Lennar (LEN) 10-Q 6 Jul 18 2018 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	6 Months Ended
	May 31, 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	May 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A Common Stock
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding	291,726,015
Class B Common Stock
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding	37,752,643

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		May 31, 2018	Nov. 30, 2017
ASSETS
Cash and cash equivalents		$ 1,153,854	$ 2,650,872
Inventories:
Total assets	[1]	28,351,109	18,745,034
LIABILITIES AND EQUITY
Total liabilities	[2]	14,652,239	10,758,902
Stockholders' equity:
Preferred stock	[2]	0	0
Additional paid-in capital	[2]	8,458,211	3,142,013
Retained earnings	[2]	5,264,674	4,840,978
Treasury stock, at cost; May 31, 2018 - 1,999,037 shares of Class A common stock and 1,689,438 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		(164,552)	(136,020)	[2]
Accumulated other comprehensive income (loss)	[2]	(339)	1,034
Total stockholders’ equity	[2]	13,591,311	7,872,317
Noncontrolling interests	[2]	107,559	113,815
Total equity	[2]	13,698,870	7,986,132
Total liabilities and equity	[2]	28,351,109	18,745,034
Class A Common Stock
Stockholders' equity:
Common stock	[2]	29,373	20,543
Class B Common Stock
Stockholders' equity:
Common stock	[2]	3,944	3,769
Lennar Homebuilding
ASSETS
Cash and cash equivalents	[1]	931,753	2,282,925
Restricted cash	[1]	17,509	8,740
Receivables, net	[1]	193,984	137,667
Inventories:
Finished homes and construction in progress	[1]	9,374,290	4,676,279
Land and land under development	[1]	7,615,922	5,791,338
Consolidated inventory not owned	[1]	404,782	393,273
Total inventories	[1]	17,394,994	10,860,890
Investments in unconsolidated entities	[1]	960,676	900,769
Goodwill	[1]	3,451,994	136,566
Other assets	[1]	1,529,605	863,404
Total assets	[1]	24,480,515	15,190,961
LIABILITIES AND EQUITY
Accounts payable	[2]	844,883	604,953
Liabilities related to consolidated inventory not owned	[2]	359,736	380,720
Senior notes and other debts payable	[2]	9,985,615	6,410,003
Other liabilities	[2]	1,688,118	1,315,641
Total liabilities	[2]	12,878,352	8,711,317
Lennar Financial Services
ASSETS
Cash and cash equivalents		162,992	117,410
Restricted cash		12,892	12,006
Receivables, net		307,987	313,252
Inventories:
Goodwill		212,871	59,838
Other assets		117,748	95,527
Total assets	[1]	1,943,125	1,689,508
LIABILITIES AND EQUITY
Other liabilities		252,884	240,383
Total liabilities	[2]	1,197,435	1,177,814
Rialto
ASSETS
Cash and cash equivalents		43,729	241,861
Restricted cash		12,096	22,466
Inventories:
Investments in unconsolidated entities	[1]	295,840	265,418
Goodwill		5,396	5,396
Other assets		104,899	122,371
Total assets	[1]	1,054,628	1,153,840
LIABILITIES AND EQUITY
Other liabilities		60,424	94,975
Total liabilities		430,501	720,056
Lennar Multifamily
ASSETS
Cash and cash equivalents		15,380	8,676
Receivables, net		74,699	69,678
Inventories:
Land and land under development		268,135	208,618
Investments in unconsolidated entities		480,298	407,544
Other assets		34,329	16,209
Total assets		872,841	710,725	[1]
LIABILITIES AND EQUITY
Total liabilities	[2]	$ 145,951	$ 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 May 31, 2018 , total assets include $883.9 million related to consolidated VIEs of which $58.2 million is included in Lennar Homebuilding cash and cash equivalents, $1.9 million in Lennar Homebuilding receivables, net, $68.5 million in Lennar Homebuilding finished homes and construction in progress, $271.1 million in Lennar Homebuilding land and land under development, $404.8 million in Lennar Homebuilding consolidated inventory not owned, $4.7 million in Lennar Homebuilding investments in unconsolidated entities, $13.4 million in Lennar Homebuilding other assets, $16.1 million in Rialto assets and $45.2 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 ASC 810, the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. As of May 31, 2018 , total liabilities include $420.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $14.8 million is included in Lennar Homebuilding accounts payable, $42.5 million in Lennar Homebuilding senior notes and other debts payable, $359.7 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.8 million in Lennar Homebuilding other liabilities, $1.6 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		May 31, 2018	Nov. 30, 2017
Total assets	[1]	$ 28,351,109	$ 18,745,034
Cash and cash equivalents		1,153,854	2,650,872
Total liabilities	[2]	$ 14,652,239	$ 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		293,725,052	205,429,942
Treasury stock, shares		1,999,037	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		39,442,081	37,687,505
Treasury stock, shares		1,689,438	1,679,650
Variable Interest Entity, Primary Beneficiary
Total assets		$ 883,900	$ 799,400
Total liabilities		420,500	389,700
Lennar Homebuilding
Total assets	[1]	24,480,515	15,190,961
Cash and cash equivalents	[1]	931,753	2,282,925
Receivables, net	[1]	193,984	137,667
Finished homes and construction in progress	[1]	9,374,290	4,676,279
Land and land under development	[1]	7,615,922	5,791,338
Consolidated inventory not owned	[1]	404,782	393,273
Investments in unconsolidated entities	[1]	960,676	900,769
Other assets	[1]	1,529,605	863,404
Total liabilities	[2]	12,878,352	8,711,317
Accounts payable	[2]	844,883	604,953
Senior notes and other debts payable	[2]	9,985,615	6,410,003
Liabilities related to consolidated inventory not owned	[2]	359,736	380,720
Other liabilities	[2]	1,688,118	1,315,641
Lennar Homebuilding | Variable Interest Entity, Primary Beneficiary
Cash and cash equivalents		58,200	15,800
Receivables, net		1,900	200
Finished homes and construction in progress		68,500	53,200
Land and land under development		271,100	229,000
Consolidated inventory not owned		404,800	393,300
Investments in unconsolidated entities		4,700	4,600
Other assets		13,400	11,800
Accounts payable		14,800	5,000
Senior notes and other debts payable	[2]	42,500
Liabilities related to consolidated inventory not owned		359,700	380,700
Other liabilities		1,800	1,800
Rialto
Total assets	[1]	1,054,628	1,153,840
Cash and cash equivalents		43,729	241,861
Investments in unconsolidated entities	[1]	295,840	265,418
Other assets		104,899	122,371
Total liabilities		430,501	720,056
Other liabilities		60,424	94,975
Lennar Multifamily
Total assets		872,841	710,725	[1]
Cash and cash equivalents		15,380	8,676
Receivables, net		74,699	69,678
Land and land under development		268,135	208,618
Investments in unconsolidated entities		480,298	407,544
Other assets		34,329	16,209
Total liabilities	[2]	145,951	149,715
Lennar Multifamily | Variable Interest Entity, Primary Beneficiary
Total assets		45,200	42,700
Variable Interest Entity, Primary Beneficiary | Rialto
Total assets		16,100	48,800
Total liabilities		1,600	$ 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 May 31, 2018 , total assets include $883.9 million related to consolidated VIEs of which $58.2 million is included in Lennar Homebuilding cash and cash equivalents, $1.9 million in Lennar Homebuilding receivables, net, $68.5 million in Lennar Homebuilding finished homes and construction in progress, $271.1 million in Lennar Homebuilding land and land under development, $404.8 million in Lennar Homebuilding consolidated inventory not owned, $4.7 million in Lennar Homebuilding investments in unconsolidated entities, $13.4 million in Lennar Homebuilding other assets, $16.1 million in Rialto assets and $45.2 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 ASC 810, the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. As of May 31, 2018 , total liabilities include $420.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $14.8 million is included in Lennar Homebuilding accounts payable, $42.5 million in Lennar Homebuilding senior notes and other debts payable, $359.7 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.8 million in Lennar Homebuilding other liabilities, $1.6 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				6 Months Ended
	May 31, 2018		May 31, 2017		May 31, 2018	May 31, 2017
Revenues:
Revenues	$ 5,459,061		$ 3,261,892		$ 8,439,852	$ 5,599,320
Cost and expenses:
Acquisition and integration costs related to CalAtlantic	23,875		0		128,070	0
Corporate general and administrative	84,915		66,774		152,725	127,473
Total costs and expenses	5,077,732		2,928,667		7,947,801	5,077,868
Equity in earnings (loss) from unconsolidated entities					3,740	5,986
Earnings before income taxes	390,810		309,600		660,238	359,243
Provision for income taxes (1)	(75,961)	[1]	(108,892)	[1]	(208,572)	(128,861)
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	314,849		200,708		451,666	230,382
Less: Net earnings (loss) attributable to noncontrolling interests	4,592		(12,937)		5,194	(21,343)
Net earnings attributable to Lennar	310,257		213,645		446,472	251,725
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on securities available-for-sale	(589)		419		(1,247)	1,391
Reclassification adjustments for (gains) losses included in earnings, net of tax	(126)		4		(126)	4
Total other comprehensive income (loss), net of tax	(715)		423		(1,373)	1,395
Total comprehensive income attributable to Lennar	309,542		214,068		445,099	253,120
Total comprehensive income (loss) attributable to noncontrolling interests	$ 4,592		$ (12,937)		$ 5,194	$ (21,343)
Basic earnings per share (in dollars per share)	$ 0.95	[2]	$ 0.89	[2]	$ 1.53	$ 1.05
Diluted earnings per share (in dollars per share)	0.94	[2]	0.89	[2]	$ 1.52	1.05
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		$ 0.08	$ 0.08
Lennar Homebuilding
Revenues:
Revenues	$ 5,063,997		$ 2,885,741		$ 7,726,090	$ 4,904,435
Cost and expenses:
Cost and expenses	4,636,067		2,535,483		7,040,074	4,337,044
Equity in earnings (loss) from unconsolidated entities	(12,226)		(21,506)		(26,513)	(33,040)
Other income (expense), net	9,824		3,828		179,752	9,567
Lennar Homebuilding loss due to litigation	0		0		0	(140,000)
Lennar Financial Services
Revenues:
Revenues	232,135		208,363		403,275	356,406
Cost and expenses:
Cost and expenses	179,753		164,636		331,198	292,015
Rialto
Revenues:
Revenues	45,236		67,988		99,538	149,994
Cost and expenses:
Cost and expenses	35,936		59,076		81,349	125,989
Equity in earnings (loss) from unconsolidated entities	4,116		5,730		13,230	6,452
Other income (expense), net	(6,514)		(21,104)		(15,305)	(37,762)
Lennar Multifamily
Revenues:
Revenues	117,693		99,800		210,949	188,485
Cost and expenses:
Cost and expenses	117,186		102,698		214,385	195,347
Equity in earnings (loss) from unconsolidated entities	$ 14,281		$ 9,427		$ 17,023	$ 32,574
[1]	Provision for income taxes for the six months ended May 31, 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 and six months ended May 31, 2017 have been adjusted to reflect 4.7 million

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands		6 Months Ended
		May 31, 2018	May 31, 2017
Cash flows from operating activities:
Net earnings (including net earnings (loss) attributable to noncontrolling interests)		$ 451,666	$ 230,382
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization		41,430	29,418
Amortization of discount/premium and accretion on debt, net		(11,984)	5,059
Equity in earnings from unconsolidated entities		(3,740)	(5,986)
Distributions of earnings from unconsolidated entities		18,685	44,412
Share-based compensation expense		33,720	24,817
Excess tax benefits from share-based awards		0	(1,980)
Deferred income tax expense		46,895	13,197
Gain on sale of operating properties and equipment		(5,107)	0
Gain on sale of interest in unconsolidated entity		(164,880)	0
Unrealized and realized gains on real estate owned		(1,770)	(3,374)
Impairments of loans receivable and real estate owned		6,009	45,803
Valuation adjustments and write-offs of option deposits and pre-acquisition costs		25,807	12,343
Changes in assets and liabilities:
Decrease in restricted cash		14,883	13,968
Decrease in receivables		44,248	16,817
Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs		(408,913)	(655,183)
Increase in other assets		(119,698)	(13,502)
Decrease (increase) in loans held-for-sale		(43,903)	140,372
Increase (decrease) in accounts payable and other liabilities		111,049	(56,322)
Net cash provided by (used in) operating activities		34,397	(159,759)
Cash flows from investing activities:
Net additions of operating properties and equipment		(58,935)	(47,043)
Proceeds from the sale of operating properties and equipment		22,820	0
Proceeds from sale of investment in unconsolidated entity		175,179	0
Investments in and contributions to unconsolidated entities		(186,103)	(315,755)
Distributions of capital from unconsolidated entities		196,073	96,499
Proceeds from sales of real estate owned		21,658	55,521
Net cash provided by (used in) operating activities		2,147	19,487
Originations of loans receivable		0	(14,055)
Purchases of commercial mortgage-backed securities bonds		(31,068)	(40,357)
Acquisitions, net of cash acquired		(1,102,957)	(611,103)
Increase in Lennar Financial Services loans held-for-investment, net		(3,012)	(2,719)
Purchases of Lennar Financial Services investment securities		(32,369)	(26,811)
Proceeds from maturities/sales of Lennar Financial Services investments securities		20,578	13,340
Decrease in restricted cash for investments		10,825	0
Other payments, net		(318)	(540)
Net cash used in investing activities		(965,482)	(873,536)
Cash flows from financing activities:
Proceeds from senior notes		0	1,250,000
Debt issuance costs		(12,101)	(14,060)
Redemption of senior notes		(575,000)	(400,000)
Conversions and exchanges on convertible senior notes		(59,145)	0
Proceeds from other borrowings		31,846	65,096
Payments related to other liabilities		(1,568)	0
Principal payments on other borrowings		(59,964)	(30,600)
Receipts related to noncontrolling interests		3,882	320
Payments related to noncontrolling interests		(30,412)	(47,909)
Excess tax benefits from share-based awards		0	1,980
Common stock:
Issuances		3,184	693
Repurchases		(28,526)	(83)
Dividends		(22,780)	(18,778)
Net cash provided by (used in) financing activities		(565,933)	687,734
Net decrease in cash and cash equivalents		(1,497,018)	(345,561)
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		1,153,854	983,968
Lennar Homebuilding and Lennar Multifamily:
Conversions and exchanges on convertible senior notes		217,154	0
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 provided by (used in) operating activities:
Equity in earnings from unconsolidated entities		26,513	33,040
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]	931,753
Lennar Homebuilding and Lennar Multifamily:
Non-cash contributions to unconsolidated entities		87,269	63,014
Rialto
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Equity in earnings from unconsolidated entities		(13,230)	(6,452)
Cash flows from financing activities:
Proceeds from Rialto notes payable		32,226	35,460
Principal payments on Rialto senior notes and other notes payable		(350,585)	(10,120)
Summary of cash and cash equivalents:
Cash and cash equivalents at beginning of period		241,861
Cash and cash equivalents at end of period		43,729
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		162,992
Lennar Multifamily
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Equity in earnings from unconsolidated entities		(17,023)	(32,574)
Summary of cash and cash equivalents:
Cash and cash equivalents at beginning of period		8,676
Cash and cash equivalents at end of period		15,380
Lennar Homebuilding and Lennar Multifamily
Lennar Homebuilding and Lennar Multifamily:
Purchases of inventories and other assets financed by sellers		45,078	78,948
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)		(582,840)	(362,594)
Changes in assets and liabilities:
Net cash provided by (used in) operating activities		(582,840)	(362,594)
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		949,631	537,990
Cash flows from financing activities:
Redemption of senior notes		0	0
Conversions and exchanges on convertible senior notes		0
Excess tax benefits from share-based awards		0	0
Common stock:
Issuances		0	0
Repurchases		0	0
Dividends		667,840	482,594
Net cash provided by (used in) financing activities		(366,791)	(175,396)
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 provided by (used in) operating activities:
Equity in earnings from unconsolidated entities		0	0
Consolidating Adjustments | Rialto
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Equity in earnings from unconsolidated entities		0	0
Consolidating Adjustments | Lennar Multifamily
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Equity in earnings from unconsolidated entities		0	0
Operating Segments
Summary of cash and cash equivalents:
Cash and cash equivalents at end of period		1,153,854	983,968
Operating Segments | Lennar Homebuilding
Summary of cash and cash equivalents:
Cash and cash equivalents at end of period		931,753	747,652
Operating Segments | Rialto
Summary of cash and cash equivalents:
Cash and cash equivalents at end of period		43,729	119,592
Operating Segments | Lennar Financial Services
Summary of cash and cash equivalents:
Cash and cash equivalents at end of period		162,992	107,436
Operating Segments | Lennar Multifamily
Summary of cash and cash equivalents:
Cash and cash equivalents at end of period		15,380	9,288
Unsecured Revolving Credit Facility
Cash flows from financing activities:
Net borrowings under credit facilities		495,300	0
Unsecured Revolving Credit Facility | Consolidating Adjustments
Cash flows from financing activities:
Net borrowings under credit facilities		0
Warehouse Repurchase Facility
Cash flows from financing activities:
Net borrowings under credit facilities		7,710	(144,265)
Warehouse Repurchase Facility | Consolidating Adjustments
Cash flows from financing activities:
Net borrowings under credit facilities		0	0
Lennar Corporation | Reportable Legal Entities
Cash flows from operating activities:
Net earnings (including net earnings (loss) attributable to noncontrolling interests)		446,472	251,725
Changes in assets and liabilities:
Net cash provided by (used in) operating activities		278,322	245,864
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)	(611,103)
Net cash used in investing activities		(2,153,541)	(1,212,990)
Cash flows from financing activities:
Redemption of senior notes		(484,332)	(400,000)
Conversions and exchanges on convertible senior notes		0
Excess tax benefits from share-based awards		0	1,980
Common stock:
Issuances		3,184	693
Repurchases		(28,526)	(83)
Dividends		(22,780)	(18,778)
Net cash provided by (used in) financing activities		408,437	824,261
Net decrease in cash and cash equivalents		(1,466,782)	(142,865)
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		470,892	554,247
Lennar Corporation | Reportable Legal Entities | Lennar Homebuilding
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Equity in earnings from unconsolidated entities		0	0
Lennar Corporation | Reportable Legal Entities | Rialto
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Equity in earnings from unconsolidated entities		0	0
Lennar Corporation | Reportable Legal Entities | Lennar Multifamily
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Equity in earnings from unconsolidated entities		0	0
Lennar Corporation | Unsecured Revolving Credit Facility | Reportable Legal Entities
Cash flows from financing activities:
Net borrowings under credit facilities		950,000
Lennar Corporation | Warehouse Repurchase Facility | Reportable Legal Entities
Cash flows from financing activities:
Net borrowings under credit facilities		0	0
Guarantor Subsidiaries | Reportable Legal Entities
Cash flows from operating activities:
Net earnings (including net earnings (loss) attributable to noncontrolling interests)		526,835	305,455
Changes in assets and liabilities:
Net cash provided by (used in) operating activities		470,908	(78,782)
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		23,035	0
Net cash used in investing activities		236,294	(181,523)
Cash flows from financing activities:
Redemption of senior notes		(90,668)	0
Conversions and exchanges on convertible senior notes		(59,145)
Excess tax benefits from share-based awards		0	0
Common stock:
Issuances		0	0
Repurchases		0	0
Dividends		(591,835)	(365,455)
Net cash provided by (used in) financing activities		(625,331)	103,246
Net decrease in cash and cash equivalents		81,871	(157,059)
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		440,958	220,011
Guarantor Subsidiaries | Reportable Legal Entities | Lennar Homebuilding
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Equity in earnings from unconsolidated entities		26,476	33,028
Guarantor Subsidiaries | Reportable Legal Entities | Rialto
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Equity in earnings from unconsolidated entities		0	0
Guarantor Subsidiaries | Reportable Legal Entities | Lennar Multifamily
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Equity in earnings from unconsolidated entities		0	0
Guarantor Subsidiaries | Unsecured Revolving Credit Facility | Reportable Legal Entities
Cash flows from financing activities:
Net borrowings under credit facilities		(454,700)
Guarantor Subsidiaries | Warehouse Repurchase Facility | Reportable Legal Entities
Cash flows from financing activities:
Net borrowings under credit facilities		(54)	(51)
Non-Guarantor Subsidiaries | Reportable Legal Entities
Cash flows from operating activities:
Net earnings (including net earnings (loss) attributable to noncontrolling interests)		61,199	35,796
Changes in assets and liabilities:
Net cash provided by (used in) operating activities		(131,993)	35,753
Cash flows from investing activities:
Proceeds from sale of investment in unconsolidated entity		0
Proceeds from sales of real estate owned		21,658	55,521
Originations of loans receivable			(14,055)
Purchases of commercial mortgage-backed securities bonds		(31,068)	(40,357)
Acquisitions, net of cash acquired		36,350	0
Net cash used in investing activities		2,134	(17,013)
Cash flows from financing activities:
Redemption of senior notes		0	0
Conversions and exchanges on convertible senior notes		0
Excess tax benefits from share-based awards		0	0
Common stock:
Issuances		0	0
Repurchases		0	0
Dividends		(76,005)	(117,139)
Net cash provided by (used in) financing activities		17,752	(64,377)
Net decrease in cash and cash equivalents		(112,107)	(45,637)
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		242,004	209,710
Non-Guarantor Subsidiaries | Reportable Legal Entities | Lennar Homebuilding
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Equity in earnings from unconsolidated entities		37	12
Non-Guarantor Subsidiaries | Reportable Legal Entities | Rialto
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Equity in earnings from unconsolidated entities		(13,230)	(6,452)
Non-Guarantor Subsidiaries | Reportable Legal Entities | Lennar Multifamily
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Equity in earnings from unconsolidated entities		(17,023)	(32,574)
Non-Guarantor Subsidiaries | Unsecured Revolving Credit Facility | Reportable Legal Entities
Cash flows from financing activities:
Net borrowings under credit facilities		0
Non-Guarantor Subsidiaries | Warehouse Repurchase Facility | Reportable Legal Entities
Cash flows from financing activities:
Net borrowings under credit facilities		7,764	$ (144,214)
Senior Notes
Cash flows from financing activities:
Debt issuance costs		(12,101)
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		(9,109)
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		$ (2,992)
[1]	Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. As of May 31, 2018 , total assets include $883.9 million related to consolidated VIEs of which $58.2 million is included in Lennar Homebuilding cash and cash equivalents, $1.9 million in Lennar Homebuilding receivables, net, $68.5 million in Lennar Homebuilding finished homes and construction in progress, $271.1 million in Lennar Homebuilding land and land under development, $404.8 million in Lennar Homebuilding consolidated inventory not owned, $4.7 million in Lennar Homebuilding investments in unconsolidated entities, $13.4 million in Lennar Homebuilding other assets, $16.1 million in Rialto assets and $45.2 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	6 Months Ended
	May 31, 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 and six months ended May 31, 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	6 Months Ended
	May 31, 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”). CalAtlantic was a homebuilder which built homes across the homebuilding spectrum, from entry level to luxury, in 43 metropolitan statistical areas spanning 19 states. CalAtlantic also provided 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 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 $3.3 billion provisional amount allocated to goodwill in Lennar Homebuilding and the provisional amount of $150 million allocated to goodwill in Lennar Financial Services 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 58,758 Consideration attributable to cash including fractional shares 1,162,341 Total purchase price $ 6,232,347 (In thousands) ASSETS Homebuilding: Cash and cash equivalents, restricted cash and receivables, net $ 55,736 Inventories 6,255,482 Intangible asset (1) 8,000 Investments in unconsolidated entities 151,630 Goodwill (2) 3,315,428 Other assets 603,503 Total Homebuilding assets 10,389,779 Financial Services (2) 322,991 Total assets 10,712,770 LIABILITIES Homebuilding: Accounts payable 85,001 Senior notes payable and other debts 3,922,695 Other liabilities (3) 359,004 Total Homebuilding liabilities 4,366,700 Financial Services 95,293 Total liabilities 4,461,993 Noncontrolling interests (4) 18,430 Total purchase price $ 6,232,347 (1) Intangible asset 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. For the three and six months ended May 31, 2018 , Lennar Homebuilding revenue included $2.1 billion and $2.5 billion , respectively, of home sales revenues, and earnings (loss) before income taxes included $56.5 million and ($52.0) million , respectively, of a pre-tax earnings (loss) from CalAtlantic since the date of acquisition, which included acquisition and integration costs of $23.9 million and $128.1 million , respectively. These acquisition and integration costs were comprised mainly of severance expenses and transaction costs and were included within the acquisition and integration costs related to CalAtlantic line item in the accompanying condensed consolidated statement of operations for the three and six months ended May 31, 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 beginning December 1, 2016. Three Months Ended Six Months Ended May 31, May 31, (Dollars in thousands, except per share amounts) 2018 2017 2018 2017 Revenues from home sales $ 4,986,010 4,496,327 9,180,213 8,107,702 Net earnings (1) 313,471 320,239 443,967 477,027 Earnings per share: Basic $ 0.96 0.98 1.34 1.44 Diluted $ 0.95 0.97 1.33 1.43 (1) Net earnings for the three and six months ended May 31, 2018 include a pre-tax impact from acquisition and integration costs related to CalAtlantic of $23.9 million and $128.1 million , respectively. Additionally, net earnings for the three and six months ended May 31, 2018 include purchase accounting adjustments on CalAtlantic homes that were in backlog/construction in progress at the acquisition date that were delivered of $236.8 million and $ 291.9 million , respectively. 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 and six months ended May 31, 2017 , Lennar Homebuilding revenues included $182.8 million and $202.3 million , respectively, of home sales revenues from WCI and earnings before income taxes included $21.9 million and $13.2 million , respectively, of pre-tax earnings from WCI since the date of acquisition, which included transaction-related expenses of $8.0 million and $19.0 million , respectively, comprised mainly of severance costs, general and administrative expenses, and amortization expense related to non-compete agreements and trade name since the date of acquisition. These transaction expenses were included primarily within Lennar Homebuilding selling, general and administrative expenses in the accompanying condensed consolidated statement of operations for the three and six months ended May 31, 2017

Operating and Reporting Segment

Operating and Reporting Segments	6 Months Ended
	May 31, 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, due 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) May 31, November 30, Assets: Homebuilding East $ 7,378,718 4,754,581 Homebuilding Central 3,521,001 2,037,905 Homebuilding West 7,739,116 5,165,218 Homebuilding Other 1,596,437 960,541 Lennar Financial Services 1,943,125 1,689,508 Rialto 1,054,628 1,153,840 Lennar Multifamily 872,841 710,725 Corporate and unallocated (1) 4,245,243 2,272,716 Total assets $ 28,351,109 18,745,034 Lennar Homebuilding goodwill (1) $ 3,451,994 136,566 Lennar Financial Services goodwill (1) $ 212,871 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 million to the Lennar Financial Services segment. Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2018 2017 2018 2017 Revenues: Homebuilding East $ 1,900,539 1,194,890 2,971,193 1,962,616 Homebuilding Central 1,198,053 682,342 1,809,833 1,198,523 Homebuilding West 1,489,751 770,194 2,269,630 1,322,992 Homebuilding Other 475,654 238,315 675,434 420,304 Lennar Financial Services 232,135 208,363 403,275 356,406 Rialto 45,236 67,988 99,538 149,994 Lennar Multifamily 117,693 99,800 210,949 188,485 Total revenues (1) $ 5,459,061 3,261,892 8,439,852 5,599,320 Operating earnings (loss) (2): Homebuilding East (3) $ 169,441 153,707 275,362 97,998 Homebuilding Central (4) 85,939 75,944 128,485 128,802 Homebuilding West (5) 143,338 71,224 394,614 124,584 Homebuilding Other (6) 26,810 31,705 40,794 52,534 Lennar Financial Services 52,382 43,727 72,077 64,391 Rialto 6,902 (6,462 ) 16,114 (7,305 ) Lennar Multifamily 14,788 6,529 13,587 25,712 Total operating earnings 499,600 376,374 941,033 486,716 Acquisition and integration costs 23,875 — 128,070 — Corporate general and administrative expenses 84,915 66,774 152,725 127,473 Earnings before income taxes $ 390,810 309,600 660,238 359,243 (1) Total revenues were net of sales incentives of $278.1 million ( $23,000 per home delivered) and $428.0 million ( $22,800 per home delivered) for the three and six months ended May 31, 2018 , respectively, compared to $174.5 million ( $22,700 per home delivered) and $298.1 million ( $22,700 per home delivered) for the three and six months ended May 31, 2017 , respectively. (2) All homebuilding segments and Homebuilding other were impacted by purchase accounting adjustments for the three and six months ended May 31, 2018 . (3) Homebuilding East operating earnings for the six months ended May 31, 2017 included a $140 million loss due to litigation (see Note 17). (4) Homebuilding Central operating earnings for the six months ended May 31, 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, during the six months ended May 31, 2018 . (6) Homebuilding Other operating earnings included a $5.6 million valuation adjustment for the three months ended May 31, 2018 . Additionally, the operating earnings for the three and six months ended May 31, 2018 Lennar Financial Services Segment The assets and liabilities related to the Lennar Financial Services segment were as follows: (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 162,992 117,410 Restricted cash 12,892 12,006 Receivables, net (1) 307,987 313,252 Loans held-for-sale (2) 935,519 937,516 Loans held-for-investment, net 75,218 44,193 Investments held-to-maturity 61,512 52,327 Investments available-for-sale (3) 56,386 57,439 Goodwill (4) 212,871 59,838 Other (5) 117,748 95,527 $ 1,943,125 1,689,508 Liabilities: Notes and other debts payable $ 944,551 937,431 Other (6) 252,884 240,383 $ 1,197,435 1,177,814 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of May 31, 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 May 31, 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, however, a provisional amount of goodwill of approximately $150 million was allocated to Lennar Financial Services (see Note 2). (5) As of May 31, 2018 and November 30, 2017 , other assets included mortgage loan commitments carried at fair value of $25.1 million and $9.9 million , respectively, and mortgage servicing rights carried at fair value of $34.6 million and $31.2 million , respectively. In addition, other assets also included forward contracts carried at fair value of $1.7 million as of November 30, 2017 . (6) As of May 31, 2018 and November 30, 2017 , other liabilities included $56.7 million and $57.7 million , respectively, of certain of the Company’s self-insurance reserves related to construction defects, general liability and workers’ compensation. In addition, other liabilities also included forward contracts carried at fair value of $6.2 million as of May 31, 2018 . At May 31, 2018 , the Lennar Financial Services segment warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures June 2018 (1) $ 600,000 364-day warehouse repurchase facility that matures June 2018 (2) 15,000 364-day warehouse repurchase facility that matures September 2018 300,000 364-day warehouse repurchase facility that matures December 2018 (3) 400,000 364-day warehouse repurchase facility that matures March 2019 (4) 300,000 Total $ 1,615,000 (1) Subsequent to May 31, 2018 , the warehouse repurchase facility maturity was extended to June 2019 and the maximum aggregate commitment amount increased to $700 million . (2) In accordance with the amended warehouse repurchase facility agreement, the maximum aggregate commitment decreased to $15 million until the termination date. Subsequent to May 31, 2018 , the warehouse repurchase facility matured and was not extended. (3) Maximum aggregate commitment includes an uncommitted amount of $250 million . (4) Maximum aggregate commitment includes an uncommitted amount of $300 million , of which $150 million expires on July 31, 2018. 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 $944.6 million and $937.2 million at May 31, 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 $978.5 million and $974.1 million at May 31, 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 Six Months Ended May 31, May 31, (In thousands) 2018 2017 2018 2017 Loan origination liabilities, beginning of period $ 27,110 25,003 22,543 24,905 Provision for losses 990 1,066 1,637 1,944 Origination liabilities assumed related to CalAtlantic acquisition — — 3,959 — Payments/settlements (84 ) (157 ) (123 ) (937 ) Loan origination liabilities, end of period $ 28,016 25,912 28,016 25,912 The assets and liabilities related to the Rialto segment were as follows: (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 43,729 241,861 Restricted cash (1) 12,096 22,466 Loans held-for-sale (2) 326,988 236,018 Real estate owned, net 60,101 86,047 Investments in unconsolidated entities 295,840 265,418 Investments held-to-maturity 210,975 179,659 Other 104,899 122,371 $ 1,054,628 1,153,840 Liabilities: Notes and other debts payable (3) $ 370,077 625,081 Other 60,424 94,975 $ 430,501 720,056 (1) As of May 31, 2018 , restricted cash primarily consisted of upfront deposits and application fees RMF receives before originating loans and is recognized as income once the loan has been originated, as well as cash held in escrow by the Company’s loan servicer provider on behalf of customers and lenders and is disbursed in accordance with agreements between the transacting parties. As of November 30, 2017 , 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, upfront deposits and application fees RMF receives, as well as cash held in escrow by the Company's loan servicer provider. (2) Loans held-for-sale related to unsold loans originated by RMF carried at fair value and loans in the FDIC ("FDIC Portfolios") carried at lower of cost or market. (3) As of May 31, 2018 , Rialto had paid off the remaining principal balance of its 7.00% senior notes due December 2018. As of November 30, 2017 , notes and other debts payable primarily included $349.4 million related to Rialto's 7.00% senior notes due December 2018. In addition, as of May 31, 2018 and November 30, 2017 , notes and other debt payable included $225.5 million and $162.1 million , respectively, related to Rialto's warehouse repurchase facilities. Rialto Mortgage Finance - loans held-for-sale During the six months ended May 31, 2018 , RMF originated loans with a total principal balance of $663.8 million , all of which was recorded as loans held-for-sale, and sold $556.3 million of loans into six separate securitizations. During the six months ended May 31, 2017 , RMF originated loans with a total principal balance of $837.7 million of which $823.7 million were recorded as loans held-for-sale and $14.1 million as accrual loans within loans receivable, net, and sold $870.4 million of loans into five separate securitizations. As of May 31, 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 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. 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 May 31, 2018 , the consolidated LLCs had total combined assets of $16.1 million , which primarily included $7.3 million in cash, $6.4 million of real estate owned, net, and $1.6 million of loans held-for-sale. At May 31, 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 May 31, 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 May 31, 2018 and November 30, 2017 . Borrowings under the facilities that finance RMF's loan originations and securitization activities were $225.5 million and $162.1 million as of May 31, 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 was recorded in Rialto equity in earnings from unconsolidated entities in the Company's statement of operations. The following table reflects Rialto's investments in funds that invest in and manage real estate related assets and other investments: May 31, May 31, November 30, (Dollars in thousands) Inception Year Equity Commitments Equity Commitments Called Commitment to Fund by the Company Funds Contributed by the Company Investment Rialto Real Estate Fund, LP 2010 $ 700,006 $ 700,006 $ 75,000 $ 75,000 $ 40,645 41,860 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 86,261 86,904 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 14,661 19,189 Rialto Capital CMBS Funds 2014 119,174 119,177 52,474 52,474 54,055 54,018 Rialto Real Estate Fund III 2015 1,887,000 972,634 140,000 69,346 67,052 41,223 Rialto Credit Partnership, LP 2016 220,000 208,181 19,999 18,925 13,407 13,288 Other investments 19,759 8,936 $ 295,840 265,418 During the three and six months ended May 31, 2018 , Rialto received $4.3 million and $7.4 million , respectively, of advance distributions with regard to Rialto's carried interests in its real estate funds in order to cover income tax obligations resulting from allocations of taxable income to Rialto's carried interests in these funds. During the three and six months ended May 31, 2017 , Rialto received $2.2 million and $3.1 million , respectively, of such advanced distributions. During the three and six months ended May 31, 2018 , Rialto received $3.3 million and $5.7 million , respectively, of distributions with regard to its carried interest in Rialto Real Estate Fund, LP. During the three and six months ended May 31, 2017 , Rialto received $8.8 million and $18.8 million , respectively, of such distributions with regard to its carried interest. 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) May 31, November 30, Assets: Cash and cash equivalents $ 74,585 95,552 Loans receivable 612,649 538,317 Real estate owned 287,037 348,601 Investment securities 2,195,040 1,849,795 Investments in partnerships 452,034 393,874 Other assets 46,417 42,949 $ 3,667,762 3,269,088 Liabilities and equity: Accounts payable and other liabilities $ 33,406 48,374 Notes payable (1) 605,315 576,810 Equity 3,029,041 2,643,904 $ 3,667,762 3,269,088 (1) Notes payable are net of debt issuance costs of $3.4 million and $3.1 million , as of May 31, 2018 and November 30, 2017 , respectively. Statements of Operations Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2018 2017 2018 2017 Revenues $ 95,773 61,030 185,537 118,186 Costs and expenses 21,365 29,000 43,436 57,001 Other income (expense), net (1) (27,709 ) 9,321 21,478 9,648 Net earnings of unconsolidated entities $ 46,699 41,351 163,579 70,833 Rialto equity in earnings from unconsolidated entities $ 4,116 5,730 13,230 6,452 (1) Other income (expense), net, includes realized and unrealized gains (losses) on investments. Investments held-to-maturity At May 31, 2018 and November 30, 2017 , the carrying value of Rialto's commercial mortgage-backed securities ("CMBS") was $211.0 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 and six months ended May 31, 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) May 31, November 30, Assets: Cash and cash equivalents $ 15,380 8,676 Receivables (1) 74,699 69,678 Land under development 268,135 208,618 Investment in unconsolidated entities 480,298 407,544 Other assets 34,329 16,209 $ 872,841 710,725 Liabilities: Accounts payable and other liabilities $ 145,951 149,715 (1) Receivables primarily related to general contractor services, net of deferrals and management fee income receivables due from unconsolidated entities as of May 31, 2018 and November 30, 2017 , respectively. The unconsolidated entities in which the Lennar Multifamily segment has investments usually finance their activities with a combination of partner equity and debt financing. In connection with many of the loans to Lennar Multifamily unconsolidated entities, the Company (or entities related to them) has been required to give guarantees of completion and cost over-runs to the lenders and partners. Those completion guarantees may require that the guarantors complete the construction of the improvements for which the financing was obtained. Additionally, the Company guarantees the construction costs of the project as construction cost over-runs would be paid by the Company. Generally, these payments would be increases to the Company's investment in the entities and would increase its share of funds the entities distribute after the achievement of certain thresholds. As of both May 31, 2018 and November 30, 2017 , the fair value of the completion guarantees was immaterial. Additionally, as of May 31, 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 May 31, 2018 and November 30, 2017 , Lennar Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $1.0 billion 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 and six months ended May 31, 2018 , the Lennar Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $12.4 million and $23.9 million , respectively. During the three and six months ended May 31, 2017 , the Lennar Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $15.2 million and $28.1 million , respectively. The Lennar Multifamily segment also provides general contractor services for construction of some of the rental properties owned by unconsolidated entities in which the Company has an investment. During the three and six months ended May 31, 2018 , the Lennar Multifamily segment provided general contractor services, net of deferrals totaling $97.0 million and $178.8 million , respectively, which were partially offset by costs related to those services of $93.6 million and $172.2 million , respectively. During the three and six months ended May 31, 2017 , the Lennar Multifamily segment provided general contractor services, net of deferrals totaling $84.6 million and $160.4 million , respectively, which were partially offset by costs related to those services of $83.3 million and $157.0 million , respectively. The Lennar Multifamily Venture (the "Venture Fund") is a long-term multifamily development investment vehicle involved in the development, construction and property management of class-A multifamily assets with $2.2 billion in equity commitments, including a $504 million co-investment commitment by Lennar comprised of cash, undeveloped land and preacquisition costs. During the six months ended May 31, 2018 , $231.7 million in equity commitments were called, of which the Company contributed its portion of $53.1 million . During the six months ended May 31, 2018 , the Company received $2.6 million of distributions as a return of capital from the Venture Fund. As of May 31, 2018 , $1.7 billion of the $2.2 billion in equity commitments had been called, of which the Company had contributed $403.8 million , representing its pro-rata portion of the called equity, resulting in a remaining equity commitment for the Company of $100.2 million . As of May 31, 2018 and November 30, 2017 , the carrying value of the Company's investment in the Venture Fund was $369.8 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 Fund II"), for the development, construction and property management of class-A multifamily assets. With the first close, Venture Fund 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. As of and during the six months ended May 31, 2018 , $106.1 million in equity commitments were called, of which the Company contributed its portion of $52.2 million , which was made up of a $92.2 million inventory contribution, offset by $40.0 million of distributions as a return of capital re

