Lennar (LEN) 10-Q9 Apr 182018 Q1 Quarterly reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information	3 Months Ended
Document And Entity Information	Feb. 28, 2018shares
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	Feb. 28, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A Common Stock
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding	288,004,551
Class B Common Stock
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding	37,679,938

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Feb. 28, 2018	Nov. 30, 2017
ASSETS
Cash and cash equivalents		$ 1,029,585	$ 2,650,872
Inventories:
Total assets	[1]	27,944,023	18,745,034
LIABILITIES AND EQUITY
Total liabilities	[2]	14,769,939	10,758,902
Stockholders' equity:
Preferred stock	[2]	0	0
Additional paid-in capital	[2]	8,221,423	3,142,013
Retained earnings	[2]	4,967,580	4,840,978
Treasury stock, at cost; February 28, 2018 - 1,917,513 shares of Class A common stock and 1,688,366 shares of Class B common stock; November 30, 2017 - 1,473,590 shares of Class A common stock and 1,679,650 shares of Class B common stock		(161,378)	(136,020)	[2]
Accumulated other comprehensive income	[2]	376	1,034
Total stockholders’ equity	[2]	13,060,930	7,872,317
Noncontrolling interests	[2]	113,154	113,815
Total equity	[2]	13,174,084	7,986,132
Total liabilities and equity	[2]	27,944,023	18,745,034
Class A Common Stock
Stockholders' equity:
Common stock	[2]	28,992	20,543
Class B Common Stock
Stockholders' equity:
Common stock	[2]	3,937	3,769
Lennar Homebuilding
ASSETS
Cash and cash equivalents	[1]	733,905	2,282,925
Restricted cash	[1]	22,842	8,740
Receivables, net	[1]	194,235	137,667
Inventories:
Finished homes and construction in progress	[1]	9,306,606	4,676,279
Land and land under development	[1]	7,907,541	5,791,338
Consolidated inventory not owned	[1]	366,669	393,273
Total inventories	[1]	17,580,816	10,860,890
Investments in unconsolidated entities	[1]	990,723	900,769
Goodwill	[1]	3,433,477	136,566
Other assets	[1]	1,437,514	863,404
Total assets	[1]	24,393,512	15,190,961
LIABILITIES AND EQUITY
Accounts payable	[2]	782,797	604,953
Liabilities related to consolidated inventory not owned	[2]	347,048	380,720
Senior notes and other debts payable	[2]	10,382,540	6,410,003
Other liabilities	[2]	1,623,391	1,315,641
Total liabilities	[2]	13,135,776	8,711,317
Lennar Financial Services
ASSETS
Cash and cash equivalents		165,849	117,410
Restricted cash		11,251	12,006
Receivables, net		366,100	313,252
Inventories:
Goodwill		210,628	59,838
Other assets		117,001	95,527
Total assets	[1]	1,748,432	1,689,508
LIABILITIES AND EQUITY
Other liabilities		232,762	240,383
Total liabilities	[2]	1,005,002	1,177,814
Rialto
ASSETS
Cash and cash equivalents		113,582	241,861
Restricted cash		20,536	22,466
Inventories:
Investments in unconsolidated entities	[1]	275,850	265,418
Goodwill		5,396	5,396
Other assets		98,170	120,438
Total assets	[1]	909,249	1,153,840
LIABILITIES AND EQUITY
Other liabilities		49,225	94,975
Total liabilities		488,104	720,056
Lennar Multifamily
ASSETS
Cash and cash equivalents		16,249	8,676
Receivables, net		72,613	69,678
Inventories:
Land and land under development		332,291	208,618
Investments in unconsolidated entities		437,367	407,544
Other assets		34,310	16,209
Total assets		892,830	710,725	[1]
LIABILITIES AND EQUITY
Total liabilities	[2]	$ 141,057	$ 149,715

[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 February 28, 2018 , total assets include $864.8 million related to consolidated VIEs of which $7.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.1 million in Lennar Homebuilding receivables, net, $45.4 million in Lennar Homebuilding finished homes and construction in progress, $308.8 million in Lennar Homebuilding land and land under development, $366.7 million in Lennar Homebuilding consolidated inventory not owned, $4.5 million in Lennar Homebuilding investments in unconsolidated entities, $11.7 million in Lennar Homebuilding other assets, $20.0 million in Rialto assets and $100.0 million in Lennar Multifamily assets. As of November 30, 2017 , total assets include $799.4 million related to consolidated VIEs of which $15.8 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $53.2 million in Lennar Homebuilding finished homes and construction in progress, $229.0 million in Lennar Homebuilding land and land under development, $393.3 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $11.8 million in Lennar Homebuilding other assets, $48.8 million in Rialto assets and $42.7 million
[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 February 28, 2018 , total liabilities include $366.0 million related to consolidated VIEs as to which there was no recourse against the Company, of which $4.5 million is included in Lennar Homebuilding accounts payable, $11.1 million in Lennar Homebuilding senior notes and other debts payable, $347.0 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.5 million in Lennar Homebuilding other liabilities, $1.8 million in Rialto liabilities and $0.1 million in Lennar Multifamily liabilities. As of November 30, 2017 , total liabilities include $389.7 million related to consolidated VIEs as to which there was no recourse against the Company, of which $5.0 million is included in Lennar Homebuilding accounts payable, $380.7 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.8 million in Lennar Homebuilding other liabilities and $2.2 million

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands		Feb. 28, 2018	Nov. 30, 2017
Total assets	[1]	$ 27,944,023	$ 18,745,034
Cash and cash equivalents		1,029,585	2,650,872
Total liabilities	[2]	$ 14,769,939	$ 10,758,902
Class A Common Stock
Common stock, par value (in dollars per share)		$ 0.10	$ 0.10
Common stock, shares authorized		400,000,000	300,000,000
Common stock, shares issued		289,922,064	205,429,942
Treasury stock, shares		1,917,513	1,473,590
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		39,368,304	37,687,505
Treasury stock, shares		1,688,366	1,679,650
Variable Interest Entity, Primary Beneficiary
Total assets		$ 864,800	$ 799,400
Total liabilities		366,000	389,700
Lennar Homebuilding
Total assets	[1]	24,393,512	15,190,961
Cash and cash equivalents	[1]	733,905	2,282,925
Receivables, net	[1]	194,235	137,667
Finished homes and construction in progress	[1]	9,306,606	4,676,279
Land and land under development	[1]	7,907,541	5,791,338
Consolidated inventory not owned	[1]	366,669	393,273
Investments in unconsolidated entities	[1]	990,723	900,769
Other assets	[1]	1,437,514	863,404
Total liabilities	[2]	13,135,776	8,711,317
Accounts payable	[2]	782,797	604,953
Senior notes and other debts payable	[2]	10,382,540	6,410,003
Liabilities related to consolidated inventory not owned	[2]	347,048	380,720
Other liabilities	[2]	1,623,391	1,315,641
Lennar Homebuilding \| Variable Interest Entity, Primary Beneficiary
Cash and cash equivalents		7,600	15,800
Receivables, net		100	200
Finished homes and construction in progress		45,400	53,200
Land and land under development		308,800	229,000
Consolidated inventory not owned		366,700	393,300
Investments in unconsolidated entities		4,500	4,600
Other assets		11,700	11,800
Accounts payable		4,500	5,000
Senior notes and other debts payable	[2]	11,100
Liabilities related to consolidated inventory not owned		347,000	380,700
Other liabilities		1,500	1,800
Rialto
Total assets	[1]	909,249	1,153,840
Cash and cash equivalents		113,582	241,861
Investments in unconsolidated entities	[1]	275,850	265,418
Other assets		98,170	120,438
Total liabilities		488,104	720,056
Other liabilities		49,225	94,975
Lennar Multifamily
Total assets		892,830	710,725	[1]
Cash and cash equivalents		16,249	8,676
Receivables, net		72,613	69,678
Land and land under development		332,291	208,618
Investments in unconsolidated entities		437,367	407,544
Other assets		34,310	16,209
Total liabilities	[2]	141,057	149,715
Lennar Multifamily \| Variable Interest Entity, Primary Beneficiary
Total assets		100,000	42,700
Variable Interest Entity, Primary Beneficiary \| Rialto
Total assets		20,000	48,800
Total liabilities		1,800	$ 2,200
Variable Interest Entity, Primary Beneficiary \| Lennar Multifamily
Total liabilities		$ 100

[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 February 28, 2018 , total assets include $864.8 million related to consolidated VIEs of which $7.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.1 million in Lennar Homebuilding receivables, net, $45.4 million in Lennar Homebuilding finished homes and construction in progress, $308.8 million in Lennar Homebuilding land and land under development, $366.7 million in Lennar Homebuilding consolidated inventory not owned, $4.5 million in Lennar Homebuilding investments in unconsolidated entities, $11.7 million in Lennar Homebuilding other assets, $20.0 million in Rialto assets and $100.0 million in Lennar Multifamily assets. As of November 30, 2017 , total assets include $799.4 million related to consolidated VIEs of which $15.8 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $53.2 million in Lennar Homebuilding finished homes and construction in progress, $229.0 million in Lennar Homebuilding land and land under development, $393.3 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $11.8 million in Lennar Homebuilding other assets, $48.8 million in Rialto assets and $42.7 million
[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 February 28, 2018 , total liabilities include $366.0 million related to consolidated VIEs as to which there was no recourse against the Company, of which $4.5 million is included in Lennar Homebuilding accounts payable, $11.1 million in Lennar Homebuilding senior notes and other debts payable, $347.0 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.5 million in Lennar Homebuilding other liabilities, $1.8 million in Rialto liabilities and $0.1 million in Lennar Multifamily liabilities. As of November 30, 2017 , total liabilities include $389.7 million related to consolidated VIEs as to which there was no recourse against the Company, of which $5.0 million is included in Lennar Homebuilding accounts payable, $380.7 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.8 million in Lennar Homebuilding other liabilities and $2.2 million

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands		3 Months Ended
		Feb. 28, 2018	Feb. 28, 2017
Revenues:
Revenues		$ 2,980,791	$ 2,337,428
Cost and expenses:
Acquisition and integration costs related to CalAtlantic		104,195	0
Corporate general and administrative		67,810	60,699
Total costs and expenses		2,870,069	2,149,201
Equity in earnings (loss) from unconsolidated entities		(2,431)	12,335
Earnings before income taxes		269,428	49,643
Provision for income taxes (1)	[1]	(132,611)	(19,969)
Net earnings (including net earnings (loss) attributable to noncontrolling interests)		136,817	29,674
Less: Net earnings (loss) attributable to noncontrolling interests		602	(8,406)
Net earnings attributable to Lennar		136,215	38,080
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on securities available-for-sale		(658)	972
Total other comprehensive income (loss), net of tax		(658)	972
Total comprehensive income attributable to Lennar		135,557	39,052
Total comprehensive income (loss) attributable to noncontrolling interests		$ 602	$ (8,406)
Basic earnings per share (in dollars per share)	[2]	$ 0.53	$ 0.16
Diluted earnings per share (in dollars per share)	[2]	$ 0.53	0.16
Write down of deferred tax asset resulting from Tax Cuts and Jobs Act		$ 68,600
Class A Common Stock
Other comprehensive income (loss), net of tax:
Cash dividends per each common share (in dollars per share)		$ 0.04	$ 0.04
Lennar Homebuilding
Revenues:
Revenues		$ 2,662,093	$ 2,018,694
Cost and expenses:
Cost and expenses		2,404,007	1,801,561
Equity in earnings (loss) from unconsolidated entities		(14,287)	(11,534)
Other income (expense), net		169,928	5,739
Lennar Homebuilding loss due to litigation		0	(140,000)
Lennar Financial Services
Revenues:
Revenues		171,140	148,043
Cost and expenses:
Cost and expenses		151,445	127,379
Rialto
Revenues:
Revenues		54,302	82,006
Cost and expenses:
Cost and expenses		45,413	66,913
Equity in earnings (loss) from unconsolidated entities		9,114	722
Other income (expense), net		(8,791)	(16,658)
Lennar Multifamily
Revenues:
Revenues		93,256	88,685
Cost and expenses:
Cost and expenses		97,199	92,649
Equity in earnings (loss) from unconsolidated entities		$ 2,742	$ 23,147

[1]	Provision for income taxes for the three months ended February 28, 2018 includes a non-cash one-time write down of deferred tax assets of $68.6 million
[2]	Basic and diluted average shares outstanding and earnings per share calculations for the three months ended February 28, 2017 have been adjusted to reflect 4.7 million

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands		3 Months Ended
		Feb. 28, 2018	Feb. 28, 2017
Cash flows from operating activities:
Net earnings (including net earnings (loss) attributable to noncontrolling interests)		$ 136,817	$ 29,674
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:
Depreciation and amortization		19,570	11,743
Amortization of discount/premium and accretion on debt, net		40	3,132
Equity in (earnings) loss from unconsolidated entities		2,431	(12,335)
Distributions of earnings from unconsolidated entities		3,542	31,949
Share-based compensation expense		17,766	12,505
Excess tax benefits from share-based awards		0	(1,953)
Deferred income tax (benefit) expense		33,788	(36,229)
Gain on sale of operating properties and equipment		(207)	0
Gain on sale of interest in unconsolidated entity		(164,880)	0
Unrealized and realized gains on real estate owned		(883)	(1,698)
Impairments of loans receivable and real estate owned		5,486	25,484
Valuation adjustments and write-offs of option deposits and pre-acquisition costs		12,048	1,930
Changes in assets and liabilities:
Decrease in restricted cash		12,801	10,842
(Increase) decrease in receivables		(22,406)	264,714
Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs		(548,725)	(601,711)
(Increase) decrease in other assets		(26,582)	12,846
Decrease in loans held-for-sale		422,991	339,492
Decrease in accounts payable and other liabilities		(46,325)	(11,061)
Net cash (used in) provided by operating activities		(142,728)	79,324
Cash flows from investing activities:
Net additions of operating properties and equipment		(40,810)	(25,785)
Proceeds from sale of investment in unconsolidated entity		175,179	0
Investments in and contributions to unconsolidated entities		(62,575)	(151,706)
Distributions of capital from unconsolidated entities		20,927	39,961
Proceeds from sales of real estate owned		18,080	24,215
Other proceeds, net		2,627	2,029
Originations of loans receivable		0	(9,330)
Purchases of commercial mortgage-backed securities bonds		(31,068)	(40,357)
Acquisitions, net of cash acquired		(1,101,739)	(596,172)
Decrease (increase) in Lennar Financial Services loans held-for-investment, net		1,590	(2,025)
Purchases of Lennar Financial Services investment securities		(20,894)	(12,204)
Proceeds from maturities/sales of Lennar Financial Services investments securities		10,473	5,292
Net cash used in investing activities		(1,028,210)	(766,082)
Cash flows from financing activities:
Proceeds from senior notes		0	600,000
Debt issuance costs		(12,039)	(10,848)
Proceeds from other borrowings		581	7,395
Payments related to other liabilities		(1,478)	0
Principal payments on other borrowings		(15,387)	(16,242)
Receipts related to noncontrolling interests		3,852	153
Payments related to noncontrolling interests		(23,760)	(25,871)
Excess tax benefits from share-based awards		0	1,953
Common stock:
Issuances		0	99
Repurchases		(25,355)	(83)
Dividends		(9,617)	(9,400)
Net cash (used in) provided by financing activities		(450,349)	286,289
Net decrease in cash and cash equivalents		(1,621,287)	(400,469)
Summary of cash and cash equivalents:
Cash and cash equivalents at beginning of period		2,650,872	1,329,529
Cash and cash equivalents at end of period		1,029,585	929,060
Lennar Homebuilding and Lennar Multifamily:
Non-cash increase in consolidated inventory not owned		0	115,000
Consolidation/deconsolidation of unconsolidated/consolidated entities, net:
Inventories		35,430	0
Receivables		7,198	0
Investments in unconsolidated entities		(25,614)	0
Other liabilities		(17,014)	0
Lennar Homebuilding
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:
Equity in (earnings) loss from unconsolidated entities		14,287	11,534
Summary of cash and cash equivalents:
Cash and cash equivalents at beginning of period	[1]	2,282,925
Cash and cash equivalents at end of period	[1]	733,905
Lennar Homebuilding and Lennar Multifamily:
Non-cash contributions to unconsolidated entities		523	25,315
Rialto
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:
Equity in (earnings) loss from unconsolidated entities		(9,114)	(722)
Cash flows from financing activities:
Proceeds from Rialto notes payable		32,226	35,460
Principal payments on Rialto senior notes and other notes payable		(100,161)	(2,971)
Summary of cash and cash equivalents:
Cash and cash equivalents at beginning of period		241,861
Cash and cash equivalents at end of period		113,582
Lennar Financial Services
Summary of cash and cash equivalents:
Cash and cash equivalents at beginning of period		117,410
Cash and cash equivalents at end of period		165,849
Lennar Multifamily
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:
Equity in (earnings) loss from unconsolidated entities		(2,742)	(23,147)
Summary of cash and cash equivalents:
Cash and cash equivalents at beginning of period		8,676
Cash and cash equivalents at end of period		16,249
Lennar Homebuilding and Lennar Multifamily
Lennar Homebuilding and Lennar Multifamily:
Purchases of inventories and other assets financed by sellers		23,503	80,919
Equity component of acquisition consideration		5,070,006	0
Consolidating Adjustments
Cash flows from operating activities:
Net earnings (including net earnings (loss) attributable to noncontrolling interests)		(178,838)	(83,959)
Changes in assets and liabilities:
Net cash (used in) provided by operating activities		(178,838)	(83,959)
Cash flows from investing activities:
Proceeds from sale of investment in unconsolidated entity		0
Proceeds from sales of real estate owned		0	0
Originations of loans receivable			0
Purchases of commercial mortgage-backed securities bonds		0	0
Acquisitions, net of cash acquired		0	0
Net cash used in investing activities		921,113	574,418
Cash flows from financing activities:
Excess tax benefits from share-based awards			0
Common stock:
Issuances			0
Repurchases		0	0
Dividends		178,838	143,959
Net cash (used in) provided by financing activities		(742,275)	(490,459)
Net decrease in cash and cash equivalents		0	0
Summary of cash and cash equivalents:
Cash and cash equivalents at beginning of period		0	0
Cash and cash equivalents at end of period		0	0
Consolidating Adjustments \| Lennar Homebuilding
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:
Equity in (earnings) loss from unconsolidated entities		0	0
Consolidating Adjustments \| Rialto
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:
Equity in (earnings) loss from unconsolidated entities		0	0
Consolidating Adjustments \| Lennar Multifamily
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:
Equity in (earnings) loss from unconsolidated entities		0	0
Operating Segments
Summary of cash and cash equivalents:
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period		1,029,585	929,060
Operating Segments \| Lennar Homebuilding
Summary of cash and cash equivalents:
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period		733,905	640,816
Operating Segments \| Rialto
Summary of cash and cash equivalents:
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period		113,582	119,308
Operating Segments \| Lennar Financial Services
Summary of cash and cash equivalents:
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period		165,849	162,513
Operating Segments \| Lennar Multifamily
Summary of cash and cash equivalents:
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period		16,249	6,423
Unsecured Revolving Credit Facility
Cash flows from financing activities:
Net borrowings under revolving lines of credit		45,300	250,000
Unsecured Revolving Credit Facility \| Consolidating Adjustments
Cash flows from financing activities:
Net borrowings under revolving lines of credit		0	0
Warehouse Repurchase Facility
Cash flows from financing activities:
Net borrowings under revolving lines of credit		(344,511)	(543,356)
Net repayments under warehouse facilities		(344,511)	(543,356)
Warehouse Repurchase Facility \| Consolidating Adjustments
Cash flows from financing activities:
Net borrowings under revolving lines of credit		0	0
Lennar Corporation \| Reportable Legal Entities
Cash flows from operating activities:
Net earnings (including net earnings (loss) attributable to noncontrolling interests)		136,215	38,080
Changes in assets and liabilities:
Net cash (used in) provided by operating activities		30,483	73,790
Cash flows from investing activities:
Proceeds from sale of investment in unconsolidated entity		0
Proceeds from sales of real estate owned		0	0
Originations of loans receivable			0
Purchases of commercial mortgage-backed securities bonds		0	0
Acquisitions, net of cash acquired		(1,162,342)	(596,172)
Net cash used in investing activities		(2,092,500)	(1,203,414)
Cash flows from financing activities:
Excess tax benefits from share-based awards			1,953
Common stock:
Issuances			99
Repurchases		(25,355)	(83)
Dividends		(9,617)	(9,400)
Net cash (used in) provided by financing activities		455,911	837,729
Net decrease in cash and cash equivalents		(1,606,106)	(291,895)
Summary of cash and cash equivalents:
Cash and cash equivalents at beginning of period		1,937,674	697,112
Cash and cash equivalents at end of period		331,568	405,217
Lennar Corporation \| Reportable Legal Entities \| Lennar Homebuilding
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:
Equity in (earnings) loss from unconsolidated entities		0	0
Lennar Corporation \| Reportable Legal Entities \| Rialto
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:
Equity in (earnings) loss from unconsolidated entities		0	0
Lennar Corporation \| Reportable Legal Entities \| Lennar Multifamily
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:
Equity in (earnings) loss from unconsolidated entities		0	0
Lennar Corporation \| Unsecured Revolving Credit Facility \| Reportable Legal Entities
Cash flows from financing activities:
Net borrowings under revolving lines of credit		500,000	250,000
Lennar Corporation \| Warehouse Repurchase Facility \| Reportable Legal Entities
Cash flows from financing activities:
Net borrowings under revolving lines of credit		0	0
Guarantor Subsidiaries \| Reportable Legal Entities
Cash flows from operating activities:
Net earnings (including net earnings (loss) attributable to noncontrolling interests)		167,049	56,832
Changes in assets and liabilities:
Net cash (used in) provided by operating activities		(175,378)	(357,285)
Cash flows from investing activities:
Proceeds from sale of investment in unconsolidated entity		175,179
Proceeds from sales of real estate owned		0	0
Originations of loans receivable			0
Purchases of commercial mortgage-backed securities bonds		0	0
Acquisitions, net of cash acquired		24,088	0
Net cash used in investing activities		164,388	(90,375)
Cash flows from financing activities:
Excess tax benefits from share-based awards			0
Common stock:
Issuances			0
Repurchases		0	0
Dividends		(167,049)	(86,832)
Net cash (used in) provided by financing activities		93,397	338,314
Net decrease in cash and cash equivalents		82,407	(109,346)
Summary of cash and cash equivalents:
Cash and cash equivalents at beginning of period		359,087	377,070
Cash and cash equivalents at end of period		441,494	267,724
Guarantor Subsidiaries \| Reportable Legal Entities \| Lennar Homebuilding
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:
Equity in (earnings) loss from unconsolidated entities		14,131	11,560
Guarantor Subsidiaries \| Reportable Legal Entities \| Rialto
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:
Equity in (earnings) loss from unconsolidated entities		0	0
Guarantor Subsidiaries \| Reportable Legal Entities \| Lennar Multifamily
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:
Equity in (earnings) loss from unconsolidated entities		0	0
Guarantor Subsidiaries \| Unsecured Revolving Credit Facility \| Reportable Legal Entities
Cash flows from financing activities:
Net borrowings under revolving lines of credit		(454,700)	0
Guarantor Subsidiaries \| Warehouse Repurchase Facility \| Reportable Legal Entities
Cash flows from financing activities:
Net borrowings under revolving lines of credit		(27)	(25)
Non-Guarantor Subsidiaries \| Reportable Legal Entities
Cash flows from operating activities:
Net earnings (including net earnings (loss) attributable to noncontrolling interests)		12,391	18,721
Changes in assets and liabilities:
Net cash (used in) provided by operating activities		181,005	446,778
Cash flows from investing activities:
Proceeds from sale of investment in unconsolidated entity		0
Proceeds from sales of real estate owned		18,080	24,215
Originations of loans receivable			(9,330)
Purchases of commercial mortgage-backed securities bonds		(31,068)	(40,357)
Acquisitions, net of cash acquired		36,515	0
Net cash used in investing activities		(21,211)	(46,711)
Cash flows from financing activities:
Excess tax benefits from share-based awards			0
Common stock:
Issuances			0
Repurchases		0	0
Dividends		(11,789)	(57,127)
Net cash (used in) provided by financing activities		(257,382)	(399,295)
Net decrease in cash and cash equivalents		(97,588)	772
Summary of cash and cash equivalents:
Cash and cash equivalents at beginning of period		354,111	255,347
Cash and cash equivalents at end of period		256,523	256,119
Non-Guarantor Subsidiaries \| Reportable Legal Entities \| Lennar Homebuilding
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:
Equity in (earnings) loss from unconsolidated entities		156	(26)
Non-Guarantor Subsidiaries \| Reportable Legal Entities \| Rialto
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:
Equity in (earnings) loss from unconsolidated entities		(9,114)	(722)
Non-Guarantor Subsidiaries \| Reportable Legal Entities \| Lennar Multifamily
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:
Equity in (earnings) loss from unconsolidated entities		(2,742)	(23,147)
Non-Guarantor Subsidiaries \| Unsecured Revolving Credit Facility \| Reportable Legal Entities
Cash flows from financing activities:
Net borrowings under revolving lines of credit		0	0
Non-Guarantor Subsidiaries \| Warehouse Repurchase Facility \| Reportable Legal Entities
Cash flows from financing activities:
Net borrowings under revolving lines of credit		(344,484)	$ (543,331)
Senior Notes
Cash flows from financing activities:
Debt issuance costs		(12,039)
Senior Notes \| Consolidating Adjustments
Cash flows from financing activities:
Debt issuance costs		0
Senior Notes \| Lennar Corporation \| Reportable Legal Entities
Cash flows from financing activities:
Debt issuance costs		(9,117)
Senior Notes \| Guarantor Subsidiaries \| Reportable Legal Entities
Cash flows from financing activities:
Debt issuance costs		0
Senior Notes \| Non-Guarantor Subsidiaries \| Reportable Legal Entities
Cash flows from financing activities:
Debt issuance costs		$ (2,922)

[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 February 28, 2018 , total assets include $864.8 million related to consolidated VIEs of which $7.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.1 million in Lennar Homebuilding receivables, net, $45.4 million in Lennar Homebuilding finished homes and construction in progress, $308.8 million in Lennar Homebuilding land and land under development, $366.7 million in Lennar Homebuilding consolidated inventory not owned, $4.5 million in Lennar Homebuilding investments in unconsolidated entities, $11.7 million in Lennar Homebuilding other assets, $20.0 million in Rialto assets and $100.0 million in Lennar Multifamily assets. As of November 30, 2017 , total assets include $799.4 million related to consolidated VIEs of which $15.8 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $53.2 million in Lennar Homebuilding finished homes and construction in progress, $229.0 million in Lennar Homebuilding land and land under development, $393.3 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $11.8 million in Lennar Homebuilding other assets, $48.8 million in Rialto assets and $42.7 million

Basis of Presentation

Basis of Presentation	3 Months Ended
Basis of Presentation	Feb. 28, 2018
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, 2017 . 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 months ended February 28, 2018 are not necessarily indicative of the results to be expected for the full year. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Reclassifications/Revisions

Business Acquisition

Business Acquisition	3 Months Ended
Business Acquisition	Feb. 28, 2018
Business Combinations [Abstract]
Business Acquisition	Business Acquisitions Acquisition of CalAtlantic Group, Inc. On February 12, 2018, the Company completed the acquisition of CalAtlantic Group, Inc. (“CalAtlantic”) through a transaction in which CalAtlantic was merged with and into a wholly-owned subsidiary of the Company (“Merger Sub”), with Merger Sub continuing as the surviving corporation and a wholly-owned subsidiary of the Company (the “Merger”). The Merger took place pursuant to the Agreement and Plan of Merger dated as of October 29, 2017, among CalAtlantic, the Company and Merger Sub (the “Merger Agreement”). CalAtlantic is a homebuilder which builds homes across the homebuilding spectrum, from entry level to luxury, in 43 metropolitan statistical areas spanning 19 states. CalAtlantic also provides mortgage, title and escrow services. A primary reason for the acquisition was to increase local market concentration in order to generate synergies and efficiencies. Based on an evaluation of the provisions of Accounting Standard Codification ("ASC"), Topic 805, Business Combinations , ("ASC 805"), Lennar Corporation was determined to be the acquirer for accounting purposes. The purchase price accounting reflected in the accompanying financial statements is provisional and is based upon estimates and assumptions that are subject to change within the measurement period (up to one year from the acquisition date pursuant to ASC 805). The measurement period remains open pending the completion of valuation procedures related to the acquired assets and assumed liabilities. The $3.4 billion allocated to goodwill represents the excess of the purchase price over the estimated fair value of assets acquired and liabilities assumed. The following table summarizes the purchase price allocation based on the estimated fair value of net assets acquired and liabilities assumed at the date of acquisition: (Dollars in thousands) CalAtlantic shares of common stock outstanding 118,025,879 CalAtlantic shares electing cash conversion 24,083,091 CalAtlantic shares exchanged 93,942,788 Exchange ratio for Class A common stock 0.885 Exchange ratio for Class B common stock 0.0177 Number of shares of Lennar Class A common stock issued in exchange 83,138,277 Number of shares of Lennar Class B common stock issued in exchange (due to Class B common stock dividend) 1,662,172 Consideration attributable to Class A common stock $ 4,933,425 Consideration attributable to Class B common stock 77,823 Consideration attributable to equity awards that convert upon change of control 58,755 Consideration attributable to cash including fractional shares 1,162,344 Total purchase price $ 6,232,347 (In thousands) ASSETS Homebuilding: Cash and cash equivalents, restricted cash and receivables, net $ 57,879 Inventories 6,288,283 Intangible assets (1) 8,000 Investments in unconsolidated entities 151,858 Goodwill (2) 3,296,911 Other assets 577,623 Total Homebuilding assets 10,380,554 Financial Services (2) 322,804 Total assets 10,703,358 LIABILITIES Homebuilding: Accounts payable 85,001 Senior notes payable and other debts 3,922,987 Other liabilities (3) 349,520 Total Homebuilding liabilities 4,357,508 Financial Services 95,073 Total liabilities 4,452,581 Noncontrolling interests (4) 18,430 Total purchase price $ 6,232,347 (1) Intangible assets includes trade name. The amortization period for the trade name is approximately six months . (2) Goodwill represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed, and it is generally not deductible for income tax purposes. As of the merger date, goodwill consisted primarily of expected greater efficiencies and opportunities due to increased concentration of local market share, reduced general and administrative costs and reduced homebuilding costs resulting from the merger and cost savings as a result of additional homebuilding and non-homebuilding synergies. The assignment of goodwill by the Company's reporting segments has not been completed yet, however, a provisional amount of goodwill of approximately $150 million was allocated to Lennar Financial Services. (3) Other liabilities includes contingencies assumed at the Merger date, which includes warranty and legal reserves. Warranty 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. Warranty reserves are determined based on historical data and trends with respect to similar product types and geographical areas. Consistent with ASC 450, Contingencies, legal reserves are established when a loss is considered probable and the amount of loss can be reasonably estimated. (4) Fair value of noncontrolling interests was measured using discounted cash flows of expected future contributions and distributions. Lennar Homebuilding revenue and net earnings attributable to Lennar for the three months ended February 28, 2018 included $373.4 million of home sales revenue and $108.5 million of a pre-tax loss from CalAtlantic from the date of acquisition to February 28, 2018 , which included acquisition and integration costs of $104.2 million from both Lennar and CalAtlantic. These transaction expenses were included within acquisition and integration costs related to CalAtlantic in the accompanying condensed consolidated statement of operations for the three months ended February 28, 2018 . The following presents summarized unaudited supplemental pro forma operating results as if CalAtlantic had been included in the Company's Consolidated Statements of Operations as of the beginning of the quarter presented. Three Months Ended February 28, (Dollars in thousands, except per share amounts) 2018 2017 Revenues from home sales $ 4,194,203 3,611,375 Net earnings (1) 130,496 156,234 Earnings per share: Basic $ 0.51 0.62 Diluted $ 0.51 0.61 (1) Net earnings for three months ended February 28, 2018 include a pre-tax impact from acquisition and integration costs related to CalAtlantic of $104.2 million . The supplemental pro forma operating results have been determined after adjusting the operating results of CalAtlantic to reflect additional amortization that would have been recorded assuming the fair value adjustment to intangible assets had been applied beginning December 1, 2016. Certain other adjustments, including those related to conforming accounting policies and adjusting acquired inventory to fair value, have not been reflected in the supplemental pro forma operating results due to the impracticability of estimating their impacts. Acquisition of WCI Communities, Inc. in February 2017 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 proceeds from the issuance of 4.125% senior notes due 2022 (see Note 12). Based on an evaluation of the provisions of ASC 805, Lennar Corporation was determined to be the acquirer for accounting purposes. The following table summarizes the purchase price allocation based on the estimated fair value of net assets acquired and liabilities assumed at the date of acquisition: (In thousands) ASSETS Cash and cash equivalents, restricted cash and receivables, net $ 42,079 Inventories 613,495 Intangible assets (1) 59,283 Goodwill (2) 156,566 Deferred tax assets, net 88,147 Other assets 66,173 Total assets 1,025,743 LIABILITIES Accounts payable 26,735 Senior notes and other debts payable 282,793 Other liabilities 73,593 Total liabilities 383,121 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 amount of goodwill allocated to the Company's Homebuilding East segment was $136.6 million and to the Lennar Financial Services segment was $20.0 million . These 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 months ended February 28, 2017 , Lennar Homebuilding revenues included $19.5 million of home sales revenues from WCI and earnings before income taxes included $8.9 million of pre-tax earnings from WCI since the date of acquisition, which included transaction-related expenses of $11.0 million 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 months ended February 28, 2017

