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Condensed Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Feb. 29, 2016
Feb. 28, 2015
Cash flows from operating activities:    
Net earnings (including net earnings attributable to noncontrolling interests) $ 145,452 $ 116,917
Adjustments to reconcile net earnings (including net earnings (loss) attributable to noncontrolling interests) to net cash provided by (used in) operating activities:    
Depreciation and amortization 10,077 8,306
Amortization of discount/premium on debt, net 4,777 5,417
Equity in (earnings) loss from unconsolidated entities (24,183) (31,385)
Distributions of earnings from unconsolidated entities 27,207 29,914
Share based compensation expense 11,142 10,251
Excess tax benefits from share-based awards (7,029) (35)
Deferred income tax (benefit) expense 43,402 27,616
(Gains) losses on retirement of debt 0 (608)
Gain (Loss) on Disposition of Property Plant Equipment 0 (6,472)
Unrealized and realized gains on real estate owned (7,230) (3,405)
Valuation adjustments and write-offs of option deposits and pre-acquisition costs, other receivables and other assets 5,976 4,055
Valuation adjustments and write-offs of option deposits and pre-acquisition costs and other assets 1,164 519
Changes in assets and liabilities:    
Decrease (increase) in restricted cash 19,958 27,014
Decrease (increase) in receivables 262,453 210,670
Decrease (increase) in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs (677,078) (721,222)
Decrease (increase) in other assets (9,825) 18,524
Decrease (increase) in loans-held-for-sale 228,316 (216,669)
Increase (decrease) in accounts payable and other liabilities (250,466) (209,671)
Net cash provided by (used in) operating activities (215,887) (730,264)
Cash flows from investing activities:    
Increase (decrease) in restricted cash 0 64
Net disposals (additions) of operating properties and equipment (18,453) (28,946)
Investments in and contributions to unconsolidated entities (103,971) (35,456)
Distributions of capital from unconsolidated entities 69,356 18,174
Proceeds from sales of real estate owned 20,256 28,055
Improvements in real estate owned (1,194) (2,347)
Receipts of principal payments on loans receivable 2,725 3,519
Originations of loans receivable 10,046 0
Payments to Acquire Investments 0 18,000
Purchases of commercial mortgage-backed securities bond 23,078 0
Acquisition, net of cash acquired 600 0
Purchases of investments available-for-sale 0 (28,093)
(Increase) decrease in Lennar Financial Services loans held-for-investment, net 766 606
Purchases of Lennar Financial Services investment securities 6,968 18,886
Proceeds from maturities of Lennar Financial Services investment securities 4,621 14,116
Net cash provided by (used in) investing activities (66,586) (67,194)
Cash flows from financing activities:    
Net borrowings under unsecured revolving credit facility 500,000 250,000
Net repayments under warehouse facilities (395,233) (29,681)
Proceeds from issuance of senior long-term debt 0 250,625
Debt issuance costs (684) (1,494)
Repayments on convertible senior notes (162,852) 0
Principal repayments on Rialto notes payable (669) (17,499)
Proceeds from other borrowings 6,763 46,630
Principal payments on other borrowings (59,146) (108,048)
Receipts related to noncontrolling interests 65 1,302
Payments related to noncontrolling interests (42,015) (57,629)
Excess tax benefits from share-based awards 7,029 35
Common stock:    
Issuances 0 8,227
Repurchases (219) (186)
Dividends (8,552) (8,208)
Net cash provided by (used in) financing activities (155,513) 334,074
Net (decrease) increase in cash and cash equivalents (437,986) (463,384)
Summary of cash and cash equivalents:    
Cash and cash equivalents at beginning of period 1,158,445 1,281,814
Cash and cash equivalents at end of period 720,459 818,430
Lennar Homebuilding and Lennar Multifamily:    
Non-cash sale of operating properties and equipment 0 (59,397)
Purchases of inventories financed by sellers 20,714 290
Non-cash contributions to unconsolidated entities 19,248 26,594
Rialto:    
Real estate owned acquired in satisfaction/partial satisfaction of loans receivable 5,183 8,637
Consolidations/deconsolidations of previously unconsolidated/consolidated entities, net:    
Inventories 14,923 0
Operating properties and equipment 0 (17,421)
Investments in unconsolidated entities (2,445) 2,948
Other liabilities 0 1,220
Noncontrolling interests (12,478) 13,253
Lennar Homebuilding [Member]    
Adjustments to reconcile net earnings (including net earnings (loss) attributable to noncontrolling interests) to net cash provided by (used in) operating activities:    
Equity in (earnings) loss from unconsolidated entities (3,000) (28,899)
Summary of cash and cash equivalents:    
Cash and cash equivalents at beginning of period [1] 893,408  
Cash and cash equivalents at end of period 510,878 [1] 583,754
Rialto [Member]    
Adjustments to reconcile net earnings (including net earnings (loss) attributable to noncontrolling interests) to net cash provided by (used in) operating activities:    
Equity in (earnings) loss from unconsolidated entities (1,497) (2,664)
Cash flows from investing activities:    
Originations of loans receivable 315,285  
Summary of cash and cash equivalents:    
Cash and cash equivalents at beginning of period [1] 150,219  
Cash and cash equivalents at end of period 112,305 [1] 147,219
Lennar Financial Services [Member]    
Summary of cash and cash equivalents:    
Cash and cash equivalents at beginning of period 106,777  
Cash and cash equivalents at end of period 91,214 84,201
Lennar Multifamily [Member]    
Adjustments to reconcile net earnings (including net earnings (loss) attributable to noncontrolling interests) to net cash provided by (used in) operating activities:    
Equity in (earnings) loss from unconsolidated entities (19,686) 178
Summary of cash and cash equivalents:    
Cash and cash equivalents at beginning of period 8,041  
Cash and cash equivalents at end of period $ 6,062 $ 3,256
[1] Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations, (“ASC 810”) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of February 29, 2016, total assets include $582.1 million related to consolidated VIEs of which $11.0 million is included in Lennar Homebuilding cash and cash equivalents, $5.8 million in Lennar Homebuilding receivables, net, $5.5 million in Lennar Homebuilding finished homes and construction in progress, $162.8 million in Lennar Homebuilding land and land under development, $20.3 million in Lennar Homebuilding consolidated inventory not owned, $34.8 million in Lennar Homebuilding investments in unconsolidated entities, $22.3 million in Lennar Homebuilding other assets, $307.4 million in Rialto assets and $12.2 million in Lennar Multifamily assets.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.