Lennar Homebuilding Investments

Lennar Homebuilding Investments In Unconsolidated Entities	6 Months Ended
	May 31, 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 Six Months Ended May 31, May 31, (In thousands) 2018 2017 2018 2017 Revenues $ 101,744 132,587 170,616 178,723 Costs and expenses 150,899 190,845 259,323 269,911 Other income (1) 113,541 6,117 113,541 6,117 Net earnings (loss) of unconsolidated entities $ 64,386 (52,141 ) 24,834 (85,071 ) Lennar Homebuilding equity in loss from unconsolidated entities $ (12,226 ) (21,506 ) (26,513 ) (33,040 ) (1) During the three and six months ended May 31, 2018 , other income was primarily due to FivePoint Holdings, LLC ("FivePoint") recording income resulting from the Tax Cuts and Jobs Act of 2017’s reduction in its corporate tax rate to reduce its liability pursuant to its tax receivable agreement (“TRA Liability”) with its non-controlling interests. However, the Company has a 70% interest in the FivePoint TRA Liability. Therefore, the Company did not include in Lennar Homebuilding’s equity in earnings (loss) from unconsolidated entities its pro-rata share of earnings related to the Company’s portion of the TRA Liability. As a result, the Company’s unconsolidated entities have net earnings, but the Company has an equity in loss from unconsolidated entities. For the three and six months ended May 31, 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 excluding other income. For the three and six months ended May 31, 2017 , Lennar Homebuilding equity in loss from unconsolidated entities was primarily attributable to the Company’s share of net operating losses from its unconsolidated entities. The operating losses from the Company's unconsolidated entities were primarily driven by general and administrative expenses as there were no significant home and land sale transactions to offset those expenses during the three and six months ended May 31, 2017 . Balance Sheets (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 865,691 953,261 Inventories 4,351,793 3,751,525 Other assets 1,132,029 1,061,507 $ 6,349,513 5,766,293 Liabilities and equity: Accounts payable and other liabilities $ 785,284 832,151 Debt (1) 1,255,451 737,331 Equity 4,308,778 4,196,811 $ 6,349,513 5,766,293 (1) Debt presented above is net of debt issuance costs of $14.3 million and $5.7 million , as of May 31, 2018 and November 30, 2017 , respectively. The increase in debt was primarily related to $500 million of senior notes issued by FivePoint. In May 2017, 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 May 31, 2018 , the Company owns approximately 40% of FivePoint and the carrying amount of the Company's investment was $352.0 million . As of May 31, 2018 and November 30, 2017 , the Company’s recorded investments in Lennar Homebuilding unconsolidated entities were $960.7 million and $900.8 million , respectively, while the underlying equity in Lennar Homebuilding unconsolidated entities partners’ net assets as of May 31, 2018 and November 30, 2017 was $1.4 billion and $1.3 billion , respectively. The basis difference was 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 six months ended May 31, 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) May 31, November 30, Non-recourse bank debt and other debt (partner’s share of several recourse) $ 60,193 64,197 Non-recourse land seller debt and other debt 1,997 1,997 Non-recourse debt with completion guarantees 273,510 255,903 Non-recourse debt without completion guarantees (1) 858,973 351,800 Non-recourse debt to the Company 1,194,673 673,897 The Company’s maximum recourse exposure (2) 75,124 69,181 Debt issue costs (14,346 ) (5,747 ) Total debt $ 1,255,451 737,331 The Company’s maximum recourse exposure as a % of total JV debt 6 % 9 % (1) The increase in non-recourse debt without completion guarantees was primarily related to $500 million of senior notes issued by FivePoint. (2) As of both May 31, 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 May 31, 2018 and November 30, 2017 , the fair values of the repayment guarantees, maintenance guarantees, and completion guarantees were not material. The Company believes that as of May 31, 2018

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	May 31, 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 six months ended May 31, 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) 451,666 — — — — — 446,472 5,194 Employee stock and directors plans (24,205 ) 57 — 4,266 (28,532 ) — 4 — Stock issuance in connection with CalAtlantic acquisition 5,070,006 8,408 168 5,061,430 — — — — Conversions of convertible senior notes to Class A common stock 217,154 365 7 216,782 — — — — Amortization of restricted stock 33,720 — — 33,720 — — — — Cash dividends (22,780 ) — — — — — (22,780 ) — Receipts related to noncontrolling interests 3,882 — — — — — — 3,882 Payments related to noncontrolling interests (30,412 ) — — — — — — (30,412 ) Non-cash activity related to noncontrolling interests 15,080 — — — — — — 15,080 Total other comprehensive loss, net of tax (1,373 ) — — — — (1,373 ) — — Balance at May 31, 2018 $ 13,698,870 29,373 3,944 8,458,211 (164,552 ) (339 ) 5,264,674 107,559 Stockholders’ Equity (In thousands) Total Equity Class A Class B Additional Treasury Stock Accumulated Other Comprehensive Income (Loss) Retained Earnings Noncontrolling Interests Balance at November 30, 2016 $ 7,211,567 20,409 3,298 2,805,349 (108,961 ) (309 ) 4,306,256 185,525 Net earnings (including net loss attributable to noncontrolling interests) 230,382 — — — — — 251,725 (21,343 ) Employee stock and directors plans 1,828 6 — 1,910 (88 ) — — — Tax benefit from employee stock plans, vesting of restricted stock and conversions of convertible senior notes 35,542 — — 35,542 — — — — Amortization of restricted stock 24,817 — — 24,817 — — — — Cash dividends (18,778 ) — — — — — (18,778 ) — Receipts related to noncontrolling interests 320 — — — — — — 320 Payments related to noncontrolling interests (47,909 ) — — — — — — (47,909 ) Non-cash activity to noncontrolling interests (2,158 ) — — — — — — (2,158 ) Total other comprehensive income, net of tax 1,395 — — — — 1,395 — — Balance at May 31, 2017 $ 7,437,006 20,415 3,298 2,867,618 (109,049 ) 1,086 4,539,203 114,435

Income Taxes

Income Taxes	6 Months Ended
	May 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The provision for income taxes and effective tax rate were as follows: Three Months Ended Six Months Ended May 31, May 31, (Dollars in thousands) 2018 2017 2018 2017 Provision for income taxes $75,961 108,892 208,572 128,861 Effective tax rate (1) 19.67 % 33.76 % 31.84 % 33.86 % (1) For the three months ended May 31, 2018 , the effective tax rate included tax benefits for the domestic production activities deduction and energy tax credits, offset primarily by state income tax expenses. For the six months ended May 31, 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, offset primarily by tax benefits for the domestic production activities deduction and energy tax credits. Excluding the impact of the write down of the deferred tax assets, the effective tax rate for the six months ended May 31, 2018 was 21.4% . For the three and six months ended May 31, 2017 , the effective tax rate included tax benefits for (1) settlements with the IRS; (2) the domestic production activities deduction; and (3) energy tax credits, offset primarily by state income tax expenses. As of May 31, 2018 and November 30, 2017 , the Company's deferred tax assets, net, included in the condensed consolidated balance sheets were $771.8 million and $297.7 million , respectively. The increase in the deferred tax assets was primarily due to deferred tax assets recorded in the first quarter of 2018 from the acquisition of CalAtlantic, partially offset by the write down of the deferred tax assets in the first quarter of 2018 related to the Tax Cuts and Jobs Act, as described below. As of May 31, 2018 and November 30, 2017 , the Company had $25.8 million and $12.3 million , respectively, of gross unrecognized tax benefits. At May 31, 2018 , the Company had $53.0 million accrued for interest and penalties, of which $1.5 million was due to the CalAtlantic acquisition and an additional $1.8 million was accrued during the six months ended May 31, 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	6 Months Ended
	May 31, 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 Six Months Ended May 31, May 31, (In thousands, except per share amounts) 2018 2017 2018 2017 Numerator: Net earnings attributable to Lennar $ 310,257 213,645 446,472 251,725 Less: distributed earnings allocated to nonvested shares 99 91 214 203 Less: undistributed earnings allocated to nonvested shares 2,557 1,972 3,929 2,254 Numerator for basic earnings per share 307,601 211,582 442,329 249,268 Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan (1) 240 214 449 552 Plus: interest on convertible senior notes 54 — 80 — Plus: undistributed earnings allocated to convertible shares 12 — 15 — Numerator for diluted earnings per share $ 307,427 211,368 441,975 248,716 Denominator: Denominator for basic earnings per share - weighted average common shares outstanding (2) 325,259 236,875 289,462 236,863 Effect of dilutive securities: Shared based payments 92 2 73 2 Convertible senior notes 1,467 — 1,098 — Denominator for diluted earnings per share - weighted average common shares outstanding 326,818 236,877 290,633 236,865 Basic earnings per share (2) $ 0.95 0.89 1.53 1.05 Diluted earnings per share (2) $ 0.94 0.89 1.52 1.05 (1) The amounts presented relate to Rialto's Carried Interest Incentive Plan adopted in June 2015 (see Note 9) and represent 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 and six months ended May 31, 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 the three and six months ended May 31, 2018 and 2017 , there were no

Lennar Financial Services Segme

Lennar Financial Services Segment	6 Months Ended
	May 31, 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, due 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) May 31, November 30, Assets: Homebuilding East $ 7,378,718 4,754,581 Homebuilding Central 3,521,001 2,037,905 Homebuilding West 7,739,116 5,165,218 Homebuilding Other 1,596,437 960,541 Lennar Financial Services 1,943,125 1,689,508 Rialto 1,054,628 1,153,840 Lennar Multifamily 872,841 710,725 Corporate and unallocated (1) 4,245,243 2,272,716 Total assets $ 28,351,109 18,745,034 Lennar Homebuilding goodwill (1) $ 3,451,994 136,566 Lennar Financial Services goodwill (1) $ 212,871 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 million to the Lennar Financial Services segment. Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2018 2017 2018 2017 Revenues: Homebuilding East $ 1,900,539 1,194,890 2,971,193 1,962,616 Homebuilding Central 1,198,053 682,342 1,809,833 1,198,523 Homebuilding West 1,489,751 770,194 2,269,630 1,322,992 Homebuilding Other 475,654 238,315 675,434 420,304 Lennar Financial Services 232,135 208,363 403,275 356,406 Rialto 45,236 67,988 99,538 149,994 Lennar Multifamily 117,693 99,800 210,949 188,485 Total revenues (1) $ 5,459,061 3,261,892 8,439,852 5,599,320 Operating earnings (loss) (2): Homebuilding East (3) $ 169,441 153,707 275,362 97,998 Homebuilding Central (4) 85,939 75,944 128,485 128,802 Homebuilding West (5) 143,338 71,224 394,614 124,584 Homebuilding Other (6) 26,810 31,705 40,794 52,534 Lennar Financial Services 52,382 43,727 72,077 64,391 Rialto 6,902 (6,462 ) 16,114 (7,305 ) Lennar Multifamily 14,788 6,529 13,587 25,712 Total operating earnings 499,600 376,374 941,033 486,716 Acquisition and integration costs 23,875 — 128,070 — Corporate general and administrative expenses 84,915 66,774 152,725 127,473 Earnings before income taxes $ 390,810 309,600 660,238 359,243 (1) Total revenues were net of sales incentives of $278.1 million ( $23,000 per home delivered) and $428.0 million ( $22,800 per home delivered) for the three and six months ended May 31, 2018 , respectively, compared to $174.5 million ( $22,700 per home delivered) and $298.1 million ( $22,700 per home delivered) for the three and six months ended May 31, 2017 , respectively. (2) All homebuilding segments and Homebuilding other were impacted by purchase accounting adjustments for the three and six months ended May 31, 2018 . (3) Homebuilding East operating earnings for the six months ended May 31, 2017 included a $140 million loss due to litigation (see Note 17). (4) Homebuilding Central operating earnings for the six months ended May 31, 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, during the six months ended May 31, 2018 . (6) Homebuilding Other operating earnings included a $5.6 million valuation adjustment for the three months ended May 31, 2018 . Additionally, the operating earnings for the three and six months ended May 31, 2018 Lennar Financial Services Segment The assets and liabilities related to the Lennar Financial Services segment were as follows: (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 162,992 117,410 Restricted cash 12,892 12,006 Receivables, net (1) 307,987 313,252 Loans held-for-sale (2) 935,519 937,516 Loans held-for-investment, net 75,218 44,193 Investments held-to-maturity 61,512 52,327 Investments available-for-sale (3) 56,386 57,439 Goodwill (4) 212,871 59,838 Other (5) 117,748 95,527 $ 1,943,125 1,689,508 Liabilities: Notes and other debts payable $ 944,551 937,431 Other (6) 252,884 240,383 $ 1,197,435 1,177,814 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of May 31, 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 May 31, 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, however, a provisional amount of goodwill of approximately $150 million was allocated to Lennar Financial Services (see Note 2). (5) As of May 31, 2018 and November 30, 2017 , other assets included mortgage loan commitments carried at fair value of $25.1 million and $9.9 million , respectively, and mortgage servicing rights carried at fair value of $34.6 million and $31.2 million , respectively. In addition, other assets also included forward contracts carried at fair value of $1.7 million as of November 30, 2017 . (6) As of May 31, 2018 and November 30, 2017 , other liabilities included $56.7 million and $57.7 million , respectively, of certain of the Company’s self-insurance reserves related to construction defects, general liability and workers’ compensation. In addition, other liabilities also included forward contracts carried at fair value of $6.2 million as of May 31, 2018 . At May 31, 2018 , the Lennar Financial Services segment warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures June 2018 (1) $ 600,000 364-day warehouse repurchase facility that matures June 2018 (2) 15,000 364-day warehouse repurchase facility that matures September 2018 300,000 364-day warehouse repurchase facility that matures December 2018 (3) 400,000 364-day warehouse repurchase facility that matures March 2019 (4) 300,000 Total $ 1,615,000 (1) Subsequent to May 31, 2018 , the warehouse repurchase facility maturity was extended to June 2019 and the maximum aggregate commitment amount increased to $700 million . (2) In accordance with the amended warehouse repurchase facility agreement, the maximum aggregate commitment decreased to $15 million until the termination date. Subsequent to May 31, 2018 , the warehouse repurchase facility matured and was not extended. (3) Maximum aggregate commitment includes an uncommitted amount of $250 million . (4) Maximum aggregate commitment includes an uncommitted amount of $300 million , of which $150 million expires on July 31, 2018. 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 $944.6 million and $937.2 million at May 31, 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 $978.5 million and $974.1 million at May 31, 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 Six Months Ended May 31, May 31, (In thousands) 2018 2017 2018 2017 Loan origination liabilities, beginning of period $ 27,110 25,003 22,543 24,905 Provision for losses 990 1,066 1,637 1,944 Origination liabilities assumed related to CalAtlantic acquisition — — 3,959 — Payments/settlements (84 ) (157 ) (123 ) (937 ) Loan origination liabilities, end of period $ 28,016 25,912 28,016 25,912 The assets and liabilities related to the Rialto segment were as follows: (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 43,729 241,861 Restricted cash (1) 12,096 22,466 Loans held-for-sale (2) 326,988 236,018 Real estate owned, net 60,101 86,047 Investments in unconsolidated entities 295,840 265,418 Investments held-to-maturity 210,975 179,659 Other 104,899 122,371 $ 1,054,628 1,153,840 Liabilities: Notes and other debts payable (3) $ 370,077 625,081 Other 60,424 94,975 $ 430,501 720,056 (1) As of May 31, 2018 , restricted cash primarily consisted of upfront deposits and application fees RMF receives before originating loans and is recognized as income once the loan has been originated, as well as cash held in escrow by the Company’s loan servicer provider on behalf of customers and lenders and is disbursed in accordance with agreements between the transacting parties. As of November 30, 2017 , 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, upfront deposits and application fees RMF receives, as well as cash held in escrow by the Company's loan servicer provider. (2) Loans held-for-sale related to unsold loans originated by RMF carried at fair value and loans in the FDIC ("FDIC Portfolios") carried at lower of cost or market. (3) As of May 31, 2018 , Rialto had paid off the remaining principal balance of its 7.00% senior notes due December 2018. As of November 30, 2017 , notes and other debts payable primarily included $349.4 million related to Rialto's 7.00% senior notes due December 2018. In addition, as of May 31, 2018 and November 30, 2017 , notes and other debt payable included $225.5 million and $162.1 million , respectively, related to Rialto's warehouse repurchase facilities. Rialto Mortgage Finance - loans held-for-sale During the six months ended May 31, 2018 , RMF originated loans with a total principal balance of $663.8 million , all of which was recorded as loans held-for-sale, and sold $556.3 million of loans into six separate securitizations. During the six months ended May 31, 2017 , RMF originated loans with a total principal balance of $837.7 million of which $823.7 million were recorded as loans held-for-sale and $14.1 million as accrual loans within loans receivable, net, and sold $870.4 million of loans into five separate securitizations. As of May 31, 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 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. 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 May 31, 2018 , the consolidated LLCs had total combined assets of $16.1 million , which primarily included $7.3 million in cash, $6.4 million of real estate owned, net, and $1.6 million of loans held-for-sale. At May 31, 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 May 31, 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 May 31, 2018 and November 30, 2017 . Borrowings under the facilities that finance RMF's loan originations and securitization activities were $225.5 million and $162.1 million as of May 31, 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 was recorded in Rialto equity in earnings from unconsolidated entities in the Company's statement of operations. The following table reflects Rialto's investments in funds that invest in and manage real estate related assets and other investments: May 31, May 31, November 30, (Dollars in thousands) Inception Year Equity Commitments Equity Commitments Called Commitment to Fund by the Company Funds Contributed by the Company Investment Rialto Real Estate Fund, LP 2010 $ 700,006 $ 700,006 $ 75,000 $ 75,000 $ 40,645 41,860 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 86,261 86,904 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 14,661 19,189 Rialto Capital CMBS Funds 2014 119,174 119,177 52,474 52,474 54,055 54,018 Rialto Real Estate Fund III 2015 1,887,000 972,634 140,000 69,346 67,052 41,223 Rialto Credit Partnership, LP 2016 220,000 208,181 19,999 18,925 13,407 13,288 Other investments 19,759 8,936 $ 295,840 265,418 During the three and six months ended May 31, 2018 , Rialto received $4.3 million and $7.4 million , respectively, of advance distributions with regard to Rialto's carried interests in its real estate funds in order to cover income tax obligations resulting from allocations of taxable income to Rialto's carried interests in these funds. During the three and six months ended May 31, 2017 , Rialto received $2.2 million and $3.1 million , respectively, of such advanced distributions. During the three and six months ended May 31, 2018 , Rialto received $3.3 million and $5.7 million , respectively, of distributions with regard to its carried interest in Rialto Real Estate Fund, LP. During the three and six months ended May 31, 2017 , Rialto received $8.8 million and $18.8 million , respectively, of such distributions with regard to its carried interest. 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) May 31, November 30, Assets: Cash and cash equivalents $ 74,585 95,552 Loans receivable 612,649 538,317 Real estate owned 287,037 348,601 Investment securities 2,195,040 1,849,795 Investments in partnerships 452,034 393,874 Other assets 46,417 42,949 $ 3,667,762 3,269,088 Liabilities and equity: Accounts payable and other liabilities $ 33,406 48,374 Notes payable (1) 605,315 576,810 Equity 3,029,041 2,643,904 $ 3,667,762 3,269,088 (1) Notes payable are net of debt issuance costs of $3.4 million and $3.1 million , as of May 31, 2018 and November 30, 2017 , respectively. Statements of Operations Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2018 2017 2018 2017 Revenues $ 95,773 61,030 185,537 118,186 Costs and expenses 21,365 29,000 43,436 57,001 Other income (expense), net (1) (27,709 ) 9,321 21,478 9,648 Net earnings of unconsolidated entities $ 46,699 41,351 163,579 70,833 Rialto equity in earnings from unconsolidated entities $ 4,116 5,730 13,230 6,452 (1) Other income (expense), net, includes realized and unrealized gains (losses) on investments. Investments held-to-maturity At May 31, 2018 and November 30, 2017 , the carrying value of Rialto's commercial mortgage-backed securities ("CMBS") was $211.0 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 and six months ended May 31, 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) May 31, November 30, Assets: Cash and cash equivalents $ 15,380 8,676 Receivables (1) 74,699 69,678 Land under development 268,135 208,618 Investment in unconsolidated entities 480,298 407,544 Other assets 34,329 16,209 $ 872,841 710,725 Liabilities: Accounts payable and other liabilities $ 145,951 149,715 (1) Receivables primarily related to general contractor services, net of deferrals and management fee income receivables due from unconsolidated entities as of May 31, 2018 and November 30, 2017 , respectively. The unconsolidated entities in which the Lennar Multifamily segment has investments usually finance their activities with a combination of partner equity and debt financing. In connection with many of the loans to Lennar Multifamily unconsolidated entities, the Company (or entities related to them) has been required to give guarantees of completion and cost over-runs to the lenders and partners. Those completion guarantees may require that the guarantors complete the construction of the improvements for which the financing was obtained. Additionally, the Company guarantees the construction costs of the project as construction cost over-runs would be paid by the Company. Generally, these payments would be increases to the Company's investment in the entities and would increase its share of funds the entities distribute after the achievement of certain thresholds. As of both May 31, 2018 and November 30, 2017 , the fair value of the completion guarantees was immaterial. Additionally, as of May 31, 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 May 31, 2018 and November 30, 2017 , Lennar Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $1.0 billion 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 and six months ended May 31, 2018 , the Lennar Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $12.4 million and $23.9 million , respectively. During the three and six months ended May 31, 2017 , the Lennar Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $15.2 million and $28.1 million , respectively. The Lennar Multifamily segment also provides general contractor services for construction of some of the rental properties owned by unconsolidated entities in which the Company has an investment. During the three and six months ended May 31, 2018 , the Lennar Multifamily segment provided general contractor services, net of deferrals totaling $97.0 million and $178.8 million , respectively, which were partially offset by costs related to those services of $93.6 million and $172.2 million , respectively. During the three and six months ended May 31, 2017 , the Lennar Multifamily segment provided general contractor services, net of deferrals totaling $84.6 million and $160.4 million , respectively, which were partially offset by costs related to those services of $83.3 million and $157.0 million , respectively. The Lennar Multifamily Venture (the "Venture Fund") is a long-term multifamily development investment vehicle involved in the development, construction and property management of class-A multifamily assets with $2.2 billion in equity commitments, including a $504 million co-investment commitment by Lennar comprised of cash, undeveloped land and preacquisition costs. During the six months ended May 31, 2018 , $231.7 million in equity commitments were called, of which the Company contributed its portion of $53.1 million . During the six months ended May 31, 2018 , the Company received $2.6 million of distributions as a return of capital from the Venture Fund. As of May 31, 2018 , $1.7 billion of the $2.2 billion in equity commitments had been called, of which the Company had contributed $403.8 million , representing its pro-rata portion of the called equity, resulting in a remaining equity commitment for the Company of $100.2 million . As of May 31, 2018 and November 30, 2017 , the carrying value of the Company's investment in the Venture Fund was $369.8 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 Fund II"), for the development, construction and property management of class-A multifamily assets. With the first close, Venture Fund 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. As of and during the six months ended May 31, 2018 , $106.1 million in equity commitments were called, of which the Company contributed its portion of $52.2 million , which was made up of a $92.2 million inventory contribution, offset by $40.0 million of distributions as a return of capital re

Rialto Segment

Rialto Segment	6 Months Ended
	May 31, 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, due 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) May 31, November 30, Assets: Homebuilding East $ 7,378,718 4,754,581 Homebuilding Central 3,521,001 2,037,905 Homebuilding West 7,739,116 5,165,218 Homebuilding Other 1,596,437 960,541 Lennar Financial Services 1,943,125 1,689,508 Rialto 1,054,628 1,153,840 Lennar Multifamily 872,841 710,725 Corporate and unallocated (1) 4,245,243 2,272,716 Total assets $ 28,351,109 18,745,034 Lennar Homebuilding goodwill (1) $ 3,451,994 136,566 Lennar Financial Services goodwill (1) $ 212,871 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 million to the Lennar Financial Services segment. Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2018 2017 2018 2017 Revenues: Homebuilding East $ 1,900,539 1,194,890 2,971,193 1,962,616 Homebuilding Central 1,198,053 682,342 1,809,833 1,198,523 Homebuilding West 1,489,751 770,194 2,269,630 1,322,992 Homebuilding Other 475,654 238,315 675,434 420,304 Lennar Financial Services 232,135 208,363 403,275 356,406 Rialto 45,236 67,988 99,538 149,994 Lennar Multifamily 117,693 99,800 210,949 188,485 Total revenues (1) $ 5,459,061 3,261,892 8,439,852 5,599,320 Operating earnings (loss) (2): Homebuilding East (3) $ 169,441 153,707 275,362 97,998 Homebuilding Central (4) 85,939 75,944 128,485 128,802 Homebuilding West (5) 143,338 71,224 394,614 124,584 Homebuilding Other (6) 26,810 31,705 40,794 52,534 Lennar Financial Services 52,382 43,727 72,077 64,391 Rialto 6,902 (6,462 ) 16,114 (7,305 ) Lennar Multifamily 14,788 6,529 13,587 25,712 Total operating earnings 499,600 376,374 941,033 486,716 Acquisition and integration costs 23,875 — 128,070 — Corporate general and administrative expenses 84,915 66,774 152,725 127,473 Earnings before income taxes $ 390,810 309,600 660,238 359,243 (1) Total revenues were net of sales incentives of $278.1 million ( $23,000 per home delivered) and $428.0 million ( $22,800 per home delivered) for the three and six months ended May 31, 2018 , respectively, compared to $174.5 million ( $22,700 per home delivered) and $298.1 million ( $22,700 per home delivered) for the three and six months ended May 31, 2017 , respectively. (2) All homebuilding segments and Homebuilding other were impacted by purchase accounting adjustments for the three and six months ended May 31, 2018 . (3) Homebuilding East operating earnings for the six months ended May 31, 2017 included a $140 million loss due to litigation (see Note 17). (4) Homebuilding Central operating earnings for the six months ended May 31, 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, during the six months ended May 31, 2018 . (6) Homebuilding Other operating earnings included a $5.6 million valuation adjustment for the three months ended May 31, 2018 . Additionally, the operating earnings for the three and six months ended May 31, 2018 Lennar Financial Services Segment The assets and liabilities related to the Lennar Financial Services segment were as follows: (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 162,992 117,410 Restricted cash 12,892 12,006 Receivables, net (1) 307,987 313,252 Loans held-for-sale (2) 935,519 937,516 Loans held-for-investment, net 75,218 44,193 Investments held-to-maturity 61,512 52,327 Investments available-for-sale (3) 56,386 57,439 Goodwill (4) 212,871 59,838 Other (5) 117,748 95,527 $ 1,943,125 1,689,508 Liabilities: Notes and other debts payable $ 944,551 937,431 Other (6) 252,884 240,383 $ 1,197,435 1,177,814 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of May 31, 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 May 31, 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, however, a provisional amount of goodwill of approximately $150 million was allocated to Lennar Financial Services (see Note 2). (5) As of May 31, 2018 and November 30, 2017 , other assets included mortgage loan commitments carried at fair value of $25.1 million and $9.9 million , respectively, and mortgage servicing rights carried at fair value of $34.6 million and $31.2 million , respectively. In addition, other assets also included forward contracts carried at fair value of $1.7 million as of November 30, 2017 . (6) As of May 31, 2018 and November 30, 2017 , other liabilities included $56.7 million and $57.7 million , respectively, of certain of the Company’s self-insurance reserves related to construction defects, general liability and workers’ compensation. In addition, other liabilities also included forward contracts carried at fair value of $6.2 million as of May 31, 2018 . At May 31, 2018 , the Lennar Financial Services segment warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures June 2018 (1) $ 600,000 364-day warehouse repurchase facility that matures June 2018 (2) 15,000 364-day warehouse repurchase facility that matures September 2018 300,000 364-day warehouse repurchase facility that matures December 2018 (3) 400,000 364-day warehouse repurchase facility that matures March 2019 (4) 300,000 Total $ 1,615,000 (1) Subsequent to May 31, 2018 , the warehouse repurchase facility maturity was extended to June 2019 and the maximum aggregate commitment amount increased to $700 million . (2) In accordance with the amended warehouse repurchase facility agreement, the maximum aggregate commitment decreased to $15 million until the termination date. Subsequent to May 31, 2018 , the warehouse repurchase facility matured and was not extended. (3) Maximum aggregate commitment includes an uncommitted amount of $250 million . (4) Maximum aggregate commitment includes an uncommitted amount of $300 million , of which $150 million expires on July 31, 2018. 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 $944.6 million and $937.2 million at May 31, 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 $978.5 million and $974.1 million at May 31, 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 Six Months Ended May 31, May 31, (In thousands) 2018 2017 2018 2017 Loan origination liabilities, beginning of period $ 27,110 25,003 22,543 24,905 Provision for losses 990 1,066 1,637 1,944 Origination liabilities assumed related to CalAtlantic acquisition — — 3,959 — Payments/settlements (84 ) (157 ) (123 ) (937 ) Loan origination liabilities, end of period $ 28,016 25,912 28,016 25,912 The assets and liabilities related to the Rialto segment were as follows: (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 43,729 241,861 Restricted cash (1) 12,096 22,466 Loans held-for-sale (2) 326,988 236,018 Real estate owned, net 60,101 86,047 Investments in unconsolidated entities 295,840 265,418 Investments held-to-maturity 210,975 179,659 Other 104,899 122,371 $ 1,054,628 1,153,840 Liabilities: Notes and other debts payable (3) $ 370,077 625,081 Other 60,424 94,975 $ 430,501 720,056 (1) As of May 31, 2018 , restricted cash primarily consisted of upfront deposits and application fees RMF receives before originating loans and is recognized as income once the loan has been originated, as well as cash held in escrow by the Company’s loan servicer provider on behalf of customers and lenders and is disbursed in accordance with agreements between the transacting parties. As of November 30, 2017 , 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, upfront deposits and application fees RMF receives, as well as cash held in escrow by the Company's loan servicer provider. (2) Loans held-for-sale related to unsold loans originated by RMF carried at fair value and loans in the FDIC ("FDIC Portfolios") carried at lower of cost or market. (3) As of May 31, 2018 , Rialto had paid off the remaining principal balance of its 7.00% senior notes due December 2018. As of November 30, 2017 , notes and other debts payable primarily included $349.4 million related to Rialto's 7.00% senior notes due December 2018. In addition, as of May 31, 2018 and November 30, 2017 , notes and other debt payable included $225.5 million and $162.1 million , respectively, related to Rialto's warehouse repurchase facilities. Rialto Mortgage Finance - loans held-for-sale During the six months ended May 31, 2018 , RMF originated loans with a total principal balance of $663.8 million , all of which was recorded as loans held-for-sale, and sold $556.3 million of loans into six separate securitizations. During the six months ended May 31, 2017 , RMF originated loans with a total principal balance of $837.7 million of which $823.7 million were recorded as loans held-for-sale and $14.1 million as accrual loans within loans receivable, net, and sold $870.4 million of loans into five separate securitizations. As of May 31, 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 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. 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 May 31, 2018 , the consolidated LLCs had total combined assets of $16.1 million , which primarily included $7.3 million in cash, $6.4 million of real estate owned, net, and $1.6 million of loans held-for-sale. At May 31, 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 May 31, 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 May 31, 2018 and November 30, 2017 . Borrowings under the facilities that finance RMF's loan originations and securitization activities were $225.5 million and $162.1 million as of May 31, 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 was recorded in Rialto equity in earnings from unconsolidated entities in the Company's statement of operations. The following table reflects Rialto's investments in funds that invest in and manage real estate related assets and other investments: May 31, May 31, November 30, (Dollars in thousands) Inception Year Equity Commitments Equity Commitments Called Commitment to Fund by the Company Funds Contributed by the Company Investment Rialto Real Estate Fund, LP 2010 $ 700,006 $ 700,006 $ 75,000 $ 75,000 $ 40,645 41,860 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 86,261 86,904 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 14,661 19,189 Rialto Capital CMBS Funds 2014 119,174 119,177 52,474 52,474 54,055 54,018 Rialto Real Estate Fund III 2015 1,887,000 972,634 140,000 69,346 67,052 41,223 Rialto Credit Partnership, LP 2016 220,000 208,181 19,999 18,925 13,407 13,288 Other investments 19,759 8,936 $ 295,840 265,418 During the three and six months ended May 31, 2018 , Rialto received $4.3 million and $7.4 million , respectively, of advance distributions with regard to Rialto's carried interests in its real estate funds in order to cover income tax obligations resulting from allocations of taxable income to Rialto's carried interests in these funds. During the three and six months ended May 31, 2017 , Rialto received $2.2 million and $3.1 million , respectively, of such advanced distributions. During the three and six months ended May 31, 2018 , Rialto received $3.3 million and $5.7 million , respectively, of distributions with regard to its carried interest in Rialto Real Estate Fund, LP. During the three and six months ended May 31, 2017 , Rialto received $8.8 million and $18.8 million , respectively, of such distributions with regard to its carried interest. 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) May 31, November 30, Assets: Cash and cash equivalents $ 74,585 95,552 Loans receivable 612,649 538,317 Real estate owned 287,037 348,601 Investment securities 2,195,040 1,849,795 Investments in partnerships 452,034 393,874 Other assets 46,417 42,949 $ 3,667,762 3,269,088 Liabilities and equity: Accounts payable and other liabilities $ 33,406 48,374 Notes payable (1) 605,315 576,810 Equity 3,029,041 2,643,904 $ 3,667,762 3,269,088 (1) Notes payable are net of debt issuance costs of $3.4 million and $3.1 million , as of May 31, 2018 and November 30, 2017 , respectively. Statements of Operations Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2018 2017 2018 2017 Revenues $ 95,773 61,030 185,537 118,186 Costs and expenses 21,365 29,000 43,436 57,001 Other income (expense), net (1) (27,709 ) 9,321 21,478 9,648 Net earnings of unconsolidated entities $ 46,699 41,351 163,579 70,833 Rialto equity in earnings from unconsolidated entities $ 4,116 5,730 13,230 6,452 (1) Other income (expense), net, includes realized and unrealized gains (losses) on investments. Investments held-to-maturity At May 31, 2018 and November 30, 2017 , the carrying value of Rialto's commercial mortgage-backed securities ("CMBS") was $211.0 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 and six months ended May 31, 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) May 31, November 30, Assets: Cash and cash equivalents $ 15,380 8,676 Receivables (1) 74,699 69,678 Land under development 268,135 208,618 Investment in unconsolidated entities 480,298 407,544 Other assets 34,329 16,209 $ 872,841 710,725 Liabilities: Accounts payable and other liabilities $ 145,951 149,715 (1) Receivables primarily related to general contractor services, net of deferrals and management fee income receivables due from unconsolidated entities as of May 31, 2018 and November 30, 2017 , respectively. The unconsolidated entities in which the Lennar Multifamily segment has investments usually finance their activities with a combination of partner equity and debt financing. In connection with many of the loans to Lennar Multifamily unconsolidated entities, the Company (or entities related to them) has been required to give guarantees of completion and cost over-runs to the lenders and partners. Those completion guarantees may require that the guarantors complete the construction of the improvements for which the financing was obtained. Additionally, the Company guarantees the construction costs of the project as construction cost over-runs would be paid by the Company. Generally, these payments would be increases to the Company's investment in the entities and would increase its share of funds the entities distribute after the achievement of certain thresholds. As of both May 31, 2018 and November 30, 2017 , the fair value of the completion guarantees was immaterial. Additionally, as of May 31, 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 May 31, 2018 and November 30, 2017 , Lennar Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $1.0 billion 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 and six months ended May 31, 2018 , the Lennar Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $12.4 million and $23.9 million , respectively. During the three and six months ended May 31, 2017 , the Lennar Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $15.2 million and $28.1 million , respectively. The Lennar Multifamily segment also provides general contractor services for construction of some of the rental properties owned by unconsolidated entities in which the Company has an investment. During the three and six months ended May 31, 2018 , the Lennar Multifamily segment provided general contractor services, net of deferrals totaling $97.0 million and $178.8 million , respectively, which were partially offset by costs related to those services of $93.6 million and $172.2 million , respectively. During the three and six months ended May 31, 2017 , the Lennar Multifamily segment provided general contractor services, net of deferrals totaling $84.6 million and $160.4 million , respectively, which were partially offset by costs related to those services of $83.3 million and $157.0 million , respectively. The Lennar Multifamily Venture (the "Venture Fund") is a long-term multifamily development investment vehicle involved in the development, construction and property management of class-A multifamily assets with $2.2 billion in equity commitments, including a $504 million co-investment commitment by Lennar comprised of cash, undeveloped land and preacquisition costs. During the six months ended May 31, 2018 , $231.7 million in equity commitments were called, of which the Company contributed its portion of $53.1 million . During the six months ended May 31, 2018 , the Company received $2.6 million of distributions as a return of capital from the Venture Fund. As of May 31, 2018 , $1.7 billion of the $2.2 billion in equity commitments had been called, of which the Company had contributed $403.8 million , representing its pro-rata portion of the called equity, resulting in a remaining equity commitment for the Company of $100.2 million . As of May 31, 2018 and November 30, 2017 , the carrying value of the Company's investment in the Venture Fund was $369.8 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 Fund II"), for the development, construction and property management of class-A multifamily assets. With the first close, Venture Fund 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. As of and during the six months ended May 31, 2018 , $106.1 million in equity commitments were called, of which the Company contributed its portion of $52.2 million , which was made up of a $92.2 million inventory contribution, offset by $40.0 million of distributions as a return of capital re

