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Operating And Reporting Segments (Tables)
 12 Months Ended
Nov. 30, 2017
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
Financial information relating to the Company’s operations was as follows:
 
November 30,
(In thousands)
2017
 
2016
 
2015
Assets:
 
 
 
 
 
Homebuilding East (1)
$
4,754,581

 
3,512,990

 
3,140,604

Homebuilding Central
2,037,905

 
1,993,403

 
1,902,581

Homebuilding West
5,165,218

 
4,318,924

 
4,157,616

Homebuilding Other
960,541

 
907,523

 
858,000

Lennar Financial Services
1,689,508

 
1,754,672

 
1,425,837

Rialto
1,153,840

 
1,276,210

 
1,505,500

Lennar Multifamily
710,725

 
526,131

 
415,352

Corporate and unallocated
2,272,716

 
1,071,928

 
1,014,019

Total assets
$
18,745,034

 
15,361,781

 
14,419,509

Lennar Homebuilding investments in unconsolidated entities:
 
 
 
 
 
Homebuilding East
$
68,670

 
62,900

 
40,573

Homebuilding Central
25,220

 
36,031

 
35,925

Homebuilding West
791,995

 
696,471

 
649,170

Homebuilding Other
14,884

 
16,321

 
15,883

Total Lennar Homebuilding investments in unconsolidated entities
$
900,769

 
811,723

 
741,551

Rialto investments in unconsolidated entities
$
265,418

 
245,741

 
224,869

Lennar Multifamily investments in unconsolidated entities
$
407,544

 
318,559

 
250,876

Lennar Homebuilding goodwill (2)
$
136,566

 
—

 
—

Lennar Financial Services goodwill (2)
$
59,838

 
39,838

 
38,854

Rialto goodwill
$
5,396

 
5,396

 
5,396


(1)
Homebuilding East segment includes the provisional fair values of homebuilding assets acquired as part of the WCI acquisition.
(2)
In connection with the WCI acquisition, the Company allocated $136.6 million of goodwill to the Lennar Homebuilding East reportable segment and $20.0 million to the Lennar Financial Services segment. These amounts are provisional pending completion of the fair value analysis of acquired assets and liabilities.

 
Years Ended November 30,
(In thousands)
2017
 
2016
 
2015
Revenues:
 
 
 
 
 
Homebuilding East
$
4,612,565

 
3,941,336

 
3,563,678

Homebuilding Central
2,509,292

 
2,283,579

 
1,944,312

Homebuilding West
3,197,174

 
2,757,658

 
2,365,519

Homebuilding Other
881,211

 
758,764

 
593,436

Lennar Financial Services
770,109

 
687,255

 
620,527

Rialto
281,243

 
233,966

 
221,923

Lennar Multifamily
394,771

 
287,441

 
164,613

Total revenues (1)
$
12,646,365

 
10,949,999

 
9,474,008

Operating earnings (loss):
 
 
 
 
 
Homebuilding East (2)
$
483,684

 
617,175

 
580,863

Homebuilding Central
269,462

 
245,975

 
208,698

Homebuilding West (3)
403,935

 
396,346

 
435,818

Homebuilding Other
111,958

 
85,436

 
46,262

Lennar Financial Services
155,524

 
163,617

 
127,795

Rialto (4)
(22,495
)
 
(16,692
)
 