Operating and Reporting Segment

Operating and Reporting Segments	3 Months Ended
Operating and Reporting Segments	Feb. 28, 2018
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, Georgia, Maryland, New Jersey, North Carolina, South Carolina and Virginia Central: Arizona, Colorado and Texas West: California and Nevada Other: Illinois, Indiana, Minnesota, Oregon, Tennessee, Utah and Washington Operations of the Lennar Financial Services segment include primarily mortgage financing, title insurance, closing services and property and casualty insurance 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, property and casualty 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(loss) consist of revenues generated primarily from gains from securitization transactions and interest income from the Rialto Mortgage Finance ("RMF") business, interest income associated with portfolios of real estate loans acquired and other portfolios of real estate loans and assets acquired, asset management, due diligence and underwriting fees derived from the real estate investment funds managed by the Rialto segment, fees for sub-advisory services, other income (expense), net and equity in earnings (loss) from unconsolidated entities, less the costs incurred by the segment for managing portfolios, costs related to RMF and other general and administrative expenses. Operations of the Lennar Multifamily segment include revenues generated from the sales of land, revenue from construction activities and management fees generated from joint ventures and equity in earnings (loss) from unconsolidated entities, less the cost of sales of land sold, 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, 2017 . 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) February 28, November 30, Assets: Homebuilding East $ 7,537,607 4,754,581 Homebuilding Central 3,609,537 2,037,905 Homebuilding West 7,668,640 5,165,218 Homebuilding Other 1,547,102 960,541 Lennar Financial Services 1,748,432 1,689,508 Rialto 909,249 1,153,840 Lennar Multifamily 892,830 710,725 Corporate and unallocated 4,030,626 2,272,716 Total assets $ 27,944,023 18,745,034 Lennar Homebuilding goodwill (1) $ 3,433,477 136,566 Lennar Financial Services goodwill (1) $ 210,628 59,838 Rialto goodwill $ 5,396 5,396 (1) In connection with the CalAtlantic acquisition, the Company recorded a provisional amount of homebuilding goodwill of $3.3 billion . The allocation of goodwill by homebuilding reporting segment has not yet been finalized. A provisional amount of goodwill related to the CalAtlantic acquisition of $150 million was allocated to Lennar Financial Services. In connection with the WCI acquisition in 2017, the Company allocated $136.6 million of goodwill to the Lennar Homebuilding East reportable segment and $20.0 million to the Lennar Financial Services segment. Three Months Ended February 28, (In thousands) 2018 2017 Revenues: Homebuilding East $ 1,070,654 767,726 Homebuilding Central 611,780 516,181 Homebuilding West 779,879 552,798 Homebuilding Other 199,780 181,989 Lennar Financial Services 171,140 148,043 Rialto 54,302 82,006 Lennar Multifamily 93,256 88,685 Total revenues (1) $ 2,980,791 2,337,428 Operating earnings (loss) (2): Homebuilding East (3) $ 105,921 (55,709 ) Homebuilding Central (4) 42,546 52,858 Homebuilding West (5) 251,276 53,360 Homebuilding Other (6) 13,984 20,829 Lennar Financial Services 19,695 20,664 Rialto 9,212 (843 ) Lennar Multifamily (1,201 ) 19,183 Total operating earnings 441,433 110,342 Acquisition and integration costs related to CalAtlantic 104,195 — Corporate general and administrative expenses 67,810 60,699 Earnings before income taxes $ 269,428 49,643 (1) Total revenues were net of sales incentives of $149.9 million ( $22,300 per home delivered) for the three months ended February 28, 2018 , compared to $123.5 million ( $22,700 per home delivered) for the three months ended February 28, 2017 . (2) All homebuilding segments and Homebuilding other were impacted by purchase accounting adjustments for three months ended February 28, 2018 . (3) Homebuilding East operating earnings for the three months ended February 28, 2017 included a $140 million loss due to litigation (see Note 17). (4) Homebuilding Central operating earnings for the three months ended February 28, 2018 included a $6.9 million valuation adjustment. (5) Homebuilding West operating earnings includes $164.9 million related to a gain on the sale of an 80% interest in one of Lennar Homebuilding's strategic joint ventures, Treasure Island Holdings. (6) Homebuilding Other operating earnings for the three months ended February 28, 2018 Lennar Financial Services Segment The assets and liabilities related to the Lennar Financial Services segment were as follows: (In thousands) February 28, November 30, Assets: Cash and cash equivalents $ 165,849 117,410 Restricted cash 11,251 12,006 Receivables, net (1) 366,100 313,252 Loans held-for-sale (2) 689,172 937,516 Loans held-for-investment, net 69,832 44,193 Investments held-to-maturity 60,831 52,327 Investments available-for-sale (3) 57,768 57,439 Goodwill (4) 210,628 59,838 Other (5) 117,001 95,527 $ 1,748,432 1,689,508 Liabilities: Notes and other debts payable $ 772,240 937,431 Other (6) 232,762 240,383 $ 1,005,002 1,177,814 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of February 28, 2018 and November 30, 2017 , 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) on the condensed consolidated balance sheet. (4) As of February 28, 2018 , goodwill included $20.0 million of goodwill related to the WCI acquisition. The assignment of goodwill to the Company's reporting segments related to the CalAtlantic acquisition has not been completed yet, however, a provisional amount of goodwill of approximately $150 million was allocated to Lennar Financial Services (see Note 2). (5) As of February 28, 2018 and November 30, 2017 , other assets included mortgage loan commitments carried at fair value of $11.7 million and $9.9 million , respectively, and mortgage servicing rights carried at fair value of $36.8 million and $31.2 million , respectively. In addition, other assets also included forward contracts carried at fair value of $4.8 million and $1.7 million as of February 28, 2018 and November 30, 2017 , respectively. (6) As of February 28, 2018 and November 30, 2017 , other liabilities included $57.2 million and $57.7 million , respectively, of certain of the Company’s self-insurance reserves related to construction defects, general liability and workers’ compensation. At February 28, 2018 , the Lennar Financial Services segment warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures March 2018 (1) $ 150,000 364-day warehouse repurchase facility that matures June 2018 400,000 364-day warehouse repurchase facility that matures June 2018 (2) 300,000 364-day warehouse repurchase facility that matures September 2018 300,000 364-day warehouse repurchase facility that matures December 2018 (3) 400,000 Total $ 1,550,000 (1) Maximum aggregate commitment includes an uncommitted amount of $75 million . Subsequent to February 28, 2018 , the warehouse repurchase facility maturity was extended to March 2019. (2) Maximum aggregate commitment includes an uncommitted amount of $300 million . (3) Maximum aggregate commitment includes an uncommitted amount of $250 million . The Lennar Financial Services segment uses these facilities to finance its lending activities until the mortgage loans are sold to investors and the proceeds are collected. The facilities are non-recourse to the Company and are expected to be renewed or replaced with other facilities when they mature. Borrowings under the facilities and their prior year predecessors were $772.1 million and $937.2 million at February 28, 2018 and November 30, 2017 , respectively, and were collateralized by mortgage loans and receivables on loans sold to investors but not yet paid for with outstanding principal balances of $800.2 million and $974.1 million at February 28, 2018 and November 30, 2017 , 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 February 28, (In thousands) 2018 2017 Loan origination liabilities, beginning of period $ 22,543 24,905 Provision for losses 647 878 Origination liabilities assumed related to CalAtlantic acquisition 3,959 — Payments/settlements (39 ) (780 ) Loan origination liabilities, end of period $ 27,110 25,003 The assets and liabilities related to the Rialto segment were as follows: (In thousands) February 28, November 30, Assets: Cash and cash equivalents $ 113,582 241,861 Restricted cash (1) 20,536 22,466 Loans held-for-sale (2) 125,013 236,018 Loans receivable, net 1,932 1,933 Real estate owned, net 63,284 86,047 Investments in unconsolidated entities 275,850 265,418 Investments held-to-maturity 210,882 179,659 Other 98,170 120,438 $ 909,249 1,153,840 Liabilities: Notes and other debts payable (3) $ 438,879 625,081 Other 49,225 94,975 $ 488,104 720,056 (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 Rialto Mortgage Finance ("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) 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. (3) As of February 28, 2018 and November 30, 2017 , notes and other debts payable primarily included $249.1 million and $349.4 million , respectively, related to Rialto's 7.00% senior notes due December 2018, and $45.9 million and $162.1 million , respectively, related to Rialto's warehouse repurchase facilities. Subsequent to February 28, 2018 , the remaining principal balance of Rialto's 7.00% senior notes due December 2018 was paid off. Rialto Mortgage Finance - loans held-for-sale During the three months ended February 28, 2018 , RMF originated loans with a total principal balance of $238.0 million , all of which was recorded as loans held-for-sale, and sold $347.7 million of loans into three separate securitizations. During the three months ended February 28, 2017 , RMF originated loans with a total principal balance of $403.7 million of which $394.3 million were recorded as loans held-for-sale and $9.3 million as accrual loans within loans receivable, net, and sold $477.7 million of loans into three separate securitizations. As of February 28, 2018 and November 30, 2017 , there were no unsettled transactions. 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. At February 28, 2018 , the consolidated LLCs had total combined assets of $20.0 million , which primarily included $10.1 million in cash, $7.4 million of real estate owned, net, and $1.6 million of loans held-for-sale. Since January 11, 2018, (1) the FDIC has had the right, at its discretion, to sell any remaining assets, or (2) Rialto has had the option to purchase the FDIC's interest in the portfolios. At February 28, 2018 , the consolidated LLCs had total combined assets of $20.0 million , which primarily included $10.1 million in cash, $7.4 million of real estate owned, net, and $1.6 million of loans held-for-sale. At February 28, 2018 , all remaining assets with carrying values were under contract to be sold. At November 30, 2017 , the consolidated LLCs had total combined assets of $48.8 million , which primarily included $23.8 million in cash, $20.0 million of real estate owned, net and $1.6 million of loans held-for-sale. Warehouse Facilities At February 28, 2018 , Rialto's warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures October 2018 (one year extension) $ 400,000 364-day warehouse repurchase facility that matures November 2018 200,000 364-day warehouse repurchase facility that matures December 2018 200,000 364-day warehouse repurchase facility that matures December 2019 200,000 Total - Loan origination and securitization business (RMF) $ 1,000,000 Warehouse repurchase facility that matures August 2018 (two - one year extensions) (1) 100,000 Total $ 1,100,000 (1) Rialto uses this warehouse repurchase facility to finance the origination of floating rate accrual loans, which are reported as accrual loans within loans receivable, net. There were no borrowings under this facility as of both February 28, 2018 and November 30, 2017 . Borrowings under the facilities that finance RMF's loan originations and securitization activities were $45.9 million and $162.1 million as of February 28, 2018 and November 30, 2017 , 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: February 28, February 28, 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 $ 41,871 41,860 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 87,884 86,904 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 14,917 19,189 Rialto Capital CMBS Funds 2014 119,174 119,177 52,474 52,474 54,409 54,018 Rialto Real Estate Fund III 2015 1,887,000 699,590 140,000 49,962 49,882 41,223 Rialto Credit Partnership, LP 2016 220,000 208,181 19,999 18,925 17,190 13,288 Other investments 9,697 8,936 $ 275,850 265,418 During the three months ended February 28, 2018 and 2017 , Rialto received $3.1 million and $0.9 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 months ended February 28, 2018 and 2017 , Rialto received $2.4 million and $10.0 million , respectively, of distributions with regard to its carried interest in Rialto Real Estate Fund, LP. These incentive income distributions are not subject to clawbacks and therefore are included in Rialto's revenues. During 2015, Rialto adopted a Carried Interest Incentive Plan (the "Plan"), under which participating employees in the aggregate may receive up to 40% of the equity units of a limited liability company (a "Carried Interest Entity") that is entitled to 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) February 28, November 30, Assets: Cash and cash equivalents $ 44,270 95,552 Loans receivable 591,157 538,317 Real estate owned 346,320 348,601 Investment securities 1,942,045 1,849,795 Investments in partnerships 416,311 393,874 Other assets 58,014 42,949 $ 3,398,117 3,269,088 Liabilities and equity: Accounts payable and other liabilities $ 42,177 48,374 Notes payable (1) 535,790 576,810 Equity 2,820,150 2,643,904 $ 3,398,117 3,269,088 (1) Notes payable are net of debt issuance costs of $4.1 million and $3.1 million , as of February 28, 2018 and November 30, 2017 , respectively. Statements of Operations Three Months Ended February 28, (In thousands) 2018 2017 Revenues $ 89,764 57,156 Costs and expenses 22,071 28,001 Other income, net (1) 49,187 327 Net earnings of unconsolidated entities $ 116,880 29,482 Rialto equity in earnings from unconsolidated entities $ 9,114 722 (1) Other income, net, includes realized and unrealized gains (losses) on investments. Investments held-to-maturity At February 28, 2018 and November 30, 2017 , the carrying value of Rialto's commercial mortgage-backed securities ("CMBS") was $210.9 million and $179.7 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 December 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 months ended February 28, 2018 or 2017 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) February 28, November 30, Assets: Cash and cash equivalents $ 16,249 8,676 Receivables (1) 72,613 69,678 Land under development 332,291 208,618 Investment in unconsolidated entities 437,367 407,544 Other assets 34,310 16,209 $ 892,830 710,725 Liabilities: Accounts payable and other liabilities $ 141,057 149,715 (1) Receivables primarily related to general contractor services, net of deferrals and management fee income receivables due from unconsolidated entities. 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 February 28, 2018 and November 30, 2017 , the fair value of the completion guarantees was immaterial. Additionally, as of February 28, 2018 and November 30, 2017 , the Lennar Multifamily segment had $4.6 million and $4.7 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 February 28, 2018 and November 30, 2017 , Lennar Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $977.1 million and $896.7 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 months ended February 28, 2018 and 2017 , the Lennar Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $11.5 million and $13.0 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 months ended February 28, 2018 and 2017 , the Lennar Multifamily segment provided general contractor services, net of deferrals totaling $81.7 million and $75.7 million , respectively, which were partially offset by costs related to those services of $78.6 million and $73.7 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 three months ended February 28, 2018 , $131.9 million in equity commitments were called, of which the Company contributed its portion of $31.7 million . During the three months ended February 28, 2018 , the Company received $0.9 million distributions as a return of capital from the Venture. As of February 28, 2018 , $1.6 billion of the $2.2 billion in equity commitments had been called, of which the Company has contributed $382.4 million , representing its pro-rata portion of the called equity, resulting in a remaining equity commitment for the Company of $121.6 million . As of February 28, 2018 and November 30, 2017 , the carrying value of the Company's investment in the Venture was $353.4 million and $323.8 million , respectively. In March 2018, the Lennar Multifamily segment completed the first closing of a second Lennar Multifamily Venture, Lennar Multifamily Venture II LP ("Venture II") for the development, construction and property management of class-A multifamily assets. With the first close, Venture II will have approximately $500 million of equity commitments, including a $255 million co-investment commitment by Lennar comprised of cash, undeveloped land and preacquisition costs. It will be seeded initially with six undeveloped multifamily assets that were previously purchased by the Lennar Multifamily segment totaling approximately 2,200 apartments with projected project costs of approximately $900 million . 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) February 28, November 30, Assets: Cash and cash equivalents $ 33,666 37,073 Operating properties and equipment 3,167,040 2,952,070 Other assets 31,431 36,772 $ 3,232,137 3,025,915 Liabilities and equity: Accounts payable and other liabilities $ 211,429 212,123 Notes payable (1) 959,563 879,047 Equity 2,061,145 1,934,745 $ 3,232,137 3,025,915 (1) Notes payable are net of debt issuance costs of $17.6 million as of both February 28, 2018 and November 30, 2017 , respectively. Statements of Operations Three Months Ended February 28, (In thousands) 2018 2017 Revenues $ 23,952 11,617 Costs and expenses 31,795 22,346 Other income, net 7,307 50,539 Net earnings (loss) of unconsolidated entities $ (536 ) 39,810 Lennar Multifamily equity in earnings from unconsolidated entities (1) $ 2,742 23,147 (1) During the three months ended February 28, 2018 , the Lennar Multifamily segment sold one operating property through an unconsolidated entity resulting in the segment's $4.1 million share of gains. During the three months ended February 28, 2017 , the Lennar Multifamily segment sold two operating properties through its unconsolidated entities resulting in the segment's $26.0 million

Lennar Homebuilding Investments

Lennar Homebuilding Investments In Unconsolidated Entities	3 Months Ended
Lennar Homebuilding Investments In Unconsolidated Entities	Feb. 28, 2018
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 February 28, (In thousands) 2018 2017 Revenues $ 68,872 46,136 Costs and expenses 108,424 79,066 Net loss of unconsolidated entities $ (39,552 ) (32,930 ) Lennar Homebuilding equity in loss from unconsolidated entities $ (14,287 ) (11,534 ) For the three months ended February 28, 2018 , Lennar Homebuilding equity in loss from unconsolidated entities was primarily attributable to the Company's share of valuation adjustments related to assets of Lennar Homebuilding's unconsolidated entities and the Company's share of net operating losses from its unconsolidated entities. For the three months ended February 28, 2017 , Lennar Homebuilding equity in loss from unconsolidated entities was primarily attributable to the Company’s share of net operating losses from its unconsolidated entities. The operating losses from the Company's unconsolidated entities were primarily driven by general and administrative expenses, as there were not sufficient land sale transactions to offset those expenses during the three months ended February 28, 2017 . Balance Sheets (In thousands) February 28, November 30, Assets: Cash and cash equivalents $ 816,965 953,261 Inventories 4,155,615 3,751,525 Other assets 1,063,853 1,061,507 $ 6,036,433 5,766,293 Liabilities and equity: Accounts payable and other liabilities $ 907,108 832,151 Debt (1) 736,596 737,331 Equity 4,392,729 4,196,811 $ 6,036,433 5,766,293 (1) Debt presented above is net of debt issuance costs of $5.3 million and $5.7 million , as of February 28, 2018 and November 30, 2017 , respectively. In May 2017, FivePoint Holdings, LLC ("FivePoint") completed its initial public offering ("IPO"). Concurrent with the IPO, the Company invested an additional $100 million in FivePoint in a private placement. As of February 28, 2018 , the Company owns approximately 40% of FivePoint and the carrying amount of the Company's investment is $352.0 million . As of February 28, 2018 and November 30, 2017 , the Company’s recorded investments in Lennar Homebuilding unconsolidated entities were $990.7 million and $900.8 million , respectively, while the underlying equity in Lennar Homebuilding unconsolidated entities partners’ net assets as of February 28, 2018 and November 30, 2017 was $1.4 billion and $1.3 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. In 2017, the Company entered into a Membership Interest Purchase Agreement and a Payment Escrow Agreement (“Agreement”) with one of its strategic joint ventures under which the Company agreed to sell 80% to a third-party. Under the terms of the Agreement, the sale transaction was contingent upon the satisfaction of certain conditions. In January 2018, conditions were fulfilled and the transaction was closed resulting in gains of $164.9 million recorded in Lennar Homebuilding other income, net within the accompanying condensed consolidated statement of operations for the three months ended February 28, 2018 . 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) February 28, November 30, Non-recourse bank debt and other debt (partner’s share of several recourse) $ 62,720 64,197 Non-recourse land seller debt and other debt 1,997 1,997 Non-recourse debt with completion guarantees 251,235 255,903 Non-recourse debt without completion guarantees 355,844 351,800 Non-recourse debt to the Company 671,796 673,897 The Company’s maximum recourse exposure (1) 70,096 69,181 Debt issue costs (5,296 ) (5,747 ) Total debt $ 736,596 737,331 The Company’s maximum recourse exposure as a % of total JV debt 10 % 9 % (1) As of both February 28, 2018 and November 30, 2017 , the Company's maximum recourse exposure was primarily related to the Company providing repayment guarantees on three unconsolidated entities' debt. In most instances in which the Company has guaranteed debt of a Lennar Homebuilding unconsolidated entity, the Company’s partners have also guaranteed that debt and are required to contribute their share of the guarantee payments. In a repayment guarantee, the Company and its venture partners guarantee repayment of a portion or all of the debt in the event of default before the lender would have to exercise its rights against the collateral. In connection with many of the loans to Lennar Homebuilding unconsolidated entities, the Company and its joint venture partners (or entities related to them) have been required to give guarantees of completion to the lenders. Those completion guarantees may require that the guarantors complete the construction of the improvements for which the financing was obtained. If the construction is to be done in phases, the guarantee generally is limited to completing only the phases as to which construction has already commenced and for which loan proceeds were used. If the Company is required to make a payment under any guarantee, the payment would constitute a capital contribution or loan to the Lennar Homebuilding unconsolidated entity and increase the Company’s investment in the unconsolidated entity and its share of any funds the unconsolidated entity distributes. As of both February 28, 2018 and November 30, 2017 , the fair values of the repayment guarantees and completion guarantees were not material. The Company believes that as of February 28, 2018

Stockholders' Equity

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Feb. 28, 2018
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 three months ended February 28, 2018 and 2017 : 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, 2017 $ 7,986,132 20,543 3,769 3,142,013 (136,020 ) 1,034 4,840,978 113,815 Net earnings (including net earnings attributable to noncontrolling interests) 136,817 — — — — — 136,215 602 Employee stock and directors plans (2,557 ) 41 — 214 (2,816 ) — 4 — Stock issuance in connection with CalAtlantic acquisition 5,047,464 8,408 168 5,061,430 (22,542 ) — — — Amortization of restricted stock 17,766 — — 17,766 — — — — Cash dividends (9,617 ) — — — — — (9,617 ) — Receipts related to noncontrolling interests 3,852 — — — — — — 3,852 Payments related to noncontrolling interests (23,760 ) — — — — — — (23,760 ) Non-cash activity related to noncontrolling interests 18,645 — — — — — — 18,645 Total other comprehensive loss, net of tax (658 ) — — — — (658 ) — — Balance at February 28, 2018 $ 13,174,084 28,992 3,937 8,221,423 (161,378 ) 376 4,967,580 113,154 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) 29,674 — — — — — 38,080 (8,406 ) Employee stock and directors plans 72 2 — 157 (87 ) — — — Tax benefit from employee stock plans, vesting of restricted stock and conversions of convertible senior notes 35,515 — — 35,515 — — — — Amortization of restricted stock 12,505 — — 12,505 — — — — Cash dividends (9,400 ) — — — — — (9,400 ) — Receipts related to noncontrolling interests 153 — — — — — — 153 Payments related to noncontrolling interests (25,871 ) — — — — — — (25,871 ) Non-cash activity to noncontrolling interests 588 — — 2,267 — — — (1,679 ) Total other comprehensive income, net of tax 972 — — — — 972 — — Balance at February 28, 2017 $ 7,255,775 20,411 3,298 2,855,793 (109,048 ) 663 4,334,936 149,722

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Feb. 28, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The provision for income taxes and effective tax rate were as follows: Three Months Ended February 28, (Dollars in thousands) 2018 2017 Provision for income taxes ($132,611 ) (19,969 ) Effective tax rate (1) 49.3 % 34.4 % (1) For the three months ended February 28, 2018 , the effective tax rate included a $68.6 million non-cash one-time write down of the deferred tax assets due to the enactment of the Tax Cuts and Jobs Act and state income tax expense, offset primarily by tax benefits for the domestic production activities deduction, and solar tax credits. Excluding the impact of the write down of the deferred tax assets, the effective tax rate for the three months ended February 28, 2018 was 23.8% . For the three months ended February 28, 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. As of February 28, 2018 and November 30, 2017 , the Company's deferred tax assets, net, included in the condensed consolidated balance sheets were $759.0 million and $297.7 million , respectively. The increase in the deferred tax assets is primarily due to deferred tax assets recorded from the acquisition of CalAtlantic, partially offset by the write down of the deferred tax assets related to the Tax Cuts and Jobs Act, as described below. As of February 28, 2018 and November 30, 2017 , the Company had $25.8 million and $12.3 million , respectively, of gross unrecognized tax benefits. At February 28, 2018 , the Company had $52.2 million accrued for interest and penalties, of which $1.5 million was due to the CalAtlantic acquisition and an additional $1.0 million was accrued during the three months ended February 28, 2018 . At November 30, 2017 , the Company had $49.7 million accrued for interest and penalties. On December 22, 2017, the President signed into law the Tax Cuts and Jobs Act. This Act will materially affect the taxes owed by the Company in 2018 and subsequent years. Among other things, it reduced the maximum federal corporate income tax rate to 21% , which should have a positive effect on the Company's net earnings and earnings per share. It also limited or eliminated certain deductions to which the Company has been entitled in past years and reduced the value of the Company's deferred tax assets, which required the Company to recognize in the first quarter of fiscal year 2018 an income tax expense of $68.6 million

Earnings Per Share

Earnings Per Share	3 Months Ended
Earnings Per Share	Feb. 28, 2018
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 February 28, (In thousands, except per share amounts) 2018 2017 Numerator: Net earnings attributable to Lennar $ 136,215 38,080 Less: distributed earnings allocated to nonvested shares 115 112 Less: undistributed earnings allocated to nonvested shares 1,282 273 Numerator for basic earnings per share 134,818 37,695 Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan (1) 210 339 Plus: interest on convertible senior notes 26 — Plus: undistributed earnings allocated to convertible shares 1 — Numerator for diluted earnings per share $ 134,635 37,356 Denominator: Denominator for basic earnings per share - weighted average common shares outstanding (2) 253,665 236,852 Effect of dilutive securities: Shared based payments 55 2 Convertible senior notes 728 — Denominator for diluted earnings per share - weighted average common shares outstanding 254,448 236,854 Basic earnings per share (2) $ 0.53 0.16 Diluted earnings per share (2) $ 0.53 0.16 (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. (2) The weighted average common shares for the three months ended February 28, 2017 has been retroactively adjusted to include 4.7 million of Class B shares distributed in the stock dividend on November 27, 2017. As a result, basic and diluted earnings per share have also been retroactively adjusted. For both the three months ended February 28, 2018 and 2017 , there were no

Lennar Financial Services Segme

Lennar Financial Services Segment	3 Months Ended
Lennar Financial Services Segment	Feb. 28, 2018
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, Georgia, Maryland, New Jersey, North Carolina, South Carolina and Virginia Central: Arizona, Colorado and Texas West: California and Nevada Other: Illinois, Indiana, Minnesota, Oregon, Tennessee, Utah and Washington Operations of the Lennar Financial Services segment include primarily mortgage financing, title insurance, closing services and property and casualty insurance 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, property and casualty 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(loss) consist of revenues generated primarily from gains from securitization transactions and interest income from the Rialto Mortgage Finance ("RMF") business, interest income associated with portfolios of real estate loans acquired and other portfolios of real estate loans and assets acquired, asset management, due diligence and underwriting fees derived from the real estate investment funds managed by the Rialto segment, fees for sub-advisory services, other income (expense), net and equity in earnings (loss) from unconsolidated entities, less the costs incurred by the segment for managing portfolios, costs related to RMF and other general and administrative expenses. Operations of the Lennar Multifamily segment include revenues generated from the sales of land, revenue from construction activities and management fees generated from joint ventures and equity in earnings (loss) from unconsolidated entities, less the cost of sales of land sold, 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, 2017 . 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) February 28, November 30, Assets: Homebuilding East $ 7,537,607 4,754,581 Homebuilding Central 3,609,537 2,037,905 Homebuilding West 7,668,640 5,165,218 Homebuilding Other 1,547,102 960,541 Lennar Financial Services 1,748,432 1,689,508 Rialto 909,249 1,153,840 Lennar Multifamily 892,830 710,725 Corporate and unallocated 4,030,626 2,272,716 Total assets $ 27,944,023 18,745,034 Lennar Homebuilding goodwill (1) $ 3,433,477 136,566 Lennar Financial Services goodwill (1) $ 210,628 59,838 Rialto goodwill $ 5,396 5,396 (1) In connection with the CalAtlantic acquisition, the Company recorded a provisional amount of homebuilding goodwill of $3.3 billion . The allocation of goodwill by homebuilding reporting segment has not yet been finalized. A provisional amount of goodwill related to the CalAtlantic acquisition of $150 million was allocated to Lennar Financial Services. In connection with the WCI acquisition in 2017, the Company allocated $136.6 million of goodwill to the Lennar Homebuilding East reportable segment and $20.0 million to the Lennar Financial Services segment. Three Months Ended February 28, (In thousands) 2018 2017 Revenues: Homebuilding East $ 1,070,654 767,726 Homebuilding Central 611,780 516,181 Homebuilding West 779,879 552,798 Homebuilding Other 199,780 181,989 Lennar Financial Services 171,140 148,043 Rialto 54,302 82,006 Lennar Multifamily 93,256 88,685 Total revenues (1) $ 2,980,791 2,337,428 Operating earnings (loss) (2): Homebuilding East (3) $ 105,921 (55,709 ) Homebuilding Central (4) 42,546 52,858 Homebuilding West (5) 251,276 53,360 Homebuilding Other (6) 13,984 20,829 Lennar Financial Services 19,695 20,664 Rialto 9,212 (843 ) Lennar Multifamily (1,201 ) 19,183 Total operating earnings 441,433 110,342 Acquisition and integration costs related to CalAtlantic 104,195 — Corporate general and administrative expenses 67,810 60,699 Earnings before income taxes $ 269,428 49,643 (1) Total revenues were net of sales incentives of $149.9 million ( $22,300 per home delivered) for the three months ended February 28, 2018 , compared to $123.5 million ( $22,700 per home delivered) for the three months ended February 28, 2017 . (2) All homebuilding segments and Homebuilding other were impacted by purchase accounting adjustments for three months ended February 28, 2018 . (3) Homebuilding East operating earnings for the three months ended February 28, 2017 included a $140 million loss due to litigation (see Note 17). (4) Homebuilding Central operating earnings for the three months ended February 28, 2018 included a $6.9 million valuation adjustment. (5) Homebuilding West operating earnings includes $164.9 million related to a gain on the sale of an 80% interest in one of Lennar Homebuilding's strategic joint ventures, Treasure Island Holdings. (6) Homebuilding Other operating earnings for the three months ended February 28, 2018 Lennar Financial Services Segment The assets and liabilities related to the Lennar Financial Services segment were as follows: (In thousands) February 28, November 30, Assets: Cash and cash equivalents $ 165,849 117,410 Restricted cash 11,251 12,006 Receivables, net (1) 366,100 313,252 Loans held-for-sale (2) 689,172 937,516 Loans held-for-investment, net 69,832 44,193 Investments held-to-maturity 60,831 52,327 Investments available-for-sale (3) 57,768 57,439 Goodwill (4) 210,628 59,838 Other (5) 117,001 95,527 $ 1,748,432 1,689,508 Liabilities: Notes and other debts payable $ 772,240 937,431 Other (6) 232,762 240,383 $ 1,005,002 1,177,814 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of February 28, 2018 and November 30, 2017 , 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) on the condensed consolidated balance sheet. (4) As of February 28, 2018 , goodwill included $20.0 million of goodwill related to the WCI acquisition. The assignment of goodwill to the Company's reporting segments related to the CalAtlantic acquisition has not been completed yet, however, a provisional amount of goodwill of approximately $150 million was allocated to Lennar Financial Services (see Note 2). (5) As of February 28, 2018 and November 30, 2017 , other assets included mortgage loan commitments carried at fair value of $11.7 million and $9.9 million , respectively, and mortgage servicing rights carried at fair value of $36.8 million and $31.2 million , respectively. In addition, other assets also included forward contracts carried at fair value of $4.8 million and $1.7 million as of February 28, 2018 and November 30, 2017 , respectively. (6) As of February 28, 2018 and November 30, 2017 , other liabilities included $57.2 million and $57.7 million , respectively, of certain of the Company’s self-insurance reserves related to construction defects, general liability and workers’ compensation. At February 28, 2018 , the Lennar Financial Services segment warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures March 2018 (1) $ 150,000 364-day warehouse repurchase facility that matures June 2018 400,000 364-day warehouse repurchase facility that matures June 2018 (2) 300,000 364-day warehouse repurchase facility that matures September 2018 300,000 364-day warehouse repurchase facility that matures December 2018 (3) 400,000 Total $ 1,550,000 (1) Maximum aggregate commitment includes an uncommitted amount of $75 million . Subsequent to February 28, 2018 , the warehouse repurchase facility maturity was extended to March 2019. (2) Maximum aggregate commitment includes an uncommitted amount of $300 million . (3) Maximum aggregate commitment includes an uncommitted amount of $250 million . The Lennar Financial Services segment uses these facilities to finance its lending activities until the mortgage loans are sold to investors and the proceeds are collected. The facilities are non-recourse to the Company and are expected to be renewed or replaced with other facilities when they mature. Borrowings under the facilities and their prior year predecessors were $772.1 million and $937.2 million at February 28, 2018 and November 30, 2017 , respectively, and were collateralized by mortgage loans and receivables on loans sold to investors but not yet paid for with outstanding principal balances of $800.2 million and $974.1 million at February 28, 2018 and November 30, 2017 , 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 February 28, (In thousands) 2018 2017 Loan origination liabilities, beginning of period $ 22,543 24,905 Provision for losses 647 878 Origination liabilities assumed related to CalAtlantic acquisition 3,959 — Payments/settlements (39 ) (780 ) Loan origination liabilities, end of period $ 27,110 25,003 The assets and liabilities related to the Rialto segment were as follows: (In thousands) February 28, November 30, Assets: Cash and cash equivalents $ 113,582 241,861 Restricted cash (1) 20,536 22,466 Loans held-for-sale (2) 125,013 236,018 Loans receivable, net 1,932 1,933 Real estate owned, net 63,284 86,047 Investments in unconsolidated entities 275,850 265,418 Investments held-to-maturity 210,882 179,659 Other 98,170 120,438 $ 909,249 1,153,840 Liabilities: Notes and other debts payable (3) $ 438,879 625,081 Other 49,225 94,975 $ 488,104 720,056 (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 Rialto Mortgage Finance ("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) 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. (3) As of February 28, 2018 and November 30, 2017 , notes and other debts payable primarily included $249.1 million and $349.4 million , respectively, related to Rialto's 7.00% senior notes due December 2018, and $45.9 million and $162.1 million , respectively, related to Rialto's warehouse repurchase facilities. Subsequent to February 28, 2018 , the remaining principal balance of Rialto's 7.00% senior notes due December 2018 was paid off. Rialto Mortgage Finance - loans held-for-sale During the three months ended February 28, 2018 , RMF originated loans with a total principal balance of $238.0 million , all of which was recorded as loans held-for-sale, and sold $347.7 million of loans into three separate securitizations. During the three months ended February 28, 2017 , RMF originated loans with a total principal balance of $403.7 million of which $394.3 million were recorded as loans held-for-sale and $9.3 million as accrual loans within loans receivable, net, and sold $477.7 million of loans into three separate securitizations. As of February 28, 2018 and November 30, 2017 , there were no unsettled transactions. 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. At February 28, 2018 , the consolidated LLCs had total combined assets of $20.0 million , which primarily included $10.1 million in cash, $7.4 million of real estate owned, net, and $1.6 million of loans held-for-sale. Since January 11, 2018, (1) the FDIC has had the right, at its discretion, to sell any remaining assets, or (2) Rialto has had the option to purchase the FDIC's interest in the portfolios. At February 28, 2018 , the consolidated LLCs had total combined assets of $20.0 million , which primarily included $10.1 million in cash, $7.4 million of real estate owned, net, and $1.6 million of loans held-for-sale. At February 28, 2018 , all remaining assets with carrying values were under contract to be sold. At November 30, 2017 , the consolidated LLCs had total combined assets of $48.8 million , which primarily included $23.8 million in cash, $20.0 million of real estate owned, net and $1.6 million of loans held-for-sale. Warehouse Facilities At February 28, 2018 , Rialto's warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures October 2018 (one year extension) $ 400,000 364-day warehouse repurchase facility that matures November 2018 200,000 364-day warehouse repurchase facility that matures December 2018 200,000 364-day warehouse repurchase facility that matures December 2019 200,000 Total - Loan origination and securitization business (RMF) $ 1,000,000 Warehouse repurchase facility that matures August 2018 (two - one year extensions) (1) 100,000 Total $ 1,100,000 (1) Rialto uses this warehouse repurchase facility to finance the origination of floating rate accrual loans, which are reported as accrual loans within loans receivable, net. There were no borrowings under this facility as of both February 28, 2018 and November 30, 2017 . Borrowings under the facilities that finance RMF's loan originations and securitization activities were $45.9 million and $162.1 million as of February 28, 2018 and November 30, 2017 , 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: February 28, February 28, 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 $ 41,871 41,860 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 87,884 86,904 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 14,917 19,189 Rialto Capital CMBS Funds 2014 119,174 119,177 52,474 52,474 54,409 54,018 Rialto Real Estate Fund III 2015 1,887,000 699,590 140,000 49,962 49,882 41,223 Rialto Credit Partnership, LP 2016 220,000 208,181 19,999 18,925 17,190 13,288 Other investments 9,697 8,936 $ 275,850 265,418 During the three months ended February 28, 2018 and 2017 , Rialto received $3.1 million and $0.9 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 months ended February 28, 2018 and 2017 , Rialto received $2.4 million and $10.0 million , respectively, of distributions with regard to its carried interest in Rialto Real Estate Fund, LP. These incentive income distributions are not subject to clawbacks and therefore are included in Rialto's revenues. During 2015, Rialto adopted a Carried Interest Incentive Plan (the "Plan"), under which participating employees in the aggregate may receive up to 40% of the equity units of a limited liability company (a "Carried Interest Entity") that is entitled to 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) February 28, November 30, Assets: Cash and cash equivalents $ 44,270 95,552 Loans receivable 591,157 538,317 Real estate owned 346,320 348,601 Investment securities 1,942,045 1,849,795 Investments in partnerships 416,311 393,874 Other assets 58,014 42,949 $ 3,398,117 3,269,088 Liabilities and equity: Accounts payable and other liabilities $ 42,177 48,374 Notes payable (1) 535,790 576,810 Equity 2,820,150 2,643,904 $ 3,398,117 3,269,088 (1) Notes payable are net of debt issuance costs of $4.1 million and $3.1 million , as of February 28, 2018 and November 30, 2017 , respectively. Statements of Operations Three Months Ended February 28, (In thousands) 2018 2017 Revenues $ 89,764 57,156 Costs and expenses 22,071 28,001 Other income, net (1) 49,187 327 Net earnings of unconsolidated entities $ 116,880 29,482 Rialto equity in earnings from unconsolidated entities $ 9,114 722 (1) Other income, net, includes realized and unrealized gains (losses) on investments. Investments held-to-maturity At February 28, 2018 and November 30, 2017 , the carrying value of Rialto's commercial mortgage-backed securities ("CMBS") was $210.9 million and $179.7 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 December 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 months ended February 28, 2018 or 2017 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) February 28, November 30, Assets: Cash and cash equivalents $ 16,249 8,676 Receivables (1) 72,613 69,678 Land under development 332,291 208,618 Investment in unconsolidated entities 437,367 407,544 Other assets 34,310 16,209 $ 892,830 710,725 Liabilities: Accounts payable and other liabilities $ 141,057 149,715 (1) Receivables primarily related to general contractor services, net of deferrals and management fee income receivables due from unconsolidated entities. 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 February 28, 2018 and November 30, 2017 , the fair value of the completion guarantees was immaterial. Additionally, as of February 28, 2018 and November 30, 2017 , the Lennar Multifamily segment had $4.6 million and $4.7 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 February 28, 2018 and November 30, 2017 , Lennar Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $977.1 million and $896.7 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 months ended February 28, 2018 and 2017 , the Lennar Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $11.5 million and $13.0 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 months ended February 28, 2018 and 2017 , the Lennar Multifamily segment provided general contractor services, net of deferrals totaling $81.7 million and $75.7 million , respectively, which were partially offset by costs related to those services of $78.6 million and $73.7 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 three months ended February 28, 2018 , $131.9 million in equity commitments were called, of which the Company contributed its portion of $31.7 million . During the three months ended February 28, 2018 , the Company received $0.9 million distributions as a return of capital from the Venture. As of February 28, 2018 , $1.6 billion of the $2.2 billion in equity commitments had been called, of which the Company has contributed $382.4 million , representing its pro-rata portion of the called equity, resulting in a remaining equity commitment for the Company of $121.6 million . As of February 28, 2018 and November 30, 2017 , the carrying value of the Company's investment in the Venture was $353.4 million and $323.8 million , respectively. In March 2018, the Lennar Multifamily segment completed the first closing of a second Lennar Multifamily Venture, Lennar Multifamily Venture II LP ("Venture II") for the development, construction and property management of class-A multifamily assets. With the first close, Venture II will have approximately $500 million of equity commitments, including a $255 million co-investment commitment by Lennar comprised of cash, undeveloped land and preacquisition costs. It will be seeded initially with six undeveloped multifamily assets that were previously purchased by the Lennar Multifamily segment totaling approximately 2,200 apartments with projected project costs of approximately $900 million . 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) February 28, November 30, Assets: Cash and cash equivalents $ 33,666 37,073 Operating properties and equipment 3,167,040 2,952,070 Other assets 31,431 36,772 $ 3,232,137 3,025,915 Liabilities and equity: Accounts payable and other liabilities $ 211,429 212,123 Notes payable (1) 959,563 879,047 Equity 2,061,145 1,934,745 $ 3,232,137 3,025,915 (1) Notes payable are net of debt issuance costs of $17.6 million as of both February 28, 2018 and November 30, 2017 , respectively. Statements of Operations Three Months Ended February 28, (In thousands) 2018 2017 Revenues $ 23,952 11,617 Costs and expenses 31,795 22,346 Other income, net 7,307 50,539 Net earnings (loss) of unconsolidated entities $ (536 ) 39,810 Lennar Multifamily equity in earnings from unconsolidated entities (1) $ 2,742 23,147 (1) During the three months ended February 28, 2018 , the Lennar Multifamily segment sold one operating property through an unconsolidated entity resulting in the segment's $4.1 million share of gains. During the three months ended February 28, 2017 , the Lennar Multifamily segment sold two operating properties through its unconsolidated entities resulting in the segment's $26.0 million