Lennar Multifamily Segment

Lennar Multifamily Segment	6 Months Ended
	May 31, 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, due 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) May 31, November 30, Assets: Homebuilding East $ 7,378,718 4,754,581 Homebuilding Central 3,521,001 2,037,905 Homebuilding West 7,739,116 5,165,218 Homebuilding Other 1,596,437 960,541 Lennar Financial Services 1,943,125 1,689,508 Rialto 1,054,628 1,153,840 Lennar Multifamily 872,841 710,725 Corporate and unallocated (1) 4,245,243 2,272,716 Total assets $ 28,351,109 18,745,034 Lennar Homebuilding goodwill (1) $ 3,451,994 136,566 Lennar Financial Services goodwill (1) $ 212,871 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 million to the Lennar Financial Services segment. Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2018 2017 2018 2017 Revenues: Homebuilding East $ 1,900,539 1,194,890 2,971,193 1,962,616 Homebuilding Central 1,198,053 682,342 1,809,833 1,198,523 Homebuilding West 1,489,751 770,194 2,269,630 1,322,992 Homebuilding Other 475,654 238,315 675,434 420,304 Lennar Financial Services 232,135 208,363 403,275 356,406 Rialto 45,236 67,988 99,538 149,994 Lennar Multifamily 117,693 99,800 210,949 188,485 Total revenues (1) $ 5,459,061 3,261,892 8,439,852 5,599,320 Operating earnings (loss) (2): Homebuilding East (3) $ 169,441 153,707 275,362 97,998 Homebuilding Central (4) 85,939 75,944 128,485 128,802 Homebuilding West (5) 143,338 71,224 394,614 124,584 Homebuilding Other (6) 26,810 31,705 40,794 52,534 Lennar Financial Services 52,382 43,727 72,077 64,391 Rialto 6,902 (6,462 ) 16,114 (7,305 ) Lennar Multifamily 14,788 6,529 13,587 25,712 Total operating earnings 499,600 376,374 941,033 486,716 Acquisition and integration costs 23,875 — 128,070 — Corporate general and administrative expenses 84,915 66,774 152,725 127,473 Earnings before income taxes $ 390,810 309,600 660,238 359,243 (1) Total revenues were net of sales incentives of $278.1 million ( $23,000 per home delivered) and $428.0 million ( $22,800 per home delivered) for the three and six months ended May 31, 2018 , respectively, compared to $174.5 million ( $22,700 per home delivered) and $298.1 million ( $22,700 per home delivered) for the three and six months ended May 31, 2017 , respectively. (2) All homebuilding segments and Homebuilding other were impacted by purchase accounting adjustments for the three and six months ended May 31, 2018 . (3) Homebuilding East operating earnings for the six months ended May 31, 2017 included a $140 million loss due to litigation (see Note 17). (4) Homebuilding Central operating earnings for the six months ended May 31, 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, during the six months ended May 31, 2018 . (6) Homebuilding Other operating earnings included a $5.6 million valuation adjustment for the three months ended May 31, 2018 . Additionally, the operating earnings for the three and six months ended May 31, 2018 Lennar Financial Services Segment The assets and liabilities related to the Lennar Financial Services segment were as follows: (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 162,992 117,410 Restricted cash 12,892 12,006 Receivables, net (1) 307,987 313,252 Loans held-for-sale (2) 935,519 937,516 Loans held-for-investment, net 75,218 44,193 Investments held-to-maturity 61,512 52,327 Investments available-for-sale (3) 56,386 57,439 Goodwill (4) 212,871 59,838 Other (5) 117,748 95,527 $ 1,943,125 1,689,508 Liabilities: Notes and other debts payable $ 944,551 937,431 Other (6) 252,884 240,383 $ 1,197,435 1,177,814 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of May 31, 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 May 31, 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, however, a provisional amount of goodwill of approximately $150 million was allocated to Lennar Financial Services (see Note 2). (5) As of May 31, 2018 and November 30, 2017 , other assets included mortgage loan commitments carried at fair value of $25.1 million and $9.9 million , respectively, and mortgage servicing rights carried at fair value of $34.6 million and $31.2 million , respectively. In addition, other assets also included forward contracts carried at fair value of $1.7 million as of November 30, 2017 . (6) As of May 31, 2018 and November 30, 2017 , other liabilities included $56.7 million and $57.7 million , respectively, of certain of the Company’s self-insurance reserves related to construction defects, general liability and workers’ compensation. In addition, other liabilities also included forward contracts carried at fair value of $6.2 million as of May 31, 2018 . At May 31, 2018 , the Lennar Financial Services segment warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures June 2018 (1) $ 600,000 364-day warehouse repurchase facility that matures June 2018 (2) 15,000 364-day warehouse repurchase facility that matures September 2018 300,000 364-day warehouse repurchase facility that matures December 2018 (3) 400,000 364-day warehouse repurchase facility that matures March 2019 (4) 300,000 Total $ 1,615,000 (1) Subsequent to May 31, 2018 , the warehouse repurchase facility maturity was extended to June 2019 and the maximum aggregate commitment amount increased to $700 million . (2) In accordance with the amended warehouse repurchase facility agreement, the maximum aggregate commitment decreased to $15 million until the termination date. Subsequent to May 31, 2018 , the warehouse repurchase facility matured and was not extended. (3) Maximum aggregate commitment includes an uncommitted amount of $250 million . (4) Maximum aggregate commitment includes an uncommitted amount of $300 million , of which $150 million expires on July 31, 2018. 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 $944.6 million and $937.2 million at May 31, 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 $978.5 million and $974.1 million at May 31, 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 Six Months Ended May 31, May 31, (In thousands) 2018 2017 2018 2017 Loan origination liabilities, beginning of period $ 27,110 25,003 22,543 24,905 Provision for losses 990 1,066 1,637 1,944 Origination liabilities assumed related to CalAtlantic acquisition — — 3,959 — Payments/settlements (84 ) (157 ) (123 ) (937 ) Loan origination liabilities, end of period $ 28,016 25,912 28,016 25,912 The assets and liabilities related to the Rialto segment were as follows: (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 43,729 241,861 Restricted cash (1) 12,096 22,466 Loans held-for-sale (2) 326,988 236,018 Real estate owned, net 60,101 86,047 Investments in unconsolidated entities 295,840 265,418 Investments held-to-maturity 210,975 179,659 Other 104,899 122,371 $ 1,054,628 1,153,840 Liabilities: Notes and other debts payable (3) $ 370,077 625,081 Other 60,424 94,975 $ 430,501 720,056 (1) As of May 31, 2018 , restricted cash primarily consisted of upfront deposits and application fees RMF receives before originating loans and is recognized as income once the loan has been originated, as well as cash held in escrow by the Company’s loan servicer provider on behalf of customers and lenders and is disbursed in accordance with agreements between the transacting parties. As of November 30, 2017 , 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, upfront deposits and application fees RMF receives, as well as cash held in escrow by the Company's loan servicer provider. (2) Loans held-for-sale related to unsold loans originated by RMF carried at fair value and loans in the FDIC ("FDIC Portfolios") carried at lower of cost or market. (3) As of May 31, 2018 , Rialto had paid off the remaining principal balance of its 7.00% senior notes due December 2018. As of November 30, 2017 , notes and other debts payable primarily included $349.4 million related to Rialto's 7.00% senior notes due December 2018. In addition, as of May 31, 2018 and November 30, 2017 , notes and other debt payable included $225.5 million and $162.1 million , respectively, related to Rialto's warehouse repurchase facilities. Rialto Mortgage Finance - loans held-for-sale During the six months ended May 31, 2018 , RMF originated loans with a total principal balance of $663.8 million , all of which was recorded as loans held-for-sale, and sold $556.3 million of loans into six separate securitizations. During the six months ended May 31, 2017 , RMF originated loans with a total principal balance of $837.7 million of which $823.7 million were recorded as loans held-for-sale and $14.1 million as accrual loans within loans receivable, net, and sold $870.4 million of loans into five separate securitizations. As of May 31, 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 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. 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 May 31, 2018 , the consolidated LLCs had total combined assets of $16.1 million , which primarily included $7.3 million in cash, $6.4 million of real estate owned, net, and $1.6 million of loans held-for-sale. At May 31, 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 May 31, 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 May 31, 2018 and November 30, 2017 . Borrowings under the facilities that finance RMF's loan originations and securitization activities were $225.5 million and $162.1 million as of May 31, 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 was recorded in Rialto equity in earnings from unconsolidated entities in the Company's statement of operations. The following table reflects Rialto's investments in funds that invest in and manage real estate related assets and other investments: May 31, May 31, November 30, (Dollars in thousands) Inception Year Equity Commitments Equity Commitments Called Commitment to Fund by the Company Funds Contributed by the Company Investment Rialto Real Estate Fund, LP 2010 $ 700,006 $ 700,006 $ 75,000 $ 75,000 $ 40,645 41,860 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 86,261 86,904 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 14,661 19,189 Rialto Capital CMBS Funds 2014 119,174 119,177 52,474 52,474 54,055 54,018 Rialto Real Estate Fund III 2015 1,887,000 972,634 140,000 69,346 67,052 41,223 Rialto Credit Partnership, LP 2016 220,000 208,181 19,999 18,925 13,407 13,288 Other investments 19,759 8,936 $ 295,840 265,418 During the three and six months ended May 31, 2018 , Rialto received $4.3 million and $7.4 million , respectively, of advance distributions with regard to Rialto's carried interests in its real estate funds in order to cover income tax obligations resulting from allocations of taxable income to Rialto's carried interests in these funds. During the three and six months ended May 31, 2017 , Rialto received $2.2 million and $3.1 million , respectively, of such advanced distributions. During the three and six months ended May 31, 2018 , Rialto received $3.3 million and $5.7 million , respectively, of distributions with regard to its carried interest in Rialto Real Estate Fund, LP. During the three and six months ended May 31, 2017 , Rialto received $8.8 million and $18.8 million , respectively, of such distributions with regard to its carried interest. 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) May 31, November 30, Assets: Cash and cash equivalents $ 74,585 95,552 Loans receivable 612,649 538,317 Real estate owned 287,037 348,601 Investment securities 2,195,040 1,849,795 Investments in partnerships 452,034 393,874 Other assets 46,417 42,949 $ 3,667,762 3,269,088 Liabilities and equity: Accounts payable and other liabilities $ 33,406 48,374 Notes payable (1) 605,315 576,810 Equity 3,029,041 2,643,904 $ 3,667,762 3,269,088 (1) Notes payable are net of debt issuance costs of $3.4 million and $3.1 million , as of May 31, 2018 and November 30, 2017 , respectively. Statements of Operations Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2018 2017 2018 2017 Revenues $ 95,773 61,030 185,537 118,186 Costs and expenses 21,365 29,000 43,436 57,001 Other income (expense), net (1) (27,709 ) 9,321 21,478 9,648 Net earnings of unconsolidated entities $ 46,699 41,351 163,579 70,833 Rialto equity in earnings from unconsolidated entities $ 4,116 5,730 13,230 6,452 (1) Other income (expense), net, includes realized and unrealized gains (losses) on investments. Investments held-to-maturity At May 31, 2018 and November 30, 2017 , the carrying value of Rialto's commercial mortgage-backed securities ("CMBS") was $211.0 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 and six months ended May 31, 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) May 31, November 30, Assets: Cash and cash equivalents $ 15,380 8,676 Receivables (1) 74,699 69,678 Land under development 268,135 208,618 Investment in unconsolidated entities 480,298 407,544 Other assets 34,329 16,209 $ 872,841 710,725 Liabilities: Accounts payable and other liabilities $ 145,951 149,715 (1) Receivables primarily related to general contractor services, net of deferrals and management fee income receivables due from unconsolidated entities as of May 31, 2018 and November 30, 2017 , respectively. The unconsolidated entities in which the Lennar Multifamily segment has investments usually finance their activities with a combination of partner equity and debt financing. In connection with many of the loans to Lennar Multifamily unconsolidated entities, the Company (or entities related to them) has been required to give guarantees of completion and cost over-runs to the lenders and partners. Those completion guarantees may require that the guarantors complete the construction of the improvements for which the financing was obtained. Additionally, the Company guarantees the construction costs of the project as construction cost over-runs would be paid by the Company. Generally, these payments would be increases to the Company's investment in the entities and would increase its share of funds the entities distribute after the achievement of certain thresholds. As of both May 31, 2018 and November 30, 2017 , the fair value of the completion guarantees was immaterial. Additionally, as of May 31, 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 May 31, 2018 and November 30, 2017 , Lennar Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $1.0 billion 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 and six months ended May 31, 2018 , the Lennar Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $12.4 million and $23.9 million , respectively. During the three and six months ended May 31, 2017 , the Lennar Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $15.2 million and $28.1 million , respectively. The Lennar Multifamily segment also provides general contractor services for construction of some of the rental properties owned by unconsolidated entities in which the Company has an investment. During the three and six months ended May 31, 2018 , the Lennar Multifamily segment provided general contractor services, net of deferrals totaling $97.0 million and $178.8 million , respectively, which were partially offset by costs related to those services of $93.6 million and $172.2 million , respectively. During the three and six months ended May 31, 2017 , the Lennar Multifamily segment provided general contractor services, net of deferrals totaling $84.6 million and $160.4 million , respectively, which were partially offset by costs related to those services of $83.3 million and $157.0 million , respectively. The Lennar Multifamily Venture (the "Venture Fund") is a long-term multifamily development investment vehicle involved in the development, construction and property management of class-A multifamily assets with $2.2 billion in equity commitments, including a $504 million co-investment commitment by Lennar comprised of cash, undeveloped land and preacquisition costs. During the six months ended May 31, 2018 , $231.7 million in equity commitments were called, of which the Company contributed its portion of $53.1 million . During the six months ended May 31, 2018 , the Company received $2.6 million of distributions as a return of capital from the Venture Fund. As of May 31, 2018 , $1.7 billion of the $2.2 billion in equity commitments had been called, of which the Company had contributed $403.8 million , representing its pro-rata portion of the called equity, resulting in a remaining equity commitment for the Company of $100.2 million . As of May 31, 2018 and November 30, 2017 , the carrying value of the Company's investment in the Venture Fund was $369.8 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 Fund II"), for the development, construction and property management of class-A multifamily assets. With the first close, Venture Fund 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. As of and during the six months ended May 31, 2018 , $106.1 million in equity commitments were called, of which the Company contributed its portion of $52.2 million , which was made up of a $92.2 million inventory contribution, offset by $40.0 million of distributions as a return of capital re

Lennar Homebuilding Cash and Ca

Lennar Homebuilding Cash and Cash Equivalents	6 Months Ended
	May 31, 2018
Cash and Cash Equivalents [Abstract]
Lennar Homebuilding Cash and Cash Equivalents	Lennar Homebuilding Cash and Cash Equivalents Cash and cash equivalents as of May 31, 2018 and November 30, 2017 included $695.8 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	6 Months Ended
	May 31, 2018
Debt Disclosure [Abstract]
Lennar Homebuilding Senior Notes and Other Debts Payable	Lennar Homebuilding Senior Notes and Other Debts Payable (Dollars in thousands) May 31, November 30, Unsecured revolving credit facility $ 950,000 — 6.95% senior notes due 2018 249,787 249,342 4.125% senior notes due December 2018 274,744 274,459 0.25% convertible senior notes due 2019 1,422 — 4.500% senior notes due 2019 499,189 498,793 4.50% senior notes due 2019 598,751 598,325 6.625% senior notes due 2020 (1) 316,480 — 2.95% senior notes due 2020 298,547 298,305 8.375% senior notes due 2021 (1) 449,558 — 4.750% senior notes due 2021 497,720 497,329 6.25% senior notes due December 2021 (1) 319,353 — 4.125% senior notes due 2022 596,399 595,904 5.375% senior notes due 2022 (1) 262,992 — 4.750% senior notes due 2022 570,024 569,484 4.875% senior notes due December 2023 395,361 394,964 4.500% senior notes due 2024 645,715 645,353 5.875% senior notes due 2024 (1) 455,588 — 4.750% senior notes due 2025 496,892 496,671 5.25% senior notes due 2026 (1) 410,148 — 5.00% senior notes due 2027 (1) 353,623 — 4.75% senior notes due 2027 891,923 892,657 Mortgage notes on land and other debt 451,399 398,417 $ 9,985,615 6,410,003 (1) These notes were obligations of CalAtlantic when it was acquired, and were subsequently exchanged in part for notes of Lennar Corporation as follows: $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 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 $35.7 million and $33.5 million , as of May 31, 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 $2.2 billion of the Credit Facility from June 2022 to June 2023, with $70 million that matured in June 2018 and the remaining $50 million maturing in June 2020. As of May 31, 2018 , the Credit Facility included a $ 245 million accordion feature, subject to additional commitments. The proceeds available under the Credit Facility, which are subject to specified conditions for borrowing, may be used for working capital and general corporate purposes. The credit agreement also provides that up to $500 million in commitments may be used for letters of credit. Under the Credit Facility agreement, the Company is required to maintain a minimum consolidated tangible net worth, a maximum leverage ratio and either a liquidity or an interest coverage ratio. These ratios are calculated per the Credit Facility agreement, which involves adjustments to GAAP financial measures. The Company believes it was in compliance with its debt covenants at May 31, 2018 . In addition, the Company had $315 million of letter of credit facilities with different financial institutions. The Company’s performance letters of credit outstanding were $515.6 million and $384.4 million , respectively, at May 31, 2018 and November 30, 2017 . The Company’s financial letters of credit outstanding were $169.3 million and $127.4 million , at May 31, 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 May 31, 2018 , the Company had outstanding surety bonds of $2.5 billion including performance surety bonds related to site improvements at various projects (including certain projects in the Company’s joint ventures) and financial surety bonds. Although significant development and construction activities have been completed related to these site improvements, these bonds are generally not released until all development and construction activities are completed. As of May 31, 2018 , there were approximately $1.3 billion , or 51% , 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. During the three months ended May 31, 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 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 principal balance of the convertible senior notes had either been converted or redeemed. In May 2018, the Company redeemed $575 million aggregate principal amount of the 8.375% senior notes due 2018 ("8.375% Senior Notes due 2018"). The redemption price, which was paid in cash, was 100% of the principal amount plus accrued but unpaid interest. The 8.375% Senior Notes due 2018 with $575 million of principal amount were obligations of CalAtlantic when it was acquired and $485.6 million principal amount was subsequently exchanged in part for notes of the Company. Subsequent to May 31, 2018 , the Company redeemed $250 million aggregate principal amount of the 6.95% senior notes due 2018 . The redemption price, which was paid in cash, was 100% of the principal amount plus accrued but unpaid interest. The Company's senior notes are guaranteed by substantially all of the Company's 100% owned homebuilding subsidiaries and some of the Company's other subsidiaries. Although the guarantees are full, unconditional and joint and several while they are in effect, (i) a subsidiary will cease to be a guarantor at any time when it is not directly or indirectly guaranteeing at least $75 million

Product Warranty

Product Warranty	6 Months Ended
	May 31, 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 Six Months Ended May 31, May 31, (In thousands) 2018 2017 2018 2017 Warranty reserve, beginning of the period $ 270,056 138,987 164,619 135,403 Warranties issued 47,855 29,430 72,544 50,150 Adjustments to pre-existing warranties from changes in estimates (1) 7,227 7,987 10,095 10,333 Warranties assumed related to acquisitions 9,150 — 117,554 6,345 Payments (39,578 ) (24,571 ) (70,102 ) (50,398 ) Warranty reserve, end of period $ 294,710 151,833 294,710 151,833 (1) The adjustments to pre-existing warranties from changes in estimates during the three and six months ended May 31, 2018 and 2017

Share-Based Payments

Share-Based Payments	6 Months Ended
	May 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Payments	Share-Based Payments During the three months ended May 31, 2018 , the Company granted employees an immaterial number of nonvested shares. During the six months ended May 31, 2018 , the Company granted employees 0.4 million of nonvested shares. During the three and six months ended May 31, 2017 , the Company granted an immaterial number of nonvested shares. Compensation expense related to the Company’s nonvested shares for the three and six months ended May 31, 2018 was $16.0 million and $33.7 million , respectively. Compensation expense related to the Company’s nonvested shares for the three and six months ended May 31, 2017 was $12.3 million and $24.8 million

Financial Instruments and Fair

Financial Instruments and Fair Value Disclosures	6 Months Ended
	May 31, 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 May 31, 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. May 31, 2018 November 30, 2017 (In thousands) Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value ASSETS Rialto: Investments held-to-maturity Level 3 $ 210,975 232,909 179,659 199,190 Lennar Financial Services: Loans held-for-investment, net Level 3 $ 75,218 67,826 44,193 41,795 Investments held-to-maturity Level 2 $ 61,512 61,159 52,327 52,189 LIABILITIES Lennar Homebuilding senior notes and other debts payable Level 2 $ 9,985,615 9,937,068 6,410,003 6,598,848 Rialto notes payable and other debts payable Level 2 $ 370,077 371,971 625,081 644,644 Lennar financial services notes and other debts payable Level 2 $ 944,551 944,551 937,431 937,431 The following methods and assumptions are used by the Company in estimating fair values: Rialto —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 $ 325,373 234,403 Credit default swaps (2) Level 2 $ 1,029 995 Lennar Financial Services Assets (Liabilities): Loans held-for-sale (3) Level 2 $ 935,519 937,516 Investments available-for-sale Level 1 $ 56,386 57,439 Mortgage loan commitments Level 2 $ 25,091 9,873 Forward contracts Level 2 $ (6,195 ) 1,681 Mortgage servicing rights Level 3 $ 34,592 31,163 (1) The aggregate fair value of Rialto loans held-for-sale of $325.4 million at May 31, 2018 exceeds their aggregate principal balance of $323.2 million by $2.2 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 $935.5 million at May 31, 2018 exceeds their aggregate principal balance of $906.5 million by $29.0 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 was included in Lennar Financial Services’ loans held-for-sale as of May 31, 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 was included in the Lennar Financial Services segment's other liabilities as of May 31, 2018 . The fair value of forward contracts was included in the Lennar Financial Services segment's other assets as of November 30, 2017 . The Lennar Financial Services segment uses mandatory mortgage-backed securities ("MBS") forward commitments, option contracts and investor commitments to hedge its mortgage-related interest rate exposure. These instruments involve, to varying degrees, elements of credit and interest rate risk. Credit risk associated with MBS forward commitments, option contracts and loan sales transactions is managed by limiting the Company’s counterparties to investment banks, federally regulated bank affiliates and other investors meeting the Company’s credit standards. The segment’s risk, in the event of default by the purchaser, is the difference between the contract price and fair value of the MBS forward commitments and option contracts. At May 31, 2018 , the segment had open commitments amounting to $1.5 billion to sell MBS with varying settlement dates through August 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 May 31, 2018 , the key assumptions used in determining the fair value include an 11.6% mortgage prepayment rate, a 12.5% discount rate and an 8.8% delinquency rate. The fair value of mortgage servicing rights is included in the Lennar Financial Services segment's other assets. The changes in fair values for Level 1 and Level 2 financial instruments measured on a recurring basis are shown below by financial instrument and financial statement line item: Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2018 2017 2018 2017 Changes in fair value included in Lennar Financial Services revenues: Loans held-for-sale $ 16,586 10,737 289 24,037 Mortgage loan commitments $ 13,438 4,715 15,219 10,935 Forward contracts $ (11,039 ) (5,049 ) (7,876 ) (33,263 ) Investments available-for-sale $ 126 (4 ) 126 (4 ) Changes in fair value included in Rialto revenues: Financial Assets: Credit default swaps $ (55 ) (885 ) 33 (1,316 ) Changes in fair value included in other comprehensive income (loss), net of tax: Lennar Financial Services investment available-for-sale $ (589 ) 419 (1,247 ) 1,391 Interest on Lennar Financial Services loans held-for-sale and Rialto loans held-for-sale measured at fair value is calculated based on the interest rate of the loan and recorded as revenues in the Lennar Financial Services’ statement of operations and Rialto's statement of operations, respectively. The following table represents the reconciliation of the beginning and ending balance for the Level 3 recurring fair value measurements: Three Months Ended May 31, 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 $ 36,772 123,398 26,497 44,939 Purchases/loan originations 1,857 425,870 2,866 429,320 Sales/loan originations sold, including those not settled — (228,141 ) — (392,678 ) Disposals/settlements (3,326 ) — (904 ) — Changes in fair value (1) (711 ) 2,618 (1,089 ) 1,078 Interest and principal paydowns — 1,628 — 144 Ending balance $ 34,592 325,373 27,370 82,803 Six Months Ended May 31, 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 4,145 663,835 5,712 823,660 Sales/loan originations sold, including those not settled — (575,853 ) — (870,394 ) Disposals/settlements (4,539 ) — (1,795 ) — Changes in fair value (1) 3,823 3,370 (477 ) 2,498 Interest and principal paydowns — (382 ) — 92 Ending balance $ 34,592 325,373 27,370 82,803 (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 May 31, 2018 2017 (In thousands) Fair Value Hierarchy Carrying Value Fair Value Total Losses, Net (1) Carrying Value Fair Value Total Losses, Net (1) Financial assets Rialto: FDIC Portfolios loans held-for-sale Level 3 $ — — — 29,030 23,812 (5,218 ) Non-financial assets Lennar Homebuilding: Finished homes and construction in progress (2) Level 3 $ — — — 6,659 2,745 (3,914 ) Land and land under development (2) Level 3 $ 13,858 3,122 (10,736 ) 6,771 3,094 (3,677 ) Rialto: REO, net (3): Upon acquisition/transfer Level 3 $ — — — 21,429 20,271 (1,158 ) Upon management periodic valuations Level 3 $ 2,951 2,459 (492 ) 50,075 36,250 (13,825 ) Six Months Ended May 31, 2018 2017 (In thousands) Fair Value Hierarchy Carrying Value Fair Value Total Losses, Net (1) Carrying Value Fair Value Total Losses, Net (1) Financial assets Rialto: Impaired loans receivable Level 3 $ — — — 31,554 18,885 (12,669 ) FDIC Portfolios loans held-for-sale Level 3 $ — — — 29,030 23,812 (5,218 ) Non-financial assets Lennar Homebuilding: Finished homes and construction in progress (2) Level 3 $ — — — 6,659 2,745 (3,914 ) Land and land under development (2) Level 3 $ 66,787 46,687 (20,100 ) 6,771 3,094 (3,677 ) Rialto: REO, net (3): Upon acquisition/transfer Level 3 $ — — — 30,303 28,690 (1,613 ) Upon management periodic valuations Level 3 $ 15,251 9,275 (5,976 ) 84,330 58,176 (26,154 ) (1) Represents losses due to valuation adjustments, write-offs, gains (losses) from transfers or acquisitions of real estate through foreclosure and REO impairments recorded during the three and six months ended May 31, 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 and six months ended May 31, 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 and six months ended May 31, 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 May 31, 2018 and 2017 , there were 1,320 and 732 active communities, excluding unconsolidated entities, respectively. As of May 31, 2018 , the Company identified 19 communities with 1,013 homesites and a corresponding carrying value of $113.2 million as having potential indicators of impairment. For the six months ended May 31, 2018 , the Company recorded valuation adjustments of $17.6 million on 570 homesites in three communities with a carrying value of $31.3 million . As of May 31, 2017 , the Company identified 16 communities with 677 homesites and a corresponding carrying value of $70.0 million as having potential indicators of impairment. For the six months ended May 31, 2017 , the Company recorded valuation adjustments of $7.5 million on 469 homesites in six communities with a carrying value of $12.0 million . The table below summarizes the most significant unobservable inputs used in the Company's discounted cash flow model to determine the fair value of its communities for which the Company recorded valuation adjustments during the six months ended May 31, 2018 : Six Months Ended May 31, 2018 May 31, 2017 Unobservable inputs Range Range Average selling price $233,000 - $572,000 $125,000 - $567,000 Absorption rate per quarter (homes) 5 - 16 4 - 10 Discount rate 20% 20%

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	May 31, 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 six months ended May 31, 2018 . Based on the Company's evaluation, during the six months ended May 31, 2018 , the Company consolidated and deconsolidated the same VIE thus resulting in no change to the combined assets and liabilities during that period. The Company’s recorded investments in unconsolidated entities were as follows: (In thousands) May 31, November 30, Lennar Homebuilding $ 960,676 900,769 Rialto $ 295,840 265,418 Lennar Multifamily $ 480,298 407,544 Consolidated VIEs As of May 31, 2018 , the carrying amounts of the VIEs’ assets and non-recourse liabilities that consolidated were $883.9 million and $420.5 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 May 31, 2018 (In thousands) Investments in Unconsolidated VIEs Lennar’s Maximum Exposure to Loss Lennar Homebuilding (1) $ 144,914 217,776 Rialto (2) 210,975 210,975 Lennar Multifamily (3) 430,642 738,457 $ 786,531 1,167,208 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 May 31, 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 $66.8 million and $61.6 million , respectively. (2) As of both May 31, 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 May 31, 2018 and November 30, 2017 , investments in unconsolidated VIEs and Lennar’s maximum exposure to loss included $211.0 million and $179.7 million , respectively, related to Rialto’s investments held-to-maturity. (3) As of May 31, 2018 , the remaining equity commitment of $303.0 million to fund the Venture Fund and Venture Fund II for future expenditures related to the construction and development of its projects was included in Lennar's maximum exposure to loss. As of November 30, 2017 , the remaining equity commitment of $153.3 million to fund the Venture Fund was included in Lennar's maximum exposure for loss. In addition, as of May 31, 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 May 31, 2018 , the Company and other partners did not have an obligation to make capital contributions to the VIEs, except for $303.0 million remaining equity commitment to fund the Venture Fund and Venture Fund II 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 $66.8 million repayment guarantees of two unconsolidated entities' debt. Except for the unconsolidated VIEs discussed above, the Company and the other partners did not guarantee any debt of the other unconsolidated VIEs. While the Company has option contracts to purchase land from certain of its unconsolidated VIEs, the Company is not required to purchase the assets and could walk away from the contracts. Option Contracts The Company has access to land through option contracts, which generally enables it to control portions of properties owned by third parties (including land funds) and unconsolidated entities until the Company has determined whether to exercise the option. The Company evaluates all option contracts for land to determine whether they are VIEs and, if so, whether the Company is the primary beneficiary of certain of these option contracts. Although the Company does not have legal title to the optioned land, if the Company is deemed to be the primary beneficiary or makes a significant deposit for optioned land, it may need to consolidate the land under option at the purchase price of the optioned land. During the six months ended May 31, 2018 , consolidated inventory not owned increased by $11.5 million with a decrease to liabilities related to consolidated inventory not owned in the accompanying condensed consolidated balance sheet as of May 31, 2018 . The increase was primarily due to a higher amount of construction started on homesites not owned compared to homesite takedowns. 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 May 31, 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 $249.8 million and $137.0 million at May 31, 2018 and November 30, 2017 , respectively. Additionally, the Company had posted $53.2 million and $51.8 million of letters of credit in lieu of cash deposits under certain land and option contracts as of May 31, 2018 and November 30, 2017

