Lennar (LEN) 10-Q 9 Oct 18 2018 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	9 Months Ended
	Aug. 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	Aug. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	false
Class A Common Stock
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding	292,540,824
Class B Common Stock
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding	37,744,394

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Aug. 31, 2018	Nov. 30, 2017
ASSETS
Cash and cash equivalents		$ 1,048,416	$ 2,650,872
Inventories:
Total assets	[1]	28,289,395	18,745,034
LIABILITIES AND EQUITY
Total liabilities	[2]	14,173,215	10,758,902
Stockholders' equity:
Preferred stock	[2]	0	0
Additional paid-in capital	[2]	8,480,034	3,142,013
Retained earnings	[2]	5,704,676	4,840,978
Treasury stock, at cost; August 31, 2018 - 2,437,654 shares of Class A common stock and 1,697,699 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	[2]	(185,521)	(136,020)
Accumulated other comprehensive income (loss)	[2]	(615)	1,034
Total stockholders’ equity	[2]	14,032,016	7,872,317
Noncontrolling interests	[2]	84,164	113,815
Total equity	[2]	14,116,180	7,986,132
Total liabilities and equity	[2]	28,289,395	18,745,034
Class A Common Stock
Stockholders' equity:
Common stock	[2]	29,498	20,543
Class B Common Stock
Stockholders' equity:
Common stock	[2]	3,944	3,769
Lennar Homebuilding
ASSETS
Cash and cash equivalents	[1]	833,274	2,282,925
Restricted cash	[1]	11,741	8,740
Receivables, net	[1]	170,658	137,667
Inventories:
Finished homes and construction in progress	[1]	9,414,846	4,676,279
Land and land under development	[1]	7,825,385	5,791,338
Consolidated inventory not owned	[1]	328,841	393,273
Total inventories	[1]	17,569,072	10,860,890
Investments in unconsolidated entities	[1]	997,488	900,769
Goodwill	[1]	3,457,999	136,566
Other assets	[1]	1,482,200	863,404
Total assets	[1]	24,522,432	15,190,961
LIABILITIES AND EQUITY
Accounts payable	[2]	956,597	604,953
Liabilities related to consolidated inventory not owned	[2]	280,546	380,720
Senior notes and other debts payable	[2]	9,407,987	6,410,003
Other liabilities	[2]	1,837,282	1,315,641
Total liabilities	[2]	12,482,412	8,711,317
Lennar Financial Services
ASSETS
Cash and cash equivalents		165,051	117,410
Restricted cash		12,111	12,006
Receivables, net		386,448	313,252
Inventories:
Goodwill		231,245	59,838
Other assets		115,876	95,527
Total assets	[1]	2,042,024	1,689,508
LIABILITIES AND EQUITY
Other liabilities		274,482	240,383
Total liabilities	[2]	1,241,108	1,177,814
Rialto
ASSETS
Cash and cash equivalents		36,343	241,861
Restricted cash		11,274	22,466
Inventories:
Investments in unconsolidated entities	[1]	294,465	265,418
Goodwill		5,396	5,396
Other assets		87,726	122,371
Total assets	[1]	834,882	1,153,840
LIABILITIES AND EQUITY
Other liabilities		57,737	94,975
Total liabilities	[2]	297,129	720,056
Lennar Multifamily
ASSETS
Cash and cash equivalents		13,748	8,676
Receivables, net		66,265	69,678
Inventories:
Land and land under development		294,104	208,618
Investments in unconsolidated entities		482,241	407,544
Other assets		33,699	16,209
Total assets	[1]	890,057	710,725
LIABILITIES AND EQUITY
Total liabilities	[2]	$ 152,566	$ 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 August 31, 2018 , total assets include $775.7 million related to consolidated VIEs of which $48.5 million is included in Lennar Homebuilding cash and cash equivalents, $1.0 million in Lennar Homebuilding receivables, net, $78.4 million in Lennar Homebuilding finished homes and construction in progress, $243.7 million in Lennar Homebuilding land and land under development, $328.8 million in Lennar Homebuilding consolidated inventory not owned, $4.5 million in Lennar Homebuilding investments in unconsolidated entities, $10.5 million in Lennar Homebuilding other assets, $12.0 million in Rialto assets and $48.1 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 August 31, 2018 , total liabilities include $345.3 million related to consolidated VIEs as to which there was no recourse against the Company, of which $6.1 million is included in Lennar Homebuilding accounts payable, $48.9 million in Lennar Homebuilding senior notes and other debts payable, $280.5 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $8.8 million in Lennar Homebuilding other liabilities and $0.9 million in Rialto 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 Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands		Aug. 31, 2018	Nov. 30, 2017
Total assets	[1]	$ 28,289,395	$ 18,745,034
Cash and cash equivalents		1,048,416	2,650,872
Total liabilities	[2]	$ 14,173,215	$ 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		294,978,478	205,429,942
Treasury stock, shares		2,437,654	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		39,442,093	37,687,505
Treasury stock, shares		1,697,699	1,679,650
Lennar Homebuilding
Total assets	[1]	$ 24,522,432	$ 15,190,961
Cash and cash equivalents	[1]	833,274	2,282,925
Receivables, net	[1]	170,658	137,667
Finished homes and construction in progress	[1]	9,414,846	4,676,279
Land and land under development	[1]	7,825,385	5,791,338
Consolidated inventory not owned	[1]	328,841	393,273
Investments in unconsolidated entities	[1]	997,488	900,769
Other assets	[1]	1,482,200	863,404
Total liabilities	[2]	12,482,412	8,711,317
Accounts payable	[2]	956,597	604,953
Senior notes and other debts payable	[2]	9,407,987	6,410,003
Liabilities related to consolidated inventory not owned	[2]	280,546	380,720
Other liabilities	[2]	1,837,282	1,315,641
Rialto
Total assets	[1]	834,882	1,153,840
Cash and cash equivalents		36,343	241,861
Investments in unconsolidated entities	[1]	294,465	265,418
Other assets		87,726	122,371
Total liabilities	[2]	297,129	720,056
Other liabilities		57,737	94,975
Lennar Multifamily
Total assets	[1]	890,057	710,725
Cash and cash equivalents		13,748	8,676
Receivables, net		66,265	69,678
Land and land under development		294,104	208,618
Investments in unconsolidated entities		482,241	407,544
Other assets		33,699	16,209
Total liabilities	[2]	152,566	149,715
Variable Interest Entity, Primary Beneficiary
Total assets		775,700	799,400
Total liabilities		345,300	389,700
Variable Interest Entity, Primary Beneficiary | Lennar Homebuilding
Cash and cash equivalents		48,500	15,800
Receivables, net		1,000	200
Finished homes and construction in progress		78,400	53,200
Land and land under development		243,700	229,000
Consolidated inventory not owned		328,800	393,300
Investments in unconsolidated entities		4,500	4,600
Other assets		10,500	11,800
Accounts payable		6,100	5,000
Senior notes and other debts payable	[2]	48,900
Liabilities related to consolidated inventory not owned		280,500	380,700
Other liabilities		8,800	1,800
Variable Interest Entity, Primary Beneficiary | Rialto
Total assets		12,000	48,800
Total liabilities		900	2,200
Variable Interest Entity, Primary Beneficiary | Lennar Multifamily
Total assets		$ 48,100	$ 42,700
[1]	Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. As of August 31, 2018 , total assets include $775.7 million related to consolidated VIEs of which $48.5 million is included in Lennar Homebuilding cash and cash equivalents, $1.0 million in Lennar Homebuilding receivables, net, $78.4 million in Lennar Homebuilding finished homes and construction in progress, $243.7 million in Lennar Homebuilding land and land under development, $328.8 million in Lennar Homebuilding consolidated inventory not owned, $4.5 million in Lennar Homebuilding investments in unconsolidated entities, $10.5 million in Lennar Homebuilding other assets, $12.0 million in Rialto assets and $48.1 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 August 31, 2018 , total liabilities include $345.3 million related to consolidated VIEs as to which there was no recourse against the Company, of which $6.1 million is included in Lennar Homebuilding accounts payable, $48.9 million in Lennar Homebuilding senior notes and other debts payable, $280.5 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $8.8 million in Lennar Homebuilding other liabilities and $0.9 million in Rialto 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		9 Months Ended
		Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2018	Aug. 31, 2017
Revenues:
Revenues		$ 5,672,569	$ 3,261,476	$ 14,112,421	$ 8,860,796
Cost and expenses:
Acquisition and integration costs related to CalAtlantic		11,992	0	140,062	0
Corporate general and administrative		96,346	72,860	249,071	200,333
Total costs and expenses		5,101,824	2,886,383	13,049,625	7,964,251
Equity in earnings (loss) from unconsolidated entities				(8,115)	12,838
Earnings before income taxes		565,918	368,385	1,226,156	727,628
Provision for income taxes (1)	[1]	(98,298)	(124,795)	(306,870)	(253,656)
Net earnings (including net earnings (loss) attributable to noncontrolling interests)		467,620	243,590	919,286	473,972
Less: Net earnings (loss) attributable to noncontrolling interests		14,409	(5,575)	19,603	(26,918)
Net earnings attributable to Lennar		453,211	249,165	899,683	500,890
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on securities available-for-sale		(110)	165	(1,357)	1,556
Reclassification adjustments for (gains) losses included in earnings, net of tax		(166)	0	(292)	4
Total other comprehensive income (loss), net of tax		(276)	165	(1,649)	1,560
Total comprehensive income attributable to Lennar		452,935	249,330	898,034	502,450
Total comprehensive income (loss) attributable to noncontrolling interests		$ 14,409	$ (5,575)	$ 19,603	$ (26,918)
Basic earnings per share (in dollars per share)	[2]	$ 1.37	$ 1.04	$ 2.95	$ 2.09
Diluted earnings per share (in dollars per share)	[2]	1.37	1.04	2.94	2.09
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	$ 0.12	$ 0.12
Lennar Homebuilding
Revenues:
Revenues		$ 5,285,742	$ 2,885,195	$ 13,011,832	$ 7,789,630
Cost and expenses:
Cost and expenses		4,671,224	2,492,065	11,711,298	6,829,109
Equity in earnings (loss) from unconsolidated entities		(15,391)	(9,651)	(41,904)	(42,691)
Other income (expense), net		12,910	2,797	192,662	12,364
Lennar Homebuilding loss due to litigation		0	0	0	(140,000)
Lennar Financial Services
Revenues:
Revenues		236,268	215,056	639,543	571,462
Cost and expenses:
Cost and expenses		179,640	165,999	510,838	458,014
Rialto
Revenues:
Revenues		49,495	57,810	149,033	207,804
Cost and expenses:
Cost and expenses		39,435	49,503	120,784	175,492
Equity in earnings (loss) from unconsolidated entities		5,266	4,858	18,496	11,310
Other income (expense), net		(5,882)	(16,357)	(21,187)	(54,119)
Lennar Multifamily
Revenues:
Revenues		101,064	103,415	312,013	291,900
Cost and expenses:
Cost and expenses		103,187	105,956	317,572	301,303
Equity in earnings (loss) from unconsolidated entities		$ (1,730)	$ 11,645	$ 15,293	$ 44,219
[1]	Provision for income taxes for the nine months ended August 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 nine months ended August 31, 2017 have been adjusted to reflect 4.7 million

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands		9 Months Ended
		Aug. 31, 2018	Aug. 31, 2017
Cash flows from operating activities:
Net earnings (including net earnings (loss) attributable to noncontrolling interests)		$ 919,286	$ 473,972
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		66,714	46,907
Amortization of discount/premium and accretion on debt, net		(17,750)	7,079
Equity in loss (earnings) from unconsolidated entities		8,115	(12,838)
Distributions of earnings from unconsolidated entities		90,431	59,927
Share-based compensation expense		55,638	43,303
Excess tax benefits from share-based awards		0	(1,980)
Deferred income tax (benefit) expense		188,132	(4,027)
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		(2,912)	(5,064)
Impairments of loans receivable, loans held-for-sale and real estate owned		8,526	60,237
Valuation adjustments and write-offs of option deposits and pre-acquisition costs		40,531	13,462
Changes in assets and liabilities:
Decrease in restricted cash		22,254	9,321
(Increase) decrease in receivables		(13,341)	325,375
Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs		(725,016)	(902,585)
Increase in other assets		(193,835)	(47,160)
Decrease in loans held-for-sale		130,528	118,930
Increase in accounts payable and other liabilities		341,357	142,854
Net cash provided by operating activities		748,671	327,713
Cash flows from investing activities:
Net additions of operating properties and equipment		(81,493)	(67,107)
Proceeds from the sale of operating properties and equipment		22,820	0
Proceeds from sale of investment in unconsolidated entity		199,654	0
Investments in and contributions to unconsolidated entities		(302,333)	(381,209)
Distributions of capital from unconsolidated entities		227,754	123,209
Proceeds from sales of real estate owned		28,697	72,952
Receipts of principal payment on loans held-for-sale		0	5,937
Receipts of principal payments on loans receivable and other		3,271	73,948
Originations of loans receivable		0	(57,375)
Purchases of commercial mortgage-backed securities bonds		(31,068)	(70,187)
Acquisitions, net of cash acquired		(1,103,338)	(611,399)
Increase in Lennar Financial Services loans held-for-investment, net		(2,062)	(7,862)
Purchases of Lennar Financial Services investment securities		(39,531)	(38,733)
Proceeds from maturities/sales of Lennar Financial Services investments securities		34,221	25,039
Decrease (increase) in restricted cash for investments		10,825	(23,750)
Other payments, net		(459)	(1,014)
Net cash used in investing activities		(1,033,042)	(957,551)
Cash flows from financing activities:
Proceeds from senior notes		0	1,250,000
Debt issuance costs		(12,459)	(16,697)
Redemption of senior notes		(825,000)	(658,595)
Conversions and exchanges on convertible senior notes		(59,145)	0
Proceeds from other borrowings		38,096	75,927
Principal payments on other borrowings		(85,265)	(55,295)
Payments related to other liabilities		(3,200)	0
Receipts related to noncontrolling interests		4,008	10,299
Payments related to noncontrolling interests		(68,627)	(61,782)
Excess tax benefits from share-based awards		0	1,980
Common stock:
Issuances		3,189	693
Repurchases		(49,490)	(27,104)
Dividends		(35,985)	(28,181)
Net cash provided by (used in) financing activities		(1,318,085)	138,035
Net decrease in cash and cash equivalents		(1,602,456)	(491,803)
Cash and cash equivalents at beginning of period		2,650,872	1,329,529
Cash and cash equivalents at end of period		1,048,416	837,726
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 operating activities:
Equity in loss (earnings) from unconsolidated entities		41,904	42,691
Common stock:
Cash and cash equivalents at beginning of period	[1]	2,282,925
Cash and cash equivalents at end of period	[1]	833,274
Lennar Homebuilding and Lennar Multifamily:
Non-cash contributions to unconsolidated entities		91,709	62,659
Rialto
Adjustments to reconcile net earnings to net cash provided by operating activities:
Equity in loss (earnings) from unconsolidated entities		(18,496)	(11,310)
Cash flows from financing activities:
Proceeds from Rialto notes payable		32,226	63,494
Principal payments on Rialto senior notes and other notes payable		(350,770)	(18,944)
Common stock:
Cash and cash equivalents at beginning of period		241,861
Cash and cash equivalents at end of period		36,343
Lennar Financial Services
Common stock:
Cash and cash equivalents at beginning of period		117,410
Cash and cash equivalents at end of period		165,051
Lennar Multifamily
Adjustments to reconcile net earnings to net cash provided by operating activities:
Equity in loss (earnings) from unconsolidated entities		(15,293)	(44,219)
Common stock:
Cash and cash equivalents at beginning of period		8,676
Cash and cash equivalents at end of period		13,748
Lennar Homebuilding and Lennar Multifamily
Lennar Homebuilding and Lennar Multifamily:
Purchases of inventories and other assets financed by sellers		52,356	108,726
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)		(1,132,114)	(681,899)
Changes in assets and liabilities:
Net cash provided by operating activities		(1,132,114)	(681,899)
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		950,226	1,040,426
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		1,217,114	841,899
Net cash provided by (used in) financing activities		181,888	(358,527)
Net decrease in cash and cash equivalents		0	0
Cash and cash equivalents at beginning of period		0	0
Cash and cash equivalents at end of period		0	0
Consolidating Adjustments | Lennar Homebuilding
Adjustments to reconcile net earnings to net cash provided by operating activities:
Equity in loss (earnings) from unconsolidated entities		0	0
Consolidating Adjustments | Rialto
Adjustments to reconcile net earnings to net cash provided by operating activities:
Equity in loss (earnings) from unconsolidated entities		0	0
Consolidating Adjustments | Lennar Multifamily
Adjustments to reconcile net earnings to net cash provided by operating activities:
Equity in loss (earnings) from unconsolidated entities		0	0
Operating Segments
Common stock:
Cash and cash equivalents at end of period		1,048,416	837,726
Operating Segments | Lennar Homebuilding
Common stock:
Cash and cash equivalents at end of period		833,274	564,591
Operating Segments | Rialto
Common stock:
Cash and cash equivalents at end of period		36,343	154,814
Operating Segments | Lennar Financial Services
Common stock:
Cash and cash equivalents at end of period		165,051	115,016
Operating Segments | Lennar Multifamily
Common stock:
Cash and cash equivalents at end of period		13,748	3,305
Unsecured Revolving Credit Facility
Cash flows from financing activities:
Net borrowings under credit facilities		195,300	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		(100,963)	(397,760)
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)		899,683	500,890
Changes in assets and liabilities:
Net cash provided by operating activities		830,029	636,884
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		(2,159,704)	(1,737,703)
Cash flows from financing activities:
Redemption of senior notes		(735,626)	(400,000)
Conversions and exchanges on convertible senior notes		0
Excess tax benefits from share-based awards		0	1,980
Common stock:
Issuances		3,189	693
Repurchases		(49,490)	(27,104)
Dividends		(35,985)	(28,181)
Net cash provided by (used in) financing activities		(177,101)	787,477
Net decrease in cash and cash equivalents		(1,506,776)	(313,342)
Cash and cash equivalents at beginning of period		1,937,674	697,112
Cash and cash equivalents at end of period		430,898	383,770
Lennar Corporation | Reportable Legal Entities | Lennar Homebuilding
Adjustments to reconcile net earnings to net cash provided by operating activities:
Equity in loss (earnings) from unconsolidated entities		0	0
Lennar Corporation | Reportable Legal Entities | Rialto
Adjustments to reconcile net earnings to net cash provided by operating activities:
Equity in loss (earnings) from unconsolidated entities		0	0
Lennar Corporation | Reportable Legal Entities | Lennar Multifamily
Adjustments to reconcile net earnings to net cash provided by operating activities:
Equity in loss (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		650,000
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)		1,055,410	591,711
Changes in assets and liabilities:
Net cash provided by operating activities		1,030,241	46,158
Cash flows from investing activities:
Proceeds from sale of investment in unconsolidated entity		199,654
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		22,654	0
Net cash used in investing activities		154,089	(188,546)
Cash flows from financing activities:
Redemption of senior notes		(89,374)	(258,595)
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		(1,120,410)	(671,711)
Net cash provided by (used in) financing activities		(1,150,573)	(29,838)
Net decrease in cash and cash equivalents		33,757	(172,226)
Cash and cash equivalents at beginning of period		359,087	377,070
Cash and cash equivalents at end of period		392,844	204,844
Guarantor Subsidiaries | Reportable Legal Entities | Lennar Homebuilding
Adjustments to reconcile net earnings to net cash provided by operating activities:
Equity in loss (earnings) from unconsolidated entities		41,904	42,675
Guarantor Subsidiaries | Reportable Legal Entities | Rialto
Adjustments to reconcile net earnings to net cash provided by operating activities:
Equity in loss (earnings) from unconsolidated entities		0	0
Guarantor Subsidiaries | Reportable Legal Entities | Lennar Multifamily
Adjustments to reconcile net earnings to net cash provided by operating activities:
Equity in loss (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		(81)	(78)
Non-Guarantor Subsidiaries | Reportable Legal Entities
Cash flows from operating activities:
Net earnings (including net earnings (loss) attributable to noncontrolling interests)		96,307	63,270
Changes in assets and liabilities:
Net cash provided by operating activities		20,515	326,570
Cash flows from investing activities:
Proceeds from sale of investment in unconsolidated entity		0
Proceeds from sales of real estate owned		28,697	72,952
Originations of loans receivable			(57,375)
Purchases of commercial mortgage-backed securities bonds		(31,068)	(70,187)
Acquisitions, net of cash acquired		36,350	(296)
Net cash used in investing activities		22,347	(71,728)
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		(96,704)	(170,188)
Net cash provided by (used in) financing activities		(172,299)	(261,077)
Net decrease in cash and cash equivalents		(129,437)	(6,235)
Cash and cash equivalents at beginning of period		354,111	255,347
Cash and cash equivalents at end of period		224,674	249,112
Non-Guarantor Subsidiaries | Reportable Legal Entities | Lennar Homebuilding
Adjustments to reconcile net earnings to net cash provided by operating activities:
Equity in loss (earnings) from unconsolidated entities		0	16
Non-Guarantor Subsidiaries | Reportable Legal Entities | Rialto
Adjustments to reconcile net earnings to net cash provided by operating activities:
Equity in loss (earnings) from unconsolidated entities		(18,496)	(11,310)
Non-Guarantor Subsidiaries | Reportable Legal Entities | Lennar Multifamily
Adjustments to reconcile net earnings to net cash provided by operating activities:
Equity in loss (earnings) from unconsolidated entities		(15,293)	(44,219)
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		(100,882)	$ (397,682)
Senior Notes
Cash flows from financing activities:
Debt issuance costs		(12,459)
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		(9,189)
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		$ (3,270)
[1]	Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. As of August 31, 2018 , total assets include $775.7 million related to consolidated VIEs of which $48.5 million is included in Lennar Homebuilding cash and cash equivalents, $1.0 million in Lennar Homebuilding receivables, net, $78.4 million in Lennar Homebuilding finished homes and construction in progress, $243.7 million in Lennar Homebuilding land and land under development, $328.8 million in Lennar Homebuilding consolidated inventory not owned, $4.5 million in Lennar Homebuilding investments in unconsolidated entities, $10.5 million in Lennar Homebuilding other assets, $12.0 million in Rialto assets and $48.1 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	9 Months Ended
	Aug. 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 nine months ended August 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	9 Months Ended
	Aug. 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 $169 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 $ 55,612 Inventories 6,243,846 Intangible asset (1) 8,000 Investments in unconsolidated entities 151,900 Goodwill (2) 3,321,433 Other assets 608,705 Total Homebuilding assets 10,389,496 Financial Services (2) 346,503 Total assets 10,735,999 LIABILITIES Homebuilding: Accounts payable 85,448 Senior notes payable and other debts 3,922,695 Other liabilities (3) 361,286 Total Homebuilding liabilities 4,369,429 Financial Services 115,793 Total liabilities 4,485,222 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 among the Company's reporting segments has not been completed yet, however, a provisional amount of goodwill of approximately $169 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 nine months ended August 31, 2018 , Lennar Homebuilding revenue included $2.2 billion and $4.7 billion , respectively, of revenues, and earnings before income taxes included $209.3 million and $157.3 million , respectively, of a pre-tax earnings from CalAtlantic since the date of acquisition, which included acquisition and integration costs of $12.0 million and $140.1 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 nine months ended August 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 Nine Months Ended August 31, August 31, (Dollars in thousands, except per share amounts) 2018 2017 2018 2017 Revenues from home sales $ 5,223,787 4,491,338 14,404,000 12,599,040 Net earnings (1) $ 453,211 345,760 897,178 822,787 Earnings per share: Basic $ 1.37 1.06 2.75 2.52 Diluted $ 1.37 1.05 2.74 2.50 (1) Net earnings for the three and nine months ended August 31, 2018 include a pre-tax impact from acquisition and integration costs related to CalAtlantic of $12.0 million and $140.1 million , respectively. Additionally, net earnings for the three and nine months ended August 31, 2018 include purchase accounting adjustments of $84.2 million and $376.0 million , respectively, on CalAtlantic homes that were in backlog/construction in progress at the acquisition date that were subsequently delivered. 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 nine months ended August 31, 2017 , Lennar Homebuilding revenues included $149.6 million and $351.9 million , respectively, of home sales revenues from WCI and earnings before income taxes included $20.0 million and $33.2 million , respectively, of pre-tax earnings from WCI since the date of acquisition, which included transaction-related expenses of $6.9 million and $25.9 million , respectively, comprised mainly of severance costs, general and administrative expenses, and amortization expense related to non-compete agreements and trade name since the date of acquisition. These transaction expenses were included primarily within Lennar Homebuilding selling, general and administrative expenses in the accompanying condensed consolidated statement of operations for the three and nine months ended August 31, 2017

Operating and Reporting Segment

Operating and Reporting Segments	9 Months Ended
	Aug. 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 and promote 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) August 31, November 30, Assets: Homebuilding East $ 7,455,782 4,754,581 Homebuilding Central 3,414,907 2,037,905 Homebuilding West 7,812,183 5,165,218 Homebuilding Other 1,726,472 960,541 Lennar Financial Services 2,042,024 1,689,508 Rialto 834,882 1,153,840 Lennar Multifamily 890,057 710,725 Corporate and unallocated (1) 4,113,088 2,272,716 Total assets $ 28,289,395 18,745,034 Lennar Homebuilding goodwill (1) $ 3,457,999 136,566 Lennar Financial Services goodwill (1) $ 231,245 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 $169 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 Nine Months Ended August 31, August 31, (In thousands) 2018 2017 2018 2017 Revenues: Homebuilding East $ 2,028,989 1,255,797 5,000,182 3,218,413 Homebuilding Central 1,231,170 602,901 3,041,003 1,801,424 Homebuilding West 1,505,858 823,500 3,775,488 2,146,492 Homebuilding Other 519,725 202,997 1,195,159 623,301 Lennar Financial Services 236,268 215,056 639,543 571,462 Rialto 49,495 57,810 149,033 207,804 Lennar Multifamily 101,064 103,415 312,013 291,900 Total revenues (1) $ 5,672,569 3,261,476 14,112,421 8,860,796 Operating earnings (loss) (2): Homebuilding East (3) $ 228,657 179,908 504,019 277,906 Homebuilding Central 135,978 66,184 264,463 194,986 Homebuilding West (4) 186,847 112,749 581,461 237,333 Homebuilding Other 60,555 27,435 101,349 79,969 Lennar Financial Services 56,628 49,057 128,705 113,448 Rialto 9,444 (3,192 ) 25,558 (10,497 ) Lennar Multifamily (3,853 ) 9,104 9,734 34,816 Total operating earnings 674,256 441,245 1,615,289 927,961 Acquisition and integration costs related to CalAtlantic 11,992 — 140,062 — Corporate general and administrative expenses 96,346 72,860 249,071 200,333 Earnings before income taxes $ 565,918 368,385 1,226,156 727,628 (1) Total revenues were net of sales incentives of $289.0 million ( $22,900 per home delivered) and $717.0 million ( $22,800 per home delivered) for the three and nine months ended August 31, 2018 , respectively, compared to $165.4 million ( $21,800 per home delivered) and $463.4 million ( $22,400 per home delivered) for the three and nine months ended August 31, 2017 , respectively. (2) All homebuilding segments and Homebuilding Other were impacted by purchase accounting adjustments for the three and nine months ended August 31, 2018 . (3) Homebuilding East operating earnings for the nine months ended August 31, 2017 included a $140 million loss due to litigation (see Note 17). (4) 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 nine months ended August 31, 2018 Lennar Financial Services Segment The assets and liabilities related to the Lennar Financial Services segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 165,051 117,410 Restricted cash 12,111 12,006 Receivables, net (1) 386,448 313,252 Loans held-for-sale (2) 945,387 937,516 Loans held-for-investment, net 74,669 44,193 Investments held-to-maturity 64,203 52,327 Investments available-for-sale (3) 47,034 57,439 Goodwill (4) 231,245 59,838 Other assets (5) 115,876 95,527 $ 2,042,024 1,689,508 Liabilities: Notes and other debts payable $ 966,626 937,431 Other liabilities (6) 274,482 240,383 $ 1,241,108 1,177,814 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of August 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 August 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 $169 million was allocated to Lennar Financial Services (see Note 2). (5) As of August 31, 2018 and November 30, 2017 , other assets included mortgage loan commitments carried at fair value of $19.3 million and $9.9 million , respectively, and mortgage servicing rights carried at fair value of $35.1 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 August 31, 2018 and November 30, 2017 , other liabilities included $60.4 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 $2.6 million as of August 31, 2018 . At August 31, 2018 , the Lennar Financial Services segment warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures September 2018 (1) $ 300,000 364-day warehouse repurchase facility that matures December 2018 (2) 400,000 364-day warehouse repurchase facility that matures March 2019 (3) 300,000 364-day warehouse repurchase facility that matures June 2019 700,000 Total $ 1,700,000 (1) Subsequent to August 31, 2018 , the warehouse repurchase facility was extended to November 2018. (2) Maximum aggregate commitment includes an uncommitted amount of $250 million . (3) Maximum aggregate commitment includes an uncommitted amount of $300 million . The Lennar Financial Services segment uses these facilities to finance its lending activities until the mortgage loans are sold to investors and the proceeds are collected. The facilities are non-recourse to the Company and are expected to be renewed or replaced with other facilities when they mature. Borrowings under the facilities and their prior year predecessors were $966.5 million and $937.2 million at August 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 $1.0 billion and $974.1 million at August 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 receivables on loans sold but not yet paid for. Without the facilities, the Lennar Financial Services segment would have to use cash from operations and other funding sources to finance its lending activities. Substantially all of the loans the Lennar Financial Services segment originates are sold within a short period in the secondary mortgage market on a servicing released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that it breached certain limited industry-standard representations and warranties in the loan sale agreements. Over the last several years there has been an industry-wide effort by purchasers to defray their losses by purporting to have found inaccuracies related to sellers’ representations and warranties in particular loan sale agreements. Mortgage investors could seek to have the Company buy back mortgage loans or compensate them for losses incurred on mortgage loans that the Company has sold based on claims that the Company breached its limited representations or warranties. The Company’s mortgage operations have established accruals for possible losses associated with mortgage loans previously originated and sold to investors. The Company establishes accruals for such possible losses based upon, among other things, an analysis of repurchase requests received, an estimate of potential repurchase claims not yet received and actual past repurchases and losses through the disposition of affected loans as well as previous settlements. While the Company believes that it has adequately reserved for known losses and projected repurchase requests, given the volatility in the mortgage industry and the uncertainty regarding the ultimate resolution of these claims, if either actual repurchases or the losses incurred resolving those repurchases exceed the Company’s expectations, additional recourse expense may be incurred. Loan origination liabilities are included in Lennar Financial Services’ liabilities in the Company's condensed consolidated balance sheets. The activity in the Company’s loan origination liabilities was as follows: Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2018 2017 2018 2017 Loan origination liabilities, beginning of period $ 28,016 25,912 22,543 24,905 Provision for losses 1,059 1,056 2,696 3,000 Adjustments to pre-existing provision for losses from changes in estimates — (4,440 ) — (4,440 ) Origination liabilities assumed related to CalAtlantic acquisition 20,500 — 24,459 — Payments/settlements (124 ) (651 ) (247 ) (1,588 ) Loan origination liabilities, end of period $ 49,451 21,877 49,451 21,877 The assets and liabilities related to the Rialto segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 36,343 241,861 Restricted cash (1) 11,274 22,466 Loans held-for-sale (2) 141,333 236,018 Real estate owned, net 52,644 86,047 Investments in unconsolidated entities 294,465 265,418 Investments held-to-maturity 211,097 179,659 Other assets 87,726 122,371 $ 834,882 1,153,840 Liabilities: Notes and other debts payable (3) $ 239,392 625,081 Other liabilities 57,737 94,975 $ 297,129 720,056 (1) As of August 31, 2018 and November 30, 2017 , 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. (2) Loans held-for-sale primarily related to unsold loans originated by RMF carried at fair value. (3) In March 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 August 31, 2018 and November 30, 2017 , notes and other debt payable included $94.5 million and $162.1 million , respectively, related to Rialto's warehouse repurchase facilities. Rialto Mortgage Finance - loans held-for-sale During the nine months ended August 31, 2018 , RMF originated loans with a total principal balance of $997.5 million and sold $1.1 billion of loans into 12 separate securitizations. During the nine months ended August 31, 2017 , RMF originated loans with a total principal balance of $1.3 billion of which $1.3 billion were recorded as loans held-for-sale and $57.4 million as accrual loans within loans receivable, net, and sold $1.1 billion of loans into eight separate securitizations. As of August 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 August 31, 2018 , the consolidated LLCs had total combined assets of $12.0 million , which primarily included $7.2 million in cash, $3.4 million of real estate owned, net, and $0.6 million of loans held-for-sale. At August 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 August 31, 2018 , Rialto's warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures November 2018 $ 200,000 364-day warehouse repurchase facility that matures December 2018 (extended from October 2018) 250,000 364-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) $ 850,000 Warehouse repurchase facility that matures December 2018 (one year extensions) (1) 50,000 Total $ 900,000 (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 August 31, 2018 and November 30, 2017 . Borrowings under the facilities that finance RMF's loan originations and securitization activities were $94.5 million and $162.1 million as of August 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 held-to-maturity At August 31, 2018 and November 30, 2017 , the carrying value of Rialto's commercial mortgage-backed securities ("CMBS") was $211.1 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 or the nine months ended August 31, 2018 or 2017 . The Rialto segment classifies these securities as held-to-maturity based on its intent and ability to hold the securities until maturity. The Company has financing agreements to finance CMBS that have been purchased as investments by the Rialto segment. At August 31, 2018 and November 30, 2017 , the carrying amount, net of debt issuance costs, of outstanding debt in these agreements was $122.6 million and $91.8 million , respectively, and the interest is incurred at a fixed rate of 3.2% to 3.3% . 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: August 31, August 31, November 30, (Dollars in thousands) Inception Year Equity Commitments Equity Commitments Called Commitment to Fund by the Company Funds Contributed by the Company Investment Rialto Real Estate Fund, LP 2010 $ 700,006 $ 700,006 $ 75,000 $ 75,000 $ 39,608 41,860 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 84,606 86,904 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 13,314 19,189 Rialto Capital CMBS Funds 2014 119,174 119,174 52,474 52,474 52,916 54,018 Rialto Real Estate Fund III 2015 1,887,000 1,074,561 140,000 75,917 71,293 41,223 Rialto Credit Partnership, LP 2016 220,000 217,556 19,999 19,777 12,257 13,288 Other investments 20,471 8,936 $ 294,465 265,418 During the three and nine months ended August 31, 2018 , Rialto received $2.7 million and $10.1 million , respectively, of advance distributions with regard to Rialto's carried interests in its real estate funds in order to cover income tax obligations resulting from allocations of taxable income to Rialto's carried interests in these funds. During the three and nine months ended August 31, 2017 , Rialto received $0.8 million and $3.9 million , respectively, of such advanced distributions. During the three and nine months ended August 31, 2018 , Rialto received $3.7 million and $9.4 million , respectively, of distributions with regard to its carried interest in Rialto Real Estate Fund, LP, Rialto Real Estate Fund II, LP, and Rialto Capital CMBS Fund, LP. During the three and nine months ended August 31, 2017 , Rialto received $10.6 million and $29.4 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) August 31, November 30, Assets: Cash and cash equivalents $ 36,406 95,552 Loans receivable 697,262 538,317 Real estate owned 266,406 348,601 Investment securities 2,219,660 1,849,795 Investments in partnerships 406,600 393,874 Other assets 43,046 42,949 $ 3,669,380 3,269,088 Liabilities and equity: Accounts payable and other liabilities $ 32,081 48,374 Notes payable (1) 591,329 576,810 Equity 3,045,970 2,643,904 $ 3,669,380 3,269,088 (1) Notes payable are net of debt issuance costs of $2.9 million and $3.1 million , as of August 31, 2018 and November 30, 2017 , respectively. Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2018 2017 2018 2017 Revenues $ 97,973 64,267 283,510 182,453 Costs and expenses 23,299 26,752 66,735 83,753 Other income (expense), net (1) (22,644 ) 245 (1,166 ) 9,893 Net earnings of unconsolidated entities $ 52,030 37,760 215,609 108,593 Rialto equity in earnings from unconsolidated entities $ 5,266 4,858 18,496 11,310 (1) Lennar Multifamily Segment The Company is actively involved, primarily through unconsolidated entities, in the development, construction and property management of multifamily rental properties. The Lennar Multifamily segment focuses on developing a geographically diversified portfolio of institutional quality multifamily rental properties in select U.S. markets. The assets and liabilities related to the Lennar Multifamily segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 13,748 8,676 Receivables (1) 66,265 69,678 Land under development 294,104 208,618 Investments in unconsolidated entities 482,241 407,544 Other assets 33,699 16,209 $ 890,057 710,725 Liabilities: Accounts payable and other liabilities $ 152,566 149,715 (1) Receivables primarily related to general contractor services, net of deferrals and management fee income receivables due from unconsolidated entities as of August 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 it) has been required to give guarantees of completion and cost over-runs to the lenders and partners. Those completion guarantees may require that the guarantors complete the construction of the improvements for which the financing was obtained. Additionally, the Company guarantees the construction costs of the project as construction cost over-runs would be paid by the Company. Generally, these payments would be increases to the Company's investment in the entities and would increase its share of funds the entities distribute after the achievement of certain thresholds. As of both August 31, 2018 and November 30, 2017 , the fair value of the completion guarantees was immaterial. Additionally, as of August 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 are included in the disclosure in Note 12 related to the Company's performance and financial letters of credit. As of August 31, 2018 and November 30, 2017 , Lennar Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $1.1 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 nine months ended August 31, 2018 , the Lennar Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $12.2 million and $36.1 million , respectively. During the three and nine months ended August 31, 2017 , the Lennar Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $13.1 million and $41.2 million , respectively. The Lennar Multifamily segment also provides general contractor services for construction of some of the rental properties owned by unconsolidated entities in which the Company has an investment. During the three and nine months ended August 31, 2018 , the Lennar Multifamily segment provided general contractor services, net of deferrals, totaling $83.8 million and $262.6 million , respectively, which were partially offset by costs related to those services of $80.5 million and $252.7 million , respectively. During the three and nine months ended August 31, 2017 , the Lennar Multifamily segment provided general contractor services, net of deferrals totaling $90.3 million and $250.7 million , respectively, which were partially offset by costs related to those services of $86.7 million and $243.7 million , respectively. The Lennar Multifamily Venture Fund I (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 nine months ended August 31, 2018 , $316.1 million in equity commitments were called, of which the Company contributed its portion of $73.4 million . During the nine months ended August 31, 2018 , the Company received $11.8 million of distributions as a return of capital from the Venture Fund. As of August 31, 2018 , $1.8 billion of the $2.2 billion in equity commitments had been called, of which the Company had contributed $424.1 million , representing its pro-rata portion of the called equity, resulting in a remaining equity commitment for the Company of $79.9 million . As of August 31, 2018 and November 30, 2017 , the carrying value of the Company's investment in the Venture Fund was $378.2 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. As of August 31, 2018 , Venture Fund II had approximately $655 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 nine months ended August 31, 2018 , $146.1 million in equity commitments were called, of which the Company contributed its portion of $55.4 million , which was made up of a $108.3 million inventory and cash contributions, offset by $52.9 million of distributions as a return of capital, resulting in a remaining equity commitment for the Company of $199.6 million . As of August 31, 2018 , the carrying value of the Company's investment in Venture Fund II was $45.6 million . The difference between the Company's net contributions and the carrying value of the Company's investments was related to a basis difference. Venture Fund II was