Rialto Segment

Rialto Segment	3 Months Ended
Rialto Segment	Feb. 28, 2018
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, Georgia, Maryland, New Jersey, North Carolina, South Carolina and Virginia Central: Arizona, Colorado and Texas West: California and Nevada Other: Illinois, Indiana, Minnesota, Oregon, Tennessee, Utah and Washington Operations of the Lennar Financial Services segment include primarily mortgage financing, title insurance, closing services and property and casualty insurance 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, property and casualty 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(loss) consist of revenues generated primarily from gains from securitization transactions and interest income from the Rialto Mortgage Finance ("RMF") business, interest income associated with portfolios of real estate loans acquired and other portfolios of real estate loans and assets acquired, asset management, due diligence and underwriting fees derived from the real estate investment funds managed by the Rialto segment, fees for sub-advisory services, other income (expense), net and equity in earnings (loss) from unconsolidated entities, less the costs incurred by the segment for managing portfolios, costs related to RMF and other general and administrative expenses. Operations of the Lennar Multifamily segment include revenues generated from the sales of land, revenue from construction activities and management fees generated from joint ventures and equity in earnings (loss) from unconsolidated entities, less the cost of sales of land sold, 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, 2017 . 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) February 28, November 30, Assets: Homebuilding East $ 7,537,607 4,754,581 Homebuilding Central 3,609,537 2,037,905 Homebuilding West 7,668,640 5,165,218 Homebuilding Other 1,547,102 960,541 Lennar Financial Services 1,748,432 1,689,508 Rialto 909,249 1,153,840 Lennar Multifamily 892,830 710,725 Corporate and unallocated 4,030,626 2,272,716 Total assets $ 27,944,023 18,745,034 Lennar Homebuilding goodwill (1) $ 3,433,477 136,566 Lennar Financial Services goodwill (1) $ 210,628 59,838 Rialto goodwill $ 5,396 5,396 (1) In connection with the CalAtlantic acquisition, the Company recorded a provisional amount of homebuilding goodwill of $3.3 billion . The allocation of goodwill by homebuilding reporting segment has not yet been finalized. A provisional amount of goodwill related to the CalAtlantic acquisition of $150 million was allocated to Lennar Financial Services. In connection with the WCI acquisition in 2017, the Company allocated $136.6 million of goodwill to the Lennar Homebuilding East reportable segment and $20.0 million to the Lennar Financial Services segment. Three Months Ended February 28, (In thousands) 2018 2017 Revenues: Homebuilding East $ 1,070,654 767,726 Homebuilding Central 611,780 516,181 Homebuilding West 779,879 552,798 Homebuilding Other 199,780 181,989 Lennar Financial Services 171,140 148,043 Rialto 54,302 82,006 Lennar Multifamily 93,256 88,685 Total revenues (1) $ 2,980,791 2,337,428 Operating earnings (loss) (2): Homebuilding East (3) $ 105,921 (55,709 ) Homebuilding Central (4) 42,546 52,858 Homebuilding West (5) 251,276 53,360 Homebuilding Other (6) 13,984 20,829 Lennar Financial Services 19,695 20,664 Rialto 9,212 (843 ) Lennar Multifamily (1,201 ) 19,183 Total operating earnings 441,433 110,342 Acquisition and integration costs related to CalAtlantic 104,195 — Corporate general and administrative expenses 67,810 60,699 Earnings before income taxes $ 269,428 49,643 (1) Total revenues were net of sales incentives of $149.9 million ( $22,300 per home delivered) for the three months ended February 28, 2018 , compared to $123.5 million ( $22,700 per home delivered) for the three months ended February 28, 2017 . (2) All homebuilding segments and Homebuilding other were impacted by purchase accounting adjustments for three months ended February 28, 2018 . (3) Homebuilding East operating earnings for the three months ended February 28, 2017 included a $140 million loss due to litigation (see Note 17). (4) Homebuilding Central operating earnings for the three months ended February 28, 2018 included a $6.9 million valuation adjustment. (5) Homebuilding West operating earnings includes $164.9 million related to a gain on the sale of an 80% interest in one of Lennar Homebuilding's strategic joint ventures, Treasure Island Holdings. (6) Homebuilding Other operating earnings for the three months ended February 28, 2018 Lennar Financial Services Segment The assets and liabilities related to the Lennar Financial Services segment were as follows: (In thousands) February 28, November 30, Assets: Cash and cash equivalents $ 165,849 117,410 Restricted cash 11,251 12,006 Receivables, net (1) 366,100 313,252 Loans held-for-sale (2) 689,172 937,516 Loans held-for-investment, net 69,832 44,193 Investments held-to-maturity 60,831 52,327 Investments available-for-sale (3) 57,768 57,439 Goodwill (4) 210,628 59,838 Other (5) 117,001 95,527 $ 1,748,432 1,689,508 Liabilities: Notes and other debts payable $ 772,240 937,431 Other (6) 232,762 240,383 $ 1,005,002 1,177,814 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of February 28, 2018 and November 30, 2017 , 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) on the condensed consolidated balance sheet. (4) As of February 28, 2018 , goodwill included $20.0 million of goodwill related to the WCI acquisition. The assignment of goodwill to the Company's reporting segments related to the CalAtlantic acquisition has not been completed yet, however, a provisional amount of goodwill of approximately $150 million was allocated to Lennar Financial Services (see Note 2). (5) As of February 28, 2018 and November 30, 2017 , other assets included mortgage loan commitments carried at fair value of $11.7 million and $9.9 million , respectively, and mortgage servicing rights carried at fair value of $36.8 million and $31.2 million , respectively. In addition, other assets also included forward contracts carried at fair value of $4.8 million and $1.7 million as of February 28, 2018 and November 30, 2017 , respectively. (6) As of February 28, 2018 and November 30, 2017 , other liabilities included $57.2 million and $57.7 million , respectively, of certain of the Company’s self-insurance reserves related to construction defects, general liability and workers’ compensation. At February 28, 2018 , the Lennar Financial Services segment warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures March 2018 (1) $ 150,000 364-day warehouse repurchase facility that matures June 2018 400,000 364-day warehouse repurchase facility that matures June 2018 (2) 300,000 364-day warehouse repurchase facility that matures September 2018 300,000 364-day warehouse repurchase facility that matures December 2018 (3) 400,000 Total $ 1,550,000 (1) Maximum aggregate commitment includes an uncommitted amount of $75 million . Subsequent to February 28, 2018 , the warehouse repurchase facility maturity was extended to March 2019. (2) Maximum aggregate commitment includes an uncommitted amount of $300 million . (3) Maximum aggregate commitment includes an uncommitted amount of $250 million . The Lennar Financial Services segment uses these facilities to finance its lending activities until the mortgage loans are sold to investors and the proceeds are collected. The facilities are non-recourse to the Company and are expected to be renewed or replaced with other facilities when they mature. Borrowings under the facilities and their prior year predecessors were $772.1 million and $937.2 million at February 28, 2018 and November 30, 2017 , respectively, and were collateralized by mortgage loans and receivables on loans sold to investors but not yet paid for with outstanding principal balances of $800.2 million and $974.1 million at February 28, 2018 and November 30, 2017 , 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 February 28, (In thousands) 2018 2017 Loan origination liabilities, beginning of period $ 22,543 24,905 Provision for losses 647 878 Origination liabilities assumed related to CalAtlantic acquisition 3,959 — Payments/settlements (39 ) (780 ) Loan origination liabilities, end of period $ 27,110 25,003 The assets and liabilities related to the Rialto segment were as follows: (In thousands) February 28, November 30, Assets: Cash and cash equivalents $ 113,582 241,861 Restricted cash (1) 20,536 22,466 Loans held-for-sale (2) 125,013 236,018 Loans receivable, net 1,932 1,933 Real estate owned, net 63,284 86,047 Investments in unconsolidated entities 275,850 265,418 Investments held-to-maturity 210,882 179,659 Other 98,170 120,438 $ 909,249 1,153,840 Liabilities: Notes and other debts payable (3) $ 438,879 625,081 Other 49,225 94,975 $ 488,104 720,056 (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 Rialto Mortgage Finance ("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) 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. (3) As of February 28, 2018 and November 30, 2017 , notes and other debts payable primarily included $249.1 million and $349.4 million , respectively, related to Rialto's 7.00% senior notes due December 2018, and $45.9 million and $162.1 million , respectively, related to Rialto's warehouse repurchase facilities. Subsequent to February 28, 2018 , the remaining principal balance of Rialto's 7.00% senior notes due December 2018 was paid off. Rialto Mortgage Finance - loans held-for-sale During the three months ended February 28, 2018 , RMF originated loans with a total principal balance of $238.0 million , all of which was recorded as loans held-for-sale, and sold $347.7 million of loans into three separate securitizations. During the three months ended February 28, 2017 , RMF originated loans with a total principal balance of $403.7 million of which $394.3 million were recorded as loans held-for-sale and $9.3 million as accrual loans within loans receivable, net, and sold $477.7 million of loans into three separate securitizations. As of February 28, 2018 and November 30, 2017 , there were no unsettled transactions. 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. At February 28, 2018 , the consolidated LLCs had total combined assets of $20.0 million , which primarily included $10.1 million in cash, $7.4 million of real estate owned, net, and $1.6 million of loans held-for-sale. Since January 11, 2018, (1) the FDIC has had the right, at its discretion, to sell any remaining assets, or (2) Rialto has had the option to purchase the FDIC's interest in the portfolios. At February 28, 2018 , the consolidated LLCs had total combined assets of $20.0 million , which primarily included $10.1 million in cash, $7.4 million of real estate owned, net, and $1.6 million of loans held-for-sale. At February 28, 2018 , all remaining assets with carrying values were under contract to be sold. At November 30, 2017 , the consolidated LLCs had total combined assets of $48.8 million , which primarily included $23.8 million in cash, $20.0 million of real estate owned, net and $1.6 million of loans held-for-sale. Warehouse Facilities At February 28, 2018 , Rialto's warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures October 2018 (one year extension) $ 400,000 364-day warehouse repurchase facility that matures November 2018 200,000 364-day warehouse repurchase facility that matures December 2018 200,000 364-day warehouse repurchase facility that matures December 2019 200,000 Total - Loan origination and securitization business (RMF) $ 1,000,000 Warehouse repurchase facility that matures August 2018 (two - one year extensions) (1) 100,000 Total $ 1,100,000 (1) Rialto uses this warehouse repurchase facility to finance the origination of floating rate accrual loans, which are reported as accrual loans within loans receivable, net. There were no borrowings under this facility as of both February 28, 2018 and November 30, 2017 . Borrowings under the facilities that finance RMF's loan originations and securitization activities were $45.9 million and $162.1 million as of February 28, 2018 and November 30, 2017 , 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: February 28, February 28, 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 $ 41,871 41,860 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 87,884 86,904 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 14,917 19,189 Rialto Capital CMBS Funds 2014 119,174 119,177 52,474 52,474 54,409 54,018 Rialto Real Estate Fund III 2015 1,887,000 699,590 140,000 49,962 49,882 41,223 Rialto Credit Partnership, LP 2016 220,000 208,181 19,999 18,925 17,190 13,288 Other investments 9,697 8,936 $ 275,850 265,418 During the three months ended February 28, 2018 and 2017 , Rialto received $3.1 million and $0.9 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 months ended February 28, 2018 and 2017 , Rialto received $2.4 million and $10.0 million , respectively, of distributions with regard to its carried interest in Rialto Real Estate Fund, LP. These incentive income distributions are not subject to clawbacks and therefore are included in Rialto's revenues. During 2015, Rialto adopted a Carried Interest Incentive Plan (the "Plan"), under which participating employees in the aggregate may receive up to 40% of the equity units of a limited liability company (a "Carried Interest Entity") that is entitled to 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) February 28, November 30, Assets: Cash and cash equivalents $ 44,270 95,552 Loans receivable 591,157 538,317 Real estate owned 346,320 348,601 Investment securities 1,942,045 1,849,795 Investments in partnerships 416,311 393,874 Other assets 58,014 42,949 $ 3,398,117 3,269,088 Liabilities and equity: Accounts payable and other liabilities $ 42,177 48,374 Notes payable (1) 535,790 576,810 Equity 2,820,150 2,643,904 $ 3,398,117 3,269,088 (1) Notes payable are net of debt issuance costs of $4.1 million and $3.1 million , as of February 28, 2018 and November 30, 2017 , respectively. Statements of Operations Three Months Ended February 28, (In thousands) 2018 2017 Revenues $ 89,764 57,156 Costs and expenses 22,071 28,001 Other income, net (1) 49,187 327 Net earnings of unconsolidated entities $ 116,880 29,482 Rialto equity in earnings from unconsolidated entities $ 9,114 722 (1) Other income, net, includes realized and unrealized gains (losses) on investments. Investments held-to-maturity At February 28, 2018 and November 30, 2017 , the carrying value of Rialto's commercial mortgage-backed securities ("CMBS") was $210.9 million and $179.7 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 December 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 months ended February 28, 2018 or 2017 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) February 28, November 30, Assets: Cash and cash equivalents $ 16,249 8,676 Receivables (1) 72,613 69,678 Land under development 332,291 208,618 Investment in unconsolidated entities 437,367 407,544 Other assets 34,310 16,209 $ 892,830 710,725 Liabilities: Accounts payable and other liabilities $ 141,057 149,715 (1) Receivables primarily related to general contractor services, net of deferrals and management fee income receivables due from unconsolidated entities. 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 February 28, 2018 and November 30, 2017 , the fair value of the completion guarantees was immaterial. Additionally, as of February 28, 2018 and November 30, 2017 , the Lennar Multifamily segment had $4.6 million and $4.7 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 February 28, 2018 and November 30, 2017 , Lennar Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $977.1 million and $896.7 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 months ended February 28, 2018 and 2017 , the Lennar Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $11.5 million and $13.0 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 months ended February 28, 2018 and 2017 , the Lennar Multifamily segment provided general contractor services, net of deferrals totaling $81.7 million and $75.7 million , respectively, which were partially offset by costs related to those services of $78.6 million and $73.7 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 three months ended February 28, 2018 , $131.9 million in equity commitments were called, of which the Company contributed its portion of $31.7 million . During the three months ended February 28, 2018 , the Company received $0.9 million distributions as a return of capital from the Venture. As of February 28, 2018 , $1.6 billion of the $2.2 billion in equity commitments had been called, of which the Company has contributed $382.4 million , representing its pro-rata portion of the called equity, resulting in a remaining equity commitment for the Company of $121.6 million . As of February 28, 2018 and November 30, 2017 , the carrying value of the Company's investment in the Venture was $353.4 million and $323.8 million , respectively. In March 2018, the Lennar Multifamily segment completed the first closing of a second Lennar Multifamily Venture, Lennar Multifamily Venture II LP ("Venture II") for the development, construction and property management of class-A multifamily assets. With the first close, Venture II will have approximately $500 million of equity commitments, including a $255 million co-investment commitment by Lennar comprised of cash, undeveloped land and preacquisition costs. It will be seeded initially with six undeveloped multifamily assets that were previously purchased by the Lennar Multifamily segment totaling approximately 2,200 apartments with projected project costs of approximately $900 million . 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) February 28, November 30, Assets: Cash and cash equivalents $ 33,666 37,073 Operating properties and equipment 3,167,040 2,952,070 Other assets 31,431 36,772 $ 3,232,137 3,025,915 Liabilities and equity: Accounts payable and other liabilities $ 211,429 212,123 Notes payable (1) 959,563 879,047 Equity 2,061,145 1,934,745 $ 3,232,137 3,025,915 (1) Notes payable are net of debt issuance costs of $17.6 million as of both February 28, 2018 and November 30, 2017 , respectively. Statements of Operations Three Months Ended February 28, (In thousands) 2018 2017 Revenues $ 23,952 11,617 Costs and expenses 31,795 22,346 Other income, net 7,307 50,539 Net earnings (loss) of unconsolidated entities $ (536 ) 39,810 Lennar Multifamily equity in earnings from unconsolidated entities (1) $ 2,742 23,147 (1) During the three months ended February 28, 2018 , the Lennar Multifamily segment sold one operating property through an unconsolidated entity resulting in the segment's $4.1 million share of gains. During the three months ended February 28, 2017 , the Lennar Multifamily segment sold two operating properties through its unconsolidated entities resulting in the segment's $26.0 million

Lennar Multifamily Segment

Lennar Multifamily Segment	3 Months Ended
Lennar Multifamily Segment	Feb. 28, 2018
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, Georgia, Maryland, New Jersey, North Carolina, South Carolina and Virginia Central: Arizona, Colorado and Texas West: California and Nevada Other: Illinois, Indiana, Minnesota, Oregon, Tennessee, Utah and Washington Operations of the Lennar Financial Services segment include primarily mortgage financing, title insurance, closing services and property and casualty insurance 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, property and casualty 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(loss) consist of revenues generated primarily from gains from securitization transactions and interest income from the Rialto Mortgage Finance ("RMF") business, interest income associated with portfolios of real estate loans acquired and other portfolios of real estate loans and assets acquired, asset management, due diligence and underwriting fees derived from the real estate investment funds managed by the Rialto segment, fees for sub-advisory services, other income (expense), net and equity in earnings (loss) from unconsolidated entities, less the costs incurred by the segment for managing portfolios, costs related to RMF and other general and administrative expenses. Operations of the Lennar Multifamily segment include revenues generated from the sales of land, revenue from construction activities and management fees generated from joint ventures and equity in earnings (loss) from unconsolidated entities, less the cost of sales of land sold, 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, 2017 . 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) February 28, November 30, Assets: Homebuilding East $ 7,537,607 4,754,581 Homebuilding Central 3,609,537 2,037,905 Homebuilding West 7,668,640 5,165,218 Homebuilding Other 1,547,102 960,541 Lennar Financial Services 1,748,432 1,689,508 Rialto 909,249 1,153,840 Lennar Multifamily 892,830 710,725 Corporate and unallocated 4,030,626 2,272,716 Total assets $ 27,944,023 18,745,034 Lennar Homebuilding goodwill (1) $ 3,433,477 136,566 Lennar Financial Services goodwill (1) $ 210,628 59,838 Rialto goodwill $ 5,396 5,396 (1) In connection with the CalAtlantic acquisition, the Company recorded a provisional amount of homebuilding goodwill of $3.3 billion . The allocation of goodwill by homebuilding reporting segment has not yet been finalized. A provisional amount of goodwill related to the CalAtlantic acquisition of $150 million was allocated to Lennar Financial Services. In connection with the WCI acquisition in 2017, the Company allocated $136.6 million of goodwill to the Lennar Homebuilding East reportable segment and $20.0 million to the Lennar Financial Services segment. Three Months Ended February 28, (In thousands) 2018 2017 Revenues: Homebuilding East $ 1,070,654 767,726 Homebuilding Central 611,780 516,181 Homebuilding West 779,879 552,798 Homebuilding Other 199,780 181,989 Lennar Financial Services 171,140 148,043 Rialto 54,302 82,006 Lennar Multifamily 93,256 88,685 Total revenues (1) $ 2,980,791 2,337,428 Operating earnings (loss) (2): Homebuilding East (3) $ 105,921 (55,709 ) Homebuilding Central (4) 42,546 52,858 Homebuilding West (5) 251,276 53,360 Homebuilding Other (6) 13,984 20,829 Lennar Financial Services 19,695 20,664 Rialto 9,212 (843 ) Lennar Multifamily (1,201 ) 19,183 Total operating earnings 441,433 110,342 Acquisition and integration costs related to CalAtlantic 104,195 — Corporate general and administrative expenses 67,810 60,699 Earnings before income taxes $ 269,428 49,643 (1) Total revenues were net of sales incentives of $149.9 million ( $22,300 per home delivered) for the three months ended February 28, 2018 , compared to $123.5 million ( $22,700 per home delivered) for the three months ended February 28, 2017 . (2) All homebuilding segments and Homebuilding other were impacted by purchase accounting adjustments for three months ended February 28, 2018 . (3) Homebuilding East operating earnings for the three months ended February 28, 2017 included a $140 million loss due to litigation (see Note 17). (4) Homebuilding Central operating earnings for the three months ended February 28, 2018 included a $6.9 million valuation adjustment. (5) Homebuilding West operating earnings includes $164.9 million related to a gain on the sale of an 80% interest in one of Lennar Homebuilding's strategic joint ventures, Treasure Island Holdings. (6) Homebuilding Other operating earnings for the three months ended February 28, 2018 Lennar Financial Services Segment The assets and liabilities related to the Lennar Financial Services segment were as follows: (In thousands) February 28, November 30, Assets: Cash and cash equivalents $ 165,849 117,410 Restricted cash 11,251 12,006 Receivables, net (1) 366,100 313,252 Loans held-for-sale (2) 689,172 937,516 Loans held-for-investment, net 69,832 44,193 Investments held-to-maturity 60,831 52,327 Investments available-for-sale (3) 57,768 57,439 Goodwill (4) 210,628 59,838 Other (5) 117,001 95,527 $ 1,748,432 1,689,508 Liabilities: Notes and other debts payable $ 772,240 937,431 Other (6) 232,762 240,383 $ 1,005,002 1,177,814 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of February 28, 2018 and November 30, 2017 , 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) on the condensed consolidated balance sheet. (4) As of February 28, 2018 , goodwill included $20.0 million of goodwill related to the WCI acquisition. The assignment of goodwill to the Company's reporting segments related to the CalAtlantic acquisition has not been completed yet, however, a provisional amount of goodwill of approximately $150 million was allocated to Lennar Financial Services (see Note 2). (5) As of February 28, 2018 and November 30, 2017 , other assets included mortgage loan commitments carried at fair value of $11.7 million and $9.9 million , respectively, and mortgage servicing rights carried at fair value of $36.8 million and $31.2 million , respectively. In addition, other assets also included forward contracts carried at fair value of $4.8 million and $1.7 million as of February 28, 2018 and November 30, 2017 , respectively. (6) As of February 28, 2018 and November 30, 2017 , other liabilities included $57.2 million and $57.7 million , respectively, of certain of the Company’s self-insurance reserves related to construction defects, general liability and workers’ compensation. At February 28, 2018 , the Lennar Financial Services segment warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures March 2018 (1) $ 150,000 364-day warehouse repurchase facility that matures June 2018 400,000 364-day warehouse repurchase facility that matures June 2018 (2) 300,000 364-day warehouse repurchase facility that matures September 2018 300,000 364-day warehouse repurchase facility that matures December 2018 (3) 400,000 Total $ 1,550,000 (1) Maximum aggregate commitment includes an uncommitted amount of $75 million . Subsequent to February 28, 2018 , the warehouse repurchase facility maturity was extended to March 2019. (2) Maximum aggregate commitment includes an uncommitted amount of $300 million . (3) Maximum aggregate commitment includes an uncommitted amount of $250 million . The Lennar Financial Services segment uses these facilities to finance its lending activities until the mortgage loans are sold to investors and the proceeds are collected. The facilities are non-recourse to the Company and are expected to be renewed or replaced with other facilities when they mature. Borrowings under the facilities and their prior year predecessors were $772.1 million and $937.2 million at February 28, 2018 and November 30, 2017 , respectively, and were collateralized by mortgage loans and receivables on loans sold to investors but not yet paid for with outstanding principal balances of $800.2 million and $974.1 million at February 28, 2018 and November 30, 2017 , 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 February 28, (In thousands) 2018 2017 Loan origination liabilities, beginning of period $ 22,543 24,905 Provision for losses 647 878 Origination liabilities assumed related to CalAtlantic acquisition 3,959 — Payments/settlements (39 ) (780 ) Loan origination liabilities, end of period $ 27,110 25,003 The assets and liabilities related to the Rialto segment were as follows: (In thousands) February 28, November 30, Assets: Cash and cash equivalents $ 113,582 241,861 Restricted cash (1) 20,536 22,466 Loans held-for-sale (2) 125,013 236,018 Loans receivable, net 1,932 1,933 Real estate owned, net 63,284 86,047 Investments in unconsolidated entities 275,850 265,418 Investments held-to-maturity 210,882 179,659 Other 98,170 120,438 $ 909,249 1,153,840 Liabilities: Notes and other debts payable (3) $ 438,879 625,081 Other 49,225 94,975 $ 488,104 720,056 (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 Rialto Mortgage Finance ("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) 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. (3) As of February 28, 2018 and November 30, 2017 , notes and other debts payable primarily included $249.1 million and $349.4 million , respectively, related to Rialto's 7.00% senior notes due December 2018, and $45.9 million and $162.1 million , respectively, related to Rialto's warehouse repurchase facilities. Subsequent to February 28, 2018 , the remaining principal balance of Rialto's 7.00% senior notes due December 2018 was paid off. Rialto Mortgage Finance - loans held-for-sale During the three months ended February 28, 2018 , RMF originated loans with a total principal balance of $238.0 million , all of which was recorded as loans held-for-sale, and sold $347.7 million of loans into three separate securitizations. During the three months ended February 28, 2017 , RMF originated loans with a total principal balance of $403.7 million of which $394.3 million were recorded as loans held-for-sale and $9.3 million as accrual loans within loans receivable, net, and sold $477.7 million of loans into three separate securitizations. As of February 28, 2018 and November 30, 2017 , there were no unsettled transactions. 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. At February 28, 2018 , the consolidated LLCs had total combined assets of $20.0 million , which primarily included $10.1 million in cash, $7.4 million of real estate owned, net, and $1.6 million of loans held-for-sale. Since January 11, 2018, (1) the FDIC has had the right, at its discretion, to sell any remaining assets, or (2) Rialto has had the option to purchase the FDIC's interest in the portfolios. At February 28, 2018 , the consolidated LLCs had total combined assets of $20.0 million , which primarily included $10.1 million in cash, $7.4 million of real estate owned, net, and $1.6 million of loans held-for-sale. At February 28, 2018 , all remaining assets with carrying values were under contract to be sold. At November 30, 2017 , the consolidated LLCs had total combined assets of $48.8 million , which primarily included $23.8 million in cash, $20.0 million of real estate owned, net and $1.6 million of loans held-for-sale. Warehouse Facilities At February 28, 2018 , Rialto's warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures October 2018 (one year extension) $ 400,000 364-day warehouse repurchase facility that matures November 2018 200,000 364-day warehouse repurchase facility that matures December 2018 200,000 364-day warehouse repurchase facility that matures December 2019 200,000 Total - Loan origination and securitization business (RMF) $ 1,000,000 Warehouse repurchase facility that matures August 2018 (two - one year extensions) (1) 100,000 Total $ 1,100,000 (1) Rialto uses this warehouse repurchase facility to finance the origination of floating rate accrual loans, which are reported as accrual loans within loans receivable, net. There were no borrowings under this facility as of both February 28, 2018 and November 30, 2017 . Borrowings under the facilities that finance RMF's loan originations and securitization activities were $45.9 million and $162.1 million as of February 28, 2018 and November 30, 2017 , 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: February 28, February 28, 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 $ 41,871 41,860 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 87,884 86,904 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 14,917 19,189 Rialto Capital CMBS Funds 2014 119,174 119,177 52,474 52,474 54,409 54,018 Rialto Real Estate Fund III 2015 1,887,000 699,590 140,000 49,962 49,882 41,223 Rialto Credit Partnership, LP 2016 220,000 208,181 19,999 18,925 17,190 13,288 Other investments 9,697 8,936 $ 275,850 265,418 During the three months ended February 28, 2018 and 2017 , Rialto received $3.1 million and $0.9 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 months ended February 28, 2018 and 2017 , Rialto received $2.4 million and $10.0 million , respectively, of distributions with regard to its carried interest in Rialto Real Estate Fund, LP. These incentive income distributions are not subject to clawbacks and therefore are included in Rialto's revenues. During 2015, Rialto adopted a Carried Interest Incentive Plan (the "Plan"), under which participating employees in the aggregate may receive up to 40% of the equity units of a limited liability company (a "Carried Interest Entity") that is entitled to 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) February 28, November 30, Assets: Cash and cash equivalents $ 44,270 95,552 Loans receivable 591,157 538,317 Real estate owned 346,320 348,601 Investment securities 1,942,045 1,849,795 Investments in partnerships 416,311 393,874 Other assets 58,014 42,949 $ 3,398,117 3,269,088 Liabilities and equity: Accounts payable and other liabilities $ 42,177 48,374 Notes payable (1) 535,790 576,810 Equity 2,820,150 2,643,904 $ 3,398,117 3,269,088 (1) Notes payable are net of debt issuance costs of $4.1 million and $3.1 million , as of February 28, 2018 and November 30, 2017 , respectively. Statements of Operations Three Months Ended February 28, (In thousands) 2018 2017 Revenues $ 89,764 57,156 Costs and expenses 22,071 28,001 Other income, net (1) 49,187 327 Net earnings of unconsolidated entities $ 116,880 29,482 Rialto equity in earnings from unconsolidated entities $ 9,114 722 (1) Other income, net, includes realized and unrealized gains (losses) on investments. Investments held-to-maturity At February 28, 2018 and November 30, 2017 , the carrying value of Rialto's commercial mortgage-backed securities ("CMBS") was $210.9 million and $179.7 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 December 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 months ended February 28, 2018 or 2017 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) February 28, November 30, Assets: Cash and cash equivalents $ 16,249 8,676 Receivables (1) 72,613 69,678 Land under development 332,291 208,618 Investment in unconsolidated entities 437,367 407,544 Other assets 34,310 16,209 $ 892,830 710,725 Liabilities: Accounts payable and other liabilities $ 141,057 149,715 (1) Receivables primarily related to general contractor services, net of deferrals and management fee income receivables due from unconsolidated entities. 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 February 28, 2018 and November 30, 2017 , the fair value of the completion guarantees was immaterial. Additionally, as of February 28, 2018 and November 30, 2017 , the Lennar Multifamily segment had $4.6 million and $4.7 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 February 28, 2018 and November 30, 2017 , Lennar Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $977.1 million and $896.7 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 months ended February 28, 2018 and 2017 , the Lennar Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $11.5 million and $13.0 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 months ended February 28, 2018 and 2017 , the Lennar Multifamily segment provided general contractor services, net of deferrals totaling $81.7 million and $75.7 million , respectively, which were partially offset by costs related to those services of $78.6 million and $73.7 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 three months ended February 28, 2018 , $131.9 million in equity commitments were called, of which the Company contributed its portion of $31.7 million . During the three months ended February 28, 2018 , the Company received $0.9 million distributions as a return of capital from the Venture. As of February 28, 2018 , $1.6 billion of the $2.2 billion in equity commitments had been called, of which the Company has contributed $382.4 million , representing its pro-rata portion of the called equity, resulting in a remaining equity commitment for the Company of $121.6 million . As of February 28, 2018 and November 30, 2017 , the carrying value of the Company's investment in the Venture was $353.4 million and $323.8 million , respectively. In March 2018, the Lennar Multifamily segment completed the first closing of a second Lennar Multifamily Venture, Lennar Multifamily Venture II LP ("Venture II") for the development, construction and property management of class-A multifamily assets. With the first close, Venture II will have approximately $500 million of equity commitments, including a $255 million co-investment commitment by Lennar comprised of cash, undeveloped land and preacquisition costs. It will be seeded initially with six undeveloped multifamily assets that were previously purchased by the Lennar Multifamily segment totaling approximately 2,200 apartments with projected project costs of approximately $900 million . 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) February 28, November 30, Assets: Cash and cash equivalents $ 33,666 37,073 Operating properties and equipment 3,167,040 2,952,070 Other assets 31,431 36,772 $ 3,232,137 3,025,915 Liabilities and equity: Accounts payable and other liabilities $ 211,429 212,123 Notes payable (1) 959,563 879,047 Equity 2,061,145 1,934,745 $ 3,232,137 3,025,915 (1) Notes payable are net of debt issuance costs of $17.6 million as of both February 28, 2018 and November 30, 2017 , respectively. Statements of Operations Three Months Ended February 28, (In thousands) 2018 2017 Revenues $ 23,952 11,617 Costs and expenses 31,795 22,346 Other income, net 7,307 50,539 Net earnings (loss) of unconsolidated entities $ (536 ) 39,810 Lennar Multifamily equity in earnings from unconsolidated entities (1) $ 2,742 23,147 (1) During the three months ended February 28, 2018 , the Lennar Multifamily segment sold one operating property through an unconsolidated entity resulting in the segment's $4.1 million share of gains. During the three months ended February 28, 2017 , the Lennar Multifamily segment sold two operating properties through its unconsolidated entities resulting in the segment's $26.0 million

Lennar Homebuilding Cash and Ca

Lennar Homebuilding Cash and Cash Equivalents	3 Months Ended
Lennar Homebuilding Cash and Cash Equivalents	Feb. 28, 2018
Cash and Cash Equivalents [Abstract]
Lennar Homebuilding Cash and Cash Equivalents	Lennar Homebuilding Cash and Cash Equivalents Cash and cash equivalents as of February 28, 2018 and November 30, 2017 included $438.7 million and $569.8 million , respectively, of cash held in escrow for approximately 3 days

Lennar Homebuilding Senior Note

Lennar Homebuilding Senior Notes and Other Debts Payable	3 Months Ended
Lennar Homebuilding Senior Notes and Other Debts Payable	Feb. 28, 2018
Debt Disclosure [Abstract]
Lennar Homebuilding Senior Notes and Other Debts Payable	Lennar Homebuilding Senior Notes and Other Debts Payable (Dollars in thousands) February 28, November 30, Unsecured revolving credit facility $ 500,000 — 1.625% convertible senior notes due 2018 (1) 11,323 — 8.375% senior notes due 2018 (2) 582,032 — 6.95% senior notes due 2018 249,667 249,342 4.125% senior notes due December 2018 274,602 274,459 0.25% convertible senior notes due 2019 (1) 268,838 — 4.500% senior notes due 2019 498,968 498,793 4.50% senior notes due 2019 598,571 598,325 6.625% senior notes due 2020 (2) 318,171 — 2.95% senior notes due 2020 298,403 298,305 8.375% senior notes due 2021 (2) 449,464 — 4.750% senior notes due 2021 497,524 497,329 6.25% senior notes due December 2021 (2) 319,301 — 4.125% senior notes due 2022 596,152 595,904 5.375% senior notes due 2022 (2) 263,339 — 4.750% senior notes due 2022 569,645 569,484 4.875% senior notes due December 2023 395,265 394,964 4.500% senior notes due 2024 645,534 645,353 5.875% senior notes due 2024 (2) 456,569 — 4.750% senior notes due 2025 496,781 496,671 5.25% senior notes due 2026 (2) 410,115 — 5.00% senior notes due 2027 (2) 353,597 — 4.75% senior notes due 2027 892,706 892,657 Mortgage notes on land and other debt 435,973 398,417 $ 10,382,540 6,410,003 (1) As part of purchase accounting, the senior notes have been recorded at their fair value as of the date of acquisition (February 12, 2018), which is the amount included in the table above. In March 2018, holders of $6.7 million principal amount of CalAtlantic’s 1.625% convertible senior notes due 2018 and $266.2 million principal amount of CalAtlantic’s 0.25% convertible senior notes due 2019 either caused the Company to purchase them for cash or converted them into a combination of the Company’s Class A and Class B common stock and cash, resulting in the Company’s issuing approximately 3,654,000 shares of Class A common stock and 72,000 shares of Class B common stock, and paying $59.1 million in cash to former noteholders. All but $ 1.3 million of the convertible senior notes had either been converted or redeemed. (2) These notes were obligations of CalAtlantic when it was acquired, and were subsequently exchanged in part for notes of Lennar Corporation as follows: $485.6 million principal amount of 8.375% Senior Notes due 2018 , $267.7 million principal amount of 6.625% Senior Notes due 2020 , $397.6 million principal amount of 8.375% Senior Notes due 2021 , $292.0 million million principal amount of 6.25% Senior Notes due 2021 , $240.8 million principal amount of 5.375% Senior Notes due 2022 , $421.4 million principal amount of 5.875% Senior Notes due 2024 , $395.5 million principal amount of 5.25% Senior Notes due 2026 and $347.3 million principal amount of 5.00% Senior Notes due 2027 . As part of purchase accounting, the senior notes have been recorded at their fair value as of the date of acquisition (February 12, 2018). The carrying amounts of the senior notes listed above are net of debt issuance costs of $38.6 million and $33.5 million , as of February 28, 2018 and November 30, 2017 , respectively. In February 2018, the Company amended the credit agreement governing its unsecured revolving credit facility (the "Credit Facility") to increase the maximum borrowings from $2.0 billion to $2.6 billion and extend the maturity on $2.1 billion of the Credit Facility from June 2022 to April 2023, with $70 million maturing in June 2018 and the remaining $50 million maturing in June 2020. As of February 28, 2018 , the Credit Facility included a $ 420 million accordion feature, subject to additional commitments. Subsequent to February 28, 2018 , an additional $ 175 million was committed to, reducing the accordion feature to $ 245 million . 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 February 28, 2018 . In addition, the Company had $260 million of letter of credit facilities with different financial institutions. The Company’s performance letters of credit outstanding were $471.0 million and $384.4 million , respectively, at February 28, 2018 and November 30, 2017 . The Company’s financial letters of credit outstanding were $164.7 million and $127.4 million , at February 28, 2018 and November 30, 2017 , 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 February 28, 2018 , the Company had outstanding surety bonds of $2.4 billion including performance surety bonds related to site improvements at various projects (including certain projects in the Company’s joint ventures) and financial surety bonds. 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 February 28, 2018 , there were approximately $1.2 billion , or 50% , 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. The Company's senior notes are guaranteed by substantially all of the Company's 100% owned homebuilding subsidiaries and some of the Company's other subsidiaries. Although the guarantees are full, unconditional and joint and several while they are in effect, (i) a subsidiary will cease to be a guarantor at any time when it is not directly or indirectly guaranteeing at least $75 million

Product Warranty

Product Warranty	3 Months Ended
Product Warranty	Feb. 28, 2018
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 February 28, (In thousands) 2018 2017 Warranty reserve, beginning of the period $ 164,619 135,403 Warranties issued 24,689 20,720 Adjustments to pre-existing warranties from changes in estimates (1) 2,868 2,346 Warranties assumed related to acquisitions 108,404 6,345 Payments (30,524 ) (25,827 ) Warranty reserve, end of period $ 270,056 138,987 (1) The adjustments to pre-existing warranties from changes in estimates during the three months ended February 28, 2018 and 2017

Share-Based Payments

Share-Based Payments	3 Months Ended
Share-Based Payments	Feb. 28, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Payments	Share-Based Payments During the three months ended February 28, 2018 , the Company granted employees 0.4 million of nonvested shares. During the three months ended February 28, 2017 , the Company granted an immaterial number of nonvested shares. Compensation expense related to the Company’s nonvested shares for the three months ended February 28, 2018 and 2017 was $17.8 million and $12.5 million

Financial Instruments and Fair

Financial Instruments and Fair Value Disclosures	3 Months Ended
Financial Instruments and Fair Value Disclosures	Feb. 28, 2018
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 February 28, 2018 and November 30, 2017 , 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. February 28, 2018 November 30, 2017 (In thousands) Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value ASSETS Rialto: Loans receivable, net Level 3 $ 1,932 1,932 1,933 1,933 Investments held-to-maturity Level 3 $ 210,882 229,551 179,659 199,190 Lennar Financial Services: Loans held-for-investment, net Level 3 $ 69,832 63,171 44,193 41,795 Investments held-to-maturity Level 2 $ 60,831 60,441 52,327 52,189 LIABILITIES Lennar Homebuilding senior notes and other debts payable Level 2 $ 10,382,540 10,476,731 6,410,003 6,598,848 Rialto notes payable and other debts payable Level 2 $ 438,879 448,114 625,081 644,644 Lennar financial Services notes and other debts payable Level 2 $ 772,240 772,240 937,431 937,431 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 $ 123,398 234,403 Credit default swaps (2) Level 2 $ 1,084 995 Lennar Financial Services Assets (Liabilities): Loans held-for-sale (3) Level 2 $ 689,172 937,516 Investments available-for-sale Level 1 $ 57,768 57,439 Mortgage loan commitments Level 2 $ 11,654 9,873 Forward contracts Level 2 $ 4,844 1,681 Mortgage servicing rights Level 3 $ 36,772 31,163 (1) The aggregate fair value of Rialto loans held-for-sale of $123.4 million at February 28, 2018 is below their aggregate principal balance of $125.5 million by $2.1 million . The aggregate fair value of loans held-for-sale of $234.4 million at November 30, 2017 was below their aggregate principal balance of $235.4 million by $1.0 million . (2) Rialto's credit default swaps are included within Rialto's other assets. (3) The aggregate fair value of Lennar Financial Services loans held-for-sale of $689.2 million at February 28, 2018 exceeds their aggregate principal balance of $676.8 million by $12.4 million . The aggregate fair value of Lennar Financial Services loans held-for-sale of $937.5 million at November 30, 2017 exceeded their aggregate principal balance of $908.8 million by $28.7 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. 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 February 28, 2018 and November 30, 2017 . 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 assets as of February 28, 2018 and November 30, 2017 , respectively. 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 February 28, 2018 , the segment had open commitments amounting to $1.3 billion to sell MBS with varying settlement dates through May 2018. 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 February 28, 2018 , the key assumptions used in determining the fair value include a 11.6% mortgage prepayment rate, a 12.3% discount rate and a 6.1% delinquency rate. The fair value of mortgage servicing rights is included in the Lennar Financial Services segment's other assets. The changes in fair values for Level 1 and Level 2 financial instruments measured on a recurring basis are shown below by financial instrument and financial statement line item: Three Months Ended February 28, (In thousands) 2018 2017 Changes in fair value included in Lennar Financial Services revenues: Loans held-for-sale $ (16,297 ) 13,300 Mortgage loan commitments $ 1,781 6,220 Forward contracts $ 3,163 (28,214 ) Changes in fair value included in Rialto revenues: Financial Assets: Credit default swaps $ 89 (431 ) Changes in fair value included in other comprehensive income (loss), net of tax: Lennar Financial Services investment available-for-sale $ (658 ) 972 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 February 28, 2018 2017 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 $ 31,163 234,403 23,930 126,947 Purchases/loan originations 2,288 237,965 2,846 394,340 Sales/loan originations sold, including those not settled — (347,712 ) — (477,716 ) Disposals/settlements (1,213 ) — (891 ) — Changes in fair value (1) 4,534 753 612 1,420 Interest and principal paydowns — (2,011 ) — (52 ) Ending balance $ 36,772 123,398 26,497 44,939 (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 February 28, 2018 2017 (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 $ — — — 31,550 18,885 (12,665 ) Non-financial assets Lennar Homebuilding: Land and land under development (2) Level 3 $ 52,929 43,565 (9,364 ) — — — Rialto: REO, net (3): Upon acquisition/transfer Level 3 $ — — — 8,850 8,394 (456 ) Upon management periodic valuations Level 3 $ 16,453 10,968 (5,485 ) 52,425 40,096 (12,329 ) (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 months ended February 28, 2018 and 2017 . (2) Valuation adjustments were included in Lennar Homebuilding costs and expenses in the Company's condensed consolidated statement of operations for the three months ended February 28, 2018 and 2017 . (3) The fair value of REO, net is based upon appraised value at the time of foreclosure or management's best estimate. In addition, management periodically performs valuations of its REO. The losses, net upon the transfer or acquisition of REO and impairments were included in Rialto other expense, net, in the Company’s condensed consolidated statement of operations for the three months ended February 28, 2018 and 2017 . 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, 2017 . 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 February 28, 2018 and 2017 , there were 1,340 and 750 active communities, excluding unconsolidated entities, respectively. As of February 28, 2018 , the Company identified 20 communities with 1,184 homesites and a corresponding carrying value of $267.6 million as having potential indicators of impairment. For the three months ended February 28, 2018 , the Company recorded a valuation adjustment of $6.9 million on 114 homesites in one community with a carrying value of $17.5 million . As of February 28, 2017 , the Company identified 16 communities with 589 homesites and a corresponding carrying value of $102.9 million as having potential indicators of impairment. For the three months ended February 28, 2017 , 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 three months ended February 28, 2018 : Three Months Ended February 28, 2018 Unobservable inputs Average selling price $572,000 Absorption rate per quarter (homes) 6 Discount rate 20%

Variable Interest Entities

Variable Interest Entities	3 Months Ended
Variable Interest Entities	Feb. 28, 2018
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 three months ended February 28, 2018 . Based on the Company's evaluation, during the three months ended February 28, 2018 , the Company consolidated a VIE that had an immaterial amount of combined assets and liabilities. During the three months ended February 28, 2018 , there were no VIEs that were deconsolidated. The Company’s recorded investments in unconsolidated entities were as follows: (In thousands) February 28, November 30, Lennar Homebuilding $ 990,723 900,769 Rialto $ 275,850 265,418 Lennar Multifamily $ 437,367 407,544 Consolidated VIEs As of February 28, 2018 , the carrying amounts of the VIEs’ assets and non-recourse liabilities that consolidated were $864.8 million and $366.0 million , respectively. As of November 30, 2017 , the carrying amounts of the VIEs’ assets and non-recourse liabilities that consolidated were $799.4 million and $389.7 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 or 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 February 28, 2018 (In thousands) Investments in Unconsolidated VIEs Lennar’s Maximum Exposure to Loss Lennar Homebuilding (1) $ 48,792 117,516 Rialto (2) 210,882 210,882 Lennar Multifamily (3) 371,916 498,450 $ 631,590 826,848 As of November 30, 2017 (In thousands) Investments in Unconsolidated VIEs Lennar’s Maximum Exposure to Loss Lennar Homebuilding (1) $ 181,804 248,909 Rialto (2) 179,659 179,659 Lennar Multifamily (3) 345,175 503,364 $ 706,638 931,932 (1) As of both February 28, 2018 and November 30, 2017 , 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 $62.5 million and $61.6 million , respectively. (2) As of both February 28, 2018 and November 30, 2017 , the maximum recourse exposure to loss of Rialto’s investments in unconsolidated VIEs was limited to its investments in the unconsolidated VIEs. As of February 28, 2018 and November 30, 2017 , investments in unconsolidated VIEs and Lennar’s maximum exposure to loss included $210.9 million and $179.7 million , respectively, related to Rialto’s investments held-to-maturity. (3) As of February 28, 2018 and November 30, 2017 , the remaining equity commitment of $121.6 million and $153.3 million , respectively, to fund the Venture for future expenditures related to the construction and development of its projects is included in Lennar's maximum exposure to loss. In addition, as of February 28, 2018 and November 30, 2017 , 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 $4.6 million and $4.6 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 February 28, 2018 , the Company and other partners did not have an obligation to make capital contributions to the VIEs, except for $121.6 million remaining equity commitment to fund the Venture for future expenditures related to the construction and development of the projects and $4.6 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 $62.5 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 three months ended February 28, 2018 , consolidated inventory not owned decreased by $26.6 million with a corresponding decrease to liabilities related to consolidated inventory not owned in the accompanying condensed consolidated balance sheet as of February 28, 2018 . The decrease was primarily due to a higher amount of homesite takedowns than construction started on homesites not owned. To reflect the purchase price of the inventory consolidated, the Company had a net reclass related to option deposits from consolidated inventory not owned to land under development in the accompanying condensed consolidated balance sheet as of February 28, 2018 . 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 $202.4 million and $137.0 million at February 28, 2018 and November 30, 2017 , respectively. Additionally, the Company had posted $46.9 million and $51.8 million of letters of credit in lieu of cash deposits under certain land and option contracts as of February 28, 2018 and November 30, 2017

Commitments and Contingent Liab

Commitments and Contingent Liabilities	3 Months Ended
Commitments and Contingent Liabilities	Feb. 28, 2018
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 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. In the first quarter of 2017 , the Company recorded a $140 million loss due to litigation, which was related to litigation regarding a contract the Company entered into in 2005 to purchase a property in Maryland. As a result of the litigation, the Company purchased the property for $114 million , which approximated the Company's estimate of fair value for the property. In addition, the Company paid approximately $124 million in interest and other closing costs and has accrued for the amount it expects to pay as reimbursement for attorney's fees.