Commitments and Contingent Liab

Commitments and Contingent Liabilities	6 Months Ended
	May 31, 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 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 have accrued for the amount it expects to pay as reimbursement for attorney's fees. In July 2017, CalAtlantic Group, Inc., a subsidiary of the Company, was notified by the San Francisco Regional Water Quality Control Board of CalAtlantic’s non-compliance with the Clean Water Act at a development in San Ramon, CA. The Company expects to pay monetary sanctions to resolve this matter, which the Company does not currently expect will be material. Our mortgage subsidiary has been subpoenaed by the United States Department of Justice ("DOJ") regarding the adequacy of certain underwriting and quality control processes related to Federal Housing Administration loans originated and

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	May 31, 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 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 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	6 Months Ended
	May 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Financial Information	Supplemental Financial Information The indentures governing the Company’s 6.95% senior notes due 2018, 4.125% senior notes due 2018, 0.25% convertible 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 May 31, 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. May 31, 2018 was as follows: Condensed Consolidating Balance Sheet May 31, 2018 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total ASSETS Lennar Homebuilding: Cash and cash equivalents, restricted cash and receivables, net $ 472,560 604,171 66,515 — 1,143,246 Inventories — 17,040,795 354,199 — 17,394,994 Investments in unconsolidated entities — 944,238 16,438 — 960,676 Goodwill — 3,451,994 — — 3,451,994 Other assets 357,270 1,050,836 139,481 (17,982 ) 1,529,605 Investments in subsidiaries 10,712,911 89,622 — (10,802,533 ) — Intercompany 12,036,122 — — (12,036,122 ) — 23,578,863 23,181,656 576,633 (22,856,637 ) 24,480,515 Lennar Financial Services — 296,030 1,648,183 (1,088 ) 1,943,125 Rialto — — 1,054,628 — 1,054,628 Lennar Multifamily — — 872,841 — 872,841 Total assets $ 23,578,863 23,477,686 4,152,285 (22,857,725 ) 28,351,109 LIABILITIES AND EQUITY Lennar Homebuilding: Accounts payable and other liabilities $ 520,808 1,734,807 296,456 (19,070 ) 2,533,001 Liabilities related to consolidated inventory not owned — 346,236 13,500 — 359,736 Senior notes and other debts payable 9,466,744 476,411 42,460 — 9,985,615 Intercompany — 10,458,135 1,577,987 (12,036,122 ) — 9,987,552 13,015,589 1,930,403 (12,055,192 ) 12,878,352 Lennar Financial Services — 44,980 1,152,455 — 1,197,435 Rialto — — 430,501 — 430,501 Lennar Multifamily — — 145,951 — 145,951 Total liabilities 9,987,552 13,060,569 3,659,310 (12,055,192 ) 14,652,239 Stockholders’ equity 13,591,311 10,417,117 385,416 (10,802,533 ) 13,591,311 Noncontrolling interests — — 107,559 — 107,559 Total equity 13,591,311 10,417,117 492,975 (10,802,533 ) 13,698,870 Total liabilities and equity $ 23,578,863 23,477,686 4,152,285 (22,857,725 ) 28,351,109 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 May 31, 2018 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 5,022,769 41,228 — 5,063,997 Lennar Financial Services — 100,257 136,898 (5,020 ) 232,135 Rialto — — 45,236 — 45,236 Lennar Multifamily — — 117,693 — 117,693 Total revenues — 5,123,026 341,055 (5,020 ) 5,459,061 Cost and expenses: Lennar Homebuilding — 4,597,434 39,356 (723 ) 4,636,067 Lennar Financial Services — 89,752 96,245 (6,244 ) 179,753 Rialto — — 39,305 (3,369 ) 35,936 Lennar Multifamily — — 117,186 — 117,186 Acquisition and integration costs related to CalAtlantic — 23,875 — — 23,875 Corporate general and administrative 82,962 605 — 1,348 84,915 Total costs and expenses 82,962 4,711,666 292,092 (8,988 ) 5,077,732 Lennar Homebuilding equity in earnings (loss) from unconsolidated entities — (12,345 ) 119 — (12,226 ) Lennar Homebuilding other income, net 3,978 6,834 2,980 (3,968 ) 9,824 Rialto equity in earnings from unconsolidated entities — — 4,116 — 4,116 Rialto other expense, net — — (6,514 ) — (6,514 ) Lennar Multifamily equity in earnings from unconsolidated entities — — 14,281 — 14,281 Earnings (loss) before income taxes (78,984 ) 405,849 63,945 — 390,810 Benefit (provision) for income taxes 13,957 (74,781 ) (15,137 ) — (75,961 ) Equity in earnings from subsidiaries 375,284 28,718 — (404,002 ) — Net earnings (including net earnings attributable to noncontrolling interests) 310,257 359,786 48,808 (404,002 ) 314,849 Less: Net earnings attributable to noncontrolling interests — — 4,592 — 4,592 Net earnings attributable to Lennar $ 310,257 359,786 44,216 (404,002 ) 310,257 Other comprehensive loss, net of tax: Net unrealized loss on securities available-for-sale $ — — (589 ) — (589 ) Reclassification adjustments for loss included in earnings, net of tax — — (126 ) — (126 ) Total other comprehensive loss, net of tax $ — — (715 ) — (715 ) Total comprehensive income attributable to Lennar $ 310,257 359,786 43,501 (404,002 ) 309,542 Total comprehensive income attributable to noncontrolling interests $ — — 4,592 — 4,592 Three Months Ended May 31, 2017 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 2,875,612 10,129 — 2,885,741 Lennar Financial Services — 86,596 126,767 (5,000 ) 208,363 Rialto — — 67,988 — 67,988 Lennar Multifamily — — 99,835 (35 ) 99,800 Total revenues — 2,962,208 304,719 (5,035 ) 3,261,892 Cost and expenses: Lennar Homebuilding — 2,525,007 10,718 (242 ) 2,535,483 Lennar Financial Services — 77,742 92,673 (5,779 ) 164,636 Rialto — — 59,166 (90 ) 59,076 Lennar Multifamily — — 102,698 — 102,698 Corporate general and administrative 65,217 291 — 1,266 66,774 Total costs and expenses 65,217 2,603,040 265,255 (4,845 ) 2,928,667 Lennar Homebuilding equity in loss from unconsolidated entities — (21,468 ) (38 ) — (21,506 ) Lennar Homebuilding other income (expense), net (180 ) 1,880 1,938 190 3,828 Rialto equity in earnings from unconsolidated entities — — 5,730 — 5,730 Rialto other expense, net — — (21,104 ) — (21,104 ) Lennar Multifamily equity in earnings from unconsolidated entities — — 9,427 — 9,427 Earnings (loss) before income taxes (65,397 ) 339,580 35,417 — 309,600 Benefit (provision) for income taxes 21,822 (112,372 ) (18,342 ) — (108,892 ) Equity in earnings from subsidiaries 257,220 21,415 — (278,635 ) — Net earnings (including net loss attributable to noncontrolling interests) 213,645 248,623 17,075 (278,635 ) 200,708 Less: Net loss attributable to noncontrolling interests — — (12,937 ) — (12,937 ) Net earnings attributable to Lennar $ 213,645 248,623 30,012 (278,635 ) 213,645 Other comprehensive income, net of tax: Net unrealized gain on securities available-for-sale $ — — 419 — 419 Reclassification adjustments for loss included in net earnings, net of tax — — 4 — 4 Total other comprehensive income, net of tax $ — — 423 — 423 Total comprehensive income attributable to Lennar $ 213,645 248,623 30,435 (278,635 ) 214,068 Total comprehensive loss attributable to noncontrolling interests $ — — (12,937 ) — (12,937 ) Six Months Ended May 31, 2018 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 7,675,963 50,127 — 7,726,090 Lennar Financial Services — 173,269 240,000 (9,994 ) 403,275 Rialto — — 99,538 — 99,538 Lennar Multifamily — — 210,949 — 210,949 Total revenues — 7,849,232 600,614 (9,994 ) 8,439,852 Cost and expenses: Lennar Homebuilding — 6,991,238 51,593 (2,757 ) 7,040,074 Lennar Financial Services — 164,228 179,363 (12,393 ) 331,198 Rialto — — 84,718 (3,369 ) 81,349 Lennar Multifamily — — 214,385 — 214,385 Acquisition and integration costs related to CalAtlantic — 128,070 — — 128,070 Corporate general and administrative 148,885 1,209 — 2,631 152,725 Total costs and expenses 148,885 7,284,745 530,059 (15,888 ) 7,947,801 Lennar Homebuilding equity in loss from unconsolidated entities — (26,476 ) (37 ) — (26,513 ) Lennar Homebuilding other income, net 5,913 175,130 4,603 (5,894 ) 179,752 Rialto equity in earnings from unconsolidated entities — — 13,230 — 13,230 Rialto other expense, net — — (15,305 ) — (15,305 ) Lennar Multifamily equity in earnings from unconsolidated entities — — 17,023 — 17,023 Earnings (loss) before income taxes (142,972 ) 713,141 90,069 — 660,238 Benefit (provision) for income taxes 45,522 (225,224 ) (28,870 ) — (208,572 ) Equity in earnings from subsidiaries 543,922 38,918 — (582,840 ) — Net earnings (including net loss attributable to noncontrolling interests) 446,472 526,835 61,199 (582,840 ) 451,666 Less: Net earnings attributable to noncontrolling interests — — 5,194 — 5,194 Net earnings attributable to Lennar $ 446,472 526,835 56,005 (582,840 ) 446,472 Other comprehensive loss, net of tax: Net unrealized loss on securities available-for-sale $ — — (1,247 ) — (1,247 ) Reclassification adjustments for loss included in earnings, net of tax — — (126 ) — (126 ) Total other comprehensive loss, net of tax $ — — (1,373 ) — (1,373 ) Total comprehensive income attributable to Lennar $ 446,472 526,835 54,632 (582,840 ) 445,099 Total comprehensive income attributable to noncontrolling interests $ — — 5,194 — 5,194 Six Months Ended May 31, 2017 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 4,888,494 15,941 — 4,904,435 Lennar Financial Services — 137,105 229,299 (9,998 ) 356,406 Rialto — — 149,994 — 149,994 Lennar Multifamily — — 188,552 (67 ) 188,485 Total revenues — 5,025,599 583,786 (10,065 ) 5,599,320 Cost and expenses: Lennar Homebuilding — 4,319,017 18,586 (559 ) 4,337,044 Lennar Financial Services — 126,798 176,661 (11,444 ) 292,015 Rialto — — 126,131 (142 ) 125,989 Lennar Multifamily — — 195,347 — 195,347 Corporate general and administrative 124,396 546 — 2,531 127,473 Total costs and expenses 124,396 4,446,361 516,725 (9,614 ) 5,077,868 Lennar Homebuilding equity in loss from unconsolidated entities — (33,028 ) (12 ) — (33,040 ) Lennar Homebuilding other income (expense), net (431 ) 6,653 2,894 451 9,567 Lennar Homebuilding loss due to litigation — (140,000 ) — — (140,000 ) Rialto equity in earnings from unconsolidated entities — — 6,452 — 6,452 Rialto other expense, net — — (37,762 ) — (37,762 ) Lennar Multifamily equity in earnings from unconsolidated entities — — 32,574 — 32,574 Earnings (loss) before income taxes (124,827 ) 412,863 71,207 — 359,243 Benefit (provision) for income taxes 42,266 (135,716 ) (35,411 ) — (128,861 ) Equity in earnings from subsidiaries 334,286 28,308 — (362,594 ) — Net earnings (including net earnings attributable to noncontrolling interests) 251,725 305,455 35,796 (362,594 ) 230,382 Less: Net loss attributable to noncontrolling interests — — (21,343 ) — (21,343 ) Net earnings attributable to Lennar $ 251,725 305,455 57,139 (362,594 ) 251,725 Other comprehensive income, net of tax: Net unrealized gain on securities available-for-sale $ — — 1,391 — 1,391 Reclassification adjustments for loss included in earnings, net of tax — — 4 — 4 Total other comprehensiv e earnings , net of tax $ — — 1,395 — 1,395 Total comprehensive income attributable to Lennar $ 251,725 305,455 58,534 (362,594 ) 253,120 Total comprehensive income attributable to noncontrolling interests $ — — (21,343 ) — (21,343 ) Six Months Ended May 31, 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) $ 446,472 526,835 61,199 (582,840 ) 451,666 Distributions of earnings from guarantor and non-guarantor subsidiaries 543,922 38,918 — (582,840 ) — Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities (712,072 ) (94,845 ) (193,192 ) 582,840 (417,269 ) Net cash provided by (used in) operating activities 278,322 470,908 (131,993 ) (582,840 ) 34,397 Cash flows from investing activities: Investments in and contributions to unconsolidated entities, net of distributions of capital — 24,013 (14,043 ) — 9,970 Proceeds from sales of real estate owned — — 21,658 — 21,658 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 ) 23,035 36,350 — (1,102,957 ) Other (21,568 ) (5,933 ) (10,763 ) — (38,264 ) Distributions of capital from guarantor and non-guarantor subsidiaries 65,000 20,000 — (85,000 ) — Intercompany (1,034,631 ) — — 1,034,631 — Net cash provided by (used in) investing activities (2,153,541 ) 236,294 2,134 949,631 (965,482 ) Cash flows from financing activities: Net borrowings (repayments) under unsecured revolving credit facilities 950,000 (454,700 ) — — 495,300 Net borrowings (repayments) under warehouse facilities — (54 ) 7,764 — 7,710 Debt issuance costs (9,109 ) — (2,992 ) — (12,101 ) Redemption of senior notes (484,332 ) (90,668 ) — — (575,000 ) Conversions and exchanges of convertible senior notes — (59,145 ) — — (59,145 ) Net payments on other borrowings, other liabilities, Rialto Senior Notes and other notes payable — (52,999 ) (295,046 ) — (348,045 ) Net payments related to noncontrolling interests — (26,530 ) — (26,530 ) Excess tax benefits from share-based awards — — — — — Common stock: Issuances 3,184 — — — 3,184 Repurchases (28,526 ) — — — (28,526 ) Dividends (22,780 ) (591,835 ) (76,005 ) 667,840 (22,780 ) Intercompany — 624,070 410,561 (1,034,631 ) — Net cash provided by (used in) financing activities 408,437 (625,331 ) 17,752 (366,791 ) (565,933 ) Net decrease (increase) in cash and cash equivalents (1,466,782 ) 81,871 (112,107 ) — (1,497,018 ) 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 $ 470,892 440,958 242,004 — 1,153,854 Six Months Ended May 31, 2017 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Cash flows from operating activities: Net earnings (including net loss attributable to noncontrolling interests) $ 251,725 305,455 35,796 (362,594 ) 230,382 Distributions of earnings from guarantor and non-guarantor subsidiaries 334,286 28,308 — (362,594 ) — Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities (340,147 ) (412,545 ) (43 ) 362,594 (390,141 ) Net cash provided by (used in) operating activities 245,864 (78,782 ) 35,753 (362,594 ) (159,759 ) Cash flows from investing activities: Investments in and contributions to unconsolidated entities, net of distributions of capital — (218,153 ) (1,103 ) — (219,256 ) Proceeds from sales of real estate owned — — 55,521 — 55,521 Originations of loans receivable — — (14,055 ) — (14,055 ) Purchases of commercial mortgage-backed securities bonds — — (40,357 ) — (40,357 ) Acquisition, net of cash acquired (611,103 ) — — — (611,103 ) Other (3,897 ) (23,370 ) (17,019 ) — (44,286 ) Distributions of capital from guarantor and non-guarantor subsidiaries 60,000 60,000 — (120,000 ) — Intercompany (657,990 ) — — 657,990 — Net cash used in investing activities (1,212,990 ) (181,523 ) (17,013 ) 537,990 (873,536 ) Cash flows from financing activities: Net repayments under warehouse facilities — (51 ) (144,214 ) — (144,265 ) Proceeds from senior notes and debt issuance costs 1,240,449 — (4,509 ) — 1,235,940 Redemption of senior notes (400,000 ) — — — (400,000 ) Net proceeds on Rialto notes payable — — 25,340 — 25,340 Net proceeds (payments) on other borrowings — (28,705 ) 63,201 — 34,496 Net payments related to noncontrolling interests — (47,589 ) — (47,589 ) Excess tax benefits from share-based awards 1,980 — — — 1,980 Common stock: Issuances 693 — — — 693 Repurchases (83 ) — — — (83 ) Dividends (18,778 ) (365,455 ) (117,139 ) 482,594 (18,778 ) Intercompany — 497,457 160,533 (657,990 ) — Net cash provided by (used in) financing activities 824,261 103,246 (64,377 ) (175,396 ) 687,734 Net decrease in cash and cash equivalents (142,865 ) (157,059 ) (45,637 ) — (345,561 ) Cash and cash equivalents at beginning of period 697,112 377,070 255,347 — 1,329,529 Cash and cash equivalents at end of period $ 554,247 220,011 209,710 — 983,968

Basis of Presentation (Policy)

Basis of Presentation (Policy)	6 Months Ended
	May 31, 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 and six months ended May 31, 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 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 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)	6 Months Ended
	May 31, 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 58,758 Consideration attributable to cash including fractional shares 1,162,341 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 beginning December 1, 2016. Three Months Ended Six Months Ended May 31, May 31, (Dollars in thousands, except per share amounts) 2018 2017 2018 2017 Revenues from home sales $ 4,986,010 4,496,327 9,180,213 8,107,702 Net earnings (1) 313,471 320,239 443,967 477,027 Earnings per share: Basic $ 0.96 0.98 1.34 1.44 Diluted $ 0.95 0.97 1.33 1.43
Schedule of Assets and Liabilities Assumed	(In thousands) ASSETS Homebuilding: Cash and cash equivalents, restricted cash and receivables, net $ 55,736 Inventories 6,255,482 Intangible asset (1) 8,000 Investments in unconsolidated entities 151,630 Goodwill (2) 3,315,428 Other assets 603,503 Total Homebuilding assets 10,389,779 Financial Services (2) 322,991 Total assets 10,712,770 LIABILITIES Homebuilding: Accounts payable 85,001 Senior notes payable and other debts 3,922,695 Other liabilities (3) 359,004 Total Homebuilding liabilities 4,366,700 Financial Services 95,293 Total liabilities 4,461,993 Noncontrolling interests (4) 18,430 Total purchase price $ 6,232,347 (1) Intangible asset 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) (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,

Operating and Reporting Segme27

Operating and Reporting Segments (Tables)	6 Months Ended
	May 31, 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) May 31, November 30, Assets: Homebuilding East $ 7,378,718 4,754,581 Homebuilding Central 3,521,001 2,037,905 Homebuilding West 7,739,116 5,165,218 Homebuilding Other 1,596,437 960,541 Lennar Financial Services 1,943,125 1,689,508 Rialto 1,054,628 1,153,840 Lennar Multifamily 872,841 710,725 Corporate and unallocated (1) 4,245,243 2,272,716 Total assets $ 28,351,109 18,745,034 Lennar Homebuilding goodwill (1) $ 3,451,994 136,566 Lennar Financial Services goodwill (1) $ 212,871 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 million to the Lennar Financial Services segment. Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2018 2017 2018 2017 Revenues: Homebuilding East $ 1,900,539 1,194,890 2,971,193 1,962,616 Homebuilding Central 1,198,053 682,342 1,809,833 1,198,523 Homebuilding West 1,489,751 770,194 2,269,630 1,322,992 Homebuilding Other 475,654 238,315 675,434 420,304 Lennar Financial Services 232,135 208,363 403,275 356,406 Rialto 45,236 67,988 99,538 149,994 Lennar Multifamily 117,693 99,800 210,949 188,485 Total revenues (1) $ 5,459,061 3,261,892 8,439,852 5,599,320 Operating earnings (loss) (2): Homebuilding East (3) $ 169,441 153,707 275,362 97,998 Homebuilding Central (4) 85,939 75,944 128,485 128,802 Homebuilding West (5) 143,338 71,224 394,614 124,584 Homebuilding Other (6) 26,810 31,705 40,794 52,534 Lennar Financial Services 52,382 43,727 72,077 64,391 Rialto 6,902 (6,462 ) 16,114 (7,305 ) Lennar Multifamily 14,788 6,529 13,587 25,712 Total operating earnings 499,600 376,374 941,033 486,716 Acquisition and integration costs 23,875 — 128,070 — Corporate general and administrative expenses 84,915 66,774 152,725 127,473 Earnings before income taxes $ 390,810 309,600 660,238 359,243 (1) Total revenues were net of sales incentives of $278.1 million ( $23,000 per home delivered) and $428.0 million ( $22,800 per home delivered) for the three and six months ended May 31, 2018 , respectively, compared to $174.5 million ( $22,700 per home delivered) and $298.1 million ( $22,700 per home delivered) for the three and six months ended May 31, 2017 , respectively. (2) All homebuilding segments and Homebuilding other were impacted by purchase accounting adjustments for the three and six months ended May 31, 2018 . (3) Homebuilding East operating earnings for the six months ended May 31, 2017 included a $140 million loss due to litigation (see Note 17). (4) Homebuilding Central operating earnings for the six months ended May 31, 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, during the six months ended May 31, 2018 . (6) Homebuilding Other operating earnings included a $5.6 million valuation adjustment for the three months ended May 31, 2018 . Additionally, the operating earnings for the three and six months ended May 31, 2018 (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 162,992 117,410 Restricted cash 12,892 12,006 Receivables, net (1) 307,987 313,252 Loans held-for-sale (2) 935,519 937,516 Loans held-for-investment, net 75,218 44,193 Investments held-to-maturity 61,512 52,327 Investments available-for-sale (3) 56,386 57,439 Goodwill (4) 212,871 59,838 Other (5) 117,748 95,527 $ 1,943,125 1,689,508 Liabilities: Notes and other debts payable $ 944,551 937,431 Other (6) 252,884 240,383 $ 1,197,435 1,177,814 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of May 31, 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 May 31, 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, however, a provisional amount of goodwill of approximately $150 million was allocated to Lennar Financial Services (see Note 2). (5) As of May 31, 2018 and November 30, 2017 , other assets included mortgage loan commitments carried at fair value of $25.1 million and $9.9 million , respectively, and mortgage servicing rights carried at fair value of $34.6 million and $31.2 million , respectively. In addition, other assets also included forward contracts carried at fair value of $1.7 million as of November 30, 2017 . (6) As of May 31, 2018 and November 30, 2017 , other liabilities included $56.7 million and $57.7 million (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 43,729 241,861 Restricted cash (1) 12,096 22,466 Loans held-for-sale (2) 326,988 236,018 Real estate owned, net 60,101 86,047 Investments in unconsolidated entities 295,840 265,418 Investments held-to-maturity 210,975 179,659 Other 104,899 122,371 $ 1,054,628 1,153,840 Liabilities: Notes and other debts payable (3) $ 370,077 625,081 Other 60,424 94,975 $ 430,501 720,056 (1) As of May 31, 2018 , restricted cash primarily consisted of upfront deposits and application fees RMF receives before originating loans and is recognized as income once the loan has been originated, as well as cash held in escrow by the Company’s loan servicer provider on behalf of customers and lenders and is disbursed in accordance with agreements between the transacting parties. As of November 30, 2017 , 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, upfront deposits and application fees RMF receives, as well as cash held in escrow by the Company's loan servicer provider. (2) Loans held-for-sale related to unsold loans originated by RMF carried at fair value and loans in the FDIC ("FDIC Portfolios") carried at lower of cost or market. (3) As of May 31, 2018 , Rialto had paid off the remaining principal balance of its 7.00% senior notes due December 2018. As of November 30, 2017 , notes and other debts payable primarily included $349.4 million related to Rialto's 7.00% senior notes due December 2018. In addition, as of May 31, 2018 and November 30, 2017 , notes and other debt payable included $225.5 million and $162.1 million The assets and liabilities related to the Lennar Multifamily segment were as follows: (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 15,380 8,676 Receivables (1) 74,699 69,678 Land under development 268,135 208,618 Investment in unconsolidated entities 480,298 407,544 Other assets 34,329 16,209 $ 872,841 710,725 Liabilities: Accounts payable and other liabilities $ 145,951 149,715 (1) Receivables primarily related to general contractor services, net of deferrals and management fee income receivables due from unconsolidated entities as of May 31, 2018 and November 30, 2017

Lennar Homebuilding Investmen28

Lennar Homebuilding Investments in Unconsolidated Entities (Tables)	6 Months Ended
	May 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Balance Sheets (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 865,691 953,261 Inventories 4,351,793 3,751,525 Other assets 1,132,029 1,061,507 $ 6,349,513 5,766,293 Liabilities and equity: Accounts payable and other liabilities $ 785,284 832,151 Debt (1) 1,255,451 737,331 Equity 4,308,778 4,196,811 $ 6,349,513 5,766,293 (1) Debt presented above is net of debt issuance costs of $14.3 million and $5.7 million , as of May 31, 2018 and November 30, 2017 , respectively. The increase in debt was primarily related to $500 million (Dollars in thousands) May 31, November 30, Non-recourse bank debt and other debt (partner’s share of several recourse) $ 60,193 64,197 Non-recourse land seller debt and other debt 1,997 1,997 Non-recourse debt with completion guarantees 273,510 255,903 Non-recourse debt without completion guarantees (1) 858,973 351,800 Non-recourse debt to the Company 1,194,673 673,897 The Company’s maximum recourse exposure (2) 75,124 69,181 Debt issue costs (14,346 ) (5,747 ) Total debt $ 1,255,451 737,331 The Company’s maximum recourse exposure as a % of total JV debt 6 % 9 % (1) The increase in non-recourse debt without completion guarantees was primarily related to $500 million of senior notes issued by FivePoint. (2) As of both May 31, 2018 and November 30, 2017 , the Company's maximum recourse exposure was primarily related to the Company providing repayment guarantees on three Statements of Operations Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2018 2017 2018 2017 Revenues $ 101,744 132,587 170,616 178,723 Costs and expenses 150,899 190,845 259,323 269,911 Other income (1) 113,541 6,117 113,541 6,117 Net earnings (loss) of unconsolidated entities $ 64,386 (52,141 ) 24,834 (85,071 ) Lennar Homebuilding equity in loss from unconsolidated entities $ (12,226 ) (21,506 ) (26,513 ) (33,040 ) May 31, May 31, November 30, (Dollars in thousands) Inception Year Equity Commitments Equity Commitments Called Commitment to Fund by the Company Funds Contributed by the Company Investment Rialto Real Estate Fund, LP 2010 $ 700,006 $ 700,006 $ 75,000 $ 75,000 $ 40,645 41,860 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 86,261 86,904 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 14,661 19,189 Rialto Capital CMBS Funds 2014 119,174 119,177 52,474 52,474 54,055 54,018 Rialto Real Estate Fund III 2015 1,887,000 972,634 140,000 69,346 67,052 41,223 Rialto Credit Partnership, LP 2016 220,000 208,181 19,999 18,925 13,407 13,288 Other investments 19,759 8,936 $ 295,840 265,418 100% basis related to Rialto’s investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 74,585 95,552 Loans receivable 612,649 538,317 Real estate owned 287,037 348,601 Investment securities 2,195,040 1,849,795 Investments in partnerships 452,034 393,874 Other assets 46,417 42,949 $ 3,667,762 3,269,088 Liabilities and equity: Accounts payable and other liabilities $ 33,406 48,374 Notes payable (1) 605,315 576,810 Equity 3,029,041 2,643,904 $ 3,667,762 3,269,088 (1) Notes payable are net of debt issuance costs of $3.4 million and $3.1 million , as of May 31, 2018 and November 30, 2017 , respectively. Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2018 2017 2018 2017 Revenues $ 95,773 61,030 185,537 118,186 Costs and expenses 21,365 29,000 43,436 57,001 Other income (expense), net (1) (27,709 ) 9,321 21,478 9,648 Net earnings of unconsolidated entities $ 46,699 41,351 163,579 70,833 Rialto equity in earnings from unconsolidated entities $ 4,116 5,730 13,230 6,452 (1) Summarized condensed financial information on a combined 100% basis related to Lennar Multifamily's investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 61,536 37,073 Operating properties and equipment 3,399,859 2,952,070 Other assets 33,651 36,772 $ 3,495,046 3,025,915 Liabilities and equity: Accounts payable and other liabilities $ 205,557 212,123 Notes payable (1) 1,103,497 879,047 Equity 2,185,992 1,934,745 $ 3,495,046 3,025,915 (1) Notes payable are net of debt issuance costs of $18.7 million and $17.6 million , as of both May 31, 2018 and November 30, 2017 , respectively. Statements of Operations Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2018 2017 2018 2017 Revenues $ 27,121 13,975 51,073 25,592 Costs and expenses 43,482 24,477 75,277 46,823 Other income, net 31,562 28,190 38,869 78,729 Net earnings of unconsolidated entities $ 15,201 17,688 14,665 57,498 Lennar Multifamily equity in earnings from unconsolidated entities (1) $ 14,281 9,427 17,023 32,574 (1) During the three and six months ended May 31, 2018 , the Lennar Multifamily segment sold two and three operating properties, respectively, through its unconsolidated entities resulting in the segment's $17.4 million and $21.5 million share of gains, respectively. During the three and six months ended May 31, 2017 , the Lennar Multifamily segment sold one and three operating properties, respectively, through its unconsolidated entities resulting in the segment's $11.4 million and $37.4 million (In thousands) May 31, November 30, Lennar Homebuilding $ 960,676 900,769 Rialto $ 295,840 265,418 Lennar Multifamily $ 480,298 407,544

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	May 31, 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 six months ended May 31, 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) 451,666 — — — — — 446,472 5,194 Employee stock and directors plans (24,205 ) 57 — 4,266 (28,532 ) — 4 — Stock issuance in connection with CalAtlantic acquisition 5,070,006 8,408 168 5,061,430 — — — — Conversions of convertible senior notes to Class A common stock 217,154 365 7 216,782 — — — — Amortization of restricted stock 33,720 — — 33,720 — — — — Cash dividends (22,780 ) — — — — — (22,780 ) — Receipts related to noncontrolling interests 3,882 — — — — — — 3,882 Payments related to noncontrolling interests (30,412 ) — — — — — — (30,412 ) Non-cash activity related to noncontrolling interests 15,080 — — — — — — 15,080 Total other comprehensive loss, net of tax (1,373 ) — — — — (1,373 ) — — Balance at May 31, 2018 $ 13,698,870 29,373 3,944 8,458,211 (164,552 ) (339 ) 5,264,674 107,559 Stockholders’ Equity (In thousands) Total Equity Class A Class B Additional Treasury Stock Accumulated Other Comprehensive Income (Loss) Retained Earnings Noncontrolling Interests Balance at November 30, 2016 $ 7,211,567 20,409 3,298 2,805,349 (108,961 ) (309 ) 4,306,256 185,525 Net earnings (including net loss attributable to noncontrolling interests) 230,382 — — — — — 251,725 (21,343 ) Employee stock and directors plans 1,828 6 — 1,910 (88 ) — — — Tax benefit from employee stock plans, vesting of restricted stock and conversions of convertible senior notes 35,542 — — 35,542 — — — — Amortization of restricted stock 24,817 — — 24,817 — — — — Cash dividends (18,778 ) — — — — — (18,778 ) — Receipts related to noncontrolling interests 320 — — — — — — 320 Payments related to noncontrolling interests (47,909 ) — — — — — — (47,909 ) Non-cash activity to noncontrolling interests (2,158 ) — — — — — — (2,158 ) Total other comprehensive income, net of tax 1,395 — — — — 1,395 — — Balance at May 31, 2017 $ 7,437,006 20,415 3,298 2,867,618 (109,049 ) 1,086 4,539,203 114,435

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	May 31, 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 Six Months Ended May 31, May 31, (Dollars in thousands) 2018 2017 2018 2017 Provision for income taxes $75,961 108,892 208,572 128,861 Effective tax rate (1) 19.67 % 33.76 % 31.84 % 33.86 % (1) For the three months ended May 31, 2018 , the effective tax rate included tax benefits for the domestic production activities deduction and energy tax credits, offset primarily by state income tax expenses. For the six months ended May 31, 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, offset primarily by tax benefits for the domestic production activities deduction and energy tax credits. Excluding the impact of the write down of the deferred tax assets, the effective tax rate for the six months ended May 31, 2018 was 21.4% . For the three and six months ended May 31, 2017 , the effective tax rate included tax benefits for (1) settlements with the IRS; (2) the domestic production activities deduction; and (3) energy tax credits, offset primarily by state income tax expenses.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	May 31, 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 Six Months Ended May 31, May 31, (In thousands, except per share amounts) 2018 2017 2018 2017 Numerator: Net earnings attributable to Lennar $ 310,257 213,645 446,472 251,725 Less: distributed earnings allocated to nonvested shares 99 91 214 203 Less: undistributed earnings allocated to nonvested shares 2,557 1,972 3,929 2,254 Numerator for basic earnings per share 307,601 211,582 442,329 249,268 Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan (1) 240 214 449 552 Plus: interest on convertible senior notes 54 — 80 — Plus: undistributed earnings allocated to convertible shares 12 — 15 — Numerator for diluted earnings per share $ 307,427 211,368 441,975 248,716 Denominator: Denominator for basic earnings per share - weighted average common shares outstanding (2) 325,259 236,875 289,462 236,863 Effect of dilutive securities: Shared based payments 92 2 73 2 Convertible senior notes 1,467 — 1,098 — Denominator for diluted earnings per share - weighted average common shares outstanding 326,818 236,877 290,633 236,865 Basic earnings per share (2) $ 0.95 0.89 1.53 1.05 Diluted earnings per share (2) $ 0.94 0.89 1.52 1.05 (1) The amounts presented relate to Rialto's Carried Interest Incentive Plan adopted in June 2015 (see Note 9) and represent 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 and six months ended May 31, 2017 has been retroactively adjusted to include 4.7 million