Lennar Homebuilding Investments

Lennar Homebuilding Investments In Unconsolidated Entities	9 Months Ended
	Aug. 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 Nine Months Ended August 31, August 31, (In thousands) 2018 2017 2018 2017 Revenues $ 153,968 144,966 324,584 323,689 Costs and expenses 199,337 151,643 458,660 421,554 Other income (1) 66,690 12,578 180,231 18,695 Net earnings (loss) of unconsolidated entities $ 21,321 5,901 46,155 (79,170 ) Lennar Homebuilding equity in loss from unconsolidated entities $ (15,391 ) (9,651 ) (41,904 ) (42,691 ) (1) During the nine months ended August 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 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 nine months ended August 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 both the three and nine months ended August 31, 2017 , one of the Company’s unconsolidated entities had equity in earnings of $18.8 million relating to an equity method investee selling 475 homesites to a third-party land bank. Simultaneous with the purchase by the land bank, the Company entered into an option contract to purchase all 475 homesites from the land bank. Due to the Company’s continuing involvement with respect to the homesites sold from the investee entity, the Company deferred all of its equity in earnings from the unconsolidated entity relating to the sale transaction, which amounted to $7.8 million . For the three months ended August 31, 2017 , Lennar Homebuilding equity in loss from unconsolidated entities was primarily attributable to the Company's share of net operating losses from unconsolidated entities and its deferral of equity in earnings from the land sale transaction discussed above. The net earnings of unconsolidated entities were primarily driven by the unconsolidated entity’s equity in earnings relating to the land sale offset by general and administrative expenses during the three months ended August 31, 2017 . For the nine months ended August 31, 2017 , Lennar Homebuilding equity in loss from unconsolidated entities was primarily attributable to the Company’s share of net operating losses from its unconsolidated entities and its deferral of equity in earnings from the land sale transaction discussed above. The net loss from unconsolidated entities was primarily driven by general and administrative expenses, partially offset by the unconsolidated entity’s equity in earnings from the land sale discussed above. Balance Sheets (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 912,250 953,261 Inventories 4,251,673 3,751,525 Other assets 1,200,761 1,061,507 $ 6,364,684 5,766,293 Liabilities and equity: Accounts payable and other liabilities $ 839,694 832,151 Debt (1) 1,212,470 737,331 Equity 4,312,520 4,196,811 $ 6,364,684 5,766,293 (1) Debt presented above is net of debt issuance costs of $13.2 million and $5.7 million , as of August 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 August 31, 2018 , the Company owned approximately 40% of FivePoint and the carrying amount of the Company's investment was $358.9 million . As of August 31, 2018 and November 30, 2017 , the Company’s recorded investments in Lennar Homebuilding unconsolidated entities were $997.5 million and $900.8 million , respectively, while the underlying equity in Lennar Homebuilding unconsolidated entities partners’ net assets as of both August 31, 2018 and November 30, 2017 were $1.3 billion . 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 nine months ended August 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) August 31, November 30, Non-recourse bank debt and other debt (partner’s share of several recourse) $ 51,364 64,197 Non-recourse land seller debt and other debt 1,497 1,997 Non-recourse debt with completion guarantees 234,310 255,903 Non-recourse debt without completion guarantees (1) 869,486 351,800 Non-recourse debt to the Company 1,156,657 673,897 The Company’s maximum recourse exposure (2) 69,005 69,181 Debt issuance costs (13,192 ) (5,747 ) Total debt $ 1,212,470 737,331 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 August 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 August 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 August 31, 2018

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Aug. 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 nine months ended August 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) 919,286 — — — — — 899,683 19,603 Employee stock and directors plans (45,148 ) 182 — 4,171 (49,501 ) — — — 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 55,638 — — 55,638 — — — — Cash dividends (35,985 ) — — — — — (35,985 ) — Receipts related to noncontrolling interests 4,008 — — — — — — 4,008 Payments related to noncontrolling interests (68,627 ) — — — — — — (68,627 ) Non-cash activity related to noncontrolling interests 15,365 — — — — — — 15,365 Total other comprehensive loss, net of tax (1,649 ) — — — — (1,649 ) — — Balance at August 31, 2018 $ 14,116,180 29,498 3,944 8,480,034 (185,521 ) (615 ) 5,704,676 84,164 Stockholders’ Equity (In thousands) Total Equity Class A Class B Additional Treasury Stock Accumulated Other Comprehensive Income (Loss) Retained Earnings Noncontrolling Interests Balance at November 30, 2016 $ 7,211,567 20,409 3,298 2,805,349 (108,961 ) (309 ) 4,306,256 185,525 Net earnings (including net loss attributable to noncontrolling interests) 473,972 — — — — — 500,890 (26,918 ) Employee stock and directors plans (24,896 ) 134 — 2,079 (27,109 ) — — — Tax benefit from employee stock plans, vesting of restricted stock and conversions of convertible senior notes 35,542 — — 35,542 — — — — Amortization of restricted stock 43,303 — — 43,303 — — — — Cash dividends (28,181 ) — — — — — (28,181 ) — Receipts related to noncontrolling interests 10,299 — — — — — — 10,299 Payments related to noncontrolling interests (61,782 ) — — — — — — (61,782 ) Non-cash activity to noncontrolling interests (1,924 ) — — — — — — (1,924 ) Total other comprehensive income, net of tax 1,560 — — — — 1,560 — — Balance at August 31, 2017 $ 7,659,460 20,543 3,298 2,886,273 (136,070 ) 1,251 4,778,965 105,200

Income Taxes

Income Taxes	9 Months Ended
	Aug. 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 Nine Months Ended August 31, August 31, (Dollars in thousands) 2018 2017 2018 2017 Provision for income taxes $98,298 124,795 306,870 253,656 Effective tax rate (1) 17.8 % 33.4 % 25.4 % 33.6 % (1) For the three months ended August 31, 2018 , the effective tax rate included tax benefits for tax accounting method changes implemented during the third quarter, energy credits and the domestic production activities deduction. For the nine months ended August 31, 2018 , the effective tax rate included a 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 accounting method changes, energy tax credits and tax benefits for the domestic production activities deduction. Excluding the one-time non-cash deferred tax asset write down of $68.6 million recorded in the first quarter of 2018 due to the tax reform bill and the $34.1 million benefit recorded in the third quarter of 2018, primarily related to tax accounting method changes and energy credits, the tax rate for the nine months ended August 31, 2018 would have been 22.6% . For the three months ended August 31, 2017 , the effective tax rate included tax benefits for the domestic production activities deduction, and energy tax credits, offset primarily by state income tax expense and a valuation allowance recorded against state net operating losses the Company expects to expire unutilized. For the nine months ended August 31, 2017 , the effective tax rate included tax benefits for (1) settlements with the IRS, (2) the domestic production activities deduction, and (3) energy tax credits, offset primarily by state income tax expense, and a valuation allowance recorded against state net operating losses the Company expects to expire unutilized. As of August 31, 2018 and November 30, 2017 , the Company's deferred tax assets, net, included in the condensed consolidated balance sheets were $639.6 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, and tax accounting method changes implemented during the third quarter. As of August 31, 2018 and November 30, 2017 , the Company had $25.8 million and $12.3 million , respectively, of gross unrecognized tax benefits. At August 31, 2018 , the Company had $53.8 million accrued for interest and penalties, of which $1.5 million was due to the CalAtlantic acquisition and an additional $2.6 million was accrued during the nine months ended August 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	9 Months Ended
	Aug. 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") is considered participating securities. Basic and diluted earnings per share were calculated as follows: Three Months Ended Nine Months Ended August 31, August 31, (In thousands, except per share amounts) 2018 2017 2018 2017 Numerator: Net earnings attributable to Lennar $ 453,211 249,165 899,683 500,890 Less: distributed earnings allocated to nonvested shares 105 88 319 290 Less: undistributed earnings allocated to nonvested shares 3,633 2,358 7,674 4,600 Numerator for basic earnings per share 449,473 246,719 891,690 496,000 Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan (1) 347 294 796 845 Plus: interest on convertible senior notes — — 80 — Plus: undistributed earnings allocated to convertible shares — — 6 — Numerator for diluted earnings per share $ 449,126 246,425 890,980 495,155 Denominator: Denominator for basic earnings per share - weighted average common shares outstanding (2) 327,214 237,330 302,046 237,019 Effect of dilutive securities: Shared based payments 23 1 57 1 Convertible senior notes — — 732 — Denominator for diluted earnings per share - weighted average common shares outstanding 327,237 237,331 302,835 237,020 Basic earnings per share (2) $ 1.37 1.04 2.95 2.09 Diluted earnings per share (2) $ 1.37 1.04 2.94 2.09 (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 nine months ended August 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 nine months ended August 31, 2018 and 2017 , there were no

Lennar Financial Services Segme

Lennar Financial Services Segment	9 Months Ended
	Aug. 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 and promote 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) August 31, November 30, Assets: Homebuilding East $ 7,455,782 4,754,581 Homebuilding Central 3,414,907 2,037,905 Homebuilding West 7,812,183 5,165,218 Homebuilding Other 1,726,472 960,541 Lennar Financial Services 2,042,024 1,689,508 Rialto 834,882 1,153,840 Lennar Multifamily 890,057 710,725 Corporate and unallocated (1) 4,113,088 2,272,716 Total assets $ 28,289,395 18,745,034 Lennar Homebuilding goodwill (1) $ 3,457,999 136,566 Lennar Financial Services goodwill (1) $ 231,245 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 $169 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 Nine Months Ended August 31, August 31, (In thousands) 2018 2017 2018 2017 Revenues: Homebuilding East $ 2,028,989 1,255,797 5,000,182 3,218,413 Homebuilding Central 1,231,170 602,901 3,041,003 1,801,424 Homebuilding West 1,505,858 823,500 3,775,488 2,146,492 Homebuilding Other 519,725 202,997 1,195,159 623,301 Lennar Financial Services 236,268 215,056 639,543 571,462 Rialto 49,495 57,810 149,033 207,804 Lennar Multifamily 101,064 103,415 312,013 291,900 Total revenues (1) $ 5,672,569 3,261,476 14,112,421 8,860,796 Operating earnings (loss) (2): Homebuilding East (3) $ 228,657 179,908 504,019 277,906 Homebuilding Central 135,978 66,184 264,463 194,986 Homebuilding West (4) 186,847 112,749 581,461 237,333 Homebuilding Other 60,555 27,435 101,349 79,969 Lennar Financial Services 56,628 49,057 128,705 113,448 Rialto 9,444 (3,192 ) 25,558 (10,497 ) Lennar Multifamily (3,853 ) 9,104 9,734 34,816 Total operating earnings 674,256 441,245 1,615,289 927,961 Acquisition and integration costs related to CalAtlantic 11,992 — 140,062 — Corporate general and administrative expenses 96,346 72,860 249,071 200,333 Earnings before income taxes $ 565,918 368,385 1,226,156 727,628 (1) Total revenues were net of sales incentives of $289.0 million ( $22,900 per home delivered) and $717.0 million ( $22,800 per home delivered) for the three and nine months ended August 31, 2018 , respectively, compared to $165.4 million ( $21,800 per home delivered) and $463.4 million ( $22,400 per home delivered) for the three and nine months ended August 31, 2017 , respectively. (2) All homebuilding segments and Homebuilding Other were impacted by purchase accounting adjustments for the three and nine months ended August 31, 2018 . (3) Homebuilding East operating earnings for the nine months ended August 31, 2017 included a $140 million loss due to litigation (see Note 17). (4) 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 nine months ended August 31, 2018 Lennar Financial Services Segment The assets and liabilities related to the Lennar Financial Services segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 165,051 117,410 Restricted cash 12,111 12,006 Receivables, net (1) 386,448 313,252 Loans held-for-sale (2) 945,387 937,516 Loans held-for-investment, net 74,669 44,193 Investments held-to-maturity 64,203 52,327 Investments available-for-sale (3) 47,034 57,439 Goodwill (4) 231,245 59,838 Other assets (5) 115,876 95,527 $ 2,042,024 1,689,508 Liabilities: Notes and other debts payable $ 966,626 937,431 Other liabilities (6) 274,482 240,383 $ 1,241,108 1,177,814 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of August 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 August 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 $169 million was allocated to Lennar Financial Services (see Note 2). (5) As of August 31, 2018 and November 30, 2017 , other assets included mortgage loan commitments carried at fair value of $19.3 million and $9.9 million , respectively, and mortgage servicing rights carried at fair value of $35.1 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 August 31, 2018 and November 30, 2017 , other liabilities included $60.4 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 $2.6 million as of August 31, 2018 . At August 31, 2018 , the Lennar Financial Services segment warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures September 2018 (1) $ 300,000 364-day warehouse repurchase facility that matures December 2018 (2) 400,000 364-day warehouse repurchase facility that matures March 2019 (3) 300,000 364-day warehouse repurchase facility that matures June 2019 700,000 Total $ 1,700,000 (1) Subsequent to August 31, 2018 , the warehouse repurchase facility was extended to November 2018. (2) Maximum aggregate commitment includes an uncommitted amount of $250 million . (3) Maximum aggregate commitment includes an uncommitted amount of $300 million . The Lennar Financial Services segment uses these facilities to finance its lending activities until the mortgage loans are sold to investors and the proceeds are collected. The facilities are non-recourse to the Company and are expected to be renewed or replaced with other facilities when they mature. Borrowings under the facilities and their prior year predecessors were $966.5 million and $937.2 million at August 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 $1.0 billion and $974.1 million at August 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 receivables on loans sold but not yet paid for. Without the facilities, the Lennar Financial Services segment would have to use cash from operations and other funding sources to finance its lending activities. Substantially all of the loans the Lennar Financial Services segment originates are sold within a short period in the secondary mortgage market on a servicing released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that it breached certain limited industry-standard representations and warranties in the loan sale agreements. Over the last several years there has been an industry-wide effort by purchasers to defray their losses by purporting to have found inaccuracies related to sellers’ representations and warranties in particular loan sale agreements. Mortgage investors could seek to have the Company buy back mortgage loans or compensate them for losses incurred on mortgage loans that the Company has sold based on claims that the Company breached its limited representations or warranties. The Company’s mortgage operations have established accruals for possible losses associated with mortgage loans previously originated and sold to investors. The Company establishes accruals for such possible losses based upon, among other things, an analysis of repurchase requests received, an estimate of potential repurchase claims not yet received and actual past repurchases and losses through the disposition of affected loans as well as previous settlements. While the Company believes that it has adequately reserved for known losses and projected repurchase requests, given the volatility in the mortgage industry and the uncertainty regarding the ultimate resolution of these claims, if either actual repurchases or the losses incurred resolving those repurchases exceed the Company’s expectations, additional recourse expense may be incurred. Loan origination liabilities are included in Lennar Financial Services’ liabilities in the Company's condensed consolidated balance sheets. The activity in the Company’s loan origination liabilities was as follows: Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2018 2017 2018 2017 Loan origination liabilities, beginning of period $ 28,016 25,912 22,543 24,905 Provision for losses 1,059 1,056 2,696 3,000 Adjustments to pre-existing provision for losses from changes in estimates — (4,440 ) — (4,440 ) Origination liabilities assumed related to CalAtlantic acquisition 20,500 — 24,459 — Payments/settlements (124 ) (651 ) (247 ) (1,588 ) Loan origination liabilities, end of period $ 49,451 21,877 49,451 21,877 The assets and liabilities related to the Rialto segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 36,343 241,861 Restricted cash (1) 11,274 22,466 Loans held-for-sale (2) 141,333 236,018 Real estate owned, net 52,644 86,047 Investments in unconsolidated entities 294,465 265,418 Investments held-to-maturity 211,097 179,659 Other assets 87,726 122,371 $ 834,882 1,153,840 Liabilities: Notes and other debts payable (3) $ 239,392 625,081 Other liabilities 57,737 94,975 $ 297,129 720,056 (1) As of August 31, 2018 and November 30, 2017 , 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. (2) Loans held-for-sale primarily related to unsold loans originated by RMF carried at fair value. (3) In March 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 August 31, 2018 and November 30, 2017 , notes and other debt payable included $94.5 million and $162.1 million , respectively, related to Rialto's warehouse repurchase facilities. Rialto Mortgage Finance - loans held-for-sale During the nine months ended August 31, 2018 , RMF originated loans with a total principal balance of $997.5 million and sold $1.1 billion of loans into 12 separate securitizations. During the nine months ended August 31, 2017 , RMF originated loans with a total principal balance of $1.3 billion of which $1.3 billion were recorded as loans held-for-sale and $57.4 million as accrual loans within loans receivable, net, and sold $1.1 billion of loans into eight separate securitizations. As of August 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 August 31, 2018 , the consolidated LLCs had total combined assets of $12.0 million , which primarily included $7.2 million in cash, $3.4 million of real estate owned, net, and $0.6 million of loans held-for-sale. At August 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 August 31, 2018 , Rialto's warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures November 2018 $ 200,000 364-day warehouse repurchase facility that matures December 2018 (extended from October 2018) 250,000 364-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) $ 850,000 Warehouse repurchase facility that matures December 2018 (one year extensions) (1) 50,000 Total $ 900,000 (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 August 31, 2018 and November 30, 2017 . Borrowings under the facilities that finance RMF's loan originations and securitization activities were $94.5 million and $162.1 million as of August 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 held-to-maturity At August 31, 2018 and November 30, 2017 , the carrying value of Rialto's commercial mortgage-backed securities ("CMBS") was $211.1 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 or the nine months ended August 31, 2018 or 2017 . The Rialto segment classifies these securities as held-to-maturity based on its intent and ability to hold the securities until maturity. The Company has financing agreements to finance CMBS that have been purchased as investments by the Rialto segment. At August 31, 2018 and November 30, 2017 , the carrying amount, net of debt issuance costs, of outstanding debt in these agreements was $122.6 million and $91.8 million , respectively, and the interest is incurred at a fixed rate of 3.2% to 3.3% . 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: August 31, August 31, November 30, (Dollars in thousands) Inception Year Equity Commitments Equity Commitments Called Commitment to Fund by the Company Funds Contributed by the Company Investment Rialto Real Estate Fund, LP 2010 $ 700,006 $ 700,006 $ 75,000 $ 75,000 $ 39,608 41,860 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 84,606 86,904 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 13,314 19,189 Rialto Capital CMBS Funds 2014 119,174 119,174 52,474 52,474 52,916 54,018 Rialto Real Estate Fund III 2015 1,887,000 1,074,561 140,000 75,917 71,293 41,223 Rialto Credit Partnership, LP 2016 220,000 217,556 19,999 19,777 12,257 13,288 Other investments 20,471 8,936 $ 294,465 265,418 During the three and nine months ended August 31, 2018 , Rialto received $2.7 million and $10.1 million , respectively, of advance distributions with regard to Rialto's carried interests in its real estate funds in order to cover income tax obligations resulting from allocations of taxable income to Rialto's carried interests in these funds. During the three and nine months ended August 31, 2017 , Rialto received $0.8 million and $3.9 million , respectively, of such advanced distributions. During the three and nine months ended August 31, 2018 , Rialto received $3.7 million and $9.4 million , respectively, of distributions with regard to its carried interest in Rialto Real Estate Fund, LP, Rialto Real Estate Fund II, LP, and Rialto Capital CMBS Fund, LP. During the three and nine months ended August 31, 2017 , Rialto received $10.6 million and $29.4 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) August 31, November 30, Assets: Cash and cash equivalents $ 36,406 95,552 Loans receivable 697,262 538,317 Real estate owned 266,406 348,601 Investment securities 2,219,660 1,849,795 Investments in partnerships 406,600 393,874 Other assets 43,046 42,949 $ 3,669,380 3,269,088 Liabilities and equity: Accounts payable and other liabilities $ 32,081 48,374 Notes payable (1) 591,329 576,810 Equity 3,045,970 2,643,904 $ 3,669,380 3,269,088 (1) Notes payable are net of debt issuance costs of $2.9 million and $3.1 million , as of August 31, 2018 and November 30, 2017 , respectively. Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2018 2017 2018 2017 Revenues $ 97,973 64,267 283,510 182,453 Costs and expenses 23,299 26,752 66,735 83,753 Other income (expense), net (1) (22,644 ) 245 (1,166 ) 9,893 Net earnings of unconsolidated entities $ 52,030 37,760 215,609 108,593 Rialto equity in earnings from unconsolidated entities $ 5,266 4,858 18,496 11,310 (1) Lennar Multifamily Segment The Company is actively involved, primarily through unconsolidated entities, in the development, construction and property management of multifamily rental properties. The Lennar Multifamily segment focuses on developing a geographically diversified portfolio of institutional quality multifamily rental properties in select U.S. markets. The assets and liabilities related to the Lennar Multifamily segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 13,748 8,676 Receivables (1) 66,265 69,678 Land under development 294,104 208,618 Investments in unconsolidated entities 482,241 407,544 Other assets 33,699 16,209 $ 890,057 710,725 Liabilities: Accounts payable and other liabilities $ 152,566 149,715 (1) Receivables primarily related to general contractor services, net of deferrals and management fee income receivables due from unconsolidated entities as of August 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 it) has been required to give guarantees of completion and cost over-runs to the lenders and partners. Those completion guarantees may require that the guarantors complete the construction of the improvements for which the financing was obtained. Additionally, the Company guarantees the construction costs of the project as construction cost over-runs would be paid by the Company. Generally, these payments would be increases to the Company's investment in the entities and would increase its share of funds the entities distribute after the achievement of certain thresholds. As of both August 31, 2018 and November 30, 2017 , the fair value of the completion guarantees was immaterial. Additionally, as of August 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 are included in the disclosure in Note 12 related to the Company's performance and financial letters of credit. As of August 31, 2018 and November 30, 2017 , Lennar Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $1.1 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 nine months ended August 31, 2018 , the Lennar Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $12.2 million and $36.1 million , respectively. During the three and nine months ended August 31, 2017 , the Lennar Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $13.1 million and $41.2 million , respectively. The Lennar Multifamily segment also provides general contractor services for construction of some of the rental properties owned by unconsolidated entities in which the Company has an investment. During the three and nine months ended August 31, 2018 , the Lennar Multifamily segment provided general contractor services, net of deferrals, totaling $83.8 million and $262.6 million , respectively, which were partially offset by costs related to those services of $80.5 million and $252.7 million , respectively. During the three and nine months ended August 31, 2017 , the Lennar Multifamily segment provided general contractor services, net of deferrals totaling $90.3 million and $250.7 million , respectively, which were partially offset by costs related to those services of $86.7 million and $243.7 million , respectively. The Lennar Multifamily Venture Fund I (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 nine months ended August 31, 2018 , $316.1 million in equity commitments were called, of which the Company contributed its portion of $73.4 million . During the nine months ended August 31, 2018 , the Company received $11.8 million of distributions as a return of capital from the Venture Fund. As of August 31, 2018 , $1.8 billion of the $2.2 billion in equity commitments had been called, of which the Company had contributed $424.1 million , representing its pro-rata portion of the called equity, resulting in a remaining equity commitment for the Company of $79.9 million . As of August 31, 2018 and November 30, 2017 , the carrying value of the Company's investment in the Venture Fund was $378.2 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. As of August 31, 2018 , Venture Fund II had approximately $655 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 nine months ended August 31, 2018 , $146.1 million in equity commitments were called, of which the Company contributed its portion of $55.4 million , which was made up of a $108.3 million inventory and cash contributions, offset by $52.9 million of distributions as a return of capital, resulting in a remaining equity commitment for the Company of $199.6 million . As of August 31, 2018 , the carrying value of the Company's investment in Venture Fund II was $45.6 million . The difference between the Company's net contributions and the carrying value of the Company's investments was related to a basis difference. Venture Fund II was

