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Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Nov. 30, 2015
Nov. 30, 2014
Nov. 30, 2013
Cash flows from operating activities:      
Net earnings (including net earnings (loss) attributable to noncontrolling interests) $ 819,200 $ 628,693 $ 504,926
Adjustments to reconcile net earnings to net cash used in operating activities:      
Depreciation and amortization 43,666 38,542 30,349
Amortization of discount/premium on debt, net 19,874 21,387 23,497
Equity in earnings from unconsolidated entities (105,184) (73,376) (45,885)
Distributions of earnings from unconsolidated entities 60,753 22,251 4,029
Share-based compensation expense 43,873 40,718 33,689
Excess tax benefits from share-based awards (113) (7,497) (10,148)
Deferred income tax (benefit) expense (5,637) 75,324 151,619
Loss (gain) on retirement of debt and notes payable 3,632 (4,555) (1,000)
Gain on sale of operating property and equipment (5,945) 0 (14,432)
Unrealized and realized gains on Rialto real estate owned (36,380) (36,901) (48,358)
Unrealized gain on Rialto bargain purchase acquisition 0 0 (8,532)
Impairments of loans receivable and real estate owned 25,179 76,450 32,229
Valuation adjustments and write-offs of option deposits and pre-acquisition costs, other receivables and other assets 31,002 13,088 8,435
Changes in assets and liabilities:      
(Increase) decrease in restricted cash 20,876 (18,930) (6,430)
(Increase) decrease in receivables (86,432) (113,001) (62,708)
Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs (1,126,907) (1,367,415) (1,627,136)
(Increase) decrease in other assets (28,154) (13,990) 4,279
(Increase) decrease in loans held-for-sale (318,739) (395,363) 42,130
Increase in accounts payable and other liabilities 225,790 326,087 181,733
Net cash used in operating activities (419,646) (788,488) (807,714)
Cash flows from investing activities:      
Increase (decrease) in restricted cash related to LOCs 2,030 37 (21,527)
Net additions of operating properties and equipment (91,355) (22,599) (8,126)
Proceeds from the sale of operating properties and equipment 73,732 43,937 140,564
Investments in and contributions to unconsolidated entities (314,937) (159,783) (146,768)
Distributions of capital from unconsolidated entities 218,996 279,306 239,489
Decrease in Rialto defeasance cash to retire notes payable 0 0 223,813
Proceeds from sales of Rialto real estate owned 155,295 269,698 239,215
Improvements to Rialto real estate owned (8,477) (14,278) (9,407)
Receipts of principal payments on Rialto loans receivable 28,389 24,019 66,788
Purchases of loans receivable and real estate owned (3,228) 0 (5,450)
Originations of loans receivable (78,703) (7,000) 0
Purchase of investment carried at cost (18,000) 0 0
Purchases of commercial mortgage-backed securities bond (13,973) (8,705) 0
Proceeds from sale of commercial mortgage-backed securities bond 7,014 9,171 0
Acquisitions, net of cash acquired 0 (5,489) (5,623)
Purchases of Lennar Homebuilding investments available-for-sale (28,093) (21,274) (28,708)
Proceeds from sales of Lennar Homebuilding investments available-for-sale 0 51,934 5,906
Decrease (increase) in Lennar Financial Services loans held-for-investment, net (5,022) 1,102 (730)
Purchases of Lennar Financial Services investment securities (45,687) (40,627) (30,333)
Proceeds from maturities of Lennar Financial Services investments securities 23,626 38,910 30,146
Net cash provided by (used in) investing activities (98,393) 438,359 689,249
Cash flows from financing activities:      
Net borrowings (repayments) under warehouse facilities 366,290 389,535 (7,811)
Proceeds from senior notes 1,146,647 955,025 750,000
Debt issuance costs (11,807) (9,989) (12,935)
Redemption and partial redemption of senior notes (500,000) (250,000) (63,751)
Conversions and exchanges on convertible senior notes (212,107) 0 0
Proceeds from Rialto structured notes 0 94,444 0
Principal repayments on Rialto notes payable including structured notes (58,923) (75,879) (471,255)
Proceeds from other borrowings 101,618 34,424 92,596
Principal payments on other borrowings (258,108) (299,713) (287,359)
Exercise of land option contracts from an unconsolidated land investment venture 0 (1,540) (28,869)
Receipts related to noncontrolling interests 1,296 12,859 8,236
Payments related to noncontrolling interests (133,374) (155,625) (201,655)
Excess tax benefits from share-based awards 113 7,497 10,148
Common stock:      
Issuances 9,405 13,599 34,114
Repurchases (23,188) (20,424) (12,320)
Dividends (33,192) (32,775) (30,912)
Net cash provided by (used in) financing activities 394,670 661,438 (221,773)
Net increase (decrease) in cash and cash equivalents (123,369) 311,309 (340,238)
Cash and cash equivalents at beginning of year 1,281,814 970,505 1,310,743
Cash and cash equivalents at end of year 1,158,445 1,281,814 970,505