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
New Accounting Pronouncements	Feb. 28, 2018
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09, Revenue from Contracts with Customers, ("ASU 2014-09"). ASU 2014-09 provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. ASU 2014-09 will require an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update creates a five-step model that requires entities to exercise judgment when considering the terms of the contract(s) which include (i) identifying the contract(s) with the customer, (ii) identifying the separate performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the separate performance obligations, and (v) recognizing revenue when each performance obligation is satisfied. In July 2015, the FASB deferred the effective date by one year and permitted early adoption of the standard, but not before the original effective date; therefore, ASU 2014-09 will be effective for the Company’s fiscal year beginning December 1, 2018 and subsequent interim periods. The Company has the option to apply the provisions of ASU 2014-09 either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of applying this ASU recognized at the date of initial application. The Company is currently planning to adopt the modified retrospective method and is continuing to evaluate the impact the adoption of ASU 2014-09 will have on the Company's 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 the Company's 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 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 consolidated financial statements. In March 2016, the FASB issued ASU 2016-02, Leases ("ASU 2016-02"), which provides guidance for accounting for leases. ASU 2016-02 requires lessees to classify leases as either finance or operating leases and to record a right-of-use asset and a lease liability for all leases with a term greater than 12 months regardless of the lease classification. The lease classification will determine whether the lease expense is recognized based on an effective interest rate method or on a straight line basis over the term of the lease. Accounting for lessors remains largely unchanged from current GAAP. ASU 2016-02 will be effective for the Company’s fiscal year beginning December 1, 2019 and subsequent interim periods. The Company is currently evaluating the impact the adoption of ASU 2016-02 will have on the Company's 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 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 was effective for the Company beginning December 1, 2017 and subsequent interim periods. As a result, beginning in the first quarter of 2018 the Company recognized prospectively excess tax benefits in the provision for income taxes in the accompanying condensed consolidated statement of operations. The change in the presentation in the statement of cash flows related to excess tax benefits is being applied prospectively and as such prior periods have not been adjusted. Excess tax benefits are being classified as operating activities. The impact of the adoption was not material to the Company's consolidated financial statements. The Company does not have any unrecognized excess tax benefits so there was no cumulative-effect adjustment recorded. In addition, per ASU 2016-09, the Company elected to record forfeitures when they occur. 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 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. Additionally, 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. Both ASU 2016-15 and ASU 2016-18 will be effective for the Company’s fiscal year beginning December 1, 2018 and subsequent interim periods. The adoption of ASU 2016-15 will modify the Company's current disclosures and reclassifications within the consolidated statement of cash flows but is not expected to have a material effect on the Company’s 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. The adoption of ASU 2017-01 is not expected to have a material effect on the Company’s consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350), Simplifying the Accounting for Goodwill Impairment

Supplemental Financial Informat

Supplemental Financial Information	3 Months Ended
Supplemental Financial Information	Feb. 28, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Financial Information	Supplemental Financial Information The indentures governing the Company’s 1.625% senior notes due 2018, 8.375% senior notes due 2018, 6.95% senior notes due 2018, 4.125% senior notes due 2018, 0.25% senior notes due 2019, 4.500% senior notes due 2019, 4.50% senior notes due 2019, 6.625% senior notes due 2020, 2.95% senior notes due 2020, 8.375% senior notes due 2021, 4.750% senior notes due 2021, 6.25% senior notes due 2021, 4.125% senior notes due 2022, 5.375% senior notes due 2022, 4.750% senior notes due 2022, 4.875% senior notes due 2023, 4.500% senior notes due 2024, 5.875% senior notes due 2024, 4.750% senior notes due 2025, 5.25% senior notes due 2026, 5.00% senior notes due 2027 and 4.75% senior notes due 2027 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. In addition, some subsidiaries of CalAtlantic are guaranteeing CalAtlantic senior convertible notes that also are guaranteed by Lennar Corporation. 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 February 28, 2018 they were guaranteeing Lennar Corporation's letter of credit facilities and its Credit Facility, disclosed in Note 12 or were guaranteeing CalAtlantic convertible senior notes. 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 of Lennar senior notes 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. February 28, 2018 was as follows: Condensed Consolidating Balance Sheet February 28, 2018 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total ASSETS Lennar Homebuilding: Cash and cash equivalents, restricted cash and receivables, net $ 298,162 637,847 14,973 — 950,982 Inventories — 17,209,084 371,732 — 17,580,816 Investments in unconsolidated entities — 974,404 16,319 — 990,723 Goodwill — 3,433,477 — — 3,433,477 Other assets 282,703 1,045,144 125,175 (15,508 ) 1,437,514 Investments in subsidiaries 10,817,911 110,353 — (10,928,264 ) — Intercompany 11,701,443 — — (11,701,443 ) — 23,100,219 23,410,309 528,199 (22,645,215 ) 24,393,512 Lennar Financial Services — 298,595 1,451,059 (1,222 ) 1,748,432 Rialto — — 909,249 — 909,249 Lennar Multifamily — — 892,830 — 892,830 Total assets $ 23,100,219 23,708,904 3,781,337 (22,646,437 ) 27,944,023 LIABILITIES AND EQUITY Lennar Homebuilding: Accounts payable and other liabilities $ 529,607 1,610,823 282,488 (16,730 ) 2,406,188 Liabilities related to consolidated inventory not owned — 333,548 13,500 — 347,048 Senior notes and other debts payable 9,509,682 861,798 11,060 — 10,382,540 Intercompany — 10,342,346 1,359,097 (11,701,443 ) — 10,039,289 13,148,515 1,666,145 (11,718,173 ) 13,135,776 Lennar Financial Services — 38,504 966,498 — 1,005,002 Rialto — — 488,104 — 488,104 Lennar Multifamily — — 141,057 — 141,057 Total liabilities 10,039,289 13,187,019 3,261,804 (11,718,173 ) 14,769,939 Stockholders’ equity 13,060,930 10,521,885 406,379 (10,928,264 ) 13,060,930 Noncontrolling interests — — 113,154 — 113,154 Total equity 13,060,930 10,521,885 519,533 (10,928,264 ) 13,174,084 Total liabilities and equity $ 23,100,219 23,708,904 3,781,337 (22,646,437 ) 27,944,023 November 30, 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 $ 1,945,024 462,336 21,972 — 2,429,332 Inventories — 10,560,996 299,894 — 10,860,890 Investments in unconsolidated entities — 884,294 16,475 — 900,769 Goodwill — 136,566 — — 136,566 Other assets 246,490 520,899 114,431 (18,416 ) 863,404 Investments in subsidiaries 4,446,309 52,237 — (4,498,546 ) — Intercompany 7,881,306 — — (7,881,306 ) — 14,519,129 12,617,328 452,772 (12,398,268 ) 15,190,961 Lennar Financial Services — 130,184 1,561,525 (2,201 ) 1,689,508 Rialto — — 1,153,840 — 1,153,840 Lennar Multifamily — — 710,725 — 710,725 Total assets $ 14,519,129 12,747,512 3,878,862 (12,400,469 ) 18,745,034 LIABILITIES AND EQUITY Lennar Homebuilding: Accounts payable and other liabilities $ 635,227 1,011,051 294,933 (20,617 ) 1,920,594 Liabilities related to consolidated inventory not owned — 367,220 13,500 — 380,720 Senior notes and other debts payable 6,011,585 394,365 4,053 — 6,410,003 Intercompany — 6,775,719 1,105,587 (7,881,306 ) — 6,646,812 8,548,355 1,418,073 (7,901,923 ) 8,711,317 Lennar Financial Services — 48,700 1,129,114 — 1,177,814 Rialto — — 720,056 — 720,056 Lennar Multifamily — — 149,715 — 149,715 Total liabilities 6,646,812 8,597,055 3,416,958 (7,901,923 ) 10,758,902 Stockholders’ equity 7,872,317 4,150,457 348,089 (4,498,546 ) 7,872,317 Noncontrolling interests — — 113,815 — 113,815 Total equity 7,872,317 4,150,457 461,904 (4,498,546 ) 7,986,132 Total liabilities and equity $ 14,519,129 12,747,512 3,878,862 (12,400,469 ) 18,745,034 Three Months Ended February 28, 2018 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 2,653,194 8,899 — 2,662,093 Lennar Financial Services — 73,012 103,102 (4,974 ) 171,140 Rialto — — 54,302 — 54,302 Lennar Multifamily — — 93,256 — 93,256 Total revenues — 2,726,206 259,559 (4,974 ) 2,980,791 Cost and expenses: Lennar Homebuilding — 2,393,804 12,237 (2,034 ) 2,404,007 Lennar Financial Services — 74,476 83,118 (6,149 ) 151,445 Rialto — — 45,413 — 45,413 Lennar Multifamily — — 97,199 — 97,199 Acquisition and integration costs related to CalAtlantic — 104,195 — — 104,195 Corporate general and administrative 65,923 604 — 1,283 67,810 Total costs and expenses 65,923 2,573,079 237,967 (6,900 ) 2,870,069 Lennar Homebuilding equity in loss from unconsolidated entities — (14,131 ) (156 ) — (14,287 ) Lennar Homebuilding other income, net 1,935 168,296 1,623 (1,926 ) 169,928 Rialto equity in earnings from unconsolidated entities — — 9,114 — 9,114 Rialto other expense, net — — (8,791 ) — (8,791 ) Lennar Multifamily equity in earnings from unconsolidated entities — — 2,742 — 2,742 Earnings (loss) before income taxes (63,988 ) 307,292 26,124 — 269,428 Benefit (provision) for income taxes 31,565 (150,443 ) (13,733 ) — (132,611 ) Equity in earnings from subsidiaries 168,638 10,200 — (178,838 ) — Net earnings (including net earnings attributable to noncontrolling interests) 136,215 167,049 12,391 (178,838 ) 136,817 Less: Net earnings attributable to noncontrolling interests — — 602 — 602 Net earnings attributable to Lennar $ 136,215 167,049 11,789 (178,838 ) 136,215 Other comprehensive loss, net of tax: Net unrealized loss on securities available-for-sale $ — — (658 ) — (658 ) Total other comprehensive loss, net of tax $ — — (658 ) — (658 ) Total comprehensive income attributable to Lennar $ 136,215 167,049 11,131 (178,838 ) 135,557 Total comprehensive income attributable to noncontrolling interests $ — — 602 — 602 Three Months Ended February 28, 2017 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 2,012,882 5,812 — 2,018,694 Lennar Financial Services — 50,509 102,532 (4,998 ) 148,043 Rialto — — 82,006 — 82,006 Lennar Multifamily — — 88,717 (32 ) 88,685 Total revenues — 2,063,391 279,067 (5,030 ) 2,337,428 Cost and expenses: Lennar Homebuilding — 1,794,010 7,868 (317 ) 1,801,561 Lennar Financial Services — 49,056 83,988 (5,665 ) 127,379 Rialto — — 66,965 (52 ) 66,913 Lennar Multifamily — — 92,649 — 92,649 Corporate general and administrative 59,179 255 — 1,265 60,699 Total costs and expenses 59,179 1,843,321 251,470 (4,769 ) 2,149,201 Lennar Homebuilding equity in earnings (loss) from unconsolidated entities — (11,560 ) 26 — (11,534 ) Lennar Homebuilding other income (expense), net (251 ) 4,773 956 261 5,739 Lennar Homebuilding loss due to litigation accrual — (140,000 ) — — (140,000 ) Rialto equity in earnings from unconsolidated entities — — 722 — 722 Rialto other expense, net — — (16,658 ) — (16,658 ) Lennar Multifamily equity in earnings from unconsolidated entities — — 23,147 — 23,147 Earnings (loss) before income taxes (59,430 ) 73,283 35,790 — 49,643 Benefit (provision) for income taxes 20,444 (23,344 ) (17,069 ) — (19,969 ) Equity in earnings from subsidiaries 77,066 6,893 — (83,959 ) — Net earnings (including net loss attributable to noncontrolling interests) 38,080 56,832 18,721 (83,959 ) 29,674 Less: Net loss attributable to noncontrolling interests — — (8,406 ) — (8,406 ) Net earnings attributable to Lennar $ 38,080 56,832 27,127 (83,959 ) 38,080 Other comprehensive income, net of tax: Net unrealized gain on securities available-for-sale — — 972 — 972 Total other comprehensive income, net of tax $ — — 972 — 972 Total comprehensive income attributable to Lennar $ 38,080 56,832 28,099 (83,959 ) 39,052 Total comprehensive loss attributable to noncontrolling interests $ — — (8,406 ) — (8,406 ) Three Months Ended February 28, 2018 (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) $ 136,215 167,049 12,391 (178,838 ) 136,817 Distributions of earnings from guarantor and non-guarantor subsidiaries 168,638 10,200 — (178,838 ) — Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities (274,370 ) (352,627 ) 168,614 178,838 (279,545 ) Net cash provided by (used in) operating activities 30,483 (175,378 ) 181,005 (178,838 ) (142,728 ) Cash flows from investing activities: Investments in and contributions to unconsolidated entities, net of distributions of capital — (9,659 ) (31,989 ) — (41,648 ) Proceeds from sales of real estate owned — — 18,080 — 18,080 Proceeds from sale of investment in unconsolidated entity — 175,179 — — 175,179 Purchases of commercial mortgage-backed securities bonds — — (31,068 ) — (31,068 ) Acquisition, net of cash acquired (1,162,342 ) 24,088 36,515 — (1,101,739 ) Other (9,045 ) (25,220 ) (12,749 ) — (47,014 ) Intercompany (921,113 ) — — 921,113 — Net cash provided by (used in) investing activities (2,092,500 ) 164,388 (21,211 ) 921,113 (1,028,210 ) Cash flows from financing activities: Net borrowings (repayments) under unsecured revolving credit facilities 500,000 (454,700 ) — — 45,300 Net repayments under warehouse facilities — (27 ) (344,484 ) — (344,511 ) Debt issuance costs (9,117 ) — (2,922 ) — (12,039 ) Net payments on other borrowings, other liabilities, Rialto Senior Notes and other notes payable — (14,806 ) (69,413 ) — (84,219 ) Net payments related to noncontrolling interests — (19,908 ) — (19,908 ) Common stock: Repurchases (25,355 ) — — — (25,355 ) Dividends (9,617 ) (167,049 ) (11,789 ) 178,838 (9,617 ) Intercompany — 729,979 191,134 (921,113 ) — Net cash provided by (used in) financing activities 455,911 93,397 (257,382 ) (742,275 ) (450,349 ) Net decrease (increase) in cash and cash equivalents (1,606,106 ) 82,407 (97,588 ) — (1,621,287 ) Cash and cash equivalents at beginning of period 1,937,674 359,087 354,111 — 2,650,872 Cash and cash equivalents at end of period $ 331,568 441,494 256,523 — 1,029,585 Three Months Ended February 28, 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) $ 38,080 56,832 18,721 (83,959 ) 29,674 Distributions of earnings from guarantor and non-guarantor subsidiaries 77,066 6,893 — (83,959 ) — Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities (41,356 ) (421,010 ) 428,057 83,959 49,650 Net cash provided by (used in) operating activities 73,790 (357,285 ) 446,778 (83,959 ) 79,324 Cash flows from investing activities: Investments in and contributions to unconsolidated entities, net of distributions of capital — (111,072 ) (673 ) — (111,745 ) Proceeds from sales of real estate owned — — 24,215 — 24,215 Originations of loans receivable — — (9,330 ) — (9,330 ) Purchases of commercial mortgage-backed securities bonds — — (40,357 ) — (40,357 ) Acquisition, net of cash acquired (596,172 ) — — — (596,172 ) Other (2,824 ) (9,303 ) (20,566 ) — (32,693 ) Distributions of capital from guarantor and non-guarantor subsidiaries 30,000 30,000 — (60,000 ) — Intercompany (634,418 ) — — 634,418 — Net cash used in investing activities (1,203,414 ) (90,375 ) (46,711 ) 574,418 (766,082 ) Cash flows from financing activities: Net borrowings under unsecured revolving credit facility 250,000 — — — 250,000 Net repayments under warehouse facilities — (25 ) (543,331 ) — (543,356 ) Proceeds from senior notes and debt issuance costs 595,160 — (6,008 ) — 589,152 Net proceeds on Rialto notes payable — — 32,489 — 32,489 Net proceeds (payments) on other borrowings — (15,217 ) 6,370 — (8,847 ) Net payments related to noncontrolling interests — (25,718 ) — (25,718 ) Excess tax benefits from share-based awards 1,953 — — — 1,953 Common stock: Issuances 99 — — — 99 Repurchases (83 ) — — — (83 ) Dividends (9,400 ) (86,832 ) (57,127 ) 143,959 (9,400 ) Intercompany — 440,388 194,030 (634,418 ) — Net cash provided by (used in) financing activities 837,729 338,314 (399,295 ) (490,459 ) 286,289 Net increase (decrease) in cash and cash equivalents (291,895 ) (109,346 ) 772 — (400,469 ) 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 $ 405,217 267,724 256,119 — 929,060

Basis of Presentation (Policy)

Basis of Presentation (Policy)	3 Months Ended
Basis of Presentation (Policy)	Feb. 28, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Consolidation	Basis of ConsolidationThe accompanying condensed consolidated financial statements include the accounts of Lennar Corporation and all subsidiaries, partnerships and other entities in which Lennar Corporation has a controlling interest and VIEs (see Note 16) in which Lennar Corporation is deemed to be the primary beneficiary (the "Company"). The Company’s investments in both unconsolidated entities in which a significant, but less than controlling, interest is held and in VIEs in which the Company is not deemed to be the primary beneficiary, are accounted for by the equity method. All intercompany transactions and balances have been eliminated in consolidation.
Basis of Accounting	The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended November 30, 2017 . 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 months ended February 28, 2018
Use of Estimates	Use of EstimatesThe preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Reclassifications/Revisions	Reclassifications/RevisionsCertain prior year amounts in the consolidated financial statements have been reclassified to conform with the 2018 presentation. These reclassifications had no impact on the Company's condensed consolidated financial statements.
New Accounting Pronouncements	New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09, Revenue from Contracts with Customers, ("ASU 2014-09"). ASU 2014-09 provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. ASU 2014-09 will require an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update creates a five-step model that requires entities to exercise judgment when considering the terms of the contract(s) which include (i) identifying the contract(s) with the customer, (ii) identifying the separate performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the separate performance obligations, and (v) recognizing revenue when each performance obligation is satisfied. In July 2015, the FASB deferred the effective date by one year and permitted early adoption of the standard, but not before the original effective date; therefore, ASU 2014-09 will be effective for the Company’s fiscal year beginning December 1, 2018 and subsequent interim periods. The Company has the option to apply the provisions of ASU 2014-09 either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of applying this ASU recognized at the date of initial application. The Company is currently planning to adopt the modified retrospective method and is continuing to evaluate the impact the adoption of ASU 2014-09 will have on the Company's 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 the Company's 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 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 consolidated financial statements. In March 2016, the FASB issued ASU 2016-02, Leases ("ASU 2016-02"), which provides guidance for accounting for leases. ASU 2016-02 requires lessees to classify leases as either finance or operating leases and to record a right-of-use asset and a lease liability for all leases with a term greater than 12 months regardless of the lease classification. The lease classification will determine whether the lease expense is recognized based on an effective interest rate method or on a straight line basis over the term of the lease. Accounting for lessors remains largely unchanged from current GAAP. ASU 2016-02 will be effective for the Company’s fiscal year beginning December 1, 2019 and subsequent interim periods. The Company is currently evaluating the impact the adoption of ASU 2016-02 will have on the Company's 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 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 was effective for the Company beginning December 1, 2017 and subsequent interim periods. As a result, beginning in the first quarter of 2018 the Company recognized prospectively excess tax benefits in the provision for income taxes in the accompanying condensed consolidated statement of operations. The change in the presentation in the statement of cash flows related to excess tax benefits is being applied prospectively and as such prior periods have not been adjusted. Excess tax benefits are being classified as operating activities. The impact of the adoption was not material to the Company's consolidated financial statements. The Company does not have any unrecognized excess tax benefits so there was no cumulative-effect adjustment recorded. In addition, per ASU 2016-09, the Company elected to record forfeitures when they occur. 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 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. Additionally, 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. Both ASU 2016-15 and ASU 2016-18 will be effective for the Company’s fiscal year beginning December 1, 2018 and subsequent interim periods. The adoption of ASU 2016-15 will modify the Company's current disclosures and reclassifications within the consolidated statement of cash flows but is not expected to have a material effect on the Company’s 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. The adoption of ASU 2017-01 is not expected to have a material effect on the Company’s consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350), Simplifying the Accounting for Goodwill Impairment

Business Acquisition (Tables)

Business Acquisition (Tables)	3 Months Ended
Business Acquisition (Tables)	Feb. 28, 2018
Business Combinations [Abstract]
Schedule of Business Acquisitions	The following table summarizes the purchase price allocation based on the estimated fair value of net assets acquired and liabilities assumed at the date of acquisition: (Dollars in thousands) CalAtlantic shares of common stock outstanding 118,025,879 CalAtlantic shares electing cash conversion 24,083,091 CalAtlantic shares exchanged 93,942,788 Exchange ratio for Class A common stock 0.885 Exchange ratio for Class B common stock 0.0177 Number of shares of Lennar Class A common stock issued in exchange 83,138,277 Number of shares of Lennar Class B common stock issued in exchange (due to Class B common stock dividend) 1,662,172 Consideration attributable to Class A common stock $ 4,933,425 Consideration attributable to Class B common stock 77,823 Consideration attributable to equity awards that convert upon change of control 58,755 Consideration attributable to cash including fractional shares 1,162,344 Total purchase price $ 6,232,347
Business Acquisition, Pro Forma Information	The following presents summarized unaudited supplemental pro forma operating results as if CalAtlantic had been included in the Company's Consolidated Statements of Operations as of the beginning of the quarter presented. Three Months Ended February 28, (Dollars in thousands, except per share amounts) 2018 2017 Revenues from home sales $ 4,194,203 3,611,375 Net earnings (1) 130,496 156,234 Earnings per share: Basic $ 0.51 0.62 Diluted $ 0.51 0.61
Schedule of 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) 156,566 Deferred tax assets, net 88,147 Other assets 66,173 Total assets 1,025,743 LIABILITIES Accounts payable 26,735 Senior notes and other debts payable 282,793 Other liabilities 73,593 Total liabilities 383,121 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 amount of goodwill allocated to the Company's Homebuilding East segment was $136.6 million and to the Lennar Financial Services segment was $20.0 million . These amounts were based on the relative fair value of each acquired reporting unit in accordance with ASC 350, (In thousands) ASSETS Homebuilding: Cash and cash equivalents, restricted cash and receivables, net $ 57,879 Inventories 6,288,283 Intangible assets (1) 8,000 Investments in unconsolidated entities 151,858 Goodwill (2) 3,296,911 Other assets 577,623 Total Homebuilding assets 10,380,554 Financial Services (2) 322,804 Total assets 10,703,358 LIABILITIES Homebuilding: Accounts payable 85,001 Senior notes payable and other debts 3,922,987 Other liabilities (3) 349,520 Total Homebuilding liabilities 4,357,508 Financial Services 95,073 Total liabilities 4,452,581 Noncontrolling interests (4) 18,430 Total purchase price $ 6,232,347 (1) Intangible assets includes trade name. The amortization period for the trade name is approximately six months . (2) Goodwill represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed, and it is generally not deductible for income tax purposes. As of the merger date, goodwill consisted primarily of expected greater efficiencies and opportunities due to increased concentration of local market share, reduced general and administrative costs and reduced homebuilding costs resulting from the merger and cost savings as a result of additional homebuilding and non-homebuilding synergies. The assignment of goodwill by the Company's reporting segments has not been completed yet, however, a provisional amount of goodwill of approximately $150 million was allocated to Lennar Financial Services. (3) Other liabilities includes contingencies assumed at the Merger date, which includes warranty and legal reserves. Warranty 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. Warranty reserves are determined based on historical data and trends with respect to similar product types and geographical areas. Consistent with ASC 450, Contingencies, legal reserves are established when a loss is considered probable and the amount of loss can be reasonably estimated. (4)

Operating and Reporting Segme27

Operating and Reporting Segments (Tables)	3 Months Ended
Operating and Reporting Segments (Tables)	Feb. 28, 2018
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) February 28, November 30, Assets: Homebuilding East $ 7,537,607 4,754,581 Homebuilding Central 3,609,537 2,037,905 Homebuilding West 7,668,640 5,165,218 Homebuilding Other 1,547,102 960,541 Lennar Financial Services 1,748,432 1,689,508 Rialto 909,249 1,153,840 Lennar Multifamily 892,830 710,725 Corporate and unallocated 4,030,626 2,272,716 Total assets $ 27,944,023 18,745,034 Lennar Homebuilding goodwill (1) $ 3,433,477 136,566 Lennar Financial Services goodwill (1) $ 210,628 59,838 Rialto goodwill $ 5,396 5,396 (1) In connection with the CalAtlantic acquisition, the Company recorded a provisional amount of homebuilding goodwill of $3.3 billion . The allocation of goodwill by homebuilding reporting segment has not yet been finalized. A provisional amount of goodwill related to the CalAtlantic acquisition of $150 million was allocated to Lennar Financial Services. In connection with the WCI acquisition in 2017, the Company allocated $136.6 million of goodwill to the Lennar Homebuilding East reportable segment and $20.0 million to the Lennar Financial Services segment. Three Months Ended February 28, (In thousands) 2018 2017 Revenues: Homebuilding East $ 1,070,654 767,726 Homebuilding Central 611,780 516,181 Homebuilding West 779,879 552,798 Homebuilding Other 199,780 181,989 Lennar Financial Services 171,140 148,043 Rialto 54,302 82,006 Lennar Multifamily 93,256 88,685 Total revenues (1) $ 2,980,791 2,337,428 Operating earnings (loss) (2): Homebuilding East (3) $ 105,921 (55,709 ) Homebuilding Central (4) 42,546 52,858 Homebuilding West (5) 251,276 53,360 Homebuilding Other (6) 13,984 20,829 Lennar Financial Services 19,695 20,664 Rialto 9,212 (843 ) Lennar Multifamily (1,201 ) 19,183 Total operating earnings 441,433 110,342 Acquisition and integration costs related to CalAtlantic 104,195 — Corporate general and administrative expenses 67,810 60,699 Earnings before income taxes $ 269,428 49,643 (1) Total revenues were net of sales incentives of $149.9 million ( $22,300 per home delivered) for the three months ended February 28, 2018 , compared to $123.5 million ( $22,700 per home delivered) for the three months ended February 28, 2017 . (2) All homebuilding segments and Homebuilding other were impacted by purchase accounting adjustments for three months ended February 28, 2018 . (3) Homebuilding East operating earnings for the three months ended February 28, 2017 included a $140 million loss due to litigation (see Note 17). (4) Homebuilding Central operating earnings for the three months ended February 28, 2018 included a $6.9 million valuation adjustment. (5) Homebuilding West operating earnings includes $164.9 million related to a gain on the sale of an 80% interest in one of Lennar Homebuilding's strategic joint ventures, Treasure Island Holdings. (6) Homebuilding Other operating earnings for the three months ended February 28, 2018 (In thousands) February 28, November 30, Assets: Cash and cash equivalents $ 165,849 117,410 Restricted cash 11,251 12,006 Receivables, net (1) 366,100 313,252 Loans held-for-sale (2) 689,172 937,516 Loans held-for-investment, net 69,832 44,193 Investments held-to-maturity 60,831 52,327 Investments available-for-sale (3) 57,768 57,439 Goodwill (4) 210,628 59,838 Other (5) 117,001 95,527 $ 1,748,432 1,689,508 Liabilities: Notes and other debts payable $ 772,240 937,431 Other (6) 232,762 240,383 $ 1,005,002 1,177,814 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of February 28, 2018 and November 30, 2017 , 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) on the condensed consolidated balance sheet. (4) As of February 28, 2018 , goodwill included $20.0 million of goodwill related to the WCI acquisition. The assignment of goodwill to the Company's reporting segments related to the CalAtlantic acquisition has not been completed yet, however, a provisional amount of goodwill of approximately $150 million was allocated to Lennar Financial Services (see Note 2). (5) As of February 28, 2018 and November 30, 2017 , other assets included mortgage loan commitments carried at fair value of $11.7 million and $9.9 million , respectively, and mortgage servicing rights carried at fair value of $36.8 million and $31.2 million , respectively. In addition, other assets also included forward contracts carried at fair value of $4.8 million and $1.7 million as of February 28, 2018 and November 30, 2017 , respectively. (6) As of February 28, 2018 and November 30, 2017 , other liabilities included $57.2 million and $57.7 million (In thousands) February 28, November 30, Assets: Cash and cash equivalents $ 113,582 241,861 Restricted cash (1) 20,536 22,466 Loans held-for-sale (2) 125,013 236,018 Loans receivable, net 1,932 1,933 Real estate owned, net 63,284 86,047 Investments in unconsolidated entities 275,850 265,418 Investments held-to-maturity 210,882 179,659 Other 98,170 120,438 $ 909,249 1,153,840 Liabilities: Notes and other debts payable (3) $ 438,879 625,081 Other 49,225 94,975 $ 488,104 720,056 (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 Rialto Mortgage Finance ("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) 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. (3) As of February 28, 2018 and November 30, 2017 , notes and other debts payable primarily included $249.1 million and $349.4 million , respectively, related to Rialto's 7.00% senior notes due December 2018, and $45.9 million and $162.1 million , respectively, related to Rialto's warehouse repurchase facilities. Subsequent to February 28, 2018 , the remaining principal balance of Rialto's 7.00% The assets and liabilities related to the Lennar Multifamily segment were as follows: (In thousands) February 28, November 30, Assets: Cash and cash equivalents $ 16,249 8,676 Receivables (1) 72,613 69,678 Land under development 332,291 208,618 Investment in unconsolidated entities 437,367 407,544 Other assets 34,310 16,209 $ 892,830 710,725 Liabilities: Accounts payable and other liabilities $ 141,057 149,715 (1)

Lennar Homebuilding Investmen28

Lennar Homebuilding Investments in Unconsolidated Entities (Tables)	3 Months Ended
	Feb. 28, 2018
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	The total debt of the Lennar Homebuilding unconsolidated entities in which the Company has investments, including Lennar's maximum recourse exposure, were as follows: (Dollars in thousands) February 28, November 30, Non-recourse bank debt and other debt (partner’s share of several recourse) $ 62,720 64,197 Non-recourse land seller debt and other debt 1,997 1,997 Non-recourse debt with completion guarantees 251,235 255,903 Non-recourse debt without completion guarantees 355,844 351,800 Non-recourse debt to the Company 671,796 673,897 The Company’s maximum recourse exposure (1) 70,096 69,181 Debt issue costs (5,296 ) (5,747 ) Total debt $ 736,596 737,331 The Company’s maximum recourse exposure as a % of total JV debt 10 % 9 % (1) As of both February 28, 2018 and November 30, 2017 , the Company's maximum recourse exposure was primarily related to the Company providing repayment guarantees on three (In thousands) February 28, November 30, Assets: Cash and cash equivalents $ 816,965 953,261 Inventories 4,155,615 3,751,525 Other assets 1,063,853 1,061,507 $ 6,036,433 5,766,293 Liabilities and equity: Accounts payable and other liabilities $ 907,108 832,151 Debt (1) 736,596 737,331 Equity 4,392,729 4,196,811 $ 6,036,433 5,766,293 (1) Debt presented above is net of debt issuance costs of $5.3 million and $5.7 million , as of February 28, 2018 and November 30, 2017 , respectively. Statements of Operations Three Months Ended February 28, (In thousands) 2018 2017 Revenues $ 68,872 46,136 Costs and expenses 108,424 79,066 Net loss of unconsolidated entities $ (39,552 ) (32,930 ) Lennar Homebuilding equity in loss from unconsolidated entities $ (14,287 ) (11,534 ) Three Months Ended February 28, (In thousands) 2018 2017 Revenues $ 89,764 57,156 Costs and expenses 22,071 28,001 Other income, net (1) 49,187 327 Net earnings of unconsolidated entities $ 116,880 29,482 Rialto equity in earnings from unconsolidated entities $ 9,114 722 (1) February 28, February 28, 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 $ 41,871 41,860 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 87,884 86,904 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 14,917 19,189 Rialto Capital CMBS Funds 2014 119,174 119,177 52,474 52,474 54,409 54,018 Rialto Real Estate Fund III 2015 1,887,000 699,590 140,000 49,962 49,882 41,223 Rialto Credit Partnership, LP 2016 220,000 208,181 19,999 18,925 17,190 13,288 Other investments 9,697 8,936 $ 275,850 265,418 100% basis related to Rialto’s investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets (In thousands) February 28, November 30, Assets: Cash and cash equivalents $ 44,270 95,552 Loans receivable 591,157 538,317 Real estate owned 346,320 348,601 Investment securities 1,942,045 1,849,795 Investments in partnerships 416,311 393,874 Other assets 58,014 42,949 $ 3,398,117 3,269,088 Liabilities and equity: Accounts payable and other liabilities $ 42,177 48,374 Notes payable (1) 535,790 576,810 Equity 2,820,150 2,643,904 $ 3,398,117 3,269,088 (1) Notes payable are net of debt issuance costs of $4.1 million and $3.1 million , as of February 28, 2018 and November 30, 2017 , 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) February 28, November 30, Assets: Cash and cash equivalents $ 33,666 37,073 Operating properties and equipment 3,167,040 2,952,070 Other assets 31,431 36,772 $ 3,232,137 3,025,915 Liabilities and equity: Accounts payable and other liabilities $ 211,429 212,123 Notes payable (1) 959,563 879,047 Equity 2,061,145 1,934,745 $ 3,232,137 3,025,915 (1) Notes payable are net of debt issuance costs of $17.6 million as of both February 28, 2018 and November 30, 2017 , respectively. Statements of Operations Three Months Ended February 28, (In thousands) 2018 2017 Revenues $ 23,952 11,617 Costs and expenses 31,795 22,346 Other income, net 7,307 50,539 Net earnings (loss) of unconsolidated entities $ (536 ) 39,810 Lennar Multifamily equity in earnings from unconsolidated entities (1) $ 2,742 23,147 (1) During the three months ended February 28, 2018 , the Lennar Multifamily segment sold one operating property through an unconsolidated entity resulting in the segment's $4.1 million share of gains. During the three months ended February 28, 2017 , the Lennar Multifamily segment sold two operating properties through its unconsolidated entities resulting in the segment's $26.0 million (In thousands) February 28, November 30, Lennar Homebuilding $ 990,723 900,769 Rialto $ 275,850 265,418 Lennar Multifamily $ 437,367 407,544

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
Stockholders' Equity (Tables)	Feb. 28, 2018
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 three months ended February 28, 2018 and 2017 : 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, 2017 $ 7,986,132 20,543 3,769 3,142,013 (136,020 ) 1,034 4,840,978 113,815 Net earnings (including net earnings attributable to noncontrolling interests) 136,817 — — — — — 136,215 602 Employee stock and directors plans (2,557 ) 41 — 214 (2,816 ) — 4 — Stock issuance in connection with CalAtlantic acquisition 5,047,464 8,408 168 5,061,430 (22,542 ) — — — Amortization of restricted stock 17,766 — — 17,766 — — — — Cash dividends (9,617 ) — — — — — (9,617 ) — Receipts related to noncontrolling interests 3,852 — — — — — — 3,852 Payments related to noncontrolling interests (23,760 ) — — — — — — (23,760 ) Non-cash activity related to noncontrolling interests 18,645 — — — — — — 18,645 Total other comprehensive loss, net of tax (658 ) — — — — (658 ) — — Balance at February 28, 2018 $ 13,174,084 28,992 3,937 8,221,423 (161,378 ) 376 4,967,580 113,154 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) 29,674 — — — — — 38,080 (8,406 ) Employee stock and directors plans 72 2 — 157 (87 ) — — — Tax benefit from employee stock plans, vesting of restricted stock and conversions of convertible senior notes 35,515 — — 35,515 — — — — Amortization of restricted stock 12,505 — — 12,505 — — — — Cash dividends (9,400 ) — — — — — (9,400 ) — Receipts related to noncontrolling interests 153 — — — — — — 153 Payments related to noncontrolling interests (25,871 ) — — — — — — (25,871 ) Non-cash activity to noncontrolling interests 588 — — 2,267 — — — (1,679 ) Total other comprehensive income, net of tax 972 — — — — 972 — — Balance at February 28, 2017 $ 7,255,775 20,411 3,298 2,855,793 (109,048 ) 663 4,334,936 149,722