Lennar Financial Services Seg32

Lennar Financial Services Segment (Tables)	6 Months Ended
	May 31, 2018
Segment Reporting [Abstract]
Schedule of Assets and Liabilities	Financial information relating to the Company’s operations was as follows: (In thousands) May 31, November 30, Assets: Homebuilding East $ 7,378,718 4,754,581 Homebuilding Central 3,521,001 2,037,905 Homebuilding West 7,739,116 5,165,218 Homebuilding Other 1,596,437 960,541 Lennar Financial Services 1,943,125 1,689,508 Rialto 1,054,628 1,153,840 Lennar Multifamily 872,841 710,725 Corporate and unallocated (1) 4,245,243 2,272,716 Total assets $ 28,351,109 18,745,034 Lennar Homebuilding goodwill (1) $ 3,451,994 136,566 Lennar Financial Services goodwill (1) $ 212,871 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 million to the Lennar Financial Services segment. Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2018 2017 2018 2017 Revenues: Homebuilding East $ 1,900,539 1,194,890 2,971,193 1,962,616 Homebuilding Central 1,198,053 682,342 1,809,833 1,198,523 Homebuilding West 1,489,751 770,194 2,269,630 1,322,992 Homebuilding Other 475,654 238,315 675,434 420,304 Lennar Financial Services 232,135 208,363 403,275 356,406 Rialto 45,236 67,988 99,538 149,994 Lennar Multifamily 117,693 99,800 210,949 188,485 Total revenues (1) $ 5,459,061 3,261,892 8,439,852 5,599,320 Operating earnings (loss) (2): Homebuilding East (3) $ 169,441 153,707 275,362 97,998 Homebuilding Central (4) 85,939 75,944 128,485 128,802 Homebuilding West (5) 143,338 71,224 394,614 124,584 Homebuilding Other (6) 26,810 31,705 40,794 52,534 Lennar Financial Services 52,382 43,727 72,077 64,391 Rialto 6,902 (6,462 ) 16,114 (7,305 ) Lennar Multifamily 14,788 6,529 13,587 25,712 Total operating earnings 499,600 376,374 941,033 486,716 Acquisition and integration costs 23,875 — 128,070 — Corporate general and administrative expenses 84,915 66,774 152,725 127,473 Earnings before income taxes $ 390,810 309,600 660,238 359,243 (1) Total revenues were net of sales incentives of $278.1 million ( $23,000 per home delivered) and $428.0 million ( $22,800 per home delivered) for the three and six months ended May 31, 2018 , respectively, compared to $174.5 million ( $22,700 per home delivered) and $298.1 million ( $22,700 per home delivered) for the three and six months ended May 31, 2017 , respectively. (2) All homebuilding segments and Homebuilding other were impacted by purchase accounting adjustments for the three and six months ended May 31, 2018 . (3) Homebuilding East operating earnings for the six months ended May 31, 2017 included a $140 million loss due to litigation (see Note 17). (4) Homebuilding Central operating earnings for the six months ended May 31, 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, during the six months ended May 31, 2018 . (6) Homebuilding Other operating earnings included a $5.6 million valuation adjustment for the three months ended May 31, 2018 . Additionally, the operating earnings for the three and six months ended May 31, 2018 (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 162,992 117,410 Restricted cash 12,892 12,006 Receivables, net (1) 307,987 313,252 Loans held-for-sale (2) 935,519 937,516 Loans held-for-investment, net 75,218 44,193 Investments held-to-maturity 61,512 52,327 Investments available-for-sale (3) 56,386 57,439 Goodwill (4) 212,871 59,838 Other (5) 117,748 95,527 $ 1,943,125 1,689,508 Liabilities: Notes and other debts payable $ 944,551 937,431 Other (6) 252,884 240,383 $ 1,197,435 1,177,814 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of May 31, 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 May 31, 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, however, a provisional amount of goodwill of approximately $150 million was allocated to Lennar Financial Services (see Note 2). (5) As of May 31, 2018 and November 30, 2017 , other assets included mortgage loan commitments carried at fair value of $25.1 million and $9.9 million , respectively, and mortgage servicing rights carried at fair value of $34.6 million and $31.2 million , respectively. In addition, other assets also included forward contracts carried at fair value of $1.7 million as of November 30, 2017 . (6) As of May 31, 2018 and November 30, 2017 , other liabilities included $56.7 million and $57.7 million (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 43,729 241,861 Restricted cash (1) 12,096 22,466 Loans held-for-sale (2) 326,988 236,018 Real estate owned, net 60,101 86,047 Investments in unconsolidated entities 295,840 265,418 Investments held-to-maturity 210,975 179,659 Other 104,899 122,371 $ 1,054,628 1,153,840 Liabilities: Notes and other debts payable (3) $ 370,077 625,081 Other 60,424 94,975 $ 430,501 720,056 (1) As of May 31, 2018 , restricted cash primarily consisted of upfront deposits and application fees RMF receives before originating loans and is recognized as income once the loan has been originated, as well as cash held in escrow by the Company’s loan servicer provider on behalf of customers and lenders and is disbursed in accordance with agreements between the transacting parties. As of November 30, 2017 , 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, upfront deposits and application fees RMF receives, as well as cash held in escrow by the Company's loan servicer provider. (2) Loans held-for-sale related to unsold loans originated by RMF carried at fair value and loans in the FDIC ("FDIC Portfolios") carried at lower of cost or market. (3) As of May 31, 2018 , Rialto had paid off the remaining principal balance of its 7.00% senior notes due December 2018. As of November 30, 2017 , notes and other debts payable primarily included $349.4 million related to Rialto's 7.00% senior notes due December 2018. In addition, as of May 31, 2018 and November 30, 2017 , notes and other debt payable included $225.5 million and $162.1 million The assets and liabilities related to the Lennar Multifamily segment were as follows: (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 15,380 8,676 Receivables (1) 74,699 69,678 Land under development 268,135 208,618 Investment in unconsolidated entities 480,298 407,544 Other assets 34,329 16,209 $ 872,841 710,725 Liabilities: Accounts payable and other liabilities $ 145,951 149,715 (1) Receivables primarily related to general contractor services, net of deferrals and management fee income receivables due from unconsolidated entities as of May 31, 2018 and November 30, 2017
Schedule of Line of Credit Facilities	At May 31, 2018 , the Lennar Financial Services segment warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures June 2018 (1) $ 600,000 364-day warehouse repurchase facility that matures June 2018 (2) 15,000 364-day warehouse repurchase facility that matures September 2018 300,000 364-day warehouse repurchase facility that matures December 2018 (3) 400,000 364-day warehouse repurchase facility that matures March 2019 (4) 300,000 Total $ 1,615,000 (1) Subsequent to May 31, 2018 , the warehouse repurchase facility maturity was extended to June 2019 and the maximum aggregate commitment amount increased to $700 million . (2) In accordance with the amended warehouse repurchase facility agreement, the maximum aggregate commitment decreased to $15 million until the termination date. Subsequent to May 31, 2018 , the warehouse repurchase facility matured and was not extended. (3) Maximum aggregate commitment includes an uncommitted amount of $250 million May 31, 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 May 31, 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 Six Months Ended May 31, May 31, (In thousands) 2018 2017 2018 2017 Loan origination liabilities, beginning of period $ 27,110 25,003 22,543 24,905 Provision for losses 990 1,066 1,637 1,944 Origination liabilities assumed related to CalAtlantic acquisition — — 3,959 — Payments/settlements (84 ) (157 ) (123 ) (937 ) Loan origination liabilities, end of period $ 28,016 25,912 28,016 25,912

Rialto Segment (Tables)

Rialto Segment (Tables)	6 Months Ended
	May 31, 2018
Segment Reporting [Abstract]
Schedule of Assets and Liabilities	Financial information relating to the Company’s operations was as follows: (In thousands) May 31, November 30, Assets: Homebuilding East $ 7,378,718 4,754,581 Homebuilding Central 3,521,001 2,037,905 Homebuilding West 7,739,116 5,165,218 Homebuilding Other 1,596,437 960,541 Lennar Financial Services 1,943,125 1,689,508 Rialto 1,054,628 1,153,840 Lennar Multifamily 872,841 710,725 Corporate and unallocated (1) 4,245,243 2,272,716 Total assets $ 28,351,109 18,745,034 Lennar Homebuilding goodwill (1) $ 3,451,994 136,566 Lennar Financial Services goodwill (1) $ 212,871 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 million to the Lennar Financial Services segment. Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2018 2017 2018 2017 Revenues: Homebuilding East $ 1,900,539 1,194,890 2,971,193 1,962,616 Homebuilding Central 1,198,053 682,342 1,809,833 1,198,523 Homebuilding West 1,489,751 770,194 2,269,630 1,322,992 Homebuilding Other 475,654 238,315 675,434 420,304 Lennar Financial Services 232,135 208,363 403,275 356,406 Rialto 45,236 67,988 99,538 149,994 Lennar Multifamily 117,693 99,800 210,949 188,485 Total revenues (1) $ 5,459,061 3,261,892 8,439,852 5,599,320 Operating earnings (loss) (2): Homebuilding East (3) $ 169,441 153,707 275,362 97,998 Homebuilding Central (4) 85,939 75,944 128,485 128,802 Homebuilding West (5) 143,338 71,224 394,614 124,584 Homebuilding Other (6) 26,810 31,705 40,794 52,534 Lennar Financial Services 52,382 43,727 72,077 64,391 Rialto 6,902 (6,462 ) 16,114 (7,305 ) Lennar Multifamily 14,788 6,529 13,587 25,712 Total operating earnings 499,600 376,374 941,033 486,716 Acquisition and integration costs 23,875 — 128,070 — Corporate general and administrative expenses 84,915 66,774 152,725 127,473 Earnings before income taxes $ 390,810 309,600 660,238 359,243 (1) Total revenues were net of sales incentives of $278.1 million ( $23,000 per home delivered) and $428.0 million ( $22,800 per home delivered) for the three and six months ended May 31, 2018 , respectively, compared to $174.5 million ( $22,700 per home delivered) and $298.1 million ( $22,700 per home delivered) for the three and six months ended May 31, 2017 , respectively. (2) All homebuilding segments and Homebuilding other were impacted by purchase accounting adjustments for the three and six months ended May 31, 2018 . (3) Homebuilding East operating earnings for the six months ended May 31, 2017 included a $140 million loss due to litigation (see Note 17). (4) Homebuilding Central operating earnings for the six months ended May 31, 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, during the six months ended May 31, 2018 . (6) Homebuilding Other operating earnings included a $5.6 million valuation adjustment for the three months ended May 31, 2018 . Additionally, the operating earnings for the three and six months ended May 31, 2018 (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 162,992 117,410 Restricted cash 12,892 12,006 Receivables, net (1) 307,987 313,252 Loans held-for-sale (2) 935,519 937,516 Loans held-for-investment, net 75,218 44,193 Investments held-to-maturity 61,512 52,327 Investments available-for-sale (3) 56,386 57,439 Goodwill (4) 212,871 59,838 Other (5) 117,748 95,527 $ 1,943,125 1,689,508 Liabilities: Notes and other debts payable $ 944,551 937,431 Other (6) 252,884 240,383 $ 1,197,435 1,177,814 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of May 31, 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 May 31, 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, however, a provisional amount of goodwill of approximately $150 million was allocated to Lennar Financial Services (see Note 2). (5) As of May 31, 2018 and November 30, 2017 , other assets included mortgage loan commitments carried at fair value of $25.1 million and $9.9 million , respectively, and mortgage servicing rights carried at fair value of $34.6 million and $31.2 million , respectively. In addition, other assets also included forward contracts carried at fair value of $1.7 million as of November 30, 2017 . (6) As of May 31, 2018 and November 30, 2017 , other liabilities included $56.7 million and $57.7 million (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 43,729 241,861 Restricted cash (1) 12,096 22,466 Loans held-for-sale (2) 326,988 236,018 Real estate owned, net 60,101 86,047 Investments in unconsolidated entities 295,840 265,418 Investments held-to-maturity 210,975 179,659 Other 104,899 122,371 $ 1,054,628 1,153,840 Liabilities: Notes and other debts payable (3) $ 370,077 625,081 Other 60,424 94,975 $ 430,501 720,056 (1) As of May 31, 2018 , restricted cash primarily consisted of upfront deposits and application fees RMF receives before originating loans and is recognized as income once the loan has been originated, as well as cash held in escrow by the Company’s loan servicer provider on behalf of customers and lenders and is disbursed in accordance with agreements between the transacting parties. As of November 30, 2017 , 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, upfront deposits and application fees RMF receives, as well as cash held in escrow by the Company's loan servicer provider. (2) Loans held-for-sale related to unsold loans originated by RMF carried at fair value and loans in the FDIC ("FDIC Portfolios") carried at lower of cost or market. (3) As of May 31, 2018 , Rialto had paid off the remaining principal balance of its 7.00% senior notes due December 2018. As of November 30, 2017 , notes and other debts payable primarily included $349.4 million related to Rialto's 7.00% senior notes due December 2018. In addition, as of May 31, 2018 and November 30, 2017 , notes and other debt payable included $225.5 million and $162.1 million The assets and liabilities related to the Lennar Multifamily segment were as follows: (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 15,380 8,676 Receivables (1) 74,699 69,678 Land under development 268,135 208,618 Investment in unconsolidated entities 480,298 407,544 Other assets 34,329 16,209 $ 872,841 710,725 Liabilities: Accounts payable and other liabilities $ 145,951 149,715 (1) Receivables primarily related to general contractor services, net of deferrals and management fee income receivables due from unconsolidated entities as of May 31, 2018 and November 30, 2017
Schedule of Line of Credit Facilities	At May 31, 2018 , the Lennar Financial Services segment warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures June 2018 (1) $ 600,000 364-day warehouse repurchase facility that matures June 2018 (2) 15,000 364-day warehouse repurchase facility that matures September 2018 300,000 364-day warehouse repurchase facility that matures December 2018 (3) 400,000 364-day warehouse repurchase facility that matures March 2019 (4) 300,000 Total $ 1,615,000 (1) Subsequent to May 31, 2018 , the warehouse repurchase facility maturity was extended to June 2019 and the maximum aggregate commitment amount increased to $700 million . (2) In accordance with the amended warehouse repurchase facility agreement, the maximum aggregate commitment decreased to $15 million until the termination date. Subsequent to May 31, 2018 , the warehouse repurchase facility matured and was not extended. (3) Maximum aggregate commitment includes an uncommitted amount of $250 million May 31, 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 May 31, 2018 and November 30, 2017
Equity Method Investments	Balance Sheets (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 865,691 953,261 Inventories 4,351,793 3,751,525 Other assets 1,132,029 1,061,507 $ 6,349,513 5,766,293 Liabilities and equity: Accounts payable and other liabilities $ 785,284 832,151 Debt (1) 1,255,451 737,331 Equity 4,308,778 4,196,811 $ 6,349,513 5,766,293 (1) Debt presented above is net of debt issuance costs of $14.3 million and $5.7 million , as of May 31, 2018 and November 30, 2017 , respectively. The increase in debt was primarily related to $500 million (Dollars in thousands) May 31, November 30, Non-recourse bank debt and other debt (partner’s share of several recourse) $ 60,193 64,197 Non-recourse land seller debt and other debt 1,997 1,997 Non-recourse debt with completion guarantees 273,510 255,903 Non-recourse debt without completion guarantees (1) 858,973 351,800 Non-recourse debt to the Company 1,194,673 673,897 The Company’s maximum recourse exposure (2) 75,124 69,181 Debt issue costs (14,346 ) (5,747 ) Total debt $ 1,255,451 737,331 The Company’s maximum recourse exposure as a % of total JV debt 6 % 9 % (1) The increase in non-recourse debt without completion guarantees was primarily related to $500 million of senior notes issued by FivePoint. (2) As of both May 31, 2018 and November 30, 2017 , the Company's maximum recourse exposure was primarily related to the Company providing repayment guarantees on three Statements of Operations Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2018 2017 2018 2017 Revenues $ 101,744 132,587 170,616 178,723 Costs and expenses 150,899 190,845 259,323 269,911 Other income (1) 113,541 6,117 113,541 6,117 Net earnings (loss) of unconsolidated entities $ 64,386 (52,141 ) 24,834 (85,071 ) Lennar Homebuilding equity in loss from unconsolidated entities $ (12,226 ) (21,506 ) (26,513 ) (33,040 ) May 31, May 31, November 30, (Dollars in thousands) Inception Year Equity Commitments Equity Commitments Called Commitment to Fund by the Company Funds Contributed by the Company Investment Rialto Real Estate Fund, LP 2010 $ 700,006 $ 700,006 $ 75,000 $ 75,000 $ 40,645 41,860 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 86,261 86,904 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 14,661 19,189 Rialto Capital CMBS Funds 2014 119,174 119,177 52,474 52,474 54,055 54,018 Rialto Real Estate Fund III 2015 1,887,000 972,634 140,000 69,346 67,052 41,223 Rialto Credit Partnership, LP 2016 220,000 208,181 19,999 18,925 13,407 13,288 Other investments 19,759 8,936 $ 295,840 265,418 100% basis related to Rialto’s investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 74,585 95,552 Loans receivable 612,649 538,317 Real estate owned 287,037 348,601 Investment securities 2,195,040 1,849,795 Investments in partnerships 452,034 393,874 Other assets 46,417 42,949 $ 3,667,762 3,269,088 Liabilities and equity: Accounts payable and other liabilities $ 33,406 48,374 Notes payable (1) 605,315 576,810 Equity 3,029,041 2,643,904 $ 3,667,762 3,269,088 (1) Notes payable are net of debt issuance costs of $3.4 million and $3.1 million , as of May 31, 2018 and November 30, 2017 , respectively. Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2018 2017 2018 2017 Revenues $ 95,773 61,030 185,537 118,186 Costs and expenses 21,365 29,000 43,436 57,001 Other income (expense), net (1) (27,709 ) 9,321 21,478 9,648 Net earnings of unconsolidated entities $ 46,699 41,351 163,579 70,833 Rialto equity in earnings from unconsolidated entities $ 4,116 5,730 13,230 6,452 (1) Summarized condensed financial information on a combined 100% basis related to Lennar Multifamily's investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 61,536 37,073 Operating properties and equipment 3,399,859 2,952,070 Other assets 33,651 36,772 $ 3,495,046 3,025,915 Liabilities and equity: Accounts payable and other liabilities $ 205,557 212,123 Notes payable (1) 1,103,497 879,047 Equity 2,185,992 1,934,745 $ 3,495,046 3,025,915 (1) Notes payable are net of debt issuance costs of $18.7 million and $17.6 million , as of both May 31, 2018 and November 30, 2017 , respectively. Statements of Operations Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2018 2017 2018 2017 Revenues $ 27,121 13,975 51,073 25,592 Costs and expenses 43,482 24,477 75,277 46,823 Other income, net 31,562 28,190 38,869 78,729 Net earnings of unconsolidated entities $ 15,201 17,688 14,665 57,498 Lennar Multifamily equity in earnings from unconsolidated entities (1) $ 14,281 9,427 17,023 32,574 (1) During the three and six months ended May 31, 2018 , the Lennar Multifamily segment sold two and three operating properties, respectively, through its unconsolidated entities resulting in the segment's $17.4 million and $21.5 million share of gains, respectively. During the three and six months ended May 31, 2017 , the Lennar Multifamily segment sold one and three operating properties, respectively, through its unconsolidated entities resulting in the segment's $11.4 million and $37.4 million (In thousands) May 31, November 30, Lennar Homebuilding $ 960,676 900,769 Rialto $ 295,840 265,418 Lennar Multifamily $ 480,298 407,544

Lennar Multifamily Segment (Tab

Lennar Multifamily Segment (Tables)	6 Months Ended
	May 31, 2018
Segment Reporting [Abstract]
Schedule of Assets and Liabilities	Financial information relating to the Company’s operations was as follows: (In thousands) May 31, November 30, Assets: Homebuilding East $ 7,378,718 4,754,581 Homebuilding Central 3,521,001 2,037,905 Homebuilding West 7,739,116 5,165,218 Homebuilding Other 1,596,437 960,541 Lennar Financial Services 1,943,125 1,689,508 Rialto 1,054,628 1,153,840 Lennar Multifamily 872,841 710,725 Corporate and unallocated (1) 4,245,243 2,272,716 Total assets $ 28,351,109 18,745,034 Lennar Homebuilding goodwill (1) $ 3,451,994 136,566 Lennar Financial Services goodwill (1) $ 212,871 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 million to the Lennar Financial Services segment. Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2018 2017 2018 2017 Revenues: Homebuilding East $ 1,900,539 1,194,890 2,971,193 1,962,616 Homebuilding Central 1,198,053 682,342 1,809,833 1,198,523 Homebuilding West 1,489,751 770,194 2,269,630 1,322,992 Homebuilding Other 475,654 238,315 675,434 420,304 Lennar Financial Services 232,135 208,363 403,275 356,406 Rialto 45,236 67,988 99,538 149,994 Lennar Multifamily 117,693 99,800 210,949 188,485 Total revenues (1) $ 5,459,061 3,261,892 8,439,852 5,599,320 Operating earnings (loss) (2): Homebuilding East (3) $ 169,441 153,707 275,362 97,998 Homebuilding Central (4) 85,939 75,944 128,485 128,802 Homebuilding West (5) 143,338 71,224 394,614 124,584 Homebuilding Other (6) 26,810 31,705 40,794 52,534 Lennar Financial Services 52,382 43,727 72,077 64,391 Rialto 6,902 (6,462 ) 16,114 (7,305 ) Lennar Multifamily 14,788 6,529 13,587 25,712 Total operating earnings 499,600 376,374 941,033 486,716 Acquisition and integration costs 23,875 — 128,070 — Corporate general and administrative expenses 84,915 66,774 152,725 127,473 Earnings before income taxes $ 390,810 309,600 660,238 359,243 (1) Total revenues were net of sales incentives of $278.1 million ( $23,000 per home delivered) and $428.0 million ( $22,800 per home delivered) for the three and six months ended May 31, 2018 , respectively, compared to $174.5 million ( $22,700 per home delivered) and $298.1 million ( $22,700 per home delivered) for the three and six months ended May 31, 2017 , respectively. (2) All homebuilding segments and Homebuilding other were impacted by purchase accounting adjustments for the three and six months ended May 31, 2018 . (3) Homebuilding East operating earnings for the six months ended May 31, 2017 included a $140 million loss due to litigation (see Note 17). (4) Homebuilding Central operating earnings for the six months ended May 31, 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, during the six months ended May 31, 2018 . (6) Homebuilding Other operating earnings included a $5.6 million valuation adjustment for the three months ended May 31, 2018 . Additionally, the operating earnings for the three and six months ended May 31, 2018 (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 162,992 117,410 Restricted cash 12,892 12,006 Receivables, net (1) 307,987 313,252 Loans held-for-sale (2) 935,519 937,516 Loans held-for-investment, net 75,218 44,193 Investments held-to-maturity 61,512 52,327 Investments available-for-sale (3) 56,386 57,439 Goodwill (4) 212,871 59,838 Other (5) 117,748 95,527 $ 1,943,125 1,689,508 Liabilities: Notes and other debts payable $ 944,551 937,431 Other (6) 252,884 240,383 $ 1,197,435 1,177,814 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of May 31, 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 May 31, 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, however, a provisional amount of goodwill of approximately $150 million was allocated to Lennar Financial Services (see Note 2). (5) As of May 31, 2018 and November 30, 2017 , other assets included mortgage loan commitments carried at fair value of $25.1 million and $9.9 million , respectively, and mortgage servicing rights carried at fair value of $34.6 million and $31.2 million , respectively. In addition, other assets also included forward contracts carried at fair value of $1.7 million as of November 30, 2017 . (6) As of May 31, 2018 and November 30, 2017 , other liabilities included $56.7 million and $57.7 million (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 43,729 241,861 Restricted cash (1) 12,096 22,466 Loans held-for-sale (2) 326,988 236,018 Real estate owned, net 60,101 86,047 Investments in unconsolidated entities 295,840 265,418 Investments held-to-maturity 210,975 179,659 Other 104,899 122,371 $ 1,054,628 1,153,840 Liabilities: Notes and other debts payable (3) $ 370,077 625,081 Other 60,424 94,975 $ 430,501 720,056 (1) As of May 31, 2018 , restricted cash primarily consisted of upfront deposits and application fees RMF receives before originating loans and is recognized as income once the loan has been originated, as well as cash held in escrow by the Company’s loan servicer provider on behalf of customers and lenders and is disbursed in accordance with agreements between the transacting parties. As of November 30, 2017 , 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, upfront deposits and application fees RMF receives, as well as cash held in escrow by the Company's loan servicer provider. (2) Loans held-for-sale related to unsold loans originated by RMF carried at fair value and loans in the FDIC ("FDIC Portfolios") carried at lower of cost or market. (3) As of May 31, 2018 , Rialto had paid off the remaining principal balance of its 7.00% senior notes due December 2018. As of November 30, 2017 , notes and other debts payable primarily included $349.4 million related to Rialto's 7.00% senior notes due December 2018. In addition, as of May 31, 2018 and November 30, 2017 , notes and other debt payable included $225.5 million and $162.1 million The assets and liabilities related to the Lennar Multifamily segment were as follows: (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 15,380 8,676 Receivables (1) 74,699 69,678 Land under development 268,135 208,618 Investment in unconsolidated entities 480,298 407,544 Other assets 34,329 16,209 $ 872,841 710,725 Liabilities: Accounts payable and other liabilities $ 145,951 149,715 (1) Receivables primarily related to general contractor services, net of deferrals and management fee income receivables due from unconsolidated entities as of May 31, 2018 and November 30, 2017
Equity Method Investments	Balance Sheets (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 865,691 953,261 Inventories 4,351,793 3,751,525 Other assets 1,132,029 1,061,507 $ 6,349,513 5,766,293 Liabilities and equity: Accounts payable and other liabilities $ 785,284 832,151 Debt (1) 1,255,451 737,331 Equity 4,308,778 4,196,811 $ 6,349,513 5,766,293 (1) Debt presented above is net of debt issuance costs of $14.3 million and $5.7 million , as of May 31, 2018 and November 30, 2017 , respectively. The increase in debt was primarily related to $500 million (Dollars in thousands) May 31, November 30, Non-recourse bank debt and other debt (partner’s share of several recourse) $ 60,193 64,197 Non-recourse land seller debt and other debt 1,997 1,997 Non-recourse debt with completion guarantees 273,510 255,903 Non-recourse debt without completion guarantees (1) 858,973 351,800 Non-recourse debt to the Company 1,194,673 673,897 The Company’s maximum recourse exposure (2) 75,124 69,181 Debt issue costs (14,346 ) (5,747 ) Total debt $ 1,255,451 737,331 The Company’s maximum recourse exposure as a % of total JV debt 6 % 9 % (1) The increase in non-recourse debt without completion guarantees was primarily related to $500 million of senior notes issued by FivePoint. (2) As of both May 31, 2018 and November 30, 2017 , the Company's maximum recourse exposure was primarily related to the Company providing repayment guarantees on three Statements of Operations Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2018 2017 2018 2017 Revenues $ 101,744 132,587 170,616 178,723 Costs and expenses 150,899 190,845 259,323 269,911 Other income (1) 113,541 6,117 113,541 6,117 Net earnings (loss) of unconsolidated entities $ 64,386 (52,141 ) 24,834 (85,071 ) Lennar Homebuilding equity in loss from unconsolidated entities $ (12,226 ) (21,506 ) (26,513 ) (33,040 ) May 31, May 31, November 30, (Dollars in thousands) Inception Year Equity Commitments Equity Commitments Called Commitment to Fund by the Company Funds Contributed by the Company Investment Rialto Real Estate Fund, LP 2010 $ 700,006 $ 700,006 $ 75,000 $ 75,000 $ 40,645 41,860 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 86,261 86,904 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 14,661 19,189 Rialto Capital CMBS Funds 2014 119,174 119,177 52,474 52,474 54,055 54,018 Rialto Real Estate Fund III 2015 1,887,000 972,634 140,000 69,346 67,052 41,223 Rialto Credit Partnership, LP 2016 220,000 208,181 19,999 18,925 13,407 13,288 Other investments 19,759 8,936 $ 295,840 265,418 100% basis related to Rialto’s investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 74,585 95,552 Loans receivable 612,649 538,317 Real estate owned 287,037 348,601 Investment securities 2,195,040 1,849,795 Investments in partnerships 452,034 393,874 Other assets 46,417 42,949 $ 3,667,762 3,269,088 Liabilities and equity: Accounts payable and other liabilities $ 33,406 48,374 Notes payable (1) 605,315 576,810 Equity 3,029,041 2,643,904 $ 3,667,762 3,269,088 (1) Notes payable are net of debt issuance costs of $3.4 million and $3.1 million , as of May 31, 2018 and November 30, 2017 , respectively. Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2018 2017 2018 2017 Revenues $ 95,773 61,030 185,537 118,186 Costs and expenses 21,365 29,000 43,436 57,001 Other income (expense), net (1) (27,709 ) 9,321 21,478 9,648 Net earnings of unconsolidated entities $ 46,699 41,351 163,579 70,833 Rialto equity in earnings from unconsolidated entities $ 4,116 5,730 13,230 6,452 (1) Summarized condensed financial information on a combined 100% basis related to Lennar Multifamily's investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 61,536 37,073 Operating properties and equipment 3,399,859 2,952,070 Other assets 33,651 36,772 $ 3,495,046 3,025,915 Liabilities and equity: Accounts payable and other liabilities $ 205,557 212,123 Notes payable (1) 1,103,497 879,047 Equity 2,185,992 1,934,745 $ 3,495,046 3,025,915 (1) Notes payable are net of debt issuance costs of $18.7 million and $17.6 million , as of both May 31, 2018 and November 30, 2017 , respectively. Statements of Operations Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2018 2017 2018 2017 Revenues $ 27,121 13,975 51,073 25,592 Costs and expenses 43,482 24,477 75,277 46,823 Other income, net 31,562 28,190 38,869 78,729 Net earnings of unconsolidated entities $ 15,201 17,688 14,665 57,498 Lennar Multifamily equity in earnings from unconsolidated entities (1) $ 14,281 9,427 17,023 32,574 (1) During the three and six months ended May 31, 2018 , the Lennar Multifamily segment sold two and three operating properties, respectively, through its unconsolidated entities resulting in the segment's $17.4 million and $21.5 million share of gains, respectively. During the three and six months ended May 31, 2017 , the Lennar Multifamily segment sold one and three operating properties, respectively, through its unconsolidated entities resulting in the segment's $11.4 million and $37.4 million (In thousands) May 31, November 30, Lennar Homebuilding $ 960,676 900,769 Rialto $ 295,840 265,418 Lennar Multifamily $ 480,298 407,544

Lennar Homebuilding Senior No35

Lennar Homebuilding Senior Notes and Other Debts Payable (Tables)	6 Months Ended
	May 31, 2018
Debt Disclosure [Abstract]
Schedule of Senior Notes and Other Debts Payable	(Dollars in thousands) May 31, November 30, Unsecured revolving credit facility $ 950,000 — 6.95% senior notes due 2018 249,787 249,342 4.125% senior notes due December 2018 274,744 274,459 0.25% convertible senior notes due 2019 1,422 — 4.500% senior notes due 2019 499,189 498,793 4.50% senior notes due 2019 598,751 598,325 6.625% senior notes due 2020 (1) 316,480 — 2.95% senior notes due 2020 298,547 298,305 8.375% senior notes due 2021 (1) 449,558 — 4.750% senior notes due 2021 497,720 497,329 6.25% senior notes due December 2021 (1) 319,353 — 4.125% senior notes due 2022 596,399 595,904 5.375% senior notes due 2022 (1) 262,992 — 4.750% senior notes due 2022 570,024 569,484 4.875% senior notes due December 2023 395,361 394,964 4.500% senior notes due 2024 645,715 645,353 5.875% senior notes due 2024 (1) 455,588 — 4.750% senior notes due 2025 496,892 496,671 5.25% senior notes due 2026 (1) 410,148 — 5.00% senior notes due 2027 (1) 353,623 — 4.75% senior notes due 2027 891,923 892,657 Mortgage notes on land and other debt 451,399 398,417 $ 9,985,615 6,410,003 (1) These notes were obligations of CalAtlantic when it was acquired, and were subsequently exchanged in part for notes of Lennar Corporation as follows: $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 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)	6 Months Ended
	May 31, 2018
Product Warranties Disclosures [Abstract]
Schedule of Product Warranty Reserve	The activity in the Company’s warranty reserve was as follows: Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2018 2017 2018 2017 Warranty reserve, beginning of the period $ 270,056 138,987 164,619 135,403 Warranties issued 47,855 29,430 72,544 50,150 Adjustments to pre-existing warranties from changes in estimates (1) 7,227 7,987 10,095 10,333 Warranties assumed related to acquisitions 9,150 — 117,554 6,345 Payments (39,578 ) (24,571 ) (70,102 ) (50,398 ) Warranty reserve, end of period $ 294,710 151,833 294,710 151,833 (1) The adjustments to pre-existing warranties from changes in estimates during the three and six months ended May 31, 2018 and 2017

Financial Instruments and Fai37

Financial Instruments and Fair Value Disclosures (Tables)	6 Months Ended
	May 31, 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 May 31, 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. May 31, 2018 November 30, 2017 (In thousands) Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value ASSETS Rialto: Investments held-to-maturity Level 3 $ 210,975 232,909 179,659 199,190 Lennar Financial Services: Loans held-for-investment, net Level 3 $ 75,218 67,826 44,193 41,795 Investments held-to-maturity Level 2 $ 61,512 61,159 52,327 52,189 LIABILITIES Lennar Homebuilding senior notes and other debts payable Level 2 $ 9,985,615 9,937,068 6,410,003 6,598,848 Rialto notes payable and other debts payable Level 2 $ 370,077 371,971 625,081 644,644 Lennar financial services notes and other debts payable Level 2 $ 944,551 944,551 937,431 937,431
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 $ 325,373 234,403 Credit default swaps (2) Level 2 $ 1,029 995 Lennar Financial Services Assets (Liabilities): Loans held-for-sale (3) Level 2 $ 935,519 937,516 Investments available-for-sale Level 1 $ 56,386 57,439 Mortgage loan commitments Level 2 $ 25,091 9,873 Forward contracts Level 2 $ (6,195 ) 1,681 Mortgage servicing rights Level 3 $ 34,592 31,163 (1) The aggregate fair value of Rialto loans held-for-sale of $325.4 million at May 31, 2018 exceeds their aggregate principal balance of $323.2 million by $2.2 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 $935.5 million at May 31, 2018 exceeds their aggregate principal balance of $906.5 million by $29.0 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 Six Months Ended May 31, May 31, (In thousands) 2018 2017 2018 2017 Changes in fair value included in Lennar Financial Services revenues: Loans held-for-sale $ 16,586 10,737 289 24,037 Mortgage loan commitments $ 13,438 4,715 15,219 10,935 Forward contracts $ (11,039 ) (5,049 ) (7,876 ) (33,263 ) Investments available-for-sale $ 126 (4 ) 126 (4 ) Changes in fair value included in Rialto revenues: Financial Assets: Credit default swaps $ (55 ) (885 ) 33 (1,316 ) Changes in fair value included in other comprehensive income (loss), net of tax: Lennar Financial Services investment available-for-sale $ (589 ) 419 (1,247 ) 1,391
Reconciliation Of Beginning And Ending Balance For The Company's Level 3 Recurring Fair Value Measurements	The following table represents the reconciliation of the beginning and ending balance for the Level 3 recurring fair value measurements: Three Months Ended May 31, 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 $ 36,772 123,398 26,497 44,939 Purchases/loan originations 1,857 425,870 2,866 429,320 Sales/loan originations sold, including those not settled — (228,141 ) — (392,678 ) Disposals/settlements (3,326 ) — (904 ) — Changes in fair value (1) (711 ) 2,618 (1,089 ) 1,078 Interest and principal paydowns — 1,628 — 144 Ending balance $ 34,592 325,373 27,370 82,803 Six Months Ended May 31, 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 4,145 663,835 5,712 823,660 Sales/loan originations sold, including those not settled — (575,853 ) — (870,394 ) Disposals/settlements (4,539 ) — (1,795 ) — Changes in fair value (1) 3,823 3,370 (477 ) 2,498 Interest and principal paydowns — (382 ) — 92 Ending balance $ 34,592 325,373 27,370 82,803 (1) Changes in fair value for Rialto loans held-for-sale and Lennar Financial Services mortgage servicing rights are included in Rialto's and Lennar Financial Services' revenues, respectively.
Fair Value Measurements, Nonrecurring	The assets measured at fair value on a nonrecurring basis are summarized below: Three Months Ended May 31, 2018 2017 (In thousands) Fair Value Hierarchy Carrying Value Fair Value Total Losses, Net (1) Carrying Value Fair Value Total Losses, Net (1) Financial assets Rialto: FDIC Portfolios loans held-for-sale Level 3 $ — — — 29,030 23,812 (5,218 ) Non-financial assets Lennar Homebuilding: Finished homes and construction in progress (2) Level 3 $ — — — 6,659 2,745 (3,914 ) Land and land under development (2) Level 3 $ 13,858 3,122 (10,736 ) 6,771 3,094 (3,677 ) Rialto: REO, net (3): Upon acquisition/transfer Level 3 $ — — — 21,429 20,271 (1,158 ) Upon management periodic valuations Level 3 $ 2,951 2,459 (492 ) 50,075 36,250 (13,825 ) Six Months Ended May 31, 2018 2017 (In thousands) Fair Value Hierarchy Carrying Value Fair Value Total Losses, Net (1) Carrying Value Fair Value Total Losses, Net (1) Financial assets Rialto: Impaired loans receivable Level 3 $ — — — 31,554 18,885 (12,669 ) FDIC Portfolios loans held-for-sale Level 3 $ — — — 29,030 23,812 (5,218 ) Non-financial assets Lennar Homebuilding: Finished homes and construction in progress (2) Level 3 $ — — — 6,659 2,745 (3,914 ) Land and land under development (2) Level 3 $ 66,787 46,687 (20,100 ) 6,771 3,094 (3,677 ) Rialto: REO, net (3): Upon acquisition/transfer Level 3 $ — — — 30,303 28,690 (1,613 ) Upon management periodic valuations Level 3 $ 15,251 9,275 (5,976 ) 84,330 58,176 (26,154 ) (1) Represents losses due to valuation adjustments, write-offs, gains (losses) from transfers or acquisitions of real estate through foreclosure and REO impairments recorded during the three and six months ended May 31, 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 and six months ended May 31, 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 and six months ended May 31, 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 six months ended May 31, 2018 : Six Months Ended May 31, 2018 May 31, 2017 Unobservable inputs Range Range Average selling price $233,000 - $572,000 $125,000 - $567,000 Absorption rate per quarter (homes) 5 - 16 4 - 10 Discount rate 20% 20%