Cash and cash equivalents 1,281,814 970,505 1,310,743
Supplemental disclosures of cash flow information:      
Cash paid for interest, net of amounts capitalized 87,132 68,366 112,694
Cash paid for income taxes, net 336,796 202,374 11,433
Lennar Homebuilding and Lennar Multifamily:      
Purchases of inventories, land under development and other assets financed by sellers 66,819 129,881 167,134
Non-cash contributions to unconsolidated entities 205,327 106,132 286,798
Inventory acquired in satisfaction of other assets including investments available-for-sale 28,093 0 0
Inventory acquired in partner buyout 64,440 0 0
Non-cash sale of operating properties and equipment (59,397) 0 0
Non-cash reduction of equity due to purchase of noncontrolling interest 0 0 101,550
Non-cash purchase of noncontrolling interests 0 0 63,500
Rialto:      
Real estate owned acquired in satisfaction/partial satisfaction of loans receivable 17,248 57,390 70,237
Real estate owned acquired in bargain purchase acquisition 0 0 31,818
Net liabilities assumed in bargain purchase acquisition 0 0 6,200
Non-cash acquisition of Servicer Provider 0 8,317 0
Lennar Financial Services:      
Purchase of mortgage servicing rights financed by seller 0 5,697 0
Consolidation/deconsolidation of unconsolidated/consolidated entities, net:      
Inventories 0 155,021 0
Other assets (17,421) (7,218) 0
Investments in unconsolidated entities 2,948 (30,647) 0
Other liabilities 1,220 0 0
Noncontrolling interests (13,253) 117,156 0
Lennar Homebuilding [Member]      
Adjustments to reconcile net earnings to net cash used in operating activities:      
Equity in earnings from unconsolidated entities (63,373) 355 (23,803)
Common stock:      
Cash and cash equivalents at beginning of year 885,729 [1] 695,424  
Cash and cash equivalents at end of year 893,408 [1] 885,729 [1] 695,424
Cash and cash equivalents 885,729 [1] 695,424 695,424
Rialto [Member]      
Adjustments to reconcile net earnings to net cash used in operating activities:      
Equity in earnings from unconsolidated entities (22,293) (59,277) (22,353)
Share-based compensation expense 3,000    
Unrealized gain on Rialto bargain purchase acquisition 0 0 (8,532)
Cash flows from investing activities:      
Decrease in Rialto defeasance cash to retire notes payable     223,813
Proceeds from sales of Rialto real estate owned 155,295 269,698 239,215
Receipts of principal payments on Rialto loans receivable 28,389 24,019 66,788
Common stock:      
Cash and cash equivalents at beginning of year 303,889 201,496  
Cash and cash equivalents at end of year 150,219 303,889 201,496
Cash and cash equivalents 303,889 201,496 201,496
Lennar Financial Services [Member]      
Common stock:      
Cash and cash equivalents at beginning of year 90,010 73,066  
Cash and cash equivalents at end of year 106,777 90,010 73,066
Cash and cash equivalents 90,010 73,066 73,066
Lennar Multifamily [Member]      
Adjustments to reconcile net earnings to net cash used in operating activities:      
Equity in earnings from unconsolidated entities (19,518) (14,454) 271
Common stock:      
Cash and cash equivalents at beginning of year 2,186 519  
Cash and cash equivalents at end of year 8,041 2,186 519
Cash and cash equivalents $ 2,186 $ 519 $ 519
[1] Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations, (“ASC 810”) the Company is required to separately disclose on its consolidated balance sheets the assets of consolidated variable interest entities (“VIEs”) that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company.As of November 30, 2015, total assets include $652.3 million related to consolidated VIEs of which $9.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.5 million in Lennar Homebuilding receivables, net, $3.9 million in Lennar Homebuilding finished homes and construction in progress, $154.2 million in Lennar Homebuilding land and land under development, $58.9 million in Lennar Homebuilding consolidated inventory not owned, $35.8 million in Lennar Homebuilding investments in unconsolidated entities, $22.7 million in Lennar Homebuilding other assets, $355.2 million in Rialto assets and $11.5 million in Lennar Multifamily assets.As of November 30, 2014, total assets include $929.1 million related to consolidated VIEs of which $11.7 million is included in Lennar Homebuilding cash and cash equivalents, $0.3 million in restricted cash, $0.2 million in Lennar Homebuilding receivables, net, $0.2 million in Lennar Homebuilding finished homes and construction in progress, $208.2 million in Lennar Homebuilding land and land under development, $52.5 million in Lennar Homebuilding consolidated inventory not owned, $23.9 million in Lennar Homebuilding investments in unconsolidated entities, $104.6 million in Lennar Homebuilding other assets, $508.4 million in Rialto assets and $19.2 million in Lennar Multifamily assets.