33,595

Lennar Multifamily (5)
73,432

 
71,174

 
(7,171
)
Total operating earnings
1,475,500

 
1,563,031

 
1,425,860

Corporate general and administrative expenses
285,889

 
232,562

 
216,244

Earnings before income taxes
$
1,189,611

 
1,330,469

 
1,209,616

(1)
Total revenues were net of sales incentives of $665.7 million ($22,700 per home delivered) for the year ended November 30, 2017, $596.3 million ($22,500 per home delivered) for the year ended November 30, 2016 and $518.1 million ($21,400 per home delivered) for the year ended November 30, 2015.
(2)
Homebuilding East operating earnings for the year ended November 30, 2017 included a $140 million loss due to litigation (see Note 17).
(3)
For the years ended November 30, 2017 and 2016, Homebuilding West's operating earnings included an equity in loss from unconsolidated entities of $55.2 million and $49.7 million, respectively, refer to the following table for additional details.
(4)
For the year ended November 30, 2017, Rialto's operating loss included $96.2 million of gross REO and loan impairments ($44.7 million net of noncontrolling interests) as Rialto liquidated most of the remaining assets of the FDIC portfolio. For the year ended November 30, 2016, Rialto's operating loss included a $16.0 million write-off of uncollectible receivables related to a hospital, which was acquired through the resolution of one of Rialto's loans from a 2010 portfolio.
(5)
For the years ended November 30, 2017, 2016 and 2015, Lennar Multifamily's operating earnings included $85.7 million, $85.5 million and $19.5 million of equity in earnings from unconsolidated entities primarily as a result of $96.7 million, $91.0 million and $22.2 million, respectively, share of gains from the sale of seven, seven and two operating properties, respectively, by its unconsolidated entities.
 
 
 
 
 
 

 
Years Ended November 30,
(In thousands)
2017
 
2016
 
2015
Lennar Homebuilding interest expense:
 
 
 
 
 
Homebuilding East
$
100,288

 
92,541

 
94,425

Homebuilding Central
55,212

 
48,879

 
41,280

Homebuilding West
103,100

 
87,293

 
70,397

Homebuilding Other
19,209

 
16,348

 
14,045

Total Lennar Homebuilding interest expense
$
277,809

 
245,061

 
220,147

Lennar Financial Services interest income, net
$
13,331

 
12,388

 
13,547

Rialto interest expense
$
42,004

 
40,303

 
43,127

Depreciation and amortization:
 
 
 
 
 
Homebuilding East
$
19,922

 
18,713

 
16,877

Homebuilding Central
11,007

 
10,328

 
9,881

Homebuilding West
22,741

 
19,437

 
17,683

Homebuilding Other
4,772

 
4,562

 
4,477

Lennar Financial Services
9,992

 
7,667

 
6,100

Rialto
5,194

 
7,590

 
7,758

Lennar Multifamily
2,910

 
2,472

 
1,110

Corporate and unallocated
51,142

 
34,966

 
23,522

Total depreciation and amortization
$
127,680

 
105,735

 
87,408

Net additions to (disposals of) operating properties and equipment:
 
 
 
 
 
Homebuilding East
$
2

 
(10,379
)
 
316

Homebuilding Central
(48
)
 
2,385

 
(18
)
Homebuilding West (1)
13,912

 
24,438

 
(11,482
)
Homebuilding Other (2)
29,927

 
26,727

 
(72,472
)
Lennar Financial Services
11,185

 
6,218

 
3,306

Rialto
4,115

 
1,908

 
9,382

Lennar Multifamily
12,657

 
1,666

 
2,147

Corporate and unallocated
40,023

 
12,645

 
27,466

Total net additions (disposals of) operating properties and equipment
$
111,773

 
65,608

 
(41,355
)
Lennar Homebuilding equity in earnings (loss) from unconsolidated entities:
 
 
 
 
 
Homebuilding East
$
1,413

 
(230
)
 
118

Homebuilding Central
(7,447
)
 
401

 
75

Homebuilding West (3)
(55,181
)
 
(49,731
)
 
62,960

Homebuilding Other
(493
)
 
285

 
220

Total Lennar Homebuilding equity in earnings (loss) from unconsolidated entities
$
(61,708
)
 
(49,275
)
 
63,373

Rialto equity in earnings from unconsolidated entities
$
25,447

 
18,961

 
22,293

Lennar Multifamily equity in earnings from unconsolidated entities
$
85,739

 
85,519

 
19,518


(1)
For the year ended November 30, 2017, net disposals of operating properties and equipment included the sale of an operating property with a basis of $47.0 million. For the year ended November 30, 2015, net disposals of operating properties and equipment included the sale of an operating property with a basis of $59.4 million.
(2)
For the year ended November 30, 2015, net disposals of operating properties and equipment included the sale of an operating property with a basis of $73.3 million.
(3)
For the year ended November 30, 2017, equity in loss included the Company's share of operational net losses from unconsolidated entities driven by general and administrative expenses and valuation adjustments, partially offset by profits from land sales. For the year ended November 30, 2016, equity in loss included the Company's share of costs associated with the FivePoint combination (described in Note 5) and operational net losses from the new FivePoint unconsolidated entity, totaling $42.6 million, partially offset by $12.7 million of equity in earnings primarily due to sales of homesites to third parties by one of the Company's unconsolidated entities. For the year ended November 30, 2015, equity in earnings included $82.8 million of equity in earnings from one of the Company's unconsolidated entities.