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	May 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Equity Method Investments	Balance Sheets (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 865,691 953,261 Inventories 4,351,793 3,751,525 Other assets 1,132,029 1,061,507 $ 6,349,513 5,766,293 Liabilities and equity: Accounts payable and other liabilities $ 785,284 832,151 Debt (1) 1,255,451 737,331 Equity 4,308,778 4,196,811 $ 6,349,513 5,766,293 (1) Debt presented above is net of debt issuance costs of $14.3 million and $5.7 million , as of May 31, 2018 and November 30, 2017 , respectively. The increase in debt was primarily related to $500 million (Dollars in thousands) May 31, November 30, Non-recourse bank debt and other debt (partner’s share of several recourse) $ 60,193 64,197 Non-recourse land seller debt and other debt 1,997 1,997 Non-recourse debt with completion guarantees 273,510 255,903 Non-recourse debt without completion guarantees (1) 858,973 351,800 Non-recourse debt to the Company 1,194,673 673,897 The Company’s maximum recourse exposure (2) 75,124 69,181 Debt issue costs (14,346 ) (5,747 ) Total debt $ 1,255,451 737,331 The Company’s maximum recourse exposure as a % of total JV debt 6 % 9 % (1) The increase in non-recourse debt without completion guarantees was primarily related to $500 million of senior notes issued by FivePoint. (2) As of both May 31, 2018 and November 30, 2017 , the Company's maximum recourse exposure was primarily related to the Company providing repayment guarantees on three Statements of Operations Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2018 2017 2018 2017 Revenues $ 101,744 132,587 170,616 178,723 Costs and expenses 150,899 190,845 259,323 269,911 Other income (1) 113,541 6,117 113,541 6,117 Net earnings (loss) of unconsolidated entities $ 64,386 (52,141 ) 24,834 (85,071 ) Lennar Homebuilding equity in loss from unconsolidated entities $ (12,226 ) (21,506 ) (26,513 ) (33,040 ) May 31, May 31, November 30, (Dollars in thousands) Inception Year Equity Commitments Equity Commitments Called Commitment to Fund by the Company Funds Contributed by the Company Investment Rialto Real Estate Fund, LP 2010 $ 700,006 $ 700,006 $ 75,000 $ 75,000 $ 40,645 41,860 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 86,261 86,904 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 14,661 19,189 Rialto Capital CMBS Funds 2014 119,174 119,177 52,474 52,474 54,055 54,018 Rialto Real Estate Fund III 2015 1,887,000 972,634 140,000 69,346 67,052 41,223 Rialto Credit Partnership, LP 2016 220,000 208,181 19,999 18,925 13,407 13,288 Other investments 19,759 8,936 $ 295,840 265,418 100% basis related to Rialto’s investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 74,585 95,552 Loans receivable 612,649 538,317 Real estate owned 287,037 348,601 Investment securities 2,195,040 1,849,795 Investments in partnerships 452,034 393,874 Other assets 46,417 42,949 $ 3,667,762 3,269,088 Liabilities and equity: Accounts payable and other liabilities $ 33,406 48,374 Notes payable (1) 605,315 576,810 Equity 3,029,041 2,643,904 $ 3,667,762 3,269,088 (1) Notes payable are net of debt issuance costs of $3.4 million and $3.1 million , as of May 31, 2018 and November 30, 2017 , respectively. Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2018 2017 2018 2017 Revenues $ 95,773 61,030 185,537 118,186 Costs and expenses 21,365 29,000 43,436 57,001 Other income (expense), net (1) (27,709 ) 9,321 21,478 9,648 Net earnings of unconsolidated entities $ 46,699 41,351 163,579 70,833 Rialto equity in earnings from unconsolidated entities $ 4,116 5,730 13,230 6,452 (1) Summarized condensed financial information on a combined 100% basis related to Lennar Multifamily's investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets (In thousands) May 31, November 30, Assets: Cash and cash equivalents $ 61,536 37,073 Operating properties and equipment 3,399,859 2,952,070 Other assets 33,651 36,772 $ 3,495,046 3,025,915 Liabilities and equity: Accounts payable and other liabilities $ 205,557 212,123 Notes payable (1) 1,103,497 879,047 Equity 2,185,992 1,934,745 $ 3,495,046 3,025,915 (1) Notes payable are net of debt issuance costs of $18.7 million and $17.6 million , as of both May 31, 2018 and November 30, 2017 , respectively. Statements of Operations Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2018 2017 2018 2017 Revenues $ 27,121 13,975 51,073 25,592 Costs and expenses 43,482 24,477 75,277 46,823 Other income, net 31,562 28,190 38,869 78,729 Net earnings of unconsolidated entities $ 15,201 17,688 14,665 57,498 Lennar Multifamily equity in earnings from unconsolidated entities (1) $ 14,281 9,427 17,023 32,574 (1) During the three and six months ended May 31, 2018 , the Lennar Multifamily segment sold two and three operating properties, respectively, through its unconsolidated entities resulting in the segment's $17.4 million and $21.5 million share of gains, respectively. During the three and six months ended May 31, 2017 , the Lennar Multifamily segment sold one and three operating properties, respectively, through its unconsolidated entities resulting in the segment's $11.4 million and $37.4 million (In thousands) May 31, November 30, Lennar Homebuilding $ 960,676 900,769 Rialto $ 295,840 265,418 Lennar Multifamily $ 480,298 407,544
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 May 31, 2018 (In thousands) Investments in Unconsolidated VIEs Lennar’s Maximum Exposure to Loss Lennar Homebuilding (1) $ 144,914 217,776 Rialto (2) 210,975 210,975 Lennar Multifamily (3) 430,642 738,457 $ 786,531 1,167,208 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 May 31, 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 $66.8 million and $61.6 million , respectively. (2) As of both May 31, 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 May 31, 2018 and November 30, 2017 , investments in unconsolidated VIEs and Lennar’s maximum exposure to loss included $211.0 million and $179.7 million , respectively, related to Rialto’s investments held-to-maturity. (3) As of May 31, 2018 , the remaining equity commitment of $303.0 million to fund the Venture Fund and Venture Fund II for future expenditures related to the construction and development of its projects was included in Lennar's maximum exposure to loss. As of November 30, 2017 , the remaining equity commitment of $153.3 million to fund the Venture Fund was included in Lennar's maximum exposure for loss. In addition, as of May 31, 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)	6 Months Ended
	May 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidating Balance Sheet	Supplemental information for the subsidiaries that were guarantor subsidiaries at May 31, 2018 was as follows: Condensed Consolidating Balance Sheet May 31, 2018 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total ASSETS Lennar Homebuilding: Cash and cash equivalents, restricted cash and receivables, net $ 472,560 604,171 66,515 — 1,143,246 Inventories — 17,040,795 354,199 — 17,394,994 Investments in unconsolidated entities — 944,238 16,438 — 960,676 Goodwill — 3,451,994 — — 3,451,994 Other assets 357,270 1,050,836 139,481 (17,982 ) 1,529,605 Investments in subsidiaries 10,712,911 89,622 — (10,802,533 ) — Intercompany 12,036,122 — — (12,036,122 ) — 23,578,863 23,181,656 576,633 (22,856,637 ) 24,480,515 Lennar Financial Services — 296,030 1,648,183 (1,088 ) 1,943,125 Rialto — — 1,054,628 — 1,054,628 Lennar Multifamily — — 872,841 — 872,841 Total assets $ 23,578,863 23,477,686 4,152,285 (22,857,725 ) 28,351,109 LIABILITIES AND EQUITY Lennar Homebuilding: Accounts payable and other liabilities $ 520,808 1,734,807 296,456 (19,070 ) 2,533,001 Liabilities related to consolidated inventory not owned — 346,236 13,500 — 359,736 Senior notes and other debts payable 9,466,744 476,411 42,460 — 9,985,615 Intercompany — 10,458,135 1,577,987 (12,036,122 ) — 9,987,552 13,015,589 1,930,403 (12,055,192 ) 12,878,352 Lennar Financial Services — 44,980 1,152,455 — 1,197,435 Rialto — — 430,501 — 430,501 Lennar Multifamily — — 145,951 — 145,951 Total liabilities 9,987,552 13,060,569 3,659,310 (12,055,192 ) 14,652,239 Stockholders’ equity 13,591,311 10,417,117 385,416 (10,802,533 ) 13,591,311 Noncontrolling interests — — 107,559 — 107,559 Total equity 13,591,311 10,417,117 492,975 (10,802,533 ) 13,698,870 Total liabilities and equity $ 23,578,863 23,477,686 4,152,285 (22,857,725 ) 28,351,109 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 May 31, 2018 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 5,022,769 41,228 — 5,063,997 Lennar Financial Services — 100,257 136,898 (5,020 ) 232,135 Rialto — — 45,236 — 45,236 Lennar Multifamily — — 117,693 — 117,693 Total revenues — 5,123,026 341,055 (5,020 ) 5,459,061 Cost and expenses: Lennar Homebuilding — 4,597,434 39,356 (723 ) 4,636,067 Lennar Financial Services — 89,752 96,245 (6,244 ) 179,753 Rialto — — 39,305 (3,369 ) 35,936 Lennar Multifamily — — 117,186 — 117,186 Acquisition and integration costs related to CalAtlantic — 23,875 — — 23,875 Corporate general and administrative 82,962 605 — 1,348 84,915 Total costs and expenses 82,962 4,711,666 292,092 (8,988 ) 5,077,732 Lennar Homebuilding equity in earnings (loss) from unconsolidated entities — (12,345 ) 119 — (12,226 ) Lennar Homebuilding other income, net 3,978 6,834 2,980 (3,968 ) 9,824 Rialto equity in earnings from unconsolidated entities — — 4,116 — 4,116 Rialto other expense, net — — (6,514 ) — (6,514 ) Lennar Multifamily equity in earnings from unconsolidated entities — — 14,281 — 14,281 Earnings (loss) before income taxes (78,984 ) 405,849 63,945 — 390,810 Benefit (provision) for income taxes 13,957 (74,781 ) (15,137 ) — (75,961 ) Equity in earnings from subsidiaries 375,284 28,718 — (404,002 ) — Net earnings (including net earnings attributable to noncontrolling interests) 310,257 359,786 48,808 (404,002 ) 314,849 Less: Net earnings attributable to noncontrolling interests — — 4,592 — 4,592 Net earnings attributable to Lennar $ 310,257 359,786 44,216 (404,002 ) 310,257 Other comprehensive loss, net of tax: Net unrealized loss on securities available-for-sale $ — — (589 ) — (589 ) Reclassification adjustments for loss included in earnings, net of tax — — (126 ) — (126 ) Total other comprehensive loss, net of tax $ — — (715 ) — (715 ) Total comprehensive income attributable to Lennar $ 310,257 359,786 43,501 (404,002 ) 309,542 Total comprehensive income attributable to noncontrolling interests $ — — 4,592 — 4,592 Three Months Ended May 31, 2017 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 2,875,612 10,129 — 2,885,741 Lennar Financial Services — 86,596 126,767 (5,000 ) 208,363 Rialto — — 67,988 — 67,988 Lennar Multifamily — — 99,835 (35 ) 99,800 Total revenues — 2,962,208 304,719 (5,035 ) 3,261,892 Cost and expenses: Lennar Homebuilding — 2,525,007 10,718 (242 ) 2,535,483 Lennar Financial Services — 77,742 92,673 (5,779 ) 164,636 Rialto — — 59,166 (90 ) 59,076 Lennar Multifamily — — 102,698 — 102,698 Corporate general and administrative 65,217 291 — 1,266 66,774 Total costs and expenses 65,217 2,603,040 265,255 (4,845 ) 2,928,667 Lennar Homebuilding equity in loss from unconsolidated entities — (21,468 ) (38 ) — (21,506 ) Lennar Homebuilding other income (expense), net (180 ) 1,880 1,938 190 3,828 Rialto equity in earnings from unconsolidated entities — — 5,730 — 5,730 Rialto other expense, net — — (21,104 ) — (21,104 ) Lennar Multifamily equity in earnings from unconsolidated entities — — 9,427 — 9,427 Earnings (loss) before income taxes (65,397 ) 339,580 35,417 — 309,600 Benefit (provision) for income taxes 21,822 (112,372 ) (18,342 ) — (108,892 ) Equity in earnings from subsidiaries 257,220 21,415 — (278,635 ) — Net earnings (including net loss attributable to noncontrolling interests) 213,645 248,623 17,075 (278,635 ) 200,708 Less: Net loss attributable to noncontrolling interests — — (12,937 ) — (12,937 ) Net earnings attributable to Lennar $ 213,645 248,623 30,012 (278,635 ) 213,645 Other comprehensive income, net of tax: Net unrealized gain on securities available-for-sale $ — — 419 — 419 Reclassification adjustments for loss included in net earnings, net of tax — — 4 — 4 Total other comprehensive income, net of tax $ — — 423 — 423 Total comprehensive income attributable to Lennar $ 213,645 248,623 30,435 (278,635 ) 214,068 Total comprehensive loss attributable to noncontrolling interests $ — — (12,937 ) — (12,937 )
Condensed Consolidating Statement of Cash Flows	Condensed Consolidating Statement of Cash Flows Six Months Ended May 31, 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) $ 446,472 526,835 61,199 (582,840 ) 451,666 Distributions of earnings from guarantor and non-guarantor subsidiaries 543,922 38,918 — (582,840 ) — Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities (712,072 ) (94,845 ) (193,192 ) 582,840 (417,269 ) Net cash provided by (used in) operating activities 278,322 470,908 (131,993 ) (582,840 ) 34,397 Cash flows from investing activities: Investments in and contributions to unconsolidated entities, net of distributions of capital — 24,013 (14,043 ) — 9,970 Proceeds from sales of real estate owned — — 21,658 — 21,658 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 ) 23,035 36,350 — (1,102,957 ) Other (21,568 ) (5,933 ) (10,763 ) — (38,264 ) Distributions of capital from guarantor and non-guarantor subsidiaries 65,000 20,000 — (85,000 ) — Intercompany (1,034,631 ) — — 1,034,631 — Net cash provided by (used in) investing activities (2,153,541 ) 236,294 2,134 949,631 (965,482 ) Cash flows from financing activities: Net borrowings (repayments) under unsecured revolving credit facilities 950,000 (454,700 ) — — 495,300 Net borrowings (repayments) under warehouse facilities — (54 ) 7,764 — 7,710 Debt issuance costs (9,109 ) — (2,992 ) — (12,101 ) Redemption of senior notes (484,332 ) (90,668 ) — — (575,000 ) Conversions and exchanges of convertible senior notes — (59,145 ) — — (59,145 ) Net payments on other borrowings, other liabilities, Rialto Senior Notes and other notes payable — (52,999 ) (295,046 ) — (348,045 ) Net payments related to noncontrolling interests — (26,530 ) — (26,530 ) Excess tax benefits from share-based awards — — — — — Common stock: Issuances 3,184 — — — 3,184 Repurchases (28,526 ) — — — (28,526 ) Dividends (22,780 ) (591,835 ) (76,005 ) 667,840 (22,780 ) Intercompany — 624,070 410,561 (1,034,631 ) — Net cash provided by (used in) financing activities 408,437 (625,331 ) 17,752 (366,791 ) (565,933 ) Net decrease (increase) in cash and cash equivalents (1,466,782 ) 81,871 (112,107 ) — (1,497,018 ) 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 $ 470,892 440,958 242,004 — 1,153,854 Six Months Ended May 31, 2017 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Cash flows from operating activities: Net earnings (including net loss attributable to noncontrolling interests) $ 251,725 305,455 35,796 (362,594 ) 230,382 Distributions of earnings from guarantor and non-guarantor subsidiaries 334,286 28,308 — (362,594 ) — Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities (340,147 ) (412,545 ) (43 ) 362,594 (390,141 ) Net cash provided by (used in) operating activities 245,864 (78,782 ) 35,753 (362,594 ) (159,759 ) Cash flows from investing activities: Investments in and contributions to unconsolidated entities, net of distributions of capital — (218,153 ) (1,103 ) — (219,256 ) Proceeds from sales of real estate owned — — 55,521 — 55,521 Originations of loans receivable — — (14,055 ) — (14,055 ) Purchases of commercial mortgage-backed securities bonds — — (40,357 ) — (40,357 ) Acquisition, net of cash acquired (611,103 ) — — — (611,103 ) Other (3,897 ) (23,370 ) (17,019 ) — (44,286 ) Distributions of capital from guarantor and non-guarantor subsidiaries 60,000 60,000 — (120,000 ) — Intercompany (657,990 ) — — 657,990 — Net cash used in investing activities (1,212,990 ) (181,523 ) (17,013 ) 537,990 (873,536 ) Cash flows from financing activities: Net repayments under warehouse facilities — (51 ) (144,214 ) — (144,265 ) Proceeds from senior notes and debt issuance costs 1,240,449 — (4,509 ) — 1,235,940 Redemption of senior notes (400,000 ) — — — (400,000 ) Net proceeds on Rialto notes payable — — 25,340 — 25,340 Net proceeds (payments) on other borrowings — (28,705 ) 63,201 — 34,496 Net payments related to noncontrolling interests — (47,589 ) — (47,589 ) Excess tax benefits from share-based awards 1,980 — — — 1,980 Common stock: Issuances 693 — — — 693 Repurchases (83 ) — — — (83 ) Dividends (18,778 ) (365,455 ) (117,139 ) 482,594 (18,778 ) Intercompany — 497,457 160,533 (657,990 ) — Net cash provided by (used in) financing activities 824,261 103,246 (64,377 ) (175,396 ) 687,734 Net decrease in cash and cash equivalents (142,865 ) (157,059 ) (45,637 ) — (345,561 ) Cash and cash equivalents at beginning of period 697,112 377,070 255,347 — 1,329,529 Cash and cash equivalents at end of period $ 554,247 220,011 209,710 — 983,968

Business Acquisition (Narrative

Business Acquisition (Narrative) (Details) $ in Thousands		Feb. 12, 2018USD ($)metropolitan_areastate	Feb. 10, 2017USD ($)	May 31, 2018USD ($)	May 31, 2017USD ($)	May 31, 2018USD ($)	May 31, 2017USD ($)	Nov. 30, 2017USD ($)
Business Acquisition [Line Items]
Transaction costs				$ 23,875	$ 0	$ 128,070	$ 0
Lennar Financial Services
Business Acquisition [Line Items]
Goodwill				212,871		212,871		$ 59,838
Lennar Homebuilding
Business Acquisition [Line Items]
Goodwill	[1]			$ 3,451,994		$ 3,451,994		$ 136,566
Lennar Homebuilding | 4.125% senior notes due 2022
Business Acquisition [Line Items]
Interest rate				4.125%		4.125%
Senior Notes | Lennar Homebuilding | 4.125% senior notes due 2022
Business Acquisition [Line Items]
Interest rate				4.125%		4.125%
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		$ 1,162,341
Revenue since acquisition				$ 2,100,000		$ 2,500,000
Pre-tax earnings since acquisition				56,500		(52,000)
Transaction costs				23,900		128,100
Goodwill		3,300,000
CalAtlantic Group, Inc. | Lennar Financial Services
Business Acquisition [Line Items]
Goodwill		150,000
CalAtlantic Group, Inc. | Lennar Homebuilding
Business Acquisition [Line Items]
Goodwill		$ 3,315,428
WCI Communities, Inc.
Business Acquisition [Line Items]
Consideration attributable to cash including fractional shares			$ 642,600
Revenue since acquisition					182,800		202,300
Pre-tax earnings since acquisition					21,900		13,200
Transaction costs					$ 8,000		$ 19,000
Goodwill			156,566
WCI Communities, Inc. | Lennar Financial Services
Business Acquisition [Line Items]
Goodwill			$ 20,000	$ 20,000		$ 20,000
[1]	Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. As of May 31, 2018 , total assets include $883.9 million related to consolidated VIEs of which $58.2 million is included in Lennar Homebuilding cash and cash equivalents, $1.9 million in Lennar Homebuilding receivables, net, $68.5 million in Lennar Homebuilding finished homes and construction in progress, $271.1 million in Lennar Homebuilding land and land under development, $404.8 million in Lennar Homebuilding consolidated inventory not owned, $4.7 million in Lennar Homebuilding investments in unconsolidated entities, $13.4 million in Lennar Homebuilding other assets, $16.1 million in Rialto assets and $45.2 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 | $	$ 1,162,341
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) | $	$ 58,758

Business Acquisition (Schedule

Business Acquisition (Schedule of Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands		Feb. 12, 2018	Feb. 10, 2017	May 31, 2018	Nov. 30, 2017
Lennar Homebuilding
Inventories:
Goodwill	[1]			$ 3,451,994	$ 136,566
Lennar Financial Services
Inventories:
Goodwill				212,871	$ 59,838
CalAtlantic Group, Inc.
Inventories:
Goodwill		$ 3,300,000
Total assets		10,712,770
LIABILITIES
Total liabilities		4,461,993
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		55,736
Inventories:
Inventories		6,255,482
Intangible assets		8,000
Investments in unconsolidated entities		151,630
Goodwill		3,315,428
Other assets		603,503
Total assets		10,389,779
LIABILITIES
Accounts payable		85,001
Senior notes and other debts payable		3,922,695
Other liabilities		359,004
Total liabilities		4,366,700
CalAtlantic Group, Inc. | Lennar Financial Services
Inventories:
Goodwill		150,000
Total assets		322,991
LIABILITIES
Total liabilities		$ 95,293
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	$ 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 May 31, 2018 , total assets include $883.9 million related to consolidated VIEs of which $58.2 million is included in Lennar Homebuilding cash and cash equivalents, $1.9 million in Lennar Homebuilding receivables, net, $68.5 million in Lennar Homebuilding finished homes and construction in progress, $271.1 million in Lennar Homebuilding land and land under development, $404.8 million in Lennar Homebuilding consolidated inventory not owned, $4.7 million in Lennar Homebuilding investments in unconsolidated entities, $13.4 million in Lennar Homebuilding other assets, $16.1 million in Rialto assets and $45.2 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) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2018	May 31, 2017	May 31, 2018	May 31, 2017
Earnings per share:
Acquisition and integration costs related to CalAtlantic	$ 23,875	$ 0	$ 128,070	$ 0
CalAtlantic Group, Inc.
Business Acquisition [Line Items]
Revenues from home sales	4,986,010	4,496,327	9,180,213	8,107,702
Net earnings	$ 313,471	$ 320,239	$ 443,967	$ 477,027
Earnings per share:
Basic (in shares)	$ 0.96	$ 0.98	$ 1.34	$ 1.44
Diluted (in shares)	$ 0.95	$ 0.97	$ 1.33	$ 1.43
Acquisition and integration costs related to CalAtlantic	$ 23,900		$ 128,100
Purchase accounting adjustments	$ 236,800		$ 291,900
WCI Communities, Inc.
Earnings per share:
Acquisition and integration costs related to CalAtlantic		$ 8,000		$ 19,000

Operating and Reporting Segme44

Operating and Reporting Segments (Disclosure Of Financial Information Relating To Company's Operations) (Details) $ in Thousands		3 Months Ended		6 Months Ended
		May 31, 2018USD ($)$ / homes	May 31, 2017USD ($)$ / homes	May 31, 2018USD ($)$ / homes	May 31, 2017USD ($)$ / homes	Feb. 12, 2018USD ($)	Nov. 30, 2017USD ($)		Feb. 10, 2017USD ($)
Segment Reporting Information [Line Items]
Assets	[1]	$ 28,351,109		$ 28,351,109			$ 18,745,034
Revenues		5,459,061	$ 3,261,892	8,439,852	$ 5,599,320
Operating earnings (loss) (2):
Operating earnings		499,600	376,374	941,033	486,716
Acquisition and integration costs related to CalAtlantic		23,875	0	128,070	0
Corporate general and administrative expenses		84,915	66,774	152,725	127,473
Earnings before income taxes		390,810	309,600	660,238	359,243
Sales incentives		$ 278,100	$ 174,500	$ 428,000	$ 298,100
Sales incentives per home delivered (in dollars per home) | $ / homes		23,000	22,700	22,800	22,700
Valuation adjustment				$ 17,600	$ 7,500
Gain on sale of strategic joint venture				164,880	0
CalAtlantic Group, Inc.
Segment Reporting Information [Line Items]
Goodwill						$ 3,300,000
Operating earnings (loss) (2):
Acquisition and integration costs related to CalAtlantic		$ 23,900		128,100
WCI Communities, Inc.
Segment Reporting Information [Line Items]
Goodwill									$ 156,566
Operating earnings (loss) (2):
Acquisition and integration costs related to CalAtlantic			$ 8,000		19,000
Homebuilding East | WCI Communities, Inc.
Segment Reporting Information [Line Items]
Goodwill									136,600
Rialto
Segment Reporting Information [Line Items]
Assets	[1]	1,054,628		1,054,628			1,153,840
Goodwill		5,396		5,396			5,396
Revenues		45,236	67,988	99,538	149,994
Lennar Financial Services
Segment Reporting Information [Line Items]
Assets	[1]	1,943,125		1,943,125			1,689,508
Goodwill		212,871		212,871			59,838
Revenues		232,135	208,363	403,275	356,406
Lennar Financial Services | CalAtlantic Group, Inc.
Segment Reporting Information [Line Items]
Goodwill						150,000
Lennar Financial Services | WCI Communities, Inc.
Segment Reporting Information [Line Items]
Goodwill		20,000		20,000					$ 20,000
Lennar Multifamily
Segment Reporting Information [Line Items]
Assets		872,841		872,841			710,725	[1]
Revenues		117,693	99,800	210,949	188,485
Lennar Homebuilding
Segment Reporting Information [Line Items]
Assets	[1]	24,480,515		24,480,515			15,190,961
Goodwill	[1]	3,451,994		3,451,994			136,566
Revenues		5,063,997	2,885,741	7,726,090	4,904,435
Operating earnings (loss) (2):
Lennar Homebuilding loss due to litigation accrual		$ 0	0	0	140,000
Lennar Homebuilding | Treasure Island Holdings
Operating earnings (loss) (2):
Gain on sale of strategic joint venture				$ 164,900
Ownership interest in strategic joint venture		80.00%		80.00%
Lennar Homebuilding | CalAtlantic Group, Inc.
Segment Reporting Information [Line Items]
Goodwill						$ 3,315,428
Operating Segments | Homebuilding East
Segment Reporting Information [Line Items]
Assets		$ 7,378,718		$ 7,378,718			4,754,581
Revenues		1,900,539	1,194,890	2,971,193	1,962,616
Operating earnings (loss) (2):
Operating earnings		169,441	153,707	275,362	97,998
Lennar Homebuilding loss due to litigation accrual					140,000
Operating Segments | Homebuilding Central
Segment Reporting Information [Line Items]
Assets		3,521,001		3,521,001			2,037,905
Revenues		1,198,053	682,342	1,809,833	1,198,523
Operating earnings (loss) (2):
Operating earnings		85,939	75,944	128,485	128,802
Valuation adjustment				6,900
Operating Segments | Homebuilding West
Segment Reporting Information [Line Items]
Assets		7,739,116		7,739,116			5,165,218
Revenues		1,489,751	770,194	2,269,630	1,322,992
Operating earnings (loss) (2):
Operating earnings		143,338	71,224	394,614	124,584
Operating Segments | Rialto
Segment Reporting Information [Line Items]
Assets		1,054,628		1,054,628			1,153,840
Revenues		45,236	67,988	99,538	149,994
Operating earnings (loss) (2):
Operating earnings		6,902	(6,462)	16,114	(7,305)
Operating Segments | Lennar Financial Services
Segment Reporting Information [Line Items]
Assets		1,943,125		1,943,125			1,689,508
Revenues		232,135	208,363	403,275	356,406
Operating earnings (loss) (2):
Operating earnings		52,382	43,727	72,077	64,391
Operating Segments | Lennar Multifamily
Segment Reporting Information [Line Items]
Assets		872,841		872,841			710,725
Revenues		117,693	99,800	210,949	188,485
Operating earnings (loss) (2):
Operating earnings		14,788	6,529	13,587	25,712
Homebuilding Other
Segment Reporting Information [Line Items]
Assets		1,596,437		1,596,437			960,541
Revenues		475,654	238,315	675,434	420,304
Operating earnings (loss) (2):
Operating earnings		26,810	$ 31,705	40,794	$ 52,534
Valuation adjustment		5,600
Corporate and unallocated (1)
Segment Reporting Information [Line Items]
Assets		$ 4,245,243		$ 4,245,243			$ 2,272,716
[1]	Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. As of May 31, 2018 , total assets include $883.9 million related to consolidated VIEs of which $58.2 million is included in Lennar Homebuilding cash and cash equivalents, $1.9 million in Lennar Homebuilding receivables, net, $68.5 million in Lennar Homebuilding finished homes and construction in progress, $271.1 million in Lennar Homebuilding land and land under development, $404.8 million in Lennar Homebuilding consolidated inventory not owned, $4.7 million in Lennar Homebuilding investments in unconsolidated entities, $13.4 million in Lennar Homebuilding other assets, $16.1 million in Rialto assets and $45.2 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		6 Months Ended
	May 31, 2018USD ($)property	May 31, 2017USD ($)property	May 31, 2018USD ($)property	May 31, 2017USD ($)property
Schedule of Equity Method Investments [Line Items]
Equity in earnings (loss) from unconsolidated entities			$ 3,740	$ 5,986
Lennar Multifamily
Schedule of Equity Method Investments [Line Items]
Number of operating properties sold | property	2	1	3	3
Revenues	$ 27,121	$ 13,975	$ 51,073	$ 25,592
Other income (1)	31,562	28,190	38,869	78,729
Net earnings (loss) of unconsolidated entities	15,201	17,688	14,665	57,498
Equity in earnings (loss) from unconsolidated entities	14,281	9,427	17,023	32,574
Lennar Homebuilding
Schedule of Equity Method Investments [Line Items]
Revenues	101,744	132,587	170,616	178,723
Costs and expenses	150,899	190,845	259,323	269,911
Other income (1)	113,541	6,117	113,541	6,117
Net earnings (loss) of unconsolidated entities	64,386	(52,141)	24,834	(85,071)
Equity in earnings (loss) from unconsolidated entities	$ (12,226)	$ (21,506)	$ (26,513)	$ (33,040)
FivePoint Unconsolidated Entity | Lennar Homebuilding
Schedule of Equity Method Investments [Line Items]
Ownership interest TRA liability	70.00%		70.00%

Lennar Homebuilding Investmen46

Lennar Homebuilding Investments in Unconsolidated Entities (Narrative) (Details) $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended
		May 31, 2017USD ($)	May 31, 2018USD ($)investment	May 31, 2017USD ($)	May 31, 2018USD ($)investment	May 31, 2017USD ($)	Nov. 30, 2017USD ($)
Schedule of Equity Method Investments [Line Items]
Equity in earnings (loss) from unconsolidated entities					$ 3,740	$ 5,986
Payments to acquire unconsolidated entities					186,103	315,755
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%		40.00%
Payments to acquire unconsolidated entities		$ 100,000
Investments in unconsolidated entities			$ 352,000		$ 352,000
Lennar Homebuilding
Schedule of Equity Method Investments [Line Items]
Equity in earnings (loss) from unconsolidated entities			(12,226)	$ (21,506)	(26,513)	$ (33,040)
Investments in unconsolidated entities	[1]		960,676		960,676		$ 900,769
Underlying equity in unconsolidated partners' net assets			$ 1,400,000		$ 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		3
Lennar Homebuilding | Treasure Island Holdings
Schedule of Equity Method Investments [Line Items]
Unconsolidated entities ownership percentage			80.00%		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 May 31, 2018 , total assets include $883.9 million related to consolidated VIEs of which $58.2 million is included in Lennar Homebuilding cash and cash equivalents, $1.9 million in Lennar Homebuilding receivables, net, $68.5 million in Lennar Homebuilding finished homes and construction in progress, $271.1 million in Lennar Homebuilding land and land under development, $404.8 million in Lennar Homebuilding consolidated inventory not owned, $4.7 million in Lennar Homebuilding investments in unconsolidated entities, $13.4 million in Lennar Homebuilding other assets, $16.1 million in Rialto assets and $45.2 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	May 31, 2018	Nov. 30, 2017
Assets:
Cash and cash equivalents	$ 865,691	$ 953,261
Inventories	4,351,793	3,751,525
Other assets	1,132,029	1,061,507
Total assets	6,349,513	5,766,293
Liabilities and equity:
Accounts payable and other liabilities	785,284	832,151
Debt	1,255,451	737,331
Equity	4,308,778	4,196,811
Total liabilities and equity	6,349,513	5,766,293
Debt issue costs	$ 14,346	$ 5,747

Lennar Homebuilding Investmen48

Lennar Homebuilding Investments in Unconsolidated Entities (Total Debt Of Unconsolidated Entities) (Details)	6 Months Ended	12 Months Ended
	May 31, 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)	$ 60,193,000	$ 64,197,000
Non-recourse land seller debt and other debt	1,997,000	1,997,000
Non-recourse debt with completion guarantees	273,510,000	255,903,000
Non-recourse debt without completion guarantees (1)	858,973,000	351,800,000
Non-recourse debt to the Company	1,194,673,000	673,897,000
The Company’s maximum recourse exposure	75,124,000	69,181,000
Debt issue costs	(14,346,000)	(5,747,000)
Total debt	$ 1,255,451,000	$ 737,331,000
The Company’s maximum recourse exposure as a % of total JV debt	6.00%	9.00%
Senior Notes | FivePoint Unconsolidated Entity
Schedule of Equity Method Investments [Line Items]
Senior notes	$ 500,000,000

