — — 1,121 — 1,121 Reclassification adjustments for gains included in earnings, net of tax — — (37 ) — (37 ) Other comprehensive income attributable to Lennar $ 598,391 684,256 69,141 (752,313 ) 599,475 Other comprehensive income attributable to noncontrolling interests $ — — 4,230 — 4,230 Condensed Consolidating Statement of Cash Flows Nine Months Ended August 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) $ 500,890 591,711 63,270 (681,899 ) 473,972 Distributions of earnings from guarantor and non-guarantor subsidiaries 631,114 50,785 — (681,899 ) — Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by operating activities (495,120 ) (596,338 ) 263,300 681,899 (146,259 ) Net cash provided by operating activities 636,884 46,158 326,570 (681,899 ) 327,713 Cash flows from investing activities: Investments in and contributions to unconsolidated entities, net of distributions of capital — (232,378 ) (25,622 ) — (258,000 ) Proceeds from sales of real estate owned — — 72,952 — 72,952 Receipt of principal payment on loans held-for-sale — — 5,937 — 5,937 Originations of loans receivable — — (57,375 ) — (57,375 ) Purchases of commercial mortgage-backed securities bonds — — (70,187 ) — (70,187 ) Acquisition, net of cash acquired (611,103 ) — (296 ) — (611,399 ) Other (6,174 ) (36,168 ) 2,863 — (39,479 ) Distributions of capital from guarantor and non-guarantor subsidiaries 80,000 80,000 — (160,000 ) — Intercompany (1,200,426 ) — — 1,200,426 — Net cash used in investing activities (1,737,703 ) (188,546 ) (71,728 ) 1,040,426 (957,551 ) Cash flows from financing activities: Net repayments under warehouse facilities — (78 ) (397,682 ) — (397,760 ) Proceeds from senior notes and debt issuance costs 1,240,089 — (6,786 ) — 1,233,303 Redemption of senior notes (400,000 ) (258,595 ) — — (658,595 ) Net proceeds on Rialto notes payable — — 44,550 — 44,550 Net proceeds (payments) on other borrowings — (50,691 ) 71,323 — 20,632 Net payments related to noncontrolling interests — (51,483 ) — (51,483 ) Excess tax benefits from share-based awards 1,980 — — — 1,980 Common stock: Issuances 693 — — — 693 Repurchases (27,104 ) — — — (27,104 ) Dividends (28,181 ) (671,711 ) (170,188 ) 841,899 (28,181 ) Intercompany — 951,237 249,189 (1,200,426 ) — Net cash provided by (used in) financing activities 787,477 (29,838 ) (261,077 ) (358,527 ) 138,035 Net decrease in cash and cash equivalents (313,342 ) (172,226 ) (6,235 ) — (491,803 ) 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 $ 383,770 204,844 249,112 — 837,726 Condensed Consolidating Statement of Cash Flows Nine Months Ended August 31, 2016 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Cash flows from operating activities: Net earnings (including net earnings attributable to noncontrolling interests) $ 598,391 684,256 72,287 (752,313 ) 602,621 Distributions of earnings from guarantor and non-guarantor subsidiaries 710,016 42,297 — (752,313 ) — Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities (712,476 ) (707,332 ) 61,794 752,313 (605,701 ) Net cash provided by (used in) operating activities 595,931 19,221 134,081 (752,313 ) (3,080 ) Cash flows from investing activities: Proceeds from sale of operating properties and equipment — 17,450 — — 17,450 Investments in and contributions to unconsolidated entities, net of distributions of capital — (100,475 ) (9,752 ) — (110,227 ) Proceeds from sales of real estate owned — — 66,638 — 66,638 Originations/purchases of loans receivable — — (56,507 ) — (56,507 ) Receipts of principal payments on loans receivable and other — — 57,733 — 57,733 Purchases of commercial mortgage-backed securities bonds — — (33,005 ) — (33,005 ) Other (8,836 ) (41,120 ) (8,801 ) — (58,757 ) Distributions of capital from guarantor and non-guarantor subsidiaries 40,000 40,000 — (80,000 ) — Intercompany (956,734 ) — — 956,734 — Net cash provided by (used in) investing activities (925,570 ) (84,145 ) 16,306 876,734 (116,675 ) Cash flows from financing activities: Net borrowings under unsecured revolving credit facility 125,000 — — — 125,000 Net (repayments) borrowings under warehouse facilities — 141 (137,466 ) — (137,325 ) Proceeds from senior notes and debt issuance costs 495,974 — (931 ) — 495,043 Redemption of senior notes (250,000 ) — — — (250,000 ) Conversions and exchanges of convertible senior notes (233,893 ) — — — (233,893 ) Principal payments on Rialto notes payable including structured notes — — (4,121 ) — (4,121 ) Net payments on other borrowings — (99,804 ) — (99,804 ) Net payments related to noncontrolling interests — (97,912 ) — (97,912 ) Excess tax benefits from share-based awards 7,039 — — — 7,039 Common stock: Issuances 19,471 — — — 19,471 Repurchases (19,871 ) — — — (19,871 ) Dividends (26,222 ) (724,256 ) (108,057 ) 832,313 (26,222 ) Intercompany — 782,877 173,857 (956,734 ) — Net cash provided by (used in) financing activities 117,498 (41,042 ) (174,630 ) (124,421 ) (222,595 ) Net decrease in cash and cash equivalents (212,141 ) (105,966 ) (24,243 ) — (342,350 ) Cash and cash equivalents at beginning of period 575,821 336,048 246,576 — 1,158,445 Cash and cash equivalents at end of period $ 363,680 230,082 222,333 — 816,095

Basis of Presentation (Policy)

Basis of Presentation (Policy)	9 Months Ended
	Aug. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Consolidation	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.
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 nine months ended August 31, 2017 are not necessarily indicative of the results to be expected for the full year.
Use of Estimates	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	Reclassifications/Revisions As 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 Accounting Standard Update ("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 adoption of ASU 2016-09 is not expected to have a material effect on the Company’s condensed consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). ASU 2016-13 significantly changes the impairment model for most financial assets and certain other instruments. ASU 2016-13 will require immediate recognition of estimated credit losses expected to occur over the remaining life of many financial assets, which will generally result in earlier recognition of allowances for credit losses on loans and other financial instruments. ASU 2016-13 is effective for the Company's fiscal year beginning December 1, 2020 and subsequent interim periods. The Company is currently evaluating the impact the adoption of ASU 2016-13 will have on 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 ("ASU 2017-04"). ASU 2017-04 removes the requirement to perform a hypothetical purchase price allocation to measure goodwill impairment. A goodwill impairment will now be the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 will be effective for the Company’s fiscal year beginning December 1, 2020. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently evaluating the impact the adoption of ASU 2017-04 will have on its condensed consolidated financial statements.

Business Acquisition (Tables)

Business Acquisition (Tables)	9 Months Ended
	Aug. 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 613,495 Intangible assets (1) 59,283 Goodwill (2) 160,270 Deferred tax assets, net 84,078 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 was 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 $140.3 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.

Operating and Reporting Segme27

Operating and Reporting Segments (Tables)	9 Months Ended
	Aug. 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) August 31, November 30, Assets: Homebuilding East (1) $ 4,812,569 3,512,990 Homebuilding Central 2,092,624 1,993,403 Homebuilding West 5,093,996 4,318,924 Homebuilding Other 913,250 907,523 Lennar Financial Services 1,385,188 1,754,672 Rialto 1,195,407 1,276,210 Lennar Multifamily 683,258 526,131 Corporate and unallocated 763,081 1,071,928 Total assets $ 16,939,373 15,361,781 Lennar Homebuilding goodwill (2) $ 140,270 — Lennar Financial Services goodwill (2) $ 59,838 39,838 Rialto goodwill $ 5,396 5,396 (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 $140.3 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 Nine Months Ended August 31, August 31, (In thousands) 2017 2016 2017 2016 Revenues: Homebuilding East $ 1,255,797 1,002,584 3,218,413 2,615,936 Homebuilding Central 602,901 622,304 1,801,424 1,645,131 Homebuilding West 823,500 671,122 2,146,492 1,940,520 Homebuilding Other 202,997 200,959 623,301 532,748 Lennar Financial Services 215,056 191,444 571,462 491,340 Rialto 57,810 63,885 207,804 152,434 Lennar Multifamily 103,415 81,596 291,900 195,264 Total revenues (1) $ 3,261,476 2,833,894 8,860,796 7,573,373 Operating earnings (loss): Homebuilding East (2) $ 179,908 161,789 277,906 389,433 Homebuilding Central 66,184 67,759 194,986 169,716 Homebuilding West 112,749 92,308 237,333 294,949 Homebuilding Other 27,435 23,026 79,969 54,118 Lennar Financial Services 49,057 53,248 113,448 112,267 Rialto (3,192 ) (57 ) (10,497 ) (16,533 ) Lennar Multifamily 9,104 2,649 34,816 29,774 Total operating earnings 441,245 400,722 927,961 1,033,724 Corporate general and administrative expenses 72,860 61,164 200,333 164,634 Earnings before income taxes $ 368,385 339,558 727,628 869,090 (1) Total revenues were net of sales incentives of $165.4 million ( $21,800 per home delivered) and $463.4 million ( $22,400 per home delivered) for the three and nine months ended August 31, 2017 , respectively, compared to $152.3 million ( $22,500 per home delivered) and $402.2 million ( $22,000 per home delivered) for the three and nine months ended August 31, 2016 , respectively. (2) Homebuilding East operating earnings for the nine months ended August 31, 2017 included a $ 140 million loss due to litigation (see Note 17). For both the three and nine months ended August 31, 2016 operating earnings included a gain of $8.7 million on the sale of a clubhouse. The assets and liabilities related to the Lennar Financial Services segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 115,016 123,964 Restricted cash 14,152 17,053 Receivables, net (1) 286,902 409,528 Loans held-for-sale (2) 661,649 939,405 Loans held-for-investment, net 37,665 30,004 Investments held-to-maturity 53,631 41,991 Investments available-for-sale (3) 57,784 53,570 Goodwill (4) 59,838 39,838 Other (5) 98,551 99,319 $ 1,385,188 1,754,672 Liabilities: Notes and other debts payable $ 719,727 1,077,228 Other (6) 230,371 241,055 $ 950,098 1,318,283 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of August 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 August 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 August 31, 2017 and November 30, 2016 , other assets included mortgage loan commitments carried at fair value of $17.5 million and $7.4 million , respectively, and mortgage servicing rights carried at fair value of $27.7 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 August 31, 2017 and November 30, 2016 , other liabilities included $56.1 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 $5.5 million August 31, 2017 . The assets and liabilities related to the Rialto segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 154,814 148,827 Restricted cash (1) 30,928 9,935 Receivables, net (2) — 204,518 Loans held-for-sale (3) 304,984 126,947 Loans receivable, net 52,779 111,608 Real estate owned, net 123,695 243,703 Investments in unconsolidated entities 249,551 245,741 Investments held-to-maturity 142,462 71,260 Other 136,194 113,671 $ 1,195,407 1,276,210 Liabilities: Notes and other debts payable (4) $ 617,152 622,335 Other 86,177 85,645 $ 703,329 707,980 (1) Restricted cash primarily consisted of cash set aside for future investments on behalf of a real estate investment trust that Rialto is a sub-advisor to. It also included 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 November 30, 2016 . (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 August 31, 2017 and November 30, 2016 , notes and other debts payable primarily included $349.2 million and $348.7 million , respectively, related to Rialto's 7.00% senior notes due 2018, and $182.7 million and $223.5 million , respectively, related to Rialto's warehouse repurchase facilities. The assets and liabilities related to the Lennar Multifamily segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 3,305 6,600 Receivables (1) 71,464 58,929 Land under development 179,965 139,713 Investments in unconsolidated entities 397,119 318,559 Other assets 31,405 2,330 $ 683,258 526,131 Liabilities: Accounts payable and other liabilities $ 128,162 117,973 (1) Receivables primarily related to general contractor services, net of deferrals and management fee income receivables due from unconsolidated entities as of August 31, 2017 and November 30, 2016 , respectively.

Lennar Homebuilding Investmen28

Lennar Homebuilding Investments in Unconsolidated Entities (Tables)	9 Months Ended
	Aug. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Balance Sheets (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 806,972 221,334 Inventories 3,785,662 3,889,795 Other assets 1,227,756 1,334,116 $ 5,820,390 5,445,245 Liabilities and equity: Accounts payable and other liabilities $ 697,065 791,245 Debt (1) 754,749 888,664 Equity 4,368,576 3,765,336 $ 5,820,390 5,445,245 (1) Debt presented above is net of debt issuance costs of $5.4 million and $4.2 million , as of August 31, 2017 and November 30, 2016 , respectively. The total debt of the Lennar Homebuilding unconsolidated entities in which the Company has investments, including Lennar's maximum recourse exposure, were as follows: (Dollars in thousands) August 31, November 30, Non-recourse bank debt and other debt (partner’s share of several recourse) $ 68,302 48,945 Non-recourse land seller debt and other debt (1) 1,997 323,995 Non-recourse debt with completion guarantees 275,959 147,100 Non-recourse debt without completion guarantees 342,987 320,372 Non-recourse debt to the Company 689,245 840,412 The Company’s maximum recourse exposure (2) 70,929 52,438 Debt issuance costs (5,425 ) (4,186 ) Total debt $ 754,749 888,664 The Company’s maximum recourse exposure as a % of total JV debt 9 % 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 August 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. Summarized condensed financial information on a combined 100% basis related to Lennar Homebuilding’s unconsolidated entities that are accounted for by the equity method was as follows: Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2017 2016 2017 2016 Revenues $ 144,966 43,889 323,689 352,251 Costs and expenses 151,643 110,649 421,554 409,219 Other income 12,578 — 18,695 — Net earnings (loss) of unconsolidated entities $ 5,901 (66,760 ) (79,170 ) (56,968 ) Lennar Homebuilding equity in loss from unconsolidated entities $ (9,651 ) (18,034 ) (42,691 ) (24,667 ) The following table reflects Rialto's investments in funds that invest in and manage real estate related assets and other investments: August 31, August 31, November 30, (Dollars in thousands) Inception Year Equity Commitments Equity Commitments Called Commitment to Fund by the Company Funds Contributed by the Company Investment Rialto Real Estate Fund, LP 2010 $ 700,006 $ 700,006 $ 75,000 $ 75,000 $ 46,623 58,116 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 81,169 96,192 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 20,632 23,643 Rialto Capital CMBS Funds 2014 119,174 119,174 52,474 52,474 50,545 50,519 Rialto Real Estate Fund III 2015 1,887,000 469,150 140,000 33,533 33,268 9,093 Rialto Credit Partnership, LP 2016 220,000 150,786 19,999 13,707 13,800 5,794 Other investments 3,514 2,384 $ 249,551 245,741 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) August 31, November 30, Assets: Cash and cash equivalents $ 80,337 230,229 Loans receivable 595,149 406,812 Real estate owned 307,669 439,191 Investment securities 1,700,572 1,379,155 Investments in partnerships 409,670 398,535 Other assets 49,452 29,036 $ 3,142,849 2,882,958 Liabilities and equity: Accounts payable and other liabilities $ 40,239 36,131 Notes payable (1) 587,813 532,264 Equity 2,514,797 2,314,563 $ 3,142,849 2,882,958 (1) Notes payable are net of debt issuance costs of $3.4 million and $2.9 million , as of August 31, 2017 and November 30, 2016 , respectively. Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2017 2016 2017 2016 Revenues $ 64,267 51,485 182,453 147,021 Costs and expenses 26,752 24,472 83,753 66,075 Other income, net (1) 245 28,947 9,893 40,495 Net earnings of unconsolidated entities $ 37,760 55,960 108,593 121,441 Rialto equity in earnings from unconsolidated entities $ 4,858 5,976 11,310 14,337 (1) Other income, net, included realized and unrealized gains (losses) on investments. 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) August 31, November 30, Assets: Cash and cash equivalents $ 51,725 43,658 Operating properties and equipment 2,832,790 2,210,627 Other assets 35,848 33,703 $ 2,920,363 2,287,988 Liabilities and equity: Accounts payable and other liabilities $ 220,881 196,617 Notes payable (1) 821,500 577,085 Equity 1,877,982 1,514,286 $ 2,920,363 2,287,988 (1) Notes payable are net of debt issuance costs of $17.4 million and $12.3 million , as of August 31, 2017 and November 30, 2016 , respectively. Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2017 2016 2017 2016 Revenues $ 18,822 13,796 44,414 31,759 Costs and expenses 28,904 24,611 75,727 50,341 Other income, net 47,210 20,335 125,939 90,729 Net earnings of unconsolidated entities $ 37,128 9,520 94,626 72,147 Lennar Multifamily equity in earnings from unconsolidated entities (1) $ 11,645 5,060 44,219 38,754 (1) During three and nine months ended August 31, 2017 , the Lennar Multifamily segment sold two and five operating properties, respectively, through its unconsolidated entities resulting in the segment's $15.4 million and $52.9 million share of gains, respectively. During the three and nine months ended August 31, 2016 , the Lennar Multifamily segment sold one and three operating properties, respectively, through its unconsolidated entities resulting in the segment's $8.0 million and $43.8 million share of gains, respectively. The Company’s recorded investments in unconsolidated entities were as follows: (In thousands) August 31, November 30, Lennar Homebuilding $ 1,016,588 811,723 Rialto $ 249,551 245,741 Lennar Multifamily $ 397,119 318,559

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Aug. 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 nine months ended August 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) 473,972 — — — — — 500,890 (26,918 ) Employee stock and directors plans (24,896 ) 134 — 2,079 (27,109 ) — — — Tax benefit from employee stock plans, vesting of restricted stock and conversions of convertible senior notes 35,542 — — 35,542 — — — — Amortization of restricted stock 43,303 — — 43,303 — — — — Cash dividends (28,181 ) — — — — — (28,181 ) — Receipts related to noncontrolling interests 10,299 — — — — — — 10,299 Payments related to noncontrolling interests (61,782 ) — — — — — — (61,782 ) Non-cash activity related to noncontrolling interests (1,924 ) — — — — — — (1,924 ) Other comprehensive income, net of tax 1,560 — — — — 1,560 — — Balance at August 31, 2017 $ 7,659,460 20,543 3,298 2,886,273 (136,070 ) 1,251 4,778,965 105,200 Stockholders’ Equity (In thousands) Total Equity Class A Class B Additional Treasury Stock Accumulated Other Comprehensive Income Retained Earnings Noncontrolling Interests Balance at November 30, 2015 $ 5,950,072 18,066 3,298 2,305,560 (107,755 ) 39 3,429,736 301,128 Net earnings (including net earnings attributable to noncontrolling interests) 602,621 — — — — — 598,391 4,230 Employee stock and directors plans 501 124 — 1,552 (1,175 ) — — — Conversions and exchanges of convertible senior notes to Class A common stock 242,406 1,551 — 240,855 — — — — Tax benefit from employee stock plans, vesting of restricted stock and conversions of convertible senior notes 45,803 — — 45,803 — — — — Amortization of restricted stock 34,628 — — 34,628 — — — — Cash dividends (26,222 ) — — — — — (26,222 ) — Receipts related to noncontrolling interests 266 — — — — — — 266 Payments related to noncontrolling interests (98,178 ) — — — — — — (98,178 ) Non-cash distributions to noncontrolling interests (5,033 ) — — — — — — (5,033 ) Non-cash consolidations, net 12,478 — — — — — — 12,478 Non-cash activity related to noncontrolling interests 2,480 — — — — — — 2,480 Other comprehensive income, net of tax 1,084 — — — — 1,084 — — Balance at August 31, 2016 $ 6,762,906 19,741 3,298 2,628,398 (108,930 ) 1,123 4,001,905 217,371