Rialto Segment

Rialto Segment	9 Months Ended
	Aug. 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 and promote 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) August 31, November 30, Assets: Homebuilding East $ 7,455,782 4,754,581 Homebuilding Central 3,414,907 2,037,905 Homebuilding West 7,812,183 5,165,218 Homebuilding Other 1,726,472 960,541 Lennar Financial Services 2,042,024 1,689,508 Rialto 834,882 1,153,840 Lennar Multifamily 890,057 710,725 Corporate and unallocated (1) 4,113,088 2,272,716 Total assets $ 28,289,395 18,745,034 Lennar Homebuilding goodwill (1) $ 3,457,999 136,566 Lennar Financial Services goodwill (1) $ 231,245 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 $169 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 Nine Months Ended August 31, August 31, (In thousands) 2018 2017 2018 2017 Revenues: Homebuilding East $ 2,028,989 1,255,797 5,000,182 3,218,413 Homebuilding Central 1,231,170 602,901 3,041,003 1,801,424 Homebuilding West 1,505,858 823,500 3,775,488 2,146,492 Homebuilding Other 519,725 202,997 1,195,159 623,301 Lennar Financial Services 236,268 215,056 639,543 571,462 Rialto 49,495 57,810 149,033 207,804 Lennar Multifamily 101,064 103,415 312,013 291,900 Total revenues (1) $ 5,672,569 3,261,476 14,112,421 8,860,796 Operating earnings (loss) (2): Homebuilding East (3) $ 228,657 179,908 504,019 277,906 Homebuilding Central 135,978 66,184 264,463 194,986 Homebuilding West (4) 186,847 112,749 581,461 237,333 Homebuilding Other 60,555 27,435 101,349 79,969 Lennar Financial Services 56,628 49,057 128,705 113,448 Rialto 9,444 (3,192 ) 25,558 (10,497 ) Lennar Multifamily (3,853 ) 9,104 9,734 34,816 Total operating earnings 674,256 441,245 1,615,289 927,961 Acquisition and integration costs related to CalAtlantic 11,992 — 140,062 — Corporate general and administrative expenses 96,346 72,860 249,071 200,333 Earnings before income taxes $ 565,918 368,385 1,226,156 727,628 (1) Total revenues were net of sales incentives of $289.0 million ( $22,900 per home delivered) and $717.0 million ( $22,800 per home delivered) for the three and nine months ended August 31, 2018 , respectively, compared to $165.4 million ( $21,800 per home delivered) and $463.4 million ( $22,400 per home delivered) for the three and nine months ended August 31, 2017 , respectively. (2) All homebuilding segments and Homebuilding Other were impacted by purchase accounting adjustments for the three and nine months ended August 31, 2018 . (3) Homebuilding East operating earnings for the nine months ended August 31, 2017 included a $140 million loss due to litigation (see Note 17). (4) 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 nine months ended August 31, 2018 Lennar Financial Services Segment The assets and liabilities related to the Lennar Financial Services segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 165,051 117,410 Restricted cash 12,111 12,006 Receivables, net (1) 386,448 313,252 Loans held-for-sale (2) 945,387 937,516 Loans held-for-investment, net 74,669 44,193 Investments held-to-maturity 64,203 52,327 Investments available-for-sale (3) 47,034 57,439 Goodwill (4) 231,245 59,838 Other assets (5) 115,876 95,527 $ 2,042,024 1,689,508 Liabilities: Notes and other debts payable $ 966,626 937,431 Other liabilities (6) 274,482 240,383 $ 1,241,108 1,177,814 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of August 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 August 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 $169 million was allocated to Lennar Financial Services (see Note 2). (5) As of August 31, 2018 and November 30, 2017 , other assets included mortgage loan commitments carried at fair value of $19.3 million and $9.9 million , respectively, and mortgage servicing rights carried at fair value of $35.1 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 August 31, 2018 and November 30, 2017 , other liabilities included $60.4 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 $2.6 million as of August 31, 2018 . At August 31, 2018 , the Lennar Financial Services segment warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures September 2018 (1) $ 300,000 364-day warehouse repurchase facility that matures December 2018 (2) 400,000 364-day warehouse repurchase facility that matures March 2019 (3) 300,000 364-day warehouse repurchase facility that matures June 2019 700,000 Total $ 1,700,000 (1) Subsequent to August 31, 2018 , the warehouse repurchase facility was extended to November 2018. (2) Maximum aggregate commitment includes an uncommitted amount of $250 million . (3) Maximum aggregate commitment includes an uncommitted amount of $300 million . The Lennar Financial Services segment uses these facilities to finance its lending activities until the mortgage loans are sold to investors and the proceeds are collected. The facilities are non-recourse to the Company and are expected to be renewed or replaced with other facilities when they mature. Borrowings under the facilities and their prior year predecessors were $966.5 million and $937.2 million at August 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 $1.0 billion and $974.1 million at August 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 receivables on loans sold but not yet paid for. Without the facilities, the Lennar Financial Services segment would have to use cash from operations and other funding sources to finance its lending activities. Substantially all of the loans the Lennar Financial Services segment originates are sold within a short period in the secondary mortgage market on a servicing released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that it breached certain limited industry-standard representations and warranties in the loan sale agreements. Over the last several years there has been an industry-wide effort by purchasers to defray their losses by purporting to have found inaccuracies related to sellers’ representations and warranties in particular loan sale agreements. Mortgage investors could seek to have the Company buy back mortgage loans or compensate them for losses incurred on mortgage loans that the Company has sold based on claims that the Company breached its limited representations or warranties. The Company’s mortgage operations have established accruals for possible losses associated with mortgage loans previously originated and sold to investors. The Company establishes accruals for such possible losses based upon, among other things, an analysis of repurchase requests received, an estimate of potential repurchase claims not yet received and actual past repurchases and losses through the disposition of affected loans as well as previous settlements. While the Company believes that it has adequately reserved for known losses and projected repurchase requests, given the volatility in the mortgage industry and the uncertainty regarding the ultimate resolution of these claims, if either actual repurchases or the losses incurred resolving those repurchases exceed the Company’s expectations, additional recourse expense may be incurred. Loan origination liabilities are included in Lennar Financial Services’ liabilities in the Company's condensed consolidated balance sheets. The activity in the Company’s loan origination liabilities was as follows: Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2018 2017 2018 2017 Loan origination liabilities, beginning of period $ 28,016 25,912 22,543 24,905 Provision for losses 1,059 1,056 2,696 3,000 Adjustments to pre-existing provision for losses from changes in estimates — (4,440 ) — (4,440 ) Origination liabilities assumed related to CalAtlantic acquisition 20,500 — 24,459 — Payments/settlements (124 ) (651 ) (247 ) (1,588 ) Loan origination liabilities, end of period $ 49,451 21,877 49,451 21,877 The assets and liabilities related to the Rialto segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 36,343 241,861 Restricted cash (1) 11,274 22,466 Loans held-for-sale (2) 141,333 236,018 Real estate owned, net 52,644 86,047 Investments in unconsolidated entities 294,465 265,418 Investments held-to-maturity 211,097 179,659 Other assets 87,726 122,371 $ 834,882 1,153,840 Liabilities: Notes and other debts payable (3) $ 239,392 625,081 Other liabilities 57,737 94,975 $ 297,129 720,056 (1) As of August 31, 2018 and November 30, 2017 , 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. (2) Loans held-for-sale primarily related to unsold loans originated by RMF carried at fair value. (3) In March 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 August 31, 2018 and November 30, 2017 , notes and other debt payable included $94.5 million and $162.1 million , respectively, related to Rialto's warehouse repurchase facilities. Rialto Mortgage Finance - loans held-for-sale During the nine months ended August 31, 2018 , RMF originated loans with a total principal balance of $997.5 million and sold $1.1 billion of loans into 12 separate securitizations. During the nine months ended August 31, 2017 , RMF originated loans with a total principal balance of $1.3 billion of which $1.3 billion were recorded as loans held-for-sale and $57.4 million as accrual loans within loans receivable, net, and sold $1.1 billion of loans into eight separate securitizations. As of August 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 August 31, 2018 , the consolidated LLCs had total combined assets of $12.0 million , which primarily included $7.2 million in cash, $3.4 million of real estate owned, net, and $0.6 million of loans held-for-sale. At August 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 August 31, 2018 , Rialto's warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures November 2018 $ 200,000 364-day warehouse repurchase facility that matures December 2018 (extended from October 2018) 250,000 364-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) $ 850,000 Warehouse repurchase facility that matures December 2018 (one year extensions) (1) 50,000 Total $ 900,000 (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 August 31, 2018 and November 30, 2017 . Borrowings under the facilities that finance RMF's loan originations and securitization activities were $94.5 million and $162.1 million as of August 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 held-to-maturity At August 31, 2018 and November 30, 2017 , the carrying value of Rialto's commercial mortgage-backed securities ("CMBS") was $211.1 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 or the nine months ended August 31, 2018 or 2017 . The Rialto segment classifies these securities as held-to-maturity based on its intent and ability to hold the securities until maturity. The Company has financing agreements to finance CMBS that have been purchased as investments by the Rialto segment. At August 31, 2018 and November 30, 2017 , the carrying amount, net of debt issuance costs, of outstanding debt in these agreements was $122.6 million and $91.8 million , respectively, and the interest is incurred at a fixed rate of 3.2% to 3.3% . 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: August 31, August 31, November 30, (Dollars in thousands) Inception Year Equity Commitments Equity Commitments Called Commitment to Fund by the Company Funds Contributed by the Company Investment Rialto Real Estate Fund, LP 2010 $ 700,006 $ 700,006 $ 75,000 $ 75,000 $ 39,608 41,860 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 84,606 86,904 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 13,314 19,189 Rialto Capital CMBS Funds 2014 119,174 119,174 52,474 52,474 52,916 54,018 Rialto Real Estate Fund III 2015 1,887,000 1,074,561 140,000 75,917 71,293 41,223 Rialto Credit Partnership, LP 2016 220,000 217,556 19,999 19,777 12,257 13,288 Other investments 20,471 8,936 $ 294,465 265,418 During the three and nine months ended August 31, 2018 , Rialto received $2.7 million and $10.1 million , respectively, of advance distributions with regard to Rialto's carried interests in its real estate funds in order to cover income tax obligations resulting from allocations of taxable income to Rialto's carried interests in these funds. During the three and nine months ended August 31, 2017 , Rialto received $0.8 million and $3.9 million , respectively, of such advanced distributions. During the three and nine months ended August 31, 2018 , Rialto received $3.7 million and $9.4 million , respectively, of distributions with regard to its carried interest in Rialto Real Estate Fund, LP, Rialto Real Estate Fund II, LP, and Rialto Capital CMBS Fund, LP. During the three and nine months ended August 31, 2017 , Rialto received $10.6 million and $29.4 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) August 31, November 30, Assets: Cash and cash equivalents $ 36,406 95,552 Loans receivable 697,262 538,317 Real estate owned 266,406 348,601 Investment securities 2,219,660 1,849,795 Investments in partnerships 406,600 393,874 Other assets 43,046 42,949 $ 3,669,380 3,269,088 Liabilities and equity: Accounts payable and other liabilities $ 32,081 48,374 Notes payable (1) 591,329 576,810 Equity 3,045,970 2,643,904 $ 3,669,380 3,269,088 (1) Notes payable are net of debt issuance costs of $2.9 million and $3.1 million , as of August 31, 2018 and November 30, 2017 , respectively. Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2018 2017 2018 2017 Revenues $ 97,973 64,267 283,510 182,453 Costs and expenses 23,299 26,752 66,735 83,753 Other income (expense), net (1) (22,644 ) 245 (1,166 ) 9,893 Net earnings of unconsolidated entities $ 52,030 37,760 215,609 108,593 Rialto equity in earnings from unconsolidated entities $ 5,266 4,858 18,496 11,310 (1) Lennar Multifamily Segment The Company is actively involved, primarily through unconsolidated entities, in the development, construction and property management of multifamily rental properties. The Lennar Multifamily segment focuses on developing a geographically diversified portfolio of institutional quality multifamily rental properties in select U.S. markets. The assets and liabilities related to the Lennar Multifamily segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 13,748 8,676 Receivables (1) 66,265 69,678 Land under development 294,104 208,618 Investments in unconsolidated entities 482,241 407,544 Other assets 33,699 16,209 $ 890,057 710,725 Liabilities: Accounts payable and other liabilities $ 152,566 149,715 (1) Receivables primarily related to general contractor services, net of deferrals and management fee income receivables due from unconsolidated entities as of August 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 it) has been required to give guarantees of completion and cost over-runs to the lenders and partners. Those completion guarantees may require that the guarantors complete the construction of the improvements for which the financing was obtained. Additionally, the Company guarantees the construction costs of the project as construction cost over-runs would be paid by the Company. Generally, these payments would be increases to the Company's investment in the entities and would increase its share of funds the entities distribute after the achievement of certain thresholds. As of both August 31, 2018 and November 30, 2017 , the fair value of the completion guarantees was immaterial. Additionally, as of August 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 are included in the disclosure in Note 12 related to the Company's performance and financial letters of credit. As of August 31, 2018 and November 30, 2017 , Lennar Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $1.1 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 nine months ended August 31, 2018 , the Lennar Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $12.2 million and $36.1 million , respectively. During the three and nine months ended August 31, 2017 , the Lennar Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $13.1 million and $41.2 million , respectively. The Lennar Multifamily segment also provides general contractor services for construction of some of the rental properties owned by unconsolidated entities in which the Company has an investment. During the three and nine months ended August 31, 2018 , the Lennar Multifamily segment provided general contractor services, net of deferrals, totaling $83.8 million and $262.6 million , respectively, which were partially offset by costs related to those services of $80.5 million and $252.7 million , respectively. During the three and nine months ended August 31, 2017 , the Lennar Multifamily segment provided general contractor services, net of deferrals totaling $90.3 million and $250.7 million , respectively, which were partially offset by costs related to those services of $86.7 million and $243.7 million , respectively. The Lennar Multifamily Venture Fund I (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 nine months ended August 31, 2018 , $316.1 million in equity commitments were called, of which the Company contributed its portion of $73.4 million . During the nine months ended August 31, 2018 , the Company received $11.8 million of distributions as a return of capital from the Venture Fund. As of August 31, 2018 , $1.8 billion of the $2.2 billion in equity commitments had been called, of which the Company had contributed $424.1 million , representing its pro-rata portion of the called equity, resulting in a remaining equity commitment for the Company of $79.9 million . As of August 31, 2018 and November 30, 2017 , the carrying value of the Company's investment in the Venture Fund was $378.2 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. As of August 31, 2018 , Venture Fund II had approximately $655 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 nine months ended August 31, 2018 , $146.1 million in equity commitments were called, of which the Company contributed its portion of $55.4 million , which was made up of a $108.3 million inventory and cash contributions, offset by $52.9 million of distributions as a return of capital, resulting in a remaining equity commitment for the Company of $199.6 million . As of August 31, 2018 , the carrying value of the Company's investment in Venture Fund II was $45.6 million . The difference between the Company's net contributions and the carrying value of the Company's investments was related to a basis difference. Venture Fund II was

Lennar Multifamily Segment

Lennar Multifamily Segment	9 Months Ended
	Aug. 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 and promote 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) August 31, November 30, Assets: Homebuilding East $ 7,455,782 4,754,581 Homebuilding Central 3,414,907 2,037,905 Homebuilding West 7,812,183 5,165,218 Homebuilding Other 1,726,472 960,541 Lennar Financial Services 2,042,024 1,689,508 Rialto 834,882 1,153,840 Lennar Multifamily 890,057 710,725 Corporate and unallocated (1) 4,113,088 2,272,716 Total assets $ 28,289,395 18,745,034 Lennar Homebuilding goodwill (1) $ 3,457,999 136,566 Lennar Financial Services goodwill (1) $ 231,245 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 $169 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 Nine Months Ended August 31, August 31, (In thousands) 2018 2017 2018 2017 Revenues: Homebuilding East $ 2,028,989 1,255,797 5,000,182 3,218,413 Homebuilding Central 1,231,170 602,901 3,041,003 1,801,424 Homebuilding West 1,505,858 823,500 3,775,488 2,146,492 Homebuilding Other 519,725 202,997 1,195,159 623,301 Lennar Financial Services 236,268 215,056 639,543 571,462 Rialto 49,495 57,810 149,033 207,804 Lennar Multifamily 101,064 103,415 312,013 291,900 Total revenues (1) $ 5,672,569 3,261,476 14,112,421 8,860,796 Operating earnings (loss) (2): Homebuilding East (3) $ 228,657 179,908 504,019 277,906 Homebuilding Central 135,978 66,184 264,463 194,986 Homebuilding West (4) 186,847 112,749 581,461 237,333 Homebuilding Other 60,555 27,435 101,349 79,969 Lennar Financial Services 56,628 49,057 128,705 113,448 Rialto 9,444 (3,192 ) 25,558 (10,497 ) Lennar Multifamily (3,853 ) 9,104 9,734 34,816 Total operating earnings 674,256 441,245 1,615,289 927,961 Acquisition and integration costs related to CalAtlantic 11,992 — 140,062 — Corporate general and administrative expenses 96,346 72,860 249,071 200,333 Earnings before income taxes $ 565,918 368,385 1,226,156 727,628 (1) Total revenues were net of sales incentives of $289.0 million ( $22,900 per home delivered) and $717.0 million ( $22,800 per home delivered) for the three and nine months ended August 31, 2018 , respectively, compared to $165.4 million ( $21,800 per home delivered) and $463.4 million ( $22,400 per home delivered) for the three and nine months ended August 31, 2017 , respectively. (2) All homebuilding segments and Homebuilding Other were impacted by purchase accounting adjustments for the three and nine months ended August 31, 2018 . (3) Homebuilding East operating earnings for the nine months ended August 31, 2017 included a $140 million loss due to litigation (see Note 17). (4) 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 nine months ended August 31, 2018 Lennar Financial Services Segment The assets and liabilities related to the Lennar Financial Services segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 165,051 117,410 Restricted cash 12,111 12,006 Receivables, net (1) 386,448 313,252 Loans held-for-sale (2) 945,387 937,516 Loans held-for-investment, net 74,669 44,193 Investments held-to-maturity 64,203 52,327 Investments available-for-sale (3) 47,034 57,439 Goodwill (4) 231,245 59,838 Other assets (5) 115,876 95,527 $ 2,042,024 1,689,508 Liabilities: Notes and other debts payable $ 966,626 937,431 Other liabilities (6) 274,482 240,383 $ 1,241,108 1,177,814 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of August 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 August 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 $169 million was allocated to Lennar Financial Services (see Note 2). (5) As of August 31, 2018 and November 30, 2017 , other assets included mortgage loan commitments carried at fair value of $19.3 million and $9.9 million , respectively, and mortgage servicing rights carried at fair value of $35.1 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 August 31, 2018 and November 30, 2017 , other liabilities included $60.4 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 $2.6 million as of August 31, 2018 . At August 31, 2018 , the Lennar Financial Services segment warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures September 2018 (1) $ 300,000 364-day warehouse repurchase facility that matures December 2018 (2) 400,000 364-day warehouse repurchase facility that matures March 2019 (3) 300,000 364-day warehouse repurchase facility that matures June 2019 700,000 Total $ 1,700,000 (1) Subsequent to August 31, 2018 , the warehouse repurchase facility was extended to November 2018. (2) Maximum aggregate commitment includes an uncommitted amount of $250 million . (3) Maximum aggregate commitment includes an uncommitted amount of $300 million . The Lennar Financial Services segment uses these facilities to finance its lending activities until the mortgage loans are sold to investors and the proceeds are collected. The facilities are non-recourse to the Company and are expected to be renewed or replaced with other facilities when they mature. Borrowings under the facilities and their prior year predecessors were $966.5 million and $937.2 million at August 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 $1.0 billion and $974.1 million at August 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 receivables on loans sold but not yet paid for. Without the facilities, the Lennar Financial Services segment would have to use cash from operations and other funding sources to finance its lending activities. Substantially all of the loans the Lennar Financial Services segment originates are sold within a short period in the secondary mortgage market on a servicing released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that it breached certain limited industry-standard representations and warranties in the loan sale agreements. Over the last several years there has been an industry-wide effort by purchasers to defray their losses by purporting to have found inaccuracies related to sellers’ representations and warranties in particular loan sale agreements. Mortgage investors could seek to have the Company buy back mortgage loans or compensate them for losses incurred on mortgage loans that the Company has sold based on claims that the Company breached its limited representations or warranties. The Company’s mortgage operations have established accruals for possible losses associated with mortgage loans previously originated and sold to investors. The Company establishes accruals for such possible losses based upon, among other things, an analysis of repurchase requests received, an estimate of potential repurchase claims not yet received and actual past repurchases and losses through the disposition of affected loans as well as previous settlements. While the Company believes that it has adequately reserved for known losses and projected repurchase requests, given the volatility in the mortgage industry and the uncertainty regarding the ultimate resolution of these claims, if either actual repurchases or the losses incurred resolving those repurchases exceed the Company’s expectations, additional recourse expense may be incurred. Loan origination liabilities are included in Lennar Financial Services’ liabilities in the Company's condensed consolidated balance sheets. The activity in the Company’s loan origination liabilities was as follows: Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2018 2017 2018 2017 Loan origination liabilities, beginning of period $ 28,016 25,912 22,543 24,905 Provision for losses 1,059 1,056 2,696 3,000 Adjustments to pre-existing provision for losses from changes in estimates — (4,440 ) — (4,440 ) Origination liabilities assumed related to CalAtlantic acquisition 20,500 — 24,459 — Payments/settlements (124 ) (651 ) (247 ) (1,588 ) Loan origination liabilities, end of period $ 49,451 21,877 49,451 21,877 The assets and liabilities related to the Rialto segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 36,343 241,861 Restricted cash (1) 11,274 22,466 Loans held-for-sale (2) 141,333 236,018 Real estate owned, net 52,644 86,047 Investments in unconsolidated entities 294,465 265,418 Investments held-to-maturity 211,097 179,659 Other assets 87,726 122,371 $ 834,882 1,153,840 Liabilities: Notes and other debts payable (3) $ 239,392 625,081 Other liabilities 57,737 94,975 $ 297,129 720,056 (1) As of August 31, 2018 and November 30, 2017 , 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. (2) Loans held-for-sale primarily related to unsold loans originated by RMF carried at fair value. (3) In March 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 August 31, 2018 and November 30, 2017 , notes and other debt payable included $94.5 million and $162.1 million , respectively, related to Rialto's warehouse repurchase facilities. Rialto Mortgage Finance - loans held-for-sale During the nine months ended August 31, 2018 , RMF originated loans with a total principal balance of $997.5 million and sold $1.1 billion of loans into 12 separate securitizations. During the nine months ended August 31, 2017 , RMF originated loans with a total principal balance of $1.3 billion of which $1.3 billion were recorded as loans held-for-sale and $57.4 million as accrual loans within loans receivable, net, and sold $1.1 billion of loans into eight separate securitizations. As of August 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 August 31, 2018 , the consolidated LLCs had total combined assets of $12.0 million , which primarily included $7.2 million in cash, $3.4 million of real estate owned, net, and $0.6 million of loans held-for-sale. At August 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 August 31, 2018 , Rialto's warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures November 2018 $ 200,000 364-day warehouse repurchase facility that matures December 2018 (extended from October 2018) 250,000 364-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) $ 850,000 Warehouse repurchase facility that matures December 2018 (one year extensions) (1) 50,000 Total $ 900,000 (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 August 31, 2018 and November 30, 2017 . Borrowings under the facilities that finance RMF's loan originations and securitization activities were $94.5 million and $162.1 million as of August 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 held-to-maturity At August 31, 2018 and November 30, 2017 , the carrying value of Rialto's commercial mortgage-backed securities ("CMBS") was $211.1 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 or the nine months ended August 31, 2018 or 2017 . The Rialto segment classifies these securities as held-to-maturity based on its intent and ability to hold the securities until maturity. The Company has financing agreements to finance CMBS that have been purchased as investments by the Rialto segment. At August 31, 2018 and November 30, 2017 , the carrying amount, net of debt issuance costs, of outstanding debt in these agreements was $122.6 million and $91.8 million , respectively, and the interest is incurred at a fixed rate of 3.2% to 3.3% . 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: August 31, August 31, November 30, (Dollars in thousands) Inception Year Equity Commitments Equity Commitments Called Commitment to Fund by the Company Funds Contributed by the Company Investment Rialto Real Estate Fund, LP 2010 $ 700,006 $ 700,006 $ 75,000 $ 75,000 $ 39,608 41,860 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 84,606 86,904 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 13,314 19,189 Rialto Capital CMBS Funds 2014 119,174 119,174 52,474 52,474 52,916 54,018 Rialto Real Estate Fund III 2015 1,887,000 1,074,561 140,000 75,917 71,293 41,223 Rialto Credit Partnership, LP 2016 220,000 217,556 19,999 19,777 12,257 13,288 Other investments 20,471 8,936 $ 294,465 265,418 During the three and nine months ended August 31, 2018 , Rialto received $2.7 million and $10.1 million , respectively, of advance distributions with regard to Rialto's carried interests in its real estate funds in order to cover income tax obligations resulting from allocations of taxable income to Rialto's carried interests in these funds. During the three and nine months ended August 31, 2017 , Rialto received $0.8 million and $3.9 million , respectively, of such advanced distributions. During the three and nine months ended August 31, 2018 , Rialto received $3.7 million and $9.4 million , respectively, of distributions with regard to its carried interest in Rialto Real Estate Fund, LP, Rialto Real Estate Fund II, LP, and Rialto Capital CMBS Fund, LP. During the three and nine months ended August 31, 2017 , Rialto received $10.6 million and $29.4 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) August 31, November 30, Assets: Cash and cash equivalents $ 36,406 95,552 Loans receivable 697,262 538,317 Real estate owned 266,406 348,601 Investment securities 2,219,660 1,849,795 Investments in partnerships 406,600 393,874 Other assets 43,046 42,949 $ 3,669,380 3,269,088 Liabilities and equity: Accounts payable and other liabilities $ 32,081 48,374 Notes payable (1) 591,329 576,810 Equity 3,045,970 2,643,904 $ 3,669,380 3,269,088 (1) Notes payable are net of debt issuance costs of $2.9 million and $3.1 million , as of August 31, 2018 and November 30, 2017 , respectively. Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2018 2017 2018 2017 Revenues $ 97,973 64,267 283,510 182,453 Costs and expenses 23,299 26,752 66,735 83,753 Other income (expense), net (1) (22,644 ) 245 (1,166 ) 9,893 Net earnings of unconsolidated entities $ 52,030 37,760 215,609 108,593 Rialto equity in earnings from unconsolidated entities $ 5,266 4,858 18,496 11,310 (1) Lennar Multifamily Segment The Company is actively involved, primarily through unconsolidated entities, in the development, construction and property management of multifamily rental properties. The Lennar Multifamily segment focuses on developing a geographically diversified portfolio of institutional quality multifamily rental properties in select U.S. markets. The assets and liabilities related to the Lennar Multifamily segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 13,748 8,676 Receivables (1) 66,265 69,678 Land under development 294,104 208,618 Investments in unconsolidated entities 482,241 407,544 Other assets 33,699 16,209 $ 890,057 710,725 Liabilities: Accounts payable and other liabilities $ 152,566 149,715 (1) Receivables primarily related to general contractor services, net of deferrals and management fee income receivables due from unconsolidated entities as of August 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 it) has been required to give guarantees of completion and cost over-runs to the lenders and partners. Those completion guarantees may require that the guarantors complete the construction of the improvements for which the financing was obtained. Additionally, the Company guarantees the construction costs of the project as construction cost over-runs would be paid by the Company. Generally, these payments would be increases to the Company's investment in the entities and would increase its share of funds the entities distribute after the achievement of certain thresholds. As of both August 31, 2018 and November 30, 2017 , the fair value of the completion guarantees was immaterial. Additionally, as of August 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 are included in the disclosure in Note 12 related to the Company's performance and financial letters of credit. As of August 31, 2018 and November 30, 2017 , Lennar Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $1.1 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 nine months ended August 31, 2018 , the Lennar Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $12.2 million and $36.1 million , respectively. During the three and nine months ended August 31, 2017 , the Lennar Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $13.1 million and $41.2 million , respectively. The Lennar Multifamily segment also provides general contractor services for construction of some of the rental properties owned by unconsolidated entities in which the Company has an investment. During the three and nine months ended August 31, 2018 , the Lennar Multifamily segment provided general contractor services, net of deferrals, totaling $83.8 million and $262.6 million , respectively, which were partially offset by costs related to those services of $80.5 million and $252.7 million , respectively. During the three and nine months ended August 31, 2017 , the Lennar Multifamily segment provided general contractor services, net of deferrals totaling $90.3 million and $250.7 million , respectively, which were partially offset by costs related to those services of $86.7 million and $243.7 million , respectively. The Lennar Multifamily Venture Fund I (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 nine months ended August 31, 2018 , $316.1 million in equity commitments were called, of which the Company contributed its portion of $73.4 million . During the nine months ended August 31, 2018 , the Company received $11.8 million of distributions as a return of capital from the Venture Fund. As of August 31, 2018 , $1.8 billion of the $2.2 billion in equity commitments had been called, of which the Company had contributed $424.1 million , representing its pro-rata portion of the called equity, resulting in a remaining equity commitment for the Company of $79.9 million . As of August 31, 2018 and November 30, 2017 , the carrying value of the Company's investment in the Venture Fund was $378.2 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. As of August 31, 2018 , Venture Fund II had approximately $655 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 nine months ended August 31, 2018 , $146.1 million in equity commitments were called, of which the Company contributed its portion of $55.4 million , which was made up of a $108.3 million inventory and cash contributions, offset by $52.9 million of distributions as a return of capital, resulting in a remaining equity commitment for the Company of $199.6 million . As of August 31, 2018 , the carrying value of the Company's investment in Venture Fund II was $45.6 million . The difference between the Company's net contributions and the carrying value of the Company's investments was related to a basis difference. Venture Fund II was

Lennar Homebuilding Cash and Ca

Lennar Homebuilding Cash and Cash Equivalents	9 Months Ended
	Aug. 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 August 31, 2018 and November 30, 2017 included $576.6 million and $569.8 million , respectively, of cash held in escrow for approximately three days

Lennar Homebuilding Senior Note

Lennar Homebuilding Senior Notes and Other Debts Payable	9 Months Ended
	Aug. 31, 2018
Debt Disclosure [Abstract]
Lennar Homebuilding Senior Notes and Other Debts Payable	Lennar Homebuilding Senior Notes and Other Debts Payable (Dollars in thousands) August 31, November 30, Unsecured revolving credit facility $ 650,000 — 4.125% senior notes due December 2018 274,887 274,459 0.25% convertible senior notes due 2019 1,292 — 4.500% senior notes due 2019 499,364 498,793 4.50% senior notes due 2019 598,997 598,325 6.625% senior notes due 2020 (1) 313,752 — 2.95% senior notes due 2020 298,692 298,305 8.375% senior notes due 2021 (1) 440,156 — 4.750% senior notes due 2021 497,915 497,329 6.25% senior notes due December 2021 (1) 316,541 — 4.125% senior notes due 2022 596,647 595,904 5.375% senior notes due 2022 (1) 261,769 — 4.750% senior notes due 2022 570,185 569,484 4.875% senior notes due December 2023 395,662 394,964 4.500% senior notes due 2024 645,897 645,353 5.875% senior notes due 2024 (1) 454,001 — 4.750% senior notes due 2025 497,003 496,671 5.25% senior notes due 2026 (1) 409,436 — 5.00% senior notes due 2027 (1) 353,371 — 4.75% senior notes due 2027 892,110 892,657 6.95% senior notes due 2018 — 249,342 Mortgage notes on land and other debt 440,310 398,417 $ 9,407,987 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 totaling $33.5 million as of both August 31, 2018 and November 30, 2017 . 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 April 2023, with $70 million that matured in June 2018 and the remaining $50 million maturing in June 2020. As of August 31, 2018 , the Credit Facility included a $ 315 million accordion feature, subject to additional commitments. The proceeds available under the Credit Facility, which are subject to specified conditions for borrowing, may be used for working capital and general corporate purposes. The credit agreement also provides that up to $500 million in commitments may be used for letters of credit. Under the Credit Facility agreement, the Company is required to maintain a minimum consolidated tangible net worth, a maximum leverage ratio and either a liquidity or an interest coverage ratio. These ratios are calculated per the Credit Facility agreement, which involves adjustments to GAAP financial measures. The Company believes it was in compliance with its debt covenants at August 31, 2018 . In addition, the Company had $365 million of letter of credit facilities with different financial institutions. The Company’s performance letters of credit outstanding were $542.2 million and $384.4 million , respectively, at August 31, 2018 and November 30, 2017 . The Company’s financial letters of credit outstanding were $183.3 million and $127.4 million , at August 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 August 31, 2018 , the Company had outstanding surety bonds of $2.6 billion including performance surety bonds related to site improvements at various projects (including certain projects in the Company’s joint ventures) and financial surety bonds. Although significant development and construction activities have been completed related to these site improvements, these bonds are generally not released until all development and construction activities are completed. As of August 31, 2018 , there were approximately $1.4 billion , or 52% , 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 second quarter 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. In June 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	9 Months Ended
	Aug. 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 Nine Months Ended August 31, August 31, (In thousands) 2018 2017 2018 2017 Warranty reserve, beginning of the period $ 294,710 151,833 164,619 135,403 Warranties issued 48,878 28,795 121,422 78,945 Adjustments to pre-existing warranties from changes in estimates (1) (4,785 ) 4,436 5,310 14,769 Warranties assumed related to acquisitions (5 ) — 117,549 6,345 Payments (40,575 ) (25,758 ) (110,677 ) (76,156 ) Warranty reserve, end of period $ 298,223 159,306 298,223 159,306 (1) The adjustments to pre-existing warranties from changes in estimates during the three and nine months ended August 31, 2018 and 2017

Share-Based Payments

Share-Based Payments	9 Months Ended
	Aug. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Payments	Share-Based Payments During the three and nine months ended August 31, 2018 , the Company granted employees 1.3 million and 1.7 million of nonvested shares, respectively. During both the three and nine months ended August 31, 2017 , the Company granted 1.3 million nonvested shares, respectively. Compensation expense related to the Company’s nonvested shares for the three and nine months ended August 31, 2018 was $21.9 million and $55.6 million , respectively. Compensation expense related to the Company’s nonvested shares for the three and nine months ended August 31, 2017 was $18.5 million and $43.3 million

Financial Instruments and Fair

Financial Instruments and Fair Value Disclosures	9 Months Ended
	Aug. 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 August 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. August 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 $ 211,097 232,598 179,659 199,190 Lennar Financial Services: Loans held-for-investment, net Level 3 $ 74,669 67,474 44,193 41,795 Investments held-to-maturity Level 2 $ 64,203 63,939 52,327 52,189 LIABILITIES Lennar Homebuilding senior notes and other debts payable Level 2 $ 9,407,987 9,385,243 6,410,003 6,598,848 Rialto notes payable and other debts payable Level 2 $ 239,392 248,520 625,081 644,644 Lennar financial services notes and other debts payable Level 2 $ 966,626 966,626 937,431 937,431 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 $ 140,718 234,403 Lennar Financial Services Assets (Liabilities): Loans held-for-sale (2) Level 2 $ 945,387 937,516 Investments available-for-sale Level 1 $ 47,034 57,439 Mortgage loan commitments Level 2 $ 19,282 9,873 Forward contracts Level 2 $ (2,645 ) 1,681 Mortgage servicing rights Level 3 $ 35,074 31,163 (1) The aggregate fair value of Rialto loans held-for-sale of $140.7 million at August 31, 2018 exceeded their aggregate principal balance of $139.9 million by $0.8 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) The aggregate fair value of Lennar Financial Services loans held-for-sale of $945.4 million at August 31, 2018 exceeded their aggregate principal balance of $917.1 million by $28.3 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. 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 August 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 August 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 August 31, 2018 , the segment had open commitments amounting to $1.5 billion to sell MBS with varying settlement dates through November 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 August 31, 2018 , the key assumptions used in determining the fair value include a 12.5% 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 Nine Months Ended August 31, August 31, (In thousands) 2018 2017 2018 2017 Changes in fair value included in Lennar Financial Services revenues: Loans held-for-sale $ (692 ) (5,804 ) (403 ) 18,233 Mortgage loan commitments $ (5,810 ) (829 ) 9,409 10,106 Forward contracts $ 3,550 1,267 (4,326 ) (31,996 ) Investments available-for-sale $ 166 — 292 (4 ) Changes in fair value included in other comprehensive income (loss), net of tax: Lennar Financial Services investment available-for-sale $ (110 ) 165 (1,357 ) 1,556 Interest on Lennar Financial Services loans held-for-sale and Rialto loans held-for-sale measured at fair value is calculated based on the interest rate of the loan and recorded as revenues in the Lennar Financial Services’ statement of operations and Rialto's statement of operations, respectively. The following table represents the reconciliation of the beginning and ending balance for the Level 3 recurring fair value measurements: Three Months Ended August 31, 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 $ 34,592 325,373 27,370 82,803 Purchases/loan originations 1,734 333,680 2,447 439,266 Sales/loan originations sold, including those not settled — (516,958 ) — (235,922 ) Disposals/settlements (1,290 ) — (1,092 ) — Changes in fair value (1) 38 (1,400 ) (1,004 ) 707 Interest and principal paydowns — 23 — (1,107 ) Ending balance $ 35,074 140,718 27,721 285,747 Nine Months Ended August 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 5,880 997,515 8,159 1,262,926 Sales/loan originations sold, including those not settled — (1,073,211 ) — (1,106,316 ) Disposals/settlements (5,830 ) (19,600 ) (2,887 ) — Changes in fair value (1) 3,861 1,970 (1,481 ) 3,205 Interest and principal paydowns — (359 ) — (1,015 ) Ending balance $ 35,074 140,718 27,721 285,747 (1) Changes in fair value for Rialto loans held-for-sale and Lennar Financial Services mortgage servicing rights are included in Rialto's and Lennar Financial Services' revenues, respectively. The Company’s assets measured at fair value on a nonrecurring basis are those assets for which the Company has recorded valuation adjustments and write-offs. The fair values included in the table below represent only those assets whose carrying values were adjusted to fair value during the respective periods disclosed. The assets measured at fair value on a nonrecurring basis are summarized below: Three Months Ended August 31, 2018 2017 (In thousands) Fair Value Hierarchy Carrying Value Fair Value Total Losses, Net (1) Carrying Value Fair Value Total Gains (Losses), Net (1) Financial assets Rialto: FDIC Portfolios loans held-for-sale Level 3 $ — — — 20,863 19,237 (1,626 ) Non-financial assets Lennar Homebuilding: Land and land under development (2) Level 3 $ 25,173 13,373 (11,800 ) — — — Rialto: REO, net (3): Upon acquisition/transfer Level 3 $ — — — 1,200 1,376 176 Upon management periodic valuations Level 3 $ 17,663 16,196 (1,467 ) 35,507 22,765 (12,742 ) Nine Months Ended August 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 $ — — — 26,081 19,237 (6,844 ) Non-financial assets Lennar Homebuilding: Finished homes and construction in progress (2) Level 3 $ — — — 6,659 2,745 (3,914 ) Land and land under development (2) Level 3 $ 91,960 60,059 (31,901 ) 6,771 3,094 (3,677 ) Rialto: REO, net (3): Upon acquisition/transfer Level 3 $ — — — 31,503 30,066 (1,437 ) Upon management periodic valuations Level 3 $ 23,629 16,196 (7,433 ) 118,497 79,601 (38,896 ) (1) Represents losses due to valuation adjustments, write-offs, gains (losses) from transfers or acquisitions of real estate through foreclosure and REO impairments recorded during the three and nine months ended August 31, 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 nine months ended August 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 nine months ended August 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 August 31, 2018 and 2017 , there were 1,307 and 753 active communities, excluding unconsolidated entities, respectively. As of August 31, 2018 , the Company identified 15 communities with 843 homesites and a corresponding carrying value of $219.3 million as having potential indicators of impairment. For the nine months ended August 31, 2018 , the Company recorded valuation adjustments of $29.4 million on 688 homesites in five communities with a carrying value of $56.5 million . As of August 31, 2017 , the Company identified six communities with 499 homesites and a corresponding carrying value of $31.9 million as having potential indicators of impairment. For the nine months ended August 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 nine months ended August 31, 2018 and 2017 : Nine Months Ended August 31, 2018 August 31, 2017 Unobservable inputs Range Range Average selling price $233,000 - $843,000 $125,000 - $567,000 Absorption rate per quarter (homes) 4 - 16 4 - 10 Discount rate 20% 20%

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Aug. 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 nine months ended August 31, 2018 . Based on the Company's evaluation, during the nine months ended August 31, 2018 , the Company consolidated and deconsolidated the same VIE thus resulting in no change to the combined assets and liabilities during that period. In addition, during the nine months ended August 31, 2018 , the Company consolidated an entity that had total assets of $5.0 million . The Company’s recorded investments in unconsolidated entities were as follows: (In thousands) August 31, November 30, Lennar Homebuilding $ 997,488 900,769 Rialto $ 294,465 265,418 Lennar Multifamily $ 482,241 407,544 Consolidated VIEs As of August 31, 2018 , the carrying amounts of the VIEs’ assets and non-recourse liabilities that consolidated were $775.7 million and $345.3 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 August 31, 2018 (In thousands) Investments in Unconsolidated VIEs Lennar’s Maximum Exposure to Loss Lennar Homebuilding (1) $ 82,296 149,376 Rialto (2) 211,097 211,097 Lennar Multifamily (3) 440,916 725,821 $ 734,309 1,086,294 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 August 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 $60.7 million and $61.6 million , respectively. (2) As of both August 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 August 31, 2018 and November 30, 2017 , investments in unconsolidated VIEs and Lennar’s maximum exposure to loss included $211.1 million and $179.7 million , respectively, related to Rialto’s investments held-to-maturity. (3) As of August 31, 2018 , the remaining equity commitment of $279.5 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 August 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 August 31, 2018 , the Company and other partners did not have an obligation to make capital contributions to the VIEs, except for $279.5 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 $60.7 million repayment guarantees of two unconsolidated entities' debt. Except for the unconsolidated VIEs discussed above, the Company and the other partners did not guarantee any debt of the other unconsolidated VIEs. While the Company has option contracts to purchase land from certain of its unconsolidated VIEs, the Company is not required to purchase the assets and could walk away from the contracts. Option Contracts The Company has access to land through option contracts, which generally enables it to control portions of properties owned by third parties (including land funds) and unconsolidated entities until the Company has determined whether to exercise the option. The Company evaluates all option contracts for land to determine whether they are VIEs and, if so, whether the Company is the primary beneficiary of certain of these option contracts. Although the Company does not have legal title to the optioned land, if the Company is deemed to be the primary beneficiary or makes a significant deposit for optioned land, it may need to consolidate the land under option at the purchase price of the optioned land. During the nine months ended August 31, 2018 , consolidated inventory not owned decreased by $64.4 million with a corresponding decrease to liabilities related to consolidated inventory not owned in the accompanying condensed consolidated balance sheet as of August 31, 2018 . The decrease was primarily due to a higher amount of homesite takedowns than construction started on homesites not owned. To reflect the purchase price of the inventory consolidated, the Company had a net reclass related to option deposits from consolidated inventory not owned to land under development in the accompanying condensed consolidated balance sheet as of August 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 $241.1 million and $137.0 million at August 31, 2018 and November 30, 2017 , respectively. Additionally, the Company had posted $72.2 million and $51.8 million of letters of credit in lieu of cash deposits under certain land and option contracts as of August 31, 2018 and November 30, 2017

Commitments and Contingent Liab

Commitments and Contingent Liabilities	9 Months Ended
	Aug. 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.

