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Income Taxes (Tables)
12 Months Ended
Nov. 30, 2016
Income Tax Disclosure [Abstract]  
Schedule of Benefit (Provision) for Income Taxes The benefit (provision) for income taxes consisted of the following:
 
Years Ended November 30,
(In thousands)
2016
 
2015
 
2014
Current:
 
 
 
 
 
Federal
$
(300,116
)
 
(343,635
)
 
(261,306
)
State
(19,777
)
 
(52,420
)
 
3,340

 
$
(319,893
)
 
(396,055
)
 
(257,966
)
Deferred:
 
 
 
 
 
Federal
$
(43,775
)
 
12,872

 
(42,847
)
State
(53,710
)
 
(7,233
)
 
(40,278
)
 
(97,485
)
 
5,639

 
(83,125
)
 
$
(417,378
)
 
(390,416
)
 
(341,091
)
Reconciliation Of Statutory Rate And Effective Tax Rate A reconciliation of the statutory rate and the effective tax rate was as follows:
 
Percentage of Pretax Income
 
2016
 
2015
 
2014
Statutory rate
35.00
 %
 
35.00
 %
 
35.00
 %
State income taxes, net of federal income tax benefit
3.21

 
3.22

 
3.17

Domestic production activities deduction
(2.78
)
 
(3.01
)
 
(2.81
)
Tax reserves and interest expense
(0.89
)
 
2.64

 
0.59

Deferred tax asset valuation reversal
(0.01
)
 
(0.09
)
 
(0.28
)
State net operating loss adjustment (1)

 
(3.00
)
 

Tax credits
(3.46
)
 
(1.92
)
 
(0.41
)
Other
0.33

 
(0.12
)
 
(0.46
)
Effective rate
31.40
%
 
32.72
%
 
34.80
%

(1)
During the year ended November 30, 2015, the Company recorded a benefit for additional state net operating loss carryforwards as a result of the conclusion of a state tax examination.
Schedule of Deferred Income Taxes Assets And Liabilities The tax effects of significant temporary differences that give rise to the net deferred tax assets were as follows:
 
November 30,
(In thousands)
2016
 
2015
Deferred tax assets:
 
 
 
Inventory valuation adjustments
$
56,733

 
58,902

Reserves and accruals
198,270

 
197,980

Net operating loss carryforwards
92,362

 
122,573

Rialto investments in partnerships
11,352

 

Capitalized expenses
106,270

 
91,873

Investments in unconsolidated entities
42,796

 
10,407

Other assets
57,890

 
45,725

Total deferred tax assets
565,673

 
527,460

Valuation allowance
(5,773
)
 
(5,945
)
Total deferred tax assets after valuation allowance
559,900

 
521,515

Deferred tax liabilities:
 
 
 
Capitalized expenses
30,632

 
32,954

Deferred income
226,195

 
104,270

Convertible debt basis difference

 
229

Rialto investments in partnerships

 
11,055

Other
25,675

 
32,282

Total deferred tax liabilities
282,502

 
180,790

Net deferred tax assets
$
277,398

 
340,725

The detail of the Company's net deferred tax assets were as follows:
 
November 30,
(In thousands)
2016
 
2015
Net deferred tax assets (liabilities): (1)
 
 
 
Lennar Homebuilding
$
249,714

 
327,645

Rialto
26,547

 
10,518

Lennar Financial Services
5,919

 
2,562

Lennar Multifamily
(4,782
)
 

Net deferred tax assets
$
277,398

 
340,725

(1)
Net deferred tax assets and net deferred tax liabilities detailed above are included within other assets and other liabilities in the respective segments.
Summary Of Changes In Gross Unrecognized Tax Benefits The following table summarizes the changes in gross unrecognized tax benefits:
 
Years Ended November 30,
(In thousands)
2016
 
2015
 
2014
Gross unrecognized tax benefits, beginning of year
$
12,285

 
7,257

 
10,459

Increase due to tax positions taken during prior period (1)

 
5,028

 

Decreases due to settlements with taxing authorities (2)

 

 
(3,202
)
Gross unrecognized tax benefits, end of year
$
12,285

 
12,285

 
7,257


(1)
Increased the Company's effective tax rate for the year ended November 30, 2015 from 32.30% to 32.72% due to state audits.
(2)
Decreased the Company's effective tax rate for the year November 30, 2014 from 35.13% to 34.80%.The following summarizes the changes in interest and penalties accrued with respect to gross unrecognized tax benefits:
 
November 30,
(In thousands)
2016
 
2015
Accrued interest and penalties, beginning of the year
$
65,145

 
31,469

Accrual of interest and penalties (primarily related to federal and state audits)
3,251

 
33,841

Reduction of interest and penalties (1)
(22,423
)
 
(165
)
Accrued interest and penalties, end of the year
$
45,973

 
65,145


(1)
The Company's accrual for interest and penalties was reduced during the year ended November 30, 2016 primarily due to a settlement with the IRS.