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Aug. 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 Nine Months Ended August 31, August 31, (Dollars in thousands) 2017 2016 2017 2016 Provision for income taxes $ (124,795 ) (106,427 ) (253,656 ) (266,469 ) Effective tax rate (1) 33.37 % 31.09 % 33.62 % 30.81 % (1) For the three months ended August 31, 2017 , the effective tax rate included tax benefits for the domestic production activities deduction, and energy tax credits, offset primarily by state income tax expense and a valuation allowance recorded against state net operating losses the Company expects to expire unutilized. For the nine months ended August 31, 2017 , 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, and a valuation allowance recorded against state net operating losses the Company expects to expire unutilized. For the three months ended August 31, 2016 , the effective tax rate included tax benefits for the domestic production activities deduction and energy tax credits, offset primarily by state income tax expense. For the nine months ended August 31, 2016 , the effective tax rate included tax benefits for (1) settlements with the IRS, (2) the domestic production activities deduction, and (3) energy tax credits, offset primarily by state income tax expense.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Aug. 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 Nine Months Ended August 31, August 31, (In thousands, except per share amounts) 2017 2016 2017 2016 Numerator: Net earnings attributable to Lennar $ 249,165 235,842 500,890 598,391 Less: distributed earnings allocated to nonvested shares 88 81 290 256 Less: undistributed earnings allocated to nonvested shares 2,358 2,232 4,600 5,798 Numerator for basic earnings per share 246,719 233,529 496,000 592,337 Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan (1) 294 258 845 864 Plus: interest on 3.25% convertible senior notes due 2021 — 964 — 4,836 Plus: undistributed earnings allocated to convertible shares — 2,232 — 5,797 Less: undistributed earnings reallocated to convertible shares — 2,162 — 5,484 Numerator for diluted earnings per share $ 246,425 234,305 495,155 596,622 Denominator: Denominator for basic earnings per share - weighted average common shares outstanding 232,673 223,549 232,361 215,814 Effect of dilutive securities: Share-based payments 1 3 2 4 Convertible senior notes — 8,266 — 14,399 Denominator for diluted earnings per share - weighted average common shares outstanding 232,674 231,818 232,363 230,217 Basic earnings per share $ 1.06 1.04 2.13 2.74 Diluted earnings per share $ 1.06 1.01 2.13 2.59 (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.

Lennar Financial Services Seg32

Lennar Financial Services Segment (Tables)	9 Months Ended
	Aug. 31, 2017
Segment Reporting [Abstract]
Schedule of Assets and Liabilities	Financial information relating to the Company’s operations was as follows: (In thousands) August 31, November 30, Assets: Homebuilding East (1) $ 4,812,569 3,512,990 Homebuilding Central 2,092,624 1,993,403 Homebuilding West 5,093,996 4,318,924 Homebuilding Other 913,250 907,523 Lennar Financial Services 1,385,188 1,754,672 Rialto 1,195,407 1,276,210 Lennar Multifamily 683,258 526,131 Corporate and unallocated 763,081 1,071,928 Total assets $ 16,939,373 15,361,781 Lennar Homebuilding goodwill (2) $ 140,270 — Lennar Financial Services goodwill (2) $ 59,838 39,838 Rialto goodwill $ 5,396 5,396 (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 $140.3 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 Nine Months Ended August 31, August 31, (In thousands) 2017 2016 2017 2016 Revenues: Homebuilding East $ 1,255,797 1,002,584 3,218,413 2,615,936 Homebuilding Central 602,901 622,304 1,801,424 1,645,131 Homebuilding West 823,500 671,122 2,146,492 1,940,520 Homebuilding Other 202,997 200,959 623,301 532,748 Lennar Financial Services 215,056 191,444 571,462 491,340 Rialto 57,810 63,885 207,804 152,434 Lennar Multifamily 103,415 81,596 291,900 195,264 Total revenues (1) $ 3,261,476 2,833,894 8,860,796 7,573,373 Operating earnings (loss): Homebuilding East (2) $ 179,908 161,789 277,906 389,433 Homebuilding Central 66,184 67,759 194,986 169,716 Homebuilding West 112,749 92,308 237,333 294,949 Homebuilding Other 27,435 23,026 79,969 54,118 Lennar Financial Services 49,057 53,248 113,448 112,267 Rialto (3,192 ) (57 ) (10,497 ) (16,533 ) Lennar Multifamily 9,104 2,649 34,816 29,774 Total operating earnings 441,245 400,722 927,961 1,033,724 Corporate general and administrative expenses 72,860 61,164 200,333 164,634 Earnings before income taxes $ 368,385 339,558 727,628 869,090 (1) Total revenues were net of sales incentives of $165.4 million ( $21,800 per home delivered) and $463.4 million ( $22,400 per home delivered) for the three and nine months ended August 31, 2017 , respectively, compared to $152.3 million ( $22,500 per home delivered) and $402.2 million ( $22,000 per home delivered) for the three and nine months ended August 31, 2016 , respectively. (2) Homebuilding East operating earnings for the nine months ended August 31, 2017 included a $ 140 million loss due to litigation (see Note 17). For both the three and nine months ended August 31, 2016 operating earnings included a gain of $8.7 million on the sale of a clubhouse. The assets and liabilities related to the Lennar Financial Services segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 115,016 123,964 Restricted cash 14,152 17,053 Receivables, net (1) 286,902 409,528 Loans held-for-sale (2) 661,649 939,405 Loans held-for-investment, net 37,665 30,004 Investments held-to-maturity 53,631 41,991 Investments available-for-sale (3) 57,784 53,570 Goodwill (4) 59,838 39,838 Other (5) 98,551 99,319 $ 1,385,188 1,754,672 Liabilities: Notes and other debts payable $ 719,727 1,077,228 Other (6) 230,371 241,055 $ 950,098 1,318,283 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of August 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 August 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 August 31, 2017 and November 30, 2016 , other assets included mortgage loan commitments carried at fair value of $17.5 million and $7.4 million , respectively, and mortgage servicing rights carried at fair value of $27.7 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 August 31, 2017 and November 30, 2016 , other liabilities included $56.1 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 $5.5 million August 31, 2017 . The assets and liabilities related to the Rialto segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 154,814 148,827 Restricted cash (1) 30,928 9,935 Receivables, net (2) — 204,518 Loans held-for-sale (3) 304,984 126,947 Loans receivable, net 52,779 111,608 Real estate owned, net 123,695 243,703 Investments in unconsolidated entities 249,551 245,741 Investments held-to-maturity 142,462 71,260 Other 136,194 113,671 $ 1,195,407 1,276,210 Liabilities: Notes and other debts payable (4) $ 617,152 622,335 Other 86,177 85,645 $ 703,329 707,980 (1) Restricted cash primarily consisted of cash set aside for future investments on behalf of a real estate investment trust that Rialto is a sub-advisor to. It also included 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 November 30, 2016 . (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 August 31, 2017 and November 30, 2016 , notes and other debts payable primarily included $349.2 million and $348.7 million , respectively, related to Rialto's 7.00% senior notes due 2018, and $182.7 million and $223.5 million , respectively, related to Rialto's warehouse repurchase facilities. The assets and liabilities related to the Lennar Multifamily segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 3,305 6,600 Receivables (1) 71,464 58,929 Land under development 179,965 139,713 Investments in unconsolidated entities 397,119 318,559 Other assets 31,405 2,330 $ 683,258 526,131 Liabilities: Accounts payable and other liabilities $ 128,162 117,973 (1) Receivables primarily related to general contractor services, net of deferrals and management fee income receivables due from unconsolidated entities as of August 31, 2017 and November 30, 2016 , respectively.
Schedule of Line of Credit Facilities	At August 31, 2017 , the Lennar Financial Services segment warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures September 2017 (1) $ 300,000 364-day warehouse repurchase facility that matures December 2017 (2) 400,000 364-day warehouse repurchase facility that matures March 2018 (3) 150,000 364-day warehouse repurchase facility that matures June 2018 600,000 Total $ 1,450,000 (1) Subsequent to August 31, 2017, the warehouse repurchase facility maturity date was extended to September 2018. (2) Maximum aggregate commitment includes an uncommitted amount of $250 million . (3) Maximum aggregate commitment includes an uncommitted amount of $75 million . At August 31, 2017 , Rialto warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures October 2017 (1) $ 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) (2) 100,000 Total $ 1,050,000 (1) Subsequent to August 31, 2017 , Rialto executed an amendment and extension of this facility, providing for, among other things, the extension of the maximum term facility to October 2018, with the option for an additional one year extension, and decreased the maximum aggregate commitment of the facility to $400 million . (2) 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 $34.4 million and $43.3 million as of August 31, 2017 and November 30, 2016 , respectively.
Schedule of Loan Origination Liabilities	The activity in the Company’s loan origination liabilities was as follows: Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2017 2016 2017 2016 Loan origination liabilities, beginning of period $ 25,912 20,994 24,905 19,492 Provision for losses 1,056 1,288 3,000 3,186 Adjustments to pre-existing provisions for losses from changes in estimates (4,440 ) 1,224 (4,440 ) 1,224 Payments/settlements (651 ) (17 ) (1,588 ) (413 ) Loan origination liabilities, end of period $ 21,877 23,489 21,877 23,489

Rialto Segment (Tables)

Rialto Segment (Tables)	9 Months Ended
	Aug. 31, 2017
Segment Reporting [Abstract]
Schedule of Assets and Liabilities	Financial information relating to the Company’s operations was as follows: (In thousands) August 31, November 30, Assets: Homebuilding East (1) $ 4,812,569 3,512,990 Homebuilding Central 2,092,624 1,993,403 Homebuilding West 5,093,996 4,318,924 Homebuilding Other 913,250 907,523 Lennar Financial Services 1,385,188 1,754,672 Rialto 1,195,407 1,276,210 Lennar Multifamily 683,258 526,131 Corporate and unallocated 763,081 1,071,928 Total assets $ 16,939,373 15,361,781 Lennar Homebuilding goodwill (2) $ 140,270 — Lennar Financial Services goodwill (2) $ 59,838 39,838 Rialto goodwill $ 5,396 5,396 (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 $140.3 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 Nine Months Ended August 31, August 31, (In thousands) 2017 2016 2017 2016 Revenues: Homebuilding East $ 1,255,797 1,002,584 3,218,413 2,615,936 Homebuilding Central 602,901 622,304 1,801,424 1,645,131 Homebuilding West 823,500 671,122 2,146,492 1,940,520 Homebuilding Other 202,997 200,959 623,301 532,748 Lennar Financial Services 215,056 191,444 571,462 491,340 Rialto 57,810 63,885 207,804 152,434 Lennar Multifamily 103,415 81,596 291,900 195,264 Total revenues (1) $ 3,261,476 2,833,894 8,860,796 7,573,373 Operating earnings (loss): Homebuilding East (2) $ 179,908 161,789 277,906 389,433 Homebuilding Central 66,184 67,759 194,986 169,716 Homebuilding West 112,749 92,308 237,333 294,949 Homebuilding Other 27,435 23,026 79,969 54,118 Lennar Financial Services 49,057 53,248 113,448 112,267 Rialto (3,192 ) (57 ) (10,497 ) (16,533 ) Lennar Multifamily 9,104 2,649 34,816 29,774 Total operating earnings 441,245 400,722 927,961 1,033,724 Corporate general and administrative expenses 72,860 61,164 200,333 164,634 Earnings before income taxes $ 368,385 339,558 727,628 869,090 (1) Total revenues were net of sales incentives of $165.4 million ( $21,800 per home delivered) and $463.4 million ( $22,400 per home delivered) for the three and nine months ended August 31, 2017 , respectively, compared to $152.3 million ( $22,500 per home delivered) and $402.2 million ( $22,000 per home delivered) for the three and nine months ended August 31, 2016 , respectively. (2) Homebuilding East operating earnings for the nine months ended August 31, 2017 included a $ 140 million loss due to litigation (see Note 17). For both the three and nine months ended August 31, 2016 operating earnings included a gain of $8.7 million on the sale of a clubhouse. The assets and liabilities related to the Lennar Financial Services segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 115,016 123,964 Restricted cash 14,152 17,053 Receivables, net (1) 286,902 409,528 Loans held-for-sale (2) 661,649 939,405 Loans held-for-investment, net 37,665 30,004 Investments held-to-maturity 53,631 41,991 Investments available-for-sale (3) 57,784 53,570 Goodwill (4) 59,838 39,838 Other (5) 98,551 99,319 $ 1,385,188 1,754,672 Liabilities: Notes and other debts payable $ 719,727 1,077,228 Other (6) 230,371 241,055 $ 950,098 1,318,283 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of August 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 August 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 August 31, 2017 and November 30, 2016 , other assets included mortgage loan commitments carried at fair value of $17.5 million and $7.4 million , respectively, and mortgage servicing rights carried at fair value of $27.7 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 August 31, 2017 and November 30, 2016 , other liabilities included $56.1 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 $5.5 million August 31, 2017 . The assets and liabilities related to the Rialto segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 154,814 148,827 Restricted cash (1) 30,928 9,935 Receivables, net (2) — 204,518 Loans held-for-sale (3) 304,984 126,947 Loans receivable, net 52,779 111,608 Real estate owned, net 123,695 243,703 Investments in unconsolidated entities 249,551 245,741 Investments held-to-maturity 142,462 71,260 Other 136,194 113,671 $ 1,195,407 1,276,210 Liabilities: Notes and other debts payable (4) $ 617,152 622,335 Other 86,177 85,645 $ 703,329 707,980 (1) Restricted cash primarily consisted of cash set aside for future investments on behalf of a real estate investment trust that Rialto is a sub-advisor to. It also included 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 November 30, 2016 . (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 August 31, 2017 and November 30, 2016 , notes and other debts payable primarily included $349.2 million and $348.7 million , respectively, related to Rialto's 7.00% senior notes due 2018, and $182.7 million and $223.5 million , respectively, related to Rialto's warehouse repurchase facilities. The assets and liabilities related to the Lennar Multifamily segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 3,305 6,600 Receivables (1) 71,464 58,929 Land under development 179,965 139,713 Investments in unconsolidated entities 397,119 318,559 Other assets 31,405 2,330 $ 683,258 526,131 Liabilities: Accounts payable and other liabilities $ 128,162 117,973 (1) Receivables primarily related to general contractor services, net of deferrals and management fee income receivables due from unconsolidated entities as of August 31, 2017 and November 30, 2016 , respectively.
Schedule of Line of Credit Facilities	At August 31, 2017 , the Lennar Financial Services segment warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures September 2017 (1) $ 300,000 364-day warehouse repurchase facility that matures December 2017 (2) 400,000 364-day warehouse repurchase facility that matures March 2018 (3) 150,000 364-day warehouse repurchase facility that matures June 2018 600,000 Total $ 1,450,000 (1) Subsequent to August 31, 2017, the warehouse repurchase facility maturity date was extended to September 2018. (2) Maximum aggregate commitment includes an uncommitted amount of $250 million . (3) Maximum aggregate commitment includes an uncommitted amount of $75 million . At August 31, 2017 , Rialto warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures October 2017 (1) $ 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) (2) 100,000 Total $ 1,050,000 (1) Subsequent to August 31, 2017 , Rialto executed an amendment and extension of this facility, providing for, among other things, the extension of the maximum term facility to October 2018, with the option for an additional one year extension, and decreased the maximum aggregate commitment of the facility to $400 million . (2) 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 $34.4 million and $43.3 million as of August 31, 2017 and November 30, 2016 , respectively.
Equity Method Investments	Balance Sheets (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 806,972 221,334 Inventories 3,785,662 3,889,795 Other assets 1,227,756 1,334,116 $ 5,820,390 5,445,245 Liabilities and equity: Accounts payable and other liabilities $ 697,065 791,245 Debt (1) 754,749 888,664 Equity 4,368,576 3,765,336 $ 5,820,390 5,445,245 (1) Debt presented above is net of debt issuance costs of $5.4 million and $4.2 million , as of August 31, 2017 and November 30, 2016 , respectively. The total debt of the Lennar Homebuilding unconsolidated entities in which the Company has investments, including Lennar's maximum recourse exposure, were as follows: (Dollars in thousands) August 31, November 30, Non-recourse bank debt and other debt (partner’s share of several recourse) $ 68,302 48,945 Non-recourse land seller debt and other debt (1) 1,997 323,995 Non-recourse debt with completion guarantees 275,959 147,100 Non-recourse debt without completion guarantees 342,987 320,372 Non-recourse debt to the Company 689,245 840,412 The Company’s maximum recourse exposure (2) 70,929 52,438 Debt issuance costs (5,425 ) (4,186 ) Total debt $ 754,749 888,664 The Company’s maximum recourse exposure as a % of total JV debt 9 % 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 August 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. Summarized condensed financial information on a combined 100% basis related to Lennar Homebuilding’s unconsolidated entities that are accounted for by the equity method was as follows: Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2017 2016 2017 2016 Revenues $ 144,966 43,889 323,689 352,251 Costs and expenses 151,643 110,649 421,554 409,219 Other income 12,578 — 18,695 — Net earnings (loss) of unconsolidated entities $ 5,901 (66,760 ) (79,170 ) (56,968 ) Lennar Homebuilding equity in loss from unconsolidated entities $ (9,651 ) (18,034 ) (42,691 ) (24,667 ) The following table reflects Rialto's investments in funds that invest in and manage real estate related assets and other investments: August 31, August 31, November 30, (Dollars in thousands) Inception Year Equity Commitments Equity Commitments Called Commitment to Fund by the Company Funds Contributed by the Company Investment Rialto Real Estate Fund, LP 2010 $ 700,006 $ 700,006 $ 75,000 $ 75,000 $ 46,623 58,116 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 81,169 96,192 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 20,632 23,643 Rialto Capital CMBS Funds 2014 119,174 119,174 52,474 52,474 50,545 50,519 Rialto Real Estate Fund III 2015 1,887,000 469,150 140,000 33,533 33,268 9,093 Rialto Credit Partnership, LP 2016 220,000 150,786 19,999 13,707 13,800 5,794 Other investments 3,514 2,384 $ 249,551 245,741 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) August 31, November 30, Assets: Cash and cash equivalents $ 80,337 230,229 Loans receivable 595,149 406,812 Real estate owned 307,669 439,191 Investment securities 1,700,572 1,379,155 Investments in partnerships 409,670 398,535 Other assets 49,452 29,036 $ 3,142,849 2,882,958 Liabilities and equity: Accounts payable and other liabilities $ 40,239 36,131 Notes payable (1) 587,813 532,264 Equity 2,514,797 2,314,563 $ 3,142,849 2,882,958 (1) Notes payable are net of debt issuance costs of $3.4 million and $2.9 million , as of August 31, 2017 and November 30, 2016 , respectively. Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2017 2016 2017 2016 Revenues $ 64,267 51,485 182,453 147,021 Costs and expenses 26,752 24,472 83,753 66,075 Other income, net (1) 245 28,947 9,893 40,495 Net earnings of unconsolidated entities $ 37,760 55,960 108,593 121,441 Rialto equity in earnings from unconsolidated entities $ 4,858 5,976 11,310 14,337 (1) Other income, net, included realized and unrealized gains (losses) on investments. 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) August 31, November 30, Assets: Cash and cash equivalents $ 51,725 43,658 Operating properties and equipment 2,832,790 2,210,627 Other assets 35,848 33,703 $ 2,920,363 2,287,988 Liabilities and equity: Accounts payable and other liabilities $ 220,881 196,617 Notes payable (1) 821,500 577,085 Equity 1,877,982 1,514,286 $ 2,920,363 2,287,988 (1) Notes payable are net of debt issuance costs of $17.4 million and $12.3 million , as of August 31, 2017 and November 30, 2016 , respectively. Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2017 2016 2017 2016 Revenues $ 18,822 13,796 44,414 31,759 Costs and expenses 28,904 24,611 75,727 50,341 Other income, net 47,210 20,335 125,939 90,729 Net earnings of unconsolidated entities $ 37,128 9,520 94,626 72,147 Lennar Multifamily equity in earnings from unconsolidated entities (1) $ 11,645 5,060 44,219 38,754 (1) During three and nine months ended August 31, 2017 , the Lennar Multifamily segment sold two and five operating properties, respectively, through its unconsolidated entities resulting in the segment's $15.4 million and $52.9 million share of gains, respectively. During the three and nine months ended August 31, 2016 , the Lennar Multifamily segment sold one and three operating properties, respectively, through its unconsolidated entities resulting in the segment's $8.0 million and $43.8 million share of gains, respectively. The Company’s recorded investments in unconsolidated entities were as follows: (In thousands) August 31, November 30, Lennar Homebuilding $ 1,016,588 811,723 Rialto $ 249,551 245,741 Lennar Multifamily $ 397,119 318,559