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Aug. 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. 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 currently planning to adopt the modified retrospective method. The Company does not believe the adoption of these ASUs and ASU 2014-09 will have a material impact on the Company's consolidated financial statements, but it is continuing to evaluate the impact the adoption of ASU 2014-09 will have on the Company's consolidated financial statements and disclosures. 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	9 Months Ended
	Aug. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Financial Information	Supplemental Financial Information The indentures governing the Company’s 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 August 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. August 31, 2018 was as follows: Condensed Consolidating Balance Sheet August 31, 2018 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total ASSETS Lennar Homebuilding: Cash and cash equivalents, restricted cash and receivables, net $ 433,760 526,948 54,965 — 1,015,673 Inventories — 17,232,267 336,805 — 17,569,072 Investments in unconsolidated entities — 983,963 13,525 — 997,488 Goodwill — 3,457,999 — — 3,457,999 Other assets 399,731 955,313 150,714 (23,558 ) 1,482,200 Investments in subsidiaries 10,715,911 89,347 — (10,805,258 ) — Intercompany 12,035,247 — — (12,035,247 ) — 23,584,649 23,245,837 556,009 (22,864,063 ) 24,522,432 Lennar Financial Services — 320,219 1,722,864 (1,059 ) 2,042,024 Rialto — — 834,882 — 834,882 Lennar Multifamily — — 890,057 — 890,057 Total assets $ 23,584,649 23,566,056 4,003,812 (22,865,122 ) 28,289,395 LIABILITIES AND EQUITY Lennar Homebuilding: Accounts payable and other liabilities $ 651,804 1,866,606 300,086 (24,617 ) 2,793,879 Liabilities related to consolidated inventory not owned — 267,046 13,500 — 280,546 Senior notes and other debts payable 8,900,829 458,299 48,859 — 9,407,987 Intercompany — 10,487,330 1,547,917 (12,035,247 ) — 9,552,633 13,079,281 1,910,362 (12,059,864 ) 12,482,412 Lennar Financial Services — 66,636 1,174,472 — 1,241,108 Rialto — — 297,129 — 297,129 Lennar Multifamily — — 152,566 — 152,566 Total liabilities 9,552,633 13,145,917 3,534,529 (12,059,864 ) 14,173,215 Stockholders’ equity 14,032,016 10,420,139 385,119 (10,805,258 ) 14,032,016 Noncontrolling interests — — 84,164 — 84,164 Total equity 14,032,016 10,420,139 469,283 (10,805,258 ) 14,116,180 Total liabilities and equity $ 23,584,649 23,566,056 4,003,812 (22,865,122 ) 28,289,395 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 August 31, 2018 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 5,266,053 19,689 — 5,285,742 Lennar Financial Services — 104,233 137,056 (5,021 ) 236,268 Rialto — — 49,495 — 49,495 Lennar Multifamily — — 101,064 — 101,064 Total revenues — 5,370,286 307,304 (5,021 ) 5,672,569 Cost and expenses: Lennar Homebuilding — 4,649,490 18,347 3,387 4,671,224 Lennar Financial Services — 89,902 100,803 (11,065 ) 179,640 Rialto — — 42,648 (3,213 ) 39,435 Lennar Multifamily — — 103,187 — 103,187 Acquisition and integration costs related to CalAtlantic — 11,992 — — 11,992 Corporate general and administrative 94,476 604 — 1,266 96,346 Total costs and expenses 94,476 4,751,988 264,985 (9,625 ) 5,101,824 Lennar Homebuilding equity in earnings (loss) from unconsolidated entities — (15,428 ) 37 — (15,391 ) Lennar Homebuilding other income, net 4,614 7,740 5,160 (4,604 ) 12,910 Rialto equity in earnings from unconsolidated entities — — 5,266 — 5,266 Rialto other expense, net — — (5,882 ) — (5,882 ) Lennar Multifamily equity in loss from unconsolidated entities — — (1,730 ) — (1,730 ) Earnings (loss) before income taxes (89,862 ) 610,610 45,170 — 565,918 Benefit (provision) for income taxes 13,688 (101,924 ) (10,062 ) — (98,298 ) Equity in earnings from subsidiaries 529,385 19,889 — (549,274 ) — Net earnings (including net earnings attributable to noncontrolling interests) 453,211 528,575 35,108 (549,274 ) 467,620 Less: Net earnings attributable to noncontrolling interests — — 14,409 — 14,409 Net earnings attributable to Lennar $ 453,211 528,575 20,699 (549,274 ) 453,211 Other comprehensive loss, net of tax: Net unrealized loss on securities available-for-sale $ — — (110 ) — (110 ) Reclassification adjustments for loss included in earnings, net of tax — — (166 ) — (166 ) Total other comprehensive loss, net of tax $ — — (276 ) — (276 ) Total comprehensive income attributable to Lennar $ 453,211 528,575 20,423 (549,274 ) 452,935 Total comprehensive income attributable to noncontrolling interests $ — — 14,409 — 14,409 Three Months Ended August 31, 2017 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 2,872,920 12,275 — 2,885,195 Lennar Financial Services — 90,220 129,853 (5,017 ) 215,056 Rialto — — 57,810 — 57,810 Lennar Multifamily — — 103,457 (42 ) 103,415 Total revenues — 2,963,140 303,395 (5,059 ) 3,261,476 Cost and expenses: Lennar Homebuilding — 2,483,401 12,107 (3,443 ) 2,492,065 Lennar Financial Services — 79,077 89,656 (2,734 ) 165,999 Rialto — — 49,574 (71 ) 49,503 Lennar Multifamily — — 105,956 — 105,956 Corporate general and administrative 71,285 310 — 1,265 72,860 Total costs and expenses 71,285 2,562,788 257,293 (4,983 ) 2,886,383 Lennar Homebuilding equity in loss from unconsolidated entities — (9,647 ) (4 ) — (9,651 ) Lennar Homebuildin g other income (expense), net (67 ) 1,244 1,544 76 2,797 Rialto equity in earnings from unconsolidated entities — — 4,858 — 4,858 Rialto other expense, net — — (16,357 ) — (16,357 ) Lennar Multifamily equity in earnings from unconsolidated entities — — 11,645 — 11,645 Earnings (loss) before income taxes (71,352 ) 391,949 47,788 — 368,385 Benefit (provision) for income taxes 23,689 (128,170 ) (20,314 ) — (124,795 ) Equity in earnings from subsidiaries 296,828 22,477 — (319,305 ) — Net earnings (including net loss attributable to noncontrolling interests) 249,165 286,256 27,474 (319,305 ) 243,590 Less: Net loss attributable to noncontrolling interests — — (5,575 ) — (5,575 ) Net earnings attributable to Lennar $ 249,165 286,256 33,049 (319,305 ) 249,165 Other comprehensive income, net of tax: Net unrealized gain on securities available-for-sale $ — — 165 — 165 Total other comprehensive income, net of tax $ — — 165 — 165 Total comprehensive income attributable to Lennar $ 249,165 286,256 33,214 (319,305 ) 249,330 Total comprehensive loss attributable to noncontrolling interests $ — — (5,575 ) — (5,575 ) Nine Months Ended August 31, 2018 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 12,942,016 69,816 — 13,011,832 Lennar Financial Services — 277,502 377,056 (15,015 ) 639,543 Rialto — — 149,033 — 149,033 Lennar Multifamily — — 312,013 — 312,013 Total revenues — 13,219,518 907,918 (15,015 ) 14,112,421 Cost and expenses: Lennar Homebuilding — 11,640,728 69,940 630 11,711,298 Lennar Financial Services — 254,130 280,166 (23,458 ) 510,838 Rialto — — 127,366 (6,582 ) 120,784 Lennar Multifamily — — 317,572 — 317,572 Acquisition and integration costs related to CalAtlantic — 140,062 — — 140,062 Corporate general and administrative 243,361 1,813 — 3,897 249,071 Total costs and expenses 243,361 12,036,733 795,044 (25,513 ) 13,049,625 Lennar Homebuilding equity in loss from unconsolidated entities — (41,904 ) — — (41,904 ) Lennar Homebuilding other income, net 10,527 182,870 9,763 (10,498 ) 192,662 Rialto equity in earnings from unconsolidated entities — — 18,496 — 18,496 Rialto other expense, net — — (21,187 ) — (21,187 ) Lennar Multifamily equity in earnings from unconsolidated entities — — 15,293 — 15,293 Earnings (loss) before income taxes (232,834 ) 1,323,751 135,239 — 1,226,156 Benefit (provision) for income taxes 59,210 (327,148 ) (38,932 ) — (306,870 ) Equity in earnings from subsidiaries 1,073,307 58,807 — (1,132,114 ) — Net earnings (including net earnings attributable to noncontrolling interests) 899,683 1,055,410 96,307 (1,132,114 ) 919,286 Less: Net earnings attributable to noncontrolling interests — — 19,603 — 19,603 Net earnings attributable to Lennar $ 899,683 1,055,410 76,704 (1,132,114 ) 899,683 Other comprehensive loss, net of tax: Net unrealized loss on securities available-for-sale $ — — (1,357 ) — (1,357 ) Reclassification adjustments for loss included in earnings, net of tax — — (292 ) — (292 ) Total other comprehensive loss, net of tax $ — — (1,649 ) — (1,649 ) Total comprehensive income attributable to Lennar $ 899,683 1,055,410 75,055 (1,132,114 ) 898,034 Total comprehensive income attributable to noncontrolling interests $ — — 19,603 — 19,603 Nine Months Ended August 31, 2017 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 7,761,414 28,216 — 7,789,630 Lennar Financial Services — 227,325 359,152 (15,015 ) 571,462 Rialto — — 207,804 — 207,804 Lennar Multifamily — — 292,009 (109 ) 291,900 Total revenues — 7,988,739 887,181 (15,124 ) 8,860,796 Cost and expenses: Lennar Homebuilding — 6,802,418 30,693 (4,002 ) 6,829,109 Lennar Financial Services — 205,875 266,317 (14,178 ) 458,014 Rialto — — 175,705 (213 ) 175,492 Lennar Multifamily — — 301,303 — 301,303 Corporate general and administrative 195,681 856 — 3,796 200,333 Total costs and expenses 195,681 7,009,149 774,018 (14,597 ) 7,964,251 Lennar Homebuilding equity in loss from unconsolidated entities — (42,675 ) (16 ) — (42,691 ) Lennar Homebuilding other income (expense), net (498 ) 7,897 4,438 527 12,364 Lennar Homebuilding loss due to litigation — (140,000 ) — — (140,000 ) Rialto equity in earnings from unconsolidated entities — — 11,310 — 11,310 Rialto other expense, net — — (54,119 ) — (54,119 ) Lennar Multifamily equity in earnings from unconsolidated entities — — 44,219 — 44,219 Earnings (loss) before income taxes (196,179 ) 804,812 118,995 — 727,628 Benefit (provision) for income taxes 65,955 (263,886 ) (55,725 ) — (253,656 ) Equity in earnings from subsidiaries 631,114 50,785 — (681,899 ) — Net earnings (including net loss attributable to noncontrolling interests) 500,890 591,711 63,270 (681,899 ) 473,972 Less: Net loss attributable to noncontrolling interests — — (26,918 ) — (26,918 ) Net earnings attributable to Lennar $ 500,890 591,711 90,188 (681,899 ) 500,890 Other comprehensive income, net of tax: Net unrealized gain on securities available-for-sale $ — — 1,556 — 1,556 Reclassification adjustments for loss included in earnings, net of tax — — 4 — 4 Total other comprehensiv e earnings , net of tax $ — — 1,560 — 1,560 Total comprehensive income attributable to Lennar $ 500,890 591,711 91,748 (681,899 ) 502,450 Total comprehensive income attributable to noncontrolling interests $ — — (26,918 ) — (26,918 ) Nine Months Ended August 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) $ 899,683 1,055,410 96,307 (1,132,114 ) 919,286 Distributions of earnings from guarantor and non-guarantor subsidiaries 1,073,307 58,807 — (1,132,114 ) — Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by operating activities (1,142,961 ) (83,976 ) (75,792 ) 1,132,114 (170,615 ) Net cash provided by operating activities 830,029 1,030,241 20,515 (1,132,114 ) 748,671 Cash flows from investing activities: Investments in and contributions to unconsolidated entities, net of distributions of capital — (67,664 ) (6,915 ) — (74,579 ) Proceeds from sales of real estate owned — — 28,697 — 28,697 Proceeds from sale of investment in unconsolidated entity — 199,654 — — 199,654 Purchases of commercial mortgage-backed securities bonds — — (31,068 ) — (31,068 ) Acquisition, net of cash acquired (1,162,342 ) 22,654 36,350 — (1,103,338 ) Other (27,136 ) (20,555 ) (4,717 ) — (52,408 ) Distributions of capital from guarantor and non-guarantor subsidiaries 65,000 20,000 — (85,000 ) — Intercompany (1,035,226 ) — — 1,035,226 — Net cash provided by (used in) investing activities (2,159,704 ) 154,089 22,347 950,226 (1,033,042 ) Cash flows from financing activities: Net borrowings (repayments) under unsecured revolving credit facilities 650,000 (454,700 ) — — 195,300 Net repayments under warehouse facilities — (81 ) (100,882 ) — (100,963 ) Debt issuance costs (9,189 ) — (3,270 ) — (12,459 ) Redemption of senior notes (735,626 ) (89,374 ) — — (825,000 ) 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 — (78,528 ) (290,385 ) — (368,913 ) Net payments related to noncontrolling interests — (64,619 ) — (64,619 ) Excess tax benefits from share-based awards — — — — — Common stock: Issuances 3,189 — — — 3,189 Repurchases (49,490 ) — — — (49,490 ) Dividends (35,985 ) (1,120,410 ) (96,704 ) 1,217,114 (35,985 ) Intercompany — 651,665 383,561 (1,035,226 ) — Net cash used in financing activities (177,101 ) (1,150,573 ) (172,299 ) 181,888 (1,318,085 ) Net increase (decrease) in cash and cash equivalents (1,506,776 ) 33,757 (129,437 ) — (1,602,456 ) 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 $ 430,898 392,844 224,674 — 1,048,416 Nine Months Ended August 31, 2017 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Cash flows from operating activities: Net earnings (including net loss attributable to noncontrolling interests) $ 500,890 591,711 63,270 (681,899 ) 473,972 Distributions of earnings from guarantor and non-guarantor subsidiaries 631,114 50,785 — (681,899 ) — Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by operating activities (495,120 ) (596,338 ) 263,300 681,899 (146,259 ) Net cash provided by operating activities 636,884 46,158 326,570 (681,899 ) 327,713 Cash flows from investing activities: Investments in and contributions to unconsolidated entities, net of distributions of capital — (232,378 ) (25,622 ) — (258,000 ) Proceeds from sales of real estate owned — — 72,952 — 72,952 Originations of loans receivable — — (57,375 ) — (57,375 ) Receipts of principal payments on loans held-for-sale — — 5,937 — 5,937 Purchases of commercial mortgage-backed securities bonds — — (70,187 ) — (70,187 ) Acquisition, net of cash acquired (611,103 ) — (296 ) — (611,399 ) Other (6,174 ) (36,168 ) 2,863 — (39,479 ) Distributions of capital from guarantor and non-guarantor subsidiaries 80,000 80,000 — (160,000 ) — Intercompany (1,200,426 ) — — 1,200,426 — Net cash used in investing activities (1,737,703 ) (188,546 ) (71,728 ) 1,040,426 (957,551 ) Cash flows from financing activities: Net repayments under warehouse facilities — (78 ) (397,682 ) — (397,760 ) Proceeds from senior notes and debt issuance costs 1,240,089 — (6,786 ) — 1,233,303 Redemption of senior notes (400,000 ) (258,595 ) — — (658,595 ) Net proceeds on Rialto notes payable — — 44,550 — 44,550 Net proceeds (payments) on other borrowings — (50,691 ) 71,323 — 20,632 Net payments related to noncontrolling interests — (51,483 ) — (51,483 ) Excess tax benefits from share-based awards 1,980 — — — 1,980 Common stock: Issuances 693 — — — 693 Repurchases (27,104 ) — — — (27,104 ) Dividends (28,181 ) (671,711 ) (170,188 ) 841,899 (28,181 ) Intercompany — 951,237 249,189 (1,200,426 ) — Net cash provided by (used in) financing activities 787,477 (29,838 ) (261,077 ) (358,527 ) 138,035 Net decrease in cash and cash equivalents (313,342 ) (172,226 ) (6,235 ) — (491,803 ) Cash and cash equivalents at beginning of period 697,112 377,070 255,347 — 1,329,529 Cash and cash equivalents at end of period $ 383,770 204,844 249,112 — 837,726

Basis of Presentation (Policy)

Basis of Presentation (Policy)	9 Months Ended
	Aug. 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 nine months ended August 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. 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 currently planning to adopt the modified retrospective method. The Company does not believe the adoption of these ASUs and ASU 2014-09 will have a material impact on the Company's consolidated financial statements, but it is continuing to evaluate the impact the adoption of ASU 2014-09 will have on the Company's consolidated financial statements and disclosures. 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)	9 Months Ended
	Aug. 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 Nine Months Ended August 31, August 31, (Dollars in thousands, except per share amounts) 2018 2017 2018 2017 Revenues from home sales $ 5,223,787 4,491,338 14,404,000 12,599,040 Net earnings (1) $ 453,211 345,760 897,178 822,787 Earnings per share: Basic $ 1.37 1.06 2.75 2.52 Diluted $ 1.37 1.05 2.74 2.50
Schedule of Assets and Liabilities Assumed	: (In thousands) ASSETS Cash and cash equivalents, restricted cash and receivables, net $ 42,079 Inventories 613,495 Intangible assets (1) 59,283 Goodwill (2) 156,566 Deferred tax assets, net 88,147 Other assets 66,173 Total assets 1,025,743 LIABILITIES Accounts payable 26,735 Senior notes and other debts payable 282,793 Other liabilities 73,593 Total liabilities 383,121 Total purchase price $ 642,622 (1) Intangible assets include non-compete agreements and a trade name. The amortization period for these intangible assets was six months for the non-compete agreements and 20 years for the trade name. (2) Goodwill represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed, and it is not deductible for income tax purposes. As of the merger date, goodwill consisted primarily of purchasing and other synergies resulting from the merger, expected production, savings in corporate and division overhead costs and expected expanded opportunities for growth through a higher-end more luxurious product, greater presence in the state of Florida and customer diversity. The amount of goodwill allocated to the Company's Homebuilding East segment was $136.6 million and to the Lennar Financial Services segment was $20.0 million . These amounts were based on the relative fair value of each acquired reporting unit in accordance with ASC 350, (In thousands) ASSETS Homebuilding: Cash and cash equivalents, restricted cash and receivables, net $ 55,612 Inventories 6,243,846 Intangible asset (1) 8,000 Investments in unconsolidated entities 151,900 Goodwill (2) 3,321,433 Other assets 608,705 Total Homebuilding assets 10,389,496 Financial Services (2) 346,503 Total assets 10,735,999 LIABILITIES Homebuilding: Accounts payable 85,448 Senior notes payable and other debts 3,922,695 Other liabilities (3) 361,286 Total Homebuilding liabilities 4,369,429 Financial Services 115,793 Total liabilities 4,485,222 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 among the Company's reporting segments has not been completed yet, however, a provisional amount of goodwill of approximately $169 million was allocated to Lennar Financial Services. (3) Other liabilities includes contingencies assumed at the Merger date, which includes warranty and legal reserves. Warranty reserves for homes are established at an amount estimated to be adequate to cover potential costs for materials and labor with regard to warranty-type claims expected to be incurred subsequent to the delivery of a home. Warranty reserves are determined based on historical data and trends with respect to similar product types and geographical areas. Consistent with ASC 450, Contingencies, legal reserves are established when a loss is considered probable and the amount of loss can be reasonably estimated. (4)

Operating and Reporting Segme_2

Operating and Reporting Segments (Tables)	9 Months Ended
	Aug. 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) August 31, November 30, Assets: Homebuilding East $ 7,455,782 4,754,581 Homebuilding Central 3,414,907 2,037,905 Homebuilding West 7,812,183 5,165,218 Homebuilding Other 1,726,472 960,541 Lennar Financial Services 2,042,024 1,689,508 Rialto 834,882 1,153,840 Lennar Multifamily 890,057 710,725 Corporate and unallocated (1) 4,113,088 2,272,716 Total assets $ 28,289,395 18,745,034 Lennar Homebuilding goodwill (1) $ 3,457,999 136,566 Lennar Financial Services goodwill (1) $ 231,245 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 $169 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 Nine Months Ended August 31, August 31, (In thousands) 2018 2017 2018 2017 Revenues: Homebuilding East $ 2,028,989 1,255,797 5,000,182 3,218,413 Homebuilding Central 1,231,170 602,901 3,041,003 1,801,424 Homebuilding West 1,505,858 823,500 3,775,488 2,146,492 Homebuilding Other 519,725 202,997 1,195,159 623,301 Lennar Financial Services 236,268 215,056 639,543 571,462 Rialto 49,495 57,810 149,033 207,804 Lennar Multifamily 101,064 103,415 312,013 291,900 Total revenues (1) $ 5,672,569 3,261,476 14,112,421 8,860,796 Operating earnings (loss) (2): Homebuilding East (3) $ 228,657 179,908 504,019 277,906 Homebuilding Central 135,978 66,184 264,463 194,986 Homebuilding West (4) 186,847 112,749 581,461 237,333 Homebuilding Other 60,555 27,435 101,349 79,969 Lennar Financial Services 56,628 49,057 128,705 113,448 Rialto 9,444 (3,192 ) 25,558 (10,497 ) Lennar Multifamily (3,853 ) 9,104 9,734 34,816 Total operating earnings 674,256 441,245 1,615,289 927,961 Acquisition and integration costs related to CalAtlantic 11,992 — 140,062 — Corporate general and administrative expenses 96,346 72,860 249,071 200,333 Earnings before income taxes $ 565,918 368,385 1,226,156 727,628 (1) Total revenues were net of sales incentives of $289.0 million ( $22,900 per home delivered) and $717.0 million ( $22,800 per home delivered) for the three and nine months ended August 31, 2018 , respectively, compared to $165.4 million ( $21,800 per home delivered) and $463.4 million ( $22,400 per home delivered) for the three and nine months ended August 31, 2017 , respectively. (2) All homebuilding segments and Homebuilding Other were impacted by purchase accounting adjustments for the three and nine months ended August 31, 2018 . (3) Homebuilding East operating earnings for the nine months ended August 31, 2017 included a $140 million loss due to litigation (see Note 17). (4) 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 nine months ended August 31, 2018 (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 165,051 117,410 Restricted cash 12,111 12,006 Receivables, net (1) 386,448 313,252 Loans held-for-sale (2) 945,387 937,516 Loans held-for-investment, net 74,669 44,193 Investments held-to-maturity 64,203 52,327 Investments available-for-sale (3) 47,034 57,439 Goodwill (4) 231,245 59,838 Other assets (5) 115,876 95,527 $ 2,042,024 1,689,508 Liabilities: Notes and other debts payable $ 966,626 937,431 Other liabilities (6) 274,482 240,383 $ 1,241,108 1,177,814 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of August 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 August 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 $169 million was allocated to Lennar Financial Services (see Note 2). (5) As of August 31, 2018 and November 30, 2017 , other assets included mortgage loan commitments carried at fair value of $19.3 million and $9.9 million , respectively, and mortgage servicing rights carried at fair value of $35.1 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 August 31, 2018 and November 30, 2017 , other liabilities included $60.4 million and $57.7 million (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 36,343 241,861 Restricted cash (1) 11,274 22,466 Loans held-for-sale (2) 141,333 236,018 Real estate owned, net 52,644 86,047 Investments in unconsolidated entities 294,465 265,418 Investments held-to-maturity 211,097 179,659 Other assets 87,726 122,371 $ 834,882 1,153,840 Liabilities: Notes and other debts payable (3) $ 239,392 625,081 Other liabilities 57,737 94,975 $ 297,129 720,056 (1) As of August 31, 2018 and November 30, 2017 , 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. (2) Loans held-for-sale primarily related to unsold loans originated by RMF carried at fair value. (3) In March 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 August 31, 2018 and November 30, 2017 , notes and other debt payable included $94.5 million and $162.1 million The assets and liabilities related to the Lennar Multifamily segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 13,748 8,676 Receivables (1) 66,265 69,678 Land under development 294,104 208,618 Investments in unconsolidated entities 482,241 407,544 Other assets 33,699 16,209 $ 890,057 710,725 Liabilities: Accounts payable and other liabilities $ 152,566 149,715 (1) Receivables primarily related to general contractor services, net of deferrals and management fee income receivables due from unconsolidated entities as of August 31, 2018 and November 30, 2017

Lennar Homebuilding Investmen_2

Lennar Homebuilding Investments in Unconsolidated Entities (Tables)	9 Months Ended
	Aug. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	The total debt of the Lennar Homebuilding unconsolidated entities in which the Company has investments, including Lennar's maximum recourse exposure, were as follows: (Dollars in thousands) August 31, November 30, Non-recourse bank debt and other debt (partner’s share of several recourse) $ 51,364 64,197 Non-recourse land seller debt and other debt 1,497 1,997 Non-recourse debt with completion guarantees 234,310 255,903 Non-recourse debt without completion guarantees (1) 869,486 351,800 Non-recourse debt to the Company 1,156,657 673,897 The Company’s maximum recourse exposure (2) 69,005 69,181 Debt issuance costs (13,192 ) (5,747 ) Total debt $ 1,212,470 737,331 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 August 31, 2018 and November 30, 2017 , the Company's maximum recourse exposure was primarily related to the Company providing repayment guarantees on three (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 912,250 953,261 Inventories 4,251,673 3,751,525 Other assets 1,200,761 1,061,507 $ 6,364,684 5,766,293 Liabilities and equity: Accounts payable and other liabilities $ 839,694 832,151 Debt (1) 1,212,470 737,331 Equity 4,312,520 4,196,811 $ 6,364,684 5,766,293 (1) Debt presented above is net of debt issuance costs of $13.2 million and $5.7 million , as of August 31, 2018 and November 30, 2017 , respectively. The increase in debt was primarily related to $500 million Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2018 2017 2018 2017 Revenues $ 153,968 144,966 324,584 323,689 Costs and expenses 199,337 151,643 458,660 421,554 Other income (1) 66,690 12,578 180,231 18,695 Net earnings (loss) of unconsolidated entities $ 21,321 5,901 46,155 (79,170 ) Lennar Homebuilding equity in loss from unconsolidated entities $ (15,391 ) (9,651 ) (41,904 ) (42,691 ) August 31, August 31, November 30, (Dollars in thousands) Inception Year Equity Commitments Equity Commitments Called Commitment to Fund by the Company Funds Contributed by the Company Investment Rialto Real Estate Fund, LP 2010 $ 700,006 $ 700,006 $ 75,000 $ 75,000 $ 39,608 41,860 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 84,606 86,904 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 13,314 19,189 Rialto Capital CMBS Funds 2014 119,174 119,174 52,474 52,474 52,916 54,018 Rialto Real Estate Fund III 2015 1,887,000 1,074,561 140,000 75,917 71,293 41,223 Rialto Credit Partnership, LP 2016 220,000 217,556 19,999 19,777 12,257 13,288 Other investments 20,471 8,936 $ 294,465 265,418 Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2018 2017 2018 2017 Revenues $ 97,973 64,267 283,510 182,453 Costs and expenses 23,299 26,752 66,735 83,753 Other income (expense), net (1) (22,644 ) 245 (1,166 ) 9,893 Net earnings of unconsolidated entities $ 52,030 37,760 215,609 108,593 Rialto equity in earnings from unconsolidated entities $ 5,266 4,858 18,496 11,310 (1) 100% basis related to Rialto’s investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 36,406 95,552 Loans receivable 697,262 538,317 Real estate owned 266,406 348,601 Investment securities 2,219,660 1,849,795 Investments in partnerships 406,600 393,874 Other assets 43,046 42,949 $ 3,669,380 3,269,088 Liabilities and equity: Accounts payable and other liabilities $ 32,081 48,374 Notes payable (1) 591,329 576,810 Equity 3,045,970 2,643,904 $ 3,669,380 3,269,088 (1) Notes payable are net of debt issuance costs of $2.9 million and $3.1 million , as of August 31, 2018 and November 30, 2017 , respectively. Summarized condensed financial information on a combined 100% basis related to Lennar Multifamily's investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 30,472 37,073 Operating properties and equipment 3,623,800 2,952,070 Other assets 38,309 36,772 $ 3,692,581 3,025,915 Liabilities and equity: Accounts payable and other liabilities $ 201,301 212,123 Notes payable (1) 1,287,488 879,047 Equity 2,203,792 1,934,745 $ 3,692,581 3,025,915 (1) Notes payable are net of debt issuance costs of $17.4 million and $17.6 million , as of both August 31, 2018 and November 30, 2017 , respectively. Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2018 2017 2018 2017 Revenues $ 31,907 18,822 82,980 44,414 Costs and expenses 47,235 28,904 122,512 75,727 Other income, net 13,588 47,210 52,457 125,939 Net earnings (loss) of unconsolidated entities $ (1,740 ) 37,128 12,925 94,626 Lennar Multifamily equity in earnings (loss) from unconsolidated entities (1) $ (1,730 ) 11,645 15,293 44,219 (1) During the three and nine months ended August 31, 2018 , the Lennar Multifamily segment sold one and four operating properties, respectively, through its unconsolidated entities resulting in the segment's $1.7 million and $23.3 million share of gains, respectively. During the three and nine months ended August 31, 2017 , the Lennar Multifamily segment sold two and five operating properties, respectively, through its unconsolidated entities resulting in the segment's $15.4 million and $52.9 million (In thousands) August 31, November 30, Lennar Homebuilding $ 997,488 900,769 Rialto $ 294,465 265,418 Lennar Multifamily $ 482,241 407,544

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Aug. 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 nine months ended August 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) 919,286 — — — — — 899,683 19,603 Employee stock and directors plans (45,148 ) 182 — 4,171 (49,501 ) — — — 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 55,638 — — 55,638 — — — — Cash dividends (35,985 ) — — — — — (35,985 ) — Receipts related to noncontrolling interests 4,008 — — — — — — 4,008 Payments related to noncontrolling interests (68,627 ) — — — — — — (68,627 ) Non-cash activity related to noncontrolling interests 15,365 — — — — — — 15,365 Total other comprehensive loss, net of tax (1,649 ) — — — — (1,649 ) — — Balance at August 31, 2018 $ 14,116,180 29,498 3,944 8,480,034 (185,521 ) (615 ) 5,704,676 84,164 Stockholders’ Equity (In thousands) Total Equity Class A Class B Additional Treasury Stock Accumulated Other Comprehensive Income (Loss) Retained Earnings Noncontrolling Interests Balance at November 30, 2016 $ 7,211,567 20,409 3,298 2,805,349 (108,961 ) (309 ) 4,306,256 185,525 Net earnings (including net loss attributable to noncontrolling interests) 473,972 — — — — — 500,890 (26,918 ) Employee stock and directors plans (24,896 ) 134 — 2,079 (27,109 ) — — — Tax benefit from employee stock plans, vesting of restricted stock and conversions of convertible senior notes 35,542 — — 35,542 — — — — Amortization of restricted stock 43,303 — — 43,303 — — — — Cash dividends (28,181 ) — — — — — (28,181 ) — Receipts related to noncontrolling interests 10,299 — — — — — — 10,299 Payments related to noncontrolling interests (61,782 ) — — — — — — (61,782 ) Non-cash activity to noncontrolling interests (1,924 ) — — — — — — (1,924 ) Total other comprehensive income, net of tax 1,560 — — — — 1,560 — — Balance at August 31, 2017 $ 7,659,460 20,543 3,298 2,886,273 (136,070 ) 1,251 4,778,965 105,200

