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Operating and Reporting Segments (Tables)
 3 Months Ended
Feb. 28, 2018
Segment Reporting [Abstract]  
Disclosure Of Financial Information Relating To Company's Operations Financial information relating to the Company’s operations was as follows:
(In thousands)
February 28,
2018
 
November 30,
2017
Assets:
 
 
 
Homebuilding East
$
7,537,607

 
4,754,581

Homebuilding Central
3,609,537

 
2,037,905

Homebuilding West
7,668,640

 
5,165,218

Homebuilding Other
1,547,102

 
960,541

Lennar Financial Services
1,748,432

 
1,689,508

Rialto
909,249

 
1,153,840

Lennar Multifamily
892,830

 
710,725

Corporate and unallocated
4,030,626

 
2,272,716

Total assets
$
27,944,023

 
18,745,034

Lennar Homebuilding goodwill (1)
$
3,433,477

 
136,566

Lennar Financial Services goodwill (1)
$
210,628

 
59,838

Rialto goodwill
$
5,396

 
5,396


(1)
In connection with the CalAtlantic acquisition, the Company recorded a provisional amount of homebuilding goodwill of $3.3 billion. The allocation of goodwill by homebuilding reporting segment has not yet been finalized. A provisional amount of goodwill related to the CalAtlantic acquisition of $150 million was allocated to Lennar Financial Services. In connection with the WCI acquisition in 2017, the Company allocated $136.6 million of goodwill to the Lennar Homebuilding East reportable segment and $20.0 million to the Lennar Financial Services segment.
 
Three Months Ended
 
February 28,
(In thousands)
2018
 
2017
Revenues:
 
 
 
Homebuilding East
$
1,070,654

 
767,726

Homebuilding Central
611,780

 
516,181

Homebuilding West
779,879

 
552,798

Homebuilding Other
199,780

 
181,989

Lennar Financial Services
171,140

 
148,043

Rialto
54,302

 
82,006

Lennar Multifamily
93,256

 
88,685

Total revenues (1)
$
2,980,791

 
2,337,428

Operating earnings (loss) (2):
 
 
 
Homebuilding East (3)
$
105,921

 
(55,709
)
Homebuilding Central (4)
42,546

 
52,858

Homebuilding West (5)
251,276

 
53,360

Homebuilding Other (6)
13,984

 
20,829

Lennar Financial Services
19,695

 
20,664

Rialto
9,212

 
(843
)
Lennar Multifamily
(1,201
)
 
19,183

Total operating earnings
441,433

 
110,342

Acquisition and integration costs related to CalAtlantic
104,195

 
—

Corporate general and administrative expenses
67,810

 
60,699

Earnings before income taxes
$
269,428

 
49,643

(1)
Total revenues were net of sales incentives of $149.9 million ($22,300 per home delivered) for the three months ended February 28, 2018, compared to $123.5 million ($22,700 per home delivered) for the three months ended February 28, 2017.
(2)
All homebuilding segments and Homebuilding other were impacted by purchase accounting adjustments for three months ended February 28, 2018.
(3)
Homebuilding East operating earnings for the three months ended February 28, 2017 included a $140 million loss due to litigation (see Note 17).
(4)
Homebuilding Central operating earnings for the three months ended February 28, 2018 included a $6.9 million valuation adjustment.
(5)
Homebuilding West operating earnings includes $164.9 million related to a gain on the sale of an 80% interest in one of Lennar Homebuilding's strategic joint ventures, Treasure Island Holdings.
(6)
Homebuilding Other operating earnings for the three months ended February 28, 2018 were impacted by the timing of opening and closing of communities.The assets and liabilities related to the Lennar Financial Services segment were as follows:
(In thousands)
February 28,
2018
 
November 30,
2017
Assets:
 
 
 