Lennar Multifamily Segment (Tab

Lennar Multifamily Segment (Tables)	9 Months Ended
	Aug. 31, 2017
Segment Reporting [Abstract]
Schedule of Assets and Liabilities	Financial information relating to the Company’s operations was as follows: (In thousands) August 31, November 30, Assets: Homebuilding East (1) $ 4,812,569 3,512,990 Homebuilding Central 2,092,624 1,993,403 Homebuilding West 5,093,996 4,318,924 Homebuilding Other 913,250 907,523 Lennar Financial Services 1,385,188 1,754,672 Rialto 1,195,407 1,276,210 Lennar Multifamily 683,258 526,131 Corporate and unallocated 763,081 1,071,928 Total assets $ 16,939,373 15,361,781 Lennar Homebuilding goodwill (2) $ 140,270 — Lennar Financial Services goodwill (2) $ 59,838 39,838 Rialto goodwill $ 5,396 5,396 (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 $140.3 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 Nine Months Ended August 31, August 31, (In thousands) 2017 2016 2017 2016 Revenues: Homebuilding East $ 1,255,797 1,002,584 3,218,413 2,615,936 Homebuilding Central 602,901 622,304 1,801,424 1,645,131 Homebuilding West 823,500 671,122 2,146,492 1,940,520 Homebuilding Other 202,997 200,959 623,301 532,748 Lennar Financial Services 215,056 191,444 571,462 491,340 Rialto 57,810 63,885 207,804 152,434 Lennar Multifamily 103,415 81,596 291,900 195,264 Total revenues (1) $ 3,261,476 2,833,894 8,860,796 7,573,373 Operating earnings (loss): Homebuilding East (2) $ 179,908 161,789 277,906 389,433 Homebuilding Central 66,184 67,759 194,986 169,716 Homebuilding West 112,749 92,308 237,333 294,949 Homebuilding Other 27,435 23,026 79,969 54,118 Lennar Financial Services 49,057 53,248 113,448 112,267 Rialto (3,192 ) (57 ) (10,497 ) (16,533 ) Lennar Multifamily 9,104 2,649 34,816 29,774 Total operating earnings 441,245 400,722 927,961 1,033,724 Corporate general and administrative expenses 72,860 61,164 200,333 164,634 Earnings before income taxes $ 368,385 339,558 727,628 869,090 (1) Total revenues were net of sales incentives of $165.4 million ( $21,800 per home delivered) and $463.4 million ( $22,400 per home delivered) for the three and nine months ended August 31, 2017 , respectively, compared to $152.3 million ( $22,500 per home delivered) and $402.2 million ( $22,000 per home delivered) for the three and nine months ended August 31, 2016 , respectively. (2) Homebuilding East operating earnings for the nine months ended August 31, 2017 included a $ 140 million loss due to litigation (see Note 17). For both the three and nine months ended August 31, 2016 operating earnings included a gain of $8.7 million on the sale of a clubhouse. The assets and liabilities related to the Lennar Financial Services segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 115,016 123,964 Restricted cash 14,152 17,053 Receivables, net (1) 286,902 409,528 Loans held-for-sale (2) 661,649 939,405 Loans held-for-investment, net 37,665 30,004 Investments held-to-maturity 53,631 41,991 Investments available-for-sale (3) 57,784 53,570 Goodwill (4) 59,838 39,838 Other (5) 98,551 99,319 $ 1,385,188 1,754,672 Liabilities: Notes and other debts payable $ 719,727 1,077,228 Other (6) 230,371 241,055 $ 950,098 1,318,283 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of August 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 August 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 August 31, 2017 and November 30, 2016 , other assets included mortgage loan commitments carried at fair value of $17.5 million and $7.4 million , respectively, and mortgage servicing rights carried at fair value of $27.7 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 August 31, 2017 and November 30, 2016 , other liabilities included $56.1 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 $5.5 million August 31, 2017 . The assets and liabilities related to the Rialto segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 154,814 148,827 Restricted cash (1) 30,928 9,935 Receivables, net (2) — 204,518 Loans held-for-sale (3) 304,984 126,947 Loans receivable, net 52,779 111,608 Real estate owned, net 123,695 243,703 Investments in unconsolidated entities 249,551 245,741 Investments held-to-maturity 142,462 71,260 Other 136,194 113,671 $ 1,195,407 1,276,210 Liabilities: Notes and other debts payable (4) $ 617,152 622,335 Other 86,177 85,645 $ 703,329 707,980 (1) Restricted cash primarily consisted of cash set aside for future investments on behalf of a real estate investment trust that Rialto is a sub-advisor to. It also included 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 November 30, 2016 . (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 August 31, 2017 and November 30, 2016 , notes and other debts payable primarily included $349.2 million and $348.7 million , respectively, related to Rialto's 7.00% senior notes due 2018, and $182.7 million and $223.5 million , respectively, related to Rialto's warehouse repurchase facilities. The assets and liabilities related to the Lennar Multifamily segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 3,305 6,600 Receivables (1) 71,464 58,929 Land under development 179,965 139,713 Investments in unconsolidated entities 397,119 318,559 Other assets 31,405 2,330 $ 683,258 526,131 Liabilities: Accounts payable and other liabilities $ 128,162 117,973 (1) Receivables primarily related to general contractor services, net of deferrals and management fee income receivables due from unconsolidated entities as of August 31, 2017 and November 30, 2016 , respectively.
Equity Method Investments	Balance Sheets (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 806,972 221,334 Inventories 3,785,662 3,889,795 Other assets 1,227,756 1,334,116 $ 5,820,390 5,445,245 Liabilities and equity: Accounts payable and other liabilities $ 697,065 791,245 Debt (1) 754,749 888,664 Equity 4,368,576 3,765,336 $ 5,820,390 5,445,245 (1) Debt presented above is net of debt issuance costs of $5.4 million and $4.2 million , as of August 31, 2017 and November 30, 2016 , respectively. The total debt of the Lennar Homebuilding unconsolidated entities in which the Company has investments, including Lennar's maximum recourse exposure, were as follows: (Dollars in thousands) August 31, November 30, Non-recourse bank debt and other debt (partner’s share of several recourse) $ 68,302 48,945 Non-recourse land seller debt and other debt (1) 1,997 323,995 Non-recourse debt with completion guarantees 275,959 147,100 Non-recourse debt without completion guarantees 342,987 320,372 Non-recourse debt to the Company 689,245 840,412 The Company’s maximum recourse exposure (2) 70,929 52,438 Debt issuance costs (5,425 ) (4,186 ) Total debt $ 754,749 888,664 The Company’s maximum recourse exposure as a % of total JV debt 9 % 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 August 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. Summarized condensed financial information on a combined 100% basis related to Lennar Homebuilding’s unconsolidated entities that are accounted for by the equity method was as follows: Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2017 2016 2017 2016 Revenues $ 144,966 43,889 323,689 352,251 Costs and expenses 151,643 110,649 421,554 409,219 Other income 12,578 — 18,695 — Net earnings (loss) of unconsolidated entities $ 5,901 (66,760 ) (79,170 ) (56,968 ) Lennar Homebuilding equity in loss from unconsolidated entities $ (9,651 ) (18,034 ) (42,691 ) (24,667 ) The following table reflects Rialto's investments in funds that invest in and manage real estate related assets and other investments: August 31, August 31, November 30, (Dollars in thousands) Inception Year Equity Commitments Equity Commitments Called Commitment to Fund by the Company Funds Contributed by the Company Investment Rialto Real Estate Fund, LP 2010 $ 700,006 $ 700,006 $ 75,000 $ 75,000 $ 46,623 58,116 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 81,169 96,192 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 20,632 23,643 Rialto Capital CMBS Funds 2014 119,174 119,174 52,474 52,474 50,545 50,519 Rialto Real Estate Fund III 2015 1,887,000 469,150 140,000 33,533 33,268 9,093 Rialto Credit Partnership, LP 2016 220,000 150,786 19,999 13,707 13,800 5,794 Other investments 3,514 2,384 $ 249,551 245,741 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) August 31, November 30, Assets: Cash and cash equivalents $ 80,337 230,229 Loans receivable 595,149 406,812 Real estate owned 307,669 439,191 Investment securities 1,700,572 1,379,155 Investments in partnerships 409,670 398,535 Other assets 49,452 29,036 $ 3,142,849 2,882,958 Liabilities and equity: Accounts payable and other liabilities $ 40,239 36,131 Notes payable (1) 587,813 532,264 Equity 2,514,797 2,314,563 $ 3,142,849 2,882,958 (1) Notes payable are net of debt issuance costs of $3.4 million and $2.9 million , as of August 31, 2017 and November 30, 2016 , respectively. Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2017 2016 2017 2016 Revenues $ 64,267 51,485 182,453 147,021 Costs and expenses 26,752 24,472 83,753 66,075 Other income, net (1) 245 28,947 9,893 40,495 Net earnings of unconsolidated entities $ 37,760 55,960 108,593 121,441 Rialto equity in earnings from unconsolidated entities $ 4,858 5,976 11,310 14,337 (1) Other income, net, included realized and unrealized gains (losses) on investments. 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) August 31, November 30, Assets: Cash and cash equivalents $ 51,725 43,658 Operating properties and equipment 2,832,790 2,210,627 Other assets 35,848 33,703 $ 2,920,363 2,287,988 Liabilities and equity: Accounts payable and other liabilities $ 220,881 196,617 Notes payable (1) 821,500 577,085 Equity 1,877,982 1,514,286 $ 2,920,363 2,287,988 (1) Notes payable are net of debt issuance costs of $17.4 million and $12.3 million , as of August 31, 2017 and November 30, 2016 , respectively. Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2017 2016 2017 2016 Revenues $ 18,822 13,796 44,414 31,759 Costs and expenses 28,904 24,611 75,727 50,341 Other income, net 47,210 20,335 125,939 90,729 Net earnings of unconsolidated entities $ 37,128 9,520 94,626 72,147 Lennar Multifamily equity in earnings from unconsolidated entities (1) $ 11,645 5,060 44,219 38,754 (1) During three and nine months ended August 31, 2017 , the Lennar Multifamily segment sold two and five operating properties, respectively, through its unconsolidated entities resulting in the segment's $15.4 million and $52.9 million share of gains, respectively. During the three and nine months ended August 31, 2016 , the Lennar Multifamily segment sold one and three operating properties, respectively, through its unconsolidated entities resulting in the segment's $8.0 million and $43.8 million share of gains, respectively. The Company’s recorded investments in unconsolidated entities were as follows: (In thousands) August 31, November 30, Lennar Homebuilding $ 1,016,588 811,723 Rialto $ 249,551 245,741 Lennar Multifamily $ 397,119 318,559

Lennar Homebuilding Senior No35

Lennar Homebuilding Senior Notes and Other Debts Payable (Tables)	9 Months Ended
	Aug. 31, 2017
Debt Disclosure [Abstract]
Schedule of Senior Notes and Other Debts Payable	(Dollars in thousands) August 31, November 30, 4.75% senior notes due December 2017 $ 399,036 398,479 6.95% senior notes due 2018 249,223 248,474 4.125% senior notes due December 2018 274,316 273,889 4.500% senior notes due 2019 498,572 498,002 4.50% senior notes due 2019 598,145 597,474 4.750% senior notes due 2021 497,134 496,547 4.125% senior notes due 2022 595,656 — 4.750% senior notes due 2022 569,105 568,404 4.875% senior notes due December 2023 394,868 394,170 4.500% senior notes due 2024 645,172 — 4.750% senior notes due 2025 496,560 496,226 12.25% senior notes due 2017 — 398,232 Mortgage notes on land and other debt 305,978 206,080 $ 5,523,765 4,575,977

Product Warranty (Tables)

Product Warranty (Tables)	9 Months Ended
	Aug. 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 Nine Months Ended August 31, August 31, (In thousands) 2017 2016 2017 2016 Warranty reserve, beginning of period $ 151,833 127,159 135,403 130,853 Warranties issued 28,795 25,382 78,945 67,952 Adjustments to pre-existing warranties from changes in estimates (1) 4,436 4,982 14,769 4,247 Warranties assumed related to the WCI acquisition — — 6,345 — Payments (25,758 ) (23,984 ) (76,156 ) (69,513 ) Warranty reserve, end of period $ 159,306 133,539 159,306 133,539 (1) The adjustments to pre-existing warranties from changes in estimates during the three and nine months ended August 31, 2017 and 2016 primarily related to specific claims related to certain of the Company's homebuilding communities and other adjustments.