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
Income Taxes (Tables)	Feb. 28, 2018
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 February 28, (Dollars in thousands) 2018 2017 Provision for income taxes ($132,611 ) (19,969 ) Effective tax rate (1) 49.3 % 34.4 % (1) For the three months ended February 28, 2018 , the effective tax rate included a $68.6 million non-cash one-time write down of the deferred tax assets due to the enactment of the Tax Cuts and Jobs Act and state income tax expense, offset primarily by tax benefits for the domestic production activities deduction, and solar tax credits. Excluding the impact of the write down of the deferred tax assets, the effective tax rate for the three months ended February 28, 2018 was 23.8% . For the three months ended February 28, 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.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
Earnings Per Share (Tables)	Feb. 28, 2018
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 February 28, (In thousands, except per share amounts) 2018 2017 Numerator: Net earnings attributable to Lennar $ 136,215 38,080 Less: distributed earnings allocated to nonvested shares 115 112 Less: undistributed earnings allocated to nonvested shares 1,282 273 Numerator for basic earnings per share 134,818 37,695 Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan (1) 210 339 Plus: interest on convertible senior notes 26 — Plus: undistributed earnings allocated to convertible shares 1 — Numerator for diluted earnings per share $ 134,635 37,356 Denominator: Denominator for basic earnings per share - weighted average common shares outstanding (2) 253,665 236,852 Effect of dilutive securities: Shared based payments 55 2 Convertible senior notes 728 — Denominator for diluted earnings per share - weighted average common shares outstanding 254,448 236,854 Basic earnings per share (2) $ 0.53 0.16 Diluted earnings per share (2) $ 0.53 0.16 (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. (2) The weighted average common shares for the three months ended February 28, 2017 has been retroactively adjusted to include 4.7 million

Lennar Financial Services Seg32

Lennar Financial Services Segment (Tables)	3 Months Ended
Lennar Financial Services Segment (Tables)	Feb. 28, 2018
Segment Reporting [Abstract]
Schedule of Assets and Liabilities	Financial information relating to the Company’s operations was as follows: (In thousands) February 28, November 30, Assets: Homebuilding East $ 7,537,607 4,754,581 Homebuilding Central 3,609,537 2,037,905 Homebuilding West 7,668,640 5,165,218 Homebuilding Other 1,547,102 960,541 Lennar Financial Services 1,748,432 1,689,508 Rialto 909,249 1,153,840 Lennar Multifamily 892,830 710,725 Corporate and unallocated 4,030,626 2,272,716 Total assets $ 27,944,023 18,745,034 Lennar Homebuilding goodwill (1) $ 3,433,477 136,566 Lennar Financial Services goodwill (1) $ 210,628 59,838 Rialto goodwill $ 5,396 5,396 (1) In connection with the CalAtlantic acquisition, the Company recorded a provisional amount of homebuilding goodwill of $3.3 billion . The allocation of goodwill by homebuilding reporting segment has not yet been finalized. A provisional amount of goodwill related to the CalAtlantic acquisition of $150 million was allocated to Lennar Financial Services. In connection with the WCI acquisition in 2017, the Company allocated $136.6 million of goodwill to the Lennar Homebuilding East reportable segment and $20.0 million to the Lennar Financial Services segment. Three Months Ended February 28, (In thousands) 2018 2017 Revenues: Homebuilding East $ 1,070,654 767,726 Homebuilding Central 611,780 516,181 Homebuilding West 779,879 552,798 Homebuilding Other 199,780 181,989 Lennar Financial Services 171,140 148,043 Rialto 54,302 82,006 Lennar Multifamily 93,256 88,685 Total revenues (1) $ 2,980,791 2,337,428 Operating earnings (loss) (2): Homebuilding East (3) $ 105,921 (55,709 ) Homebuilding Central (4) 42,546 52,858 Homebuilding West (5) 251,276 53,360 Homebuilding Other (6) 13,984 20,829 Lennar Financial Services 19,695 20,664 Rialto 9,212 (843 ) Lennar Multifamily (1,201 ) 19,183 Total operating earnings 441,433 110,342 Acquisition and integration costs related to CalAtlantic 104,195 — Corporate general and administrative expenses 67,810 60,699 Earnings before income taxes $ 269,428 49,643 (1) Total revenues were net of sales incentives of $149.9 million ( $22,300 per home delivered) for the three months ended February 28, 2018 , compared to $123.5 million ( $22,700 per home delivered) for the three months ended February 28, 2017 . (2) All homebuilding segments and Homebuilding other were impacted by purchase accounting adjustments for three months ended February 28, 2018 . (3) Homebuilding East operating earnings for the three months ended February 28, 2017 included a $140 million loss due to litigation (see Note 17). (4) Homebuilding Central operating earnings for the three months ended February 28, 2018 included a $6.9 million valuation adjustment. (5) Homebuilding West operating earnings includes $164.9 million related to a gain on the sale of an 80% interest in one of Lennar Homebuilding's strategic joint ventures, Treasure Island Holdings. (6) Homebuilding Other operating earnings for the three months ended February 28, 2018 (In thousands) February 28, November 30, Assets: Cash and cash equivalents $ 165,849 117,410 Restricted cash 11,251 12,006 Receivables, net (1) 366,100 313,252 Loans held-for-sale (2) 689,172 937,516 Loans held-for-investment, net 69,832 44,193 Investments held-to-maturity 60,831 52,327 Investments available-for-sale (3) 57,768 57,439 Goodwill (4) 210,628 59,838 Other (5) 117,001 95,527 $ 1,748,432 1,689,508 Liabilities: Notes and other debts payable $ 772,240 937,431 Other (6) 232,762 240,383 $ 1,005,002 1,177,814 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of February 28, 2018 and November 30, 2017 , 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) on the condensed consolidated balance sheet. (4) As of February 28, 2018 , goodwill included $20.0 million of goodwill related to the WCI acquisition. The assignment of goodwill to the Company's reporting segments related to the CalAtlantic acquisition has not been completed yet, however, a provisional amount of goodwill of approximately $150 million was allocated to Lennar Financial Services (see Note 2). (5) As of February 28, 2018 and November 30, 2017 , other assets included mortgage loan commitments carried at fair value of $11.7 million and $9.9 million , respectively, and mortgage servicing rights carried at fair value of $36.8 million and $31.2 million , respectively. In addition, other assets also included forward contracts carried at fair value of $4.8 million and $1.7 million as of February 28, 2018 and November 30, 2017 , respectively. (6) As of February 28, 2018 and November 30, 2017 , other liabilities included $57.2 million and $57.7 million (In thousands) February 28, November 30, Assets: Cash and cash equivalents $ 113,582 241,861 Restricted cash (1) 20,536 22,466 Loans held-for-sale (2) 125,013 236,018 Loans receivable, net 1,932 1,933 Real estate owned, net 63,284 86,047 Investments in unconsolidated entities 275,850 265,418 Investments held-to-maturity 210,882 179,659 Other 98,170 120,438 $ 909,249 1,153,840 Liabilities: Notes and other debts payable (3) $ 438,879 625,081 Other 49,225 94,975 $ 488,104 720,056 (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 Rialto Mortgage Finance ("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) 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. (3) As of February 28, 2018 and November 30, 2017 , notes and other debts payable primarily included $249.1 million and $349.4 million , respectively, related to Rialto's 7.00% senior notes due December 2018, and $45.9 million and $162.1 million , respectively, related to Rialto's warehouse repurchase facilities. Subsequent to February 28, 2018 , the remaining principal balance of Rialto's 7.00% The assets and liabilities related to the Lennar Multifamily segment were as follows: (In thousands) February 28, November 30, Assets: Cash and cash equivalents $ 16,249 8,676 Receivables (1) 72,613 69,678 Land under development 332,291 208,618 Investment in unconsolidated entities 437,367 407,544 Other assets 34,310 16,209 $ 892,830 710,725 Liabilities: Accounts payable and other liabilities $ 141,057 149,715 (1)
Schedule of Line of Credit Facilities	At February 28, 2018 , the Lennar Financial Services segment warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures March 2018 (1) $ 150,000 364-day warehouse repurchase facility that matures June 2018 400,000 364-day warehouse repurchase facility that matures June 2018 (2) 300,000 364-day warehouse repurchase facility that matures September 2018 300,000 364-day warehouse repurchase facility that matures December 2018 (3) 400,000 Total $ 1,550,000 (1) Maximum aggregate commitment includes an uncommitted amount of $75 million . Subsequent to February 28, 2018 , the warehouse repurchase facility maturity was extended to March 2019. (2) Maximum aggregate commitment includes an uncommitted amount of $300 million . (3) Maximum aggregate commitment includes an uncommitted amount of $250 million February 28, 2018 , Rialto's warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures October 2018 (one year extension) $ 400,000 364-day warehouse repurchase facility that matures November 2018 200,000 364-day warehouse repurchase facility that matures December 2018 200,000 364-day warehouse repurchase facility that matures December 2019 200,000 Total - Loan origination and securitization business (RMF) $ 1,000,000 Warehouse repurchase facility that matures August 2018 (two - one year extensions) (1) 100,000 Total $ 1,100,000 (1) Rialto uses this warehouse repurchase facility to finance the origination of floating rate accrual loans, which are reported as accrual loans within loans receivable, net. There were no borrowings under this facility as of both February 28, 2018 and November 30, 2017
Schedule of Loan Origination Liabilities	The activity in the Company’s loan origination liabilities was as follows: Three Months Ended February 28, (In thousands) 2018 2017 Loan origination liabilities, beginning of period $ 22,543 24,905 Provision for losses 647 878 Origination liabilities assumed related to CalAtlantic acquisition 3,959 — Payments/settlements (39 ) (780 ) Loan origination liabilities, end of period $ 27,110 25,003

Rialto Segment (Tables)

Rialto Segment (Tables)	3 Months Ended
Rialto Segment (Tables)	Feb. 28, 2018
Segment Reporting [Abstract]
Schedule of Assets and Liabilities	Financial information relating to the Company’s operations was as follows: (In thousands) February 28, November 30, Assets: Homebuilding East $ 7,537,607 4,754,581 Homebuilding Central 3,609,537 2,037,905 Homebuilding West 7,668,640 5,165,218 Homebuilding Other 1,547,102 960,541 Lennar Financial Services 1,748,432 1,689,508 Rialto 909,249 1,153,840 Lennar Multifamily 892,830 710,725 Corporate and unallocated 4,030,626 2,272,716 Total assets $ 27,944,023 18,745,034 Lennar Homebuilding goodwill (1) $ 3,433,477 136,566 Lennar Financial Services goodwill (1) $ 210,628 59,838 Rialto goodwill $ 5,396 5,396 (1) In connection with the CalAtlantic acquisition, the Company recorded a provisional amount of homebuilding goodwill of $3.3 billion . The allocation of goodwill by homebuilding reporting segment has not yet been finalized. A provisional amount of goodwill related to the CalAtlantic acquisition of $150 million was allocated to Lennar Financial Services. In connection with the WCI acquisition in 2017, the Company allocated $136.6 million of goodwill to the Lennar Homebuilding East reportable segment and $20.0 million to the Lennar Financial Services segment. Three Months Ended February 28, (In thousands) 2018 2017 Revenues: Homebuilding East $ 1,070,654 767,726 Homebuilding Central 611,780 516,181 Homebuilding West 779,879 552,798 Homebuilding Other 199,780 181,989 Lennar Financial Services 171,140 148,043 Rialto 54,302 82,006 Lennar Multifamily 93,256 88,685 Total revenues (1) $ 2,980,791 2,337,428 Operating earnings (loss) (2): Homebuilding East (3) $ 105,921 (55,709 ) Homebuilding Central (4) 42,546 52,858 Homebuilding West (5) 251,276 53,360 Homebuilding Other (6) 13,984 20,829 Lennar Financial Services 19,695 20,664 Rialto 9,212 (843 ) Lennar Multifamily (1,201 ) 19,183 Total operating earnings 441,433 110,342 Acquisition and integration costs related to CalAtlantic 104,195 — Corporate general and administrative expenses 67,810 60,699 Earnings before income taxes $ 269,428 49,643 (1) Total revenues were net of sales incentives of $149.9 million ( $22,300 per home delivered) for the three months ended February 28, 2018 , compared to $123.5 million ( $22,700 per home delivered) for the three months ended February 28, 2017 . (2) All homebuilding segments and Homebuilding other were impacted by purchase accounting adjustments for three months ended February 28, 2018 . (3) Homebuilding East operating earnings for the three months ended February 28, 2017 included a $140 million loss due to litigation (see Note 17). (4) Homebuilding Central operating earnings for the three months ended February 28, 2018 included a $6.9 million valuation adjustment. (5) Homebuilding West operating earnings includes $164.9 million related to a gain on the sale of an 80% interest in one of Lennar Homebuilding's strategic joint ventures, Treasure Island Holdings. (6) Homebuilding Other operating earnings for the three months ended February 28, 2018 (In thousands) February 28, November 30, Assets: Cash and cash equivalents $ 165,849 117,410 Restricted cash 11,251 12,006 Receivables, net (1) 366,100 313,252 Loans held-for-sale (2) 689,172 937,516 Loans held-for-investment, net 69,832 44,193 Investments held-to-maturity 60,831 52,327 Investments available-for-sale (3) 57,768 57,439 Goodwill (4) 210,628 59,838 Other (5) 117,001 95,527 $ 1,748,432 1,689,508 Liabilities: Notes and other debts payable $ 772,240 937,431 Other (6) 232,762 240,383 $ 1,005,002 1,177,814 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of February 28, 2018 and November 30, 2017 , 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) on the condensed consolidated balance sheet. (4) As of February 28, 2018 , goodwill included $20.0 million of goodwill related to the WCI acquisition. The assignment of goodwill to the Company's reporting segments related to the CalAtlantic acquisition has not been completed yet, however, a provisional amount of goodwill of approximately $150 million was allocated to Lennar Financial Services (see Note 2). (5) As of February 28, 2018 and November 30, 2017 , other assets included mortgage loan commitments carried at fair value of $11.7 million and $9.9 million , respectively, and mortgage servicing rights carried at fair value of $36.8 million and $31.2 million , respectively. In addition, other assets also included forward contracts carried at fair value of $4.8 million and $1.7 million as of February 28, 2018 and November 30, 2017 , respectively. (6) As of February 28, 2018 and November 30, 2017 , other liabilities included $57.2 million and $57.7 million (In thousands) February 28, November 30, Assets: Cash and cash equivalents $ 113,582 241,861 Restricted cash (1) 20,536 22,466 Loans held-for-sale (2) 125,013 236,018 Loans receivable, net 1,932 1,933 Real estate owned, net 63,284 86,047 Investments in unconsolidated entities 275,850 265,418 Investments held-to-maturity 210,882 179,659 Other 98,170 120,438 $ 909,249 1,153,840 Liabilities: Notes and other debts payable (3) $ 438,879 625,081 Other 49,225 94,975 $ 488,104 720,056 (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 Rialto Mortgage Finance ("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) 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. (3) As of February 28, 2018 and November 30, 2017 , notes and other debts payable primarily included $249.1 million and $349.4 million , respectively, related to Rialto's 7.00% senior notes due December 2018, and $45.9 million and $162.1 million , respectively, related to Rialto's warehouse repurchase facilities. Subsequent to February 28, 2018 , the remaining principal balance of Rialto's 7.00% The assets and liabilities related to the Lennar Multifamily segment were as follows: (In thousands) February 28, November 30, Assets: Cash and cash equivalents $ 16,249 8,676 Receivables (1) 72,613 69,678 Land under development 332,291 208,618 Investment in unconsolidated entities 437,367 407,544 Other assets 34,310 16,209 $ 892,830 710,725 Liabilities: Accounts payable and other liabilities $ 141,057 149,715 (1)
Schedule of Line of Credit Facilities	At February 28, 2018 , the Lennar Financial Services segment warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures March 2018 (1) $ 150,000 364-day warehouse repurchase facility that matures June 2018 400,000 364-day warehouse repurchase facility that matures June 2018 (2) 300,000 364-day warehouse repurchase facility that matures September 2018 300,000 364-day warehouse repurchase facility that matures December 2018 (3) 400,000 Total $ 1,550,000 (1) Maximum aggregate commitment includes an uncommitted amount of $75 million . Subsequent to February 28, 2018 , the warehouse repurchase facility maturity was extended to March 2019. (2) Maximum aggregate commitment includes an uncommitted amount of $300 million . (3) Maximum aggregate commitment includes an uncommitted amount of $250 million February 28, 2018 , Rialto's warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures October 2018 (one year extension) $ 400,000 364-day warehouse repurchase facility that matures November 2018 200,000 364-day warehouse repurchase facility that matures December 2018 200,000 364-day warehouse repurchase facility that matures December 2019 200,000 Total - Loan origination and securitization business (RMF) $ 1,000,000 Warehouse repurchase facility that matures August 2018 (two - one year extensions) (1) 100,000 Total $ 1,100,000 (1) Rialto uses this warehouse repurchase facility to finance the origination of floating rate accrual loans, which are reported as accrual loans within loans receivable, net. There were no borrowings under this facility as of both February 28, 2018 and November 30, 2017
Equity Method Investments	The total debt of the Lennar Homebuilding unconsolidated entities in which the Company has investments, including Lennar's maximum recourse exposure, were as follows: (Dollars in thousands) February 28, November 30, Non-recourse bank debt and other debt (partner’s share of several recourse) $ 62,720 64,197 Non-recourse land seller debt and other debt 1,997 1,997 Non-recourse debt with completion guarantees 251,235 255,903 Non-recourse debt without completion guarantees 355,844 351,800 Non-recourse debt to the Company 671,796 673,897 The Company’s maximum recourse exposure (1) 70,096 69,181 Debt issue costs (5,296 ) (5,747 ) Total debt $ 736,596 737,331 The Company’s maximum recourse exposure as a % of total JV debt 10 % 9 % (1) As of both February 28, 2018 and November 30, 2017 , the Company's maximum recourse exposure was primarily related to the Company providing repayment guarantees on three (In thousands) February 28, November 30, Assets: Cash and cash equivalents $ 816,965 953,261 Inventories 4,155,615 3,751,525 Other assets 1,063,853 1,061,507 $ 6,036,433 5,766,293 Liabilities and equity: Accounts payable and other liabilities $ 907,108 832,151 Debt (1) 736,596 737,331 Equity 4,392,729 4,196,811 $ 6,036,433 5,766,293 (1) Debt presented above is net of debt issuance costs of $5.3 million and $5.7 million , as of February 28, 2018 and November 30, 2017 , respectively. Statements of Operations Three Months Ended February 28, (In thousands) 2018 2017 Revenues $ 68,872 46,136 Costs and expenses 108,424 79,066 Net loss of unconsolidated entities $ (39,552 ) (32,930 ) Lennar Homebuilding equity in loss from unconsolidated entities $ (14,287 ) (11,534 ) Three Months Ended February 28, (In thousands) 2018 2017 Revenues $ 89,764 57,156 Costs and expenses 22,071 28,001 Other income, net (1) 49,187 327 Net earnings of unconsolidated entities $ 116,880 29,482 Rialto equity in earnings from unconsolidated entities $ 9,114 722 (1) February 28, February 28, 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 $ 41,871 41,860 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 87,884 86,904 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 14,917 19,189 Rialto Capital CMBS Funds 2014 119,174 119,177 52,474 52,474 54,409 54,018 Rialto Real Estate Fund III 2015 1,887,000 699,590 140,000 49,962 49,882 41,223 Rialto Credit Partnership, LP 2016 220,000 208,181 19,999 18,925 17,190 13,288 Other investments 9,697 8,936 $ 275,850 265,418 100% basis related to Rialto’s investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets (In thousands) February 28, November 30, Assets: Cash and cash equivalents $ 44,270 95,552 Loans receivable 591,157 538,317 Real estate owned 346,320 348,601 Investment securities 1,942,045 1,849,795 Investments in partnerships 416,311 393,874 Other assets 58,014 42,949 $ 3,398,117 3,269,088 Liabilities and equity: Accounts payable and other liabilities $ 42,177 48,374 Notes payable (1) 535,790 576,810 Equity 2,820,150 2,643,904 $ 3,398,117 3,269,088 (1) Notes payable are net of debt issuance costs of $4.1 million and $3.1 million , as of February 28, 2018 and November 30, 2017 , 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) February 28, November 30, Assets: Cash and cash equivalents $ 33,666 37,073 Operating properties and equipment 3,167,040 2,952,070 Other assets 31,431 36,772 $ 3,232,137 3,025,915 Liabilities and equity: Accounts payable and other liabilities $ 211,429 212,123 Notes payable (1) 959,563 879,047 Equity 2,061,145 1,934,745 $ 3,232,137 3,025,915 (1) Notes payable are net of debt issuance costs of $17.6 million as of both February 28, 2018 and November 30, 2017 , respectively. Statements of Operations Three Months Ended February 28, (In thousands) 2018 2017 Revenues $ 23,952 11,617 Costs and expenses 31,795 22,346 Other income, net 7,307 50,539 Net earnings (loss) of unconsolidated entities $ (536 ) 39,810 Lennar Multifamily equity in earnings from unconsolidated entities (1) $ 2,742 23,147 (1) During the three months ended February 28, 2018 , the Lennar Multifamily segment sold one operating property through an unconsolidated entity resulting in the segment's $4.1 million share of gains. During the three months ended February 28, 2017 , the Lennar Multifamily segment sold two operating properties through its unconsolidated entities resulting in the segment's $26.0 million (In thousands) February 28, November 30, Lennar Homebuilding $ 990,723 900,769 Rialto $ 275,850 265,418 Lennar Multifamily $ 437,367 407,544

Lennar Multifamily Segment (Tab

Lennar Multifamily Segment (Tables)	3 Months Ended
Lennar Multifamily Segment (Tables)	Feb. 28, 2018
Segment Reporting [Abstract]
Schedule of Assets and Liabilities	Financial information relating to the Company’s operations was as follows: (In thousands) February 28, November 30, Assets: Homebuilding East $ 7,537,607 4,754,581 Homebuilding Central 3,609,537 2,037,905 Homebuilding West 7,668,640 5,165,218 Homebuilding Other 1,547,102 960,541 Lennar Financial Services 1,748,432 1,689,508 Rialto 909,249 1,153,840 Lennar Multifamily 892,830 710,725 Corporate and unallocated 4,030,626 2,272,716 Total assets $ 27,944,023 18,745,034 Lennar Homebuilding goodwill (1) $ 3,433,477 136,566 Lennar Financial Services goodwill (1) $ 210,628 59,838 Rialto goodwill $ 5,396 5,396 (1) In connection with the CalAtlantic acquisition, the Company recorded a provisional amount of homebuilding goodwill of $3.3 billion . The allocation of goodwill by homebuilding reporting segment has not yet been finalized. A provisional amount of goodwill related to the CalAtlantic acquisition of $150 million was allocated to Lennar Financial Services. In connection with the WCI acquisition in 2017, the Company allocated $136.6 million of goodwill to the Lennar Homebuilding East reportable segment and $20.0 million to the Lennar Financial Services segment. Three Months Ended February 28, (In thousands) 2018 2017 Revenues: Homebuilding East $ 1,070,654 767,726 Homebuilding Central 611,780 516,181 Homebuilding West 779,879 552,798 Homebuilding Other 199,780 181,989 Lennar Financial Services 171,140 148,043 Rialto 54,302 82,006 Lennar Multifamily 93,256 88,685 Total revenues (1) $ 2,980,791 2,337,428 Operating earnings (loss) (2): Homebuilding East (3) $ 105,921 (55,709 ) Homebuilding Central (4) 42,546 52,858 Homebuilding West (5) 251,276 53,360 Homebuilding Other (6) 13,984 20,829 Lennar Financial Services 19,695 20,664 Rialto 9,212 (843 ) Lennar Multifamily (1,201 ) 19,183 Total operating earnings 441,433 110,342 Acquisition and integration costs related to CalAtlantic 104,195 — Corporate general and administrative expenses 67,810 60,699 Earnings before income taxes $ 269,428 49,643 (1) Total revenues were net of sales incentives of $149.9 million ( $22,300 per home delivered) for the three months ended February 28, 2018 , compared to $123.5 million ( $22,700 per home delivered) for the three months ended February 28, 2017 . (2) All homebuilding segments and Homebuilding other were impacted by purchase accounting adjustments for three months ended February 28, 2018 . (3) Homebuilding East operating earnings for the three months ended February 28, 2017 included a $140 million loss due to litigation (see Note 17). (4) Homebuilding Central operating earnings for the three months ended February 28, 2018 included a $6.9 million valuation adjustment. (5) Homebuilding West operating earnings includes $164.9 million related to a gain on the sale of an 80% interest in one of Lennar Homebuilding's strategic joint ventures, Treasure Island Holdings. (6) Homebuilding Other operating earnings for the three months ended February 28, 2018 (In thousands) February 28, November 30, Assets: Cash and cash equivalents $ 165,849 117,410 Restricted cash 11,251 12,006 Receivables, net (1) 366,100 313,252 Loans held-for-sale (2) 689,172 937,516 Loans held-for-investment, net 69,832 44,193 Investments held-to-maturity 60,831 52,327 Investments available-for-sale (3) 57,768 57,439 Goodwill (4) 210,628 59,838 Other (5) 117,001 95,527 $ 1,748,432 1,689,508 Liabilities: Notes and other debts payable $ 772,240 937,431 Other (6) 232,762 240,383 $ 1,005,002 1,177,814 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of February 28, 2018 and November 30, 2017 , 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) on the condensed consolidated balance sheet. (4) As of February 28, 2018 , goodwill included $20.0 million of goodwill related to the WCI acquisition. The assignment of goodwill to the Company's reporting segments related to the CalAtlantic acquisition has not been completed yet, however, a provisional amount of goodwill of approximately $150 million was allocated to Lennar Financial Services (see Note 2). (5) As of February 28, 2018 and November 30, 2017 , other assets included mortgage loan commitments carried at fair value of $11.7 million and $9.9 million , respectively, and mortgage servicing rights carried at fair value of $36.8 million and $31.2 million , respectively. In addition, other assets also included forward contracts carried at fair value of $4.8 million and $1.7 million as of February 28, 2018 and November 30, 2017 , respectively. (6) As of February 28, 2018 and November 30, 2017 , other liabilities included $57.2 million and $57.7 million (In thousands) February 28, November 30, Assets: Cash and cash equivalents $ 113,582 241,861 Restricted cash (1) 20,536 22,466 Loans held-for-sale (2) 125,013 236,018 Loans receivable, net 1,932 1,933 Real estate owned, net 63,284 86,047 Investments in unconsolidated entities 275,850 265,418 Investments held-to-maturity 210,882 179,659 Other 98,170 120,438 $ 909,249 1,153,840 Liabilities: Notes and other debts payable (3) $ 438,879 625,081 Other 49,225 94,975 $ 488,104 720,056 (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 Rialto Mortgage Finance ("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) 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. (3) As of February 28, 2018 and November 30, 2017 , notes and other debts payable primarily included $249.1 million and $349.4 million , respectively, related to Rialto's 7.00% senior notes due December 2018, and $45.9 million and $162.1 million , respectively, related to Rialto's warehouse repurchase facilities. Subsequent to February 28, 2018 , the remaining principal balance of Rialto's 7.00% The assets and liabilities related to the Lennar Multifamily segment were as follows: (In thousands) February 28, November 30, Assets: Cash and cash equivalents $ 16,249 8,676 Receivables (1) 72,613 69,678 Land under development 332,291 208,618 Investment in unconsolidated entities 437,367 407,544 Other assets 34,310 16,209 $ 892,830 710,725 Liabilities: Accounts payable and other liabilities $ 141,057 149,715 (1)
Equity Method Investments	The total debt of the Lennar Homebuilding unconsolidated entities in which the Company has investments, including Lennar's maximum recourse exposure, were as follows: (Dollars in thousands) February 28, November 30, Non-recourse bank debt and other debt (partner’s share of several recourse) $ 62,720 64,197 Non-recourse land seller debt and other debt 1,997 1,997 Non-recourse debt with completion guarantees 251,235 255,903 Non-recourse debt without completion guarantees 355,844 351,800 Non-recourse debt to the Company 671,796 673,897 The Company’s maximum recourse exposure (1) 70,096 69,181 Debt issue costs (5,296 ) (5,747 ) Total debt $ 736,596 737,331 The Company’s maximum recourse exposure as a % of total JV debt 10 % 9 % (1) As of both February 28, 2018 and November 30, 2017 , the Company's maximum recourse exposure was primarily related to the Company providing repayment guarantees on three (In thousands) February 28, November 30, Assets: Cash and cash equivalents $ 816,965 953,261 Inventories 4,155,615 3,751,525 Other assets 1,063,853 1,061,507 $ 6,036,433 5,766,293 Liabilities and equity: Accounts payable and other liabilities $ 907,108 832,151 Debt (1) 736,596 737,331 Equity 4,392,729 4,196,811 $ 6,036,433 5,766,293 (1) Debt presented above is net of debt issuance costs of $5.3 million and $5.7 million , as of February 28, 2018 and November 30, 2017 , respectively. Statements of Operations Three Months Ended February 28, (In thousands) 2018 2017 Revenues $ 68,872 46,136 Costs and expenses 108,424 79,066 Net loss of unconsolidated entities $ (39,552 ) (32,930 ) Lennar Homebuilding equity in loss from unconsolidated entities $ (14,287 ) (11,534 ) Three Months Ended February 28, (In thousands) 2018 2017 Revenues $ 89,764 57,156 Costs and expenses 22,071 28,001 Other income, net (1) 49,187 327 Net earnings of unconsolidated entities $ 116,880 29,482 Rialto equity in earnings from unconsolidated entities $ 9,114 722 (1) February 28, February 28, 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 $ 41,871 41,860 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 87,884 86,904 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 14,917 19,189 Rialto Capital CMBS Funds 2014 119,174 119,177 52,474 52,474 54,409 54,018 Rialto Real Estate Fund III 2015 1,887,000 699,590 140,000 49,962 49,882 41,223 Rialto Credit Partnership, LP 2016 220,000 208,181 19,999 18,925 17,190 13,288 Other investments 9,697 8,936 $ 275,850 265,418 100% basis related to Rialto’s investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets (In thousands) February 28, November 30, Assets: Cash and cash equivalents $ 44,270 95,552 Loans receivable 591,157 538,317 Real estate owned 346,320 348,601 Investment securities 1,942,045 1,849,795 Investments in partnerships 416,311 393,874 Other assets 58,014 42,949 $ 3,398,117 3,269,088 Liabilities and equity: Accounts payable and other liabilities $ 42,177 48,374 Notes payable (1) 535,790 576,810 Equity 2,820,150 2,643,904 $ 3,398,117 3,269,088 (1) Notes payable are net of debt issuance costs of $4.1 million and $3.1 million , as of February 28, 2018 and November 30, 2017 , 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) February 28, November 30, Assets: Cash and cash equivalents $ 33,666 37,073 Operating properties and equipment 3,167,040 2,952,070 Other assets 31,431 36,772 $ 3,232,137 3,025,915 Liabilities and equity: Accounts payable and other liabilities $ 211,429 212,123 Notes payable (1) 959,563 879,047 Equity 2,061,145 1,934,745 $ 3,232,137 3,025,915 (1) Notes payable are net of debt issuance costs of $17.6 million as of both February 28, 2018 and November 30, 2017 , respectively. Statements of Operations Three Months Ended February 28, (In thousands) 2018 2017 Revenues $ 23,952 11,617 Costs and expenses 31,795 22,346 Other income, net 7,307 50,539 Net earnings (loss) of unconsolidated entities $ (536 ) 39,810 Lennar Multifamily equity in earnings from unconsolidated entities (1) $ 2,742 23,147 (1) During the three months ended February 28, 2018 , the Lennar Multifamily segment sold one operating property through an unconsolidated entity resulting in the segment's $4.1 million share of gains. During the three months ended February 28, 2017 , the Lennar Multifamily segment sold two operating properties through its unconsolidated entities resulting in the segment's $26.0 million (In thousands) February 28, November 30, Lennar Homebuilding $ 990,723 900,769 Rialto $ 275,850 265,418 Lennar Multifamily $ 437,367 407,544

Lennar Homebuilding Senior No35

Lennar Homebuilding Senior Notes and Other Debts Payable (Tables)	3 Months Ended
	Feb. 28, 2018
Debt Disclosure [Abstract]
Schedule of Senior Notes and Other Debts Payable	(Dollars in thousands) February 28, November 30, Unsecured revolving credit facility $ 500,000 — 1.625% convertible senior notes due 2018 (1) 11,323 — 8.375% senior notes due 2018 (2) 582,032 — 6.95% senior notes due 2018 249,667 249,342 4.125% senior notes due December 2018 274,602 274,459 0.25% convertible senior notes due 2019 (1) 268,838 — 4.500% senior notes due 2019 498,968 498,793 4.50% senior notes due 2019 598,571 598,325 6.625% senior notes due 2020 (2) 318,171 — 2.95% senior notes due 2020 298,403 298,305 8.375% senior notes due 2021 (2) 449,464 — 4.750% senior notes due 2021 497,524 497,329 6.25% senior notes due December 2021 (2) 319,301 — 4.125% senior notes due 2022 596,152 595,904 5.375% senior notes due 2022 (2) 263,339 — 4.750% senior notes due 2022 569,645 569,484 4.875% senior notes due December 2023 395,265 394,964 4.500% senior notes due 2024 645,534 645,353 5.875% senior notes due 2024 (2) 456,569 — 4.750% senior notes due 2025 496,781 496,671 5.25% senior notes due 2026 (2) 410,115 — 5.00% senior notes due 2027 (2) 353,597 — 4.75% senior notes due 2027 892,706 892,657 Mortgage notes on land and other debt 435,973 398,417 $ 10,382,540 6,410,003 (1) As part of purchase accounting, the senior notes have been recorded at their fair value as of the date of acquisition (February 12, 2018), which is the amount included in the table above. In March 2018, holders of $6.7 million principal amount of CalAtlantic’s 1.625% convertible senior notes due 2018 and $266.2 million principal amount of CalAtlantic’s 0.25% convertible senior notes due 2019 either caused the Company to purchase them for cash or converted them into a combination of the Company’s Class A and Class B common stock and cash, resulting in the Company’s issuing approximately 3,654,000 shares of Class A common stock and 72,000 shares of Class B common stock, and paying $59.1 million in cash to former noteholders. All but $ 1.3 million of the convertible senior notes had either been converted or redeemed. (2) These notes were obligations of CalAtlantic when it was acquired, and were subsequently exchanged in part for notes of Lennar Corporation as follows: $485.6 million principal amount of 8.375% Senior Notes due 2018 , $267.7 million principal amount of 6.625% Senior Notes due 2020 , $397.6 million principal amount of 8.375% Senior Notes due 2021 , $292.0 million million principal amount of 6.25% Senior Notes due 2021 , $240.8 million principal amount of 5.375% Senior Notes due 2022 , $421.4 million principal amount of 5.875% Senior Notes due 2024 , $395.5 million principal amount of 5.25% Senior Notes due 2026 and $347.3 million principal amount of 5.00% Senior Notes due 2027 . As part of purchase accounting, the senior notes have been recorded at their fair value as of the date of acquisition (February 12, 2018).

