Operating and Reporting Segments (Tables)

6 Months Ended

May 31, 2016

Segment Reporting [Abstract]

Disclosure Of Financial Information Relating To Company's Operations

Financial information relating to the Company’s operations was as follows:

(In thousands)	May 31, 2016		November 30, 2015
Assets:
Homebuilding East	$	3,614,986	3,140,604
Homebuilding Central	1,529,601		1,421,195
Homebuilding West	4,445,575		4,157,616
Homebuilding Houston	525,167		481,386
Homebuilding Other	841,342		858,000
Rialto	1,171,987		1,505,500
Lennar Financial Services	1,423,679		1,425,837
Lennar Multifamily	518,089		415,352
Corporate and unallocated	777,375		1,014,019
Total assets	$	14,847,801	14,419,509

	Three Months Ended					Six Months Ended
	May 31,					May 31,
(In thousands)	2016			2015		2016		2015
Revenues:
Homebuilding East	$	954,298		838,235		1,613,352		1,448,918
Homebuilding Central	419,311			302,509		694,530		513,017
Homebuilding West	718,059			627,361		1,269,398		1,010,134
Homebuilding Houston	189,676			189,647		328,297		320,904
Homebuilding Other	169,541			158,060		331,789		264,497
Lennar Financial Services	175,940			169,885		299,896		294,712
Rialto	44,838			67,931		88,549		109,128
Lennar Multifamily	74,152			38,976		113,668		75,433
Total revenues (1)	$	2,745,815		2,392,604		4,739,479		4,036,743
Operating earnings (loss):
Homebuilding East	$	142,938		131,566		227,644		218,099
Homebuilding Central	45,679			30,715		66,002		45,767
Homebuilding West	113,807			102,332		202,641		184,825
Homebuilding Houston	23,083			22,738		35,955		39,753
Homebuilding Other	17,189			5,438		31,092		11,989
Lennar Financial Services	44,088			39,053		59,019		54,580
Rialto	(18,086		)	6,881		(16,476	)	9,689
Lennar Multifamily	14,943			(8,706	)	27,125		(14,388	)
Total operating earnings	383,641			330,017		633,002		550,314
Corporate general and administrative expenses	55,802			50,207		103,470		93,861
Earnings before income taxes	$	327,839		279,810		529,532		456,453

(1)

Total revenues were net of sales incentives of $146.1 million ($21,800 per home delivered) and $249.8 million ($21,700 per home delivered) for the three and six months ended May 31, 2016, respectively, compared to $128.8 million ($21,500 per home delivered) and $222.5 million ($21,600 per home delivered) for the three and six months ended May 31, 2015, respectively.The assets and liabilities related to the Lennar Financial Services segment were as follows:

(In thousands)	May 31, 2016		November 30, 2015
Assets:
Cash and cash equivalents	$	105,596	106,777
Restricted cash	13,625		13,961
Receivables, net (1)	217,692		242,808
Loans held-for-sale (2)	862,289		843,252
Loans held-for-investment, net	30,671		30,998
Investments held-to-maturity	35,307		40,174
Investments available-for-sale (3)	49,083		42,827
Goodwill	39,439		38,854
Other (4)	69,977		66,186
	$	1,423,679	1,425,837
Liabilities:
Notes and other debts payable	$	854,055	858,300
Other (5)	225,443		225,678
	$	1,079,498	1,083,978

(1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of May 31, 2016 and November 30, 2015, 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.

(4) As of May 31, 2016 and November 30, 2015, other assets included mortgage loan commitments carried at fair value of $18.9 million and $13.1 million, respectively, and mortgage servicing rights carried at fair value of $18.2 million and $16.8 million, respectively. In addition, other assets also included forward contracts carried at fair value of $0.5 million as of November 30, 2015.

(5)

As of May 31, 2016 and November 30, 2015, other liabilities included $58.2 million and $65.0 million, respectively, of certain of the Company’s self-insurance reserves related to construction defects, general liability and workers’ compensation. Other liabilities also included forward contracts carried at fair value of $1.6 million as of May 31, 2016.The assets and liabilities related to the Rialto segment were as follows:

(In thousands)	May 31, 2016		November 30, 2015
Assets:
Cash and cash equivalents	$	103,622	150,219
Restricted cash (1)	8,579		15,061
Receivables, net (2)	—		154,948
Loans held-for-sale (3)	199,415		316,275
Loans receivable, net	163,805		164,826
Real estate owned - held-for-sale	180,547		183,052
Real estate owned - held-and-used, net	125,406		153,717
Investments in unconsolidated entities	238,740		224,869
Investments held-to-maturity	60,076		25,625
Other	91,797		116,908
	$	1,171,987	1,505,500
Liabilities:
Notes and other debts payable	$	543,310	771,728
Other	53,318		94,496
	$	596,628	866,224

(1) Restricted cash primarily consists of upfront deposits and application fees RMF receives before originating loans and is recognized as income once the loan has been originated as well as cash held in escrow by the Company’s loan servicer provider on behalf of customers and lenders and is disbursed in accordance with agreements between the transacting parties.

(2) Receivables, net primarily relate to loans sold but not settled as of November 30, 2015.

(3)

Loans held-for-sale relate to unsold loans originated by RMF carried at fair value.The assets and liabilities related to the Lennar Multifamily segment were as follows:

(In thousands)	May 31, 2016		November 30, 2015
Assets:
Cash and cash equivalents	$	5,067	8,041
Land under development	142,921		115,982
Consolidated inventory not owned	24,008		5,508
Investments in unconsolidated entities	304,171		250,876
Other assets	41,922		34,945
	$	518,089	415,352
Liabilities:
Accounts payable and other liabilities	$	74,220	62,943
Liabilities related to consolidated inventory not owned	15,857		4,007
	$	90,077	66,950