Financial Instruments and Fai37

Financial Instruments and Fair Value Disclosures (Tables)	9 Months Ended
	Aug. 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. August 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 $ 52,779 52,784 111,608 113,747 Investments held-to-maturity Level 3 $ 142,462 143,737 71,260 69,992 Lennar Financial Services: Loans held-for-investment, net Level 3 $ 37,665 35,378 30,004 31,233 Investments held-to-maturity Level 2 $ 53,631 53,658 41,991 42,058 LIABILITIES Lennar Homebuilding senior notes and other debts payable Level 2 $ 5,523,765 5,730,227 4,575,977 4,669,643 Rialto notes and other debts payable Level 2 $ 617,152 632,128 622,335 646,366 Lennar Financial Services notes and other debts payable Level 2 $ 719,727 719,727 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 $ 285,747 126,947 Credit default swaps (2) Level 2 $ 1,510 2,863 Rialto Financial Liabilities: Interest rate swaps and swap futures (3) Level 2 $ 2,318 6 Credit default swaps (3) Level 2 $ 3,982 377 Lennar Financial Services Assets (Liabilities): Loans held-for-sale (4) Level 2 $ 661,649 939,405 Investments available-for-sale Level 1 $ 57,784 53,570 Mortgage loan commitments Level 2 $ 17,543 7,437 Forward contracts Level 2 $ (5,529 ) 26,467 Mortgage servicing rights Level 3 $ 27,721 23,930 (1) The aggregate fair value of RMF loans held-for-sale of $285.7 million at August 31, 2017 exceeds their aggregate principal balance of $283.2 million by $2.5 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 and credit default swaps are included within Rialto's other liabilities. (4) The aggregate fair value of Lennar Financial Services loans held-for-sale of $661.6 million at August 31, 2017 exceeds their aggregate principal balance of $635.0 million by $26.6 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 Nine Months Ended August 31, August 31, (In thousands) 2017 2016 2017 2016 Changes in fair value included in Lennar Financial Services revenues: Loans held-for-sale $ (5,804 ) (2,808 ) 18,233 826 Mortgage loan commitments $ (829 ) 1,781 10,106 7,603 Forward contracts $ 1,267 (362 ) (31,996 ) (2,542 ) Investments available-for-sale $ — 31 (4 ) 37 Changes in fair value included in Rialto revenues: Financial Assets: Credit default swaps $ (536 ) (1,570 ) (1,852 ) (1,547 ) Financial Liabilities: Interest rate swaps and swap futures $ (1,412 ) (133 ) (2,312 ) 740 Credit default swaps $ 15 183 124 173 Changes in fair value included in other comprehensive income (loss), net of tax: Lennar Financial Services investments available-for-sale $ 165 639 1,556 1,121
Reconciliation Of Beginning And Ending Balance For The Company's Level 3 Recurring Fair Value Measurements	The following table represents the reconciliation of the beginning and ending balance for the Level 3 recurring fair value measurements: Three Months Ended August 31, 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 $ 27,370 82,803 18,241 199,415 Purchases/loan originations 2,447 439,266 2,275 520,510 Sales/loan originations sold, including those not settled — (235,922 ) — (491,428 ) Disposals/settlements (1,092 ) — (1,311 ) — Changes in fair value (1) (1,004 ) 707 (836 ) 522 Interest and principal paydowns — (1,107 ) — (88 ) Ending balance $ 27,721 285,747 18,369 228,931 Nine Months Ended August 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 8,159 1,262,926 6,269 1,174,483 Sales/loan originations sold, including those not settled — (1,106,316 ) — (1,259,320 ) Disposals/settlements (2,887 ) — (2,881 ) — Changes in fair value (1) (1,481 ) 3,205 (1,789 ) (687 ) Interest and principal paydowns — (1,015 ) — (1,820 ) Ending balance $ 27,721 285,747 18,369 228,931 (1) Changes in fair value for Rialto loans held-for-sale and Lennar Financial Services mortgage servicing rights are included in Rialto's and Lennar Financial Services' revenues, respectively.
Fair Value Measurements, Nonrecurring	The assets measured at fair value on a nonrecurring basis are summarized below: Three Months Ended August 31, 2017 2016 (In thousands) Fair Value Hierarchy Carrying Value Fair Value Total Gains (Losses), Net (1) Carrying Value Fair Value Total Losses, Net (1) Financial assets Rialto: Impaired loans receivable Level 3 $ — — — 52,460 48,130 (4,330 ) FDIC Portfolios loans held-for-sale Level 3 $ 20,863 19,237 (1,626 ) — — — Non-financial assets Lennar Homebuilding: Land and land under development (2) Level 3 $ — — — 23,736 18,000 (5,736 ) Rialto: REO, net (3): Upon acquisition/transfer Level 3 $ 1,200 1,376 176 9,220 8,799 (421 ) Upon management periodic valuations Level 3 $ 35,507 22,765 (12,742 ) 28,910 22,715 (6,195 ) Nine Months Ended August 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 ) 72,375 61,324 (11,051 ) FDIC Portfolios loans held-for-sale Level 3 $ 26,081 19,237 (6,844 ) — — — 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 ) 29,418 22,925 (6,493 ) Rialto: REO, net (3): Upon acquisition/transfer Level 3 $ 31,503 30,066 (1,437 ) 42,657 44,292 1,635 Upon management periodic valuations Level 3 $ 118,497 79,601 (38,896 ) 68,148 54,347 (13,801 ) (1) Represents losses due to valuation adjustments, write-offs, gains (losses) from transfers or acquisitions of real estate through foreclosure and REO impairments recorded during the three and nine months ended August 31, 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 nine months ended August 31, 2017 and the three and nine months ended August 31, 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 gains (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 nine months ended August 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 nine months ended August 31, 2017 : Nine Months Ended August 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)	9 Months Ended
	Aug. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Equity Method Investments	Balance Sheets (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 806,972 221,334 Inventories 3,785,662 3,889,795 Other assets 1,227,756 1,334,116 $ 5,820,390 5,445,245 Liabilities and equity: Accounts payable and other liabilities $ 697,065 791,245 Debt (1) 754,749 888,664 Equity 4,368,576 3,765,336 $ 5,820,390 5,445,245 (1) Debt presented above is net of debt issuance costs of $5.4 million and $4.2 million , as of August 31, 2017 and November 30, 2016 , respectively. The total debt of the Lennar Homebuilding unconsolidated entities in which the Company has investments, including Lennar's maximum recourse exposure, were as follows: (Dollars in thousands) August 31, November 30, Non-recourse bank debt and other debt (partner’s share of several recourse) $ 68,302 48,945 Non-recourse land seller debt and other debt (1) 1,997 323,995 Non-recourse debt with completion guarantees 275,959 147,100 Non-recourse debt without completion guarantees 342,987 320,372 Non-recourse debt to the Company 689,245 840,412 The Company’s maximum recourse exposure (2) 70,929 52,438 Debt issuance costs (5,425 ) (4,186 ) Total debt $ 754,749 888,664 The Company’s maximum recourse exposure as a % of total JV debt 9 % 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 August 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. Summarized condensed financial information on a combined 100% basis related to Lennar Homebuilding’s unconsolidated entities that are accounted for by the equity method was as follows: Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2017 2016 2017 2016 Revenues $ 144,966 43,889 323,689 352,251 Costs and expenses 151,643 110,649 421,554 409,219 Other income 12,578 — 18,695 — Net earnings (loss) of unconsolidated entities $ 5,901 (66,760 ) (79,170 ) (56,968 ) Lennar Homebuilding equity in loss from unconsolidated entities $ (9,651 ) (18,034 ) (42,691 ) (24,667 ) The following table reflects Rialto's investments in funds that invest in and manage real estate related assets and other investments: August 31, August 31, November 30, (Dollars in thousands) Inception Year Equity Commitments Equity Commitments Called Commitment to Fund by the Company Funds Contributed by the Company Investment Rialto Real Estate Fund, LP 2010 $ 700,006 $ 700,006 $ 75,000 $ 75,000 $ 46,623 58,116 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 81,169 96,192 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 20,632 23,643 Rialto Capital CMBS Funds 2014 119,174 119,174 52,474 52,474 50,545 50,519 Rialto Real Estate Fund III 2015 1,887,000 469,150 140,000 33,533 33,268 9,093 Rialto Credit Partnership, LP 2016 220,000 150,786 19,999 13,707 13,800 5,794 Other investments 3,514 2,384 $ 249,551 245,741 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) August 31, November 30, Assets: Cash and cash equivalents $ 80,337 230,229 Loans receivable 595,149 406,812 Real estate owned 307,669 439,191 Investment securities 1,700,572 1,379,155 Investments in partnerships 409,670 398,535 Other assets 49,452 29,036 $ 3,142,849 2,882,958 Liabilities and equity: Accounts payable and other liabilities $ 40,239 36,131 Notes payable (1) 587,813 532,264 Equity 2,514,797 2,314,563 $ 3,142,849 2,882,958 (1) Notes payable are net of debt issuance costs of $3.4 million and $2.9 million , as of August 31, 2017 and November 30, 2016 , respectively. Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2017 2016 2017 2016 Revenues $ 64,267 51,485 182,453 147,021 Costs and expenses 26,752 24,472 83,753 66,075 Other income, net (1) 245 28,947 9,893 40,495 Net earnings of unconsolidated entities $ 37,760 55,960 108,593 121,441 Rialto equity in earnings from unconsolidated entities $ 4,858 5,976 11,310 14,337 (1) Other income, net, included realized and unrealized gains (losses) on investments. 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) August 31, November 30, Assets: Cash and cash equivalents $ 51,725 43,658 Operating properties and equipment 2,832,790 2,210,627 Other assets 35,848 33,703 $ 2,920,363 2,287,988 Liabilities and equity: Accounts payable and other liabilities $ 220,881 196,617 Notes payable (1) 821,500 577,085 Equity 1,877,982 1,514,286 $ 2,920,363 2,287,988 (1) Notes payable are net of debt issuance costs of $17.4 million and $12.3 million , as of August 31, 2017 and November 30, 2016 , respectively. Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2017 2016 2017 2016 Revenues $ 18,822 13,796 44,414 31,759 Costs and expenses 28,904 24,611 75,727 50,341 Other income, net 47,210 20,335 125,939 90,729 Net earnings of unconsolidated entities $ 37,128 9,520 94,626 72,147 Lennar Multifamily equity in earnings from unconsolidated entities (1) $ 11,645 5,060 44,219 38,754 (1) During three and nine months ended August 31, 2017 , the Lennar Multifamily segment sold two and five operating properties, respectively, through its unconsolidated entities resulting in the segment's $15.4 million and $52.9 million share of gains, respectively. During the three and nine months ended August 31, 2016 , the Lennar Multifamily segment sold one and three operating properties, respectively, through its unconsolidated entities resulting in the segment's $8.0 million and $43.8 million share of gains, respectively. The Company’s recorded investments in unconsolidated entities were as follows: (In thousands) August 31, November 30, Lennar Homebuilding $ 1,016,588 811,723 Rialto $ 249,551 245,741 Lennar Multifamily $ 397,119 318,559
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 August 31, 2017 (In thousands) Investments in Unconsolidated VIEs Lennar’s Maximum Exposure to Loss Lennar Homebuilding (1) $ 233,150 301,176 Rialto (2) 142,462 142,462 Lennar Multifamily (3) 333,940 529,732 $ 709,552 973,370 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) As of both August 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 $63.3 million and $43.4 million , respectively. (2) As of both August 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. As of August 31, 2017 and November 30, 2016 , investments in unconsolidated VIEs and Lennar’s maximum exposure to loss included $142.5 million and $71.3 million , respectively, related to Rialto’s investments held-to-maturity. (3) As of August 31, 2017 and November 30, 2016 , the remaining equity commitment of $182.1 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, as of August 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 $13.0 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.

Supplemental Financial Inform39

Supplemental Financial Information (Tables)	9 Months Ended
	Aug. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidating Balance Sheet	Supplemental information for the subsidiaries that were guarantor subsidiaries at August 31, 2017 was as follows: Condensed Consolidating Balance Sheet August 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 $ 385,066 258,646 16,570 — 660,282 Inventories — 10,625,325 296,259 — 10,921,584 Investments in unconsolidated entities — 999,819 16,769 — 1,016,588 Goodwill — 140,270 — — 140,270 Other assets 247,684 597,581 108,265 (16,734 ) 936,796 Investments in subsidiaries 4,481,309 52,454 — (4,533,763 ) — Intercompany 8,214,897 — — (8,214,897 ) — 13,328,956 12,674,095 437,863 (12,765,394 ) 13,675,520 Lennar Financial Services — 125,493 1,262,213 (2,518 ) 1,385,188 Rialto — — 1,195,407 — 1,195,407 Lennar Multifamily — — 683,258 — 683,258 Total assets $ 13,328,956 12,799,588 3,578,741 (12,767,912 ) 16,939,373 LIABILITIES AND EQUITY Lennar Homebuilding: Accounts payable and other liabilities $ 556,909 918,602 136,621 (19,252 ) 1,592,880 Liabilities related to consolidated inventory not owned — 368,179 13,500 — 381,679 Senior notes and other debts payable 5,217,787 280,249 25,729 — 5,523,765 Intercompany — 7,032,364 1,182,533 (8,214,897 ) — 5,774,696 8,599,394 1,358,383 (8,234,149 ) 7,498,324 Lennar Financial Services — 39,806 910,292 — 950,098 Rialto — — 703,329 — 703,329 Lennar Multifamily — — 128,162 — 128,162 Total liabilities 5,774,696 8,639,200 3,100,166 (8,234,149 ) 9,279,913 Stockholders’ equity 7,554,260 4,160,388 373,375 (4,533,763 ) 7,554,260 Noncontrolling interests — — 105,200 — 105,200 Total equity 7,554,260 4,160,388 478,575 (4,533,763 ) 7,659,460 Total liabilities and equity $ 13,328,956 12,799,588 3,578,741 (12,767,912 ) 16,939,373 Condensed Consolidating Balance Sheet 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 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 Rialto — — 1,276,210 — 1,276,210 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 Lennar Financial Services — 38,530 1,279,753 — 1,318,283 Rialto — — 707,980 — 707,980 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 August 31, 2017 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 2,872,920 12,275 — 2,885,195 Lennar Financial Services — 90,220 129,853 (5,017 ) 215,056 Rialto — — 57,810 — 57,810 Lennar Multifamily — — 103,457 (42 ) 103,415 Total revenues — 2,963,140 303,395 (5,059 ) 3,261,476 Cost and expenses: Lennar Homebuilding — 2,483,401 12,107 (3,443 ) 2,492,065 Lennar Financial Services — 79,077 89,656 (2,734 ) 165,999 Rialto — — 49,574 (71 ) 49,503 Lennar Multifamily — — 105,956 — 105,956 Corporate general and administrative 71,285 310 — 1,265 72,860 Total costs and expenses 71,285 2,562,788 257,293 (4,983 ) 2,886,383 Lennar Homebuilding equity in loss from unconsolidated entities — (9,647 ) (4 ) — (9,651 ) Lennar Homebuilding other income (expense), net (67 ) 1,244 1,544 76 2,797 Rialto equity in earnings from unconsolidated entities — — 4,858 — 4,858 Rialto other expense, net — — (16,357 ) — (16,357 ) Lennar Multifamily equity in earnings from unconsolidated entities — — 11,645 — 11,645 Earnings (loss) before income taxes (71,352 ) 391,949 47,788 — 368,385 Benefit (provision) for income taxes 23,689 (128,170 ) (20,314 ) — (124,795 ) Equity in earnings from subsidiaries 296,828 22,477 — (319,305 ) — Net earnings (including net loss attributable to noncontrolling interests) 249,165 286,256 27,474 (319,305 ) 243,590 Less: Net loss attributable to noncontrolling interests — — (5,575 ) — (5,575 ) Net earnings attributable to Lennar $ 249,165 286,256 33,049 (319,305 ) 249,165 Other comprehensive income, net of tax: Net unrealized gains on securities available-for-sale $ — — 165 — 165 Other comprehensive income attributable to Lennar $ 249,165 286,256 33,214 (319,305 ) 249,330 Other comprehensive loss attributable to noncontrolling interests $ — — (5,575 ) — (5,575 ) Condensed Consolidating Statement of Operations and Comprehensive Income Three Months Ended August 31, 2016 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 2,492,189 4,780 — 2,496,969 Lennar Financial Services — 60,518 135,939 (5,013 ) 191,444 Rialto — — 63,885 — 63,885 Lennar Multifamily — — 81,620 (24 ) 81,596 Total revenues — 2,552,707 286,224 (5,037 ) 2,833,894 Cost and expenses: Lennar Homebuilding — 2,157,506 7,309 (788 ) 2,164,027 Lennar Financial Services — 50,602 92,431 (4,837 ) 138,196 Rialto — — 62,721 (415 ) 62,306 Lennar Multifamily — — 84,007 — 84,007 Corporate general and administrative 59,644 255 — 1,265 61,164 Total costs and expenses 59,644 2,208,363 246,468 (4,775 ) 2,509,700 Lennar Homebuilding equity in earnings (loss) from unconsolidated entities — (18,127 ) 93 — (18,034 ) Lennar Homebuilding other income, net (251 ) 28,850 1,113 262 29,974 Rialto equity in earnings from unconsolidated entities — — 5,976 — 5,976 Rialto other expense, net — — (7,612 ) — (7,612 ) Lennar Multifamily equity in earnings from unconsolidated entities — — 5,060 — 5,060 Earnings (loss) before income taxes (59,895 ) 355,067 44,386 — 339,558 Benefit (provision) for income taxes 18,646 (106,867 ) (18,206 ) — (106,427 ) Equity in earnings from subsidiaries 277,091 22,301 — (299,392 ) — Net earnings (including net loss attributable to noncontrolling interests) 235,842 270,501 26,180 (299,392 ) 233,131 Less: Net loss attributable to noncontrolling interests — — (2,711 ) — (2,711 ) Net earnings attributable to Lennar $ 235,842 270,501 28,891 (299,392 ) 235,842 Other comprehensive income, net of tax: Net unrealized gain on securities available-for-sale $ — — 639 — 639 Reclassification adjustments for gains included in earnings, net of tax — — (31 ) — (31 ) Other comprehensive income attributable to Lennar $ 235,842 270,501 29,499 (299,392 ) 236,450 Other comprehensive loss attributable to noncontrolling interests $ — — (2,711 ) — (2,711 ) Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Nine Months Ended August 31, 2017 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 7,761,414 28,216 — 7,789,630 Lennar Financial Services — 227,325 359,152 (15,015 ) 571,462 Rialto — — 207,804 — 207,804 Lennar Multifamily — — 292,009 (109 ) 291,900 Total revenues — 7,988,739 887,181 (15,124 ) 8,860,796 Cost and expenses: Lennar Homebuilding — 6,802,418 30,693 (4,002 ) 6,829,109 Lennar Financial Services — 205,875 266,317 (14,178 ) 458,014 Rialto — — 175,705 (213 ) 175,492 Lennar Multifamily — — 301,303 — 301,303 Corporate general and administrative 195,681 856 — 3,796 200,333 Total costs and expenses 195,681 7,009,149 774,018 (14,597 ) 7,964,251 Lennar Homebuilding equity in loss from unconsolidated entities — (42,675 ) (16 ) — (42,691 ) Lennar Homebuilding other income (expense), net (498 ) 7,897 4,438 527 12,364 Lennar Homebuilding loss due to litigation — (140,000 ) — — (140,000 ) Rialto equity in earnings from unconsolidated entities — — 11,310 — 11,310 Rialto other expense, net — — (54,119 ) — (54,119 ) Lennar Multifamily equity in earnings from unconsolidated entities — — 44,219 — 44,219 Earnings (loss) before income taxes (196,179 ) 804,812 118,995 — 727,628 Benefit (provision) for income taxes 65,955 (263,886 ) (55,725 ) — (253,656 ) Equity in earnings from subsidiaries 631,114 50,785 — (681,899 ) — Net earnings (including net loss attributable to noncontrolling interests) 500,890 591,711 63,270 (681,899 ) 473,972 Less: Net loss attributable to noncontrolling interests — — (26,918 ) — (26,918 ) Net earnings attributable to Lennar $ 500,890 591,711 90,188 (681,899 ) 500,890 Other comprehensive income, net of tax: Net unrealized gain on securities available-for-sale $ — — 1,556 — 1,556 Reclassification adjustments for loss included in earnings, net of tax — — 4 — 4 Other comprehensive income attributable to Lennar $ 500,890 591,711 91,748 (681,899 ) 502,450 Other comprehensive loss attributable to noncontrolling interests $ — — (26,918 ) — (26,918 ) Condensed Consolidating Statement of Operations and Comprehensive Income Nine Months Ended August 31, 2016 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 6,729,555 4,780 — 6,734,335 Lennar Financial Services — 154,438 351,923 (15,021 ) 491,340 Rialto — — 152,434 — 152,434 Lennar Multifamily — — 195,320 (56 ) 195,264 Total revenues — 6,883,993 704,457 (15,077 ) 7,573,373 Cost and expenses: Lennar Homebuilding — 5,840,084 15,941 (11,505 ) 5,844,520 Lennar Financial Services — 140,618 243,755 (5,300 ) 379,073 Rialto — — 156,198 (782 ) 155,416 Lennar Multifamily — — 204,244 — 204,244 Corporate general and administrative 160,074 764 — 3,796 164,634 Total costs and expenses 160,074 5,981,466 620,138 (13,791 ) 6,747,887 Lennar Homebuilding equity in earnings (loss) from unconsolidated entities — (25,138 ) 471 — (24,667 ) Lennar Homebuilding other income (expense), net (1,257 ) 41,800 1,239 1,286 43,068 Rialto equity in earnings from unconsolidated entities — — 14,337 — 14,337 Rialto other expense, net — — (27,888 ) — (27,888 ) Lennar Multifamily equity in earnings from unconsolidated entities — — 38,754 — 38,754 Earnings (loss) before income taxes (161,331 ) 919,189 111,232 — 869,090 Benefit (provision) for income taxes 49,706 (277,230 ) (38,945 ) — (266,469 ) Equity in earnings from subsidiaries 710,016 42,297 — (752,313 ) — Net earnings (including net earnings attributable to noncontrolling interests) 598,391 684,256 72,287 (752,313 ) 602,621 Less: Net earnings attributable to noncontrolling interests — — 4,230 — 4,230 Net earnings attributable to Lennar $ 598,391 684,256 68,057 (752,313 ) 598,391 Other comprehensive income, net of tax: Net unrealized gain on securities available-for-sale $ — — 1,121 — 1,121 Reclassification adjustments for gains included in earnings, net of tax — — (37 ) — (37 ) Other comprehensive income attributable to Lennar $ 598,391 684,256 69,141 (752,313 ) 599,475 Other comprehensive income attributable to noncontrolling interests $ — — 4,230 — 4,230
Condensed Consolidating Statement of Cash Flows	Condensed Consolidating Statement of Cash Flows Nine Months Ended August 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) $ 500,890 591,711 63,270 (681,899 ) 473,972 Distributions of earnings from guarantor and non-guarantor subsidiaries 631,114 50,785 — (681,899 ) — Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by operating activities (495,120 ) (596,338 ) 263,300 681,899 (146,259 ) Net cash provided by operating activities 636,884 46,158 326,570 (681,899 ) 327,713 Cash flows from investing activities: Investments in and contributions to unconsolidated entities, net of distributions of capital — (232,378 ) (25,622 ) — (258,000 ) Proceeds from sales of real estate owned — — 72,952 — 72,952 Receipt of principal payment on loans held-for-sale — — 5,937 — 5,937 Originations of loans receivable — — (57,375 ) — (57,375 ) Purchases of commercial mortgage-backed securities bonds — — (70,187 ) — (70,187 ) Acquisition, net of cash acquired (611,103 ) — (296 ) — (611,399 ) Other (6,174 ) (36,168 ) 2,863 — (39,479 ) Distributions of capital from guarantor and non-guarantor subsidiaries 80,000 80,000 — (160,000 ) — Intercompany (1,200,426 ) — — 1,200,426 — Net cash used in investing activities (1,737,703 ) (188,546 ) (71,728 ) 1,040,426 (957,551 ) Cash flows from financing activities: Net repayments under warehouse facilities — (78 ) (397,682 ) — (397,760 ) Proceeds from senior notes and debt issuance costs 1,240,089 — (6,786 ) — 1,233,303 Redemption of senior notes (400,000 ) (258,595 ) — — (658,595 ) Net proceeds on Rialto notes payable — — 44,550 — 44,550 Net proceeds (payments) on other borrowings — (50,691 ) 71,323 — 20,632 Net payments related to noncontrolling interests — (51,483 ) — (51,483 ) Excess tax benefits from share-based awards 1,980 — — — 1,980 Common stock: Issuances 693 — — — 693 Repurchases (27,104 ) — — — (27,104 ) Dividends (28,181 ) (671,711 ) (170,188 ) 841,899 (28,181 ) Intercompany — 951,237 249,189 (1,200,426 ) — Net cash provided by (used in) financing activities 787,477 (29,838 ) (261,077 ) (358,527 ) 138,035 Net decrease in cash and cash equivalents (313,342 ) (172,226 ) (6,235 ) — (491,803 ) 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 $ 383,770 204,844 249,112 — 837,726 Condensed Consolidating Statement of Cash Flows Nine Months Ended August 31, 2016 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Cash flows from operating activities: Net earnings (including net earnings attributable to noncontrolling interests) $ 598,391 684,256 72,287 (752,313 ) 602,621 Distributions of earnings from guarantor and non-guarantor subsidiaries 710,016 42,297 — (752,313 ) — Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities (712,476 ) (707,332 ) 61,794 752,313 (605,701 ) Net cash provided by (used in) operating activities 595,931 19,221 134,081 (752,313 ) (3,080 ) Cash flows from investing activities: Proceeds from sale of operating properties and equipment — 17,450 — — 17,450 Investments in and contributions to unconsolidated entities, net of distributions of capital — (100,475 ) (9,752 ) — (110,227 ) Proceeds from sales of real estate owned — — 66,638 — 66,638 Originations/purchases of loans receivable — — (56,507 ) — (56,507 ) Receipts of principal payments on loans receivable and other — — 57,733 — 57,733 Purchases of commercial mortgage-backed securities bonds — — (33,005 ) — (33,005 ) Other (8,836 ) (41,120 ) (8,801 ) — (58,757 ) Distributions of capital from guarantor and non-guarantor subsidiaries 40,000 40,000 — (80,000 ) — Intercompany (956,734 ) — — 956,734 — Net cash provided by (used in) investing activities (925,570 ) (84,145 ) 16,306 876,734 (116,675 ) Cash flows from financing activities: Net borrowings under unsecured revolving credit facility 125,000 — — — 125,000 Net (repayments) borrowings under warehouse facilities — 141 (137,466 ) — (137,325 ) Proceeds from senior notes and debt issuance costs 495,974 — (931 ) — 495,043 Redemption of senior notes (250,000 ) — — — (250,000 ) Conversions and exchanges of convertible senior notes (233,893 ) — — — (233,893 ) Principal payments on Rialto notes payable including structured notes — — (4,121 ) — (4,121 ) Net payments on other borrowings — (99,804 ) — (99,804 ) Net payments related to noncontrolling interests — (97,912 ) — (97,912 ) Excess tax benefits from share-based awards 7,039 — — — 7,039 Common stock: Issuances 19,471 — — — 19,471 Repurchases (19,871 ) — — — (19,871 ) Dividends (26,222 ) (724,256 ) (108,057 ) 832,313 (26,222 ) Intercompany — 782,877 173,857 (956,734 ) — Net cash provided by (used in) financing activities 117,498 (41,042 ) (174,630 ) (124,421 ) (222,595 ) Net decrease in cash and cash equivalents (212,141 ) (105,966 ) (24,243 ) — (342,350 ) Cash and cash equivalents at beginning of period 575,821 336,048 246,576 — 1,158,445 Cash and cash equivalents at end of period $ 363,680 230,082 222,333 — 816,095