Product Warranty (Tables)

Product Warranty (Tables)	3 Months Ended
Product Warranty (Tables)	Feb. 28, 2018
Product Warranties Disclosures [Abstract]
Schedule of Product Warranty Reserve	The activity in the Company’s warranty reserve was as follows: Three Months Ended February 28, (In thousands) 2018 2017 Warranty reserve, beginning of the period $ 164,619 135,403 Warranties issued 24,689 20,720 Adjustments to pre-existing warranties from changes in estimates (1) 2,868 2,346 Warranties assumed related to acquisitions 108,404 6,345 Payments (30,524 ) (25,827 ) Warranty reserve, end of period $ 270,056 138,987 (1) The adjustments to pre-existing warranties from changes in estimates during the three months ended February 28, 2018 and 2017

Financial Instruments and Fai37

Financial Instruments and Fair Value Disclosures (Tables)	3 Months Ended
Financial Instruments and Fair Value Disclosures (Tables)	Feb. 28, 2018
Fair Value Disclosures [Abstract]
Carrying Amounts And Estimated Fair Value Of Financial Instruments	The following table presents the carrying amounts and estimated fair values of financial instruments held by the Company at February 28, 2018 and November 30, 2017 , 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. February 28, 2018 November 30, 2017 (In thousands) Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value ASSETS Rialto: Loans receivable, net Level 3 $ 1,932 1,932 1,933 1,933 Investments held-to-maturity Level 3 $ 210,882 229,551 179,659 199,190 Lennar Financial Services: Loans held-for-investment, net Level 3 $ 69,832 63,171 44,193 41,795 Investments held-to-maturity Level 2 $ 60,831 60,441 52,327 52,189 LIABILITIES Lennar Homebuilding senior notes and other debts payable Level 2 $ 10,382,540 10,476,731 6,410,003 6,598,848 Rialto notes payable and other debts payable Level 2 $ 438,879 448,114 625,081 644,644 Lennar financial Services notes and other debts payable Level 2 $ 772,240 772,240 937,431 937,431
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 $ 123,398 234,403 Credit default swaps (2) Level 2 $ 1,084 995 Lennar Financial Services Assets (Liabilities): Loans held-for-sale (3) Level 2 $ 689,172 937,516 Investments available-for-sale Level 1 $ 57,768 57,439 Mortgage loan commitments Level 2 $ 11,654 9,873 Forward contracts Level 2 $ 4,844 1,681 Mortgage servicing rights Level 3 $ 36,772 31,163 (1) The aggregate fair value of Rialto loans held-for-sale of $123.4 million at February 28, 2018 is below their aggregate principal balance of $125.5 million by $2.1 million . The aggregate fair value of loans held-for-sale of $234.4 million at November 30, 2017 was below their aggregate principal balance of $235.4 million by $1.0 million . (2) Rialto's credit default swaps are included within Rialto's other assets. (3) The aggregate fair value of Lennar Financial Services loans held-for-sale of $689.2 million at February 28, 2018 exceeds their aggregate principal balance of $676.8 million by $12.4 million . The aggregate fair value of Lennar Financial Services loans held-for-sale of $937.5 million at November 30, 2017 exceeded their aggregate principal balance of $908.8 million by $28.7 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 February 28, (In thousands) 2018 2017 Changes in fair value included in Lennar Financial Services revenues: Loans held-for-sale $ (16,297 ) 13,300 Mortgage loan commitments $ 1,781 6,220 Forward contracts $ 3,163 (28,214 ) Changes in fair value included in Rialto revenues: Financial Assets: Credit default swaps $ 89 (431 ) Changes in fair value included in other comprehensive income (loss), net of tax: Lennar Financial Services investment available-for-sale $ (658 ) 972
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 February 28, 2018 2017 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 $ 31,163 234,403 23,930 126,947 Purchases/loan originations 2,288 237,965 2,846 394,340 Sales/loan originations sold, including those not settled — (347,712 ) — (477,716 ) Disposals/settlements (1,213 ) — (891 ) — Changes in fair value (1) 4,534 753 612 1,420 Interest and principal paydowns — (2,011 ) — (52 ) Ending balance $ 36,772 123,398 26,497 44,939 (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 February 28, 2018 2017 (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 $ — — — 31,550 18,885 (12,665 ) Non-financial assets Lennar Homebuilding: Land and land under development (2) Level 3 $ 52,929 43,565 (9,364 ) — — — Rialto: REO, net (3): Upon acquisition/transfer Level 3 $ — — — 8,850 8,394 (456 ) Upon management periodic valuations Level 3 $ 16,453 10,968 (5,485 ) 52,425 40,096 (12,329 ) (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 months ended February 28, 2018 and 2017 . (2) Valuation adjustments were included in Lennar Homebuilding costs and expenses in the Company's condensed consolidated statement of operations for the three months ended February 28, 2018 and 2017 . (3) The fair value of REO, net is based upon appraised value at the time of foreclosure or management's best estimate. In addition, management periodically performs valuations of its REO. The losses, net upon the transfer or acquisition of REO and impairments were included in Rialto other expense, net, in the Company’s condensed consolidated statement of operations for the three months ended February 28, 2018 and 2017
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 three months ended February 28, 2018 : Three Months Ended February 28, 2018 Unobservable inputs Average selling price $572,000 Absorption rate per quarter (homes) 6 Discount rate 20%

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
Variable Interest Entities (Tables)	Feb. 28, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Equity Method Investments	The total debt of the Lennar Homebuilding unconsolidated entities in which the Company has investments, including Lennar's maximum recourse exposure, were as follows: (Dollars in thousands) February 28, November 30, Non-recourse bank debt and other debt (partner’s share of several recourse) $ 62,720 64,197 Non-recourse land seller debt and other debt 1,997 1,997 Non-recourse debt with completion guarantees 251,235 255,903 Non-recourse debt without completion guarantees 355,844 351,800 Non-recourse debt to the Company 671,796 673,897 The Company’s maximum recourse exposure (1) 70,096 69,181 Debt issue costs (5,296 ) (5,747 ) Total debt $ 736,596 737,331 The Company’s maximum recourse exposure as a % of total JV debt 10 % 9 % (1) As of both February 28, 2018 and November 30, 2017 , the Company's maximum recourse exposure was primarily related to the Company providing repayment guarantees on three (In thousands) February 28, November 30, Assets: Cash and cash equivalents $ 816,965 953,261 Inventories 4,155,615 3,751,525 Other assets 1,063,853 1,061,507 $ 6,036,433 5,766,293 Liabilities and equity: Accounts payable and other liabilities $ 907,108 832,151 Debt (1) 736,596 737,331 Equity 4,392,729 4,196,811 $ 6,036,433 5,766,293 (1) Debt presented above is net of debt issuance costs of $5.3 million and $5.7 million , as of February 28, 2018 and November 30, 2017 , respectively. Statements of Operations Three Months Ended February 28, (In thousands) 2018 2017 Revenues $ 68,872 46,136 Costs and expenses 108,424 79,066 Net loss of unconsolidated entities $ (39,552 ) (32,930 ) Lennar Homebuilding equity in loss from unconsolidated entities $ (14,287 ) (11,534 ) Three Months Ended February 28, (In thousands) 2018 2017 Revenues $ 89,764 57,156 Costs and expenses 22,071 28,001 Other income, net (1) 49,187 327 Net earnings of unconsolidated entities $ 116,880 29,482 Rialto equity in earnings from unconsolidated entities $ 9,114 722 (1) February 28, February 28, 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 $ 41,871 41,860 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 87,884 86,904 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 14,917 19,189 Rialto Capital CMBS Funds 2014 119,174 119,177 52,474 52,474 54,409 54,018 Rialto Real Estate Fund III 2015 1,887,000 699,590 140,000 49,962 49,882 41,223 Rialto Credit Partnership, LP 2016 220,000 208,181 19,999 18,925 17,190 13,288 Other investments 9,697 8,936 $ 275,850 265,418 100% basis related to Rialto’s investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets (In thousands) February 28, November 30, Assets: Cash and cash equivalents $ 44,270 95,552 Loans receivable 591,157 538,317 Real estate owned 346,320 348,601 Investment securities 1,942,045 1,849,795 Investments in partnerships 416,311 393,874 Other assets 58,014 42,949 $ 3,398,117 3,269,088 Liabilities and equity: Accounts payable and other liabilities $ 42,177 48,374 Notes payable (1) 535,790 576,810 Equity 2,820,150 2,643,904 $ 3,398,117 3,269,088 (1) Notes payable are net of debt issuance costs of $4.1 million and $3.1 million , as of February 28, 2018 and November 30, 2017 , 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) February 28, November 30, Assets: Cash and cash equivalents $ 33,666 37,073 Operating properties and equipment 3,167,040 2,952,070 Other assets 31,431 36,772 $ 3,232,137 3,025,915 Liabilities and equity: Accounts payable and other liabilities $ 211,429 212,123 Notes payable (1) 959,563 879,047 Equity 2,061,145 1,934,745 $ 3,232,137 3,025,915 (1) Notes payable are net of debt issuance costs of $17.6 million as of both February 28, 2018 and November 30, 2017 , respectively. Statements of Operations Three Months Ended February 28, (In thousands) 2018 2017 Revenues $ 23,952 11,617 Costs and expenses 31,795 22,346 Other income, net 7,307 50,539 Net earnings (loss) of unconsolidated entities $ (536 ) 39,810 Lennar Multifamily equity in earnings from unconsolidated entities (1) $ 2,742 23,147 (1) During the three months ended February 28, 2018 , the Lennar Multifamily segment sold one operating property through an unconsolidated entity resulting in the segment's $4.1 million share of gains. During the three months ended February 28, 2017 , the Lennar Multifamily segment sold two operating properties through its unconsolidated entities resulting in the segment's $26.0 million (In thousands) February 28, November 30, Lennar Homebuilding $ 990,723 900,769 Rialto $ 275,850 265,418 Lennar Multifamily $ 437,367 407,544
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 February 28, 2018 (In thousands) Investments in Unconsolidated VIEs Lennar’s Maximum Exposure to Loss Lennar Homebuilding (1) $ 48,792 117,516 Rialto (2) 210,882 210,882 Lennar Multifamily (3) 371,916 498,450 $ 631,590 826,848 As of November 30, 2017 (In thousands) Investments in Unconsolidated VIEs Lennar’s Maximum Exposure to Loss Lennar Homebuilding (1) $ 181,804 248,909 Rialto (2) 179,659 179,659 Lennar Multifamily (3) 345,175 503,364 $ 706,638 931,932 (1) As of both February 28, 2018 and November 30, 2017 , 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 $62.5 million and $61.6 million , respectively. (2) As of both February 28, 2018 and November 30, 2017 , the maximum recourse exposure to loss of Rialto’s investments in unconsolidated VIEs was limited to its investments in the unconsolidated VIEs. As of February 28, 2018 and November 30, 2017 , investments in unconsolidated VIEs and Lennar’s maximum exposure to loss included $210.9 million and $179.7 million , respectively, related to Rialto’s investments held-to-maturity. (3) As of February 28, 2018 and November 30, 2017 , the remaining equity commitment of $121.6 million and $153.3 million , respectively, to fund the Venture for future expenditures related to the construction and development of its projects is included in Lennar's maximum exposure to loss. In addition, as of February 28, 2018 and November 30, 2017 , 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 $4.6 million and $4.6 million

Supplemental Financial Inform39

Supplemental Financial Information (Tables)	3 Months Ended
Supplemental Financial Information (Tables)	Feb. 28, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidating Balance Sheet	Supplemental information for the subsidiaries that were guarantor subsidiaries at February 28, 2018 was as follows: Condensed Consolidating Balance Sheet February 28, 2018 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total ASSETS Lennar Homebuilding: Cash and cash equivalents, restricted cash and receivables, net $ 298,162 637,847 14,973 — 950,982 Inventories — 17,209,084 371,732 — 17,580,816 Investments in unconsolidated entities — 974,404 16,319 — 990,723 Goodwill — 3,433,477 — — 3,433,477 Other assets 282,703 1,045,144 125,175 (15,508 ) 1,437,514 Investments in subsidiaries 10,817,911 110,353 — (10,928,264 ) — Intercompany 11,701,443 — — (11,701,443 ) — 23,100,219 23,410,309 528,199 (22,645,215 ) 24,393,512 Lennar Financial Services — 298,595 1,451,059 (1,222 ) 1,748,432 Rialto — — 909,249 — 909,249 Lennar Multifamily — — 892,830 — 892,830 Total assets $ 23,100,219 23,708,904 3,781,337 (22,646,437 ) 27,944,023 LIABILITIES AND EQUITY Lennar Homebuilding: Accounts payable and other liabilities $ 529,607 1,610,823 282,488 (16,730 ) 2,406,188 Liabilities related to consolidated inventory not owned — 333,548 13,500 — 347,048 Senior notes and other debts payable 9,509,682 861,798 11,060 — 10,382,540 Intercompany — 10,342,346 1,359,097 (11,701,443 ) — 10,039,289 13,148,515 1,666,145 (11,718,173 ) 13,135,776 Lennar Financial Services — 38,504 966,498 — 1,005,002 Rialto — — 488,104 — 488,104 Lennar Multifamily — — 141,057 — 141,057 Total liabilities 10,039,289 13,187,019 3,261,804 (11,718,173 ) 14,769,939 Stockholders’ equity 13,060,930 10,521,885 406,379 (10,928,264 ) 13,060,930 Noncontrolling interests — — 113,154 — 113,154 Total equity 13,060,930 10,521,885 519,533 (10,928,264 ) 13,174,084 Total liabilities and equity $ 23,100,219 23,708,904 3,781,337 (22,646,437 ) 27,944,023 November 30, 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 $ 1,945,024 462,336 21,972 — 2,429,332 Inventories — 10,560,996 299,894 — 10,860,890 Investments in unconsolidated entities — 884,294 16,475 — 900,769 Goodwill — 136,566 — — 136,566 Other assets 246,490 520,899 114,431 (18,416 ) 863,404 Investments in subsidiaries 4,446,309 52,237 — (4,498,546 ) — Intercompany 7,881,306 — — (7,881,306 ) — 14,519,129 12,617,328 452,772 (12,398,268 ) 15,190,961 Lennar Financial Services — 130,184 1,561,525 (2,201 ) 1,689,508 Rialto — — 1,153,840 — 1,153,840 Lennar Multifamily — — 710,725 — 710,725 Total assets $ 14,519,129 12,747,512 3,878,862 (12,400,469 ) 18,745,034 LIABILITIES AND EQUITY Lennar Homebuilding: Accounts payable and other liabilities $ 635,227 1,011,051 294,933 (20,617 ) 1,920,594 Liabilities related to consolidated inventory not owned — 367,220 13,500 — 380,720 Senior notes and other debts payable 6,011,585 394,365 4,053 — 6,410,003 Intercompany — 6,775,719 1,105,587 (7,881,306 ) — 6,646,812 8,548,355 1,418,073 (7,901,923 ) 8,711,317 Lennar Financial Services — 48,700 1,129,114 — 1,177,814 Rialto — — 720,056 — 720,056 Lennar Multifamily — — 149,715 — 149,715 Total liabilities 6,646,812 8,597,055 3,416,958 (7,901,923 ) 10,758,902 Stockholders’ equity 7,872,317 4,150,457 348,089 (4,498,546 ) 7,872,317 Noncontrolling interests — — 113,815 — 113,815 Total equity 7,872,317 4,150,457 461,904 (4,498,546 ) 7,986,132 Total liabilities and equity $ 14,519,129 12,747,512 3,878,862 (12,400,469 ) 18,745,034
Condensed Consolidating Statement of Operations and Comprehensive Income	Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended February 28, 2018 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 2,653,194 8,899 — 2,662,093 Lennar Financial Services — 73,012 103,102 (4,974 ) 171,140 Rialto — — 54,302 — 54,302 Lennar Multifamily — — 93,256 — 93,256 Total revenues — 2,726,206 259,559 (4,974 ) 2,980,791 Cost and expenses: Lennar Homebuilding — 2,393,804 12,237 (2,034 ) 2,404,007 Lennar Financial Services — 74,476 83,118 (6,149 ) 151,445 Rialto — — 45,413 — 45,413 Lennar Multifamily — — 97,199 — 97,199 Acquisition and integration costs related to CalAtlantic — 104,195 — — 104,195 Corporate general and administrative 65,923 604 — 1,283 67,810 Total costs and expenses 65,923 2,573,079 237,967 (6,900 ) 2,870,069 Lennar Homebuilding equity in loss from unconsolidated entities — (14,131 ) (156 ) — (14,287 ) Lennar Homebuilding other income, net 1,935 168,296 1,623 (1,926 ) 169,928 Rialto equity in earnings from unconsolidated entities — — 9,114 — 9,114 Rialto other expense, net — — (8,791 ) — (8,791 ) Lennar Multifamily equity in earnings from unconsolidated entities — — 2,742 — 2,742 Earnings (loss) before income taxes (63,988 ) 307,292 26,124 — 269,428 Benefit (provision) for income taxes 31,565 (150,443 ) (13,733 ) — (132,611 ) Equity in earnings from subsidiaries 168,638 10,200 — (178,838 ) — Net earnings (including net earnings attributable to noncontrolling interests) 136,215 167,049 12,391 (178,838 ) 136,817 Less: Net earnings attributable to noncontrolling interests — — 602 — 602 Net earnings attributable to Lennar $ 136,215 167,049 11,789 (178,838 ) 136,215 Other comprehensive loss, net of tax: Net unrealized loss on securities available-for-sale $ — — (658 ) — (658 ) Total other comprehensive loss, net of tax $ — — (658 ) — (658 ) Total comprehensive income attributable to Lennar $ 136,215 167,049 11,131 (178,838 ) 135,557 Total comprehensive income attributable to noncontrolling interests $ — — 602 — 602 Three Months Ended February 28, 2017 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 2,012,882 5,812 — 2,018,694 Lennar Financial Services — 50,509 102,532 (4,998 ) 148,043 Rialto — — 82,006 — 82,006 Lennar Multifamily — — 88,717 (32 ) 88,685 Total revenues — 2,063,391 279,067 (5,030 ) 2,337,428 Cost and expenses: Lennar Homebuilding — 1,794,010 7,868 (317 ) 1,801,561 Lennar Financial Services — 49,056 83,988 (5,665 ) 127,379 Rialto — — 66,965 (52 ) 66,913 Lennar Multifamily — — 92,649 — 92,649 Corporate general and administrative 59,179 255 — 1,265 60,699 Total costs and expenses 59,179 1,843,321 251,470 (4,769 ) 2,149,201 Lennar Homebuilding equity in earnings (loss) from unconsolidated entities — (11,560 ) 26 — (11,534 ) Lennar Homebuilding other income (expense), net (251 ) 4,773 956 261 5,739 Lennar Homebuilding loss due to litigation accrual — (140,000 ) — — (140,000 ) Rialto equity in earnings from unconsolidated entities — — 722 — 722 Rialto other expense, net — — (16,658 ) — (16,658 ) Lennar Multifamily equity in earnings from unconsolidated entities — — 23,147 — 23,147 Earnings (loss) before income taxes (59,430 ) 73,283 35,790 — 49,643 Benefit (provision) for income taxes 20,444 (23,344 ) (17,069 ) — (19,969 ) Equity in earnings from subsidiaries 77,066 6,893 — (83,959 ) — Net earnings (including net loss attributable to noncontrolling interests) 38,080 56,832 18,721 (83,959 ) 29,674 Less: Net loss attributable to noncontrolling interests — — (8,406 ) — (8,406 ) Net earnings attributable to Lennar $ 38,080 56,832 27,127 (83,959 ) 38,080 Other comprehensive income, net of tax: Net unrealized gain on securities available-for-sale — — 972 — 972 Total other comprehensive income, net of tax $ — — 972 — 972 Total comprehensive income attributable to Lennar $ 38,080 56,832 28,099 (83,959 ) 39,052 Total comprehensive loss attributable to noncontrolling interests $ — — (8,406 ) — (8,406 )
Condensed Consolidating Statement of Cash Flows	Condensed Consolidating Statement of Cash Flows Three Months Ended February 28, 2018 (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) $ 136,215 167,049 12,391 (178,838 ) 136,817 Distributions of earnings from guarantor and non-guarantor subsidiaries 168,638 10,200 — (178,838 ) — Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities (274,370 ) (352,627 ) 168,614 178,838 (279,545 ) Net cash provided by (used in) operating activities 30,483 (175,378 ) 181,005 (178,838 ) (142,728 ) Cash flows from investing activities: Investments in and contributions to unconsolidated entities, net of distributions of capital — (9,659 ) (31,989 ) — (41,648 ) Proceeds from sales of real estate owned — — 18,080 — 18,080 Proceeds from sale of investment in unconsolidated entity — 175,179 — — 175,179 Purchases of commercial mortgage-backed securities bonds — — (31,068 ) — (31,068 ) Acquisition, net of cash acquired (1,162,342 ) 24,088 36,515 — (1,101,739 ) Other (9,045 ) (25,220 ) (12,749 ) — (47,014 ) Intercompany (921,113 ) — — 921,113 — Net cash provided by (used in) investing activities (2,092,500 ) 164,388 (21,211 ) 921,113 (1,028,210 ) Cash flows from financing activities: Net borrowings (repayments) under unsecured revolving credit facilities 500,000 (454,700 ) — — 45,300 Net repayments under warehouse facilities — (27 ) (344,484 ) — (344,511 ) Debt issuance costs (9,117 ) — (2,922 ) — (12,039 ) Net payments on other borrowings, other liabilities, Rialto Senior Notes and other notes payable — (14,806 ) (69,413 ) — (84,219 ) Net payments related to noncontrolling interests — (19,908 ) — (19,908 ) Common stock: Repurchases (25,355 ) — — — (25,355 ) Dividends (9,617 ) (167,049 ) (11,789 ) 178,838 (9,617 ) Intercompany — 729,979 191,134 (921,113 ) — Net cash provided by (used in) financing activities 455,911 93,397 (257,382 ) (742,275 ) (450,349 ) Net decrease (increase) in cash and cash equivalents (1,606,106 ) 82,407 (97,588 ) — (1,621,287 ) Cash and cash equivalents at beginning of period 1,937,674 359,087 354,111 — 2,650,872 Cash and cash equivalents at end of period $ 331,568 441,494 256,523 — 1,029,585 Three Months Ended February 28, 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) $ 38,080 56,832 18,721 (83,959 ) 29,674 Distributions of earnings from guarantor and non-guarantor subsidiaries 77,066 6,893 — (83,959 ) — Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities (41,356 ) (421,010 ) 428,057 83,959 49,650 Net cash provided by (used in) operating activities 73,790 (357,285 ) 446,778 (83,959 ) 79,324 Cash flows from investing activities: Investments in and contributions to unconsolidated entities, net of distributions of capital — (111,072 ) (673 ) — (111,745 ) Proceeds from sales of real estate owned — — 24,215 — 24,215 Originations of loans receivable — — (9,330 ) — (9,330 ) Purchases of commercial mortgage-backed securities bonds — — (40,357 ) — (40,357 ) Acquisition, net of cash acquired (596,172 ) — — — (596,172 ) Other (2,824 ) (9,303 ) (20,566 ) — (32,693 ) Distributions of capital from guarantor and non-guarantor subsidiaries 30,000 30,000 — (60,000 ) — Intercompany (634,418 ) — — 634,418 — Net cash used in investing activities (1,203,414 ) (90,375 ) (46,711 ) 574,418 (766,082 ) Cash flows from financing activities: Net borrowings under unsecured revolving credit facility 250,000 — — — 250,000 Net repayments under warehouse facilities — (25 ) (543,331 ) — (543,356 ) Proceeds from senior notes and debt issuance costs 595,160 — (6,008 ) — 589,152 Net proceeds on Rialto notes payable — — 32,489 — 32,489 Net proceeds (payments) on other borrowings — (15,217 ) 6,370 — (8,847 ) Net payments related to noncontrolling interests — (25,718 ) — (25,718 ) Excess tax benefits from share-based awards 1,953 — — — 1,953 Common stock: Issuances 99 — — — 99 Repurchases (83 ) — — — (83 ) Dividends (9,400 ) (86,832 ) (57,127 ) 143,959 (9,400 ) Intercompany — 440,388 194,030 (634,418 ) — Net cash provided by (used in) financing activities 837,729 338,314 (399,295 ) (490,459 ) 286,289 Net increase (decrease) in cash and cash equivalents (291,895 ) (109,346 ) 772 — (400,469 ) 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 $ 405,217 267,724 256,119 — 929,060

Business Acquisition (Narrative

Business Acquisition (Narrative) (Details) $ in Thousands		Feb. 12, 2018USD ($)	Feb. 10, 2017USD ($)	Feb. 28, 2018USD ($)metropolitan_areastate	Feb. 28, 2017USD ($)	Nov. 30, 2017USD ($)
Business Acquisition [Line Items]
Transaction costs				$ 104,195	$ 0
Lennar Homebuilding
Business Acquisition [Line Items]
Goodwill	[1]			$ 3,433,477		$ 136,566
Lennar Homebuilding \| 4.125% senior notes due 2022
Business Acquisition [Line Items]
Interest rate				4.125%
Senior Notes \| Lennar Homebuilding \| 4.125% senior notes due 2022
Business Acquisition [Line Items]
Interest rate				4.125%
CalAtlantic Group, Inc.
Business Acquisition [Line Items]
Number of metropolitan areas \| metropolitan_area				43
Number of states \| state				19
Consideration attributable to cash including fractional shares		$ 1,162,344
Revenue since acquisition				$ 373,400
Pre-tax earnings since acquisition				(108,500)
Transaction costs				$ 104,200
Goodwill		3,400,000
CalAtlantic Group, Inc. \| Lennar Homebuilding
Business Acquisition [Line Items]
Goodwill		$ 3,296,911
WCI Communities, Inc.
Business Acquisition [Line Items]
Consideration attributable to cash including fractional shares			$ 642,600
Revenue since acquisition					19,500
Pre-tax earnings since acquisition					8,900
Transaction costs					$ 11,000
Goodwill			$ 156,566

[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 February 28, 2018 , total assets include $864.8 million related to consolidated VIEs of which $7.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.1 million in Lennar Homebuilding receivables, net, $45.4 million in Lennar Homebuilding finished homes and construction in progress, $308.8 million in Lennar Homebuilding land and land under development, $366.7 million in Lennar Homebuilding consolidated inventory not owned, $4.5 million in Lennar Homebuilding investments in unconsolidated entities, $11.7 million in Lennar Homebuilding other assets, $20.0 million in Rialto assets and $100.0 million in Lennar Multifamily assets. As of November 30, 2017 , total assets include $799.4 million related to consolidated VIEs of which $15.8 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $53.2 million in Lennar Homebuilding finished homes and construction in progress, $229.0 million in Lennar Homebuilding land and land under development, $393.3 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $11.8 million in Lennar Homebuilding other assets, $48.8 million in Rialto assets and $42.7 million

Business Acquisition (Purchase

Business Acquisition (Purchase Price) (Details) $ in Thousands	Feb. 12, 2018USD ($)shares
CalAtlantic Group, Inc.
Business Acquisition [Line Items]
CalAtlantic shares assumed to elect cash conversion (in shares) \| shares	24,083,091
CalAtlantic shares assumed to exchange (in shares) \| shares	93,942,788
Consideration attributable to cash including fractional shares \| $	$ 1,162,344
Total purchase price \| $	$ 6,232,347
CalAtlantic Group, Inc. \| Class A Common Stock
Business Acquisition [Line Items]
Exchange ratio for Class A common stock	0.885
Number of shares of common stock to be issued in exchange (in shares) \| shares	83,138,277
Consideration attributable to common stock and equity awards (in shares) \| $	$ 4,933,425
CalAtlantic Group, Inc. \| Class B Common Stock
Business Acquisition [Line Items]
Exchange ratio for Class A common stock	0.0177
Number of shares of common stock to be issued in exchange (in shares) \| shares	1,662,172
Consideration attributable to common stock and equity awards (in shares) \| $	$ 77,823
CalAtlantic Group, Inc.
Business Acquisition [Line Items]
Common stock outstanding (in shares) \| shares	118,025,879
Equity Awards Convertible Upon Change in Control \| CalAtlantic Group, Inc.
Business Acquisition [Line Items]
Consideration attributable to common stock and equity awards (in shares) \| $	$ 58,755

Business Acquisition (Schedule

Business Acquisition (Schedule of Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands		Feb. 12, 2018	Feb. 10, 2017	Feb. 28, 2018	Nov. 30, 2017
Lennar Homebuilding
Inventories:
Goodwill	[1]			$ 3,433,477	$ 136,566
Lennar Financial Services
Inventories:
Goodwill				210,628	$ 59,838
CalAtlantic Group, Inc.
Inventories:
Goodwill		$ 3,400,000
Total assets		10,703,358
LIABILITIES
Total liabilities		4,452,581
Noncontrolling interests		18,430
Total purchase price		6,232,347
CalAtlantic Group, Inc. \| Lennar Homebuilding
ASSETS
Cash and cash equivalents, restricted cash and receivables, net		57,879
Inventories:
Inventories		6,288,283
Intangible assets		8,000
Investments in unconsolidated entities		151,858
Goodwill		3,296,911
Other assets		577,623
Total assets		10,380,554
LIABILITIES
Accounts payable		85,001
Senior notes and other debts payable		3,922,987
Other liabilities		349,520
Total liabilities		4,357,508
CalAtlantic Group, Inc. \| Lennar Financial Services
Inventories:
Goodwill		150,000
Total assets		322,804
LIABILITIES
Total liabilities		$ 95,073
CalAtlantic Group, Inc. \| Trade Name \| Lennar Homebuilding
LIABILITIES
Amortization period		6 months
WCI Communities, Inc.
ASSETS
Cash and cash equivalents, restricted cash and receivables, net			$ 42,079
Inventories:
Inventories			613,495
Intangible assets			59,283
Goodwill			156,566
Deferred tax assets, net			88,147
Other assets			66,173
Total assets			1,025,743
LIABILITIES
Accounts payable			26,735
Senior notes and other debts payable			282,793
Other liabilities			73,593
Total liabilities			383,121
Total purchase price			642,622
WCI Communities, Inc. \| Lennar Financial Services
Inventories:
Goodwill				$ 20,000
WCI Communities, Inc. \| Homebuilding East
Inventories:
Goodwill			$ 136,600
WCI Communities, Inc. \| Non-compete Agreements
LIABILITIES
Amortization period			6 months
WCI Communities, Inc. \| Trade Name
LIABILITIES
Amortization period			20 years

[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 February 28, 2018 , total assets include $864.8 million related to consolidated VIEs of which $7.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.1 million in Lennar Homebuilding receivables, net, $45.4 million in Lennar Homebuilding finished homes and construction in progress, $308.8 million in Lennar Homebuilding land and land under development, $366.7 million in Lennar Homebuilding consolidated inventory not owned, $4.5 million in Lennar Homebuilding investments in unconsolidated entities, $11.7 million in Lennar Homebuilding other assets, $20.0 million in Rialto assets and $100.0 million in Lennar Multifamily assets. As of November 30, 2017 , total assets include $799.4 million related to consolidated VIEs of which $15.8 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $53.2 million in Lennar Homebuilding finished homes and construction in progress, $229.0 million in Lennar Homebuilding land and land under development, $393.3 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $11.8 million in Lennar Homebuilding other assets, $48.8 million in Rialto assets and $42.7 million

Business Acquisition (Summary o

Business Acquisition (Summary of Pro Forma Information) (Details) - CalAtlantic Group, Inc. - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Feb. 28, 2018	Feb. 28, 2017
Business Acquisition [Line Items]
Revenues from home sales	$ 4,194,203	$ 3,611,375
Net earnings (1)	$ 130,496	$ 156,234
Earnings per share:
Basic (in shares)	$ 0.51	$ 0.62
Diluted (in shares)	$ 0.51	$ 0.61

Operating and Reporting Segme44

Operating and Reporting Segments (Disclosure Of Financial Information Relating To Company's Operations) (Details)		3 Months Ended
		Feb. 28, 2018USD ($)$ / homes	Feb. 28, 2017USD ($)$ / homes	Feb. 12, 2018USD ($)	Nov. 30, 2017USD ($)		Feb. 10, 2017USD ($)
Segment Reporting Information [Line Items]
Assets	[1]	$ 27,944,023,000			$ 18,745,034,000
Revenues		2,980,791,000	$ 2,337,428,000
Operating earnings (loss) (2):
Operating earnings		441,433,000	110,342,000
Acquisition and integration costs related to CalAtlantic		104,195,000	0
Corporate general and administrative expenses		67,810,000	60,699,000
Earnings before income taxes		269,428,000	49,643,000
Sales incentives		$ 149,900,000	$ 123,500,000
Sales incentives per home delivered (in dollars per home) \| $ / homes		22,300	22,700
Valuation adjustment		$ 6,900,000	$ 0
Gain on sale of strategic joint venture		164,880,000	0
CalAtlantic Group, Inc.
Segment Reporting Information [Line Items]
Goodwill				$ 3,400,000,000
Operating earnings (loss) (2):
Acquisition and integration costs related to CalAtlantic		104,200,000
WCI Communities, Inc.
Segment Reporting Information [Line Items]
Goodwill							$ 156,566,000
Operating earnings (loss) (2):
Acquisition and integration costs related to CalAtlantic			11,000,000
Homebuilding East \| WCI Communities, Inc.
Segment Reporting Information [Line Items]
Goodwill							$ 136,600,000
Rialto
Segment Reporting Information [Line Items]
Assets	[1]	909,249,000			1,153,840,000
Goodwill		5,396,000			5,396,000
Revenues		54,302,000	82,006,000
Lennar Financial Services
Segment Reporting Information [Line Items]
Assets	[1]	1,748,432,000			1,689,508,000
Goodwill		210,628,000			59,838,000
Revenues		171,140,000	148,043,000
Lennar Financial Services \| CalAtlantic Group, Inc.
Segment Reporting Information [Line Items]
Goodwill				150,000,000
Lennar Financial Services \| WCI Communities, Inc.
Segment Reporting Information [Line Items]
Goodwill		20,000,000
Lennar Multifamily
Segment Reporting Information [Line Items]
Assets		892,830,000			710,725,000	[1]
Revenues		93,256,000	88,685,000
Lennar Homebuilding
Segment Reporting Information [Line Items]
Assets	[1]	24,393,512,000			15,190,961,000
Goodwill	[1]	3,433,477,000			136,566,000
Revenues		2,662,093,000	2,018,694,000
Operating earnings (loss) (2):
Lennar Homebuilding loss due to litigation accrual		0	140,000,000
Lennar Homebuilding \| Treasure Island Holdings
Operating earnings (loss) (2):
Gain on sale of strategic joint venture		$ 164,900,000
Ownership interest in strategic joint venture		80.00%
Lennar Homebuilding \| CalAtlantic Group, Inc.
Segment Reporting Information [Line Items]
Goodwill				$ 3,296,911,000
Operating Segments \| Homebuilding East
Segment Reporting Information [Line Items]
Assets		$ 7,537,607,000			4,754,581,000
Revenues		1,070,654,000	767,726,000
Operating earnings (loss) (2):
Operating earnings		105,921,000	(55,709,000)
Lennar Homebuilding loss due to litigation accrual			140,000,000
Operating Segments \| Homebuilding Central
Segment Reporting Information [Line Items]
Assets		3,609,537,000			2,037,905,000
Revenues		611,780,000	516,181,000
Operating earnings (loss) (2):
Operating earnings		42,546,000	52,858,000
Operating Segments \| Homebuilding West
Segment Reporting Information [Line Items]
Assets		7,668,640,000			5,165,218,000
Revenues		779,879,000	552,798,000
Operating earnings (loss) (2):
Operating earnings		251,276,000	53,360,000
Operating Segments \| Rialto
Segment Reporting Information [Line Items]
Assets		909,249,000			1,153,840,000
Revenues		54,302,000	82,006,000
Operating earnings (loss) (2):
Operating earnings		9,212,000	(843,000)
Operating Segments \| Lennar Financial Services
Segment Reporting Information [Line Items]
Assets		1,748,432,000			1,689,508,000
Revenues		171,140,000	148,043,000
Operating earnings (loss) (2):
Operating earnings		19,695,000	20,664,000
Operating Segments \| Lennar Multifamily
Segment Reporting Information [Line Items]
Assets		892,830,000			710,725,000
Revenues		93,256,000	88,685,000
Operating earnings (loss) (2):
Operating earnings		(1,201,000)	19,183,000
Homebuilding Other
Segment Reporting Information [Line Items]
Assets		1,547,102,000			960,541,000
Revenues		199,780,000	181,989,000
Operating earnings (loss) (2):
Operating earnings		13,984,000	$ 20,829,000
Corporate and unallocated
Segment Reporting Information [Line Items]
Assets		$ 4,030,626,000			$ 2,272,716,000

[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 February 28, 2018 , total assets include $864.8 million related to consolidated VIEs of which $7.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.1 million in Lennar Homebuilding receivables, net, $45.4 million in Lennar Homebuilding finished homes and construction in progress, $308.8 million in Lennar Homebuilding land and land under development, $366.7 million in Lennar Homebuilding consolidated inventory not owned, $4.5 million in Lennar Homebuilding investments in unconsolidated entities, $11.7 million in Lennar Homebuilding other assets, $20.0 million in Rialto assets and $100.0 million in Lennar Multifamily assets. As of November 30, 2017 , total assets include $799.4 million related to consolidated VIEs of which $15.8 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $53.2 million in Lennar Homebuilding finished homes and construction in progress, $229.0 million in Lennar Homebuilding land and land under development, $393.3 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $11.8 million in Lennar Homebuilding other assets, $48.8 million in Rialto assets and $42.7 million

Lennar Homebuilding Investmen45

Lennar Homebuilding Investments in Unconsolidated Entities (Statements Of Operations) (Details) $ in Thousands	3 Months Ended
	Feb. 28, 2018USD ($)property	Feb. 28, 2017USD ($)property
Schedule of Equity Method Investments [Line Items]
Equity in earnings (loss) from unconsolidated entities	$ (2,431)	$ 12,335
Lennar Multifamily
Schedule of Equity Method Investments [Line Items]
Number of operating properties sold \| property	1	2
Revenues	$ 23,952	$ 11,617
Other income	7,307	50,539
Net loss of unconsolidated entities	(536)	39,810
Equity in earnings (loss) from unconsolidated entities	2,742	23,147
Lennar Homebuilding
Schedule of Equity Method Investments [Line Items]
Revenues	68,872	46,136
Costs and expenses	108,424	79,066
Net loss of unconsolidated entities	(39,552)	(32,930)
Equity in earnings (loss) from unconsolidated entities	$ (14,287)	$ (11,534)

Lennar Homebuilding Investmen46

Lennar Homebuilding Investments in Unconsolidated Entities (Narrative) (Details) $ in Thousands		1 Months Ended	3 Months Ended
		May 31, 2017USD ($)	Feb. 28, 2018USD ($)	Feb. 28, 2017USD ($)	Nov. 30, 2017USD ($)	May 02, 2016investment
Schedule of Equity Method Investments [Line Items]
Equity in earnings (loss) from unconsolidated entities			$ (2,431)	$ 12,335
Payments to acquire unconsolidated entities			62,575	151,706
Gain on sale of strategic joint venture			$ 164,880	0
FivePoint Unconsolidated Entity
Schedule of Equity Method Investments [Line Items]
Unconsolidated entities ownership percentage			40.00%
Payments to acquire unconsolidated entities		$ 100,000
Investments in unconsolidated entities			$ 352,000
Lennar Homebuilding
Schedule of Equity Method Investments [Line Items]
Equity in earnings (loss) from unconsolidated entities			(14,287)	$ (11,534)
Investments in unconsolidated entities	[1]		990,723		$ 900,769
Underlying equity in unconsolidated partners' net assets			$ 1,400,000		$ 1,300,000
Lennar Homebuilding \| Joint Ventures Previously Managed by FivePoint Communities
Schedule of Equity Method Investments [Line Items]
Number of investments in joint ventures contributed \| investment						3
Lennar Homebuilding \| Treasure Island Holdings
Schedule of Equity Method Investments [Line Items]
Unconsolidated entities ownership percentage			80.00%
Gain on sale of strategic joint venture			$ 164,900

[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 February 28, 2018 , total assets include $864.8 million related to consolidated VIEs of which $7.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.1 million in Lennar Homebuilding receivables, net, $45.4 million in Lennar Homebuilding finished homes and construction in progress, $308.8 million in Lennar Homebuilding land and land under development, $366.7 million in Lennar Homebuilding consolidated inventory not owned, $4.5 million in Lennar Homebuilding investments in unconsolidated entities, $11.7 million in Lennar Homebuilding other assets, $20.0 million in Rialto assets and $100.0 million in Lennar Multifamily assets. As of November 30, 2017 , total assets include $799.4 million related to consolidated VIEs of which $15.8 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $53.2 million in Lennar Homebuilding finished homes and construction in progress, $229.0 million in Lennar Homebuilding land and land under development, $393.3 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $11.8 million in Lennar Homebuilding other assets, $48.8 million in Rialto assets and $42.7 million

Lennar Homebuilding Investmen47

Lennar Homebuilding Investments in Unconsolidated Entities (Balance Sheets) (Details) - Lennar Homebuilding - USD ($) $ in Thousands	Feb. 28, 2018	Nov. 30, 2017
Assets:
Cash and cash equivalents	$ 816,965	$ 953,261
Inventories	4,155,615	3,751,525
Other assets	1,063,853	1,061,507
Total assets	6,036,433	5,766,293
Liabilities and equity:
Accounts payable and other liabilities	907,108	832,151
Debt	736,596	737,331
Equity	4,392,729	4,196,811
Total liabilities and equity	6,036,433	5,766,293
Debt issue costs	$ 5,296	$ 5,747

Lennar Homebuilding Investmen48

Lennar Homebuilding Investments in Unconsolidated Entities (Total Debt Of Unconsolidated Entities) (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Feb. 28, 2018USD ($)joint_venture	Nov. 30, 2017USD ($)joint_venture
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated entities debt repayment guarantee \| joint_venture	3	3
Lennar Homebuilding
Schedule of Equity Method Investments [Line Items]
Non-recourse bank debt and other debt (partner’s share of several recourse)	$ 62,720	$ 64,197
Non-recourse land seller debt and other debt	1,997	1,997
Non-recourse debt with completion guarantees	251,235	255,903
Non-recourse debt without completion guarantees	355,844	351,800
Non-recourse debt to the Company	671,796	673,897
The Company’s maximum recourse exposure	70,096	69,181
Debt issue costs	5,296	5,747
Total debt	$ 736,596	$ 737,331
The Company’s maximum recourse exposure as a % of total JV debt	10.00%	9.00%

Stockholders' Equity (Schedule

Stockholders' Equity (Schedule Of Changes In Equity) (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2018		Feb. 28, 2017
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning	$ 7,986,132	[1]	$ 7,211,567
Net earnings (including net earnings attributable to noncontrolling interests)	136,817		29,674
Employee stock and directors plans	(2,557)		72
Stock issuance in connection with CalAtlantic acquisition	5,047,464
Tax benefit from employee stock plans, vesting of restricted stock and conversions of convertible senior notes			35,515
Amortization of restricted stock	17,766		12,505
Cash dividends	(9,617)		(9,400)
Receipts related to noncontrolling interests	3,852		153
Payments related to noncontrolling interests	(23,760)		(25,871)
Non-cash distributions to noncontrolling interests			588
Non-cash activity related to noncontrolling interests	18,645
Total other comprehensive loss, net of tax	(658)		972
Balance, ending	13,174,084	[1]	7,255,775
Additional Paid - in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning	3,142,013		2,805,349
Employee stock and directors plans	214		157
Stock issuance in connection with CalAtlantic acquisition	5,061,430
Tax benefit from employee stock plans, vesting of restricted stock and conversions of convertible senior notes			35,515
Amortization of restricted stock	17,766		12,505
Non-cash activity related to noncontrolling interests	0		2,267
Balance, ending	8,221,423		2,855,793
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning	(136,020)		(108,961)
Employee stock and directors plans	(2,816)		(87)
Stock issuance in connection with CalAtlantic acquisition	(22,542)
Balance, ending	(161,378)		(109,048)
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning	1,034		(309)
Total other comprehensive loss, net of tax	(658)		972
Balance, ending	376		663
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning	4,840,978		4,306,256
Net earnings (including net earnings attributable to noncontrolling interests)	136,215		38,080
Employee stock and directors plans	4
Cash dividends	(9,617)		(9,400)
Balance, ending	4,967,580		4,334,936
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning	113,815		185,525
Net earnings (including net earnings attributable to noncontrolling interests)	602		(8,406)
Receipts related to noncontrolling interests	3,852		153
Payments related to noncontrolling interests	(23,760)		(25,871)
Non-cash distributions to noncontrolling interests			(1,679)
Non-cash activity related to noncontrolling interests	18,645		0
Balance, ending	113,154		149,722
Class A Common Stock \| Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning	20,543		20,409
Employee stock and directors plans	41		2
Stock issuance in connection with CalAtlantic acquisition	8,408
Balance, ending	28,992		20,411
Class B Common Stock \| Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning	3,769		3,298
Stock issuance in connection with CalAtlantic acquisition	168
Balance, ending	$ 3,937		$ 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 February 28, 2018 , total liabilities include $366.0 million related to consolidated VIEs as to which there was no recourse against the Company, of which $4.5 million is included in Lennar Homebuilding accounts payable, $11.1 million in Lennar Homebuilding senior notes and other debts payable, $347.0 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.5 million in Lennar Homebuilding other liabilities, $1.8 million in Rialto liabilities and $0.1 million in Lennar Multifamily liabilities. As of November 30, 2017 , total liabilities include $389.7 million related to consolidated VIEs as to which there was no recourse against the Company, of which $5.0 million is included in Lennar Homebuilding accounts payable, $380.7 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.8 million in Lennar Homebuilding other liabilities and $2.2 million