Stockholders' Equity (Schedule

Stockholders' Equity (Schedule Of Changes In Equity) (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	May 31, 2018		May 31, 2017	May 31, 2018		May 31, 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)	$ 314,849		$ 200,708	451,666		230,382
Employee stock and directors plans				(24,205)		1,828
Stock issuance in connection with CalAtlantic acquisition				5,070,006
Stock Issued During Period, Value, Conversion of Convertible Securities, Net of Adjustments				217,154
Tax benefit from employee stock plans, vesting of restricted stock and conversions of convertible senior notes						35,542
Amortization of restricted stock				33,720		24,817
Cash dividends				(22,780)		(18,778)
Receipts related to noncontrolling interests				3,882		320
Payments related to noncontrolling interests				(30,412)		(47,909)
Non-cash distributions to noncontrolling interests						(2,158)
Non-cash activity related to noncontrolling interests				15,080
Total other comprehensive loss, net of tax				(1,373)		1,395
Balance, ending	13,698,870	[1]	7,437,006	13,698,870	[1]	7,437,006
Additional Paid - in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning				3,142,013		2,805,349
Employee stock and directors plans				4,266		1,910
Stock issuance in connection with CalAtlantic acquisition				5,061,430
Stock Issued During Period, Value, Conversion of Convertible Securities, Net of Adjustments				216,782
Tax benefit from employee stock plans, vesting of restricted stock and conversions of convertible senior notes						35,542
Amortization of restricted stock				33,720		24,817
Non-cash activity related to noncontrolling interests				0		0
Balance, ending	8,458,211		2,867,618	8,458,211		2,867,618
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning				(136,020)		(108,961)
Employee stock and directors plans				(28,532)		(88)
Stock issuance in connection with CalAtlantic acquisition				0
Balance, ending	(164,552)		(109,049)	(164,552)		(109,049)
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning				1,034		(309)
Total other comprehensive loss, net of tax				(1,373)		1,395
Balance, ending	(339)		1,086	(339)		1,086
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)				446,472		251,725
Employee stock and directors plans				4
Cash dividends				(22,780)		(18,778)
Balance, ending	5,264,674		4,539,203	5,264,674		4,539,203
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning				113,815		185,525
Net earnings (including net earnings attributable to noncontrolling interests)				5,194		(21,343)
Receipts related to noncontrolling interests				3,882		320
Payments related to noncontrolling interests				(30,412)		(47,909)
Non-cash distributions to noncontrolling interests						(2,158)
Non-cash activity related to noncontrolling interests				15,080		0
Balance, ending	107,559		114,435	107,559		114,435
Class A Common Stock | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning				20,543		20,409
Employee stock and directors plans				57		6
Stock issuance in connection with CalAtlantic acquisition				8,408
Stock Issued During Period, Value, Conversion of Convertible Securities, Net of Adjustments				365
Balance, ending	29,373		20,415	29,373		20,415
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
Stock Issued During Period, Value, Conversion of Convertible Securities, Net of Adjustments				7
Balance, ending	$ 3,944		$ 3,298	$ 3,944		$ 3,298
[1]	Under certain provisions of ASC 810, the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. As of May 31, 2018 , total liabilities include $420.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $14.8 million is included in Lennar Homebuilding accounts payable, $42.5 million in Lennar Homebuilding senior notes and other debts payable, $359.7 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.8 million in Lennar Homebuilding other liabilities, $1.6 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					6 Months Ended
	May 31, 2018		Feb. 28, 2018	May 31, 2017		May 31, 2018	May 31, 2017
Income Tax Disclosure [Abstract]
Write down of deferred tax asset resulting from Tax Cuts and Jobs Act			$ 68,600			$ 68,600
Provision for income taxes (1)	$ (75,961)	[1]		$ (108,892)	[1]	$ (208,572)	$ (128,861)
Effective tax rate	19.67%			33.76%		31.84%	33.86%
Effective tax rate, including impact of Tax Cuts and Jobs Act			21.40%
[1]	Provision for income taxes for the six months ended May 31, 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	6 Months Ended
	Feb. 28, 2018	May 31, 2018	Nov. 30, 2017
Income Tax Disclosure [Abstract]
Deferred tax assets		$ 771.8	$ 297.7
Unrecognized tax benefits		25.8	12.3
Business Acquisition [Line Items]
Income tax penalties and interest accrued		53	$ 49.7
Income tax penalties and interest expense		1.8
Write down of deferred tax asset resulting from Tax Cuts and Jobs Act	$ 68.6	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, $ in Thousands	Nov. 27, 2017	May 31, 2018		May 31, 2017		May 31, 2018	May 31, 2017
Numerator:
Net earnings attributable to Lennar		$ 310,257		$ 213,645		$ 446,472	$ 251,725
Less: distributed earnings allocated to nonvested shares		99		91		214	203
Less: undistributed earnings allocated to nonvested shares		2,557		1,972		3,929	2,254
Numerator for basic earnings per share		307,601		211,582		442,329	249,268
Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan		240		214		449	552
Plus: interest on convertible senior notes		54		0		80	0
Plus: undistributed earnings allocated to convertible shares		12		0		15	0
Numerator for diluted earnings per share		$ 307,427		$ 211,368		$ 441,975	$ 248,716
Denominator:
Denominator for basic earnings per share-weighted average common shares outstanding (shares)		325,259,000		236,875,000		289,462,000	236,863,000
Effect of dilutive securities:
Share-based payments (shares)		92,000		2,000		73,000	2,000
Convertible senior notes (shares)		1,467,000		0		1,098,000	0
Denominator for diluted earnings per share-weighted average common shares outstanding (shares)		326,818,000		236,877,000		290,633,000	236,865,000
Basic earnings per share (in dollars per share)		$ 0.95	[1]	$ 0.89	[1]	$ 1.53	$ 1.05
Diluted earnings per share (in dollars per share)		$ 0.94	[1]	$ 0.89	[1]	$ 1.52	$ 1.05
Class B Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock dividends (in shares)	4,700,000
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		0		0		0	0
[1]	Basic and diluted average shares outstanding and earnings per share calculations for the three and six months ended May 31, 2017 have been adjusted to reflect 4.7 million

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares	3 Months Ended		6 Months Ended
	May 31, 2018	May 31, 2017	May 31, 2018	May 31, 2017
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase outstanding and anti-dilutive shares	0	0	0	0

Lennar Financial Services Seg54

Lennar Financial Services Segment (Schedule Of Assets And Liabilities) (Details) - USD ($) $ in Thousands		May 31, 2018	Feb. 12, 2018	Nov. 30, 2017	May 31, 2017	Feb. 10, 2017	Nov. 30, 2016
Assets:
Cash and cash equivalents		$ 1,153,854		$ 2,650,872	$ 983,968		$ 1,329,529
Total assets	[1]	28,351,109		18,745,034
Liabilities:
Total liabilities	[2]	14,652,239		10,758,902
WCI Communities, Inc.
Assets:
Goodwill						$ 156,566
CalAtlantic Group, Inc.
Assets:
Goodwill			$ 3,300,000
Lennar Financial Services
Assets:
Cash and cash equivalents		162,992		117,410
Restricted cash		12,892		12,006
Receivables, net		307,987		313,252
Lennar Financial Services loans held-for-sale		935,519		937,516
Loans held-for-investment, net		75,218		44,193
Investments held-to-maturity		61,512		52,327
Investments available-for-sale		56,386		57,439
Goodwill		212,871		59,838
Other		117,748		95,527
Total assets	[1]	1,943,125		1,689,508
Liabilities:
Notes and other debts payable		944,551		937,431
Other		252,884		240,383
Total liabilities	[2]	1,197,435		1,177,814
Self-insurance reserves		56,700		57,700
Lennar Financial Services | Servicing Contracts
Liabilities:
Mortgage servicing rights		34,600		31,200
Lennar Financial Services | Mortgage loan commitments
Liabilities:
Other asset		25,100		9,900
Lennar Financial Services | Forward Contracts
Liabilities:
Other asset				$ 1,700
Other liability		(6,200)
Lennar Financial Services | WCI Communities, Inc.
Assets:
Goodwill		$ 20,000				$ 20,000
Lennar Financial Services | CalAtlantic Group, Inc.
Assets:
Goodwill			$ 150,000
[1]	Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. As of May 31, 2018 , total assets include $883.9 million related to consolidated VIEs of which $58.2 million is included in Lennar Homebuilding cash and cash equivalents, $1.9 million in Lennar Homebuilding receivables, net, $68.5 million in Lennar Homebuilding finished homes and construction in progress, $271.1 million in Lennar Homebuilding land and land under development, $404.8 million in Lennar Homebuilding consolidated inventory not owned, $4.7 million in Lennar Homebuilding investments in unconsolidated entities, $13.4 million in Lennar Homebuilding other assets, $16.1 million in Rialto assets and $45.2 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 ASC 810, the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. As of May 31, 2018 , total liabilities include $420.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $14.8 million is included in Lennar Homebuilding accounts payable, $42.5 million in Lennar Homebuilding senior notes and other debts payable, $359.7 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.8 million in Lennar Homebuilding other liabilities, $1.6 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 - USD ($)	6 Months Ended
	May 31, 2018	Jul. 31, 2018	Jul. 06, 2018
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	$ 1,615,000,000
364-day warehouse repurchase facility that matures March 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 June 2018 (1)
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	$ 600,000,000
Facility, term	364 days
364-day warehouse repurchase facility that matures June 2018
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	$ 15,000,000
Facility, term	364 days
Uncommitted amount	$ 15,000,000
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
Subsequent Event | 364-day warehouse repurchase facility that matures March 2018
Line of Credit Facility [Line Items]
Uncommitted amount		$ 150,000,000
Subsequent Event | 364-day warehouse repurchase facility that matures June 2019
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment			$ 700,000,000

Lennar Financial Services Seg56

Lennar Financial Services Segment (Narrative) (Details) - Lennar Financial Services - USD ($) $ in Thousands	May 31, 2018	Nov. 30, 2017
Segment Reporting Information [Line Items]
Notes and other debts payable	$ 944,551	$ 937,431
Outstanding principal balance	978,500	974,100
Warehouse Repurchase Facility
Segment Reporting Information [Line Items]
Notes and other debts payable	$ 944,600	$ 937,200

Lennar Financial Services Seg57

Lennar Financial Services Segment (Schedule Of Loan Origination Liabilities) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2018	May 31, 2017	May 31, 2018	May 31, 2017
Loss Contingency Accrual [Roll Forward]
Origination liabilities assumed related to CalAtlantic acquisition	$ 0	$ 0	$ 3,959	$ 0
Lennar Financial Services | Loss origination liability
Loss Contingency Accrual [Roll Forward]
Loan origination liabilities, beginning of period	27,110	25,003	22,543	24,905
Provision for losses	990	1,066	1,637	1,944
Payments/settlements	(84)	(157)	(123)	(937)
Loan origination liabilities, end of period	$ 28,016	$ 25,912	$ 28,016	$ 25,912

Rialto Segment (Assets And Liab

Rialto Segment (Assets And Liabilities By Segment) (Details) - USD ($) $ in Thousands		May 31, 2018	Nov. 30, 2017	May 31, 2017	Nov. 30, 2016
Assets:
Cash and cash equivalents		$ 1,153,854	$ 2,650,872	$ 983,968	$ 1,329,529
Total assets	[1]	28,351,109	18,745,034
Liabilities:
Total liabilities	[2]	14,652,239	10,758,902
Rialto
Assets:
Cash and cash equivalents		43,729	241,861
Restricted cash		12,096	22,466
Lennar Financial Services loans held-for-sale		326,988	236,018
Real estate owned, net		60,101	86,047
Investments in unconsolidated entities	[1]	295,840	265,418
Investments held-to-maturity		210,975	179,659
Other		104,899	122,371
Total assets	[1]	1,054,628	1,153,840
Liabilities:
Notes and other debts payable		370,077	625,081
Other		60,424	94,975
Total liabilities		430,501	720,056
Rialto | Warehouse Repurchase Facility
Liabilities:
Notes and other debts payable		$ 225,500	162,100
Rialto | Senior Notes | 7.00% Senior Notes due 2018
Liabilities:
Senior notes and other debts payable			$ 349,400
Interest rate		7.00%	7.00%
[1]	Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. As of May 31, 2018 , total assets include $883.9 million related to consolidated VIEs of which $58.2 million is included in Lennar Homebuilding cash and cash equivalents, $1.9 million in Lennar Homebuilding receivables, net, $68.5 million in Lennar Homebuilding finished homes and construction in progress, $271.1 million in Lennar Homebuilding land and land under development, $404.8 million in Lennar Homebuilding consolidated inventory not owned, $4.7 million in Lennar Homebuilding investments in unconsolidated entities, $13.4 million in Lennar Homebuilding other assets, $16.1 million in Rialto assets and $45.2 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 ASC 810, the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. As of May 31, 2018 , total liabilities include $420.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $14.8 million is included in Lennar Homebuilding accounts payable, $42.5 million in Lennar Homebuilding senior notes and other debts payable, $359.7 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.8 million in Lennar Homebuilding other liabilities, $1.6 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		6 Months Ended		12 Months Ended
		May 31, 2018USD ($)	May 31, 2017USD ($)	May 31, 2018USD ($)transaction	May 31, 2017USD ($)transaction	Nov. 30, 2015	Dec. 31, 2010business	Nov. 30, 2017USD ($)		Nov. 30, 2010
Segment Reporting Information [Line Items]
Originations of loans receivable				$ 0	$ 14,055,000
Assets	[1]	$ 28,351,109,000		28,351,109,000				$ 18,745,034,000
Liabilities	[2]	14,652,239,000		14,652,239,000				10,758,902,000
Distributions of earnings from unconsolidated entities				18,685,000	44,412,000
Rialto
Segment Reporting Information [Line Items]
Debt issue costs		3,400,000		3,400,000				3,100,000
Assets	[1]	1,054,628,000		1,054,628,000				1,153,840,000
Liabilities		430,501,000		430,501,000				720,056,000
Real estate owned, net		60,101,000		60,101,000				86,047,000
Borrowings under facilities		$ 370,077,000		$ 370,077,000				625,081,000
Percentage interest in loans		75.00%		75.00%
Maximum percentage of LLC equity units employees are eligible to receive as part of carried interest incentive plan						40.00%
Investments held-to-maturity		$ 210,975,000		$ 210,975,000				179,659,000
Rialto | Warehouse Repurchase Facility
Segment Reporting Information [Line Items]
Borrowings under facilities		225,500,000		225,500,000				162,100,000
Rialto | CMBS
Segment Reporting Information [Line Items]
Investments held-to-maturity		211,000,000		211,000,000				179,700,000	[1]
Impairment charges for CMBS securities		0	$ 0	$ 0	0
Rialto | CMBS | Minimum
Segment Reporting Information [Line Items]
Discount rate as a percentage of face value for held-to-maturity securities				9.00%
Coupon rate for held-to-maturity securities				1.30%
Rialto | CMBS | Maximum
Segment Reporting Information [Line Items]
Discount rate as a percentage of face value for held-to-maturity securities				84.00%
Coupon rate for held-to-maturity securities				5.00%
Rialto | Rialto Real Estate Fund, LP
Segment Reporting Information [Line Items]
Advanced distributions from unconsolidated entities		4,300,000	2,200,000	$ 7,400,000	3,100,000
Distributions of earnings from unconsolidated entities		3,300,000	$ 8,800,000	5,700,000	18,800,000
Rialto | Rialto Mortgage Finance
Segment Reporting Information [Line Items]
Originations of loans receivable				663,800,000	837,700,000
Proceeds from sale of loans held-for-sale				$ 556,300,000	$ 870,400,000
Number of securitization transactions | transaction				6	5
Receivables from securitization		0		$ 0				0
Rialto | Rialto Mortgage Finance | Warehouse Repurchase Facility
Segment Reporting Information [Line Items]
Borrowings under facilities		225,500,000		225,500,000				162,100,000
Rialto | Rialto Mortgage Finance | Performing Financing Receivable
Segment Reporting Information [Line Items]
Originations of loans receivable					$ 14,100,000
Rialto | Rialto Mortgage Finance | Held-for-sale
Segment Reporting Information [Line Items]
Originations of loans receivable					$ 823,700,000
Rialto | Variable Interest Entity, Primary Beneficiary
Segment Reporting Information [Line Items]
Assets		16,100,000		16,100,000				48,800,000
Liabilities		1,600,000		1,600,000				2,200,000
Rialto | Variable Interest Entity, Primary Beneficiary | FDIC Portfolio
Segment Reporting Information [Line Items]
Assets		16,100,000		16,100,000				48,800,000
Cash		7,300,000		7,300,000				23,800,000
Real estate owned, net		6,400,000		6,400,000				20,000,000
Loans receivable, net		$ 1,600,000		$ 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 May 31, 2018 , total assets include $883.9 million related to consolidated VIEs of which $58.2 million is included in Lennar Homebuilding cash and cash equivalents, $1.9 million in Lennar Homebuilding receivables, net, $68.5 million in Lennar Homebuilding finished homes and construction in progress, $271.1 million in Lennar Homebuilding land and land under development, $404.8 million in Lennar Homebuilding consolidated inventory not owned, $4.7 million in Lennar Homebuilding investments in unconsolidated entities, $13.4 million in Lennar Homebuilding other assets, $16.1 million in Rialto assets and $45.2 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 ASC 810, the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. As of May 31, 2018 , total liabilities include $420.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $14.8 million is included in Lennar Homebuilding accounts payable, $42.5 million in Lennar Homebuilding senior notes and other debts payable, $359.7 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.8 million in Lennar Homebuilding other liabilities, $1.6 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	6 Months Ended
	May 31, 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		May 31, 2018	Nov. 30, 2017
Schedule of Equity Method Investments [Line Items]
Investment	[1]	$ 295,840	$ 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		40,645	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		86,261	86,904
Rialto Real Estate Fund III
Schedule of Equity Method Investments [Line Items]
Equity Commitments		1,887,000
Equity Commitments Called		972,634
Commitment to Fund by the Company		140,000
Funds Contributed by the Company		69,346
Investment		67,052	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		14,661	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		54,055	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		13,407	13,288
Other investments
Schedule of Equity Method Investments [Line Items]
Investment		$ 19,759	$ 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 May 31, 2018 , total assets include $883.9 million related to consolidated VIEs of which $58.2 million is included in Lennar Homebuilding cash and cash equivalents, $1.9 million in Lennar Homebuilding receivables, net, $68.5 million in Lennar Homebuilding finished homes and construction in progress, $271.1 million in Lennar Homebuilding land and land under development, $404.8 million in Lennar Homebuilding consolidated inventory not owned, $4.7 million in Lennar Homebuilding investments in unconsolidated entities, $13.4 million in Lennar Homebuilding other assets, $16.1 million in Rialto assets and $45.2 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		6 Months Ended
	May 31, 2018	May 31, 2017	May 31, 2018	May 31, 2017	Nov. 30, 2017
Segment Reporting Information [Line Items]
Equity in earnings (loss) from unconsolidated entities			$ 3,740	$ 5,986
Rialto
Segment Reporting Information [Line Items]
Cash and cash equivalents	$ 74,585		74,585		$ 95,552
Loans receivable	612,649		612,649		538,317
Real estate owned	287,037		287,037		348,601
Investment securities	2,195,040		2,195,040		1,849,795
Investments in partnerships	452,034		452,034		393,874
Other assets	46,417		46,417		42,949
Total assets	3,667,762		3,667,762		3,269,088
Accounts payable and other liabilities	33,406		33,406		48,374
Notes payable	605,315		605,315		576,810
Equity	3,029,041		3,029,041		2,643,904
Total liabilities and equity	3,667,762		3,667,762		3,269,088
Revenues	95,773	$ 61,030	185,537	118,186
Costs and expenses	21,365	29,000	43,436	57,001
Other income (expense), net	(27,709)	9,321	21,478	9,648
Net earnings (loss) of unconsolidated entities	46,699	41,351	163,579	70,833
Equity in earnings (loss) from unconsolidated entities	4,116	$ 5,730	13,230	$ 6,452
Debt issue costs	$ 3,400		$ 3,400		$ 3,100

Lennar Multifamily Segment (Ass

Lennar Multifamily Segment (Assets and Liabilities related to Multifamily Segment) (Details) - USD ($) $ in Thousands		May 31, 2018	Nov. 30, 2017		May 31, 2017	Nov. 30, 2016
Assets:
Cash and cash equivalents		$ 1,153,854	$ 2,650,872		$ 983,968	$ 1,329,529
Total assets	[1]	28,351,109	18,745,034
Lennar Multifamily
Segment Reporting Information [Line Items]
Debt issuance cost		18,700	17,600
Assets:
Cash and cash equivalents		15,380	8,676
Receivables, net		74,699	69,678
Land under development		268,135	208,618
Investments in unconsolidated entities		480,298	407,544
Other assets		34,329	16,209
Total assets		872,841	710,725	[1]
Liabilities:
Accounts payable and other liabilities		$ 145,951	$ 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 May 31, 2018 , total assets include $883.9 million related to consolidated VIEs of which $58.2 million is included in Lennar Homebuilding cash and cash equivalents, $1.9 million in Lennar Homebuilding receivables, net, $68.5 million in Lennar Homebuilding finished homes and construction in progress, $271.1 million in Lennar Homebuilding land and land under development, $404.8 million in Lennar Homebuilding consolidated inventory not owned, $4.7 million in Lennar Homebuilding investments in unconsolidated entities, $13.4 million in Lennar Homebuilding other assets, $16.1 million in Rialto assets and $45.2 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) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 31, 2018USD ($)apartmentasset	May 31, 2018USD ($)	May 31, 2017USD ($)	May 31, 2018USD ($)	May 31, 2017USD ($)	Nov. 30, 2017USD ($)
Segment Reporting Information [Line Items]
Distributions of capital from unconsolidated entities				$ 196,073	$ 96,499
Lennar Multifamily
Segment Reporting Information [Line Items]
Non-recourse debt with completion guarantees		$ 1,000,000		1,000,000		$ 896,700
General Contractor Revenue		97,000	$ 84,600	178,800	160,400
General Contractor Costs		93,600	83,300	172,200	157,000
Investments in unconsolidated entities		480,298		480,298		407,544
Lennar Multifamily | Variable Interest Entity, Not Primary Beneficiary | Equity Commitments
Segment Reporting Information [Line Items]
Obligations related to VIEs		303,000		303,000		153,300
Lennar Multifamily | Lennar Multifamily Venture
Segment Reporting Information [Line Items]
Total equity commitments		2,200,000		2,200,000
Equity commitments		504,000		504,000
Equity commitments called during period				231,700
Equity commitment contributions during period					53,100
Distributions of capital from unconsolidated entities				2,600
Equity Commitments Called		1,700,000		1,700,000
Funds contributed by the company		403,800		403,800
Investments in unconsolidated entities		369,800		369,800		323,800
Lennar Multifamily | Lennar Multifamily Venture | Variable Interest Entity, Not Primary Beneficiary | Equity Commitments
Segment Reporting Information [Line Items]
Obligations related to VIEs		(100,200)		(100,200)
Lennar Multifamily | Lennar Multifamily Venture II LP
Segment Reporting Information [Line Items]
Total equity commitments	$ 500,000
Equity commitments	$ 255,000
Equity commitments called during period				106,100
Equity commitment contributions during period				52,200
Equity commitments called during period, inventory contributions				92,200
Remaining equity commitment		202,800		202,800
Distributions of capital from unconsolidated entities				40,000
Investments in unconsolidated entities		42,900		42,900
Number of assets transferred | asset	6
Number of apartments | apartment	2,200
Projected project costs	$ 900,000
Lennar Multifamily | Unconsolidated Entities
Segment Reporting Information [Line Items]
Fee Income		12,400	$ 15,200	23,900	$ 28,100
Lennar Multifamily | Financial Letters of Credit
Segment Reporting Information [Line Items]
Letters of credit outstanding		$ 4,600		$ 4,600		$ 4,700

Lennar Multifamily Segment (Con

Lennar Multifamily Segment (Condensed Financial Information by Equity Method Investments) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2018USD ($)property	May 31, 2017USD ($)property	May 31, 2018USD ($)property	May 31, 2017USD ($)property	Nov. 30, 2017USD ($)
Segment Reporting Information [Line Items]
Distributions of capital from unconsolidated entities			$ 196,073	$ 96,499
Liabilities and equity:
Equity in earnings (loss) from unconsolidated entities			3,740	5,986
Lennar Multifamily
Assets:
Cash and cash equivalents	$ 61,536		61,536		$ 37,073
Operating properties and equipment	3,399,859		3,399,859		2,952,070
Other assets	33,651		33,651		36,772
Total assets	3,495,046		3,495,046		3,025,915
Liabilities and equity:
Accounts payable and other liabilities	205,557		205,557		212,123
Notes payable	1,103,497		1,103,497		879,047
Equity	2,185,992		2,185,992		1,934,745
Total liabilities and equity	3,495,046		3,495,046		3,025,915
Debt issuance cost	18,700		18,700		17,600
Revenues	27,121	$ 13,975	51,073	25,592
Costs and expenses	43,482	24,477	75,277	46,823
Other income (expense), net	31,562	28,190	38,869	78,729
Net earnings (loss) of unconsolidated entities	15,201	17,688	14,665	57,498
Equity in earnings (loss) from unconsolidated entities	14,281	9,427	17,023	32,574
Gain on disposition of assets	$ 17,400	$ 11,400	$ 21,500	$ 37,400
Number of operating properties sold | property	2	1	3	3
General Contractor Revenue	$ 97,000	$ 84,600	$ 178,800	$ 160,400
General Contractor Costs	93,600	83,300	172,200	157,000
Investment	480,298		480,298		407,544
Equity Method Investee | Lennar Multifamily
Segment Reporting Information [Line Items]
Management Fees Revenue	12,400	$ 15,200	23,900	28,100
Lennar Multifamily Venture II LP | Lennar Multifamily
Segment Reporting Information [Line Items]
Distributions of capital from unconsolidated entities			40,000
Equity commitments called during period			106,100
Equity commitment contributions during period			52,200
Liabilities and equity:
Investment	42,900		42,900
Lennar Multifamily Venture | Lennar Multifamily
Segment Reporting Information [Line Items]
Funds Contributed by the Company	403,800		403,800
Distributions of capital from unconsolidated entities			2,600
Equity commitments called during period			231,700
Equity commitment contributions during period				$ 53,100
Liabilities and equity:
Equity Commitments Called	1,700,000		1,700,000
Investment	$ 369,800		$ 369,800		$ 323,800

Lennar Homebuilding Cash and 66

Lennar Homebuilding Cash and Cash Equivalents (Details) - USD ($) $ in Millions	6 Months Ended
	May 31, 2018	Nov. 30, 2017
Cash and Cash Equivalents [Abstract]
Cash held in escrow	$ 695.8	$ 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		Jul. 06, 2018	May 31, 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]		$ 9,985,615		$ 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]
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]
Senior notes and other debts payable			$ 249,787		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			$ 274,744		274,459
Interest rate			4.125%
Lennar Homebuilding | Senior Notes | 0.25% convertible senior notes due 2019
Debt Instrument [Line Items]
Senior notes and other debts payable			$ 1,422		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			$ 499,189		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			$ 598,751		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			$ 298,547		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			$ 316,480		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			$ 497,720		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			$ 449,558		0
Interest rate			8.375%
Lennar Homebuilding | Senior Notes | 6.25% senior notes due December 2021 (1)
Debt Instrument [Line Items]
Senior notes and other debts payable			$ 319,353		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			$ 596,399		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			$ 570,024		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			$ 262,992		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			$ 395,361		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			$ 645,715		645,353
Interest rate			4.50%
Lennar Homebuilding | Senior Notes | 5.875% senior notes due 2024 (1)
Debt Instrument [Line Items]
Senior notes and other debts payable			$ 455,588		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			$ 496,892		496,671
Interest rate			4.75%
Lennar Homebuilding | Senior Notes | 5.25% senior notes due 2026 (1)
Debt Instrument [Line Items]
Senior notes and other debts payable			$ 410,148		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			$ 891,923		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			$ 353,623		0
Interest rate			5.00%
Lennar Homebuilding | Mortgage notes on land and other debt
Debt Instrument [Line Items]
Senior notes and other debts payable			$ 451,399		398,417
Lennar Homebuilding | Unsecured revolving credit facility
Debt Instrument [Line Items]
Senior notes and other debts payable			$ 950,000		$ 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 (1)
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 (1)
Debt Instrument [Line Items]
Senior notes and other debts payable				421,400
CalAtlantic Group, Inc. | Senior Notes | 5.25% senior notes due 2026 (1)
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 | Lennar Homebuilding | Senior Notes | 6.95% senior notes due 2018
Debt Instrument [Line Items]
Senior notes and other debts payable		$ 250,000
Interest rate		6.95%
[1]	Under certain provisions of ASC 810, the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. As of May 31, 2018 , total liabilities include $420.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $14.8 million is included in Lennar Homebuilding accounts payable, $42.5 million in Lennar Homebuilding senior notes and other debts payable, $359.7 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.8 million in Lennar Homebuilding other liabilities, $1.6 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	6 Months Ended
		Jul. 06, 2018	May 31, 2018	May 31, 2018	May 31, 2018	May 31, 2017	Feb. 28, 2018	Feb. 12, 2018	Jan. 31, 2018	Nov. 30, 2017
Senior Notes
Debt Instrument [Line Items]
Proceeds from senior notes and debt issuance costs						$ 1,235,940,000
Senior Notes | 1.625% Convertible senior notes due 2018 and 8.375% senior notes due 2018
Debt Instrument [Line Items]
Payments to noteholders				$ 59,100,000
Principal amount			$ 1,300,000	$ 1,300,000	$ 1,300,000
Senior Notes | 6.95% senior notes due 2018
Debt Instrument [Line Items]
Interest rate			6.95%	6.95%	6.95%
Lennar Homebuilding
Debt Instrument [Line Items]
Senior notes and other debts payable	[1]		$ 9,985,615,000	$ 9,985,615,000	$ 9,985,615,000					$ 6,410,003,000
Guarantee by subsidiaries					$ 75,000,000
Lennar Homebuilding | 4.125% senior notes due 2022
Debt Instrument [Line Items]
Interest rate			4.125%	4.125%	4.125%
Lennar Homebuilding | 4.500% senior notes due 2024
Debt Instrument [Line Items]
Interest rate			4.50%	4.50%	4.50%
Lennar Homebuilding | Surety Bond
Debt Instrument [Line Items]
Outstanding performance and surety bonds			$ 2,500,000,000	$ 2,500,000,000	$ 2,500,000,000
Uncompleted site improvements amount			1,300,000,000	1,300,000,000	$ 1,300,000,000
Uncompleted site improvements percent					51.00%
Lennar Homebuilding | Unsecured revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 2,600,000,000		$ 2,000,000,000
Senior notes and other debts payable			950,000,000	950,000,000	$ 950,000,000					0
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							2,200,000,000
Lennar Homebuilding | Unsecured revolving credit facility | Credit Facility Due in June 2018
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 70,000,000
Accordion feature			245,000,000	245,000,000	245,000,000
Lennar Homebuilding | Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity			315,000,000	315,000,000	315,000,000
Lennar Homebuilding | Performance Letters of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity			500,000,000	500,000,000	500,000,000
Letters of credit outstanding			515,600,000	515,600,000	515,600,000					384,400,000
Lennar Homebuilding | Financial Letters of Credit
Debt Instrument [Line Items]
Letters of credit outstanding			169,300,000	169,300,000	169,300,000					127,400,000
Lennar Homebuilding | Senior Notes
Debt Instrument [Line Items]
Debt issuance cost			$ 35,700,000	$ 35,700,000	$ 35,700,000					33,500,000
Lennar Homebuilding | Senior Notes | 8.375% senior notes due 2018
Debt Instrument [Line Items]
Interest rate			8.375%	8.375%	8.375%
Lennar Homebuilding | Senior Notes | 4.125% senior notes due 2022
Debt Instrument [Line Items]
Interest rate			4.125%	4.125%	4.125%
Senior notes and other debts payable			$ 596,399,000	$ 596,399,000	$ 596,399,000					595,904,000
Lennar Homebuilding | Senior Notes | 4.500% senior notes due 2024
Debt Instrument [Line Items]
Interest rate			4.50%	4.50%	4.50%
Senior notes and other debts payable			$ 645,715,000	$ 645,715,000	$ 645,715,000					645,353,000
Lennar Homebuilding | Senior Notes | 6.95% senior notes due 2018
Debt Instrument [Line Items]
Interest rate			6.95%	6.95%	6.95%
Senior notes and other debts payable			$ 249,787,000	$ 249,787,000	$ 249,787,000					249,342,000
Lennar Homebuilding | Senior Notes | 1.625% convertible senior notes due 2018
Debt Instrument [Line Items]
Principal amount of debt converted				$ 6,700,000
Interest rate			1.625%	1.625%	1.625%
Lennar Homebuilding | Senior Notes | 0.25% convertible senior notes due 2019
Debt Instrument [Line Items]
Principal amount of debt converted				$ 266,200,000
Interest rate			0.25%	0.25%	0.25%
Senior notes and other debts payable			$ 1,422,000	$ 1,422,000	$ 1,422,000					$ 0
Subsequent Event | Lennar Homebuilding | Senior Notes | 6.95% senior notes due 2018
Debt Instrument [Line Items]
Interest rate		6.95%
Redemption price		100.00%
Senior notes and other debts payable		$ 250,000,000
CalAtlantic Group, Inc. | Senior Notes | 8.375% senior notes due 2018
Debt Instrument [Line Items]
Principal amount			$ 575,000,000	$ 575,000,000	$ 575,000,000
Redemption price			100.00%
Senior notes and other debts payable								$ 485,600,000
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 in debt conversion (in shares)				3,654,000
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 in debt conversion (in shares)				72,000
[1]	Under certain provisions of ASC 810, the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. As of May 31, 2018 , total liabilities include $420.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $14.8 million is included in Lennar Homebuilding accounts payable, $42.5 million in Lennar Homebuilding senior notes and other debts payable, $359.7 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.8 million in Lennar Homebuilding other liabilities, $1.6 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

Product Warranty (Schedule of P

Product Warranty (Schedule of Product Warranty Reserve) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2018	May 31, 2017	May 31, 2018	May 31, 2017
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty reserve, beginning of the period	$ 270,056	$ 138,987	$ 164,619	$ 135,403
Warranties issued	47,855	29,430	72,544	50,150
Adjustments to pre-existing warranties from changes in estimates	7,227	7,987	10,095	10,333
Warranties assumed related to acquisitions	9,150	0	117,554	6,345
Payments	(39,578)	(24,571)	(70,102)	(50,398)
Warranty reserve, end of period	$ 294,710	$ 151,833	$ 294,710	$ 151,833

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		6 Months Ended
	May 31, 2018	May 31, 2017	May 31, 2018	May 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares granted (in shares)		0	0.4	0
Compensation expense for share-based awards	$ 16	$ 12.3	$ 33.7	$ 24.8

Financial Instruments and Fai71

Financial Instruments and Fair Value Disclosures - (Carrying Amounts And Estimated Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands	May 31, 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	$ 9,985,615	$ 6,410,003
Lennar Homebuilding | Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	9,937,068	6,598,848
Rialto | Level 3 | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments held-to-maturity	210,975	179,659
Rialto | Level 3 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments held-to-maturity	232,909	199,190
Rialto | Level 2 | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	370,077	625,081
Rialto | Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	371,971	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	75,218	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	67,826	41,795
Lennar Financial Services | Level 2 | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments held-to-maturity	61,512	52,327
Notes and other debts payable	944,551	937,431
Lennar Financial Services | Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments held-to-maturity	61,159	52,189
Notes and other debts payable	$ 944,551	$ 937,431

Financial Instruments and Fai72

Financial Instruments and Fair Value Disclosures - (Fair Value Measured On Recurring Basis) (Details) - USD ($) $ in Thousands	May 31, 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	$ 323,200	$ 235,400
Aggregate fair value of loans (below) in excess of principal balance	2,200	(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	325,373	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	1,029	995
Lennar Financial Services
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Investments available-for-sale	56,386	57,439
Lennar Financial Services | Mortgage loan commitments
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Financial asset	25,100	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	6,200
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	906,500	908,800
Aggregate fair value of loans (below) in excess of principal balance	29,000	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	56,386	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	935,519	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	34,592	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	25,091	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	$ (6,195)	$ 1,681