Cash and cash equivalents
$
165,849

 
117,410

Restricted cash
11,251

 
12,006

Receivables, net (1)
366,100

 
313,252

Loans held-for-sale (2)
689,172

 
937,516

Loans held-for-investment, net
69,832

 
44,193

Investments held-to-maturity
60,831

 
52,327

Investments available-for-sale (3)
57,768

 
57,439

Goodwill (4)
210,628

 
59,838

Other (5)
117,001

 
95,527

 
$
1,748,432

 
1,689,508

Liabilities:
 
 
 
Notes and other debts payable
$
772,240

 
937,431

Other (6)
232,762

 
240,383

 
$
1,005,002

 
1,177,814

(1)
Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of February 28, 2018 and November 30, 2017, respectively.
(2)
Loans held-for-sale related to unsold loans carried at fair value.
(3)
Investments available-for-sale are carried at fair value with changes in fair value recorded as a component of accumulated other comprehensive income (loss) on the condensed consolidated balance sheet.
(4)
As of February 28, 2018, goodwill included $20.0 million of goodwill related to the WCI acquisition. The assignment of goodwill to the Company's reporting segments related to the CalAtlantic acquisition has not been completed yet, however, a provisional amount of goodwill of approximately $150 million was allocated to Lennar Financial Services (see Note 2).
(5)
As of February 28, 2018 and November 30, 2017, other assets included mortgage loan commitments carried at fair value of $11.7 million and $9.9 million, respectively, and mortgage servicing rights carried at fair value of $36.8 million and $31.2 million, respectively. In addition, other assets also included forward contracts carried at fair value of $4.8 million and $1.7 million as of February 28, 2018 and November 30, 2017, respectively.
(6)
As of February 28, 2018 and November 30, 2017, other liabilities included $57.2 million and $57.7 million, respectively, of certain of the Company’s self-insurance reserves related to construction defects, general liability and workers’ compensation.The assets and liabilities related to the Rialto segment were as follows:
(In thousands)
February 28,
2018
 
November 30,
2017
Assets:
 
 
 
Cash and cash equivalents
$
113,582

 
241,861

Restricted cash (1)
20,536

 
22,466

Loans held-for-sale (2)
125,013

 
236,018

Loans receivable, net
1,932

 
1,933

Real estate owned, net
63,284

 
86,047

Investments in unconsolidated entities
275,850

 
265,418

Investments held-to-maturity
210,882

 
179,659

Other
98,170

 
120,438

 
$
909,249

 
1,153,840

Liabilities:
 
 
 
Notes and other debts payable (3)
$
438,879

 
625,081

Other
49,225

 
94,975

 
$
488,104

 
720,056


(1)
Restricted cash primarily consisted of cash set aside for future investments on behalf of a real estate investment trust that Rialto is a sub-advisor to. It also included upfront deposits and application fees Rialto Mortgage Finance ("RMF") receives before originating loans and is recognized as income once the loan has been originated, as well as cash held in escrow by the Company’s loan servicer provider on behalf of customers and lenders and is disbursed in accordance with agreements between the transacting parties.
(2)
Loans held-for-sale related to unsold loans originated by RMF carried at fair value and loans in the FDIC Portfolios carried at lower of cost or market.
(3)
As of February 28, 2018 and November 30, 2017, notes and other debts payable primarily included $249.1 million and $349.4 million, respectively, related to Rialto's 7.00% senior notes due December 2018, and $45.9 million and $162.1 million, respectively, related to
Rialto's warehouse repurchase facilities. Subsequent to February 28, 2018, the remaining principal balance of Rialto's 7.00% senior notes due December 2018 was paid off.
The assets and liabilities related to the Lennar Multifamily segment were as follows:
(In thousands)
February 28,
2018
 
November 30,
2017
Assets:
 
 
 
Cash and cash equivalents
$
16,249

 
8,676

Receivables (1)
72,613

 
69,678

Land under development
332,291

 
208,618

Investment in unconsolidated entities
437,367

 
407,544

Other assets
34,310

 
16,209

 
$
892,830

 
710,725

Liabilities:
 
 
 
Accounts payable and other liabilities
$
141,057

 
149,715

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