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Aug. 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 Nine Months Ended August 31, August 31, (Dollars in thousands) 2018 2017 2018 2017 Provision for income taxes $98,298 124,795 306,870 253,656 Effective tax rate (1) 17.8 % 33.4 % 25.4 % 33.6 % (1) For the three months ended August 31, 2018 , the effective tax rate included tax benefits for tax accounting method changes implemented during the third quarter, energy credits and the domestic production activities deduction. For the nine months ended August 31, 2018 , the effective tax rate included a 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 accounting method changes, energy tax credits and tax benefits for the domestic production activities deduction. Excluding the one-time non-cash deferred tax asset write down of $68.6 million recorded in the first quarter of 2018 due to the tax reform bill and the $34.1 million benefit recorded in the third quarter of 2018, primarily related to tax accounting method changes and energy credits, the tax rate for the nine months ended August 31, 2018 would have been 22.6% . For the three months ended August 31, 2017 , the effective tax rate included tax benefits for the domestic production activities deduction, and energy tax credits, offset primarily by state income tax expense and a valuation allowance recorded against state net operating losses the Company expects to expire unutilized. For the nine months ended August 31, 2017 , the effective tax rate included tax benefits for (1) settlements with the IRS, (2) the domestic production activities deduction, and (3) energy tax credits, offset primarily by state income tax expense, and a valuation allowance recorded against state net operating losses the Company expects to expire unutilized.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Aug. 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 Nine Months Ended August 31, August 31, (In thousands, except per share amounts) 2018 2017 2018 2017 Numerator: Net earnings attributable to Lennar $ 453,211 249,165 899,683 500,890 Less: distributed earnings allocated to nonvested shares 105 88 319 290 Less: undistributed earnings allocated to nonvested shares 3,633 2,358 7,674 4,600 Numerator for basic earnings per share 449,473 246,719 891,690 496,000 Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan (1) 347 294 796 845 Plus: interest on convertible senior notes — — 80 — Plus: undistributed earnings allocated to convertible shares — — 6 — Numerator for diluted earnings per share $ 449,126 246,425 890,980 495,155 Denominator: Denominator for basic earnings per share - weighted average common shares outstanding (2) 327,214 237,330 302,046 237,019 Effect of dilutive securities: Shared based payments 23 1 57 1 Convertible senior notes — — 732 — Denominator for diluted earnings per share - weighted average common shares outstanding 327,237 237,331 302,835 237,020 Basic earnings per share (2) $ 1.37 1.04 2.95 2.09 Diluted earnings per share (2) $ 1.37 1.04 2.94 2.09 (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 nine months ended August 31, 2017 has been retroactively adjusted to include 4.7 million

Lennar Financial Services Seg_2

Lennar Financial Services Segment (Tables)	9 Months Ended
	Aug. 31, 2018
Segment Reporting [Abstract]
Schedule of Assets and Liabilities	Financial information relating to the Company’s operations was as follows: (In thousands) August 31, November 30, Assets: Homebuilding East $ 7,455,782 4,754,581 Homebuilding Central 3,414,907 2,037,905 Homebuilding West 7,812,183 5,165,218 Homebuilding Other 1,726,472 960,541 Lennar Financial Services 2,042,024 1,689,508 Rialto 834,882 1,153,840 Lennar Multifamily 890,057 710,725 Corporate and unallocated (1) 4,113,088 2,272,716 Total assets $ 28,289,395 18,745,034 Lennar Homebuilding goodwill (1) $ 3,457,999 136,566 Lennar Financial Services goodwill (1) $ 231,245 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 $169 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 Nine Months Ended August 31, August 31, (In thousands) 2018 2017 2018 2017 Revenues: Homebuilding East $ 2,028,989 1,255,797 5,000,182 3,218,413 Homebuilding Central 1,231,170 602,901 3,041,003 1,801,424 Homebuilding West 1,505,858 823,500 3,775,488 2,146,492 Homebuilding Other 519,725 202,997 1,195,159 623,301 Lennar Financial Services 236,268 215,056 639,543 571,462 Rialto 49,495 57,810 149,033 207,804 Lennar Multifamily 101,064 103,415 312,013 291,900 Total revenues (1) $ 5,672,569 3,261,476 14,112,421 8,860,796 Operating earnings (loss) (2): Homebuilding East (3) $ 228,657 179,908 504,019 277,906 Homebuilding Central 135,978 66,184 264,463 194,986 Homebuilding West (4) 186,847 112,749 581,461 237,333 Homebuilding Other 60,555 27,435 101,349 79,969 Lennar Financial Services 56,628 49,057 128,705 113,448 Rialto 9,444 (3,192 ) 25,558 (10,497 ) Lennar Multifamily (3,853 ) 9,104 9,734 34,816 Total operating earnings 674,256 441,245 1,615,289 927,961 Acquisition and integration costs related to CalAtlantic 11,992 — 140,062 — Corporate general and administrative expenses 96,346 72,860 249,071 200,333 Earnings before income taxes $ 565,918 368,385 1,226,156 727,628 (1) Total revenues were net of sales incentives of $289.0 million ( $22,900 per home delivered) and $717.0 million ( $22,800 per home delivered) for the three and nine months ended August 31, 2018 , respectively, compared to $165.4 million ( $21,800 per home delivered) and $463.4 million ( $22,400 per home delivered) for the three and nine months ended August 31, 2017 , respectively. (2) All homebuilding segments and Homebuilding Other were impacted by purchase accounting adjustments for the three and nine months ended August 31, 2018 . (3) Homebuilding East operating earnings for the nine months ended August 31, 2017 included a $140 million loss due to litigation (see Note 17). (4) 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 nine months ended August 31, 2018 (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 165,051 117,410 Restricted cash 12,111 12,006 Receivables, net (1) 386,448 313,252 Loans held-for-sale (2) 945,387 937,516 Loans held-for-investment, net 74,669 44,193 Investments held-to-maturity 64,203 52,327 Investments available-for-sale (3) 47,034 57,439 Goodwill (4) 231,245 59,838 Other assets (5) 115,876 95,527 $ 2,042,024 1,689,508 Liabilities: Notes and other debts payable $ 966,626 937,431 Other liabilities (6) 274,482 240,383 $ 1,241,108 1,177,814 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of August 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 August 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 $169 million was allocated to Lennar Financial Services (see Note 2). (5) As of August 31, 2018 and November 30, 2017 , other assets included mortgage loan commitments carried at fair value of $19.3 million and $9.9 million , respectively, and mortgage servicing rights carried at fair value of $35.1 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 August 31, 2018 and November 30, 2017 , other liabilities included $60.4 million and $57.7 million (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 36,343 241,861 Restricted cash (1) 11,274 22,466 Loans held-for-sale (2) 141,333 236,018 Real estate owned, net 52,644 86,047 Investments in unconsolidated entities 294,465 265,418 Investments held-to-maturity 211,097 179,659 Other assets 87,726 122,371 $ 834,882 1,153,840 Liabilities: Notes and other debts payable (3) $ 239,392 625,081 Other liabilities 57,737 94,975 $ 297,129 720,056 (1) As of August 31, 2018 and November 30, 2017 , 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. (2) Loans held-for-sale primarily related to unsold loans originated by RMF carried at fair value. (3) In March 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 August 31, 2018 and November 30, 2017 , notes and other debt payable included $94.5 million and $162.1 million The assets and liabilities related to the Lennar Multifamily segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 13,748 8,676 Receivables (1) 66,265 69,678 Land under development 294,104 208,618 Investments in unconsolidated entities 482,241 407,544 Other assets 33,699 16,209 $ 890,057 710,725 Liabilities: Accounts payable and other liabilities $ 152,566 149,715 (1) Receivables primarily related to general contractor services, net of deferrals and management fee income receivables due from unconsolidated entities as of August 31, 2018 and November 30, 2017
Schedule of Line of Credit Facilities	At August 31, 2018 , the Lennar Financial Services segment warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures September 2018 (1) $ 300,000 364-day warehouse repurchase facility that matures December 2018 (2) 400,000 364-day warehouse repurchase facility that matures March 2019 (3) 300,000 364-day warehouse repurchase facility that matures June 2019 700,000 Total $ 1,700,000 (1) Subsequent to August 31, 2018 , the warehouse repurchase facility was extended to November 2018. (2) Maximum aggregate commitment includes an uncommitted amount of $250 million . (3) Maximum aggregate commitment includes an uncommitted amount of $300 million August 31, 2018 , Rialto's warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures November 2018 $ 200,000 364-day warehouse repurchase facility that matures December 2018 (extended from October 2018) 250,000 364-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) $ 850,000 Warehouse repurchase facility that matures December 2018 (one year extensions) (1) 50,000 Total $ 900,000 (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 August 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 Nine Months Ended August 31, August 31, (In thousands) 2018 2017 2018 2017 Loan origination liabilities, beginning of period $ 28,016 25,912 22,543 24,905 Provision for losses 1,059 1,056 2,696 3,000 Adjustments to pre-existing provision for losses from changes in estimates — (4,440 ) — (4,440 ) Origination liabilities assumed related to CalAtlantic acquisition 20,500 — 24,459 — Payments/settlements (124 ) (651 ) (247 ) (1,588 ) Loan origination liabilities, end of period $ 49,451 21,877 49,451 21,877

Rialto Segment (Tables)

Rialto Segment (Tables)	9 Months Ended
	Aug. 31, 2018
Segment Reporting [Abstract]
Schedule of Assets and Liabilities	Financial information relating to the Company’s operations was as follows: (In thousands) August 31, November 30, Assets: Homebuilding East $ 7,455,782 4,754,581 Homebuilding Central 3,414,907 2,037,905 Homebuilding West 7,812,183 5,165,218 Homebuilding Other 1,726,472 960,541 Lennar Financial Services 2,042,024 1,689,508 Rialto 834,882 1,153,840 Lennar Multifamily 890,057 710,725 Corporate and unallocated (1) 4,113,088 2,272,716 Total assets $ 28,289,395 18,745,034 Lennar Homebuilding goodwill (1) $ 3,457,999 136,566 Lennar Financial Services goodwill (1) $ 231,245 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 $169 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 Nine Months Ended August 31, August 31, (In thousands) 2018 2017 2018 2017 Revenues: Homebuilding East $ 2,028,989 1,255,797 5,000,182 3,218,413 Homebuilding Central 1,231,170 602,901 3,041,003 1,801,424 Homebuilding West 1,505,858 823,500 3,775,488 2,146,492 Homebuilding Other 519,725 202,997 1,195,159 623,301 Lennar Financial Services 236,268 215,056 639,543 571,462 Rialto 49,495 57,810 149,033 207,804 Lennar Multifamily 101,064 103,415 312,013 291,900 Total revenues (1) $ 5,672,569 3,261,476 14,112,421 8,860,796 Operating earnings (loss) (2): Homebuilding East (3) $ 228,657 179,908 504,019 277,906 Homebuilding Central 135,978 66,184 264,463 194,986 Homebuilding West (4) 186,847 112,749 581,461 237,333 Homebuilding Other 60,555 27,435 101,349 79,969 Lennar Financial Services 56,628 49,057 128,705 113,448 Rialto 9,444 (3,192 ) 25,558 (10,497 ) Lennar Multifamily (3,853 ) 9,104 9,734 34,816 Total operating earnings 674,256 441,245 1,615,289 927,961 Acquisition and integration costs related to CalAtlantic 11,992 — 140,062 — Corporate general and administrative expenses 96,346 72,860 249,071 200,333 Earnings before income taxes $ 565,918 368,385 1,226,156 727,628 (1) Total revenues were net of sales incentives of $289.0 million ( $22,900 per home delivered) and $717.0 million ( $22,800 per home delivered) for the three and nine months ended August 31, 2018 , respectively, compared to $165.4 million ( $21,800 per home delivered) and $463.4 million ( $22,400 per home delivered) for the three and nine months ended August 31, 2017 , respectively. (2) All homebuilding segments and Homebuilding Other were impacted by purchase accounting adjustments for the three and nine months ended August 31, 2018 . (3) Homebuilding East operating earnings for the nine months ended August 31, 2017 included a $140 million loss due to litigation (see Note 17). (4) 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 nine months ended August 31, 2018 (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 165,051 117,410 Restricted cash 12,111 12,006 Receivables, net (1) 386,448 313,252 Loans held-for-sale (2) 945,387 937,516 Loans held-for-investment, net 74,669 44,193 Investments held-to-maturity 64,203 52,327 Investments available-for-sale (3) 47,034 57,439 Goodwill (4) 231,245 59,838 Other assets (5) 115,876 95,527 $ 2,042,024 1,689,508 Liabilities: Notes and other debts payable $ 966,626 937,431 Other liabilities (6) 274,482 240,383 $ 1,241,108 1,177,814 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of August 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 August 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 $169 million was allocated to Lennar Financial Services (see Note 2). (5) As of August 31, 2018 and November 30, 2017 , other assets included mortgage loan commitments carried at fair value of $19.3 million and $9.9 million , respectively, and mortgage servicing rights carried at fair value of $35.1 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 August 31, 2018 and November 30, 2017 , other liabilities included $60.4 million and $57.7 million (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 36,343 241,861 Restricted cash (1) 11,274 22,466 Loans held-for-sale (2) 141,333 236,018 Real estate owned, net 52,644 86,047 Investments in unconsolidated entities 294,465 265,418 Investments held-to-maturity 211,097 179,659 Other assets 87,726 122,371 $ 834,882 1,153,840 Liabilities: Notes and other debts payable (3) $ 239,392 625,081 Other liabilities 57,737 94,975 $ 297,129 720,056 (1) As of August 31, 2018 and November 30, 2017 , 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. (2) Loans held-for-sale primarily related to unsold loans originated by RMF carried at fair value. (3) In March 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 August 31, 2018 and November 30, 2017 , notes and other debt payable included $94.5 million and $162.1 million The assets and liabilities related to the Lennar Multifamily segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 13,748 8,676 Receivables (1) 66,265 69,678 Land under development 294,104 208,618 Investments in unconsolidated entities 482,241 407,544 Other assets 33,699 16,209 $ 890,057 710,725 Liabilities: Accounts payable and other liabilities $ 152,566 149,715 (1) Receivables primarily related to general contractor services, net of deferrals and management fee income receivables due from unconsolidated entities as of August 31, 2018 and November 30, 2017
Schedule of Line of Credit Facilities	At August 31, 2018 , the Lennar Financial Services segment warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures September 2018 (1) $ 300,000 364-day warehouse repurchase facility that matures December 2018 (2) 400,000 364-day warehouse repurchase facility that matures March 2019 (3) 300,000 364-day warehouse repurchase facility that matures June 2019 700,000 Total $ 1,700,000 (1) Subsequent to August 31, 2018 , the warehouse repurchase facility was extended to November 2018. (2) Maximum aggregate commitment includes an uncommitted amount of $250 million . (3) Maximum aggregate commitment includes an uncommitted amount of $300 million August 31, 2018 , Rialto's warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures November 2018 $ 200,000 364-day warehouse repurchase facility that matures December 2018 (extended from October 2018) 250,000 364-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) $ 850,000 Warehouse repurchase facility that matures December 2018 (one year extensions) (1) 50,000 Total $ 900,000 (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 August 31, 2018 and November 30, 2017
Equity Method Investments	The total debt of the Lennar Homebuilding unconsolidated entities in which the Company has investments, including Lennar's maximum recourse exposure, were as follows: (Dollars in thousands) August 31, November 30, Non-recourse bank debt and other debt (partner’s share of several recourse) $ 51,364 64,197 Non-recourse land seller debt and other debt 1,497 1,997 Non-recourse debt with completion guarantees 234,310 255,903 Non-recourse debt without completion guarantees (1) 869,486 351,800 Non-recourse debt to the Company 1,156,657 673,897 The Company’s maximum recourse exposure (2) 69,005 69,181 Debt issuance costs (13,192 ) (5,747 ) Total debt $ 1,212,470 737,331 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 August 31, 2018 and November 30, 2017 , the Company's maximum recourse exposure was primarily related to the Company providing repayment guarantees on three (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 912,250 953,261 Inventories 4,251,673 3,751,525 Other assets 1,200,761 1,061,507 $ 6,364,684 5,766,293 Liabilities and equity: Accounts payable and other liabilities $ 839,694 832,151 Debt (1) 1,212,470 737,331 Equity 4,312,520 4,196,811 $ 6,364,684 5,766,293 (1) Debt presented above is net of debt issuance costs of $13.2 million and $5.7 million , as of August 31, 2018 and November 30, 2017 , respectively. The increase in debt was primarily related to $500 million Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2018 2017 2018 2017 Revenues $ 153,968 144,966 324,584 323,689 Costs and expenses 199,337 151,643 458,660 421,554 Other income (1) 66,690 12,578 180,231 18,695 Net earnings (loss) of unconsolidated entities $ 21,321 5,901 46,155 (79,170 ) Lennar Homebuilding equity in loss from unconsolidated entities $ (15,391 ) (9,651 ) (41,904 ) (42,691 ) August 31, August 31, November 30, (Dollars in thousands) Inception Year Equity Commitments Equity Commitments Called Commitment to Fund by the Company Funds Contributed by the Company Investment Rialto Real Estate Fund, LP 2010 $ 700,006 $ 700,006 $ 75,000 $ 75,000 $ 39,608 41,860 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 84,606 86,904 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 13,314 19,189 Rialto Capital CMBS Funds 2014 119,174 119,174 52,474 52,474 52,916 54,018 Rialto Real Estate Fund III 2015 1,887,000 1,074,561 140,000 75,917 71,293 41,223 Rialto Credit Partnership, LP 2016 220,000 217,556 19,999 19,777 12,257 13,288 Other investments 20,471 8,936 $ 294,465 265,418 Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2018 2017 2018 2017 Revenues $ 97,973 64,267 283,510 182,453 Costs and expenses 23,299 26,752 66,735 83,753 Other income (expense), net (1) (22,644 ) 245 (1,166 ) 9,893 Net earnings of unconsolidated entities $ 52,030 37,760 215,609 108,593 Rialto equity in earnings from unconsolidated entities $ 5,266 4,858 18,496 11,310 (1) 100% basis related to Rialto’s investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 36,406 95,552 Loans receivable 697,262 538,317 Real estate owned 266,406 348,601 Investment securities 2,219,660 1,849,795 Investments in partnerships 406,600 393,874 Other assets 43,046 42,949 $ 3,669,380 3,269,088 Liabilities and equity: Accounts payable and other liabilities $ 32,081 48,374 Notes payable (1) 591,329 576,810 Equity 3,045,970 2,643,904 $ 3,669,380 3,269,088 (1) Notes payable are net of debt issuance costs of $2.9 million and $3.1 million , as of August 31, 2018 and November 30, 2017 , respectively. Summarized condensed financial information on a combined 100% basis related to Lennar Multifamily's investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 30,472 37,073 Operating properties and equipment 3,623,800 2,952,070 Other assets 38,309 36,772 $ 3,692,581 3,025,915 Liabilities and equity: Accounts payable and other liabilities $ 201,301 212,123 Notes payable (1) 1,287,488 879,047 Equity 2,203,792 1,934,745 $ 3,692,581 3,025,915 (1) Notes payable are net of debt issuance costs of $17.4 million and $17.6 million , as of both August 31, 2018 and November 30, 2017 , respectively. Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2018 2017 2018 2017 Revenues $ 31,907 18,822 82,980 44,414 Costs and expenses 47,235 28,904 122,512 75,727 Other income, net 13,588 47,210 52,457 125,939 Net earnings (loss) of unconsolidated entities $ (1,740 ) 37,128 12,925 94,626 Lennar Multifamily equity in earnings (loss) from unconsolidated entities (1) $ (1,730 ) 11,645 15,293 44,219 (1) During the three and nine months ended August 31, 2018 , the Lennar Multifamily segment sold one and four operating properties, respectively, through its unconsolidated entities resulting in the segment's $1.7 million and $23.3 million share of gains, respectively. During the three and nine months ended August 31, 2017 , the Lennar Multifamily segment sold two and five operating properties, respectively, through its unconsolidated entities resulting in the segment's $15.4 million and $52.9 million (In thousands) August 31, November 30, Lennar Homebuilding $ 997,488 900,769 Rialto $ 294,465 265,418 Lennar Multifamily $ 482,241 407,544

Lennar Multifamily Segment (Tab

Lennar Multifamily Segment (Tables)	9 Months Ended
	Aug. 31, 2018
Segment Reporting [Abstract]
Schedule of Assets and Liabilities	Financial information relating to the Company’s operations was as follows: (In thousands) August 31, November 30, Assets: Homebuilding East $ 7,455,782 4,754,581 Homebuilding Central 3,414,907 2,037,905 Homebuilding West 7,812,183 5,165,218 Homebuilding Other 1,726,472 960,541 Lennar Financial Services 2,042,024 1,689,508 Rialto 834,882 1,153,840 Lennar Multifamily 890,057 710,725 Corporate and unallocated (1) 4,113,088 2,272,716 Total assets $ 28,289,395 18,745,034 Lennar Homebuilding goodwill (1) $ 3,457,999 136,566 Lennar Financial Services goodwill (1) $ 231,245 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 $169 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 Nine Months Ended August 31, August 31, (In thousands) 2018 2017 2018 2017 Revenues: Homebuilding East $ 2,028,989 1,255,797 5,000,182 3,218,413 Homebuilding Central 1,231,170 602,901 3,041,003 1,801,424 Homebuilding West 1,505,858 823,500 3,775,488 2,146,492 Homebuilding Other 519,725 202,997 1,195,159 623,301 Lennar Financial Services 236,268 215,056 639,543 571,462 Rialto 49,495 57,810 149,033 207,804 Lennar Multifamily 101,064 103,415 312,013 291,900 Total revenues (1) $ 5,672,569 3,261,476 14,112,421 8,860,796 Operating earnings (loss) (2): Homebuilding East (3) $ 228,657 179,908 504,019 277,906 Homebuilding Central 135,978 66,184 264,463 194,986 Homebuilding West (4) 186,847 112,749 581,461 237,333 Homebuilding Other 60,555 27,435 101,349 79,969 Lennar Financial Services 56,628 49,057 128,705 113,448 Rialto 9,444 (3,192 ) 25,558 (10,497 ) Lennar Multifamily (3,853 ) 9,104 9,734 34,816 Total operating earnings 674,256 441,245 1,615,289 927,961 Acquisition and integration costs related to CalAtlantic 11,992 — 140,062 — Corporate general and administrative expenses 96,346 72,860 249,071 200,333 Earnings before income taxes $ 565,918 368,385 1,226,156 727,628 (1) Total revenues were net of sales incentives of $289.0 million ( $22,900 per home delivered) and $717.0 million ( $22,800 per home delivered) for the three and nine months ended August 31, 2018 , respectively, compared to $165.4 million ( $21,800 per home delivered) and $463.4 million ( $22,400 per home delivered) for the three and nine months ended August 31, 2017 , respectively. (2) All homebuilding segments and Homebuilding Other were impacted by purchase accounting adjustments for the three and nine months ended August 31, 2018 . (3) Homebuilding East operating earnings for the nine months ended August 31, 2017 included a $140 million loss due to litigation (see Note 17). (4) 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 nine months ended August 31, 2018 (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 165,051 117,410 Restricted cash 12,111 12,006 Receivables, net (1) 386,448 313,252 Loans held-for-sale (2) 945,387 937,516 Loans held-for-investment, net 74,669 44,193 Investments held-to-maturity 64,203 52,327 Investments available-for-sale (3) 47,034 57,439 Goodwill (4) 231,245 59,838 Other assets (5) 115,876 95,527 $ 2,042,024 1,689,508 Liabilities: Notes and other debts payable $ 966,626 937,431 Other liabilities (6) 274,482 240,383 $ 1,241,108 1,177,814 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of August 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 August 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 $169 million was allocated to Lennar Financial Services (see Note 2). (5) As of August 31, 2018 and November 30, 2017 , other assets included mortgage loan commitments carried at fair value of $19.3 million and $9.9 million , respectively, and mortgage servicing rights carried at fair value of $35.1 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 August 31, 2018 and November 30, 2017 , other liabilities included $60.4 million and $57.7 million (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 36,343 241,861 Restricted cash (1) 11,274 22,466 Loans held-for-sale (2) 141,333 236,018 Real estate owned, net 52,644 86,047 Investments in unconsolidated entities 294,465 265,418 Investments held-to-maturity 211,097 179,659 Other assets 87,726 122,371 $ 834,882 1,153,840 Liabilities: Notes and other debts payable (3) $ 239,392 625,081 Other liabilities 57,737 94,975 $ 297,129 720,056 (1) As of August 31, 2018 and November 30, 2017 , 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. (2) Loans held-for-sale primarily related to unsold loans originated by RMF carried at fair value. (3) In March 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 August 31, 2018 and November 30, 2017 , notes and other debt payable included $94.5 million and $162.1 million The assets and liabilities related to the Lennar Multifamily segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 13,748 8,676 Receivables (1) 66,265 69,678 Land under development 294,104 208,618 Investments in unconsolidated entities 482,241 407,544 Other assets 33,699 16,209 $ 890,057 710,725 Liabilities: Accounts payable and other liabilities $ 152,566 149,715 (1) Receivables primarily related to general contractor services, net of deferrals and management fee income receivables due from unconsolidated entities as of August 31, 2018 and November 30, 2017
Equity Method Investments	The total debt of the Lennar Homebuilding unconsolidated entities in which the Company has investments, including Lennar's maximum recourse exposure, were as follows: (Dollars in thousands) August 31, November 30, Non-recourse bank debt and other debt (partner’s share of several recourse) $ 51,364 64,197 Non-recourse land seller debt and other debt 1,497 1,997 Non-recourse debt with completion guarantees 234,310 255,903 Non-recourse debt without completion guarantees (1) 869,486 351,800 Non-recourse debt to the Company 1,156,657 673,897 The Company’s maximum recourse exposure (2) 69,005 69,181 Debt issuance costs (13,192 ) (5,747 ) Total debt $ 1,212,470 737,331 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 August 31, 2018 and November 30, 2017 , the Company's maximum recourse exposure was primarily related to the Company providing repayment guarantees on three (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 912,250 953,261 Inventories 4,251,673 3,751,525 Other assets 1,200,761 1,061,507 $ 6,364,684 5,766,293 Liabilities and equity: Accounts payable and other liabilities $ 839,694 832,151 Debt (1) 1,212,470 737,331 Equity 4,312,520 4,196,811 $ 6,364,684 5,766,293 (1) Debt presented above is net of debt issuance costs of $13.2 million and $5.7 million , as of August 31, 2018 and November 30, 2017 , respectively. The increase in debt was primarily related to $500 million Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2018 2017 2018 2017 Revenues $ 153,968 144,966 324,584 323,689 Costs and expenses 199,337 151,643 458,660 421,554 Other income (1) 66,690 12,578 180,231 18,695 Net earnings (loss) of unconsolidated entities $ 21,321 5,901 46,155 (79,170 ) Lennar Homebuilding equity in loss from unconsolidated entities $ (15,391 ) (9,651 ) (41,904 ) (42,691 ) August 31, August 31, November 30, (Dollars in thousands) Inception Year Equity Commitments Equity Commitments Called Commitment to Fund by the Company Funds Contributed by the Company Investment Rialto Real Estate Fund, LP 2010 $ 700,006 $ 700,006 $ 75,000 $ 75,000 $ 39,608 41,860 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 84,606 86,904 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 13,314 19,189 Rialto Capital CMBS Funds 2014 119,174 119,174 52,474 52,474 52,916 54,018 Rialto Real Estate Fund III 2015 1,887,000 1,074,561 140,000 75,917 71,293 41,223 Rialto Credit Partnership, LP 2016 220,000 217,556 19,999 19,777 12,257 13,288 Other investments 20,471 8,936 $ 294,465 265,418 Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2018 2017 2018 2017 Revenues $ 97,973 64,267 283,510 182,453 Costs and expenses 23,299 26,752 66,735 83,753 Other income (expense), net (1) (22,644 ) 245 (1,166 ) 9,893 Net earnings of unconsolidated entities $ 52,030 37,760 215,609 108,593 Rialto equity in earnings from unconsolidated entities $ 5,266 4,858 18,496 11,310 (1) 100% basis related to Rialto’s investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 36,406 95,552 Loans receivable 697,262 538,317 Real estate owned 266,406 348,601 Investment securities 2,219,660 1,849,795 Investments in partnerships 406,600 393,874 Other assets 43,046 42,949 $ 3,669,380 3,269,088 Liabilities and equity: Accounts payable and other liabilities $ 32,081 48,374 Notes payable (1) 591,329 576,810 Equity 3,045,970 2,643,904 $ 3,669,380 3,269,088 (1) Notes payable are net of debt issuance costs of $2.9 million and $3.1 million , as of August 31, 2018 and November 30, 2017 , respectively. Summarized condensed financial information on a combined 100% basis related to Lennar Multifamily's investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 30,472 37,073 Operating properties and equipment 3,623,800 2,952,070 Other assets 38,309 36,772 $ 3,692,581 3,025,915 Liabilities and equity: Accounts payable and other liabilities $ 201,301 212,123 Notes payable (1) 1,287,488 879,047 Equity 2,203,792 1,934,745 $ 3,692,581 3,025,915 (1) Notes payable are net of debt issuance costs of $17.4 million and $17.6 million , as of both August 31, 2018 and November 30, 2017 , respectively. Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2018 2017 2018 2017 Revenues $ 31,907 18,822 82,980 44,414 Costs and expenses 47,235 28,904 122,512 75,727 Other income, net 13,588 47,210 52,457 125,939 Net earnings (loss) of unconsolidated entities $ (1,740 ) 37,128 12,925 94,626 Lennar Multifamily equity in earnings (loss) from unconsolidated entities (1) $ (1,730 ) 11,645 15,293 44,219 (1) During the three and nine months ended August 31, 2018 , the Lennar Multifamily segment sold one and four operating properties, respectively, through its unconsolidated entities resulting in the segment's $1.7 million and $23.3 million share of gains, respectively. During the three and nine months ended August 31, 2017 , the Lennar Multifamily segment sold two and five operating properties, respectively, through its unconsolidated entities resulting in the segment's $15.4 million and $52.9 million (In thousands) August 31, November 30, Lennar Homebuilding $ 997,488 900,769 Rialto $ 294,465 265,418 Lennar Multifamily $ 482,241 407,544

Lennar Homebuilding Senior No_2

Lennar Homebuilding Senior Notes and Other Debts Payable (Tables)	9 Months Ended
	Aug. 31, 2018
Debt Disclosure [Abstract]
Schedule of Senior Notes and Other Debts Payable	(Dollars in thousands) August 31, November 30, Unsecured revolving credit facility $ 650,000 — 4.125% senior notes due December 2018 274,887 274,459 0.25% convertible senior notes due 2019 1,292 — 4.500% senior notes due 2019 499,364 498,793 4.50% senior notes due 2019 598,997 598,325 6.625% senior notes due 2020 (1) 313,752 — 2.95% senior notes due 2020 298,692 298,305 8.375% senior notes due 2021 (1) 440,156 — 4.750% senior notes due 2021 497,915 497,329 6.25% senior notes due December 2021 (1) 316,541 — 4.125% senior notes due 2022 596,647 595,904 5.375% senior notes due 2022 (1) 261,769 — 4.750% senior notes due 2022 570,185 569,484 4.875% senior notes due December 2023 395,662 394,964 4.500% senior notes due 2024 645,897 645,353 5.875% senior notes due 2024 (1) 454,001 — 4.750% senior notes due 2025 497,003 496,671 5.25% senior notes due 2026 (1) 409,436 — 5.00% senior notes due 2027 (1) 353,371 — 4.75% senior notes due 2027 892,110 892,657 6.95% senior notes due 2018 — 249,342 Mortgage notes on land and other debt 440,310 398,417 $ 9,407,987 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)	9 Months Ended
	Aug. 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 Nine Months Ended August 31, August 31, (In thousands) 2018 2017 2018 2017 Warranty reserve, beginning of the period $ 294,710 151,833 164,619 135,403 Warranties issued 48,878 28,795 121,422 78,945 Adjustments to pre-existing warranties from changes in estimates (1) (4,785 ) 4,436 5,310 14,769 Warranties assumed related to acquisitions (5 ) — 117,549 6,345 Payments (40,575 ) (25,758 ) (110,677 ) (76,156 ) Warranty reserve, end of period $ 298,223 159,306 298,223 159,306 (1) The adjustments to pre-existing warranties from changes in estimates during the three and nine months ended August 31, 2018 and 2017

Financial Instruments and Fai_2

Financial Instruments and Fair Value Disclosures (Tables)	9 Months Ended
	Aug. 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 August 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. August 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 $ 211,097 232,598 179,659 199,190 Lennar Financial Services: Loans held-for-investment, net Level 3 $ 74,669 67,474 44,193 41,795 Investments held-to-maturity Level 2 $ 64,203 63,939 52,327 52,189 LIABILITIES Lennar Homebuilding senior notes and other debts payable Level 2 $ 9,407,987 9,385,243 6,410,003 6,598,848 Rialto notes payable and other debts payable Level 2 $ 239,392 248,520 625,081 644,644 Lennar financial services notes and other debts payable Level 2 $ 966,626 966,626 937,431 937,431
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 $ 140,718 234,403 Lennar Financial Services Assets (Liabilities): Loans held-for-sale (2) Level 2 $ 945,387 937,516 Investments available-for-sale Level 1 $ 47,034 57,439 Mortgage loan commitments Level 2 $ 19,282 9,873 Forward contracts Level 2 $ (2,645 ) 1,681 Mortgage servicing rights Level 3 $ 35,074 31,163 (1) The aggregate fair value of Rialto loans held-for-sale of $140.7 million at August 31, 2018 exceeded their aggregate principal balance of $139.9 million by $0.8 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) The aggregate fair value of Lennar Financial Services loans held-for-sale of $945.4 million at August 31, 2018 exceeded their aggregate principal balance of $917.1 million by $28.3 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 Nine Months Ended August 31, August 31, (In thousands) 2018 2017 2018 2017 Changes in fair value included in Lennar Financial Services revenues: Loans held-for-sale $ (692 ) (5,804 ) (403 ) 18,233 Mortgage loan commitments $ (5,810 ) (829 ) 9,409 10,106 Forward contracts $ 3,550 1,267 (4,326 ) (31,996 ) Investments available-for-sale $ 166 — 292 (4 ) Changes in fair value included in other comprehensive income (loss), net of tax: Lennar Financial Services investment available-for-sale $ (110 ) 165 (1,357 ) 1,556
Reconciliation Of Beginning And Ending Balance For The Company's Level 3 Recurring Fair Value Measurements	The following table represents the reconciliation of the beginning and ending balance for the Level 3 recurring fair value measurements: Three Months Ended August 31, 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 $ 34,592 325,373 27,370 82,803 Purchases/loan originations 1,734 333,680 2,447 439,266 Sales/loan originations sold, including those not settled — (516,958 ) — (235,922 ) Disposals/settlements (1,290 ) — (1,092 ) — Changes in fair value (1) 38 (1,400 ) (1,004 ) 707 Interest and principal paydowns — 23 — (1,107 ) Ending balance $ 35,074 140,718 27,721 285,747 Nine Months Ended August 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 5,880 997,515 8,159 1,262,926 Sales/loan originations sold, including those not settled — (1,073,211 ) — (1,106,316 ) Disposals/settlements (5,830 ) (19,600 ) (2,887 ) — Changes in fair value (1) 3,861 1,970 (1,481 ) 3,205 Interest and principal paydowns — (359 ) — (1,015 ) Ending balance $ 35,074 140,718 27,721 285,747 (1) Changes in fair value for Rialto loans held-for-sale and Lennar Financial Services mortgage servicing rights are included in Rialto's and Lennar Financial Services' revenues, respectively.
Fair Value Measurements, Nonrecurring	The assets measured at fair value on a nonrecurring basis are summarized below: Three Months Ended August 31, 2018 2017 (In thousands) Fair Value Hierarchy Carrying Value Fair Value Total Losses, Net (1) Carrying Value Fair Value Total Gains (Losses), Net (1) Financial assets Rialto: FDIC Portfolios loans held-for-sale Level 3 $ — — — 20,863 19,237 (1,626 ) Non-financial assets Lennar Homebuilding: Land and land under development (2) Level 3 $ 25,173 13,373 (11,800 ) — — — Rialto: REO, net (3): Upon acquisition/transfer Level 3 $ — — — 1,200 1,376 176 Upon management periodic valuations Level 3 $ 17,663 16,196 (1,467 ) 35,507 22,765 (12,742 ) Nine Months Ended August 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 $ — — — 26,081 19,237 (6,844 ) Non-financial assets Lennar Homebuilding: Finished homes and construction in progress (2) Level 3 $ — — — 6,659 2,745 (3,914 ) Land and land under development (2) Level 3 $ 91,960 60,059 (31,901 ) 6,771 3,094 (3,677 ) Rialto: REO, net (3): Upon acquisition/transfer Level 3 $ — — — 31,503 30,066 (1,437 ) Upon management periodic valuations Level 3 $ 23,629 16,196 (7,433 ) 118,497 79,601 (38,896 ) (1) Represents losses due to valuation adjustments, write-offs, gains (losses) from transfers or acquisitions of real estate through foreclosure and REO impairments recorded during the three and nine months ended August 31, 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 nine months ended August 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 nine months ended August 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 nine months ended August 31, 2018 and 2017 : Nine Months Ended August 31, 2018 August 31, 2017 Unobservable inputs Range Range Average selling price $233,000 - $843,000 $125,000 - $567,000 Absorption rate per quarter (homes) 4 - 16 4 - 10 Discount rate 20% 20%