Business Acquisition (Narrative

Business Acquisition (Narrative) (Details) - USD ($) $ in Millions	Feb. 10, 2017	Aug. 31, 2017	Aug. 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%	4.125%
WCI Communities, Inc.
Business Acquisition [Line Items]
Amount paid to WCI stockholders	$ 642.6
Revenue since acquisition		$ 149.6	$ 351.9
Pre-tax earnings since acquisition		20	33.2
Transaction costs		$ 6.9	$ 25.9

Business Acquisition (Schedule

Business Acquisition (Schedule of Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands	Feb. 10, 2017	Aug. 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	613,495
Intangible assets	59,283
Goodwill	160,270
Deferred tax assets, net	84,078
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	$ 140,300
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		9 Months Ended
		Aug. 31, 2017USD ($)$ / homes	Aug. 31, 2016USD ($)$ / homes	Aug. 31, 2017USD ($)$ / homes	Aug. 31, 2016USD ($)$ / homes	Feb. 10, 2017USD ($)	Nov. 30, 2016USD ($)
Segment Reporting Information [Line Items]
Assets	[1]	$ 16,939,373		$ 16,939,373			$ 15,361,781
Revenues		3,261,476	$ 2,833,894	8,860,796	$ 7,573,373
Operating earnings (loss):
Operating earnings		441,245	400,722	927,961	1,033,724
Corporate general and administrative expenses		72,860	61,164	200,333	164,634
Earnings before income taxes		368,385	339,558	727,628	869,090
Sales incentives		$ 165,400	$ 152,300	$ 463,400	$ 402,200
Sales incentives per home delivered (in dollars per home) | $ / homes		21,800	22,500	22,400	22,000
WCI Communities, Inc.
Segment Reporting Information [Line Items]
Goodwill						$ 160,270
Homebuilding East | WCI Communities, Inc.
Segment Reporting Information [Line Items]
Goodwill						$ 140,300
Rialto
Segment Reporting Information [Line Items]
Assets	[1]	$ 1,195,407		$ 1,195,407			1,276,210
Goodwill		5,396		5,396			5,396
Revenues		57,810	$ 63,885	207,804	$ 152,434
Lennar Financial Services
Segment Reporting Information [Line Items]
Assets	[1]	1,385,188		1,385,188			1,754,672
Goodwill		59,838		59,838			39,838
Revenues		215,056	191,444	571,462	491,340
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]	683,258		683,258			526,131
Revenues		103,415	81,596	291,900	195,264
Lennar Homebuilding
Segment Reporting Information [Line Items]
Assets	[1]	13,675,520		13,675,520			11,804,768
Goodwill	[1]	140,270		140,270			0
Revenues		2,885,195	2,496,969	7,789,630	6,734,335
Operating earnings (loss):
Accrual for litigation		0	0	140,000	0
Operating Segments | Homebuilding East
Segment Reporting Information [Line Items]
Assets		4,812,569		4,812,569			3,512,990
Revenues		1,255,797	1,002,584	3,218,413	2,615,936
Operating earnings (loss):
Operating earnings		179,908	161,789	277,906	389,433
Accrual for litigation				140,000
Gain on sale of clubhouse			8,700		8,700
Operating Segments | Homebuilding Central
Segment Reporting Information [Line Items]
Assets		2,092,624		2,092,624			1,993,403
Revenues		602,901	622,304	1,801,424	1,645,131
Operating earnings (loss):
Operating earnings		66,184	67,759	194,986	169,716
Operating Segments | Homebuilding West
Segment Reporting Information [Line Items]
Assets		5,093,996		5,093,996			4,318,924
Revenues		823,500	671,122	2,146,492	1,940,520
Operating earnings (loss):
Operating earnings		112,749	92,308	237,333	294,949
Operating Segments | Rialto
Segment Reporting Information [Line Items]
Assets		1,195,407		1,195,407			1,276,210
Revenues		57,810	63,885	207,804	152,434
Operating earnings (loss):
Operating earnings		(3,192)	(57)	(10,497)	(16,533)
Operating Segments | Lennar Financial Services
Segment Reporting Information [Line Items]
Assets		1,385,188		1,385,188			1,754,672
Revenues		215,056	191,444	571,462	491,340
Operating earnings (loss):
Operating earnings		49,057	53,248	113,448	112,267
Operating Segments | Lennar Multifamily
Segment Reporting Information [Line Items]
Assets		683,258		683,258			526,131
Revenues		103,415	81,596	291,900	195,264
Operating earnings (loss):
Operating earnings		9,104	2,649	34,816	29,774
Homebuilding Other
Segment Reporting Information [Line Items]
Assets		913,250		913,250			907,523
Revenues		202,997	200,959	623,301	532,748
Operating earnings (loss):
Operating earnings		27,435	$ 23,026	79,969	$ 54,118
Corporate and unallocated
Segment Reporting Information [Line Items]
Assets		$ 763,081		$ 763,081			$ 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 August 31, 2017, total assets include $812.9 million related to consolidated VIEs of which $9.7 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $81.3 million in Lennar Homebuilding finished homes and construction in progress, $189.6 million in Lennar Homebuilding land and land under development, $386.6 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $13.1 million in Lennar Homebuilding other assets, $85.8 million in Rialto assets and $42.0 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 in Lennar Multifamily assets.

Lennar Homebuilding Investmen43

Lennar Homebuilding Investments in Unconsolidated Entities (Statements Of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2017	Aug. 31, 2016
Schedule of Equity Method Investments [Line Items]
Equity in earnings (loss) from unconsolidated entities			$ 12,838	$ 28,424
Lennar Homebuilding
Schedule of Equity Method Investments [Line Items]
Revenues	$ 144,966	$ 43,889	323,689	352,251
Costs and expenses	151,643	110,649	421,554	409,219
Other income	12,578	0	18,695	0
Net earnings (loss) of unconsolidated entities	5,901	(66,760)	(79,170)	(56,968)
Equity in earnings (loss) from unconsolidated entities	$ (9,651)	$ (18,034)	$ (42,691)	$ (24,667)

Lennar Homebuilding Investmen44

Lennar Homebuilding Investments in Unconsolidated Entities (Narrative) (Details) $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
		May 31, 2017USD ($)	Aug. 31, 2017USD ($)	Aug. 31, 2016USD ($)	Aug. 31, 2017USD ($)homes	Aug. 31, 2016USD ($)	Nov. 30, 2016USD ($)	May 02, 2016investment
Schedule of Equity Method Investments [Line Items]
Equity in earnings (loss) from unconsolidated entities					$ 12,838	$ 28,424
Payments to acquire unconsolidated entities					$ 381,209	320,047
FivePoint Unconsolidated Entity
Schedule of Equity Method Investments [Line Items]
Unconsolidated entities ownership percentage			40.00%		40.00%
Payments to acquire unconsolidated entities		$ 100,000
Investments in unconsolidated entities			$ 361,100		$ 361,100
Lennar Homebuilding
Schedule of Equity Method Investments [Line Items]
Equity in earnings (loss) from unconsolidated entities			(9,651)	$ (18,034)	(42,691)	$ (24,667)
Investments in unconsolidated entities	[1]		1,016,588		1,016,588		$ 811,723
Underlying equity in unconsolidated partners' net assets			1,412,200		$ 1,412,200		1,235,800
Lennar Homebuilding | Equity Method Investment One
Schedule of Equity Method Investments [Line Items]
Sales of real estate from unconsolidated entities			18,800
Homesites sold | homes					475
Deferred income (loss) from unconsolidated entities			$ 7,800
Lennar Homebuilding | FivePoint Unconsolidated Entity
Schedule of Equity Method Investments [Line Items]
Equity in earnings (loss) from unconsolidated entities							$ 42,600
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
[1]	Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations, ("ASC 810") the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of August 31, 2017, total assets include $812.9 million related to consolidated VIEs of which $9.7 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $81.3 million in Lennar Homebuilding finished homes and construction in progress, $189.6 million in Lennar Homebuilding land and land under development, $386.6 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $13.1 million in Lennar Homebuilding other assets, $85.8 million in Rialto assets and $42.0 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 in Lennar Multifamily assets.

Lennar Homebuilding Investmen45

Lennar Homebuilding Investments in Unconsolidated Entities (Balance Sheets) (Details) - Lennar Homebuilding - USD ($) $ in Thousands	Aug. 31, 2017	Nov. 30, 2016
Assets:
Cash and cash equivalents	$ 806,972	$ 221,334
Inventories	3,785,662	3,889,795
Other assets	1,227,756	1,334,116
Total assets	5,820,390	5,445,245
Liabilities and equity:
Accounts payable and other liabilities	697,065	791,245
Debt	754,749	888,664
Equity	4,368,576	3,765,336
Total liabilities and equity	5,820,390	5,445,245
Debt issuance costs	$ 5,425	$ 4,186

Lennar Homebuilding Investmen46

Lennar Homebuilding Investments in Unconsolidated Entities (Total Debt Of Unconsolidated Entities) (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Aug. 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)	$ 68,302	$ 48,945
Non-recourse land seller debt and other debt	1,997	323,995
Non-recourse debt with completion guarantees	275,959	147,100
Non-recourse debt without completion guarantees	342,987	320,372
Non-recourse debt to the Company	689,245	840,412
The Company’s maximum recourse exposure	70,929	52,438
Debt issuance costs	5,425	4,186
Total debt	$ 754,749	$ 888,664
The Company’s maximum recourse exposure as a % of total JV debt	9.00%	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			9 Months Ended
	Aug. 31, 2017		Aug. 31, 2016	Aug. 31, 2017		Aug. 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)	$ 243,590		$ 233,131	473,972		602,621
Employee stock and directors plans				(24,896)		501
Conversions and exchanges of convertible senior notes to Class A common stock						242,406
Tax benefit from employee stock plans, vesting of restricted stock and conversions of convertible senior notes				35,542		45,803
Amortization of restricted stock				43,303		34,628
Cash dividends				(28,181)		(26,222)
Receipts related to noncontrolling interests				10,299		266
Payments related to noncontrolling interests				(61,782)		(98,178)
Non-cash distributions to noncontrolling interests						(5,033)
Non-cash consolidations, net						12,478
Non-cash activity related to noncontrolling interests				(1,924)		2,480
Other comprehensive income, net of tax				1,560		1,084
Balance, ending	7,659,460	[1]	6,762,906	7,659,460	[1]	6,762,906
Additional Paid - in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning				2,805,349		2,305,560
Employee stock and directors plans				2,079		1,552
Conversions and exchanges of convertible senior notes to Class A common stock						240,855
Tax benefit from employee stock plans, vesting of restricted stock and conversions of convertible senior notes				35,542		45,803
Amortization of restricted stock				43,303		34,628
Non-cash activity related to noncontrolling interests				0
Balance, ending	2,886,273		2,628,398	2,886,273		2,628,398
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning				(108,961)		(107,755)
Employee stock and directors plans				(27,109)		(1,175)
Balance, ending	(136,070)		(108,930)	(136,070)		(108,930)
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning				(309)		39
Other comprehensive income, net of tax				1,560		1,084
Balance, ending	1,251		1,123	1,251		1,123
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)				500,890		598,391
Cash dividends				(28,181)		(26,222)
Balance, ending	4,778,965		4,001,905	4,778,965		4,001,905
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning				185,525		301,128
Net earnings (including net loss attributable to noncontrolling interests)				(26,918)		4,230
Receipts related to noncontrolling interests				10,299		266
Payments related to noncontrolling interests				(61,782)		(98,178)
Non-cash distributions to noncontrolling interests						(5,033)
Non-cash consolidations, net						12,478
Non-cash activity related to noncontrolling interests				(1,924)		2,480
Balance, ending	105,200		217,371	105,200		217,371
Class A Common Stock | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning				20,409		18,066
Employee stock and directors plans				134		124
Conversions and exchanges of convertible senior notes to Class A common stock						1,551
Balance, ending	20,543		19,741	20,543		19,741
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]	Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations, ("ASC 810") the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of August 31, 2017, total liabilities include $390.2 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, $381.7 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.1 million in Lennar Homebuilding other liabilities and $2.7 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 in Rialto liabilities.

Income Taxes (Income Tax Benefi

Income Taxes (Income Tax Benefit (Provision)) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2017	Aug. 31, 2016
Income Tax Disclosure [Abstract]
Provision for income taxes	$ (124,795)	$ (106,427)	$ (253,656)	$ (266,469)
Effective tax rate	33.37%	31.09%	33.62%	30.81%

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	Aug. 31, 2017	Feb. 10, 2017	Nov. 30, 2016
Income Tax Disclosure [Abstract]
Deferred tax assets	$ 388,400		$ 277,400
Business Acquisition [Line Items]
Unrecognized tax benefits	12,300		12,300
Income tax penalties and interest accrued	48,800		$ 46,000
Income tax penalties and interest expense	3,200
Reduction to the accrual for interest and penalties	$ 400
WCI Communities, Inc.
Business Acquisition [Line Items]
Deferred tax assets, net		$ 84,078

Schedule of Basic and Diluted E

Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2017	Aug. 31, 2016
Numerator:
Net earnings attributable to Lennar	$ 249,165	$ 235,842	$ 500,890	$ 598,391
Less: distributed earnings allocated to nonvested shares	88	81	290	256
Less: undistributed earnings allocated to nonvested shares	2,358	2,232	4,600	5,798
Numerator for basic earnings per share	246,719	233,529	496,000	592,337
Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan	294	258	845	864
Plus: interest on 3.25% convertible senior notes due 2021	0	964	0	4,836
Plus: undistributed earnings allocated to convertible shares	0	2,232	0	5,797
Less: undistributed earnings reallocated to convertible shares	0	2,162	0	5,484
Numerator for diluted earnings per share	$ 246,425	$ 234,305	$ 495,155	$ 596,622
Denominator:
Denominator for basic earnings per share-weighted average common shares outstanding (shares)	232,673	223,549	232,361	215,814
Effect of dilutive securities:
Share-based payments (shares)	1	3	2	4
Convertible senior notes (shares)	0	8,266	0	14,399
Denominator for diluted earnings per share-weighted average common shares outstanding (shares)	232,674	231,818	232,363	230,217
Basic earnings per share (in dollars per share)	$ 1.06	$ 1.04	$ 2.13	$ 2.74
Diluted earnings per share (in dollars per share)	$ 1.06	$ 1.01	$ 2.13	$ 2.59
Senior Notes | 3.25% convertible senior notes due 2021
Debt Instrument [Line Items]
Interest rate	3.25%		3.25%

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares	3 Months Ended		9 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2017	Aug. 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		Aug. 31, 2017	Feb. 10, 2017	Nov. 30, 2016	Aug. 31, 2016	Nov. 30, 2015
Assets:
Cash and cash equivalents		$ 837,726		$ 1,329,529	$ 816,095	$ 1,158,445
Total assets	[1]	16,939,373		15,361,781
Liabilities:
Total liabilities	[2]	9,279,913		8,150,214
WCI Communities, Inc.
Assets:
Goodwill			$ 160,270
Lennar Financial Services
Assets:
Cash and cash equivalents		115,016		123,964
Restricted cash		14,152		17,053
Receivables, net		286,902		409,528
Lennar Financial Services loans held-for-sale		661,649		939,405
Loans held-for-investment, net		37,665		30,004
Investments held-to-maturity		53,631		41,991
Investments available-for-sale		57,784		53,570
Goodwill		59,838		39,838
Other		98,551		99,319
Total assets	[1]	1,385,188		1,754,672
Liabilities:
Notes and other debts payable		719,727		1,077,228
Other		230,371		241,055
Total liabilities	[2]	950,098		1,318,283
Self-insurance reserves		56,100		57,400
Lennar Financial Services | Servicing Contracts
Liabilities:
Mortgage servicing rights		27,700		23,900
Lennar Financial Services | Mortgage loan commitments
Liabilities:
Other asset		17,500		7,400
Lennar Financial Services | Forward Contracts
Liabilities:
Other asset				$ 26,500
Other liability		(5,500)
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 August 31, 2017, total assets include $812.9 million related to consolidated VIEs of which $9.7 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $81.3 million in Lennar Homebuilding finished homes and construction in progress, $189.6 million in Lennar Homebuilding land and land under development, $386.6 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $13.1 million in Lennar Homebuilding other assets, $85.8 million in Rialto assets and $42.0 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 in Lennar Multifamily assets.
[2]	Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations, ("ASC 810") the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of August 31, 2017, total liabilities include $390.2 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, $381.7 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.1 million in Lennar Homebuilding other liabilities and $2.7 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 in Rialto liabilities.