The assets and liabilities related to the Lennar Financial Services segment were as follows:
 
November 30,
(In thousands)
2017
 
2016
Assets:
 
 
 
Cash and cash equivalents
$
117,410

 
123,964

Restricted cash
12,006

 
17,053

Receivables, net (1)
313,252

 
409,528

Loans held-for-sale (2)
937,516

 
939,405

Loans held-for-investment, net
44,193

 
30,004

Investments held-to-maturity
52,327

 
41,991

Investments available-for-sale (3)
57,439

 
53,570

Goodwill (4)
59,838

 
39,838

Other (5)
95,527

 
99,319

 
$
1,689,508

 
1,754,672

Liabilities:
 
 
 
Notes and other debts payable
$
937,431

 
1,077,228

Other (6)
240,383

 
241,055

 
$
1,177,814

 
1,318,283

(1)
Receivables, net, primarily related to loans sold to investors for which the Company had not yet been paid as of November 30, 2017 and 2016, respectively.
(2)
Loans held-for-sale related to unsold loans carried at fair value.
(3)
Investments available-for-sale are carried at fair value with changes in fair value recorded as a component of accumulated other comprehensive income (loss).
(4)
As of November 30, 2017, goodwill included $20 million related to the WCI acquisition. The amount provided herein is provisional, pending completion of the fair value analysis of WCI's acquired assets and liabilities assumed.
(5)
As of November 30, 2017 and 2016, other assets included mortgage loan commitments carried at fair value of $9.9 million and $7.4 million, respectively, and mortgage servicing rights carried at fair value of $31.2 million and $23.9 million, respectively. In addition, other assets also included forward contracts carried at fair value of $1.7 million and $26.5 million as of November 30, 2017 and November 30, 2016, respectively.
(6)
As of November 30, 2017 and 2016, other liabilities included $57.7 million and $57.4 million, respectively, of certain of the Company’s self-insurance reserves related to construction defects, general liability and workers’ compensation.
The assets and liabilities related to the Rialto segment were as follows: 
 
November 30,
(In thousands)
2017
 
2016
Assets:
 
 
 
Cash and cash equivalents
$
241,861

 
148,827

Restricted cash
22,466

 
9,935

Receivables, net (1)
—

 
204,518

Loans held-for-sale (2)
236,018

 
126,947

Loans receivable, net
1,933

 
111,608

Real estate owned, net
86,047

 
243,703

Investments in unconsolidated entities
265,418

 
245,741

Investments held-to-maturity
179,659

 
71,260

Other
120,438

 
113,671

 
$
1,153,840

 
1,276,210

Liabilities:
 
 
 
Notes and other debts payable (3)
$
625,081

 
622,335

Other
94,975

 
85,645

 
$
720,056

 
707,980


(1)
Receivables, net primarily related to loans sold but not settled as of November 30, 2016.
(2)
Loans held-for-sale related to unsold loans originated by RMF carried at fair value and loans in the FDIC Portfolios carried at lower of cost or market.
(3)
As of November 30, 2017 and 2016, notes and other debts payable primarily included $349.4 million and $348.7 million, respectively, related to Rialto's 7.00% senior notes due 2018 (the "7.00% Senior Notes"), and $162.1 million and $223.5 million, respectively, related to Rialto's warehouse repurchase facilities.
The assets and liabilities related to the Lennar Multifamily segment were as follows: 
 
November 30,
(In thousands)
2017
 
2016
Assets:
 
 
 
Cash and cash equivalents
$
8,676

 
6,600

Receivables (1)
69,678

 
58,929

Land under development
208,618

 
139,713

Investments in unconsolidated entities
407,544

 
318,559

Other assets
16,209

 
2,330

 
$
710,725

 
526,131

Liabilities:
 
 
 
Accounts payable and other liabilities
$
149,715

 
117,973

 
$
149,715

 
117,973


(1)
Receivables primarily related to general contractor services, net of deferrals and management fee income receivables due from unconsolidated entities as of November 30, 2017 and 2016.