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Aug. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Equity Method Investments	The total debt of the Lennar Homebuilding unconsolidated entities in which the Company has investments, including Lennar's maximum recourse exposure, were as follows: (Dollars in thousands) August 31, November 30, Non-recourse bank debt and other debt (partner’s share of several recourse) $ 51,364 64,197 Non-recourse land seller debt and other debt 1,497 1,997 Non-recourse debt with completion guarantees 234,310 255,903 Non-recourse debt without completion guarantees (1) 869,486 351,800 Non-recourse debt to the Company 1,156,657 673,897 The Company’s maximum recourse exposure (2) 69,005 69,181 Debt issuance costs (13,192 ) (5,747 ) Total debt $ 1,212,470 737,331 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 August 31, 2018 and November 30, 2017 , the Company's maximum recourse exposure was primarily related to the Company providing repayment guarantees on three (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 912,250 953,261 Inventories 4,251,673 3,751,525 Other assets 1,200,761 1,061,507 $ 6,364,684 5,766,293 Liabilities and equity: Accounts payable and other liabilities $ 839,694 832,151 Debt (1) 1,212,470 737,331 Equity 4,312,520 4,196,811 $ 6,364,684 5,766,293 (1) Debt presented above is net of debt issuance costs of $13.2 million and $5.7 million , as of August 31, 2018 and November 30, 2017 , respectively. The increase in debt was primarily related to $500 million Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2018 2017 2018 2017 Revenues $ 153,968 144,966 324,584 323,689 Costs and expenses 199,337 151,643 458,660 421,554 Other income (1) 66,690 12,578 180,231 18,695 Net earnings (loss) of unconsolidated entities $ 21,321 5,901 46,155 (79,170 ) Lennar Homebuilding equity in loss from unconsolidated entities $ (15,391 ) (9,651 ) (41,904 ) (42,691 ) August 31, August 31, November 30, (Dollars in thousands) Inception Year Equity Commitments Equity Commitments Called Commitment to Fund by the Company Funds Contributed by the Company Investment Rialto Real Estate Fund, LP 2010 $ 700,006 $ 700,006 $ 75,000 $ 75,000 $ 39,608 41,860 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 84,606 86,904 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 13,314 19,189 Rialto Capital CMBS Funds 2014 119,174 119,174 52,474 52,474 52,916 54,018 Rialto Real Estate Fund III 2015 1,887,000 1,074,561 140,000 75,917 71,293 41,223 Rialto Credit Partnership, LP 2016 220,000 217,556 19,999 19,777 12,257 13,288 Other investments 20,471 8,936 $ 294,465 265,418 Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2018 2017 2018 2017 Revenues $ 97,973 64,267 283,510 182,453 Costs and expenses 23,299 26,752 66,735 83,753 Other income (expense), net (1) (22,644 ) 245 (1,166 ) 9,893 Net earnings of unconsolidated entities $ 52,030 37,760 215,609 108,593 Rialto equity in earnings from unconsolidated entities $ 5,266 4,858 18,496 11,310 (1) 100% basis related to Rialto’s investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 36,406 95,552 Loans receivable 697,262 538,317 Real estate owned 266,406 348,601 Investment securities 2,219,660 1,849,795 Investments in partnerships 406,600 393,874 Other assets 43,046 42,949 $ 3,669,380 3,269,088 Liabilities and equity: Accounts payable and other liabilities $ 32,081 48,374 Notes payable (1) 591,329 576,810 Equity 3,045,970 2,643,904 $ 3,669,380 3,269,088 (1) Notes payable are net of debt issuance costs of $2.9 million and $3.1 million , as of August 31, 2018 and November 30, 2017 , respectively. Summarized condensed financial information on a combined 100% basis related to Lennar Multifamily's investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 30,472 37,073 Operating properties and equipment 3,623,800 2,952,070 Other assets 38,309 36,772 $ 3,692,581 3,025,915 Liabilities and equity: Accounts payable and other liabilities $ 201,301 212,123 Notes payable (1) 1,287,488 879,047 Equity 2,203,792 1,934,745 $ 3,692,581 3,025,915 (1) Notes payable are net of debt issuance costs of $17.4 million and $17.6 million , as of both August 31, 2018 and November 30, 2017 , respectively. Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2018 2017 2018 2017 Revenues $ 31,907 18,822 82,980 44,414 Costs and expenses 47,235 28,904 122,512 75,727 Other income, net 13,588 47,210 52,457 125,939 Net earnings (loss) of unconsolidated entities $ (1,740 ) 37,128 12,925 94,626 Lennar Multifamily equity in earnings (loss) from unconsolidated entities (1) $ (1,730 ) 11,645 15,293 44,219 (1) During the three and nine months ended August 31, 2018 , the Lennar Multifamily segment sold one and four operating properties, respectively, through its unconsolidated entities resulting in the segment's $1.7 million and $23.3 million share of gains, respectively. During the three and nine months ended August 31, 2017 , the Lennar Multifamily segment sold two and five operating properties, respectively, through its unconsolidated entities resulting in the segment's $15.4 million and $52.9 million (In thousands) August 31, November 30, Lennar Homebuilding $ 997,488 900,769 Rialto $ 294,465 265,418 Lennar Multifamily $ 482,241 407,544
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 August 31, 2018 (In thousands) Investments in Unconsolidated VIEs Lennar’s Maximum Exposure to Loss Lennar Homebuilding (1) $ 82,296 149,376 Rialto (2) 211,097 211,097 Lennar Multifamily (3) 440,916 725,821 $ 734,309 1,086,294 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 August 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 $60.7 million and $61.6 million , respectively. (2) As of both August 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 August 31, 2018 and November 30, 2017 , investments in unconsolidated VIEs and Lennar’s maximum exposure to loss included $211.1 million and $179.7 million , respectively, related to Rialto’s investments held-to-maturity. (3) As of August 31, 2018 , the remaining equity commitment of $279.5 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 August 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 Inform_2

Supplemental Financial Information (Tables)	9 Months Ended
	Aug. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidating Balance Sheet	Supplemental information for the subsidiaries that were guarantor subsidiaries at August 31, 2018 was as follows: Condensed Consolidating Balance Sheet August 31, 2018 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total ASSETS Lennar Homebuilding: Cash and cash equivalents, restricted cash and receivables, net $ 433,760 526,948 54,965 — 1,015,673 Inventories — 17,232,267 336,805 — 17,569,072 Investments in unconsolidated entities — 983,963 13,525 — 997,488 Goodwill — 3,457,999 — — 3,457,999 Other assets 399,731 955,313 150,714 (23,558 ) 1,482,200 Investments in subsidiaries 10,715,911 89,347 — (10,805,258 ) — Intercompany 12,035,247 — — (12,035,247 ) — 23,584,649 23,245,837 556,009 (22,864,063 ) 24,522,432 Lennar Financial Services — 320,219 1,722,864 (1,059 ) 2,042,024 Rialto — — 834,882 — 834,882 Lennar Multifamily — — 890,057 — 890,057 Total assets $ 23,584,649 23,566,056 4,003,812 (22,865,122 ) 28,289,395 LIABILITIES AND EQUITY Lennar Homebuilding: Accounts payable and other liabilities $ 651,804 1,866,606 300,086 (24,617 ) 2,793,879 Liabilities related to consolidated inventory not owned — 267,046 13,500 — 280,546 Senior notes and other debts payable 8,900,829 458,299 48,859 — 9,407,987 Intercompany — 10,487,330 1,547,917 (12,035,247 ) — 9,552,633 13,079,281 1,910,362 (12,059,864 ) 12,482,412 Lennar Financial Services — 66,636 1,174,472 — 1,241,108 Rialto — — 297,129 — 297,129 Lennar Multifamily — — 152,566 — 152,566 Total liabilities 9,552,633 13,145,917 3,534,529 (12,059,864 ) 14,173,215 Stockholders’ equity 14,032,016 10,420,139 385,119 (10,805,258 ) 14,032,016 Noncontrolling interests — — 84,164 — 84,164 Total equity 14,032,016 10,420,139 469,283 (10,805,258 ) 14,116,180 Total liabilities and equity $ 23,584,649 23,566,056 4,003,812 (22,865,122 ) 28,289,395 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 August 31, 2018 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 5,266,053 19,689 — 5,285,742 Lennar Financial Services — 104,233 137,056 (5,021 ) 236,268 Rialto — — 49,495 — 49,495 Lennar Multifamily — — 101,064 — 101,064 Total revenues — 5,370,286 307,304 (5,021 ) 5,672,569 Cost and expenses: Lennar Homebuilding — 4,649,490 18,347 3,387 4,671,224 Lennar Financial Services — 89,902 100,803 (11,065 ) 179,640 Rialto — — 42,648 (3,213 ) 39,435 Lennar Multifamily — — 103,187 — 103,187 Acquisition and integration costs related to CalAtlantic — 11,992 — — 11,992 Corporate general and administrative 94,476 604 — 1,266 96,346 Total costs and expenses 94,476 4,751,988 264,985 (9,625 ) 5,101,824 Lennar Homebuilding equity in earnings (loss) from unconsolidated entities — (15,428 ) 37 — (15,391 ) Lennar Homebuilding other income, net 4,614 7,740 5,160 (4,604 ) 12,910 Rialto equity in earnings from unconsolidated entities — — 5,266 — 5,266 Rialto other expense, net — — (5,882 ) — (5,882 ) Lennar Multifamily equity in loss from unconsolidated entities — — (1,730 ) — (1,730 ) Earnings (loss) before income taxes (89,862 ) 610,610 45,170 — 565,918 Benefit (provision) for income taxes 13,688 (101,924 ) (10,062 ) — (98,298 ) Equity in earnings from subsidiaries 529,385 19,889 — (549,274 ) — Net earnings (including net earnings attributable to noncontrolling interests) 453,211 528,575 35,108 (549,274 ) 467,620 Less: Net earnings attributable to noncontrolling interests — — 14,409 — 14,409 Net earnings attributable to Lennar $ 453,211 528,575 20,699 (549,274 ) 453,211 Other comprehensive loss, net of tax: Net unrealized loss on securities available-for-sale $ — — (110 ) — (110 ) Reclassification adjustments for loss included in earnings, net of tax — — (166 ) — (166 ) Total other comprehensive loss, net of tax $ — — (276 ) — (276 ) Total comprehensive income attributable to Lennar $ 453,211 528,575 20,423 (549,274 ) 452,935 Total comprehensive income attributable to noncontrolling interests $ — — 14,409 — 14,409 Three Months Ended August 31, 2017 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 2,872,920 12,275 — 2,885,195 Lennar Financial Services — 90,220 129,853 (5,017 ) 215,056 Rialto — — 57,810 — 57,810 Lennar Multifamily — — 103,457 (42 ) 103,415 Total revenues — 2,963,140 303,395 (5,059 ) 3,261,476 Cost and expenses: Lennar Homebuilding — 2,483,401 12,107 (3,443 ) 2,492,065 Lennar Financial Services — 79,077 89,656 (2,734 ) 165,999 Rialto — — 49,574 (71 ) 49,503 Lennar Multifamily — — 105,956 — 105,956 Corporate general and administrative 71,285 310 — 1,265 72,860 Total costs and expenses 71,285 2,562,788 257,293 (4,983 ) 2,886,383 Lennar Homebuilding equity in loss from unconsolidated entities — (9,647 ) (4 ) — (9,651 ) Lennar Homebuildin g other income (expense), net (67 ) 1,244 1,544 76 2,797 Rialto equity in earnings from unconsolidated entities — — 4,858 — 4,858 Rialto other expense, net — — (16,357 ) — (16,357 ) Lennar Multifamily equity in earnings from unconsolidated entities — — 11,645 — 11,645 Earnings (loss) before income taxes (71,352 ) 391,949 47,788 — 368,385 Benefit (provision) for income taxes 23,689 (128,170 ) (20,314 ) — (124,795 ) Equity in earnings from subsidiaries 296,828 22,477 — (319,305 ) — Net earnings (including net loss attributable to noncontrolling interests) 249,165 286,256 27,474 (319,305 ) 243,590 Less: Net loss attributable to noncontrolling interests — — (5,575 ) — (5,575 ) Net earnings attributable to Lennar $ 249,165 286,256 33,049 (319,305 ) 249,165 Other comprehensive income, net of tax: Net unrealized gain on securities available-for-sale $ — — 165 — 165 Total other comprehensive income, net of tax $ — — 165 — 165 Total comprehensive income attributable to Lennar $ 249,165 286,256 33,214 (319,305 ) 249,330 Total comprehensive loss attributable to noncontrolling interests $ — — (5,575 ) — (5,575 )
Condensed Consolidating Statement of Cash Flows	Condensed Consolidating Statement of Cash Flows Nine Months Ended August 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) $ 899,683 1,055,410 96,307 (1,132,114 ) 919,286 Distributions of earnings from guarantor and non-guarantor subsidiaries 1,073,307 58,807 — (1,132,114 ) — Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by operating activities (1,142,961 ) (83,976 ) (75,792 ) 1,132,114 (170,615 ) Net cash provided by operating activities 830,029 1,030,241 20,515 (1,132,114 ) 748,671 Cash flows from investing activities: Investments in and contributions to unconsolidated entities, net of distributions of capital — (67,664 ) (6,915 ) — (74,579 ) Proceeds from sales of real estate owned — — 28,697 — 28,697 Proceeds from sale of investment in unconsolidated entity — 199,654 — — 199,654 Purchases of commercial mortgage-backed securities bonds — — (31,068 ) — (31,068 ) Acquisition, net of cash acquired (1,162,342 ) 22,654 36,350 — (1,103,338 ) Other (27,136 ) (20,555 ) (4,717 ) — (52,408 ) Distributions of capital from guarantor and non-guarantor subsidiaries 65,000 20,000 — (85,000 ) — Intercompany (1,035,226 ) — — 1,035,226 — Net cash provided by (used in) investing activities (2,159,704 ) 154,089 22,347 950,226 (1,033,042 ) Cash flows from financing activities: Net borrowings (repayments) under unsecured revolving credit facilities 650,000 (454,700 ) — — 195,300 Net repayments under warehouse facilities — (81 ) (100,882 ) — (100,963 ) Debt issuance costs (9,189 ) — (3,270 ) — (12,459 ) Redemption of senior notes (735,626 ) (89,374 ) — — (825,000 ) 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 — (78,528 ) (290,385 ) — (368,913 ) Net payments related to noncontrolling interests — (64,619 ) — (64,619 ) Excess tax benefits from share-based awards — — — — — Common stock: Issuances 3,189 — — — 3,189 Repurchases (49,490 ) — — — (49,490 ) Dividends (35,985 ) (1,120,410 ) (96,704 ) 1,217,114 (35,985 ) Intercompany — 651,665 383,561 (1,035,226 ) — Net cash used in financing activities (177,101 ) (1,150,573 ) (172,299 ) 181,888 (1,318,085 ) Net increase (decrease) in cash and cash equivalents (1,506,776 ) 33,757 (129,437 ) — (1,602,456 ) 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 $ 430,898 392,844 224,674 — 1,048,416 Nine Months Ended August 31, 2017 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Cash flows from operating activities: Net earnings (including net loss attributable to noncontrolling interests) $ 500,890 591,711 63,270 (681,899 ) 473,972 Distributions of earnings from guarantor and non-guarantor subsidiaries 631,114 50,785 — (681,899 ) — Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by operating activities (495,120 ) (596,338 ) 263,300 681,899 (146,259 ) Net cash provided by operating activities 636,884 46,158 326,570 (681,899 ) 327,713 Cash flows from investing activities: Investments in and contributions to unconsolidated entities, net of distributions of capital — (232,378 ) (25,622 ) — (258,000 ) Proceeds from sales of real estate owned — — 72,952 — 72,952 Originations of loans receivable — — (57,375 ) — (57,375 ) Receipts of principal payments on loans held-for-sale — — 5,937 — 5,937 Purchases of commercial mortgage-backed securities bonds — — (70,187 ) — (70,187 ) Acquisition, net of cash acquired (611,103 ) — (296 ) — (611,399 ) Other (6,174 ) (36,168 ) 2,863 — (39,479 ) Distributions of capital from guarantor and non-guarantor subsidiaries 80,000 80,000 — (160,000 ) — Intercompany (1,200,426 ) — — 1,200,426 — Net cash used in investing activities (1,737,703 ) (188,546 ) (71,728 ) 1,040,426 (957,551 ) Cash flows from financing activities: Net repayments under warehouse facilities — (78 ) (397,682 ) — (397,760 ) Proceeds from senior notes and debt issuance costs 1,240,089 — (6,786 ) — 1,233,303 Redemption of senior notes (400,000 ) (258,595 ) — — (658,595 ) Net proceeds on Rialto notes payable — — 44,550 — 44,550 Net proceeds (payments) on other borrowings — (50,691 ) 71,323 — 20,632 Net payments related to noncontrolling interests — (51,483 ) — (51,483 ) Excess tax benefits from share-based awards 1,980 — — — 1,980 Common stock: Issuances 693 — — — 693 Repurchases (27,104 ) — — — (27,104 ) Dividends (28,181 ) (671,711 ) (170,188 ) 841,899 (28,181 ) Intercompany — 951,237 249,189 (1,200,426 ) — Net cash provided by (used in) financing activities 787,477 (29,838 ) (261,077 ) (358,527 ) 138,035 Net decrease in cash and cash equivalents (313,342 ) (172,226 ) (6,235 ) — (491,803 ) Cash and cash equivalents at beginning of period 697,112 377,070 255,347 — 1,329,529 Cash and cash equivalents at end of period $ 383,770 204,844 249,112 — 837,726

Business Acquisition (Narrative

Business Acquisition (Narrative) (Details) $ in Thousands		Feb. 12, 2018USD ($)metropolitan_areastate	Feb. 10, 2017USD ($)	Aug. 31, 2018USD ($)	Aug. 31, 2017USD ($)	Aug. 31, 2018USD ($)	Aug. 31, 2017USD ($)	May 31, 2018	Nov. 30, 2017USD ($)
Business Acquisition [Line Items]
Transaction costs				$ 11,992	$ 0	$ 140,062	$ 0
Lennar Financial Services
Business Acquisition [Line Items]
Goodwill				231,245		231,245			$ 59,838
Lennar Homebuilding
Business Acquisition [Line Items]
Goodwill	[1]			$ 3,457,999		$ 3,457,999			$ 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				$ 2,200,000		$ 4,700,000
Pre-tax earnings since acquisition				209,300		157,300
Transaction costs				12,000		140,100
Goodwill		3,300,000
CalAtlantic Group, Inc. | Lennar Financial Services
Business Acquisition [Line Items]
Goodwill		169,000
CalAtlantic Group, Inc. | Lennar Homebuilding
Business Acquisition [Line Items]
Goodwill		$ 3,321,433
CalAtlantic Group, Inc. | Senior Notes
Business Acquisition [Line Items]
Interest rate								1.625%
WCI Communities, Inc.
Business Acquisition [Line Items]
Consideration attributable to cash including fractional shares			$ 642,600
Revenue since acquisition					149,600		351,900
Pre-tax earnings since acquisition					20,000		33,200
Transaction costs					$ 6,900		$ 25,900
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 August 31, 2018 , total assets include $775.7 million related to consolidated VIEs of which $48.5 million is included in Lennar Homebuilding cash and cash equivalents, $1.0 million in Lennar Homebuilding receivables, net, $78.4 million in Lennar Homebuilding finished homes and construction in progress, $243.7 million in Lennar Homebuilding land and land under development, $328.8 million in Lennar Homebuilding consolidated inventory not owned, $4.5 million in Lennar Homebuilding investments in unconsolidated entities, $10.5 million in Lennar Homebuilding other assets, $12.0 million in Rialto assets and $48.1 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 ($)shares	Aug. 31, 2018USD ($)	Aug. 31, 2018USD ($)
CalAtlantic Group, Inc.
Business Acquisition [Line Items]
Purchase accounting adjustments		$ 84,200	$ 376,000
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	Aug. 31, 2018	Nov. 30, 2017
Lennar Homebuilding
Inventories:
Goodwill	[1]			$ 3,457,999	$ 136,566
Lennar Financial Services
Inventories:
Goodwill				231,245	$ 59,838
CalAtlantic Group, Inc.
Inventories:
Goodwill		$ 3,300,000
Total assets		10,735,999
LIABILITIES
Total liabilities		4,485,222
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		55,612
Inventories:
Inventories		6,243,846
Intangible assets		8,000
Investments in unconsolidated entities		151,900
Goodwill		3,321,433
Other assets		608,705
Total assets		10,389,496
LIABILITIES
Accounts payable		85,448
Senior notes and other debts payable		3,922,695
Other liabilities		361,286
Total liabilities		4,369,429
CalAtlantic Group, Inc. | Lennar Financial Services
Inventories:
Goodwill		169,000
Total assets		346,503
LIABILITIES
Total liabilities		$ 115,793
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 August 31, 2018 , total assets include $775.7 million related to consolidated VIEs of which $48.5 million is included in Lennar Homebuilding cash and cash equivalents, $1.0 million in Lennar Homebuilding receivables, net, $78.4 million in Lennar Homebuilding finished homes and construction in progress, $243.7 million in Lennar Homebuilding land and land under development, $328.8 million in Lennar Homebuilding consolidated inventory not owned, $4.5 million in Lennar Homebuilding investments in unconsolidated entities, $10.5 million in Lennar Homebuilding other assets, $12.0 million in Rialto assets and $48.1 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		9 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2018	Aug. 31, 2017
Earnings per share:
Acquisition and integration costs related to CalAtlantic	$ 11,992	$ 0	$ 140,062	$ 0
CalAtlantic Group, Inc.
Business Acquisition [Line Items]
Revenues from home sales	5,223,787	4,491,338	14,404,000	12,599,040
Net earnings	$ 453,211	$ 345,760	$ 897,178	$ 822,787
Earnings per share:
Basic (in shares)	$ 1.37	$ 1.06	$ 2.75	$ 2.52
Diluted (in shares)	$ 1.37	$ 1.05	$ 2.74	$ 2.50
Acquisition and integration costs related to CalAtlantic	$ 12,000		$ 140,100
Purchase accounting adjustments	$ 84,200		$ 376,000
WCI Communities, Inc.
Earnings per share:
Acquisition and integration costs related to CalAtlantic		$ 6,900		$ 25,900

Operating and Reporting Segme_3

Operating and Reporting Segments (Disclosure Of Financial Information Relating To Company's Operations) (Details) $ in Thousands		3 Months Ended		9 Months Ended
		Aug. 31, 2018USD ($)$ / homes	Aug. 31, 2017USD ($)$ / homes	Aug. 31, 2018USD ($)$ / homes	Aug. 31, 2017USD ($)$ / homes	Feb. 28, 2018	Feb. 12, 2018USD ($)	Nov. 30, 2017USD ($)	Feb. 10, 2017USD ($)
Segment Reporting Information [Line Items]
Assets	[1]	$ 28,289,395		$ 28,289,395				$ 18,745,034
Revenues		5,672,569	$ 3,261,476	14,112,421	$ 8,860,796
Operating earnings (loss) (2):
Operating earnings		674,256	441,245	1,615,289	927,961
Acquisition and integration costs related to CalAtlantic		11,992	0	140,062	0
Corporate general and administrative expenses		96,346	72,860	249,071	200,333
Earnings before income taxes		565,918	368,385	1,226,156	727,628
Sales incentives		$ 289,000	$ 165,400	$ 717,000	$ 463,400
Sales incentives per home delivered (in dollars per home) | $ / homes		22,900	21,800	22,800	22,400
Valuation adjustment				$ 29,400	$ 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		$ 12,000		140,100
WCI Communities, Inc.
Segment Reporting Information [Line Items]
Goodwill									$ 156,566
Operating earnings (loss) (2):
Acquisition and integration costs related to CalAtlantic			$ 6,900		25,900
Homebuilding East | WCI Communities, Inc.
Segment Reporting Information [Line Items]
Goodwill									136,600
Rialto
Segment Reporting Information [Line Items]
Assets	[1]	834,882		834,882				1,153,840
Goodwill		5,396		5,396				5,396
Revenues		49,495	57,810	149,033	207,804
Lennar Financial Services
Segment Reporting Information [Line Items]
Assets	[1]	2,042,024		2,042,024				1,689,508
Goodwill		231,245		231,245				59,838
Revenues		236,268	215,056	639,543	571,462
Lennar Financial Services | CalAtlantic Group, Inc.
Segment Reporting Information [Line Items]
Goodwill							169,000
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	[1]	890,057		890,057				710,725
Revenues		101,064	103,415	312,013	291,900
Lennar Homebuilding
Segment Reporting Information [Line Items]
Assets	[1]	24,522,432		24,522,432				15,190,961
Goodwill	[1]	3,457,999		3,457,999				136,566
Revenues		5,285,742	2,885,195	13,011,832	7,789,630
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%
Lennar Homebuilding | CalAtlantic Group, Inc.
Segment Reporting Information [Line Items]
Goodwill							$ 3,321,433
Operating Segments | Homebuilding East
Segment Reporting Information [Line Items]
Assets		7,455,782		7,455,782				4,754,581
Revenues		2,028,989	1,255,797	5,000,182	3,218,413
Operating earnings (loss) (2):
Operating earnings		228,657	179,908	504,019	277,906
Lennar Homebuilding loss due to litigation accrual					140,000
Operating Segments | Homebuilding Central
Segment Reporting Information [Line Items]
Assets		3,414,907		3,414,907				2,037,905
Revenues		1,231,170	602,901	3,041,003	1,801,424
Operating earnings (loss) (2):
Operating earnings		135,978	66,184	264,463	194,986
Operating Segments | Homebuilding West
Segment Reporting Information [Line Items]
Assets		7,812,183		7,812,183				5,165,218
Revenues		1,505,858	823,500	3,775,488	2,146,492
Operating earnings (loss) (2):
Operating earnings		186,847	112,749	581,461	237,333
Operating Segments | Rialto
Segment Reporting Information [Line Items]
Assets		834,882		834,882				1,153,840
Revenues		49,495	57,810	149,033	207,804
Operating earnings (loss) (2):
Operating earnings		9,444	(3,192)	25,558	(10,497)
Operating Segments | Lennar Financial Services
Segment Reporting Information [Line Items]
Assets		2,042,024		2,042,024				1,689,508
Revenues		236,268	215,056	639,543	571,462
Operating earnings (loss) (2):
Operating earnings		56,628	49,057	128,705	113,448
Operating Segments | Lennar Multifamily
Segment Reporting Information [Line Items]
Assets		890,057		890,057				710,725
Revenues		101,064	103,415	312,013	291,900
Operating earnings (loss) (2):
Operating earnings		(3,853)	9,104	9,734	34,816
Homebuilding Other
Segment Reporting Information [Line Items]
Assets		1,726,472		1,726,472				960,541
Revenues		519,725	202,997	1,195,159	623,301
Operating earnings (loss) (2):
Operating earnings		60,555	$ 27,435	101,349	$ 79,969
Corporate and unallocated (1)
Segment Reporting Information [Line Items]
Assets		$ 4,113,088		$ 4,113,088				$ 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 August 31, 2018 , total assets include $775.7 million related to consolidated VIEs of which $48.5 million is included in Lennar Homebuilding cash and cash equivalents, $1.0 million in Lennar Homebuilding receivables, net, $78.4 million in Lennar Homebuilding finished homes and construction in progress, $243.7 million in Lennar Homebuilding land and land under development, $328.8 million in Lennar Homebuilding consolidated inventory not owned, $4.5 million in Lennar Homebuilding investments in unconsolidated entities, $10.5 million in Lennar Homebuilding other assets, $12.0 million in Rialto assets and $48.1 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 Investmen_3

Lennar Homebuilding Investments in Unconsolidated Entities (Statements Of Operations) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2018USD ($)property	Aug. 31, 2017USD ($)property	Aug. 31, 2018USD ($)property	Aug. 31, 2017USD ($)property
Schedule of Equity Method Investments [Line Items]
Equity in earnings (loss) from unconsolidated entities			$ (8,115)	$ 12,838
Lennar Multifamily
Schedule of Equity Method Investments [Line Items]
Number of operating properties sold | property	1	2	4	5
Revenues	$ 31,907	$ 18,822	$ 82,980	$ 44,414
Other income (1)	13,588	47,210	52,457	125,939
Net earnings (loss) of unconsolidated entities	(1,740)	37,128	12,925	94,626
Equity in earnings (loss) from unconsolidated entities	(1,730)	11,645	15,293	44,219
Lennar Homebuilding
Schedule of Equity Method Investments [Line Items]
Revenues	153,968	144,966	324,584	323,689
Costs and expenses	199,337	151,643	458,660	421,554
Other income (1)	66,690	12,578	180,231	18,695
Net earnings (loss) of unconsolidated entities	21,321	5,901	46,155	(79,170)
Equity in earnings (loss) from unconsolidated entities	$ (15,391)	$ (9,651)	$ (41,904)	$ (42,691)
FivePoint Unconsolidated Entity | Lennar Homebuilding
Schedule of Equity Method Investments [Line Items]
Ownership interest TRA liability	70.00%		70.00%

Lennar Homebuilding Investmen_4

Lennar Homebuilding Investments in Unconsolidated Entities (Narrative) (Details) $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
		May 31, 2017USD ($)	Aug. 31, 2018USD ($)investment	Aug. 31, 2017USD ($)homes	Aug. 31, 2018USD ($)investment	Aug. 31, 2017USD ($)homes	Feb. 28, 2018	Nov. 30, 2017USD ($)
Schedule of Equity Method Investments [Line Items]
Equity in earnings (loss) from unconsolidated entities					$ (8,115)	$ 12,838
Payments to acquire unconsolidated entities					302,333	381,209
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			$ 358,900		$ 358,900
Lennar Homebuilding
Schedule of Equity Method Investments [Line Items]
Equity in earnings (loss) from unconsolidated entities			(15,391)	$ (9,651)	(41,904)	(42,691)
Investments in unconsolidated entities	[1]		997,488		997,488			$ 900,769
Underlying equity in unconsolidated partners' net assets			$ 1,300,000		$ 1,300,000			$ 1,300,000
Lennar Homebuilding | Equity Method Investment One [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Summarized Financial Information, Sales of Real Estate				$ 18,800		$ 18,800
Equity Method Investment, Number of Real Estate Properties Sold | homes				475		475
Deferred Income (Loss) from Equity Method Investments				$ 7,800		$ 7,800
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%
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 August 31, 2018 , total assets include $775.7 million related to consolidated VIEs of which $48.5 million is included in Lennar Homebuilding cash and cash equivalents, $1.0 million in Lennar Homebuilding receivables, net, $78.4 million in Lennar Homebuilding finished homes and construction in progress, $243.7 million in Lennar Homebuilding land and land under development, $328.8 million in Lennar Homebuilding consolidated inventory not owned, $4.5 million in Lennar Homebuilding investments in unconsolidated entities, $10.5 million in Lennar Homebuilding other assets, $12.0 million in Rialto assets and $48.1 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 Investmen_5

Lennar Homebuilding Investments in Unconsolidated Entities (Balance Sheets) (Details) - Lennar Homebuilding - USD ($) $ in Thousands	Aug. 31, 2018	Nov. 30, 2017
Assets:
Cash and cash equivalents	$ 912,250	$ 953,261
Inventories	4,251,673	3,751,525
Other assets	1,200,761	1,061,507
Total assets	6,364,684	5,766,293
Liabilities and equity:
Accounts payable and other liabilities	839,694	832,151
Debt	1,212,470	737,331
Equity	4,312,520	4,196,811
Total liabilities and equity	6,364,684	5,766,293
Debt issue costs	$ 13,192	$ 5,747