Financial Instruments and Fai73

Financial Instruments and Fair Value Disclosures - (Narrative) (Details) $ in Millions	6 Months Ended
	May 31, 2018USD ($)communityhomes	May 31, 2017USD ($)communitycommunitieshomes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Discount rate	20.00%	20.00%
Active communities	1,320	732
Number of communities assessed for impairment | community	19	16
Number of homesites assessed for impairment | homes	1,013	677
Inventory with potential indicators of impairment	$ 113.2	$ 70
Valuation adjustments to inventory	$ 17.6	$ 7.5
Number of homes impaired | homes	570	469
Number of communities impaired | community	3	6
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Carrying value of homesites impaired	$ 31.3	$ 12
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	12.50%
Delinquency rate	8.80%
Commitments to Sell MBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Open commitments	$ 1,500

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		6 Months Ended
	May 31, 2018	May 31, 2017	May 31, 2018	May 31, 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	$ (589)	$ 419	$ (1,247)	$ 1,391
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	(589)	419	(1,247)	1,391
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	16,586	10,737	289	24,037
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	13,438	4,715	15,219	10,935
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	(11,039)	(5,049)	(7,876)	(33,263)
Fair Value, Measurements, Recurring | Lennar Financial Services | Investments available-for-sale
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Changes in fair value included in revenue	126	(4)	126	(4)
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	$ (55)	$ (885)	$ 33	$ (1,316)

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		6 Months Ended
	May 31, 2018	May 31, 2017	May 31, 2018	May 31, 2017
Mortgage servicing rights | Lennar Financial Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 36,772	$ 26,497	$ 31,163	$ 23,930
Purchases/loan originations	1,857	2,866	4,145	5,712
Sales/loan originations sold, including those not settled	0	0	0	0
Disposals/settlements	(3,326)	(904)	(4,539)	(1,795)
Changes in fair value	(711)	(1,089)	3,823	(477)
Interest and principal paydowns	0	0	0	0
Ending balance	34,592	27,370	34,592	27,370
RMF loans held-for-sale | Rialto
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	123,398	44,939	234,403	126,947
Purchases/loan originations	425,870	429,320	663,835	823,660
Sales/loan originations sold, including those not settled	(228,141)	(392,678)	(575,853)	(870,394)
Disposals/settlements	0	0	0	0
Changes in fair value	2,618	1,078	3,370	2,498
Interest and principal paydowns	1,628	144	(382)	92
Ending balance	$ 325,373	$ 82,803	$ 325,373	$ 82,803

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		6 Months Ended
	May 31, 2018	May 31, 2017	May 31, 2018	May 31, 2017
Rialto
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Impaired loans receivable, carrying value			$ 0	$ 31,554
Impaired loans receivable, fair value			0	18,885
Impaired loans receivable, total losses, net			0	(12,669)
FDIC Portfolios loans held-for-sale, carrying value	$ 0	$ 29,030	0	29,030
FDIC Portfolios loans held-for-sale, fair value	0	23,812	0	23,812
FDIC Portfolios loans held-for-sale, total losses, net	0	(5,218)	0	(5,218)
REO, net: Upon acquisition/transfer, carrying value	0	21,429	0	30,303
REO, net: Upon acquisition/transfer, fair value	0	20,271	0	28,690
REO, net: Upon acquisition/transfer, total gains (losses)	0	(1,158)	0	(1,613)
REO, net: Upon management periodic valuation, carrying value	2,951	50,075	15,251	84,330
REO, net: Upon management periodic valuation, fair value	2,459	36,250	9,275	58,176
REO, net: Upon management periodic valuation, total gains (losses)	(492)	(13,825)	(5,976)	(26,154)
Lennar Homebuilding
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Finished homes and construction in progress, fair value	0	6,659	0	6,659
Finished homes and construction in progress, carrying value	0	2,745	0	2,745
Finished homes and construction in progress, total losses, net	0	(3,914)	0	(3,914)
Land and land under development, carrying value	13,858	6,771	66,787	6,771
Land and land under development, fair value	3,122	3,094	46,687	3,094
Land and land under development, total gains (losses)	$ (10,736)	$ (3,677)	$ (20,100)	$ (3,677)

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) $ in Millions	6 Months Ended
	May 31, 2018USD ($)communityhomes$ / homes	May 31, 2017USD ($)communityhomes$ / homes
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Valuation adjustments to inventory | $	$ 17.6	$ 7.5
Discount rate	20.00%	20.00%
Number of homes impaired | homes	570	469
Number of communities impaired | community	3	6
Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Average selling price | $ / homes	233,000,000	125,000,000
Absorption rate per quarter (homes)	5	4
Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Average selling price | $ / homes	572,000,000	567,000,000
Absorption rate per quarter (homes)	16	10
Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Carrying value of homesites impaired | $	$ 31.3	$ 12

Variable Interest Entities (Nar

Variable Interest Entities (Narrative) (Details) $ in Millions	6 Months Ended
	May 31, 2018USD ($)joint_venture	Nov. 30, 2017USD ($)joint_venture
Variable Interest Entity [Line Items]
Consolidated VIEs assets	$ 883.9	$ 799.4
Consolidated VIEs liabilities	$ 420.5	$ 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	$ 11.5
Variable Interest Entity, Not Primary Beneficiary Including Third Parties
Variable Interest Entity [Line Items]
Non-refundable option deposits and pre-acquisition costs	249.8	$ 137
Financial Standby Letters of Credit | Variable Interest Entity, Not Primary Beneficiary Including Third Parties
Variable Interest Entity [Line Items]
Letters of credit outstanding	53.2	51.8
Lennar Multifamily | Equity Commitments | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Obligations to make capital contributions to VIEs	(303)	(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	$ (66.8)	$ (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		May 31, 2018	Nov. 30, 2017
Lennar Homebuilding
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	[1]	$ 960,676	$ 900,769
Rialto
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	[1]	295,840	265,418
Lennar Multifamily
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities		$ 480,298	$ 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 May 31, 2018 , total assets include $883.9 million related to consolidated VIEs of which $58.2 million is included in Lennar Homebuilding cash and cash equivalents, $1.9 million in Lennar Homebuilding receivables, net, $68.5 million in Lennar Homebuilding finished homes and construction in progress, $271.1 million in Lennar Homebuilding land and land under development, $404.8 million in Lennar Homebuilding consolidated inventory not owned, $4.7 million in Lennar Homebuilding investments in unconsolidated entities, $13.4 million in Lennar Homebuilding other assets, $16.1 million in Rialto assets and $45.2 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	May 31, 2018	Nov. 30, 2017
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	$ 786,531	$ 706,638
Lennar’s Maximum Exposure to Loss	1,167,208	931,932
Lennar Homebuilding | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	144,914	181,804
Lennar’s Maximum Exposure to Loss	217,776	248,909
Obligations related to VIEs	66,800	61,600
Rialto
Variable Interest Entity [Line Items]
Investments held-to-maturity	210,975	179,659
Rialto | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	210,975	179,659
Lennar’s Maximum Exposure to Loss	210,975	179,659
Investments held-to-maturity	211,000	179,700
Lennar Multifamily | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	430,642	345,175
Lennar’s Maximum Exposure to Loss	738,457	503,364
Lennar Multifamily | Variable Interest Entity, Not Primary Beneficiary | Equity Commitments
Variable Interest Entity [Line Items]
Obligations related to VIEs	303,000	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 $ in Millions	3 Months Ended
	Feb. 28, 2017USD ($)
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)	6 Months Ended
	May 31, 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
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 (1)
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 (1)
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 (1)
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		May 31, 2018		Nov. 30, 2017		May 31, 2017	Nov. 30, 2016
Assets:
Total assets	[1]	$ 28,351,109		$ 18,745,034
LIABILITIES AND EQUITY
Total liabilities	[2]	14,652,239		10,758,902
Stockholders’ equity	[2]	13,591,311		7,872,317
Noncontrolling interests	[2]	107,559		113,815
Total equity		13,698,870	[2]	7,986,132	[2]	$ 7,437,006	$ 7,211,567
Total liabilities and equity	[2]	28,351,109		18,745,034
Lennar Homebuilding
Assets:
Cash and cash equivalents, restricted cash and receivables, net		1,143,246		2,429,332
Inventories		17,394,994		10,860,890
Investments in unconsolidated entities	[1]	960,676		900,769
Goodwill	[1]	3,451,994		136,566
Other assets	[1]	1,529,605		863,404
Investments in subsidiaries		0		0
Intercompany		0		0
Total assets	[1]	24,480,515		15,190,961
LIABILITIES AND EQUITY
Accounts payable and other liabilities		2,533,001		1,920,594
Liabilities related to consolidated inventory not owned	[2]	359,736		380,720
Senior notes and other debts payable	[2]	9,985,615		6,410,003
Intercompany		0		0
Total liabilities	[2]	12,878,352		8,711,317
Lennar Financial Services
Assets:
Goodwill		212,871		59,838
Other assets		117,748		95,527
Total assets	[1]	1,943,125		1,689,508
Lennar Financial Services loans held-for-sale		935,519		937,516
Lennar Financial Services		1,943,125		1,689,508
LIABILITIES AND EQUITY
Total liabilities	[2]	1,197,435		1,177,814
Rialto
Assets:
Investments in unconsolidated entities	[1]	295,840		265,418
Goodwill		5,396		5,396
Other assets		104,899		122,371
Total assets	[1]	1,054,628		1,153,840
Lennar Financial Services loans held-for-sale		326,988		236,018
LIABILITIES AND EQUITY
Total liabilities		430,501		720,056
Lennar Multifamily
Assets:
Investments in unconsolidated entities		480,298		407,544
Other assets		34,329		16,209
Total assets		872,841		710,725	[1]
LIABILITIES AND EQUITY
Accounts payable and other liabilities		145,951		149,715
Total liabilities	[2]	145,951		149,715
Reportable Legal Entities | Lennar Corporation
Assets:
Total assets		23,578,863		14,519,129
LIABILITIES AND EQUITY
Total liabilities		9,987,552		6,646,812
Stockholders’ equity		13,591,311		7,872,317
Noncontrolling interests		0		0
Total equity		13,591,311		7,872,317
Total liabilities and equity		23,578,863		14,519,129
Reportable Legal Entities | Lennar Corporation | Lennar Homebuilding
Assets:
Cash and cash equivalents, restricted cash and receivables, net		472,560		1,945,024
Inventories		0		0
Investments in unconsolidated entities		0		0
Goodwill		0		0
Other assets		357,270		246,490
Investments in subsidiaries		10,712,911		4,446,309
Intercompany		12,036,122		7,881,306
Total assets		23,578,863		14,519,129
LIABILITIES AND EQUITY
Accounts payable and other liabilities		520,808		635,227
Liabilities related to consolidated inventory not owned		0		0
Senior notes and other debts payable		9,466,744		6,011,585
Intercompany		0		0
Total liabilities		9,987,552		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		23,477,686		12,747,512
LIABILITIES AND EQUITY
Total liabilities		13,060,569		8,597,055
Stockholders’ equity		10,417,117		4,150,457
Noncontrolling interests		0		0
Total equity		10,417,117		4,150,457
Total liabilities and equity		23,477,686		12,747,512
Reportable Legal Entities | Guarantor Subsidiaries | Lennar Homebuilding
Assets:
Cash and cash equivalents, restricted cash and receivables, net		604,171		462,336
Inventories		17,040,795		10,560,996
Investments in unconsolidated entities		944,238		884,294
Goodwill		3,451,994		136,566
Other assets		1,050,836		520,899
Investments in subsidiaries		89,622		52,237
Intercompany		0		0
Total assets		23,181,656		12,617,328
LIABILITIES AND EQUITY
Accounts payable and other liabilities		1,734,807		1,011,051
Liabilities related to consolidated inventory not owned		346,236		367,220
Senior notes and other debts payable		476,411		394,365
Intercompany		10,458,135		6,775,719
Total liabilities		13,015,589		8,548,355
Reportable Legal Entities | Guarantor Subsidiaries | Lennar Financial Services
Assets:
Total assets		296,030
Lennar Financial Services				130,184
LIABILITIES AND EQUITY
Total liabilities		0		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		44,980		0
Reportable Legal Entities | Non-Guarantor Subsidiaries
Assets:
Total assets		4,152,285		3,878,862
LIABILITIES AND EQUITY
Total liabilities		3,659,310		3,416,958
Stockholders’ equity		385,416		348,089
Noncontrolling interests		107,559		113,815
Total equity		492,975		461,904
Total liabilities and equity		4,152,285		3,878,862
Reportable Legal Entities | Non-Guarantor Subsidiaries | Lennar Homebuilding
Assets:
Cash and cash equivalents, restricted cash and receivables, net		66,515		21,972
Inventories		354,199		299,894
Investments in unconsolidated entities		16,438		16,475
Other assets		139,481		114,431
Investments in subsidiaries		0		0
Intercompany		0		0
Total assets		576,633		452,772
LIABILITIES AND EQUITY
Accounts payable and other liabilities		296,456		294,933
Liabilities related to consolidated inventory not owned		13,500		13,500
Senior notes and other debts payable		42,460		4,053
Intercompany		1,577,987		1,105,587
Total liabilities		1,930,403		1,418,073
Reportable Legal Entities | Non-Guarantor Subsidiaries | Lennar Financial Services
Assets:
Total assets		1,648,183
Lennar Financial Services				1,561,525
LIABILITIES AND EQUITY
Total liabilities		145,951		1,129,114
Reportable Legal Entities | Non-Guarantor Subsidiaries | Rialto
Assets:
Total assets		1,054,628		1,153,840
LIABILITIES AND EQUITY
Total liabilities		430,501		720,056
Reportable Legal Entities | Non-Guarantor Subsidiaries | Lennar Multifamily
Assets:
Total assets		872,841		710,725
LIABILITIES AND EQUITY
Total liabilities		1,152,455		149,715
Consolidating Adjustments
Assets:
Total assets		(22,857,725)		(12,400,469)
LIABILITIES AND EQUITY
Total liabilities		(12,055,192)		(7,901,923)
Stockholders’ equity		(10,802,533)		(4,498,546)
Noncontrolling interests		0		0
Total equity		(10,802,533)		(4,498,546)
Total liabilities and equity		(22,857,725)		(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		(17,982)		(18,416)
Investments in subsidiaries		(10,802,533)		(4,498,546)
Intercompany		(12,036,122)		(7,881,306)
Total assets		(22,856,637)		(12,398,268)
LIABILITIES AND EQUITY
Accounts payable and other liabilities		(19,070)		(20,617)
Liabilities related to consolidated inventory not owned		0		0
Senior notes and other debts payable		0		0
Intercompany		(12,036,122)		(7,881,306)
Total liabilities		(12,055,192)		(7,901,923)
Consolidating Adjustments | Lennar Financial Services
Assets:
Total assets		(1,088)
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 May 31, 2018 , total assets include $883.9 million related to consolidated VIEs of which $58.2 million is included in Lennar Homebuilding cash and cash equivalents, $1.9 million in Lennar Homebuilding receivables, net, $68.5 million in Lennar Homebuilding finished homes and construction in progress, $271.1 million in Lennar Homebuilding land and land under development, $404.8 million in Lennar Homebuilding consolidated inventory not owned, $4.7 million in Lennar Homebuilding investments in unconsolidated entities, $13.4 million in Lennar Homebuilding other assets, $16.1 million in Rialto assets and $45.2 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 ASC 810, the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. As of May 31, 2018 , total liabilities include $420.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $14.8 million is included in Lennar Homebuilding accounts payable, $42.5 million in Lennar Homebuilding senior notes and other debts payable, $359.7 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.8 million in Lennar Homebuilding other liabilities, $1.6 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				6 Months Ended
	May 31, 2018		May 31, 2017		May 31, 2018	May 31, 2017
Revenues:
Revenues	$ 5,459,061		$ 3,261,892		$ 8,439,852	$ 5,599,320
Cost and expenses:
Acquisition and integration costs related to CalAtlantic	23,875		0		128,070	0
Corporate general and administrative	84,915		66,774		152,725	127,473
Total costs and expenses	5,077,732		2,928,667		7,947,801	5,077,868
Equity in earnings (loss) from unconsolidated entities					3,740	5,986
Earnings before income taxes	390,810		309,600		660,238	359,243
Benefit (provision) for income taxes	(75,961)	[1]	(108,892)	[1]	(208,572)	(128,861)
Equity in earnings from subsidiaries			0			0
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	314,849		200,708		451,666	230,382
Less: Net earnings (loss) attributable to noncontrolling interests	4,592		(12,937)		5,194	(21,343)
Net earnings attributable to Lennar	310,257		213,645		446,472	251,725
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on securities available-for-sale	(589)		419		(1,247)	1,391
Reclassification adjustments for loss included in earnings, net of tax	(126)		4		(126)	4
Total other comprehensive income (loss), net of tax	(715)		423		(1,373)	1,395
Total comprehensive income attributable to Lennar	309,542		214,068		445,099	253,120
Total comprehensive income (loss) attributable to noncontrolling interests	4,592		(12,937)		5,194	(21,343)
Lennar Homebuilding
Revenues:
Revenues	5,063,997		2,885,741		7,726,090	4,904,435
Cost and expenses:
Cost and expenses	4,636,067		2,535,483		7,040,074	4,337,044
Equity in earnings (loss) from unconsolidated entities	(12,226)		(21,506)		(26,513)	(33,040)
Other income (expense), net	9,824		3,828		179,752	9,567
Lennar Homebuilding loss due to litigation accrual	0		0		0	(140,000)
Lennar Financial Services
Revenues:
Revenues	232,135		208,363		403,275	356,406
Cost and expenses:
Cost and expenses	179,753		164,636		331,198	292,015
Rialto
Revenues:
Revenues	45,236		67,988		99,538	149,994
Cost and expenses:
Cost and expenses	35,936		59,076		81,349	125,989
Equity in earnings (loss) from unconsolidated entities	4,116		5,730		13,230	6,452
Other income (expense), net	(6,514)		(21,104)		(15,305)	(37,762)
Lennar Multifamily
Revenues:
Revenues	117,693		99,800		210,949	188,485
Cost and expenses:
Cost and expenses	117,186		102,698		214,385	195,347
Equity in earnings (loss) from unconsolidated entities	14,281		9,427		17,023	32,574
Reportable Legal Entities | Lennar Corporation
Revenues:
Revenues	0		0		0	0
Cost and expenses:
Acquisition and integration costs related to CalAtlantic	0				0
Corporate general and administrative	82,962		65,217		148,885	124,396
Total costs and expenses	82,962		65,217		148,885	124,396
Earnings before income taxes	(78,984)		(65,397)		(142,972)	(124,827)
Benefit (provision) for income taxes	13,957		21,822		45,522	42,266
Equity in earnings from subsidiaries	375,284		257,220		543,922	334,286
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	310,257		213,645		446,472	251,725
Less: Net earnings (loss) attributable to noncontrolling interests	0
Net earnings attributable to Lennar	310,257		213,645		446,472	251,725
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on securities available-for-sale	0		0		0	0
Reclassification adjustments for loss included in earnings, net of tax	0		0		0	0
Total other comprehensive income (loss), net of tax	0		0		0	0
Total comprehensive income attributable to Lennar	310,257		213,645		446,472	251,725
Total comprehensive income (loss) attributable to noncontrolling interests	0		0		0	0
Reportable Legal Entities | Lennar Corporation | Lennar Homebuilding
Revenues:
Revenues	0		0		0	0
Cost and expenses:
Cost and expenses	0		0		0	0
Equity in earnings (loss) from unconsolidated entities	0		0		0	0
Other income (expense), net	3,978		(180)		5,913	(431)
Lennar Homebuilding loss due to litigation accrual						0
Reportable Legal Entities | Lennar Corporation | Lennar Financial Services
Revenues:
Revenues	0		0		0	0
Cost and expenses:
Cost and expenses	0		0		0	0
Reportable Legal Entities | Lennar Corporation | Rialto
Revenues:
Revenues	0		0		0	0
Cost and expenses:
Cost and expenses	0		0		0	0
Equity in earnings (loss) from unconsolidated entities	0		0		0	0
Other income (expense), net	0		0		0	0
Reportable Legal Entities | Lennar Corporation | Lennar Multifamily
Revenues:
Revenues	0		0		0	0
Cost and expenses:
Cost and expenses	0		0		0	0
Equity in earnings (loss) from unconsolidated entities	0		0		0	0
Reportable Legal Entities | Guarantor Subsidiaries
Revenues:
Revenues	5,123,026		2,962,208		7,849,232	5,025,599
Cost and expenses:
Acquisition and integration costs related to CalAtlantic	23,875				128,070
Corporate general and administrative	605		291		1,209	546
Total costs and expenses	4,711,666		2,603,040		7,284,745	4,446,361
Earnings before income taxes	405,849		339,580		713,141	412,863
Benefit (provision) for income taxes	(74,781)		(112,372)		(225,224)	(135,716)
Equity in earnings from subsidiaries	28,718		21,415		38,918	28,308
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	359,786		248,623		526,835	305,455
Less: Net earnings (loss) attributable to noncontrolling interests	0
Net earnings attributable to Lennar	359,786		248,623		526,835	305,455
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on securities available-for-sale	0		0		0	0
Reclassification adjustments for loss included in earnings, net of tax	0		0		0	0
Total other comprehensive income (loss), net of tax	0		0		0	0
Total comprehensive income attributable to Lennar	359,786		248,623		526,835	305,455
Total comprehensive income (loss) attributable to noncontrolling interests	0		0		0	0
Reportable Legal Entities | Guarantor Subsidiaries | Lennar Homebuilding
Revenues:
Revenues	5,022,769		2,875,612		7,675,963	4,888,494
Cost and expenses:
Cost and expenses	4,597,434		2,525,007		6,991,238	4,319,017
Equity in earnings (loss) from unconsolidated entities	(12,345)		(21,468)		(26,476)	(33,028)
Other income (expense), net	6,834		1,880		175,130	6,653
Lennar Homebuilding loss due to litigation accrual						(140,000)
Reportable Legal Entities | Guarantor Subsidiaries | Lennar Financial Services
Revenues:
Revenues	100,257		86,596		173,269	137,105
Cost and expenses:
Cost and expenses	89,752		77,742		164,228	126,798
Reportable Legal Entities | Guarantor Subsidiaries | Rialto
Revenues:
Revenues	0		0		0	0
Cost and expenses:
Cost and expenses	0		0		0	0
Equity in earnings (loss) from unconsolidated entities	0		0		0	0
Other income (expense), net	0		0		0	0
Reportable Legal Entities | Guarantor Subsidiaries | Lennar Multifamily
Revenues:
Revenues	0		0		0	0
Cost and expenses:
Cost and expenses	0		0		0	0
Equity in earnings (loss) from unconsolidated entities	0		0		0	0
Reportable Legal Entities | Non-Guarantor Subsidiaries
Revenues:
Revenues	341,055		304,719		600,614	583,786
Cost and expenses:
Acquisition and integration costs related to CalAtlantic	0				0
Corporate general and administrative	0		0		0	0
Total costs and expenses	292,092		265,255		530,059	516,725
Earnings before income taxes	63,945		35,417		90,069	71,207
Benefit (provision) for income taxes	(15,137)		(18,342)		(28,870)	(35,411)
Equity in earnings from subsidiaries			0			0
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	48,808		17,075		61,199	35,796
Less: Net earnings (loss) attributable to noncontrolling interests	4,592		(12,937)		5,194	(21,343)
Net earnings attributable to Lennar	44,216		30,012		56,005	57,139
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on securities available-for-sale	(589)		419		(1,247)	1,391
Reclassification adjustments for loss included in earnings, net of tax	(126)		4		(126)	4
Total other comprehensive income (loss), net of tax	(715)		423		(1,373)	1,395
Total comprehensive income attributable to Lennar	43,501		30,435		54,632	58,534
Total comprehensive income (loss) attributable to noncontrolling interests	4,592		(12,937)		5,194	(21,343)
Reportable Legal Entities | Non-Guarantor Subsidiaries | Lennar Homebuilding
Revenues:
Revenues	41,228		10,129		50,127	15,941
Cost and expenses:
Cost and expenses	39,356		10,718		51,593	18,586
Equity in earnings (loss) from unconsolidated entities	119		(38)		(37)	(12)
Other income (expense), net	2,980		1,938		4,603	2,894
Lennar Homebuilding loss due to litigation accrual						0
Reportable Legal Entities | Non-Guarantor Subsidiaries | Lennar Financial Services
Revenues:
Revenues	136,898		126,767		240,000	229,299
Cost and expenses:
Cost and expenses	96,245		92,673		179,363	176,661
Reportable Legal Entities | Non-Guarantor Subsidiaries | Rialto
Revenues:
Revenues	45,236		67,988		99,538	149,994
Cost and expenses:
Cost and expenses	39,305		59,166		84,718	126,131
Equity in earnings (loss) from unconsolidated entities	4,116		5,730		13,230	6,452
Other income (expense), net	(6,514)		(21,104)		(15,305)	(37,762)
Reportable Legal Entities | Non-Guarantor Subsidiaries | Lennar Multifamily
Revenues:
Revenues	117,693		99,835		210,949	188,552
Cost and expenses:
Cost and expenses	117,186		102,698		214,385	195,347
Equity in earnings (loss) from unconsolidated entities	14,281		9,427		17,023	32,574
Consolidating Adjustments
Revenues:
Revenues	(5,020)		(5,035)		(9,994)	(10,065)
Cost and expenses:
Acquisition and integration costs related to CalAtlantic	0				0
Corporate general and administrative	1,348		1,266		2,631	2,531
Total costs and expenses	(8,988)		(4,845)		(15,888)	(9,614)
Earnings before income taxes	0		0		0	0
Benefit (provision) for income taxes	0		0			0
Equity in earnings from subsidiaries	(404,002)		(278,635)		(582,840)	(362,594)
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	(404,002)		(278,635)		(582,840)	(362,594)
Less: Net earnings (loss) attributable to noncontrolling interests	0
Net earnings attributable to Lennar	(404,002)		(278,635)		(582,840)	(362,594)
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on securities available-for-sale	0		0		0	0
Reclassification adjustments for loss included in earnings, net of tax	0		0		0	0
Total other comprehensive income (loss), net of tax	0		0		0	0
Total comprehensive income attributable to Lennar	(404,002)		(278,635)		(582,840)	(362,594)
Total comprehensive income (loss) attributable to noncontrolling interests	0		0		0	0
Consolidating Adjustments | Lennar Homebuilding
Revenues:
Revenues	0		0		0	0
Cost and expenses:
Cost and expenses	(723)		(242)		(2,757)	(559)
Equity in earnings (loss) from unconsolidated entities	0		0		0	0
Other income (expense), net	(3,968)		190		(5,894)	451
Lennar Homebuilding loss due to litigation accrual						0
Consolidating Adjustments | Lennar Financial Services
Revenues:
Revenues	(5,020)		(5,000)		(9,994)	(9,998)
Cost and expenses:
Cost and expenses	(6,244)		(5,779)		(12,393)	(11,444)
Consolidating Adjustments | Rialto
Revenues:
Revenues	0		0		0	0
Cost and expenses:
Cost and expenses	(3,369)		(90)		(3,369)	(142)
Equity in earnings (loss) from unconsolidated entities	0		0		0	0
Other income (expense), net	0		0		0	0
Consolidating Adjustments | Lennar Multifamily
Revenues:
Revenues	0		(35)		0	(67)
Cost and expenses:
Cost and expenses	0		0		0	0
Equity in earnings (loss) from unconsolidated entities	$ 0		$ 0		$ 0	$ 0
[1]	Provision for income taxes for the six months ended May 31, 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		6 Months Ended
	May 31, 2018	May 31, 2017	May 31, 2018	May 31, 2017
Cash flows from operating activities:
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	$ 314,849	$ 200,708	$ 451,666	$ 230,382
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			(417,269)	(390,141)
Net cash provided by (used in) operating activities			34,397	(159,759)
Cash flows from investing activities:
Investments in and contributions to unconsolidated entities, net of distributions of capital			9,970	(219,256)
Proceeds from sales of real estate owned			21,658	55,521
Receipts of principal payments on loans receivable and other			2,147	19,487
Originations of loans receivable			0	14,055
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			(1,102,957)	(611,103)
Other			(38,264)	(44,286)
Distributions of capital from guarantor and non-guarantor subsidiaries			0	0
Intercompany			0	0
Net cash used in investing activities			(965,482)	(873,536)
Cash flows from financing activities:
Debt issuance costs			(12,101)	(14,060)
Redemption of senior notes			(575,000)	(400,000)
Conversions and exchanges of convertible senior notes			(59,145)	0
Net proceeds (payments) on other borrowings			(348,045)	34,496
Net payments related to noncontrolling interests			(26,530)	(47,589)
Excess tax benefits from share-based awards			0	1,980
Common stock:
Issuances			3,184	693
Repurchases			(28,526)	(83)
Dividends			(22,780)	(18,778)
Intercompany			0	0
Net cash provided by (used in) financing activities			(565,933)	687,734
Net decrease in cash and cash equivalents			(1,497,018)	(345,561)
Cash and cash equivalents at beginning of period			2,650,872	1,329,529
Cash and cash equivalents at end of period	1,153,854	983,968	1,153,854	983,968
Rialto
Cash flows from financing activities:
Net proceeds on Rialto notes payable				25,340
Principal payments on Rialto notes payable including structured notes			(350,585)	(10,120)
Common stock:
Cash and cash equivalents at beginning of period			241,861
Cash and cash equivalents at end of period	43,729		43,729
Senior Notes
Cash flows from financing activities:
Proceeds from senior notes and debt issuance costs				1,235,940
Debt issuance costs			(12,101)
Unsecured Revolving Credit Facility
Cash flows from financing activities:
Net borrowings under credit facilities			495,300	0
Warehouse Repurchase Facility
Cash flows from financing activities:
Net borrowings under credit facilities			7,710	(144,265)
Reportable Legal Entities | Lennar Corporation
Cash flows from operating activities:
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	310,257	213,645	446,472	251,725
Distributions of earnings from guarantor and non-guarantor subsidiaries			543,922	334,286
Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities			(712,072)	(340,147)
Net cash provided by (used in) operating activities			278,322	245,864
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)	(611,103)
Other			(21,568)	(3,897)
Distributions of capital from guarantor and non-guarantor subsidiaries			65,000	60,000
Intercompany			(1,034,631)	(657,990)
Net cash used in investing activities			(2,153,541)	(1,212,990)
Cash flows from financing activities:
Redemption of senior notes			(484,332)	(400,000)
Conversions and exchanges of convertible senior notes			0
Net proceeds (payments) on other borrowings			0
Net payments related to noncontrolling interests			0	0
Excess tax benefits from share-based awards			0	1,980
Common stock:
Issuances			3,184	693
Repurchases			(28,526)	(83)
Dividends			(22,780)	(18,778)
Intercompany			0	0
Net cash provided by (used in) financing activities			408,437	824,261
Net decrease in cash and cash equivalents			(1,466,782)	(142,865)
Cash and cash equivalents at beginning of period			1,937,674	697,112
Cash and cash equivalents at end of period	470,892	554,247	470,892	554,247
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				1,240,449
Debt issuance costs			(9,109)
Reportable Legal Entities | Lennar Corporation | Unsecured Revolving Credit Facility
Cash flows from financing activities:
Net borrowings under credit facilities			950,000
Reportable Legal Entities | Lennar Corporation | Warehouse Repurchase Facility
Cash flows from financing activities:
Net borrowings under credit facilities			0	0
Reportable Legal Entities | Guarantor Subsidiaries
Cash flows from operating activities:
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	359,786	248,623	526,835	305,455
Distributions of earnings from guarantor and non-guarantor subsidiaries			38,918	28,308
Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities			(94,845)	(412,545)
Net cash provided by (used in) operating activities			470,908	(78,782)
Cash flows from investing activities:
Investments in and contributions to unconsolidated entities, net of distributions of capital			24,013	(218,153)
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			23,035	0
Other			(5,933)	(23,370)
Distributions of capital from guarantor and non-guarantor subsidiaries			20,000	60,000
Intercompany			0	0
Net cash used in investing activities			236,294	(181,523)
Cash flows from financing activities:
Redemption of senior notes			(90,668)	0
Conversions and exchanges of convertible senior notes			(59,145)
Net proceeds (payments) on other borrowings			(52,999)	(28,705)
Net payments related to noncontrolling interests
Excess tax benefits from share-based awards			0	0
Common stock:
Issuances			0	0
Repurchases			0	0
Dividends			(591,835)	(365,455)
Intercompany			624,070	497,457
Net cash provided by (used in) financing activities			(625,331)	103,246
Net decrease in cash and cash equivalents			81,871	(157,059)
Cash and cash equivalents at beginning of period			359,087	377,070
Cash and cash equivalents at end of period	440,958	220,011	440,958	220,011
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 credit facilities			(454,700)
Reportable Legal Entities | Guarantor Subsidiaries | Warehouse Repurchase Facility
Cash flows from financing activities:
Net borrowings under credit facilities			(54)	(51)
Reportable Legal Entities | Non-Guarantor Subsidiaries
Cash flows from operating activities:
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	48,808	17,075	61,199	35,796
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			(193,192)	(43)
Net cash provided by (used in) operating activities			(131,993)	35,753
Cash flows from investing activities:
Investments in and contributions to unconsolidated entities, net of distributions of capital			(14,043)	(1,103)
Proceeds from sales of real estate owned			21,658	55,521
Originations of loans receivable				14,055
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			36,350	0
Other			(10,763)	(17,019)
Distributions of capital from guarantor and non-guarantor subsidiaries			0	0
Intercompany			0	0
Net cash used in investing activities			2,134	(17,013)
Cash flows from financing activities:
Redemption of senior notes			0	0
Conversions and exchanges of convertible senior notes			0
Net proceeds (payments) on other borrowings			(295,046)	63,201
Net payments related to noncontrolling interests			(26,530)	(47,589)
Excess tax benefits from share-based awards			0	0
Common stock:
Issuances			0	0
Repurchases			0	0
Dividends			(76,005)	(117,139)
Intercompany			410,561	160,533
Net cash provided by (used in) financing activities			17,752	(64,377)
Net decrease in cash and cash equivalents			(112,107)	(45,637)
Cash and cash equivalents at beginning of period			354,111	255,347
Cash and cash equivalents at end of period	242,004	209,710	242,004	209,710
Reportable Legal Entities | Non-Guarantor Subsidiaries | Rialto
Cash flows from financing activities:
Net proceeds on Rialto notes payable				25,340
Reportable Legal Entities | Non-Guarantor Subsidiaries | Senior Notes
Cash flows from financing activities:
Proceeds from senior notes and debt issuance costs				(4,509)
Debt issuance costs			(2,992)
Reportable Legal Entities | Non-Guarantor Subsidiaries | Unsecured Revolving Credit Facility
Cash flows from financing activities:
Net borrowings under credit facilities			0
Reportable Legal Entities | Non-Guarantor Subsidiaries | Warehouse Repurchase Facility
Cash flows from financing activities:
Net borrowings under credit facilities			7,764	(144,214)
Consolidating Adjustments
Cash flows from operating activities:
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	(404,002)	(278,635)	(582,840)	(362,594)
Distributions of earnings from guarantor and non-guarantor subsidiaries			(582,840)	(362,594)
Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities			582,840	362,594
Net cash provided by (used in) operating activities			(582,840)	(362,594)
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			(85,000)	(120,000)
Intercompany			1,034,631	657,990
Net cash used in investing activities			949,631	537,990
Cash flows from financing activities:
Redemption of senior notes			0	0
Conversions and exchanges of convertible senior notes			0
Net proceeds (payments) on other borrowings			0	0
Net payments related to noncontrolling interests			0	0
Excess tax benefits from share-based awards			0	0
Common stock:
Issuances			0	0
Repurchases			0	0
Dividends			667,840	482,594
Intercompany			(1,034,631)	(657,990)
Net cash provided by (used in) financing activities			(366,791)	(175,396)
Net decrease in cash and cash equivalents			0	0
Cash and cash equivalents at beginning of period			0	0
Cash and cash equivalents at end of period	$ 0	$ 0	0	0
Consolidating Adjustments | Rialto
Cash flows from financing activities:
Net proceeds on Rialto notes payable				0
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 credit facilities			0
Consolidating Adjustments | Warehouse Repurchase Facility
Cash flows from financing activities:
Net borrowings under credit facilities			$ 0	$ 0