Lennar Financial Services Seg53

Lennar Financial Services Segment (Schedule of Credit Facilities) (Details) - Lennar Financial Services - Warehouse Repurchase Facility	9 Months Ended
	Aug. 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 (1)
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	Aug. 31, 2017	Nov. 30, 2016
Segment Reporting Information [Line Items]
Notes and other debts payable	$ 719,727	$ 1,077,228
Outstanding principal balance	747,900	1,100,000
Warehouse Repurchase Facility
Segment Reporting Information [Line Items]
Notes and other debts payable	$ 719,500	$ 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		9 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2017	Aug. 31, 2016
Loss Contingency Accrual [Roll Forward]
Loan origination liabilities, beginning of period	$ 25,912	$ 20,994	$ 24,905	$ 19,492
Provision for losses	1,056	1,288	3,000	3,186
Adjustments to pre-existing provisions for losses from changes in estimates	(4,440)	1,224	(4,440)	1,224
Payments/settlements	(651)	(17)	(1,588)	(413)
Loan origination liabilities, end of period	$ 21,877	$ 23,489	$ 21,877	$ 23,489

Rialto Segment (Assets And Liab

Rialto Segment (Assets And Liabilities By Segment) (Details) - USD ($) $ in Thousands		Aug. 31, 2017	Nov. 30, 2016	Aug. 31, 2016	Nov. 30, 2015
Assets:
Cash and cash equivalents		$ 837,726	$ 1,329,529	$ 816,095	$ 1,158,445
Total assets	[1]	16,939,373	15,361,781
Liabilities:
Total liabilities	[2]	9,279,913	8,150,214
Rialto
Assets:
Cash and cash equivalents		154,814	148,827
Restricted cash		30,928	9,935
Receivables, net		0	204,518
Lennar Financial Services loans held-for-sale		304,984	126,947
Loans receivable, net		52,779	111,608
Real estate owned, net		123,695	243,703
Investments in unconsolidated entities	[1]	249,551	245,741
Investments held-to-maturity		142,462	71,260
Other		136,194	113,671
Total assets	[1]	1,195,407	1,276,210
Liabilities:
Notes and other debts payable		617,152	622,335
Other		86,177	85,645
Total liabilities		703,329	707,980
Rialto | Warehouse Repurchase Facility
Liabilities:
Notes and other debts payable		182,700	223,500
Rialto | Senior Notes | 7.00% Senior Notes due 2018
Liabilities:
Senior notes and other debts payable		$ 349,200	$ 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 August 31, 2017, total assets include $812.9 million related to consolidated VIEs of which $9.7 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $81.3 million in Lennar Homebuilding finished homes and construction in progress, $189.6 million in Lennar Homebuilding land and land under development, $386.6 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $13.1 million in Lennar Homebuilding other assets, $85.8 million in Rialto assets and $42.0 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 in Lennar Multifamily assets.
[2]	Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations, ("ASC 810") the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of August 31, 2017, total liabilities include $390.2 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, $381.7 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.1 million in Lennar Homebuilding other liabilities and $2.7 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 in Rialto liabilities.

Rialto Segment (Narrative) (Det

Rialto Segment (Narrative) (Details)		3 Months Ended		9 Months Ended		12 Months Ended
		Aug. 31, 2017USD ($)	Aug. 31, 2016USD ($)	Aug. 31, 2017USD ($)transaction	Aug. 31, 2016USD ($)transaction	Nov. 30, 2015	Dec. 31, 2010business	Nov. 30, 2016USD ($)		Nov. 30, 2010
Segment Reporting Information [Line Items]
Originations of loans receivable				$ 57,375,000	$ 56,507,000
Assets	[1]	$ 16,939,373,000		16,939,373,000				$ 15,361,781,000
Liabilities	[2]	9,279,913,000		9,279,913,000				8,150,214,000
Distributions of earnings from unconsolidated entities				59,927,000	52,787,000
Rialto
Segment Reporting Information [Line Items]
Debt issuance costs		3,400,000		3,400,000				2,900,000
Assets	[1]	1,195,407,000		1,195,407,000				1,276,210,000
Liabilities		703,329,000		703,329,000				707,980,000
Real estate owned, net		123,695,000		123,695,000				243,703,000
Loans receivable, net		52,779,000		52,779,000				111,608,000
Borrowings under facilities		$ 617,152,000		$ 617,152,000				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		$ 142,462,000		$ 142,462,000				71,260,000
Rialto | Warehouse Repurchase Facility
Segment Reporting Information [Line Items]
Borrowings under facilities		182,700,000		182,700,000				223,500,000
Rialto | CMBS
Segment Reporting Information [Line Items]
Investments held-to-maturity		142,500,000		142,500,000				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				84.00%
Coupon rate for held-to-maturity securities				5.00%
Rialto | Rialto Real Estate Fund, LP
Segment Reporting Information [Line Items]
Advanced distributions from unconsolidated entities		800,000	$ 2,100,000	$ 3,900,000	9,500,000
Distributions of earnings from unconsolidated entities		10,600,000		29,400,000
Rialto | Rialto Mortgage Finance
Segment Reporting Information [Line Items]
Originations of loans receivable				1,300,000,000	1,200,000,000
Proceeds from sale of loans held-for-sale				$ 1,100,000,000	$ 1,300,000,000
Number of securitization transactions | transaction				8	7
Receivables from securitization		0		$ 0				199,800,000
Rialto | Rialto Mortgage Finance | Warehouse Repurchase Facility
Segment Reporting Information [Line Items]
Borrowings under facilities		148,300,000		148,300,000				180,200,000
Rialto | Rialto Mortgage Finance | Performing Financing Receivable
Segment Reporting Information [Line Items]
Originations of loans receivable				57,400,000	$ 55,700,000
Rialto | Rialto Mortgage Finance | Held-for-sale
Segment Reporting Information [Line Items]
Originations of loans receivable				1,300,000,000	$ 1,200,000,000
Rialto | Variable Interest Entity, Primary Beneficiary
Segment Reporting Information [Line Items]
Assets		85,800,000		85,800,000				213,800,000
Liabilities		2,700,000		2,700,000				$ 10,300,000
Rialto | Variable Interest Entity, Primary Beneficiary | FDIC Portfolio
Segment Reporting Information [Line Items]
Assets		85,800,000		85,800,000
Real estate owned, net		49,000,000		49,000,000
Loans receivable, net		$ 19,200,000		$ 19,200,000
Rialto | FDIC Portfolio
Segment Reporting Information [Line Items]
Managing member equity interests acquired										40.00%
Number of businesses acquired | business							2
[1]	Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations, ("ASC 810") the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of August 31, 2017, total assets include $812.9 million related to consolidated VIEs of which $9.7 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $81.3 million in Lennar Homebuilding finished homes and construction in progress, $189.6 million in Lennar Homebuilding land and land under development, $386.6 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $13.1 million in Lennar Homebuilding other assets, $85.8 million in Rialto assets and $42.0 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 in Lennar Multifamily assets.
[2]	Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations, ("ASC 810") the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of August 31, 2017, total liabilities include $390.2 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, $381.7 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.1 million in Lennar Homebuilding other liabilities and $2.7 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 in Rialto liabilities.

Rialto Segment (Schedule of Cre

Rialto Segment (Schedule of Credit Facilities) (Details) - Rialto	9 Months Ended
	Aug. 31, 2017USD ($)extension	Oct. 10, 2017USD ($)	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 (1)
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	$ 34,400,000		$ 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 (1) | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	500,000,000
Rialto Mortgage Finance | 364-day warehouse repurchase facility that matures October 2017 (1) | Warehouse Repurchase Facility | Subsequent Event
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment		$ 400,000,000
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 Segment (Equity Funds Re

Rialto Segment (Equity Funds Related to Rialto Segment) (Details) - Rialto - USD ($) $ in Thousands		Aug. 31, 2017	Nov. 30, 2016
Schedule of Equity Method Investments [Line Items]
Investment	[1]	$ 249,551	$ 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		46,623	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		81,169	96,192
Rialto Real Estate Fund III
Schedule of Equity Method Investments [Line Items]
Equity Commitments		1,887,000
Equity Commitments Called		469,150
Commitment to Fund by the Company		140,000
Funds Contributed by the Company		33,533
Investment		33,268	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		20,632	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		50,545	50,519
Rialto Credit Partnership, LP
Schedule of Equity Method Investments [Line Items]
Equity Commitments		220,000
Equity Commitments Called		150,786
Commitment to Fund by the Company		19,999
Funds Contributed by the Company		13,707
Investment		13,800	5,794
Other investments
Schedule of Equity Method Investments [Line Items]
Investment		$ 3,514	$ 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 August 31, 2017, total assets include $812.9 million related to consolidated VIEs of which $9.7 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $81.3 million in Lennar Homebuilding finished homes and construction in progress, $189.6 million in Lennar Homebuilding land and land under development, $386.6 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $13.1 million in Lennar Homebuilding other assets, $85.8 million in Rialto assets and $42.0 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 in Lennar Multifamily assets.

Rialto Segment (Condensed Finan

Rialto Segment (Condensed Financial Information By Equity Method Investment) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2017	Aug. 31, 2016	Nov. 30, 2016
Segment Reporting Information [Line Items]
Equity in earnings (loss) from unconsolidated entities			$ 12,838	$ 28,424
Rialto
Segment Reporting Information [Line Items]
Cash and cash equivalents	$ 80,337		80,337		$ 230,229
Loans receivable	595,149		595,149		406,812
Real estate owned	307,669		307,669		439,191
Investment securities	1,700,572		1,700,572		1,379,155
Investments in partnerships	409,670		409,670		398,535
Other assets	49,452		49,452		29,036
Total assets	3,142,849		3,142,849		2,882,958
Accounts payable and other liabilities	40,239		40,239		36,131
Notes payable	587,813		587,813		532,264
Equity	2,514,797		2,514,797		2,314,563
Total liabilities and equity	3,142,849		3,142,849		2,882,958
Revenues	64,267	$ 51,485	182,453	147,021
Costs and expenses	26,752	24,472	83,753	66,075
Other income (expense), net	245	28,947	9,893	40,495
Net earnings (loss) of unconsolidated entities	37,760	55,960	108,593	121,441
Equity in earnings (loss) from unconsolidated entities	4,858	$ 5,976	11,310	$ 14,337
Debt issuance costs	$ 3,400		$ 3,400		$ 2,900

Lennar Multifamily Segment (Ass

Lennar Multifamily Segment (Assets and Liabilities related to Multifamily Segment) (Details) - USD ($) $ in Thousands		Aug. 31, 2017	Nov. 30, 2016	Aug. 31, 2016	Nov. 30, 2015
Assets:
Cash and cash equivalents		$ 837,726	$ 1,329,529	$ 816,095	$ 1,158,445
Total assets	[1]	16,939,373	15,361,781
Lennar Multifamily
Assets:
Cash and cash equivalents		3,305	6,600
Receivables, net		71,464	58,929
Land under development		179,965	139,713
Investments in unconsolidated entities		397,119	318,559
Other assets		31,405	2,330
Total assets	[1]	683,258	526,131
Liabilities:
Accounts payable and other liabilities		$ 128,162	$ 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 August 31, 2017, total assets include $812.9 million related to consolidated VIEs of which $9.7 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $81.3 million in Lennar Homebuilding finished homes and construction in progress, $189.6 million in Lennar Homebuilding land and land under development, $386.6 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $13.1 million in Lennar Homebuilding other assets, $85.8 million in Rialto assets and $42.0 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 in Lennar Multifamily assets.

Lennar Multifamily (Narrative)

Lennar Multifamily (Narrative) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2017	Aug. 31, 2016	Nov. 30, 2016
Segment Reporting Information [Line Items]
Distributions of capital from unconsolidated entities			$ 123,209,000	$ 209,820,000
Lennar Multifamily
Segment Reporting Information [Line Items]
Non-recourse debt with completion guarantees	$ 838,900,000		838,900,000		$ 589,400,000
General Contractor Revenue	90,300,000	$ 71,600,000	250,700,000	156,500,000
General Contractor Costs	86,700,000	69,100,000	243,700,000	151,400,000
Investments in unconsolidated entities	397,119,000		397,119,000		318,559,000
Lennar Multifamily | Variable Interest Entity, Not Primary Beneficiary | Equity Commitments
Segment Reporting Information [Line Items]
Obligations related to VIEs	182,100,000		182,100,000		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			464,400,000
Equity commitment contributions during period			106,100,000
Distributions of capital from unconsolidated entities			0
Equity Commitments Called	1,400,000,000		1,400,000,000
Funds contributed by the company	321,900,000		321,900,000
Investments in unconsolidated entities	296,900,000		296,900,000		198,200,000
Lennar Multifamily | Unconsolidated Entities
Segment Reporting Information [Line Items]
Fee Income	13,100,000	$ 10,000,000	41,200,000	$ 27,400,000
Lennar Multifamily | Financial Letters of Credit
Segment Reporting Information [Line Items]
Letters of credit outstanding	$ 13,000,000		$ 13,000,000		$ 32,000,000

Lennar Multifamily Segment (Con

Lennar Multifamily Segment (Condensed Financial Information by Equity Method Investments) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2017USD ($)property	Aug. 31, 2016USD ($)property	Aug. 31, 2017USD ($)property	Aug. 31, 2016USD ($)property	Nov. 30, 2016USD ($)
Liabilities and equity:
Equity in earnings (loss) from unconsolidated entities			$ 12,838	$ 28,424
Lennar Multifamily
Assets:
Cash and cash equivalents	$ 51,725		51,725		$ 43,658
Operating properties and equipment	2,832,790		2,832,790		2,210,627
Other assets	35,848		35,848		33,703
Total assets	2,920,363		2,920,363		2,287,988
Liabilities and equity:
Accounts payable and other liabilities	220,881		220,881		196,617
Notes payable	821,500		821,500		577,085
Equity	1,877,982		1,877,982		1,514,286
Total liabilities and equity	2,920,363		2,920,363		2,287,988
Debt issuance cost	17,400		17,400		$ 12,300
Revenues	18,822	$ 13,796	44,414	31,759
Costs and expenses	28,904	24,611	75,727	50,341
Other income (expense), net	47,210	20,335	125,939	90,729
Net earnings (loss) of unconsolidated entities	37,128	9,520	94,626	72,147
Equity in earnings (loss) from unconsolidated entities	11,645	5,060	44,219	38,754
Gain on disposition of assets	$ 15,400	$ 8,000	$ 52,900	$ 43,800
Number of operating properties sold | property	2	1	5	3
General Contractor Revenue	$ 90,300	$ 71,600	$ 250,700	$ 156,500
General Contractor Costs	86,700	69,100	243,700	151,400
Equity Method Investee | Lennar Multifamily
Segment Reporting Information [Line Items]
Management Fees Revenue	$ 13,100	$ 10,000	$ 41,200	$ 27,400

Lennar Homebuilding Cash and 64

Lennar Homebuilding Cash and Cash Equivalents (Details) - USD ($) $ in Millions	9 Months Ended
	Aug. 31, 2017	Nov. 30, 2016
Cash and Cash Equivalents [Abstract]
Cash held in escrow	$ 281	$ 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		Aug. 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]	$ 5,523,765	$ 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 | 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		$ 399,036	398,479
Lennar Homebuilding | Senior Notes | 6.95% senior notes due 2018
Debt Instrument [Line Items]
Senior notes and other debts payable		249,223	248,474
Lennar Homebuilding | Senior Notes | 4.125% senior notes due December 2018
Debt Instrument [Line Items]
Senior notes and other debts payable		274,316	273,889
Lennar Homebuilding | Senior Notes | 4.500% senior notes due 2019
Debt Instrument [Line Items]
Senior notes and other debts payable		498,572	498,002
Lennar Homebuilding | Senior Notes | 4.50% senior notes due 2019
Debt Instrument [Line Items]
Senior notes and other debts payable		598,145	597,474
Lennar Homebuilding | Senior Notes | 4.750% senior notes due 2021
Debt Instrument [Line Items]
Senior notes and other debts payable		497,134	496,547
Lennar Homebuilding | Senior Notes | 4.125% senior notes due 2022
Debt Instrument [Line Items]
Senior notes and other debts payable		$ 595,656	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		$ 569,105	568,404
Lennar Homebuilding | Senior Notes | 4.875% senior notes due December 2023
Debt Instrument [Line Items]
Senior notes and other debts payable		394,868	394,170
Lennar Homebuilding | Senior Notes | 4.500% senior notes due 2024
Debt Instrument [Line Items]
Senior notes and other debts payable		645,172	0
Outstanding principal on long-term debt		250,000
Lennar Homebuilding | Senior Notes | 4.750% senior notes due 2025
Debt Instrument [Line Items]
Senior notes and other debts payable		496,560	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		$ 305,978	$ 206,080
[1]	Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations, ("ASC 810") the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of August 31, 2017, total liabilities include $390.2 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, $381.7 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.1 million in Lennar Homebuilding other liabilities and $2.7 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 in Rialto liabilities.