Lennar Homebuilding Investmen_6

Lennar Homebuilding Investments in Unconsolidated Entities (Total Debt Of Unconsolidated Entities) (Details)	9 Months Ended	12 Months Ended
	Aug. 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)	$ 51,364,000	$ 64,197,000
Non-recourse land seller debt and other debt	1,497,000	1,997,000
Non-recourse debt with completion guarantees	234,310,000	255,903,000
Non-recourse debt without completion guarantees (1)	869,486,000	351,800,000
Non-recourse debt to the Company	1,156,657,000	673,897,000
The Company’s maximum recourse exposure	69,005,000	69,181,000
Debt issuance costs	(13,192,000)	(5,747,000)
Total debt	$ 1,212,470,000	$ 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			9 Months Ended
	Aug. 31, 2018		Aug. 31, 2017	Aug. 31, 2018		Aug. 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)	$ 467,620		$ 243,590	919,286		473,972
Employee stock and directors plans				(45,148)		(24,896)
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				55,638		43,303
Cash dividends				(35,985)		(28,181)
Receipts related to noncontrolling interests				4,008		10,299
Payments related to noncontrolling interests				(68,627)		(61,782)
Non-cash distributions to noncontrolling interests						(1,924)
Non-cash activity related to noncontrolling interests				15,365
Total other comprehensive loss, net of tax				(1,649)		1,560
Balance, ending	14,116,180	[1]	7,659,460	14,116,180	[1]	7,659,460
Additional Paid - in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning				3,142,013		2,805,349
Employee stock and directors plans				4,171		2,079
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				55,638		43,303
Non-cash activity related to noncontrolling interests				0		0
Balance, ending	8,480,034		2,886,273	8,480,034		2,886,273
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning				(136,020)		(108,961)
Employee stock and directors plans				(49,501)		(27,109)
Stock issuance in connection with CalAtlantic acquisition				0
Balance, ending	(185,521)		(136,070)	(185,521)		(136,070)
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning				1,034		(309)
Total other comprehensive loss, net of tax				(1,649)		1,560
Balance, ending	(615)		1,251	(615)		1,251
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)				899,683		500,890
Employee stock and directors plans				0
Cash dividends				(35,985)		(28,181)
Balance, ending	5,704,676		4,778,965	5,704,676		4,778,965
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning				113,815		185,525
Net earnings (including net earnings attributable to noncontrolling interests)				19,603		(26,918)
Receipts related to noncontrolling interests				4,008		10,299
Payments related to noncontrolling interests				(68,627)		(61,782)
Non-cash distributions to noncontrolling interests						(1,924)
Non-cash activity related to noncontrolling interests				15,365		0
Balance, ending	84,164		105,200	84,164		105,200
Class A Common Stock | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning				20,543		20,409
Employee stock and directors plans				182		134
Stock issuance in connection with CalAtlantic acquisition				8,408
Stock Issued During Period, Value, Conversion of Convertible Securities, Net of Adjustments				365
Balance, ending	29,498		20,543	29,498		20,543
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 August 31, 2018 , total liabilities include $345.3 million related to consolidated VIEs as to which there was no recourse against the Company, of which $6.1 million is included in Lennar Homebuilding accounts payable, $48.9 million in Lennar Homebuilding senior notes and other debts payable, $280.5 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $8.8 million in Lennar Homebuilding other liabilities and $0.9 million in Rialto 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			9 Months Ended
		Aug. 31, 2018	Feb. 28, 2018	Aug. 31, 2017	Aug. 31, 2018	Aug. 31, 2017
Income Tax Disclosure [Abstract]
Write down of deferred tax asset resulting from Tax Cuts and Jobs Act			$ 68,600
Benefit (provision) for income taxes	[1]	$ 98,298		$ 124,795	$ 306,870	$ 253,656
Effective tax rate		17.80%		33.40%	25.40%	33.60%
Income tax benefit from tax accounting method changes and energy credits		$ 34,100
Effective income tax rate excluding impact of Tax Cuts and Jobs Act, Accounting Method Changes, and Energy Credits					22.60%
[1]	Provision for income taxes for the nine months ended August 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	9 Months Ended
	Feb. 28, 2018	Aug. 31, 2018	Nov. 30, 2017
Income Tax Disclosure [Abstract]
Deferred tax assets		$ 639.6	$ 297.7
Unrecognized tax benefits		25.8	12.3
Business Acquisition [Line Items]
Income tax penalties and interest accrued		53.8	$ 49.7
Income tax penalties and interest expense		2.6
Write down of deferred tax asset resulting from Tax Cuts and Jobs Act	$ 68.6
CalAtlantic Group, Inc.
Business Acquisition [Line Items]
Income tax penalties and interest accrued		$ 1.5

Schedule of Basic and Diluted E

Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		Nov. 27, 2017	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2018	Aug. 31, 2017
Numerator:
Net earnings attributable to Lennar			$ 453,211	$ 249,165	$ 899,683	$ 500,890
Less: distributed earnings allocated to nonvested shares			105	88	319	290
Less: undistributed earnings allocated to nonvested shares			3,633	2,358	7,674	4,600
Numerator for basic earnings per share			449,473	246,719	891,690	496,000
Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan			347	294	796	845
Plus: interest on convertible senior notes			0	0	80	0
Plus: undistributed earnings allocated to convertible shares			0	0	6	0
Numerator for diluted earnings per share			$ 449,126	$ 246,425	$ 890,980	$ 495,155
Denominator:
Denominator for basic earnings per share-weighted average common shares outstanding (shares)			327,214,000	237,330,000	302,046,000	237,019,000
Effect of dilutive securities:
Share-based payments (shares)			23,000	1,000	57,000	1,000
Convertible senior notes (shares)			0	0	732,000	0
Denominator for diluted earnings per share-weighted average common shares outstanding (shares)			327,237,000	237,331,000	302,835,000	237,020,000
Basic earnings per share (in dollars per share)	[1]		$ 1.37	$ 1.04	$ 2.95	$ 2.09
Diluted earnings per share (in dollars per share)	[1]		$ 1.37	$ 1.04	$ 2.94	$ 2.09
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 nine months ended August 31, 2017 have been adjusted to reflect 4.7 million

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares	3 Months Ended		9 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2018	Aug. 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 Seg_3

Lennar Financial Services Segment (Schedule Of Assets And Liabilities) (Details) - USD ($) $ in Thousands		Aug. 31, 2018	Feb. 12, 2018	Nov. 30, 2017	Aug. 31, 2017	Feb. 10, 2017	Nov. 30, 2016
Assets:
Cash and cash equivalents		$ 1,048,416		$ 2,650,872	$ 837,726		$ 1,329,529
Total assets	[1]	28,289,395		18,745,034
Liabilities:
Total liabilities	[2]	14,173,215		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		165,051		117,410
Restricted cash		12,111		12,006
Receivables, net		386,448		313,252
Lennar Financial Services loans held-for-sale		945,387		937,516
Loans held-for-investment, net		74,669		44,193
Investments held-to-maturity		64,203		52,327
Investments available-for-sale		47,034		57,439
Goodwill		231,245		59,838
Other		115,876		95,527
Total assets	[1]	2,042,024		1,689,508
Liabilities:
Notes and other debts payable		966,626		937,431
Other		274,482		240,383
Total liabilities	[2]	1,241,108		1,177,814
Self-insurance reserves		60,400		57,700
Lennar Financial Services | Servicing Contracts
Liabilities:
Mortgage servicing rights		35,100		31,200
Lennar Financial Services | Mortgage loan commitments
Liabilities:
Other asset		19,300		9,900
Lennar Financial Services | Forward Contracts
Liabilities:
Other asset				$ 1,700
Other liability		(2,600)
Lennar Financial Services | WCI Communities, Inc.
Assets:
Goodwill		$ 20,000				$ 20,000
Lennar Financial Services | CalAtlantic Group, Inc.
Assets:
Goodwill			$ 169,000
[1]	Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. As of August 31, 2018 , total assets include $775.7 million related to consolidated VIEs of which $48.5 million is included in Lennar Homebuilding cash and cash equivalents, $1.0 million in Lennar Homebuilding receivables, net, $78.4 million in Lennar Homebuilding finished homes and construction in progress, $243.7 million in Lennar Homebuilding land and land under development, $328.8 million in Lennar Homebuilding consolidated inventory not owned, $4.5 million in Lennar Homebuilding investments in unconsolidated entities, $10.5 million in Lennar Homebuilding other assets, $12.0 million in Rialto assets and $48.1 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 August 31, 2018 , total liabilities include $345.3 million related to consolidated VIEs as to which there was no recourse against the Company, of which $6.1 million is included in Lennar Homebuilding accounts payable, $48.9 million in Lennar Homebuilding senior notes and other debts payable, $280.5 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $8.8 million in Lennar Homebuilding other liabilities and $0.9 million in Rialto 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 Seg_4

Lennar Financial Services Segment (Schedule of Credit Facilities) (Details) - Lennar Financial Services - Warehouse Repurchase Facility	9 Months Ended
	Aug. 31, 2018USD ($)
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	$ 1,700,000,000
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
364-day warehouse repurchase facility that matures March 2019
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 2019
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	$ 700,000,000
Facility, term	364 days

Lennar Financial Services Seg_5

Lennar Financial Services Segment (Narrative) (Details) - Lennar Financial Services - USD ($) $ in Thousands	Aug. 31, 2018	Nov. 30, 2017
Segment Reporting Information [Line Items]
Notes and other debts payable	$ 966,626	$ 937,431
Outstanding principal balance	1,000,000	974,100
Warehouse Repurchase Facility
Segment Reporting Information [Line Items]
Notes and other debts payable	$ 966,500	$ 937,200

Lennar Financial Services Seg_6

Lennar Financial Services Segment (Schedule Of Loan Origination Liabilities) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2018	Aug. 31, 2017
Loss Contingency Accrual [Roll Forward]
Origination liabilities assumed related to CalAtlantic acquisition	$ 20,500	$ 0	$ 24,459	$ 0
Lennar Financial Services | Loss origination liability
Loss Contingency Accrual [Roll Forward]
Loan origination liabilities, beginning of period	28,016	25,912	22,543	24,905
Provision for losses	1,059	1,056	2,696	3,000
Adjustments to pre-existing provision for losses from changes in estimates	0	(4,440)	0	(4,440)
Payments/settlements	(124)	(651)	(247)	(1,588)
Loan origination liabilities, end of period	$ 49,451	$ 21,877	$ 49,451	$ 21,877

Rialto Segment (Assets And Liab

Rialto Segment (Assets And Liabilities By Segment) (Details) - USD ($) $ in Thousands		Aug. 31, 2018	Mar. 31, 2018	Nov. 30, 2017	Aug. 31, 2017	Nov. 30, 2016
Assets:
Cash and cash equivalents		$ 1,048,416		$ 2,650,872	$ 837,726	$ 1,329,529
Total assets	[1]	28,289,395		18,745,034
Liabilities:
Total liabilities	[2]	14,173,215		10,758,902
Rialto
Assets:
Cash and cash equivalents		36,343		241,861
Restricted cash		11,274		22,466
Lennar Financial Services loans held-for-sale		141,333		236,018
Real estate owned, net		52,644		86,047
Investments in unconsolidated entities	[1]	294,465		265,418
Investments held-to-maturity		211,097		179,659
Other		87,726		122,371
Total assets	[1]	834,882		1,153,840
Liabilities:
Notes and other debts payable		239,392		625,081
Other		57,737		94,975
Total liabilities	[2]	297,129		720,056
Rialto | Warehouse Repurchase Facility
Liabilities:
Notes and other debts payable		$ 94,500		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 August 31, 2018 , total assets include $775.7 million related to consolidated VIEs of which $48.5 million is included in Lennar Homebuilding cash and cash equivalents, $1.0 million in Lennar Homebuilding receivables, net, $78.4 million in Lennar Homebuilding finished homes and construction in progress, $243.7 million in Lennar Homebuilding land and land under development, $328.8 million in Lennar Homebuilding consolidated inventory not owned, $4.5 million in Lennar Homebuilding investments in unconsolidated entities, $10.5 million in Lennar Homebuilding other assets, $12.0 million in Rialto assets and $48.1 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 August 31, 2018 , total liabilities include $345.3 million related to consolidated VIEs as to which there was no recourse against the Company, of which $6.1 million is included in Lennar Homebuilding accounts payable, $48.9 million in Lennar Homebuilding senior notes and other debts payable, $280.5 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $8.8 million in Lennar Homebuilding other liabilities and $0.9 million in Rialto 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		9 Months Ended		12 Months Ended
		Aug. 31, 2018USD ($)	Aug. 31, 2017USD ($)	Aug. 31, 2018USD ($)transaction	Aug. 31, 2017USD ($)transaction	Nov. 30, 2015	Dec. 31, 2010business	Nov. 30, 2017USD ($)		Nov. 30, 2010
Segment Reporting Information [Line Items]
Originations of loans receivable				$ 0	$ 57,375,000
Assets	[1]	$ 28,289,395,000		28,289,395,000				$ 18,745,034,000
Liabilities	[2]	14,173,215,000		14,173,215,000				10,758,902,000
Distributions of earnings from unconsolidated entities				90,431,000	59,927,000
Variable Interest Entity, Primary Beneficiary
Segment Reporting Information [Line Items]
Assets		775,700,000		775,700,000				799,400,000
Liabilities		345,300,000		345,300,000				389,700,000
Rialto
Segment Reporting Information [Line Items]
Debt issue costs		2,900,000		2,900,000				3,100,000
Assets	[1]	834,882,000		834,882,000				1,153,840,000
Liabilities	[2]	297,129,000		297,129,000				720,056,000
Real estate owned, net		52,644,000		52,644,000				86,047,000
Borrowings under facilities		$ 239,392,000		$ 239,392,000				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		$ 211,097,000		$ 211,097,000				179,659,000
Rialto | Warehouse Repurchase Facility
Segment Reporting Information [Line Items]
Borrowings under facilities		94,500,000		94,500,000				162,100,000
Rialto | CMBS
Segment Reporting Information [Line Items]
Investments held-to-maturity		211,100,000		211,100,000				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]
Distributions of earnings from unconsolidated entities		3,700,000	10,600,000	$ 9,400,000	29,400,000
Rialto | Rialto Mortgage Finance
Segment Reporting Information [Line Items]
Originations of loans receivable				997,500,000	1,300,000,000
Proceeds from sale of loans held-for-sale				$ 1,100,000,000	$ 1,100,000,000
Number of securitization transactions | transaction				12	8
Receivables from securitization		0		$ 0				0
Rialto | Rialto Mortgage Finance | Warehouse Repurchase Facility
Segment Reporting Information [Line Items]
Borrowings under facilities		94,500,000		94,500,000				162,100,000
Rialto | Rialto Mortgage Finance | Performing Financing Receivable
Segment Reporting Information [Line Items]
Originations of loans receivable					$ 57,400,000
Rialto | Rialto Mortgage Finance | Held-for-sale
Segment Reporting Information [Line Items]
Originations of loans receivable					1,300,000,000
Rialto | Variable Interest Entity, Primary Beneficiary
Segment Reporting Information [Line Items]
Assets		12,000,000		12,000,000				48,800,000
Liabilities		900,000		900,000				2,200,000
Rialto | Variable Interest Entity, Primary Beneficiary | FDIC Portfolio
Segment Reporting Information [Line Items]
Assets		12,000,000		12,000,000				48,800,000
Cash		7,200,000		7,200,000				23,800,000
Real estate owned, net		3,400,000		3,400,000				20,000,000
Loans receivable, net		600,000		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
Advanced Distributions | Rialto | Rialto Real Estate Fund, LP
Segment Reporting Information [Line Items]
Advanced distributions from unconsolidated entities		2,700,000	$ 800,000	10,100,000	$ 3,900,000
Financing Agreement | Financing Agreement to Purchase CMBS | Rialto
Segment Reporting Information [Line Items]
Outstanding debt		$ 122,600,000		$ 122,600,000				$ 91,800,000
Financing Agreement | Financing Agreement to Purchase CMBS | Rialto | Minimum
Segment Reporting Information [Line Items]
Interest rate		3.20%		3.20%
Financing Agreement | Financing Agreement to Purchase CMBS | Rialto | Maximum
Segment Reporting Information [Line Items]
Interest rate		3.30%		3.30%
[1]	Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. As of August 31, 2018 , total assets include $775.7 million related to consolidated VIEs of which $48.5 million is included in Lennar Homebuilding cash and cash equivalents, $1.0 million in Lennar Homebuilding receivables, net, $78.4 million in Lennar Homebuilding finished homes and construction in progress, $243.7 million in Lennar Homebuilding land and land under development, $328.8 million in Lennar Homebuilding consolidated inventory not owned, $4.5 million in Lennar Homebuilding investments in unconsolidated entities, $10.5 million in Lennar Homebuilding other assets, $12.0 million in Rialto assets and $48.1 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 August 31, 2018 , total liabilities include $345.3 million related to consolidated VIEs as to which there was no recourse against the Company, of which $6.1 million is included in Lennar Homebuilding accounts payable, $48.9 million in Lennar Homebuilding senior notes and other debts payable, $280.5 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $8.8 million in Lennar Homebuilding other liabilities and $0.9 million in Rialto 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	9 Months Ended
	Aug. 31, 2018USD ($)
Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	$ 900,000,000
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 (extended from October 2018)
Line of Credit Facility [Line Items]
Term of note	364 days
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 December 2018 (one year extensions) | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	$ 50,000,000
Extension term	1 year
Rialto Mortgage Finance | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	$ 850,000,000
Rialto Mortgage Finance | 364-day warehouse repurchase facility that matures December 2018 (extended from October 2018) | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	250,000,000
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		Aug. 31, 2018	Nov. 30, 2017
Schedule of Equity Method Investments [Line Items]
Investment	[1]	$ 294,465	$ 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		39,608	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		84,606	86,904
Rialto Real Estate Fund III
Schedule of Equity Method Investments [Line Items]
Equity Commitments		1,887,000
Equity Commitments Called		1,074,561
Commitment to Fund by the Company		140,000
Funds Contributed by the Company		75,917
Investment		71,293	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		13,314	19,189
Rialto Capital CMBS Funds
Schedule of Equity Method Investments [Line Items]
Equity Commitments		119,174
Equity Commitments Called		119,174
Commitment to Fund by the Company		52,474
Funds Contributed by the Company		52,474
Investment		52,916	54,018
Rialto Credit Partnership, LP
Schedule of Equity Method Investments [Line Items]
Equity Commitments		220,000
Equity Commitments Called		217,556
Commitment to Fund by the Company		19,999
Funds Contributed by the Company		19,777
Investment		12,257	13,288
Other investments
Schedule of Equity Method Investments [Line Items]
Investment		$ 20,471	$ 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 August 31, 2018 , total assets include $775.7 million related to consolidated VIEs of which $48.5 million is included in Lennar Homebuilding cash and cash equivalents, $1.0 million in Lennar Homebuilding receivables, net, $78.4 million in Lennar Homebuilding finished homes and construction in progress, $243.7 million in Lennar Homebuilding land and land under development, $328.8 million in Lennar Homebuilding consolidated inventory not owned, $4.5 million in Lennar Homebuilding investments in unconsolidated entities, $10.5 million in Lennar Homebuilding other assets, $12.0 million in Rialto assets and $48.1 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		9 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2018	Aug. 31, 2017	Nov. 30, 2017
Segment Reporting Information [Line Items]
Equity in earnings (loss) from unconsolidated entities			$ (8,115)	$ 12,838
Rialto
Segment Reporting Information [Line Items]
Cash and cash equivalents	$ 36,406		36,406		$ 95,552
Loans receivable	697,262		697,262		538,317
Real estate owned	266,406		266,406		348,601
Investment securities	2,219,660		2,219,660		1,849,795
Investments in partnerships	406,600		406,600		393,874
Other assets	43,046		43,046		42,949
Total assets	3,669,380		3,669,380		3,269,088
Accounts payable and other liabilities	32,081		32,081		48,374
Notes payable	591,329		591,329		576,810
Equity	3,045,970		3,045,970		2,643,904
Total liabilities and equity	3,669,380		3,669,380		3,269,088
Revenues	97,973	$ 64,267	283,510	182,453
Costs and expenses	23,299	26,752	66,735	83,753
Other income (expense), net	(22,644)	245	(1,166)	9,893
Net earnings (loss) of unconsolidated entities	52,030	37,760	215,609	108,593
Equity in earnings (loss) from unconsolidated entities	5,266	$ 4,858	18,496	$ 11,310
Debt issue costs	$ 2,900		$ 2,900		$ 3,100

Lennar Multifamily Segment (Ass

Lennar Multifamily Segment (Assets and Liabilities related to Multifamily Segment) (Details) - USD ($) $ in Thousands		Aug. 31, 2018	Nov. 30, 2017	Aug. 31, 2017	Nov. 30, 2016
Assets:
Cash and cash equivalents		$ 1,048,416	$ 2,650,872	$ 837,726	$ 1,329,529
Total assets	[1]	28,289,395	18,745,034
Lennar Multifamily
Segment Reporting Information [Line Items]
Debt issuance cost		17,400	17,600
Assets:
Cash and cash equivalents		13,748	8,676
Receivables, net		66,265	69,678
Land under development		294,104	208,618
Investments in unconsolidated entities		482,241	407,544
Other assets		33,699	16,209
Total assets	[1]	890,057	710,725
Liabilities:
Accounts payable and other liabilities		$ 152,566	$ 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 August 31, 2018 , total assets include $775.7 million related to consolidated VIEs of which $48.5 million is included in Lennar Homebuilding cash and cash equivalents, $1.0 million in Lennar Homebuilding receivables, net, $78.4 million in Lennar Homebuilding finished homes and construction in progress, $243.7 million in Lennar Homebuilding land and land under development, $328.8 million in Lennar Homebuilding consolidated inventory not owned, $4.5 million in Lennar Homebuilding investments in unconsolidated entities, $10.5 million in Lennar Homebuilding other assets, $12.0 million in Rialto assets and $48.1 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	3 Months Ended		9 Months Ended
	Aug. 31, 2018USD ($)apartment	Aug. 31, 2017USD ($)	Aug. 31, 2018USD ($)apartmentasset	Aug. 31, 2017USD ($)	Nov. 30, 2017USD ($)
Segment Reporting Information [Line Items]
Distributions of capital from unconsolidated entities			$ 227,754	$ 123,209
Lennar Multifamily
Segment Reporting Information [Line Items]
Non-recourse debt with completion guarantees	$ 1,100,000		1,100,000		$ 896,700
Investments in unconsolidated entities	482,241		482,241		407,544
Lennar Multifamily | Variable Interest Entity, Not Primary Beneficiary | Equity Commitments
Segment Reporting Information [Line Items]
Obligations related to VIEs	279,500		279,500		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			316,100
Equity commitment contributions during period			73,400
Distributions of capital from unconsolidated entities			11,800
Equity Commitments Called	1,800,000		1,800,000
Funds contributed by the company	424,100		424,100
Investments in unconsolidated entities	378,200		378,200		323,800
Lennar Multifamily | Lennar Multifamily Venture | Variable Interest Entity, Not Primary Beneficiary | Equity Commitments
Segment Reporting Information [Line Items]
Obligations related to VIEs	79,900		79,900
Lennar Multifamily | Lennar Multifamily Venture II LP
Segment Reporting Information [Line Items]
Total equity commitments	655,000		655,000
Equity commitments	255,000		255,000
Equity commitments called during period			146,100
Equity commitment contributions during period			55,400
Equity commitments called during period, inventory contributions			108,300
Remaining equity commitment	199,600		199,600
Distributions of capital from unconsolidated entities			52,900
Investments in unconsolidated entities	$ 45,600		$ 45,600
Number of assets transferred | asset			6
Number of apartments | apartment	2,200		2,200
Projected project costs	$ 900,000		$ 900,000
Lennar Multifamily | Financial Letters of Credit
Segment Reporting Information [Line Items]
Letters of credit outstanding	4,600		4,600		$ 4,700
Management Fee | Lennar Multifamily | Unconsolidated Entities
Segment Reporting Information [Line Items]
Revenue	12,200	$ 13,100	36,100	41,200
General Contractor Services | Lennar Multifamily
Segment Reporting Information [Line Items]
Revenue	83,800	90,300	262,600	250,700
Cost of revenue	$ 80,500	$ 86,700	$ 252,700	$ 243,700

Lennar Multifamily Segment (Con

Lennar Multifamily Segment (Condensed Financial Information by Equity Method Investments) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2018USD ($)property	Aug. 31, 2017USD ($)property	Aug. 31, 2018USD ($)property	Aug. 31, 2017USD ($)property	Nov. 30, 2017USD ($)
Segment Reporting Information [Line Items]
Distributions of capital from unconsolidated entities			$ 227,754	$ 123,209
Liabilities and equity:
Equity in earnings (loss) from unconsolidated entities			(8,115)	12,838
Lennar Multifamily
Assets:
Cash and cash equivalents	$ 30,472		30,472		$ 37,073
Operating properties and equipment	3,623,800		3,623,800		2,952,070
Other assets	38,309		38,309		36,772
Total assets	3,692,581		3,692,581		3,025,915
Liabilities and equity:
Accounts payable and other liabilities	201,301		201,301		212,123
Notes payable	1,287,488		1,287,488		879,047
Equity	2,203,792		2,203,792		1,934,745
Total liabilities and equity	3,692,581		3,692,581		3,025,915
Debt issuance cost	17,400		17,400		17,600
Revenues	31,907	$ 18,822	82,980	44,414
Costs and expenses	47,235	28,904	122,512	75,727
Other income (expense), net	13,588	47,210	52,457	125,939
Net earnings (loss) of unconsolidated entities	(1,740)	37,128	12,925	94,626
Equity in earnings (loss) from unconsolidated entities	(1,730)	11,645	15,293	44,219
Gain on disposition of assets	$ 1,700	$ 15,400	$ 23,300	$ 52,900
Number of operating properties sold | property	1	2	4	5
Investment	$ 482,241		$ 482,241		407,544
Lennar Multifamily Venture II LP | Lennar Multifamily
Segment Reporting Information [Line Items]
Distributions of capital from unconsolidated entities			52,900
Equity commitments called during period			146,100
Equity commitment contributions during period			55,400
Liabilities and equity:
Investment	45,600		45,600
Lennar Multifamily Venture | Lennar Multifamily
Segment Reporting Information [Line Items]
Funds Contributed by the Company	424,100		424,100
Distributions of capital from unconsolidated entities			11,800
Equity commitments called during period			316,100
Equity commitment contributions during period			73,400
Liabilities and equity:
Equity Commitments Called	1,800,000		1,800,000
Investment	$ 378,200		$ 378,200		$ 323,800

Lennar Homebuilding Cash and _2

Lennar Homebuilding Cash and Cash Equivalents (Details) - USD ($) $ in Millions	9 Months Ended
	Aug. 31, 2018	Nov. 30, 2017
Cash and Cash Equivalents [Abstract]
Cash held in escrow	$ 576.6	$ 569.8
Escrow deposit period	3 days

Lennar Homebuilding Senior No_3

Lennar Homebuilding Senior Notes and Other Debts Payable (Schedule of Senior Notes and Other Debts Payable) (Details) - USD ($) $ in Thousands		Aug. 31, 2018	Jul. 06, 2018	May 31, 2018	Feb. 12, 2018	Nov. 30, 2017
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]	$ 9,407,987				$ 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 | 4.125% senior notes due December 2018
Debt Instrument [Line Items]
Senior notes and other debts payable		$ 274,887				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		$ 1,292				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		$ 499,364				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		$ 598,997				598,325
Interest rate		4.50%
Lennar Homebuilding | Senior Notes | 6.625% senior notes due 2020
Debt Instrument [Line Items]
Senior notes and other debts payable		$ 313,752				0
Interest rate		6.625%
Lennar Homebuilding | Senior Notes | 2.95% senior notes due 2020
Debt Instrument [Line Items]
Senior notes and other debts payable		$ 298,692				298,305
Interest rate		2.95%
Lennar Homebuilding | Senior Notes | 8.375% senior notes due 2021
Debt Instrument [Line Items]
Senior notes and other debts payable		$ 440,156				0
Interest rate		8.375%
Lennar Homebuilding | Senior Notes | 4.750% senior notes due 2021
Debt Instrument [Line Items]
Senior notes and other debts payable		$ 497,915				497,329
Interest rate		4.75%
Lennar Homebuilding | Senior Notes | 6.25% senior notes due December 2021
Debt Instrument [Line Items]
Senior notes and other debts payable		$ 316,541				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		$ 596,647				595,904
Interest rate		4.125%
Lennar Homebuilding | Senior Notes | 5.375% senior notes due 2022
Debt Instrument [Line Items]
Senior notes and other debts payable		$ 261,769				0
Interest rate		5.375%
Lennar Homebuilding | Senior Notes | 4.750% senior notes due 2022
Debt Instrument [Line Items]
Senior notes and other debts payable		$ 570,185				569,484
Interest rate		4.75%
Lennar Homebuilding | Senior Notes | 4.875% senior notes due December 2023
Debt Instrument [Line Items]
Senior notes and other debts payable		$ 395,662				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		$ 645,897				645,353
Interest rate		4.50%
Lennar Homebuilding | Senior Notes | 5.875% senior notes due 2024
Debt Instrument [Line Items]
Senior notes and other debts payable		$ 454,001				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		$ 497,003				496,671
Interest rate		4.75%
Lennar Homebuilding | Senior Notes | 5.25% senior notes due 2026
Debt Instrument [Line Items]
Senior notes and other debts payable		$ 409,436				0
Interest rate		5.25%
Lennar Homebuilding | Senior Notes | 5.00% senior notes due 2027
Debt Instrument [Line Items]
Senior notes and other debts payable		$ 353,371				0
Interest rate		5.00%
Lennar Homebuilding | Senior Notes | 4.75% senior notes due 2027
Debt Instrument [Line Items]
Senior notes and other debts payable		$ 892,110				892,657
Interest rate		4.75%
Lennar Homebuilding | Senior Notes | 6.95% senior notes due 2018
Debt Instrument [Line Items]
Senior notes and other debts payable		$ 0				249,342
Interest rate		6.95%	6.95%
Lennar Homebuilding | Mortgage notes on land and other debt
Debt Instrument [Line Items]
Senior notes and other debts payable		$ 440,310				398,417
Lennar Homebuilding | Unsecured revolving credit facility
Debt Instrument [Line Items]
Senior notes and other debts payable		$ 650,000				$ 0
CalAtlantic Group, Inc. | Senior Notes
Debt Instrument [Line Items]
Interest rate				1.625%
CalAtlantic Group, Inc. | Senior Notes | 0.25% convertible senior notes due 2019
Debt Instrument [Line Items]
Interest rate				0.25%
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
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
Debt Instrument [Line Items]
Senior notes and other debts payable					421,400
CalAtlantic Group, Inc. | Senior Notes | 5.25% senior notes due 2026
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
[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 August 31, 2018 , total liabilities include $345.3 million related to consolidated VIEs as to which there was no recourse against the Company, of which $6.1 million is included in Lennar Homebuilding accounts payable, $48.9 million in Lennar Homebuilding senior notes and other debts payable, $280.5 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $8.8 million in Lennar Homebuilding other liabilities and $0.9 million in Rialto 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 No_4

Lennar Homebuilding Senior Notes and Other Debts Payable (Narrative) (Details) - USD ($)		3 Months Ended		9 Months Ended
		Aug. 31, 2018	May 31, 2018	Aug. 31, 2018	Aug. 31, 2017	Jul. 06, 2018	Feb. 28, 2018	Feb. 12, 2018	Jan. 31, 2018	Nov. 30, 2017
Senior Notes
Debt Instrument [Line Items]
Payments to noteholders			$ 59,100,000
Principal amount			$ 1,300,000
Proceeds from senior notes and debt issuance costs					$ 1,233,303,000
Lennar Homebuilding
Debt Instrument [Line Items]
Senior notes and other debts payable	[1]	$ 9,407,987,000		$ 9,407,987,000						$ 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%
Lennar Homebuilding | 4.500% senior notes due 2024
Debt Instrument [Line Items]
Interest rate		4.50%		4.50%
Lennar Homebuilding | Surety Bond
Debt Instrument [Line Items]
Outstanding performance and surety bonds		$ 2,600,000,000		$ 2,600,000,000
Uncompleted site improvements amount		1,400,000,000		$ 1,400,000,000
Uncompleted site improvements percent				52.00%
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		650,000,000		$ 650,000,000						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		315,000,000		315,000,000
Lennar Homebuilding | Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		365,000,000		365,000,000
Lennar Homebuilding | Performance Letters of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		500,000,000		500,000,000
Letters of credit outstanding		542,200,000		542,200,000						384,400,000
Lennar Homebuilding | Financial Letters of Credit
Debt Instrument [Line Items]
Letters of credit outstanding		183,300,000		183,300,000						127,400,000
Lennar Homebuilding | Senior Notes
Debt Instrument [Line Items]
Debt issuance cost		$ 33,500,000		$ 33,500,000						33,500,000
Lennar Homebuilding | Senior Notes | 8.375% senior notes due 2018
Debt Instrument [Line Items]
Interest rate			8.375%
Redemption price			100.00%
Lennar Homebuilding | Senior Notes | 4.125% senior notes due 2022
Debt Instrument [Line Items]
Interest rate		4.125%		4.125%
Senior notes and other debts payable		$ 596,647,000		$ 596,647,000						595,904,000
Lennar Homebuilding | Senior Notes | 4.500% senior notes due 2024
Debt Instrument [Line Items]
Interest rate		4.50%		4.50%
Senior notes and other debts payable		$ 645,897,000		$ 645,897,000						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%
Principal amount		$ 250,000,000		$ 250,000,000
Redemption price		100.00%
Senior notes and other debts payable		$ 0		$ 0						249,342,000
Lennar Homebuilding | Senior Notes | 0.25% convertible senior notes due 2019
Debt Instrument [Line Items]
Interest rate		0.25%		0.25%
Senior notes and other debts payable		$ 1,292,000		$ 1,292,000						$ 0
CalAtlantic Group, Inc. | Senior Notes
Debt Instrument [Line Items]
Debt Conversion, Original Debt, Amount			$ 6,700,000
Interest rate			1.625%
CalAtlantic Group, Inc. | Senior Notes | 8.375% senior notes due 2018
Debt Instrument [Line Items]
Principal amount			$ 575,000,000
Senior notes and other debts payable								$ 485,600,000
CalAtlantic Group, Inc. | Senior Notes | 0.25% convertible senior notes due 2019
Debt Instrument [Line Items]
Debt Conversion, Original Debt, Amount			$ 266,200,000
Interest rate			0.25%
Class A Common Stock | Senior Notes
Debt Instrument [Line Items]
Debt Conversion, Converted Instrument, Shares Issued			3,654,000
Class B Common Stock | Senior Notes
Debt Instrument [Line Items]
Debt Conversion, Converted Instrument, Shares Issued			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 August 31, 2018 , total liabilities include $345.3 million related to consolidated VIEs as to which there was no recourse against the Company, of which $6.1 million is included in Lennar Homebuilding accounts payable, $48.9 million in Lennar Homebuilding senior notes and other debts payable, $280.5 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $8.8 million in Lennar Homebuilding other liabilities and $0.9 million in Rialto 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		9 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2018	Aug. 31, 2017
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty reserve, beginning of the period	$ 294,710	$ 151,833	$ 164,619	$ 135,403
Warranties issued	48,878	28,795	121,422	78,945
Adjustments to pre-existing warranties from changes in estimates	(4,785)	4,436	5,310	14,769
Warranties assumed related to acquisitions	(5)	0	117,549	6,345
Payments	(40,575)	(25,758)	(110,677)	(76,156)
Warranty reserve, end of period	$ 298,223	$ 159,306	$ 298,223	$ 159,306

Share-Based Payments (Compensat

Share-Based Payments (Compensation Expense, Share-Based Payment Awards) (Details) - Nonvested shares - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2018	Aug. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares granted (in shares)	1.3	1.3	1.7	1.3
Compensation expense for share-based awards	$ 21.9	$ 18.5	$ 55.6	$ 43.3

Financial Instruments and Fai_3

Financial Instruments and Fair Value Disclosures - (Carrying Amounts And Estimated Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands	Aug. 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	$ 9,407,987	$ 6,410,003
Lennar Homebuilding | Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	9,385,243	6,598,848
Rialto | Level 3 | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments held-to-maturity	211,097	179,659
Rialto | Level 3 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments held-to-maturity	232,598	199,190
Rialto | Level 2 | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	239,392	625,081
Rialto | Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	248,520	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	74,669	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	67,474	41,795
Lennar Financial Services | Level 2 | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments held-to-maturity	64,203	52,327
Notes and other debts payable	966,626	937,431
Lennar Financial Services | Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments held-to-maturity	63,939	52,189
Notes and other debts payable	$ 966,626	$ 937,431