Income Taxes (Income Tax Benefi

Income Taxes (Income Tax Benefit (Provision) (Details) - USD ($) $ in Thousands		3 Months Ended
		Feb. 28, 2018	Feb. 28, 2017
Income Tax Disclosure [Abstract]
Write down of deferred tax asset resulting from Tax Cuts and Jobs Act		$ 68,600
Provision for income taxes (1)	[1]	$ (132,611)	$ (19,969)
Effective tax rate		49.30%	34.40%
Effective tax rate, including impact of Tax Cuts and Jobs Act		23.80%

[1]	Provision for income taxes for the three months ended February 28, 2018 includes a non-cash one-time write down of deferred tax assets of $68.6 million

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Feb. 28, 2018	Nov. 30, 2017
Income Tax Disclosure [Abstract]
Deferred tax assets	$ 759	$ 297.7
Unrecognized tax benefits	25.8	12.3
Business Acquisition [Line Items]
Income tax penalties and interest accrued	52.2	$ 49.7
Income tax penalties and interest expense	1
Write down of deferred tax asset resulting from Tax Cuts and Jobs Act	68.6
CalAtlantic Group, Inc.
Business Acquisition [Line Items]
Income tax penalties and interest accrued	$ 1.5

Schedule of Basic and Diluted E

Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		Nov. 27, 2017	Feb. 28, 2018	Feb. 28, 2017
Numerator:
Net earnings attributable to Lennar			$ 136,215	$ 38,080
Less: distributed earnings allocated to nonvested shares			115	112
Less: undistributed earnings allocated to nonvested shares			1,282	273
Numerator for basic earnings per share			134,818	37,695
Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan			210	339
Plus: interest on convertible senior notes			26	0
Plus: undistributed earnings allocated to convertible shares			1	0
Numerator for diluted earnings per share			$ 134,635	$ 37,356
Denominator:
Denominator for basic earnings per share-weighted average common shares outstanding (shares)			253,665	236,852
Effect of dilutive securities:
Share-based payments (shares)			55	2
Convertible senior notes (shares)			728	0
Denominator for diluted earnings per share-weighted average common shares outstanding (shares)			254,448	236,854
Basic earnings per share (in dollars per share)	[1]		$ 0.53	$ 0.16
Diluted earnings per share (in dollars per share)	[1]		$ 0.53	$ 0.16
Class B Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock dividends (in shares)		4,700

[1]	Basic and diluted average shares outstanding and earnings per share calculations for the three months ended February 28, 2017 have been adjusted to reflect 4.7 million

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares	3 Months Ended
Earnings Per Share (Narrative) (Details) - shares	Feb. 28, 2018	Feb. 28, 2017
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase outstanding and anti-dilutive shares	0	0

Lennar Financial Services Seg54

Lennar Financial Services Segment (Schedule Of Assets And Liabilities) (Details) - USD ($) $ in Thousands		Feb. 28, 2018	Nov. 30, 2017	Feb. 28, 2017	Feb. 10, 2017	Nov. 30, 2016
Assets:
Cash and cash equivalents		$ 1,029,585	$ 2,650,872	$ 929,060		$ 1,329,529
Total assets	[1]	27,944,023	18,745,034
Liabilities:
Total liabilities	[2]	14,769,939	10,758,902
WCI Communities, Inc.
Assets:
Goodwill					$ 156,566
Lennar Financial Services
Assets:
Cash and cash equivalents		165,849	117,410
Restricted cash		11,251	12,006
Receivables, net		366,100	313,252
Lennar Financial Services loans held-for-sale		689,172	937,516
Loans held-for-investment, net		69,832	44,193
Investments held-to-maturity		60,831	52,327
Investments available-for-sale		57,768	57,439
Goodwill		210,628	59,838
Other		117,001	95,527
Total assets	[1]	1,748,432	1,689,508
Liabilities:
Notes and other debts payable		772,240	937,431
Other		232,762	240,383
Total liabilities	[2]	1,005,002	1,177,814
Self-insurance reserves		57,200	57,700
Lennar Financial Services \| Servicing Contracts
Liabilities:
Mortgage servicing rights		36,800	31,200
Lennar Financial Services \| Mortgage loan commitments
Liabilities:
Other asset		11,700	9,900
Lennar Financial Services \| Forward Contracts
Liabilities:
Other asset			$ 1,700
Other liability		4,800
Lennar Financial Services \| WCI Communities, Inc.
Assets:
Goodwill		$ 20,000

[1]	Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. As of February 28, 2018 , total assets include $864.8 million related to consolidated VIEs of which $7.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.1 million in Lennar Homebuilding receivables, net, $45.4 million in Lennar Homebuilding finished homes and construction in progress, $308.8 million in Lennar Homebuilding land and land under development, $366.7 million in Lennar Homebuilding consolidated inventory not owned, $4.5 million in Lennar Homebuilding investments in unconsolidated entities, $11.7 million in Lennar Homebuilding other assets, $20.0 million in Rialto assets and $100.0 million in Lennar Multifamily assets. As of November 30, 2017 , total assets include $799.4 million related to consolidated VIEs of which $15.8 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $53.2 million in Lennar Homebuilding finished homes and construction in progress, $229.0 million in Lennar Homebuilding land and land under development, $393.3 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $11.8 million in Lennar Homebuilding other assets, $48.8 million in Rialto assets and $42.7 million
[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 February 28, 2018 , total liabilities include $366.0 million related to consolidated VIEs as to which there was no recourse against the Company, of which $4.5 million is included in Lennar Homebuilding accounts payable, $11.1 million in Lennar Homebuilding senior notes and other debts payable, $347.0 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.5 million in Lennar Homebuilding other liabilities, $1.8 million in Rialto liabilities and $0.1 million in Lennar Multifamily liabilities. As of November 30, 2017 , total liabilities include $389.7 million related to consolidated VIEs as to which there was no recourse against the Company, of which $5.0 million is included in Lennar Homebuilding accounts payable, $380.7 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.8 million in Lennar Homebuilding other liabilities and $2.2 million

Lennar Financial Services Seg55

Lennar Financial Services Segment (Schedule of Credit Facilities) (Details) - Lennar Financial Services - Warehouse Repurchase Facility	3 Months Ended
	Feb. 28, 2018USD ($)
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	$ 1,550,000,000
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
364-day warehouse repurchase facility that matures June 2018
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	$ 400,000,000
Facility, term	364 days
364-day warehouse repurchase facility that matures June 2018
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	$ 300,000,000
Facility, term	364 days
Uncommitted amount	$ 300,000,000
364-day warehouse repurchase facility that matures September 2018
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	$ 300,000,000
Facility, term	364 days
364-day warehouse repurchase facility that matures December 2018
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	$ 400,000,000
Facility, term	364 days
Uncommitted amount	$ 250,000,000

Lennar Financial Services Seg56

Lennar Financial Services Segment (Narrative) (Details) - Lennar Financial Services - USD ($) $ in Thousands	Feb. 28, 2018	Nov. 30, 2017
Segment Reporting Information [Line Items]
Notes and other debts payable	$ 772,240	$ 937,431
Outstanding principal balance	800,200	974,100
Warehouse Repurchase Facility
Segment Reporting Information [Line Items]
Notes and other debts payable	$ 772,100	$ 937,200

Lennar Financial Services Seg57

Lennar Financial Services Segment (Schedule Of Loan Origination Liabilities) (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2018	Feb. 28, 2017
Loss Contingency Accrual [Roll Forward]
Origination liabilities assumed related to CalAtlantic acquisition	$ 3,959	$ 0
Lennar Financial Services \| Loss origination liability
Loss Contingency Accrual [Roll Forward]
Loan origination liabilities, beginning of period	22,543	24,905
Provision for losses	647	878
Payments/settlements	(39)	(780)
Loan origination liabilities, end of period	$ 27,110	$ 25,003

Rialto Segment (Assets And Liab

Rialto Segment (Assets And Liabilities By Segment) (Details) - USD ($) $ in Thousands		Feb. 28, 2018	Nov. 30, 2017	Feb. 28, 2017	Nov. 30, 2016
Assets:
Cash and cash equivalents		$ 1,029,585	$ 2,650,872	$ 929,060	$ 1,329,529
Total assets	[1]	27,944,023	18,745,034
Liabilities:
Total liabilities	[2]	14,769,939	10,758,902
Rialto
Assets:
Cash and cash equivalents		113,582	241,861
Restricted cash		20,536	22,466
Lennar Financial Services loans held-for-sale		125,013	236,018
Loans receivable, net		1,932	1,933
Real estate owned, net		63,284	86,047
Investments in unconsolidated entities	[1]	275,850	265,418
Investments held-to-maturity		210,882	179,659
Other		98,170	120,438
Total assets	[1]	909,249	1,153,840
Liabilities:
Notes and other debts payable		438,879	625,081
Other		49,225	94,975
Total liabilities		488,104	720,056
Rialto \| Warehouse Repurchase Facility
Liabilities:
Notes and other debts payable		45,900	162,100
Rialto \| Senior Notes \| 7.00% Senior Notes due 2018
Liabilities:
Senior notes and other debts payable		$ 249,100	$ 349,400
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 February 28, 2018 , total assets include $864.8 million related to consolidated VIEs of which $7.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.1 million in Lennar Homebuilding receivables, net, $45.4 million in Lennar Homebuilding finished homes and construction in progress, $308.8 million in Lennar Homebuilding land and land under development, $366.7 million in Lennar Homebuilding consolidated inventory not owned, $4.5 million in Lennar Homebuilding investments in unconsolidated entities, $11.7 million in Lennar Homebuilding other assets, $20.0 million in Rialto assets and $100.0 million in Lennar Multifamily assets. As of November 30, 2017 , total assets include $799.4 million related to consolidated VIEs of which $15.8 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $53.2 million in Lennar Homebuilding finished homes and construction in progress, $229.0 million in Lennar Homebuilding land and land under development, $393.3 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $11.8 million in Lennar Homebuilding other assets, $48.8 million in Rialto assets and $42.7 million
[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 February 28, 2018 , total liabilities include $366.0 million related to consolidated VIEs as to which there was no recourse against the Company, of which $4.5 million is included in Lennar Homebuilding accounts payable, $11.1 million in Lennar Homebuilding senior notes and other debts payable, $347.0 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.5 million in Lennar Homebuilding other liabilities, $1.8 million in Rialto liabilities and $0.1 million in Lennar Multifamily liabilities. As of November 30, 2017 , total liabilities include $389.7 million related to consolidated VIEs as to which there was no recourse against the Company, of which $5.0 million is included in Lennar Homebuilding accounts payable, $380.7 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.8 million in Lennar Homebuilding other liabilities and $2.2 million

Rialto Segment (Narrative) (Det

Rialto Segment (Narrative) (Details)		3 Months Ended		12 Months Ended
Rialto Segment (Narrative) (Details)		Feb. 28, 2018USD ($)transaction	Feb. 28, 2017USD ($)transaction	Nov. 30, 2015	Dec. 31, 2010business	Nov. 30, 2017USD ($)		Nov. 30, 2010
Segment Reporting Information [Line Items]
Originations of loans receivable		$ 0	$ 9,330,000
Assets	[1]	27,944,023,000				$ 18,745,034,000
Liabilities	[2]	14,769,939,000				10,758,902,000
Distributions of earnings from unconsolidated entities		3,542,000	31,949,000
Rialto
Segment Reporting Information [Line Items]
Debt issue costs		4,100,000				3,100,000
Assets	[1]	909,249,000				1,153,840,000
Liabilities		488,104,000				720,056,000
Real estate owned, net		63,284,000				86,047,000
Loans receivable, net		1,932,000				1,933,000
Borrowings under facilities		$ 438,879,000				625,081,000
Percentage interest in loans		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		$ 210,882,000				179,659,000
Rialto \| Warehouse Repurchase Facility
Segment Reporting Information [Line Items]
Borrowings under facilities		45,900,000				162,100,000
Rialto \| CMBS
Segment Reporting Information [Line Items]
Investments held-to-maturity		210,900,000				179,700,000	[1]
Impairment charges for CMBS securities		$ 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		$ 3,100,000	900,000
Distributions of earnings from unconsolidated entities		2,400,000	10,000,000
Rialto \| Rialto Mortgage Finance
Segment Reporting Information [Line Items]
Originations of loans receivable		238,000,000	403,700,000
Proceeds from sale of loans held-for-sale		$ 347,700,000	$ 477,700,000
Number of securitization transactions \| transaction		3	3
Receivables from securitization		$ 0	$ 0
Rialto \| Rialto Mortgage Finance \| Warehouse Repurchase Facility
Segment Reporting Information [Line Items]
Borrowings under facilities		45,900,000				162,100,000
Rialto \| Rialto Mortgage Finance \| Performing Financing Receivable
Segment Reporting Information [Line Items]
Originations of loans receivable			9,300,000
Rialto \| Rialto Mortgage Finance \| Held-for-sale
Segment Reporting Information [Line Items]
Originations of loans receivable			$ 394,300,000
Rialto \| Variable Interest Entity, Primary Beneficiary
Segment Reporting Information [Line Items]
Assets		20,000,000				48,800,000
Liabilities		1,800,000				2,200,000
Rialto \| Variable Interest Entity, Primary Beneficiary \| FDIC Portfolio
Segment Reporting Information [Line Items]
Assets		20,000,000				48,800,000
Cash		10,100,000				23,800,000
Real estate owned, net		7,400,000				20,000,000
Loans receivable, net		$ 1,600,000				$ 1,600,000
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 February 28, 2018 , total assets include $864.8 million related to consolidated VIEs of which $7.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.1 million in Lennar Homebuilding receivables, net, $45.4 million in Lennar Homebuilding finished homes and construction in progress, $308.8 million in Lennar Homebuilding land and land under development, $366.7 million in Lennar Homebuilding consolidated inventory not owned, $4.5 million in Lennar Homebuilding investments in unconsolidated entities, $11.7 million in Lennar Homebuilding other assets, $20.0 million in Rialto assets and $100.0 million in Lennar Multifamily assets. As of November 30, 2017 , total assets include $799.4 million related to consolidated VIEs of which $15.8 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $53.2 million in Lennar Homebuilding finished homes and construction in progress, $229.0 million in Lennar Homebuilding land and land under development, $393.3 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $11.8 million in Lennar Homebuilding other assets, $48.8 million in Rialto assets and $42.7 million
[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 February 28, 2018 , total liabilities include $366.0 million related to consolidated VIEs as to which there was no recourse against the Company, of which $4.5 million is included in Lennar Homebuilding accounts payable, $11.1 million in Lennar Homebuilding senior notes and other debts payable, $347.0 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.5 million in Lennar Homebuilding other liabilities, $1.8 million in Rialto liabilities and $0.1 million in Lennar Multifamily liabilities. As of November 30, 2017 , total liabilities include $389.7 million related to consolidated VIEs as to which there was no recourse against the Company, of which $5.0 million is included in Lennar Homebuilding accounts payable, $380.7 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.8 million in Lennar Homebuilding other liabilities and $2.2 million

Rialto Segment (Schedule of Cre

Rialto Segment (Schedule of Credit Facilities) (Details) - Rialto	3 Months Ended
	Feb. 28, 2018USD ($)extension
Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	$ 1,100,000,000
364-day warehouse repurchase facility that matures October 2018 (one year extension)
Line of Credit Facility [Line Items]
Term of note	364 days
364-day warehouse repurchase facility that matures October 2018 (one year extension) \| Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Extension term	1 year
364-day warehouse repurchase facility that matures November 2018
Line of Credit Facility [Line Items]
Term of note	364 days
364-day warehouse repurchase facility that matures November 2018 \| Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	$ 200,000,000
364-day warehouse repurchase facility that matures December 2018
Line of Credit Facility [Line Items]
Term of note	364 days
364-day warehouse repurchase facility that matures December 2019
Line of Credit Facility [Line Items]
Term of note	364 days
Warehouse repurchase facility that matures August 2018 (two - one year extensions) (1) \| Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	$ 100,000,000
Number of extensions \| extension	2
Extension term	1 year
Rialto Mortgage Finance \| Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	$ 1,000,000,000
Rialto Mortgage Finance \| 364-day warehouse repurchase facility that matures October 2018 (one year extension) \| Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	400,000,000
Rialto Mortgage Finance \| 364-day warehouse repurchase facility that matures December 2018 \| 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 December 2019 \| Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	$ 200,000,000

Rialto Segment (Equity Funds Re

Rialto Segment (Equity Funds Related to Rialto Segment) (Details) - Rialto - USD ($) $ in Thousands		Feb. 28, 2018	Nov. 30, 2017
Schedule of Equity Method Investments [Line Items]
Investment	[1]	$ 275,850	$ 265,418
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		41,871	41,860
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		87,884	86,904
Rialto Real Estate Fund III
Schedule of Equity Method Investments [Line Items]
Equity Commitments		1,887,000
Equity Commitments Called		699,590
Commitment to Fund by the Company		140,000
Funds Contributed by the Company		49,962
Investment		49,882	41,223
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		14,917	19,189
Rialto Capital CMBS Funds
Schedule of Equity Method Investments [Line Items]
Equity Commitments		119,174
Equity Commitments Called		119,177
Commitment to Fund by the Company		52,474
Funds Contributed by the Company		52,474
Investment		54,409	54,018
Rialto Credit Partnership, LP
Schedule of Equity Method Investments [Line Items]
Equity Commitments		220,000
Equity Commitments Called		208,181
Commitment to Fund by the Company		19,999
Funds Contributed by the Company		18,925
Investment		17,190	13,288
Other investments
Schedule of Equity Method Investments [Line Items]
Investment		$ 9,697	$ 8,936

[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 February 28, 2018 , total assets include $864.8 million related to consolidated VIEs of which $7.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.1 million in Lennar Homebuilding receivables, net, $45.4 million in Lennar Homebuilding finished homes and construction in progress, $308.8 million in Lennar Homebuilding land and land under development, $366.7 million in Lennar Homebuilding consolidated inventory not owned, $4.5 million in Lennar Homebuilding investments in unconsolidated entities, $11.7 million in Lennar Homebuilding other assets, $20.0 million in Rialto assets and $100.0 million in Lennar Multifamily assets. As of November 30, 2017 , total assets include $799.4 million related to consolidated VIEs of which $15.8 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $53.2 million in Lennar Homebuilding finished homes and construction in progress, $229.0 million in Lennar Homebuilding land and land under development, $393.3 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $11.8 million in Lennar Homebuilding other assets, $48.8 million in Rialto assets and $42.7 million

Rialto Segment (Condensed Finan

Rialto Segment (Condensed Financial Information By Equity Method Investment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Nov. 30, 2017
Segment Reporting Information [Line Items]
Equity in earnings (loss) from unconsolidated entities	$ (2,431)	$ 12,335
Rialto
Segment Reporting Information [Line Items]
Cash and cash equivalents	44,270		$ 95,552
Loans receivable	591,157		538,317
Real estate owned	346,320		348,601
Investment securities	1,942,045		1,849,795
Investments in partnerships	416,311		393,874
Other assets	58,014		42,949
Total assets	3,398,117		3,269,088
Accounts payable and other liabilities	42,177		48,374
Notes payable	535,790		576,810
Equity	2,820,150		2,643,904
Total liabilities and equity	3,398,117		3,269,088
Revenues	89,764	57,156
Costs and expenses	22,071	28,001
Other income (expense), net	49,187	327
Net loss of unconsolidated entities	116,880	29,482
Equity in earnings (loss) from unconsolidated entities	9,114	$ 722
Debt issue costs	$ 4,100		$ 3,100

Lennar Multifamily Segment (Ass

Lennar Multifamily Segment (Assets and Liabilities related to Multifamily Segment) (Details) - USD ($) $ in Thousands		Feb. 28, 2018	Nov. 30, 2017		Feb. 28, 2017	Nov. 30, 2016
Assets:
Cash and cash equivalents		$ 1,029,585	$ 2,650,872		$ 929,060	$ 1,329,529
Total assets	[1]	27,944,023	18,745,034
Lennar Multifamily
Segment Reporting Information [Line Items]
Debt issuance cost		17,600	17,600
Assets:
Cash and cash equivalents		16,249	8,676
Receivables, net		72,613	69,678
Land under development		332,291	208,618
Investments in unconsolidated entities		437,367	407,544
Other assets		34,310	16,209
Total assets		892,830	710,725	[1]
Liabilities:
Accounts payable and other liabilities		$ 141,057	$ 149,715

[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 February 28, 2018 , total assets include $864.8 million related to consolidated VIEs of which $7.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.1 million in Lennar Homebuilding receivables, net, $45.4 million in Lennar Homebuilding finished homes and construction in progress, $308.8 million in Lennar Homebuilding land and land under development, $366.7 million in Lennar Homebuilding consolidated inventory not owned, $4.5 million in Lennar Homebuilding investments in unconsolidated entities, $11.7 million in Lennar Homebuilding other assets, $20.0 million in Rialto assets and $100.0 million in Lennar Multifamily assets. As of November 30, 2017 , total assets include $799.4 million related to consolidated VIEs of which $15.8 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $53.2 million in Lennar Homebuilding finished homes and construction in progress, $229.0 million in Lennar Homebuilding land and land under development, $393.3 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $11.8 million in Lennar Homebuilding other assets, $48.8 million in Rialto assets and $42.7 million

Lennar Multifamily (Narrative)

Lennar Multifamily (Narrative) (Details)	1 Months Ended	3 Months Ended
Lennar Multifamily (Narrative) (Details)	Mar. 31, 2018USD ($)apartmentasset	Feb. 28, 2018USD ($)	Feb. 28, 2017USD ($)	Nov. 30, 2017USD ($)
Segment Reporting Information [Line Items]
Distributions of capital from unconsolidated entities		$ 20,927,000	$ 39,961,000
Lennar Multifamily
Segment Reporting Information [Line Items]
Non-recourse debt with completion guarantees		977,100,000		$ 896,700,000
General Contractor Revenue		81,700,000	75,700,000
General Contractor Costs		78,600,000	73,700,000
Investments in unconsolidated entities		437,367,000		407,544,000
Lennar Multifamily \| Variable Interest Entity, Not Primary Beneficiary \| Equity Commitments
Segment Reporting Information [Line Items]
Obligations related to VIEs		121,600,000		153,300,000
Lennar Multifamily \| Lennar Multifamily Venture
Segment Reporting Information [Line Items]
Total equity commitments		2,200,000,000
Equity commitments		504,000,000
Equity commitments called during period		131,900,000
Equity commitment contributions during period			31,700,000
Distributions of capital from unconsolidated entities			900,000
Equity Commitments Called		1,600,000,000
Funds contributed by the company		382,400,000
Investments in unconsolidated entities		353,400,000		323,800,000
Lennar Multifamily \| Unconsolidated Entities
Segment Reporting Information [Line Items]
Fee Income		11,500,000	$ 13,000,000
Lennar Multifamily \| Financial Letters of Credit
Segment Reporting Information [Line Items]
Letters of credit outstanding		$ 4,600,000		$ 4,700,000
Subsequent Event \| Lennar Multifamily \| Lennar Multifamily Venture II LP
Segment Reporting Information [Line Items]
Total equity commitments	$ 500,000,000
Equity commitments	$ 255,000,000
Number of assets transferred \| asset	6
Number of apartments \| apartment	2,200
Projected project costs	$ 900,000,000

Lennar Multifamily Segment (Con

Lennar Multifamily Segment (Condensed Financial Information by Equity Method Investments) (Details) $ in Thousands	3 Months Ended
	Feb. 28, 2018USD ($)property	Feb. 28, 2017USD ($)property	Nov. 30, 2017USD ($)
Liabilities and equity:
Equity in earnings (loss) from unconsolidated entities	$ (2,431)	$ 12,335
Lennar Multifamily
Assets:
Cash and cash equivalents	33,666		$ 37,073
Operating properties and equipment	3,167,040		2,952,070
Other assets	31,431		36,772
Total assets	3,232,137		3,025,915
Liabilities and equity:
Accounts payable and other liabilities	211,429		212,123
Notes payable	959,563		879,047
Equity	2,061,145		1,934,745
Total liabilities and equity	3,232,137		3,025,915
Debt issuance cost	17,600		$ 17,600
Revenues	23,952	11,617
Costs and expenses	31,795	22,346
Other income (expense), net	7,307	50,539
Net loss of unconsolidated entities	(536)	39,810
Equity in earnings (loss) from unconsolidated entities	2,742	23,147
Gain on disposition of assets	$ 4,100	$ 26,000
Number of operating properties sold \| property	1	2
General Contractor Revenue	$ 81,700	$ 75,700
General Contractor Costs	78,600	73,700
Equity Method Investee \| Lennar Multifamily
Segment Reporting Information [Line Items]
Management Fees Revenue	$ 11,500	$ 13,000

Lennar Homebuilding Cash and 66

Lennar Homebuilding Cash and Cash Equivalents (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 28, 2018	Nov. 30, 2017
Cash and Cash Equivalents [Abstract]
Cash held in escrow	$ 438.7	$ 569.8
Escrow deposit period	3 years

Lennar Homebuilding Senior No67

Lennar Homebuilding Senior Notes and Other Debts Payable (Schedule of Senior Notes and Other Debts Payable) (Details) - USD ($) $ in Thousands		1 Months Ended
		Mar. 31, 2018	Feb. 28, 2018	Feb. 12, 2018	Nov. 30, 2017
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]		$ 10,382,540		$ 6,410,003
Lennar Homebuilding \| 4.125% senior notes due 2022
Debt Instrument [Line Items]
Interest rate			4.125%
Lennar Homebuilding \| 4.500% senior notes due 2024
Debt Instrument [Line Items]
Interest rate			4.50%
Lennar Homebuilding \| Senior Notes \| 1.625% convertible senior notes due 2018
Debt Instrument [Line Items]
Senior notes and other debts payable			$ 11,323		0
Interest rate			1.625%
Lennar Homebuilding \| Senior Notes \| 8.375% senior notes due 2018
Debt Instrument [Line Items]
Senior notes and other debts payable			$ 582,032		0
Interest rate			8.375%
Lennar Homebuilding \| Senior Notes \| 6.95% senior notes due 2018
Debt Instrument [Line Items]
Senior notes and other debts payable			$ 249,667		249,342
Interest rate			6.95%
Lennar Homebuilding \| Senior Notes \| 4.125% senior notes due December 2018
Debt Instrument [Line Items]
Senior notes and other debts payable			$ 274,602		274,459
Interest rate			4.125%
Lennar Homebuilding \| Senior Notes \| 0.25% convertible senior notes due 2019 (1)
Debt Instrument [Line Items]
Senior notes and other debts payable			$ 268,838		0
Interest rate			0.25%
Lennar Homebuilding \| Senior Notes \| 4.500% senior notes due 2019
Debt Instrument [Line Items]
Senior notes and other debts payable			$ 498,968		498,793
Interest rate			4.50%
Lennar Homebuilding \| Senior Notes \| 4.50% senior notes due 2019
Debt Instrument [Line Items]
Senior notes and other debts payable			$ 598,571		598,325
Interest rate			4.50%
Lennar Homebuilding \| Senior Notes \| 2.95% senior notes due 2020
Debt Instrument [Line Items]
Senior notes and other debts payable			$ 298,403		298,305
Interest rate			2.95%
Lennar Homebuilding \| Senior Notes \| 6.625% senior notes due 2020
Debt Instrument [Line Items]
Senior notes and other debts payable			$ 318,171		0
Interest rate			6.625%
Lennar Homebuilding \| Senior Notes \| 4.750% senior notes due 2021
Debt Instrument [Line Items]
Senior notes and other debts payable			$ 497,524		497,329
Interest rate			4.75%
Lennar Homebuilding \| Senior Notes \| 8.375% senior notes due 2021
Debt Instrument [Line Items]
Senior notes and other debts payable			$ 449,464		0
Interest rate			8.375%
Lennar Homebuilding \| Senior Notes \| 6.25% senior notes due December 2021 (2)
Debt Instrument [Line Items]
Senior notes and other debts payable			$ 319,301		0
Interest rate			6.25%
Lennar Homebuilding \| Senior Notes \| 4.125% senior notes due 2022
Debt Instrument [Line Items]
Senior notes and other debts payable			$ 596,152		595,904
Interest rate			4.125%
Lennar Homebuilding \| Senior Notes \| 4.750% senior notes due 2022
Debt Instrument [Line Items]
Senior notes and other debts payable			$ 569,645		569,484
Interest rate			4.75%
Lennar Homebuilding \| Senior Notes \| 5.375% senior notes due 2022
Debt Instrument [Line Items]
Senior notes and other debts payable			$ 263,339		0
Interest rate			5.375%
Lennar Homebuilding \| Senior Notes \| 4.875% senior notes due December 2023
Debt Instrument [Line Items]
Senior notes and other debts payable			$ 395,265		394,964
Interest rate			4.875%
Lennar Homebuilding \| Senior Notes \| 4.500% senior notes due 2024
Debt Instrument [Line Items]
Senior notes and other debts payable			$ 645,534		645,353
Interest rate			4.50%
Lennar Homebuilding \| Senior Notes \| 5.875% senior notes due 2024 (2)
Debt Instrument [Line Items]
Senior notes and other debts payable			$ 456,569		0
Interest rate			5.875%
Lennar Homebuilding \| Senior Notes \| 4.750% senior notes due 2025
Debt Instrument [Line Items]
Senior notes and other debts payable			$ 496,781		496,671
Interest rate			4.75%
Lennar Homebuilding \| Senior Notes \| 5.25% senior notes due 2026 (2)
Debt Instrument [Line Items]
Senior notes and other debts payable			$ 410,115		0
Interest rate			5.25%
Lennar Homebuilding \| Senior Notes \| 4.75% senior notes due 2027
Debt Instrument [Line Items]
Senior notes and other debts payable			$ 892,706		892,657
Interest rate			4.75%
Lennar Homebuilding \| Senior Notes \| 5.00% senior notes due 2027
Debt Instrument [Line Items]
Senior notes and other debts payable			$ 353,597		0
Interest rate			5.00%
Lennar Homebuilding \| Mortgage notes on land and other debt
Debt Instrument [Line Items]
Senior notes and other debts payable			$ 435,973		398,417
Lennar Homebuilding \| Unsecured revolving credit facility
Debt Instrument [Line Items]
Senior notes and other debts payable			$ 500,000		$ 0
CalAtlantic Group, Inc. \| Senior Notes \| 8.375% senior notes due 2018
Debt Instrument [Line Items]
Senior notes and other debts payable				$ 485,600
CalAtlantic Group, Inc. \| Senior Notes \| 6.625% senior notes due 2020
Debt Instrument [Line Items]
Senior notes and other debts payable				267,700
CalAtlantic Group, Inc. \| Senior Notes \| 8.375% senior notes due 2021
Debt Instrument [Line Items]
Senior notes and other debts payable				397,600
CalAtlantic Group, Inc. \| Senior Notes \| 6.25% senior notes due December 2021 (2)
Debt Instrument [Line Items]
Senior notes and other debts payable				292,000
CalAtlantic Group, Inc. \| Senior Notes \| 5.375% senior notes due 2022
Debt Instrument [Line Items]
Senior notes and other debts payable				240,800
CalAtlantic Group, Inc. \| Senior Notes \| 5.875% senior notes due 2024 (2)
Debt Instrument [Line Items]
Senior notes and other debts payable				421,400
CalAtlantic Group, Inc. \| Senior Notes \| 5.25% senior notes due 2026 (2)
Debt Instrument [Line Items]
Senior notes and other debts payable				395,500
CalAtlantic Group, Inc. \| Senior Notes \| 5.00% senior notes due 2027
Debt Instrument [Line Items]
Senior notes and other debts payable				$ 347,300
Subsequent Event \| Senior Notes \| 1.625% Convertible senior notes due 2018 and 8.375% senior notes due 2018
Debt Instrument [Line Items]
Cash paid for converted debt		$ 59,100
Subsequent Event \| Lennar Homebuilding \| Senior Notes \| 1.625% convertible senior notes due 2018
Debt Instrument [Line Items]
Converted debt		6,700
Subsequent Event \| Lennar Homebuilding \| Senior Notes \| 0.25% convertible senior notes due 2019 (1)
Debt Instrument [Line Items]
Senior notes and other debts payable		1,300
Converted debt		$ 266,200
Subsequent Event \| Class A Common Stock \| Senior Notes \| 1.625% Convertible senior notes due 2018 and 8.375% senior notes due 2018
Debt Instrument [Line Items]
Shares issued from converted debt (in shares)		3,654,000
Subsequent Event \| Class B Common Stock \| Senior Notes \| 1.625% Convertible senior notes due 2018 and 8.375% senior notes due 2018
Debt Instrument [Line Items]
Shares issued from converted debt (in shares)		72,000

[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 February 28, 2018 , total liabilities include $366.0 million related to consolidated VIEs as to which there was no recourse against the Company, of which $4.5 million is included in Lennar Homebuilding accounts payable, $11.1 million in Lennar Homebuilding senior notes and other debts payable, $347.0 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.5 million in Lennar Homebuilding other liabilities, $1.8 million in Rialto liabilities and $0.1 million in Lennar Multifamily liabilities. As of November 30, 2017 , total liabilities include $389.7 million related to consolidated VIEs as to which there was no recourse against the Company, of which $5.0 million is included in Lennar Homebuilding accounts payable, $380.7 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.8 million in Lennar Homebuilding other liabilities and $2.2 million

Lennar Homebuilding Senior No68

Lennar Homebuilding Senior Notes and Other Debts Payable (Narrative) (Details) - USD ($)	1 Months Ended	3 Months Ended
	Mar. 31, 2018	Feb. 28, 2018	Feb. 28, 2017	Jan. 31, 2018	Nov. 30, 2017
Senior Notes
Debt Instrument [Line Items]
Proceeds from senior notes and debt issuance costs			$ 589,152,000
Lennar Homebuilding
Debt Instrument [Line Items]
Guarantee by subsidiaries		$ 75,000,000
Lennar Homebuilding \| 4.125% senior notes due 2022
Debt Instrument [Line Items]
Interest rate		4.125%
Lennar Homebuilding \| 4.500% senior notes due 2024
Debt Instrument [Line Items]
Interest rate		4.50%
Lennar Homebuilding \| Surety Bond
Debt Instrument [Line Items]
Outstanding performance and surety bonds		$ 2,400,000,000
Uncompleted site improvements amount		$ 1,200,000,000
Uncompleted site improvements percent		50.00%
Lennar Homebuilding \| Unsecured revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 2,600,000,000		$ 2,000,000,000
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		2,100,000,000
Lennar Homebuilding \| Unsecured revolving credit facility \| Credit Facility Due in June 2018
Debt Instrument [Line Items]
Maximum borrowing capacity		70,000,000
Accordion feature		420,000,000
Lennar Homebuilding \| Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		260,000,000
Lennar Homebuilding \| Performance Letters of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		500,000,000
Letters of credit outstanding		471,000,000			$ 384,400,000
Lennar Homebuilding \| Financial Letters of Credit
Debt Instrument [Line Items]
Letters of credit outstanding		164,700,000			127,400,000
Lennar Homebuilding \| Senior Notes
Debt Instrument [Line Items]
Debt issuance cost		$ 38,600,000			$ 33,500,000
Lennar Homebuilding \| Senior Notes \| 4.125% senior notes due 2022
Debt Instrument [Line Items]
Interest rate		4.125%
Lennar Homebuilding \| Senior Notes \| 4.500% senior notes due 2024
Debt Instrument [Line Items]
Interest rate		4.50%
Subsequent Event \| Lennar Homebuilding \| Unsecured revolving credit facility \| Credit Facility Due in June 2018
Debt Instrument [Line Items]
Accordion feature	$ 245,000,000
Increase in commitment	$ 175,000,000

Product Warranty (Schedule of P

Product Warranty (Schedule of Product Warranty Reserve) (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2018	Feb. 28, 2017
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty reserve, beginning of the period	$ 164,619	$ 135,403
Warranties issued	24,689	20,720
Adjustments to pre-existing warranties from changes in estimates	2,868	2,346
Warranties assumed related to acquisitions	108,404	6,345
Payments	(30,524)	(25,827)
Warranty reserve, end of period	$ 270,056	$ 138,987

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
	Feb. 28, 2018	Feb. 28, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares granted (in shares)	0.4
Compensation expense for share-based awards	$ 17.8	$ 12.5

Financial Instruments and Fai71

Financial Instruments and Fair Value Disclosures - (Carrying Amounts And Estimated Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands	Feb. 28, 2018	Nov. 30, 2017
Lennar Homebuilding \| Level 2 \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	$ 10,382,540	$ 6,410,003
Lennar Homebuilding \| Level 2 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	10,476,731	6,598,848
Rialto \| Level 3 \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable and loans held-for-investment	1,932	1,933
Investments held-to-maturity	210,882	179,659
Rialto \| Level 3 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable and loans held-for-investment	1,932	1,933
Investments held-to-maturity	229,551	199,190
Rialto \| Level 2 \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	438,879	625,081
Rialto \| Level 2 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	448,114	644,644
Lennar Financial Services \| Level 3 \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable and loans held-for-investment	69,832	44,193
Lennar Financial Services \| Level 3 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable and loans held-for-investment	63,171	41,795
Lennar Financial Services \| Level 2 \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments held-to-maturity	60,831	52,327
Notes and other debts payable	772,240	937,431
Lennar Financial Services \| Level 2 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments held-to-maturity	60,441	52,189
Notes and other debts payable	$ 772,240	$ 937,431

Financial Instruments and Fai72

Financial Instruments and Fair Value Disclosures - (Fair Value Measured On Recurring Basis) (Details) - USD ($) $ in Thousands	Feb. 28, 2018	Nov. 30, 2017
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	$ 125,500	$ 235,400
Aggregate fair value of loans (below) in excess of principal balance	(2,100)	(1,000)
Rialto \| Fair Value, Measurements, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Financial asset	123,398	234,403
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	1,084	995
Lennar Financial Services
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Investments available-for-sale	57,768	57,439
Lennar Financial Services \| Mortgage loan commitments
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Financial asset	11,700	9,900
Lennar Financial Services \| Forward contracts
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Financial asset		1,700
Financial liability	(4,800)
Lennar Financial Services \| Fair Value, Measurements, Recurring \| RMF loans held-for-sale
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Aggregate principal balance	676,800	908,800
Aggregate fair value of loans (below) in excess of principal balance	12,400	28,700
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	57,768	57,439
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	689,172	937,516
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	36,772	31,163
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	11,654	9,873
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	$ 4,844	$ 1,681