Lennar Homebuilding Senior No66

Lennar Homebuilding Senior Notes and Other Debts Payable (Narrative) (Details) - USD ($)	1 Months Ended			9 Months Ended
	Aug. 31, 2017	Apr. 30, 2017	Jan. 31, 2017	Aug. 31, 2017	Aug. 31, 2016	May 31, 2017	May 30, 2017	Nov. 30, 2016
Senior Notes
Debt Instrument [Line Items]
Net proceeds from debt				$ 1,233,303,000	$ 495,043,000
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%			4.125%
Lennar Homebuilding | 4.500% senior notes due 2024
Debt Instrument [Line Items]
Interest rate	4.50%			4.50%
Lennar Homebuilding | 12.25% senior notes due 2017
Debt Instrument [Line Items]
Interest rate	12.25%			12.25%
Lennar Homebuilding | Surety Bond
Debt Instrument [Line Items]
Outstanding performance and surety bonds	$ 1,200,000,000			$ 1,200,000,000
Uncompleted site improvements amount	514,400,000			$ 514,400,000
Uncompleted site improvements percent				42.00%
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			$ 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			330,000,000
Lennar Homebuilding | Performance Letters of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	500,000,000			500,000,000
Letters of credit outstanding	395,700,000			395,700,000				$ 270,800,000
Lennar Homebuilding | Financial Letters of Credit
Debt Instrument [Line Items]
Letters of credit outstanding	153,800,000			153,800,000				210,300,000
Lennar Homebuilding | Senior Notes
Debt Instrument [Line Items]
Debt issuance cost	$ 26,400,000			$ 26,400,000				$ 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%			4.125%
Debt proceeds as a percentage of face value			100.00%
Net proceeds from debt			$ 595,200,000
Lennar Homebuilding | Senior Notes | 6.875% senior notes due 2021
Debt Instrument [Line Items]
Interest rate	6.875%			6.875%
Outstanding principal on long-term debt	$ 250,000,000			$ 250,000,000
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
Outstanding principal on long-term debt	$ 250,000,000			$ 250,000,000
Redemption price	103.438%
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		9 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2017	Aug. 31, 2016
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty reserve, beginning of period	$ 151,833	$ 127,159	$ 135,403	$ 130,853
Warranties issued	28,795	25,382	78,945	67,952
Adjustments to pre-existing warranties from changes in estimates	4,436	4,982	14,769	4,247
Warranties assumed related to the WCI acquisition	0	0	6,345	0
Payments	(25,758)	(23,984)	(76,156)	(69,513)
Warranty reserve, end of period	$ 159,306	$ 133,539	$ 159,306	$ 133,539

Share-Based Payments (Compensat

Share-Based Payments (Compensation Expense, Share-Based Payment Awards) (Details) - Nonvested shares - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2017	Aug. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares granted (in shares)	1.3	1.2	1.3	1.2
Compensation expense for share-based awards	$ 18.5	$ 12.4	$ 43.3	$ 34.6

Financial Instruments and Fai69

Financial Instruments and Fair Value Disclosures - (Carrying Amounts And Estimated Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands	Aug. 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	$ 5,523,765	$ 4,575,977
Lennar Homebuilding | Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	5,730,227	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	52,779	111,608
Investments held-to-maturity	142,462	71,260
Rialto | Level 3 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable and loans held-for-investment	52,784	113,747
Investments held-to-maturity	143,737	69,992
Rialto | Level 2 | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	617,152	622,335
Rialto | Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	632,128	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	37,665	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	35,378	31,233
Lennar Financial Services | Level 2 | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments held-to-maturity	53,631	41,991
Notes and other debts payable	719,727	1,077,228
Lennar Financial Services | Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments held-to-maturity	53,658	42,058
Notes and other debts payable	$ 719,727	$ 1,077,228

Financial Instruments and Fai70

Financial Instruments and Fair Value Disclosures - (Fair Value Measured On Recurring Basis) (Details) - USD ($) $ in Thousands	Aug. 31, 2017	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	$ 283,200		$ 127,800
Aggregate fair value of loans (below) in excess of principal balance	2,500		(900)
Rialto | Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Financial asset	285,747		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	1,510		2,863
Financial liability		$ 3,982	377
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	2,318		6
Lennar Financial Services
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Investments available-for-sale	57,784		53,570
Lennar Financial Services | Mortgage loan commitments
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Financial asset	17,500		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	5,500
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	635,000		931,000
Aggregate fair value of loans (below) in excess of principal balance	26,600		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	57,784		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	661,649		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	27,721		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	17,543		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	$ (5,529)		$ 26,467

Financial Instruments and Fai71

Financial Instruments and Fair Value Disclosures - (Narrative) (Details)	9 Months Ended
	Aug. 31, 2017USD ($)homescommunity	Aug. 31, 2016USD ($)homescommunitycommunities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Discount rate	20.00%
Active communities	753	691
Number of communities assessed for impairment | community	6	16
Number of homesites assessed for impairment | homes	499	444
Inventory with potential indicators of impairment	$ 31,900,000	$ 134,700,000
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	15.10%
Discount rate	12.30%
Delinquency rate	6.20%
Commitments to Sell MBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Open commitments	$ 1,100,000,000

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		9 Months Ended
	Aug. 31, 2017	May 31, 2017	Aug. 31, 2016	May 31, 2016	May 31, 2017	May 31, 2016	Aug. 31, 2017	Aug. 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	$ 165		$ 639				$ 1,556	$ 1,121
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	165		639				1,556	1,121
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	(5,804)		(2,808)				18,233	826
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	(829)		1,781				10,106	7,603
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	1,267		(362)				(31,996)	(2,542)
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	0		31				(4)	37
Fair Value, Measurements, Recurring | Rialto | Liability | Credit default swaps
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Changes in fair value included in revenue		$ 15		$ 183	$ 124	$ 173
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	(1,412)		(133)				(2,312)	740
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	$ (536)		$ (1,570)				$ (1,852)	$ (1,547)

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		9 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2017	Aug. 31, 2016
Mortgage servicing rights | Lennar Financial Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 27,370	$ 18,241	$ 23,930	$ 16,770
Purchases/loan originations	2,447	2,275	8,159	6,269
Sales/loan originations sold, including those not settled	0	0	0	0
Disposals/settlements	(1,092)	(1,311)	(2,887)	(2,881)
Changes in fair value	(1,004)	(836)	(1,481)	(1,789)
Interest and principal paydowns			0	0
Ending balance	27,721	18,369	27,721	18,369
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	82,803	199,415	126,947	316,275
Purchases/loan originations	439,266	520,510	1,262,926	1,174,483
Sales/loan originations sold, including those not settled	(235,922)	(491,428)	(1,106,316)	(1,259,320)
Disposals/settlements	0	0	0	0
Changes in fair value	707	522	3,205	(687)
Interest and principal paydowns	(1,107)	(88)	(1,015)	(1,820)
Ending balance	$ 285,747	$ 228,931	$ 285,747	$ 228,931

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		9 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2017	Aug. 31, 2016
Rialto
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Impaired loans receivable, carrying value	$ 0	$ 52,460	$ 31,554	$ 72,375
Impaired loans receivable, fair value	0	48,130	18,885	61,324
Impaired loans receivable, total gains (losses)	0	(4,330)	(12,669)	(11,051)
FDIC Portfolios loans held-for-sale, carrying value	20,863	0	26,081	0
FDIC Portfolios loans held-for-sale, fair value	19,237	0	19,237	0
FDIC Portfolios loans held-for-sale, Total gains (losses)	(1,626)	0	(6,844)	0
REO, net: Upon acquisition/transfer, carrying value	1,200	9,220	31,503	42,657
REO, net: Upon acquisition/transfer, fair value	1,376	8,799	30,066	44,292
REO, net: Upon acquisition/transfer, total gains (losses)	176	(421)	(1,437)	1,635
REO, net: Upon management periodic valuation, carrying value	35,507	28,910	118,497	68,148
REO, net: Upon management periodic valuation, fair value	22,765	22,715	79,601	54,347
REO, net: Upon management periodic valuation, total gains (losses)	(12,742)	(6,195)	(38,896)	(13,801)
Lennar Homebuilding
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Land and land under development, carrying value	0	23,736	6,771	29,418
Land and land under development, fair value	0	18,000	3,094	22,925
Land and land under development, total gains (losses)	$ 0	$ (5,736)	(3,677)	(6,493)
Inventory, Homes under Construction and Finished Homes, Fair Value Measurement Adjustments, Before Impairment			6,659	0
Inventory, Homes under Construction and Finished Homes, Fair Value Measurement Adjustments, After Impairment			2,745	0
Inventory Write-Down, Homes Under Construction and Finished Homes			$ (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)	9 Months Ended
	Aug. 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	9 Months Ended
	Aug. 31, 2017USD ($)joint_venturehomes	Nov. 30, 2016USD ($)joint_venture
Variable Interest Entity [Line Items]
Consolidated VIEs assets	$ 812.9	$ 536.3
Consolidated VIEs liabilities	$ 390.2	$ 126.4
Number of unconsolidated entities debt repayment guarantee | joint_venture	3	1
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Decrease in consolidated inventory	$ 265.6
Number of homesites sold | homes	475
Increase in consolidated inventory not owned resulting from consolidation	$ 320.1
Variable Interest Entity, Not Primary Beneficiary Including Third Parties
Variable Interest Entity [Line Items]
Non-refundable option deposits and pre-acquisition costs	144.4	$ 85
Financial Standby Letters of Credit | Variable Interest Entity, Not Primary Beneficiary Including Third Parties
Variable Interest Entity [Line Items]
Letters of credit outstanding	54.5	45.1
Lennar Multifamily | Equity Commitments | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Obligations to make capital contributions to VIEs	(182.1)	(288.2)
Lennar Multifamily | Financial Standby Letters of Credit | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Obligations to make capital contributions to VIEs	(13)	(19.7)
Lennar Homebuilding | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Obligations to make capital contributions to VIEs	$ (63.3)	$ (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		Aug. 31, 2017	Nov. 30, 2016
Lennar Homebuilding
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	[1]	$ 1,016,588	$ 811,723
Rialto
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	[1]	249,551	245,741
Lennar Multifamily
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities		$ 397,119	$ 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 August 31, 2017, total assets include $812.9 million related to consolidated VIEs of which $9.7 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $81.3 million in Lennar Homebuilding finished homes and construction in progress, $189.6 million in Lennar Homebuilding land and land under development, $386.6 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $13.1 million in Lennar Homebuilding other assets, $85.8 million in Rialto assets and $42.0 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 in Lennar Multifamily assets.

Variable Interest Entities (Est

Variable Interest Entities (Estimated Maximum Exposure To Loss) (Details) - USD ($) $ in Thousands	Aug. 31, 2017	Nov. 30, 2016
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	$ 709,552	$ 433,128
Lennar’s Maximum Exposure to Loss	973,370	785,157
Lennar Homebuilding | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	233,150	120,940
Lennar’s Maximum Exposure to Loss	301,176	164,804
Obligations related to VIEs	63,300	43,400
Rialto
Variable Interest Entity [Line Items]
Investments held-to-maturity	142,462	71,260
Rialto | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	142,462	71,260
Lennar’s Maximum Exposure to Loss	142,462	71,260
Investments held-to-maturity	142,500	71,300
Lennar Multifamily | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	333,940	240,928
Lennar’s Maximum Exposure to Loss	529,732	549,093
Lennar Multifamily | Variable Interest Entity, Not Primary Beneficiary | Equity Commitments
Variable Interest Entity [Line Items]
Obligations related to VIEs	182,100	288,200
Lennar Multifamily | Variable Interest Entity, Not Primary Beneficiary | Financial Standby Letters of Credit
Variable Interest Entity [Line Items]
Obligations related to VIEs	$ 13,000	$ 19,700

Commitments and Contingent Li79

Commitments and Contingent Liabilities - (Narrative) (Details) - USD ($) $ in Millions	Apr. 12, 2017	Jan. 31, 2015	Aug. 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	$ 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)	9 Months Ended
	Aug. 31, 2017USD ($)
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 | 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		Aug. 31, 2017		Nov. 30, 2016		Aug. 31, 2016	Nov. 30, 2015
Assets:
Total assets	[1]	$ 16,939,373		$ 15,361,781
LIABILITIES AND EQUITY
Total liabilities	[2]	9,279,913		8,150,214
Stockholders’ equity	[2]	7,554,260		7,026,042
Noncontrolling interests	[2]	105,200		185,525
Total equity		7,659,460	[2]	7,211,567	[2]	$ 6,762,906	$ 5,950,072
Total liabilities and equity	[2]	16,939,373		15,361,781
Lennar Homebuilding
Assets:
Cash and cash equivalents, restricted cash and receivables, net		660,282		1,163,091
Inventories		10,921,584		9,178,926
Investments in unconsolidated entities	[1]	1,016,588		811,723
Goodwill	[1]	140,270		0
Other assets	[1]	936,796		651,028
Investments in subsidiaries		0		0
Intercompany		0		0
Total assets	[1]	13,675,520		11,804,768
LIABILITIES AND EQUITY
Accounts payable and other liabilities		1,592,880		1,319,995
Liabilities related to consolidated inventory not owned	[2]	381,679		110,006
Senior notes and other debts payable	[2]	5,523,765		4,575,977
Intercompany		0		0
Total liabilities	[2]	7,498,324		6,005,978
Lennar Financial Services
Assets:
Goodwill		59,838		39,838
Other assets		98,551		99,319
Total assets	[1]	1,385,188		1,754,672
Lennar Financial Services loans held-for-sale		661,649		939,405
Lennar Financial Services all other assets				815,267
LIABILITIES AND EQUITY
Total liabilities	[2]	950,098		1,318,283
Rialto
Assets:
Investments in unconsolidated entities	[1]	249,551		245,741
Goodwill		5,396		5,396
Other assets		136,194		113,671
Total assets	[1]	1,195,407		1,276,210
Lennar Financial Services loans held-for-sale		304,984		126,947
LIABILITIES AND EQUITY
Total liabilities		703,329		707,980
Lennar Multifamily
Assets:
Investments in unconsolidated entities		397,119		318,559
Other assets		31,405		2,330
Total assets	[1]	683,258		526,131
LIABILITIES AND EQUITY
Accounts payable and other liabilities		128,162		117,973
Total liabilities	[2]	128,162		117,973
Reportable Legal Entities | Lennar Corporation
Assets:
Total assets		13,328,956		11,869,042
LIABILITIES AND EQUITY
Total liabilities		5,774,696		4,843,000
Stockholders’ equity		7,554,260		7,026,042
Noncontrolling interests		0		0
Total equity		7,554,260		7,026,042
Total liabilities and equity		13,328,956		11,869,042
Reportable Legal Entities | Lennar Corporation | Lennar Homebuilding
Assets:
Cash and cash equivalents, restricted cash and receivables, net		385,066		705,126
Inventories		0		0
Investments in unconsolidated entities		0		0
Goodwill		0
Other assets		247,684		227,267
Investments in subsidiaries		4,481,309		3,918,687
Intercompany		8,214,897		7,017,962
Total assets		13,328,956		11,869,042
LIABILITIES AND EQUITY
Accounts payable and other liabilities		556,909		473,103
Liabilities related to consolidated inventory not owned		0		0
Senior notes and other debts payable		5,217,787		4,369,897
Intercompany		0		0
Total liabilities		5,774,696		4,843,000
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 | Rialto
Assets:
Total assets		0		0
LIABILITIES AND EQUITY
Total liabilities		0		0
Reportable Legal Entities | Lennar Corporation | Lennar Multifamily
Assets:
Total assets		0		0
LIABILITIES AND EQUITY
Total liabilities		0		0
Reportable Legal Entities | Guarantor Subsidiaries
Assets:
Total assets		12,799,588		10,712,547
LIABILITIES AND EQUITY
Total liabilities		8,639,200		7,105,711
Stockholders’ equity		4,160,388		3,606,836
Noncontrolling interests		0		0
Total equity		4,160,388		3,606,836
Total liabilities and equity		12,799,588		10,712,547
Reportable Legal Entities | Guarantor Subsidiaries | Lennar Homebuilding
Assets:
Cash and cash equivalents, restricted cash and receivables, net		258,646		436,090
Inventories		10,625,325		8,901,874
Investments in unconsolidated entities		999,819		793,840
Goodwill		140,270
Other assets		597,581		346,865
Investments in subsidiaries		52,454		130,878
Intercompany		0		0
Total assets		12,674,095		10,609,547
LIABILITIES AND EQUITY
Accounts payable and other liabilities		918,602		778,249
Liabilities related to consolidated inventory not owned		368,179		13,582
Senior notes and other debts payable		280,249		203,572
Intercompany		7,032,364		6,071,778
Total liabilities		8,599,394		7,067,181
Reportable Legal Entities | Guarantor Subsidiaries | Lennar Financial Services
Assets:
Total assets		125,493
Lennar Financial Services all other assets				103,000
LIABILITIES AND EQUITY
Total liabilities		39,806		38,530
Reportable Legal Entities | Guarantor Subsidiaries | Rialto
Assets:
Total assets		0		0
LIABILITIES AND EQUITY
Total liabilities		0		0
Reportable Legal Entities | Guarantor Subsidiaries | Lennar Multifamily
Assets:
Total assets		0		0
LIABILITIES AND EQUITY
Total liabilities				0
Reportable Legal Entities | Non-Guarantor Subsidiaries
Assets:
Total assets		3,578,741		3,858,538
LIABILITIES AND EQUITY
Total liabilities		3,100,166		3,230,284
Stockholders’ equity		373,375		442,729
Noncontrolling interests		105,200		185,525
Total equity		478,575		628,254
Total liabilities and equity		3,578,741		3,858,538
Reportable Legal Entities | Non-Guarantor Subsidiaries | Lennar Homebuilding
Assets:
Cash and cash equivalents, restricted cash and receivables, net		16,570		21,875
Inventories		296,259		277,052
Investments in unconsolidated entities		16,769		17,883
Other assets		108,265		84,224
Investments in subsidiaries		0		0
Intercompany		0		0
Total assets		437,863		401,034
LIABILITIES AND EQUITY
Accounts payable and other liabilities		136,621		79,462
Liabilities related to consolidated inventory not owned		13,500		96,424
Senior notes and other debts payable		25,729		2,508
Intercompany		1,182,533		946,184
Total liabilities		1,358,383		1,124,578
Reportable Legal Entities | Non-Guarantor Subsidiaries | Lennar Financial Services
Assets:
Total assets		1,262,213
Lennar Financial Services loans held-for-sale				939,405
Lennar Financial Services all other assets				715,758
LIABILITIES AND EQUITY
Total liabilities		910,292		1,279,753
Reportable Legal Entities | Non-Guarantor Subsidiaries | Rialto
Assets:
Total assets		1,195,407		1,276,210
LIABILITIES AND EQUITY
Total liabilities		703,329		707,980
Reportable Legal Entities | Non-Guarantor Subsidiaries | Lennar Multifamily
Assets:
Total assets		683,258		526,131
LIABILITIES AND EQUITY
Total liabilities		128,162		117,973
Consolidating Adjustments
Assets:
Total assets		(12,767,912)		(11,078,346)
LIABILITIES AND EQUITY
Total liabilities		(8,234,149)		(7,028,781)
Stockholders’ equity		(4,533,763)		(4,049,565)
Noncontrolling interests		0		0
Total equity		(4,533,763)		(4,049,565)
Total liabilities and equity		(12,767,912)		(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		(16,734)		(7,328)
Investments in subsidiaries		(4,533,763)		(4,049,565)
Intercompany		(8,214,897)		(7,017,962)
Total assets		(12,765,394)		(11,074,855)
LIABILITIES AND EQUITY
Accounts payable and other liabilities		(19,252)		(10,819)
Liabilities related to consolidated inventory not owned		0		0
Senior notes and other debts payable		0		0
Intercompany		(8,214,897)		(7,017,962)
Total liabilities		(8,234,149)		(7,028,781)
Consolidating Adjustments | Lennar Financial Services
Assets:
Total assets		(2,518)
Lennar Financial Services all other assets				(3,491)
LIABILITIES AND EQUITY
Total liabilities		0		0
Consolidating Adjustments | Rialto
Assets:
Total assets		0		0
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 August 31, 2017, total assets include $812.9 million related to consolidated VIEs of which $9.7 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $81.3 million in Lennar Homebuilding finished homes and construction in progress, $189.6 million in Lennar Homebuilding land and land under development, $386.6 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $13.1 million in Lennar Homebuilding other assets, $85.8 million in Rialto assets and $42.0 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 in Lennar Multifamily assets.
[2]	Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations, ("ASC 810") the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of August 31, 2017, total liabilities include $390.2 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, $381.7 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.1 million in Lennar Homebuilding other liabilities and $2.7 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 in Rialto liabilities.