Financial Instruments and Fai_4

Financial Instruments and Fair Value Disclosures - (Fair Value Measured On Recurring Basis) (Details) - USD ($) $ in Thousands	Aug. 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	$ 139,900	$ 235,400
Aggregate fair value of loans (below) in excess of principal balance	800	(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	140,718	234,403
Lennar Financial Services
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Investments available-for-sale	47,034	57,439
Lennar Financial Services | Mortgage loan commitments
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Financial asset	19,300	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	2,600
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	917,100	908,800
Aggregate fair value of loans (below) in excess of principal balance	28,300	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	47,034	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	945,387	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	35,074	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	19,282	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	$ (2,645)	$ 1,681

Financial Instruments and Fai_5

Financial Instruments and Fair Value Disclosures - (Narrative) (Details) $ in Millions	9 Months Ended
	Aug. 31, 2018USD ($)homescommunity	Aug. 31, 2017USD ($)homescommunitycommunities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Active communities	1,307	753
Number of communities assessed for impairment | community	15	6
Number of homesites assessed for impairment | homes	843	499
Inventory with potential indicators of impairment	$ 219.3	$ 31.9
Valuation adjustments to inventory	$ 29.4	$ 7.5
Number of homes impaired | homes	688	469
Number of communities impaired | community	5	6
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Carrying value of homesites impaired	$ 56.5	$ 12
Commitments to Sell MBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Open commitments	$ 1,500
Mortgage Prepayment Rate | Level 3 | Mortgage servicing rights | Lennar Financial Services
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Unobservable inputs for valuation of mortgage servicing rights	0.125
Discount Rate | Level 3 | Mortgage servicing rights | Lennar Financial Services
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Unobservable inputs for valuation of mortgage servicing rights	0.125
Delinquency Rate | Level 3 | Mortgage servicing rights | Lennar Financial Services
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Unobservable inputs for valuation of mortgage servicing rights	0.088

Financial Instruments and Fai_6

Financial Instruments and Fair Value Disclosures - (Schedule Of Gains And Losses Of Financial Instruments) (Details) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2018	Aug. 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	$ (110)	$ 165	$ (1,357)	$ 1,556
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	(110)	165	(1,357)	1,556
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	(692)	(5,804)	(403)	18,233
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	(5,810)	(829)	9,409	10,106
Fair Value, Measurements, Recurring | Lennar Financial Services | Forward contracts
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Changes in fair value included in revenue	3,550	1,267	(4,326)	(31,996)
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	$ 166	$ 0	$ 292	$ (4)

Financial Instruments and Fai_7

Financial Instruments and Fair Value Disclosures - (Reconciliation Of Beginning And Ending Balance For The Company's Level 3 Recurring Fair Value Measurements) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2018	Aug. 31, 2017
Mortgage servicing rights | Lennar Financial Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 34,592	$ 27,370	$ 31,163	$ 23,930
Purchases/loan originations	1,734	2,447	5,880	8,159
Sales/loan originations sold, including those not settled	0	0	0	0
Disposals/settlements	(1,290)	(1,092)	(5,830)	(2,887)
Changes in fair value	38	(1,004)	3,861	(1,481)
Interest and principal paydowns	0	0	0	0
Ending balance	35,074	27,721	35,074	27,721
RMF loans held-for-sale | Rialto
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	325,373	82,803	234,403	126,947
Purchases/loan originations	333,680	439,266	997,515	1,262,926
Sales/loan originations sold, including those not settled	(516,958)	(235,922)	(1,073,211)	(1,106,316)
Disposals/settlements	0	0	(19,600)	0
Changes in fair value	(1,400)	707	1,970	3,205
Interest and principal paydowns	23	(1,107)	(359)	(1,015)
Ending balance	$ 140,718	$ 285,747	$ 140,718	$ 285,747

Financial Instruments and Fai_8

Financial Instruments and Fair Value Disclosures - (Fair Value Assets Measured On Nonrecurring Basis) (Details) - Fair Value, Measurements, Nonrecurring - Level 3 - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2018	Aug. 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	$ 20,863	0	26,081
FDIC Portfolios loans held-for-sale, fair value	0	19,237	0	19,237
FDIC Portfolios loans held-for-sale, total losses, net	0	(1,626)	0	(6,844)
REO, net: Upon acquisition/transfer, carrying value	0	1,200	0	31,503
REO, net: Upon acquisition/transfer, fair value	0	1,376	0	30,066
REO, net: Upon acquisition/transfer, total gains (losses)	0	176	0	(1,437)
REO, net: Upon management periodic valuation, carrying value	17,663	35,507	23,629	118,497
REO, net: Upon management periodic valuation, fair value	16,196	22,765	16,196	79,601
REO, net: Upon management periodic valuation, total gains (losses)	(1,467)	(12,742)	(7,433)	(38,896)
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
Finished homes and construction in progress, carrying value			0	2,745
Finished homes and construction in progress, total losses, net			0	(3,914)
Land and land under development, carrying value	25,173	0	91,960	6,771
Land and land under development, fair value	13,373	0	60,059	3,094
Land and land under development, total gains (losses)	$ (11,800)	$ 0	$ (31,901)	$ (3,677)

Financial Instruments and Fai_9

Financial Instruments and Fair Value Disclosures - (Unobservable Inputs Used in Discounted Cash Flow Model to Determine the Fair Value of Communities) (Details) $ / homes in Thousands, $ in Millions	9 Months Ended
	Aug. 31, 2018USD ($)$ / homeshomescommunity	Aug. 31, 2017USD ($)$ / homeshomescommunity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Valuation adjustments to inventory | $	$ 29.4	$ 7.5
Number of homes impaired | homes	688	469
Number of communities impaired | community	5	6
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Carrying value of homesites impaired | $	$ 56.5	$ 12
Average selling price | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Unobservable inputs | $ / homes	233,000	125,000
Average selling price | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Unobservable inputs | $ / homes	843,000	567,000
Absorption rate per quarter (homes) | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Unobservable inputs	4	4
Absorption rate per quarter (homes) | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Unobservable inputs	16	10
Discount rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Unobservable inputs	0.20	0.20

Variable Interest Entities (Nar

Variable Interest Entities (Narrative) (Details) $ in Millions	9 Months Ended
	Aug. 31, 2018USD ($)joint_venture	Nov. 30, 2017USD ($)joint_venture
Variable Interest Entity [Line Items]
VIE assets consolidated	$ 5
Consolidated VIEs assets	775.7	$ 799.4
Consolidated VIEs liabilities	$ 345.3	$ 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	$ 64.4
Variable Interest Entity, Not Primary Beneficiary Including Third Parties
Variable Interest Entity [Line Items]
Non-refundable option deposits and pre-acquisition costs	241.1	$ 137
Financial Standby Letters of Credit | Variable Interest Entity, Not Primary Beneficiary Including Third Parties
Variable Interest Entity [Line Items]
Letters of credit outstanding	72.2	51.8
Lennar Multifamily | Equity Commitments | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Obligations to make capital contributions to VIEs	(279.5)	(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	$ (60.7)	$ (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		Aug. 31, 2018	Nov. 30, 2017
Lennar Homebuilding
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	[1]	$ 997,488	$ 900,769
Rialto
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	[1]	294,465	265,418
Lennar Multifamily
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities		$ 482,241	$ 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 August 31, 2018 , total assets include $775.7 million related to consolidated VIEs of which $48.5 million is included in Lennar Homebuilding cash and cash equivalents, $1.0 million in Lennar Homebuilding receivables, net, $78.4 million in Lennar Homebuilding finished homes and construction in progress, $243.7 million in Lennar Homebuilding land and land under development, $328.8 million in Lennar Homebuilding consolidated inventory not owned, $4.5 million in Lennar Homebuilding investments in unconsolidated entities, $10.5 million in Lennar Homebuilding other assets, $12.0 million in Rialto assets and $48.1 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	Aug. 31, 2018	Nov. 30, 2017
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	$ 734,309	$ 706,638
Lennar’s Maximum Exposure to Loss	1,086,294	931,932
Lennar Homebuilding | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	82,296	181,804
Lennar’s Maximum Exposure to Loss	149,376	248,909
Obligations related to VIEs	60,700	61,600
Rialto
Variable Interest Entity [Line Items]
Investments held-to-maturity	211,097	179,659
Rialto | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	211,097	179,659
Lennar’s Maximum Exposure to Loss	211,097	179,659
Investments held-to-maturity	211,100	179,700
Lennar Multifamily | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	440,916	345,175
Lennar’s Maximum Exposure to Loss	725,821	503,364
Lennar Multifamily | Variable Interest Entity, Not Primary Beneficiary | Equity Commitments
Variable Interest Entity [Line Items]
Obligations related to VIEs	279,500	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 Li_2

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 Inform_3

Supplemental Financial Information (Narrative) (Details) - USD ($)	9 Months Ended
	Aug. 31, 2018	Jul. 06, 2018	May 31, 2018
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 | 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%	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
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
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
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 Inform_4

Supplemental Financial Information (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Thousands		Aug. 31, 2018		Nov. 30, 2017		Aug. 31, 2017	Nov. 30, 2016
Assets:
Total assets	[1]	$ 28,289,395		$ 18,745,034
LIABILITIES AND EQUITY
Total liabilities	[2]	14,173,215		10,758,902
Stockholders’ equity	[2]	14,032,016		7,872,317
Noncontrolling interests	[2]	84,164		113,815
Total equity		14,116,180	[2]	7,986,132	[2]	$ 7,659,460	$ 7,211,567
Total liabilities and equity	[2]	28,289,395		18,745,034
Lennar Homebuilding
Assets:
Cash and cash equivalents, restricted cash and receivables, net		1,015,673		2,429,332
Inventories		17,569,072		10,860,890
Investments in unconsolidated entities	[1]	997,488		900,769
Goodwill	[1]	3,457,999		136,566
Other assets	[1]	1,482,200		863,404
Investments in subsidiaries		0		0
Intercompany		0		0
Total assets	[1]	24,522,432		15,190,961
LIABILITIES AND EQUITY
Accounts payable and other liabilities		2,793,879		1,920,594
Liabilities related to consolidated inventory not owned	[2]	280,546		380,720
Senior notes and other debts payable	[2]	9,407,987		6,410,003
Intercompany		0		0
Total liabilities	[2]	12,482,412		8,711,317
Lennar Financial Services
Assets:
Goodwill		231,245		59,838
Other assets		115,876		95,527
Total assets	[1]	2,042,024		1,689,508
Lennar Financial Services loans held-for-sale		945,387		937,516
Lennar Financial Services		2,042,024		1,689,508
LIABILITIES AND EQUITY
Total liabilities	[2]	1,241,108		1,177,814
Rialto
Assets:
Investments in unconsolidated entities	[1]	294,465		265,418
Goodwill		5,396		5,396
Other assets		87,726		122,371
Total assets	[1]	834,882		1,153,840
Lennar Financial Services loans held-for-sale		141,333		236,018
LIABILITIES AND EQUITY
Total liabilities	[2]	297,129		720,056
Lennar Multifamily
Assets:
Investments in unconsolidated entities		482,241		407,544
Other assets		33,699		16,209
Total assets	[1]	890,057		710,725
LIABILITIES AND EQUITY
Accounts payable and other liabilities		152,566		149,715
Total liabilities	[2]	152,566		149,715
Reportable Legal Entities | Lennar Corporation
Assets:
Total assets		23,584,649		14,519,129
LIABILITIES AND EQUITY
Total liabilities		9,552,633		6,646,812
Stockholders’ equity		14,032,016		7,872,317
Noncontrolling interests		0		0
Total equity		14,032,016		7,872,317
Total liabilities and equity		23,584,649		14,519,129
Reportable Legal Entities | Lennar Corporation | Lennar Homebuilding
Assets:
Cash and cash equivalents, restricted cash and receivables, net		433,760		1,945,024
Inventories		0		0
Investments in unconsolidated entities		0		0
Goodwill		0		0
Other assets		399,731		246,490
Investments in subsidiaries		10,715,911		4,446,309
Intercompany		12,035,247		7,881,306
Total assets		23,584,649		14,519,129
LIABILITIES AND EQUITY
Accounts payable and other liabilities		651,804		635,227
Liabilities related to consolidated inventory not owned		0		0
Senior notes and other debts payable		8,900,829		6,011,585
Intercompany		0		0
Total liabilities		9,552,633		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		23,566,056		12,747,512
LIABILITIES AND EQUITY
Total liabilities		13,145,917		8,597,055
Stockholders’ equity		10,420,139		4,150,457
Noncontrolling interests		0		0
Total equity		10,420,139		4,150,457
Total liabilities and equity		23,566,056		12,747,512
Reportable Legal Entities | Guarantor Subsidiaries | Lennar Homebuilding
Assets:
Cash and cash equivalents, restricted cash and receivables, net		526,948		462,336
Inventories		17,232,267		10,560,996
Investments in unconsolidated entities		983,963		884,294
Goodwill		3,457,999		136,566
Other assets		955,313		520,899
Investments in subsidiaries		89,347		52,237
Intercompany		0		0
Total assets		23,245,837		12,617,328
LIABILITIES AND EQUITY
Accounts payable and other liabilities		1,866,606		1,011,051
Liabilities related to consolidated inventory not owned		267,046		367,220
Senior notes and other debts payable		458,299		394,365
Intercompany		10,487,330		6,775,719
Total liabilities		13,079,281		8,548,355
Reportable Legal Entities | Guarantor Subsidiaries | Lennar Financial Services
Assets:
Total assets		320,219
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		66,636		0
Reportable Legal Entities | Non-Guarantor Subsidiaries
Assets:
Total assets		4,003,812		3,878,862
LIABILITIES AND EQUITY
Total liabilities		3,534,529		3,416,958
Stockholders’ equity		385,119		348,089
Noncontrolling interests		84,164		113,815
Total equity		469,283		461,904
Total liabilities and equity		4,003,812		3,878,862
Reportable Legal Entities | Non-Guarantor Subsidiaries | Lennar Homebuilding
Assets:
Cash and cash equivalents, restricted cash and receivables, net		54,965		21,972
Inventories		336,805		299,894
Investments in unconsolidated entities		13,525		16,475
Other assets		150,714		114,431
Investments in subsidiaries		0		0
Intercompany		0		0
Total assets		556,009		452,772
LIABILITIES AND EQUITY
Accounts payable and other liabilities		300,086		294,933
Liabilities related to consolidated inventory not owned		13,500		13,500
Senior notes and other debts payable		48,859		4,053
Intercompany		1,547,917		1,105,587
Total liabilities		1,910,362		1,418,073
Reportable Legal Entities | Non-Guarantor Subsidiaries | Lennar Financial Services
Assets:
Total assets		1,722,864
Lennar Financial Services				1,561,525
LIABILITIES AND EQUITY
Total liabilities		1,174,472		1,129,114
Reportable Legal Entities | Non-Guarantor Subsidiaries | Rialto
Assets:
Total assets		834,882		1,153,840
LIABILITIES AND EQUITY
Total liabilities		297,129		720,056
Reportable Legal Entities | Non-Guarantor Subsidiaries | Lennar Multifamily
Assets:
Total assets		890,057		710,725
LIABILITIES AND EQUITY
Total liabilities		152,566		149,715
Consolidating Adjustments
Assets:
Total assets		(22,865,122)		(12,400,469)
LIABILITIES AND EQUITY
Total liabilities		(12,059,864)		(7,901,923)
Stockholders’ equity		(10,805,258)		(4,498,546)
Noncontrolling interests		0		0
Total equity		(10,805,258)		(4,498,546)
Total liabilities and equity		(22,865,122)		(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		(23,558)		(18,416)
Investments in subsidiaries		(10,805,258)		(4,498,546)
Intercompany		(12,035,247)		(7,881,306)
Total assets		(22,864,063)		(12,398,268)
LIABILITIES AND EQUITY
Accounts payable and other liabilities		(24,617)		(20,617)
Liabilities related to consolidated inventory not owned		0		0
Senior notes and other debts payable		0		0
Intercompany		(12,035,247)		(7,881,306)
Total liabilities		(12,059,864)		(7,901,923)
Consolidating Adjustments | Lennar Financial Services
Assets:
Total assets		(1,059)
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 August 31, 2018 , total assets include $775.7 million related to consolidated VIEs of which $48.5 million is included in Lennar Homebuilding cash and cash equivalents, $1.0 million in Lennar Homebuilding receivables, net, $78.4 million in Lennar Homebuilding finished homes and construction in progress, $243.7 million in Lennar Homebuilding land and land under development, $328.8 million in Lennar Homebuilding consolidated inventory not owned, $4.5 million in Lennar Homebuilding investments in unconsolidated entities, $10.5 million in Lennar Homebuilding other assets, $12.0 million in Rialto assets and $48.1 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 August 31, 2018 , total liabilities include $345.3 million related to consolidated VIEs as to which there was no recourse against the Company, of which $6.1 million is included in Lennar Homebuilding accounts payable, $48.9 million in Lennar Homebuilding senior notes and other debts payable, $280.5 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $8.8 million in Lennar Homebuilding other liabilities and $0.9 million in Rialto 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 Inform_5

Supplemental Financial Information (Condensed Consolidating Statement of Operations and Comprehensive Income) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2018	Aug. 31, 2017
Revenues:
Revenues		$ 5,672,569	$ 3,261,476	$ 14,112,421	$ 8,860,796
Cost and expenses:
Acquisition and integration costs related to CalAtlantic		11,992	0	140,062	0
Corporate general and administrative		96,346	72,860	249,071	200,333
Total costs and expenses		5,101,824	2,886,383	13,049,625	7,964,251
Equity in earnings (loss) from unconsolidated entities				(8,115)	12,838
Earnings before income taxes		565,918	368,385	1,226,156	727,628
Benefit (provision) for income taxes	[1]	(98,298)	(124,795)	(306,870)	(253,656)
Equity in earnings from subsidiaries			0		0
Net earnings (including net earnings (loss) attributable to noncontrolling interests)		467,620	243,590	919,286	473,972
Less: Net earnings (loss) attributable to noncontrolling interests		14,409	(5,575)	19,603	(26,918)
Net earnings attributable to Lennar		453,211	249,165	899,683	500,890
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on securities available-for-sale		(110)	165	(1,357)	1,556
Reclassification adjustments for loss included in earnings, net of tax		(166)	0	(292)	4
Total other comprehensive income (loss), net of tax		(276)	165	(1,649)	1,560
Total comprehensive income attributable to Lennar		452,935	249,330	898,034	502,450
Total comprehensive income (loss) attributable to noncontrolling interests		14,409	(5,575)	19,603	(26,918)
Lennar Homebuilding
Revenues:
Revenues		5,285,742	2,885,195	13,011,832	7,789,630
Cost and expenses:
Cost and expenses		4,671,224	2,492,065	11,711,298	6,829,109
Equity in earnings (loss) from unconsolidated entities		(15,391)	(9,651)	(41,904)	(42,691)
Other income (expense), net		12,910	2,797	192,662	12,364
Lennar Homebuilding loss due to litigation accrual		0	0	0	(140,000)
Lennar Financial Services
Revenues:
Revenues		236,268	215,056	639,543	571,462
Cost and expenses:
Cost and expenses		179,640	165,999	510,838	458,014
Rialto
Revenues:
Revenues		49,495	57,810	149,033	207,804
Cost and expenses:
Cost and expenses		39,435	49,503	120,784	175,492
Equity in earnings (loss) from unconsolidated entities		5,266	4,858	18,496	11,310
Other income (expense), net		(5,882)	(16,357)	(21,187)	(54,119)
Lennar Multifamily
Revenues:
Revenues		101,064	103,415	312,013	291,900
Cost and expenses:
Cost and expenses		103,187	105,956	317,572	301,303
Equity in earnings (loss) from unconsolidated entities		(1,730)	11,645	15,293	44,219
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		94,476	71,285	243,361	195,681
Total costs and expenses		94,476	71,285	243,361	195,681
Earnings before income taxes		(89,862)	(71,352)	(232,834)	(196,179)
Benefit (provision) for income taxes		13,688	23,689	59,210	65,955
Equity in earnings from subsidiaries		529,385	296,828	1,073,307	631,114
Net earnings (including net earnings (loss) attributable to noncontrolling interests)		453,211	249,165	899,683	500,890
Less: Net earnings (loss) attributable to noncontrolling interests		0
Net earnings attributable to Lennar		453,211	249,165	899,683	500,890
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
Total other comprehensive income (loss), net of tax		0	0	0	0
Total comprehensive income attributable to Lennar		453,211	249,165	899,683	500,890
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		4,614	(67)	10,527	(498)
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		5,370,286	2,963,140	13,219,518	7,988,739
Cost and expenses:
Acquisition and integration costs related to CalAtlantic		11,992		140,062
Corporate general and administrative		604	310	1,813	856
Total costs and expenses		4,751,988	2,562,788	12,036,733	7,009,149
Earnings before income taxes		610,610	391,949	1,323,751	804,812
Benefit (provision) for income taxes		(101,924)	(128,170)	(327,148)	(263,886)
Equity in earnings from subsidiaries		19,889	22,477	58,807	50,785
Net earnings (including net earnings (loss) attributable to noncontrolling interests)		528,575	286,256	1,055,410	591,711
Less: Net earnings (loss) attributable to noncontrolling interests		0
Net earnings attributable to Lennar		528,575	286,256	1,055,410	591,711
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
Total other comprehensive income (loss), net of tax		0	0	0	0
Total comprehensive income attributable to Lennar		528,575	286,256	1,055,410	591,711
Total comprehensive income (loss) attributable to noncontrolling interests		0	0	0	0
Reportable Legal Entities | Guarantor Subsidiaries | Lennar Homebuilding
Revenues:
Revenues		5,266,053	2,872,920	12,942,016	7,761,414
Cost and expenses:
Cost and expenses		4,649,490	2,483,401	11,640,728	6,802,418
Equity in earnings (loss) from unconsolidated entities		(15,428)	(9,647)	(41,904)	(42,675)
Other income (expense), net		7,740	1,244	182,870	7,897
Lennar Homebuilding loss due to litigation accrual					(140,000)
Reportable Legal Entities | Guarantor Subsidiaries | Lennar Financial Services
Revenues:
Revenues		104,233	90,220	277,502	227,325
Cost and expenses:
Cost and expenses		89,902	79,077	254,130	205,875
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		307,304	303,395	907,918	887,181
Cost and expenses:
Acquisition and integration costs related to CalAtlantic		0		0
Corporate general and administrative		0	0	0	0
Total costs and expenses		264,985	257,293	795,044	774,018
Earnings before income taxes		45,170	47,788	135,239	118,995
Benefit (provision) for income taxes		(10,062)	(20,314)	(38,932)	(55,725)
Equity in earnings from subsidiaries			0		0
Net earnings (including net earnings (loss) attributable to noncontrolling interests)		35,108	27,474	96,307	63,270
Less: Net earnings (loss) attributable to noncontrolling interests		14,409	(5,575)	19,603	(26,918)
Net earnings attributable to Lennar		20,699	33,049	76,704	90,188
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on securities available-for-sale		(110)	165	(1,357)	1,556
Reclassification adjustments for loss included in earnings, net of tax		(166)		(292)	4
Total other comprehensive income (loss), net of tax		(276)	165	(1,649)	1,560
Total comprehensive income attributable to Lennar		20,423	33,214	75,055	91,748
Total comprehensive income (loss) attributable to noncontrolling interests		14,409	(5,575)	19,603	(26,918)
Reportable Legal Entities | Non-Guarantor Subsidiaries | Lennar Homebuilding
Revenues:
Revenues		19,689	12,275	69,816	28,216
Cost and expenses:
Cost and expenses		18,347	12,107	69,940	30,693
Equity in earnings (loss) from unconsolidated entities		37	(4)	0	(16)
Other income (expense), net		5,160	1,544	9,763	4,438
Lennar Homebuilding loss due to litigation accrual					0
Reportable Legal Entities | Non-Guarantor Subsidiaries | Lennar Financial Services
Revenues:
Revenues		137,056	129,853	377,056	359,152
Cost and expenses:
Cost and expenses		100,803	89,656	280,166	266,317
Reportable Legal Entities | Non-Guarantor Subsidiaries | Rialto
Revenues:
Revenues		49,495	57,810	149,033	207,804
Cost and expenses:
Cost and expenses		42,648	49,574	127,366	175,705
Equity in earnings (loss) from unconsolidated entities		5,266	4,858	18,496	11,310
Other income (expense), net		(5,882)	(16,357)	(21,187)	(54,119)
Reportable Legal Entities | Non-Guarantor Subsidiaries | Lennar Multifamily
Revenues:
Revenues		101,064	103,457	312,013	292,009
Cost and expenses:
Cost and expenses		103,187	105,956	317,572	301,303
Equity in earnings (loss) from unconsolidated entities		(1,730)	11,645	15,293	44,219
Consolidating Adjustments
Revenues:
Revenues		(5,021)	(5,059)	(15,015)	(15,124)
Cost and expenses:
Acquisition and integration costs related to CalAtlantic		0		0
Corporate general and administrative		1,266	1,265	3,897	3,796
Total costs and expenses		(9,625)	(4,983)	(25,513)	(14,597)
Earnings before income taxes		0	0	0	0
Benefit (provision) for income taxes		0	0		0
Equity in earnings from subsidiaries		(549,274)	(319,305)	(1,132,114)	(681,899)
Net earnings (including net earnings (loss) attributable to noncontrolling interests)		(549,274)	(319,305)	(1,132,114)	(681,899)
Less: Net earnings (loss) attributable to noncontrolling interests		0
Net earnings attributable to Lennar		(549,274)	(319,305)	(1,132,114)	(681,899)
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
Total other comprehensive income (loss), net of tax		0	0	0	0
Total comprehensive income attributable to Lennar		(549,274)	(319,305)	(1,132,114)	(681,899)
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		3,387	(3,443)	630	(4,002)
Equity in earnings (loss) from unconsolidated entities		0	0	0	0
Other income (expense), net		(4,604)	76	(10,498)	527
Lennar Homebuilding loss due to litigation accrual					0
Consolidating Adjustments | Lennar Financial Services
Revenues:
Revenues		(5,021)	(5,017)	(15,015)	(15,015)
Cost and expenses:
Cost and expenses		(11,065)	(2,734)	(23,458)	(14,178)
Consolidating Adjustments | Rialto
Revenues:
Revenues		0	0	0	0
Cost and expenses:
Cost and expenses		(3,213)	(71)	(6,582)	(213)
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	(42)	0	(109)
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 nine months ended August 31, 2018 includes a non-cash one-time write down of deferred tax assets of $68.6 million

Supplemental Financial Inform_6

Supplemental Financial Information (Condensed Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2018	Aug. 31, 2017
Cash flows from operating activities:
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	$ 467,620	$ 243,590	$ 919,286	$ 473,972
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 operating activities			(170,615)	(146,259)
Net cash provided by operating activities			748,671	327,713
Cash flows from investing activities:
Investments in and contributions to unconsolidated entities, net of distributions of capital			(74,579)	(258,000)
Proceeds from sales of real estate owned			28,697	72,952
Originations of loans receivable			0	57,375
Receipts of principal payments on loans receivable and other				5,937
Proceeds from sale of investment in unconsolidated entity			199,654	0
Purchases of commercial mortgage-backed securities bonds			(31,068)	(70,187)
Acquisitions, net of cash acquired			(1,103,338)	(611,399)
Other			(52,408)	(39,479)
Distributions of capital from guarantor and non-guarantor subsidiaries			0	0
Intercompany			0	0
Net cash used in investing activities			(1,033,042)	(957,551)
Cash flows from financing activities:
Debt issuance costs			(12,459)	(16,697)
Redemption of senior notes			(825,000)	(658,595)
Conversions and exchanges of convertible senior notes			(59,145)	0
Net payments related to noncontrolling interests			(368,913)	20,632
Net payments related to noncontrolling interests			(64,619)	(51,483)
Excess tax benefits from share-based awards			0	1,980
Common stock:
Issuances			3,189	693
Repurchases			(49,490)	(27,104)
Dividends			(35,985)	(28,181)
Intercompany			0	0
Net cash provided by (used in) financing activities			(1,318,085)	138,035
Net decrease in cash and cash equivalents			(1,602,456)	(491,803)
Cash and cash equivalents at beginning of period			2,650,872	1,329,529
Cash and cash equivalents at end of period	1,048,416	837,726	1,048,416	837,726
Rialto
Cash flows from financing activities:
Net proceeds on Rialto notes payable				44,550
Common stock:
Cash and cash equivalents at beginning of period			241,861
Cash and cash equivalents at end of period	36,343		36,343
Senior Notes
Cash flows from financing activities:
Proceeds from senior notes and debt issuance costs				1,233,303
Debt issuance costs			(12,459)
Unsecured Revolving Credit Facility
Cash flows from financing activities:
Net borrowings under credit facilities			195,300	0
Warehouse Repurchase Facility
Cash flows from financing activities:
Net borrowings under credit facilities			(100,963)	(397,760)
Reportable Legal Entities | Lennar Corporation
Cash flows from operating activities:
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	453,211	249,165	899,683	500,890
Distributions of earnings from guarantor and non-guarantor subsidiaries			1,073,307	631,114
Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by operating activities			(1,142,961)	(495,120)
Net cash provided by operating activities			830,029	636,884
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
Receipts of principal payments on loans receivable and other				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			(27,136)	(6,174)
Distributions of capital from guarantor and non-guarantor subsidiaries			65,000	80,000
Intercompany			(1,035,226)	(1,200,426)
Net cash used in investing activities			(2,159,704)	(1,737,703)
Cash flows from financing activities:
Redemption of senior notes			(735,626)	(400,000)
Conversions and exchanges of convertible senior notes			0
Net payments related to noncontrolling interests			0
Net payments related to noncontrolling interests			0	0
Excess tax benefits from share-based awards			0	1,980
Common stock:
Issuances			3,189	693
Repurchases			(49,490)	(27,104)
Dividends			(35,985)	(28,181)
Intercompany			0	0
Net cash provided by (used in) financing activities			(177,101)	787,477
Net decrease in cash and cash equivalents			(1,506,776)	(313,342)
Cash and cash equivalents at beginning of period			1,937,674	697,112
Cash and cash equivalents at end of period	430,898	383,770	430,898	383,770
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				1,240,089
Debt issuance costs			(9,189)
Reportable Legal Entities | Lennar Corporation | Unsecured Revolving Credit Facility
Cash flows from financing activities:
Net borrowings under credit facilities			650,000
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)	528,575	286,256	1,055,410	591,711
Distributions of earnings from guarantor and non-guarantor subsidiaries			58,807	50,785
Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by operating activities			(83,976)	(596,338)
Net cash provided by operating activities			1,030,241	46,158
Cash flows from investing activities:
Investments in and contributions to unconsolidated entities, net of distributions of capital			(67,664)	(232,378)
Proceeds from sales of real estate owned			0	0
Originations of loans receivable				0
Receipts of principal payments on loans receivable and other				0
Proceeds from sale of investment in unconsolidated entity			199,654
Purchases of commercial mortgage-backed securities bonds			0	0
Acquisitions, net of cash acquired			22,654	0
Other			(20,555)	(36,168)
Distributions of capital from guarantor and non-guarantor subsidiaries			20,000	80,000
Intercompany			0	0
Net cash used in investing activities			154,089	(188,546)
Cash flows from financing activities:
Redemption of senior notes			(89,374)	(258,595)
Conversions and exchanges of convertible senior notes			(59,145)
Net payments related to noncontrolling interests			(78,528)	(50,691)
Net payments related to noncontrolling interests
Excess tax benefits from share-based awards			0	0
Common stock:
Issuances			0	0
Repurchases			0	0
Dividends			(1,120,410)	(671,711)
Intercompany			651,665	951,237
Net cash provided by (used in) financing activities			(1,150,573)	(29,838)
Net decrease in cash and cash equivalents			33,757	(172,226)
Cash and cash equivalents at beginning of period			359,087	377,070
Cash and cash equivalents at end of period	392,844	204,844	392,844	204,844
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			(81)	(78)
Reportable Legal Entities | Non-Guarantor Subsidiaries
Cash flows from operating activities:
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	35,108	27,474	96,307	63,270
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 operating activities			(75,792)	263,300
Net cash provided by operating activities			20,515	326,570
Cash flows from investing activities:
Investments in and contributions to unconsolidated entities, net of distributions of capital			(6,915)	(25,622)
Proceeds from sales of real estate owned			28,697	72,952
Originations of loans receivable				57,375
Receipts of principal payments on loans receivable and other				5,937
Proceeds from sale of investment in unconsolidated entity			0
Purchases of commercial mortgage-backed securities bonds			(31,068)	(70,187)
Acquisitions, net of cash acquired			36,350	(296)
Other			(4,717)	2,863
Distributions of capital from guarantor and non-guarantor subsidiaries			0	0
Intercompany			0	0
Net cash used in investing activities			22,347	(71,728)
Cash flows from financing activities:
Redemption of senior notes			0	0
Conversions and exchanges of convertible senior notes			0
Net payments related to noncontrolling interests			(290,385)	71,323
Net payments related to noncontrolling interests			(64,619)	(51,483)
Excess tax benefits from share-based awards			0	0
Common stock:
Issuances			0	0
Repurchases			0	0
Dividends			(96,704)	(170,188)
Intercompany			383,561	249,189
Net cash provided by (used in) financing activities			(172,299)	(261,077)
Net decrease in cash and cash equivalents			(129,437)	(6,235)
Cash and cash equivalents at beginning of period			354,111	255,347
Cash and cash equivalents at end of period	224,674	249,112	224,674	249,112
Reportable Legal Entities | Non-Guarantor Subsidiaries | Rialto
Cash flows from financing activities:
Net proceeds on Rialto notes payable				44,550
Reportable Legal Entities | Non-Guarantor Subsidiaries | Senior Notes
Cash flows from financing activities:
Proceeds from senior notes and debt issuance costs				(6,786)
Debt issuance costs			(3,270)
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			(100,882)	(397,682)
Consolidating Adjustments
Cash flows from operating activities:
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	(549,274)	(319,305)	(1,132,114)	(681,899)
Distributions of earnings from guarantor and non-guarantor subsidiaries			(1,132,114)	(681,899)
Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by operating activities			1,132,114	681,899
Net cash provided by operating activities			(1,132,114)	(681,899)
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
Receipts of principal payments on loans receivable and other				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)	(160,000)
Intercompany			1,035,226	1,200,426
Net cash used in investing activities			950,226	1,040,426
Cash flows from financing activities:
Redemption of senior notes			0	0
Conversions and exchanges of convertible senior notes			0
Net payments related to noncontrolling interests			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			1,217,114	841,899
Intercompany			(1,035,226)	(1,200,426)
Net cash provided by (used in) financing activities			181,888	(358,527)
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