Financial Instruments and Fai73

Financial Instruments and Fair Value Disclosures - (Narrative) (Details)	3 Months Ended
	Feb. 28, 2018USD ($)communityhomes	Feb. 28, 2017USD ($)communitycommunitieshomes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Discount rate	20.00%
Active communities	1,340	750
Number of communities assessed for impairment \| community	20	16
Number of homesites assessed for impairment \| homes	1,184	589
Inventory with potential indicators of impairment	$ 267,600,000	$ 102,900,000
Valuation adjustments to inventory	$ 6,900,000	$ 0
Number of homes impaired \| homes	114
Number of communities impaired \| community	1
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Carrying value of homesites impaired	$ 17,500,000
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	11.60%
Discount rate	12.30%
Delinquency rate	6.10%
Commitments to Sell MBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Open commitments	$ 1,300,000,000

Financial Instruments and Fai74

Financial Instruments and Fair Value Disclosures - (Schedule Of Gains And Losses Of Financial Instruments) (Details) (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2018	Feb. 28, 2017
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	$ (658)	$ 972
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	(658)	972
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	(16,297)	13,300
Fair Value, Measurements, Recurring \| Lennar Financial Services \| Mortgage loan commitments
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Changes in fair value included in revenue	1,781	6,220
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	3,163	(28,214)
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	$ 89	$ (431)

Financial Instruments and Fai75

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
	Feb. 28, 2018	Feb. 28, 2017
Mortgage servicing rights \| Lennar Financial Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 31,163	$ 23,930
Purchases/loan originations	2,288	2,846
Sales/loan originations sold, including those not settled	0	0
Disposals/settlements	(1,213)	(891)
Changes in fair value	4,534	612
Ending balance	36,772	26,497
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	234,403	126,947
Purchases/loan originations	237,965	394,340
Sales/loan originations sold, including those not settled	(347,712)	(477,716)
Disposals/settlements	0	0
Changes in fair value	753	1,420
Interest and principal paydowns	(2,011)	(52)
Ending balance	$ 123,398	$ 44,939

Financial Instruments and Fai76

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
	Feb. 28, 2018	Feb. 28, 2017
Rialto
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Impaired loans receivable, carrying value	$ 0	$ 31,550
Impaired loans receivable, fair value	0	18,885
Impaired loans receivable, total gains (losses)	0	(12,665)
REO, net: Upon acquisition/transfer, carrying value	0	8,850
REO, net: Upon acquisition/transfer, fair value	0	8,394
REO, net: Upon acquisition/transfer, total gains (losses)	0	(456)
REO, net: Upon management periodic valuation, carrying value	16,453	52,425
REO, net: Upon management periodic valuation, fair value	10,968	40,096
REO, net: Upon management periodic valuation, total gains (losses)	(5,485)	(12,329)
Lennar Homebuilding
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Land and land under development, carrying value	52,929	0
Land and land under development, fair value	43,565	0
Land and land under development, total gains (losses)	$ (9,364)	$ 0

Financial Instruments and Fai77

Financial Instruments and Fair Value Disclosures - (Unobservable Inputs Used in Discounted Cash Flow Model to Determine the Fair Value of Communities) (Details)	3 Months Ended
	Feb. 28, 2018USD ($)communityhomes$ / homes	Feb. 28, 2017USD ($)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Valuation adjustments to inventory	$ 6,900,000	$ 0
Discount rate	20.00%
Number of homes impaired \| homes	114
Number of communities impaired \| community	1
Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Average selling price \| $ / homes	572,000,000
Absorption rate per quarter (homes)	6
Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Carrying value of homesites impaired	$ 17,500,000

Variable Interest Entities (Nar

Variable Interest Entities (Narrative) (Details) $ in Millions	3 Months Ended
	Feb. 28, 2018USD ($)joint_venture	Nov. 30, 2017USD ($)joint_venture
Variable Interest Entity [Line Items]
Consolidated VIEs assets	$ 864.8	$ 799.4
Consolidated VIEs liabilities	$ 366	$ 389.7
Number of unconsolidated entities debt repayment guarantee \| joint_venture	3	3
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Decrease in consolidated inventory	$ 26.6
Variable Interest Entity, Not Primary Beneficiary Including Third Parties
Variable Interest Entity [Line Items]
Non-refundable option deposits and pre-acquisition costs	202.4	$ 137
Financial Standby Letters of Credit \| Variable Interest Entity, Not Primary Beneficiary Including Third Parties
Variable Interest Entity [Line Items]
Letters of credit outstanding	46.9	51.8
Lennar Multifamily \| Equity Commitments \| Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Obligations to make capital contributions to VIEs	(121.6)	(153.3)
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	(4.6)	(4.6)
Lennar Homebuilding \| Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Obligations to make capital contributions to VIEs	$ (62.5)	$ (61.6)
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		Feb. 28, 2018	Nov. 30, 2017
Lennar Homebuilding
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	[1]	$ 990,723	$ 900,769
Rialto
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	[1]	275,850	265,418
Lennar Multifamily
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities		$ 437,367	$ 407,544

[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 February 28, 2018 , total assets include $864.8 million related to consolidated VIEs of which $7.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.1 million in Lennar Homebuilding receivables, net, $45.4 million in Lennar Homebuilding finished homes and construction in progress, $308.8 million in Lennar Homebuilding land and land under development, $366.7 million in Lennar Homebuilding consolidated inventory not owned, $4.5 million in Lennar Homebuilding investments in unconsolidated entities, $11.7 million in Lennar Homebuilding other assets, $20.0 million in Rialto assets and $100.0 million in Lennar Multifamily assets. As of November 30, 2017 , total assets include $799.4 million related to consolidated VIEs of which $15.8 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $53.2 million in Lennar Homebuilding finished homes and construction in progress, $229.0 million in Lennar Homebuilding land and land under development, $393.3 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $11.8 million in Lennar Homebuilding other assets, $48.8 million in Rialto assets and $42.7 million

Variable Interest Entities (Est

Variable Interest Entities (Estimated Maximum Exposure To Loss) (Details) - USD ($) $ in Thousands	Feb. 28, 2018	Nov. 30, 2017
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	$ 631,590	$ 706,638
Lennar’s Maximum Exposure to Loss	826,848	931,932
Lennar Homebuilding \| Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	48,792	181,804
Lennar’s Maximum Exposure to Loss	117,516	248,909
Obligations related to VIEs	62,500	61,600
Rialto
Variable Interest Entity [Line Items]
Investments held-to-maturity	210,882	179,659
Rialto \| Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	210,882	179,659
Lennar’s Maximum Exposure to Loss	210,882	179,659
Investments held-to-maturity	210,900	179,700
Lennar Multifamily \| Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	371,916	345,175
Lennar’s Maximum Exposure to Loss	498,450	503,364
Lennar Multifamily \| Variable Interest Entity, Not Primary Beneficiary \| Equity Commitments
Variable Interest Entity [Line Items]
Obligations related to VIEs	121,600	153,300
Lennar Multifamily \| Variable Interest Entity, Not Primary Beneficiary \| Financial Standby Letters of Credit
Variable Interest Entity [Line Items]
Obligations related to VIEs	$ 4,600	$ 4,600

Commitments and Contingent Li81

Commitments and Contingent Liabilities - (Narrative) (Details) - District of Maryland - USD ($) $ in Millions	Apr. 12, 2017	Nov. 30, 2017
Loss Contingencies [Line Items]
Lennar Homebuilding loss due to litigation accrual		$ 140
Judicial Ruling
Loss Contingencies [Line Items]
Purchase price in litigation	$ 114
Interest and other closing costs	$ (124)

Supplemental Financial Inform82

Supplemental Financial Information (Narrative) (Details)	3 Months Ended
Supplemental Financial Information (Narrative) (Details)	Feb. 28, 2018USD ($)
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 \| 4.125% senior notes due 2022
Debt Instrument [Line Items]
Interest rate	4.125%
Lennar Homebuilding \| 4.500% senior notes due 2024
Debt Instrument [Line Items]
Interest rate	4.50%
Lennar Homebuilding \| Senior Notes \| 1.625% convertible senior notes due 2018
Debt Instrument [Line Items]
Interest rate	1.625%
Lennar Homebuilding \| Senior Notes \| 8.375% senior notes due 2018
Debt Instrument [Line Items]
Interest rate	8.375%
Lennar Homebuilding \| Senior Notes \| 6.95% senior notes due 2018
Debt Instrument [Line Items]
Interest rate	6.95%
Lennar Homebuilding \| Senior Notes \| 4.125% senior notes due December 2018
Debt Instrument [Line Items]
Interest rate	4.125%
Lennar Homebuilding \| Senior Notes \| 0.25% convertible senior notes due 2019 (1)
Debt Instrument [Line Items]
Interest rate	0.25%
Lennar Homebuilding \| Senior Notes \| 4.500% senior notes due 2019
Debt Instrument [Line Items]
Interest rate	4.50%
Lennar Homebuilding \| Senior Notes \| 4.50% senior notes due 2019
Debt Instrument [Line Items]
Interest rate	4.50%
Lennar Homebuilding \| Senior Notes \| 4.750% senior notes due 2021
Debt Instrument [Line Items]
Interest rate	4.75%
Lennar Homebuilding \| Senior Notes \| 6.25% senior notes due December 2021 (2)
Debt Instrument [Line Items]
Interest rate	6.25%
Lennar Homebuilding \| Senior Notes \| 4.125% senior notes due 2022
Debt Instrument [Line Items]
Interest rate	4.125%
Lennar Homebuilding \| Senior Notes \| 5.375% senior notes due 2022
Debt Instrument [Line Items]
Interest rate	5.375%
Lennar Homebuilding \| Senior Notes \| 4.750% senior notes due 2022
Debt Instrument [Line Items]
Interest rate	4.75%
Lennar Homebuilding \| Senior Notes \| 4.875% senior notes due December 2023
Debt Instrument [Line Items]
Interest rate	4.875%
Lennar Homebuilding \| Senior Notes \| 4.500% senior notes due 2024
Debt Instrument [Line Items]
Interest rate	4.50%
Lennar Homebuilding \| Senior Notes \| 5.875% senior notes due 2024 (2)
Debt Instrument [Line Items]
Interest rate	5.875%
Lennar Homebuilding \| Senior Notes \| 4.750% senior notes due 2025
Debt Instrument [Line Items]
Interest rate	4.75%
Lennar Homebuilding \| Senior Notes \| 6.625% senior notes due 2020
Debt Instrument [Line Items]
Interest rate	6.625%
Lennar Homebuilding \| Senior Notes \| 2.95% senior notes due 2020
Debt Instrument [Line Items]
Interest rate	2.95%
Lennar Homebuilding \| Senior Notes \| 8.375% senior notes due 2021
Debt Instrument [Line Items]
Interest rate	8.375%
Lennar Homebuilding \| Senior Notes \| 5.25% senior notes due 2026 (2)
Debt Instrument [Line Items]
Interest rate	5.25%
Lennar Homebuilding \| Senior Notes \| 5.00% senior notes due 2027
Debt Instrument [Line Items]
Interest rate	5.00%
Lennar Homebuilding \| Senior Notes \| 4.75% senior notes due 2027
Debt Instrument [Line Items]
Interest rate	4.75%

Supplemental Financial Inform83

Supplemental Financial Information (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Thousands		Feb. 28, 2018		Nov. 30, 2017		Feb. 28, 2017	Nov. 30, 2016
Assets:
Total assets	[1]	$ 27,944,023		$ 18,745,034
LIABILITIES AND EQUITY
Total liabilities	[2]	14,769,939		10,758,902
Stockholders’ equity	[2]	13,060,930		7,872,317
Noncontrolling interests	[2]	113,154		113,815
Total equity		13,174,084	[2]	7,986,132	[2]	$ 7,255,775	$ 7,211,567
Total liabilities and equity	[2]	27,944,023		18,745,034
Lennar Homebuilding
Assets:
Cash and cash equivalents, restricted cash and receivables, net		950,982		2,429,332
Inventories		17,580,816		10,860,890
Investments in unconsolidated entities	[1]	990,723		900,769
Goodwill	[1]	3,433,477		136,566
Other assets	[1]	1,437,514		863,404
Investments in subsidiaries		0		0
Intercompany		0		0
Total assets	[1]	24,393,512		15,190,961
LIABILITIES AND EQUITY
Accounts payable and other liabilities		2,406,188		1,920,594
Liabilities related to consolidated inventory not owned	[2]	347,048		380,720
Senior notes and other debts payable	[2]	10,382,540		6,410,003
Intercompany		0		0
Total liabilities	[2]	13,135,776		8,711,317
Lennar Financial Services
Assets:
Goodwill		210,628		59,838
Other assets		117,001		95,527
Total assets	[1]	1,748,432		1,689,508
Lennar Financial Services loans held-for-sale		689,172		937,516
Lennar Financial Services		1,748,432		1,689,508
LIABILITIES AND EQUITY
Total liabilities	[2]	1,005,002		1,177,814
Rialto
Assets:
Investments in unconsolidated entities	[1]	275,850		265,418
Goodwill		5,396		5,396
Other assets		98,170		120,438
Total assets	[1]	909,249		1,153,840
Lennar Financial Services loans held-for-sale		125,013		236,018
LIABILITIES AND EQUITY
Total liabilities		488,104		720,056
Lennar Multifamily
Assets:
Investments in unconsolidated entities		437,367		407,544
Other assets		34,310		16,209
Total assets		892,830		710,725	[1]
LIABILITIES AND EQUITY
Accounts payable and other liabilities		141,057		149,715
Total liabilities	[2]	141,057		149,715
Reportable Legal Entities \| Lennar Corporation
Assets:
Total assets		23,100,219		14,519,129
LIABILITIES AND EQUITY
Total liabilities		10,039,289		6,646,812
Stockholders’ equity		13,060,930		7,872,317
Noncontrolling interests		0		0
Total equity		13,060,930		7,872,317
Total liabilities and equity		23,100,219		14,519,129
Reportable Legal Entities \| Lennar Corporation \| Lennar Homebuilding
Assets:
Cash and cash equivalents, restricted cash and receivables, net		298,162		1,945,024
Inventories		0		0
Investments in unconsolidated entities		0		0
Goodwill		0		0
Other assets		282,703		246,490
Investments in subsidiaries		10,817,911		4,446,309
Intercompany		11,701,443		7,881,306
Total assets		23,100,219		14,519,129
LIABILITIES AND EQUITY
Accounts payable and other liabilities		529,607		635,227
Liabilities related to consolidated inventory not owned		0		0
Senior notes and other debts payable		9,509,682		6,011,585
Intercompany		0		0
Total liabilities		10,039,289		6,646,812
Reportable Legal Entities \| Lennar Corporation \| Lennar Financial Services
Assets:
Total assets		0
Lennar Financial Services				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		23,708,904		12,747,512
LIABILITIES AND EQUITY
Total liabilities		13,187,019		8,597,055
Stockholders’ equity		10,521,885		4,150,457
Noncontrolling interests		0		0
Total equity		10,521,885		4,150,457
Total liabilities and equity		23,708,904		12,747,512
Reportable Legal Entities \| Guarantor Subsidiaries \| Lennar Homebuilding
Assets:
Cash and cash equivalents, restricted cash and receivables, net		637,847		462,336
Inventories		17,209,084		10,560,996
Investments in unconsolidated entities		974,404		884,294
Goodwill		3,433,477		136,566
Other assets		1,045,144		520,899
Investments in subsidiaries		110,353		52,237
Intercompany		0		0
Total assets		23,410,309		12,617,328
LIABILITIES AND EQUITY
Accounts payable and other liabilities		1,610,823		1,011,051
Liabilities related to consolidated inventory not owned		333,548		367,220
Senior notes and other debts payable		861,798		394,365
Intercompany		10,342,346		6,775,719
Total liabilities		13,148,515		8,548,355
Reportable Legal Entities \| Guarantor Subsidiaries \| Lennar Financial Services
Assets:
Total assets		298,595
Lennar Financial Services				130,184
LIABILITIES AND EQUITY
Total liabilities		38,504		48,700
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		3,781,337		3,878,862
LIABILITIES AND EQUITY
Total liabilities		3,261,804		3,416,958
Stockholders’ equity		406,379		348,089
Noncontrolling interests		113,154		113,815
Total equity		519,533		461,904
Total liabilities and equity		3,781,337		3,878,862
Reportable Legal Entities \| Non-Guarantor Subsidiaries \| Lennar Homebuilding
Assets:
Cash and cash equivalents, restricted cash and receivables, net		14,973		21,972
Inventories		371,732		299,894
Investments in unconsolidated entities		16,319		16,475
Other assets		125,175		114,431
Investments in subsidiaries		0		0
Intercompany		0		0
Total assets		528,199		452,772
LIABILITIES AND EQUITY
Accounts payable and other liabilities		282,488		294,933
Liabilities related to consolidated inventory not owned		13,500		13,500
Senior notes and other debts payable		11,060		4,053
Intercompany		1,359,097		1,105,587
Total liabilities		1,666,145		1,418,073
Reportable Legal Entities \| Non-Guarantor Subsidiaries \| Lennar Financial Services
Assets:
Total assets		1,451,059
Lennar Financial Services				1,561,525
LIABILITIES AND EQUITY
Total liabilities		966,498		1,129,114
Reportable Legal Entities \| Non-Guarantor Subsidiaries \| Rialto
Assets:
Total assets		909,249		1,153,840
LIABILITIES AND EQUITY
Total liabilities		488,104		720,056
Reportable Legal Entities \| Non-Guarantor Subsidiaries \| Lennar Multifamily
Assets:
Total assets		892,830		710,725
LIABILITIES AND EQUITY
Total liabilities		141,057		149,715
Consolidating Adjustments
Assets:
Total assets		(22,646,437)		(12,400,469)
LIABILITIES AND EQUITY
Total liabilities		(11,718,173)		(7,901,923)
Stockholders’ equity		(10,928,264)		(4,498,546)
Noncontrolling interests		0		0
Total equity		(10,928,264)		(4,498,546)
Total liabilities and equity		(22,646,437)		(12,400,469)
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		0
Other assets		(15,508)		(18,416)
Investments in subsidiaries		(10,928,264)		(4,498,546)
Intercompany		(11,701,443)		(7,881,306)
Total assets		(22,645,215)		(12,398,268)
LIABILITIES AND EQUITY
Accounts payable and other liabilities		(16,730)		(20,617)
Liabilities related to consolidated inventory not owned		0		0
Senior notes and other debts payable		0		0
Intercompany		(11,701,443)		(7,881,306)
Total liabilities		(11,718,173)		(7,901,923)
Consolidating Adjustments \| Lennar Financial Services
Assets:
Total assets		(1,222)
Lennar Financial Services				(2,201)
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 February 28, 2018 , total assets include $864.8 million related to consolidated VIEs of which $7.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.1 million in Lennar Homebuilding receivables, net, $45.4 million in Lennar Homebuilding finished homes and construction in progress, $308.8 million in Lennar Homebuilding land and land under development, $366.7 million in Lennar Homebuilding consolidated inventory not owned, $4.5 million in Lennar Homebuilding investments in unconsolidated entities, $11.7 million in Lennar Homebuilding other assets, $20.0 million in Rialto assets and $100.0 million in Lennar Multifamily assets. As of November 30, 2017 , total assets include $799.4 million related to consolidated VIEs of which $15.8 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $53.2 million in Lennar Homebuilding finished homes and construction in progress, $229.0 million in Lennar Homebuilding land and land under development, $393.3 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $11.8 million in Lennar Homebuilding other assets, $48.8 million in Rialto assets and $42.7 million
[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 February 28, 2018 , total liabilities include $366.0 million related to consolidated VIEs as to which there was no recourse against the Company, of which $4.5 million is included in Lennar Homebuilding accounts payable, $11.1 million in Lennar Homebuilding senior notes and other debts payable, $347.0 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.5 million in Lennar Homebuilding other liabilities, $1.8 million in Rialto liabilities and $0.1 million in Lennar Multifamily liabilities. As of November 30, 2017 , total liabilities include $389.7 million related to consolidated VIEs as to which there was no recourse against the Company, of which $5.0 million is included in Lennar Homebuilding accounts payable, $380.7 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.8 million in Lennar Homebuilding other liabilities and $2.2 million

Supplemental Financial Inform84

Supplemental Financial Information (Condensed Consolidating Statement of Operations and Comprehensive Income) (Details) - USD ($) $ in Thousands		3 Months Ended
		Feb. 28, 2018	Feb. 28, 2017
Revenues:
Revenues		$ 2,980,791	$ 2,337,428
Cost and expenses:
Corporate general and administrative		67,810	60,699
Acquisition and integration costs related to CalAtlantic		104,195	0
Total costs and expenses		2,870,069	2,149,201
Equity in earnings (loss) from unconsolidated entities		(2,431)	12,335
Earnings before income taxes		269,428	49,643
Benefit (provision) for income taxes	[1]	(132,611)	(19,969)
Equity in earnings from subsidiaries			0
Net earnings (including net earnings (loss) attributable to noncontrolling interests)		136,817	29,674
Less: Net earnings (loss) attributable to noncontrolling interests		602	(8,406)
Net earnings attributable to Lennar		136,215	38,080
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on securities available-for-sale		(658)	972
Total other comprehensive income (loss), net of tax		(658)	972
Other comprehensive income attributable to Lennar		135,557	39,052
Total comprehensive income (loss) attributable to noncontrolling interests		602	(8,406)
Lennar Homebuilding
Revenues:
Revenues		2,662,093	2,018,694
Cost and expenses:
Cost and expenses		2,404,007	1,801,561
Equity in earnings (loss) from unconsolidated entities		(14,287)	(11,534)
Other income (expense), net		169,928	5,739
Lennar Homebuilding loss due to litigation accrual		0	(140,000)
Lennar Financial Services
Revenues:
Revenues		171,140	148,043
Cost and expenses:
Cost and expenses		151,445	127,379
Rialto
Revenues:
Revenues		54,302	82,006
Cost and expenses:
Cost and expenses		45,413	66,913
Equity in earnings (loss) from unconsolidated entities		9,114	722
Other income (expense), net		(8,791)	(16,658)
Lennar Multifamily
Revenues:
Revenues		93,256	88,685
Cost and expenses:
Cost and expenses		97,199	92,649
Equity in earnings (loss) from unconsolidated entities		2,742	23,147
Reportable Legal Entities \| Lennar Corporation
Revenues:
Revenues		0	0
Cost and expenses:
Corporate general and administrative		65,923	59,179
Acquisition and integration costs related to CalAtlantic		0
Total costs and expenses		65,923	59,179
Earnings before income taxes		(63,988)	(59,430)
Benefit (provision) for income taxes		31,565	20,444
Equity in earnings from subsidiaries		168,638	77,066
Net earnings (including net earnings (loss) attributable to noncontrolling interests)		136,215	38,080
Less: Net earnings (loss) attributable to noncontrolling interests		0
Net earnings attributable to Lennar		136,215	38,080
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on securities available-for-sale		0	0
Total other comprehensive income (loss), net of tax		0	0
Other comprehensive income attributable to Lennar		136,215	38,080
Total comprehensive income (loss) attributable to noncontrolling interests		0	0
Reportable Legal Entities \| Lennar Corporation \| Lennar Homebuilding
Revenues:
Revenues		0	0
Cost and expenses:
Cost and expenses		0	0
Equity in earnings (loss) from unconsolidated entities		0	0
Other income (expense), net		1,935	(251)
Lennar Homebuilding loss due to litigation accrual			0
Reportable Legal Entities \| Lennar Corporation \| Lennar Financial Services
Revenues:
Revenues		0	0
Cost and expenses:
Cost and expenses		0	0
Reportable Legal Entities \| Lennar Corporation \| Rialto
Revenues:
Revenues		0	0
Cost and expenses:
Cost and expenses		0	0
Equity in earnings (loss) from unconsolidated entities		0	0
Other income (expense), net		0	0
Reportable Legal Entities \| Lennar Corporation \| Lennar Multifamily
Revenues:
Revenues		0	0
Cost and expenses:
Cost and expenses		0	0
Equity in earnings (loss) from unconsolidated entities		0	0
Reportable Legal Entities \| Guarantor Subsidiaries
Revenues:
Revenues		2,726,206	2,063,391
Cost and expenses:
Corporate general and administrative		604	255
Acquisition and integration costs related to CalAtlantic		104,195
Total costs and expenses		2,573,079	1,843,321
Earnings before income taxes		307,292	73,283
Benefit (provision) for income taxes		(150,443)	(23,344)
Equity in earnings from subsidiaries		10,200	6,893
Net earnings (including net earnings (loss) attributable to noncontrolling interests)		167,049	56,832
Less: Net earnings (loss) attributable to noncontrolling interests		0
Net earnings attributable to Lennar		167,049	56,832
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on securities available-for-sale		0	0
Total other comprehensive income (loss), net of tax		0	0
Other comprehensive income attributable to Lennar		167,049	56,832
Total comprehensive income (loss) attributable to noncontrolling interests		0	0
Reportable Legal Entities \| Guarantor Subsidiaries \| Lennar Homebuilding
Revenues:
Revenues		2,653,194	2,012,882
Cost and expenses:
Cost and expenses		2,393,804	1,794,010
Equity in earnings (loss) from unconsolidated entities		(14,131)	(11,560)
Other income (expense), net		168,296	4,773
Lennar Homebuilding loss due to litigation accrual			(140,000)
Reportable Legal Entities \| Guarantor Subsidiaries \| Lennar Financial Services
Revenues:
Revenues		73,012	50,509
Cost and expenses:
Cost and expenses		74,476	49,056
Reportable Legal Entities \| Guarantor Subsidiaries \| Rialto
Revenues:
Revenues		0	0
Cost and expenses:
Cost and expenses		0	0
Equity in earnings (loss) from unconsolidated entities		0	0
Other income (expense), net		0	0
Reportable Legal Entities \| Guarantor Subsidiaries \| Lennar Multifamily
Revenues:
Revenues		0	0
Cost and expenses:
Cost and expenses		0	0
Equity in earnings (loss) from unconsolidated entities		0	0
Reportable Legal Entities \| Non-Guarantor Subsidiaries
Revenues:
Revenues		259,559	279,067
Cost and expenses:
Corporate general and administrative		0	0
Acquisition and integration costs related to CalAtlantic		0
Total costs and expenses		237,967	251,470
Earnings before income taxes		26,124	35,790
Benefit (provision) for income taxes		(13,733)	(17,069)
Equity in earnings from subsidiaries			0
Net earnings (including net earnings (loss) attributable to noncontrolling interests)		12,391	18,721
Less: Net earnings (loss) attributable to noncontrolling interests		602	(8,406)
Net earnings attributable to Lennar		11,789	27,127
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on securities available-for-sale		(658)	972
Total other comprehensive income (loss), net of tax		(658)	972
Other comprehensive income attributable to Lennar		11,131	28,099
Total comprehensive income (loss) attributable to noncontrolling interests		602	(8,406)
Reportable Legal Entities \| Non-Guarantor Subsidiaries \| Lennar Homebuilding
Revenues:
Revenues		8,899	5,812
Cost and expenses:
Cost and expenses		12,237	7,868
Equity in earnings (loss) from unconsolidated entities		(156)	26
Other income (expense), net		1,623	956
Lennar Homebuilding loss due to litigation accrual			0
Reportable Legal Entities \| Non-Guarantor Subsidiaries \| Lennar Financial Services
Revenues:
Revenues		103,102	102,532
Cost and expenses:
Cost and expenses		83,118	83,988
Reportable Legal Entities \| Non-Guarantor Subsidiaries \| Rialto
Revenues:
Revenues		54,302	82,006
Cost and expenses:
Cost and expenses		45,413	66,965
Equity in earnings (loss) from unconsolidated entities		9,114	722
Other income (expense), net		(8,791)	(16,658)
Reportable Legal Entities \| Non-Guarantor Subsidiaries \| Lennar Multifamily
Revenues:
Revenues		93,256	88,717
Cost and expenses:
Cost and expenses		97,199	92,649
Equity in earnings (loss) from unconsolidated entities		2,742	23,147
Consolidating Adjustments
Revenues:
Revenues		(4,974)	(5,030)
Cost and expenses:
Corporate general and administrative		1,283	1,265
Acquisition and integration costs related to CalAtlantic		0
Total costs and expenses		(6,900)	(4,769)
Earnings before income taxes		0	0
Benefit (provision) for income taxes		0	0
Equity in earnings from subsidiaries		(178,838)	(83,959)
Net earnings (including net earnings (loss) attributable to noncontrolling interests)		(178,838)	(83,959)
Less: Net earnings (loss) attributable to noncontrolling interests		0
Net earnings attributable to Lennar		(178,838)	(83,959)
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on securities available-for-sale		0	0
Total other comprehensive income (loss), net of tax		0	0
Other comprehensive income attributable to Lennar		(178,838)	(83,959)
Total comprehensive income (loss) attributable to noncontrolling interests		0	0
Consolidating Adjustments \| Lennar Homebuilding
Revenues:
Revenues		0	0
Cost and expenses:
Cost and expenses		(2,034)	(317)
Equity in earnings (loss) from unconsolidated entities		0	0
Other income (expense), net		(1,926)	261
Lennar Homebuilding loss due to litigation accrual			0
Consolidating Adjustments \| Lennar Financial Services
Revenues:
Revenues		(4,974)	(4,998)
Cost and expenses:
Cost and expenses		(6,149)	(5,665)
Consolidating Adjustments \| Rialto
Revenues:
Revenues		0	0
Cost and expenses:
Cost and expenses		0	(52)
Equity in earnings (loss) from unconsolidated entities		0	0
Other income (expense), net		0	0
Consolidating Adjustments \| Lennar Multifamily
Revenues:
Revenues		0	(32)
Cost and expenses:
Cost and expenses		0	0
Equity in earnings (loss) from unconsolidated entities		$ 0	$ 0

[1]	Provision for income taxes for the three months ended February 28, 2018 includes a non-cash one-time write down of deferred tax assets of $68.6 million

Supplemental Financial Inform85

Supplemental Financial Information (Condensed Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2018	Feb. 28, 2017
Cash flows from operating activities:
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	$ 136,817	$ 29,674
Distributions of earnings from guarantor and non-guarantor subsidiaries	0	0
Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities	(279,545)	49,650
Net cash (used in) provided by operating activities	(142,728)	79,324
Cash flows from investing activities:
Investments in and contributions to unconsolidated entities, net of distributions of capital	(41,648)	(111,745)
Proceeds from sales of real estate owned	18,080	24,215
Originations of loans receivable	0	9,330
Proceeds from sale of investment in unconsolidated entity	(175,179)	0
Purchases of commercial mortgage-backed securities bonds	(31,068)	(40,357)
Acquisitions, net of cash acquired	(1,101,739)	(596,172)
Other	(47,014)	(32,693)
Distributions of capital from guarantor and non-guarantor subsidiaries		0
Intercompany	0	0
Net cash used in investing activities	(1,028,210)	(766,082)
Cash flows from financing activities:
Debt issuance costs	(12,039)	(10,848)
Net proceeds (payments) on other borrowings	(84,219)	(8,847)
Net payments related to noncontrolling interests	(19,908)	(25,718)
Excess tax benefits from share-based awards	0	1,953
Common stock:
Issuances	0	99
Repurchases	(25,355)	(83)
Dividends	(9,617)	(9,400)
Intercompany	0	0
Net cash (used in) provided by financing activities	(450,349)	286,289
Net decrease in cash and cash equivalents	(1,621,287)	(400,469)
Cash and cash equivalents at beginning of period	2,650,872	1,329,529
Cash and cash equivalents at end of period	1,029,585	929,060
Rialto
Cash flows from financing activities:
Net proceeds on Rialto notes payable		32,489
Principal payments on Rialto notes payable including structured notes	(100,161)	(2,971)
Common stock:
Cash and cash equivalents at beginning of period	241,861
Cash and cash equivalents at end of period	113,582
Senior Notes
Cash flows from financing activities:
Proceeds from senior notes and debt issuance costs		589,152
Debt issuance costs	(12,039)
Unsecured Revolving Credit Facility
Cash flows from financing activities:
Net borrowings under revolving lines of credit	45,300	250,000
Warehouse Repurchase Facility
Cash flows from financing activities:
Net borrowings under revolving lines of credit	(344,511)	(543,356)
Reportable Legal Entities \| Lennar Corporation
Cash flows from operating activities:
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	136,215	38,080
Distributions of earnings from guarantor and non-guarantor subsidiaries	168,638	77,066
Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities	(274,370)	(41,356)
Net cash (used in) provided by operating activities	30,483	73,790
Cash flows from investing activities:
Investments in and contributions to unconsolidated entities, net of distributions of capital	0	0
Proceeds from sales of real estate owned	0	0
Originations of loans receivable		0
Proceeds from sale of investment in unconsolidated entity	0
Purchases of commercial mortgage-backed securities bonds	0	0
Acquisitions, net of cash acquired	(1,162,342)	(596,172)
Other	(9,045)	(2,824)
Distributions of capital from guarantor and non-guarantor subsidiaries		30,000
Intercompany	(921,113)	(634,418)
Net cash used in investing activities	(2,092,500)	(1,203,414)
Cash flows from financing activities:
Net proceeds (payments) on other borrowings	0
Net payments related to noncontrolling interests	0	0
Excess tax benefits from share-based awards		1,953
Common stock:
Issuances		99
Repurchases	(25,355)	(83)
Dividends	(9,617)	(9,400)
Intercompany	0	0
Net cash (used in) provided by financing activities	455,911	837,729
Net decrease in cash and cash equivalents	(1,606,106)	(291,895)
Cash and cash equivalents at beginning of period	1,937,674	697,112
Cash and cash equivalents at end of period	331,568	405,217
Reportable Legal Entities \| Lennar Corporation \| Rialto
Cash flows from financing activities:
Net proceeds on Rialto notes payable		0
Reportable Legal Entities \| Lennar Corporation \| Senior Notes
Cash flows from financing activities:
Proceeds from senior notes and debt issuance costs		595,160
Debt issuance costs	(9,117)
Reportable Legal Entities \| Lennar Corporation \| Unsecured Revolving Credit Facility
Cash flows from financing activities:
Net borrowings under revolving lines of credit	500,000	250,000
Reportable Legal Entities \| Lennar Corporation \| Warehouse Repurchase Facility
Cash flows from financing activities:
Net borrowings under revolving lines of credit	0	0
Reportable Legal Entities \| Guarantor Subsidiaries
Cash flows from operating activities:
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	167,049	56,832
Distributions of earnings from guarantor and non-guarantor subsidiaries	10,200	6,893
Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities	(352,627)	(421,010)
Net cash (used in) provided by operating activities	(175,378)	(357,285)
Cash flows from investing activities:
Investments in and contributions to unconsolidated entities, net of distributions of capital	(9,659)	(111,072)
Proceeds from sales of real estate owned	0	0
Originations of loans receivable		0
Proceeds from sale of investment in unconsolidated entity	(175,179)
Purchases of commercial mortgage-backed securities bonds	0	0
Acquisitions, net of cash acquired	24,088	0
Other	(25,220)	(9,303)
Distributions of capital from guarantor and non-guarantor subsidiaries		30,000
Intercompany	0	0
Net cash used in investing activities	164,388	(90,375)
Cash flows from financing activities:
Net proceeds (payments) on other borrowings	(14,806)	(15,217)
Net payments related to noncontrolling interests
Excess tax benefits from share-based awards		0
Common stock:
Issuances		0
Repurchases	0	0
Dividends	(167,049)	(86,832)
Intercompany	729,979	440,388
Net cash (used in) provided by financing activities	93,397	338,314
Net decrease in cash and cash equivalents	82,407	(109,346)
Cash and cash equivalents at beginning of period	359,087	377,070
Cash and cash equivalents at end of period	441,494	267,724
Reportable Legal Entities \| Guarantor Subsidiaries \| Rialto
Cash flows from financing activities:
Net proceeds on Rialto notes payable		0
Reportable Legal Entities \| Guarantor Subsidiaries \| Senior Notes
Cash flows from financing activities:
Proceeds from senior notes and debt issuance costs		0
Debt issuance costs	0
Reportable Legal Entities \| Guarantor Subsidiaries \| Unsecured Revolving Credit Facility
Cash flows from financing activities:
Net borrowings under revolving lines of credit	(454,700)	0
Reportable Legal Entities \| Guarantor Subsidiaries \| Warehouse Repurchase Facility
Cash flows from financing activities:
Net borrowings under revolving lines of credit	(27)	(25)
Reportable Legal Entities \| Non-Guarantor Subsidiaries
Cash flows from operating activities:
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	12,391	18,721
Distributions of earnings from guarantor and non-guarantor subsidiaries	0	0
Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities	168,614	428,057
Net cash (used in) provided by operating activities	181,005	446,778
Cash flows from investing activities:
Investments in and contributions to unconsolidated entities, net of distributions of capital	(31,989)	(673)
Proceeds from sales of real estate owned	18,080	24,215
Originations of loans receivable		9,330
Proceeds from sale of investment in unconsolidated entity	0
Purchases of commercial mortgage-backed securities bonds	(31,068)	(40,357)
Acquisitions, net of cash acquired	36,515	0
Other	(12,749)	(20,566)
Distributions of capital from guarantor and non-guarantor subsidiaries		0
Intercompany	0	0
Net cash used in investing activities	(21,211)	(46,711)
Cash flows from financing activities:
Net proceeds (payments) on other borrowings	(69,413)	6,370
Net payments related to noncontrolling interests	(19,908)	(25,718)
Excess tax benefits from share-based awards		0
Common stock:
Issuances		0
Repurchases	0	0
Dividends	(11,789)	(57,127)
Intercompany	191,134	194,030
Net cash (used in) provided by financing activities	(257,382)	(399,295)
Net decrease in cash and cash equivalents	(97,588)	772
Cash and cash equivalents at beginning of period	354,111	255,347
Cash and cash equivalents at end of period	256,523	256,119
Reportable Legal Entities \| Non-Guarantor Subsidiaries \| Rialto
Cash flows from financing activities:
Net proceeds on Rialto notes payable		32,489
Reportable Legal Entities \| Non-Guarantor Subsidiaries \| Senior Notes
Cash flows from financing activities:
Proceeds from senior notes and debt issuance costs		(6,008)
Debt issuance costs	(2,922)
Reportable Legal Entities \| Non-Guarantor Subsidiaries \| Unsecured Revolving Credit Facility
Cash flows from financing activities:
Net borrowings under revolving lines of credit	0	0
Reportable Legal Entities \| Non-Guarantor Subsidiaries \| Warehouse Repurchase Facility
Cash flows from financing activities:
Net borrowings under revolving lines of credit	(344,484)	(543,331)
Consolidating Adjustments
Cash flows from operating activities:
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	(178,838)	(83,959)
Distributions of earnings from guarantor and non-guarantor subsidiaries	(178,838)	(83,959)
Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities	178,838	83,959
Net cash (used in) provided by operating activities	(178,838)	(83,959)
Cash flows from investing activities:
Investments in and contributions to unconsolidated entities, net of distributions of capital	0	0
Proceeds from sales of real estate owned	0	0
Originations of loans receivable		0
Proceeds from sale of investment in unconsolidated entity	0
Purchases of commercial mortgage-backed securities bonds	0	0
Acquisitions, net of cash acquired	0	0
Other	0	0
Distributions of capital from guarantor and non-guarantor subsidiaries		(60,000)
Intercompany	921,113	634,418
Net cash used in investing activities	921,113	574,418
Cash flows from financing activities:
Net proceeds (payments) on other borrowings	0	0
Net payments related to noncontrolling interests	0	0
Excess tax benefits from share-based awards		0
Common stock:
Issuances		0
Repurchases	0	0
Dividends	178,838	143,959
Intercompany	(921,113)	(634,418)
Net cash (used in) provided by financing activities	(742,275)	(490,459)
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
Consolidating Adjustments \| Rialto
Cash flows from financing activities:
Net proceeds on Rialto notes payable		0
Consolidating Adjustments \| Senior Notes
Cash flows from financing activities:
Proceeds from senior notes and debt issuance costs		0
Debt issuance costs	0
Consolidating Adjustments \| Unsecured Revolving Credit Facility
Cash flows from financing activities:
Net borrowings under revolving lines of credit	0	0
Consolidating Adjustments \| Warehouse Repurchase Facility
Cash flows from financing activities:
Net borrowings under revolving lines of credit	$ 0	$ 0