Supplemental Financial Inform82

Supplemental Financial Information (Condensed Consolidating Statement of Operations and Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2017	Aug. 31, 2016
Revenues:
Revenues	$ 3,261,476	$ 2,833,894	$ 8,860,796	$ 7,573,373
Cost and expenses:
Corporate general and administrative	72,860	61,164	200,333	164,634
Total costs and expenses	2,886,383	2,509,700	7,964,251	6,747,887
Equity in earnings (loss) from unconsolidated entities			12,838	28,424
Earnings before income taxes	368,385	339,558	727,628	869,090
Benefit (provision) for income taxes	(124,795)	(106,427)	(253,656)	(266,469)
Equity in earnings from subsidiaries		0	0	0
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	243,590	233,131	473,972	602,621
Less: Net earnings (loss) attributable to noncontrolling interests	(5,575)	(2,711)	(26,918)	4,230
Net earnings attributable to Lennar	249,165	235,842	500,890	598,391
Other comprehensive income, net of tax:
Net unrealized gains on securities available-for-sale	165	639	1,556	1,121
Reclassification adjustments for (gains) loss included in earnings, net of tax	0	(31)	4	(37)
Other comprehensive income attributable to Lennar	249,330	236,450	502,450	599,475
Other comprehensive income (loss) attributable to noncontrolling interests	(5,575)	(2,711)	(26,918)	4,230
Lennar Homebuilding
Revenues:
Revenues	2,885,195	2,496,969	7,789,630	6,734,335
Cost and expenses:
Cost and expenses	2,492,065	2,164,027	6,829,109	5,844,520
Equity in earnings (loss) from unconsolidated entities	(9,651)	(18,034)	(42,691)	(24,667)
Other income (expense), net	2,797	29,974	12,364	43,068
Loss due to litigation accrual	0	0	(140,000)	0
Lennar Financial Services
Revenues:
Revenues	215,056	191,444	571,462	491,340
Cost and expenses:
Cost and expenses	165,999	138,196	458,014	379,073
Rialto
Revenues:
Revenues	57,810	63,885	207,804	152,434
Cost and expenses:
Cost and expenses	49,503	62,306	175,492	155,416
Equity in earnings (loss) from unconsolidated entities	4,858	5,976	11,310	14,337
Other income (expense), net	(16,357)	(7,612)	(54,119)	(27,888)
Lennar Multifamily
Revenues:
Revenues	103,415	81,596	291,900	195,264
Cost and expenses:
Cost and expenses	105,956	84,007	301,303	204,244
Equity in earnings (loss) from unconsolidated entities	11,645	5,060	44,219	38,754
Reportable Legal Entities | Lennar Corporation
Revenues:
Revenues	0	0	0	0
Cost and expenses:
Corporate general and administrative	71,285	59,644	195,681	160,074
Total costs and expenses	71,285	59,644	195,681	160,074
Earnings before income taxes	(71,352)	(59,895)	(196,179)	(161,331)
Benefit (provision) for income taxes	23,689	18,646	65,955	49,706
Equity in earnings from subsidiaries	296,828	277,091	631,114	710,016
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	249,165	235,842	500,890	598,391
Less: Net earnings (loss) attributable to noncontrolling interests	0		0	0
Net earnings attributable to Lennar	249,165	235,842	500,890	598,391
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
Other comprehensive income attributable to Lennar	249,165	235,842	500,890	598,391
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	(67)	(251)	(498)	(1,257)
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	2,963,140	2,552,707	7,988,739	6,883,993
Cost and expenses:
Corporate general and administrative	310	255	856	764
Total costs and expenses	2,562,788	2,208,363	7,009,149	5,981,466
Earnings before income taxes	391,949	355,067	804,812	919,189
Benefit (provision) for income taxes	(128,170)	(106,867)	(263,886)	(277,230)
Equity in earnings from subsidiaries	22,477	22,301	50,785	42,297
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	286,256	270,501	591,711	684,256
Less: Net earnings (loss) attributable to noncontrolling interests	0		0	0
Net earnings attributable to Lennar	286,256	270,501	591,711	684,256
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
Other comprehensive income attributable to Lennar	286,256	270,501	591,711	684,256
Other comprehensive income (loss) attributable to noncontrolling interests	0	0	0	0
Reportable Legal Entities | Guarantor Subsidiaries | Lennar Homebuilding
Revenues:
Revenues	2,872,920	2,492,189	7,761,414	6,729,555
Cost and expenses:
Cost and expenses	2,483,401	2,157,506	6,802,418	5,840,084
Equity in earnings (loss) from unconsolidated entities	(9,647)	(18,127)	(42,675)	(25,138)
Other income (expense), net	1,244	28,850	7,897	41,800
Loss due to litigation accrual			(140,000)
Reportable Legal Entities | Guarantor Subsidiaries | Lennar Financial Services
Revenues:
Revenues	90,220	60,518	227,325	154,438
Cost and expenses:
Cost and expenses	79,077	50,602	205,875	140,618
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	303,395	286,224	887,181	704,457
Cost and expenses:
Corporate general and administrative	0	0	0	0
Total costs and expenses	257,293	246,468	774,018	620,138
Earnings before income taxes	47,788	44,386	118,995	111,232
Benefit (provision) for income taxes	(20,314)	(18,206)	(55,725)	(38,945)
Equity in earnings from subsidiaries		0	0	0
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	27,474	26,180	63,270	72,287
Less: Net earnings (loss) attributable to noncontrolling interests	(5,575)	(2,711)	(26,918)	4,230
Net earnings attributable to Lennar	33,049	28,891	90,188	68,057
Other comprehensive income, net of tax:
Net unrealized gains on securities available-for-sale	165	639	1,556	1,121
Reclassification adjustments for (gains) loss included in earnings, net of tax		(31)	4	(37)
Other comprehensive income attributable to Lennar	33,214	29,499	91,748	69,141
Other comprehensive income (loss) attributable to noncontrolling interests	(5,575)	(2,711)	(26,918)	4,230
Reportable Legal Entities | Non-Guarantor Subsidiaries | Lennar Homebuilding
Revenues:
Revenues	12,275	4,780	28,216	4,780
Cost and expenses:
Cost and expenses	12,107	7,309	30,693	15,941
Equity in earnings (loss) from unconsolidated entities	(4)	93	(16)	471
Other income (expense), net	1,544	1,113	4,438	1,239
Loss due to litigation accrual			0
Reportable Legal Entities | Non-Guarantor Subsidiaries | Lennar Financial Services
Revenues:
Revenues	129,853	135,939	359,152	351,923
Cost and expenses:
Cost and expenses	89,656	92,431	266,317	243,755
Reportable Legal Entities | Non-Guarantor Subsidiaries | Rialto
Revenues:
Revenues	57,810	63,885	207,804	152,434
Cost and expenses:
Cost and expenses	49,574	62,721	175,705	156,198
Equity in earnings (loss) from unconsolidated entities	4,858	5,976	11,310	14,337
Other income (expense), net	(16,357)	(7,612)	(54,119)	(27,888)
Reportable Legal Entities | Non-Guarantor Subsidiaries | Lennar Multifamily
Revenues:
Revenues	103,457	81,620	292,009	195,320
Cost and expenses:
Cost and expenses	105,956	84,007	301,303	204,244
Equity in earnings (loss) from unconsolidated entities	11,645	5,060	44,219	38,754
Consolidating Adjustments
Revenues:
Revenues	(5,059)	(5,037)	(15,124)	(15,077)
Cost and expenses:
Corporate general and administrative	1,265	1,265	3,796	3,796
Total costs and expenses	(4,983)	(4,775)	(14,597)	(13,791)
Earnings before income taxes	0	0	0	0
Benefit (provision) for income taxes	0	0	0	0
Equity in earnings from subsidiaries	(319,305)	(299,392)	(681,899)	(752,313)
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	(319,305)	(299,392)	(681,899)	(752,313)
Less: Net earnings (loss) attributable to noncontrolling interests	0		0	0
Net earnings attributable to Lennar	(319,305)	(299,392)	(681,899)	(752,313)
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
Other comprehensive income attributable to Lennar	(319,305)	(299,392)	(681,899)	(752,313)
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	(3,443)	(788)	(4,002)	(11,505)
Equity in earnings (loss) from unconsolidated entities	0	0	0	0
Other income (expense), net	76	262	527	1,286
Loss due to litigation accrual			0
Consolidating Adjustments | Lennar Financial Services
Revenues:
Revenues	(5,017)	(5,013)	(15,015)	(15,021)
Cost and expenses:
Cost and expenses	(2,734)	(4,837)	(14,178)	(5,300)
Consolidating Adjustments | Rialto
Revenues:
Revenues	0	0	0	0
Cost and expenses:
Cost and expenses	(71)	(415)	(213)	(782)
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	(42)	(24)	(109)	(56)
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		9 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2017	Aug. 31, 2016
Cash flows from operating activities:
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	$ 243,590	$ 233,131	$ 473,972	$ 602,621
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 operating activities			(146,259)	(605,701)
Net cash provided by (used in) operating activities			327,713	(3,080)
Cash flows from investing activities:
Proceeds from sale of operating properties and equipment			0	17,450
Investments in and contributions to unconsolidated entities, net of distributions of capital			(258,000)	(110,227)
Proceeds from sales of real estate owned			72,952	66,638
Receipts of principal payments on loans held-for-sale			5,937	0
Receipts of principal payments on loans receivable and other			73,948	57,733
Originations of loans receivable			(57,375)	(56,507)
Purchases of commercial mortgage-backed securities bonds			(70,187)	(33,005)
Acquisition, net of cash acquired			(611,399)	(725)
Other			(39,479)	(58,757)
Distributions of capital from guarantor and non-guarantor subsidiaries			0	0
Intercompany			0	0
Net cash used in investing activities			(957,551)	(116,675)
Cash flows from financing activities:
Redemption of senior notes			(658,595)	(250,000)
Conversions and exchanges on convertible senior notes			0	(233,893)
Net payments on other borrowings			20,632	(99,804)
Net payments related to noncontrolling interests			(51,483)	(97,912)
Excess tax benefits from share-based awards			1,980	7,039
Common stock:
Issuances			693	19,471
Repurchases			(27,104)	(19,871)
Dividends			(28,181)	(26,222)
Intercompany			0	0
Net cash (used in) provided by financing activities			138,035	(222,595)
Net decrease in cash and cash equivalents			(491,803)	(342,350)
Cash and cash equivalents at beginning of period			1,329,529	1,158,445
Cash and cash equivalents at end of period	837,726	816,095	837,726	816,095
Rialto
Cash flows from financing activities:
Net proceeds on Rialto notes payable			44,550
Principal payments on Rialto notes payable including structured notes			(18,944)	(4,121)
Common stock:
Cash and cash equivalents at beginning of period			148,827
Cash and cash equivalents at end of period	154,814		154,814
Senior Notes
Cash flows from financing activities:
Net proceeds from debt			1,233,303	495,043
Unsecured Revolving Credit Facility
Cash flows from financing activities:
Net (repayments) borrowings under credit facilities			0	125,000
Warehouse Repurchase Facility
Cash flows from financing activities:
Net (repayments) borrowings under credit facilities			(397,760)	(137,325)
Reportable Legal Entities | Lennar Corporation
Cash flows from operating activities:
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	249,165	235,842	500,890	598,391
Distributions of earnings from guarantor and non-guarantor subsidiaries			631,114	710,016
Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by operating activities			(495,120)	(712,476)
Net cash provided by (used in) operating activities			636,884	595,931
Cash flows from investing activities:
Proceeds from sale of operating properties and equipment				0
Investments in and contributions to unconsolidated entities, net of distributions of capital			0	0
Proceeds from sales of real estate owned			0	0
Receipts of principal payments on loans held-for-sale			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			(6,174)	(8,836)
Distributions of capital from guarantor and non-guarantor subsidiaries			80,000	40,000
Intercompany			(1,200,426)	(956,734)
Net cash used in investing activities			(1,737,703)	(925,570)
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	19,471
Repurchases			(27,104)	(19,871)
Dividends			(28,181)	(26,222)
Intercompany			0	0
Net cash (used in) provided by financing activities			787,477	117,498
Net decrease in cash and cash equivalents			(313,342)	(212,141)
Cash and cash equivalents at beginning of period			697,112	575,821
Cash and cash equivalents at end of period	383,770	363,680	383,770	363,680
Reportable Legal Entities | Lennar Corporation | Rialto
Cash flows from financing activities:
Net proceeds on Rialto notes payable			0
Principal payments on Rialto notes payable including structured notes				0
Reportable Legal Entities | Lennar Corporation | Senior Notes
Cash flows from financing activities:
Net proceeds from debt			1,240,089	495,974
Reportable Legal Entities | Lennar Corporation | Unsecured Revolving Credit Facility
Cash flows from financing activities:
Net (repayments) borrowings under credit facilities				125,000
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)	286,256	270,501	591,711	684,256
Distributions of earnings from guarantor and non-guarantor subsidiaries			50,785	42,297
Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by operating activities			(596,338)	(707,332)
Net cash provided by (used in) operating activities			46,158	19,221
Cash flows from investing activities:
Proceeds from sale of operating properties and equipment				17,450
Investments in and contributions to unconsolidated entities, net of distributions of capital			(232,378)	(100,475)
Proceeds from sales of real estate owned			0	0
Receipts of principal payments on loans held-for-sale			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			(36,168)	(41,120)
Distributions of capital from guarantor and non-guarantor subsidiaries			80,000	40,000
Intercompany			0	0
Net cash used in investing activities			(188,546)	(84,145)
Cash flows from financing activities:
Redemption of senior notes			(258,595)	0
Conversions and exchanges on convertible senior notes				0
Net payments on other borrowings			(50,691)	(99,804)
Net payments related to noncontrolling interests
Excess tax benefits from share-based awards			0	0
Common stock:
Issuances			0	0
Repurchases			0	0
Dividends			(671,711)	(724,256)
Intercompany			951,237	782,877
Net cash (used in) provided by financing activities			(29,838)	(41,042)
Net decrease in cash and cash equivalents			(172,226)	(105,966)
Cash and cash equivalents at beginning of period			377,070	336,048
Cash and cash equivalents at end of period	204,844	230,082	204,844	230,082
Reportable Legal Entities | Guarantor Subsidiaries | Rialto
Cash flows from financing activities:
Net proceeds on Rialto notes payable			0
Principal payments on Rialto notes payable including structured notes				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			(78)	141
Reportable Legal Entities | Non-Guarantor Subsidiaries
Cash flows from operating activities:
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	27,474	26,180	63,270	72,287
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 operating activities			263,300	61,794
Net cash provided by (used in) operating activities			326,570	134,081
Cash flows from investing activities:
Proceeds from sale of operating properties and equipment				0
Investments in and contributions to unconsolidated entities, net of distributions of capital			(25,622)	(9,752)
Proceeds from sales of real estate owned			72,952	66,638
Receipts of principal payments on loans held-for-sale			5,937
Receipts of principal payments on loans receivable and other				57,733
Originations of loans receivable			(57,375)	(56,507)
Purchases of commercial mortgage-backed securities bonds			(70,187)	(33,005)
Acquisition, net of cash acquired			(296)
Other			2,863	(8,801)
Distributions of capital from guarantor and non-guarantor subsidiaries			0	0
Intercompany			0	0
Net cash used in investing activities			(71,728)	16,306
Cash flows from financing activities:
Redemption of senior notes			0	0
Conversions and exchanges on convertible senior notes				0
Net payments on other borrowings			71,323
Net payments related to noncontrolling interests			(51,483)	(97,912)
Excess tax benefits from share-based awards			0	0
Common stock:
Issuances			0	0
Repurchases			0	0
Dividends			(170,188)	(108,057)
Intercompany			249,189	173,857
Net cash (used in) provided by financing activities			(261,077)	(174,630)
Net decrease in cash and cash equivalents			(6,235)	(24,243)
Cash and cash equivalents at beginning of period			255,347	246,576
Cash and cash equivalents at end of period	249,112	222,333	249,112	222,333
Reportable Legal Entities | Non-Guarantor Subsidiaries | Rialto
Cash flows from financing activities:
Net proceeds on Rialto notes payable			44,550
Principal payments on Rialto notes payable including structured notes				(4,121)
Reportable Legal Entities | Non-Guarantor Subsidiaries | Senior Notes
Cash flows from financing activities:
Net proceeds from debt			(6,786)	(931)
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			(397,682)	(137,466)
Consolidating Adjustments
Cash flows from operating activities:
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	(319,305)	(299,392)	(681,899)	(752,313)
Distributions of earnings from guarantor and non-guarantor subsidiaries			(681,899)	(752,313)
Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by operating activities			681,899	752,313
Net cash provided by (used in) operating activities			(681,899)	(752,313)
Cash flows from investing activities:
Proceeds from sale of operating properties and equipment				0
Investments in and contributions to unconsolidated entities, net of distributions of capital			0	0
Proceeds from sales of real estate owned			0	0
Receipts of principal payments on loans held-for-sale			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			(160,000)	(80,000)
Intercompany			1,200,426	956,734
Net cash used in investing activities			1,040,426	876,734
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			841,899	832,313
Intercompany			(1,200,426)	(956,734)
Net cash (used in) provided by financing activities			(358,527)	(124,421)
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 including structured notes				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