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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
May 31, 2016
May 31, 2015
Cash flows from operating activities:    
Net earnings (including net earnings attributable to noncontrolling interests) $ 369,490 $ 301,501
Adjustments to reconcile net earnings to net cash used in operating activities:    
Depreciation and amortization 22,752 18,906
Amortization of discount/premium and accretion on debt, net 8,054 9,628
Equity in earnings from unconsolidated entities (35,422) (44,785)
Distributions of earnings from unconsolidated entities 43,740 34,734
Share-based compensation expense 22,266 20,650
Excess tax benefits from share-based awards (7,039) (113)
Deferred income tax expense 45,538 2,409
Loss (gain) on retirement of debt and notes payable 415 (83)
Gain on sale of operating property and equipment 0 (5,945)
Unrealized and realized gains on real estate owned (12,838) (8,691)
Impairments of loans receivable and real estate owned 15,871 8,594
Valuation adjustments and write-offs of option deposits and pre-acquisition costs and other assets 2,699 10,695
Changes in assets and liabilities:    
Decrease in restricted cash 14,764 23,135
Decrease in receivables 236,084 15,291
Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs (868,779) (1,118,791)
Increase in other assets (28,014) (30,068)
Decrease (increase) in loans held-for-sale 93,690 (260,603)
(Decrease) increase in accounts payable and other liabilities (98,653) 29,003
Net cash used in operating activities (175,382) (994,533)
Cash flows from investing activities:    
Increase in restricted cash related to LOCs 0 101
Net additions of operating properties and equipment (39,216) (50,729)
Proceeds from the sale of operating properties and equipment 0 73,732
Investments in and contributions to unconsolidated entities (210,225) (66,643)
Distributions of capital from unconsolidated entities 103,009 35,141
Proceeds from sales of real estate owned 43,412 55,812
Improvements to real estate owned (1,717) (4,723)
Receipts of principal payments on loans receivable and other 5,484 13,335
Originations of loans receivable (16,864) (2,750)
Purchase of investment carried at cost 0 (18,000)
Purchases of commercial mortgage-backed securities bonds (33,005) 0
Acquisition, net of cash acquired (600) 0
Purchases of Lennar Homebuilding investments available-for-sale 0 (28,093)
Decrease (increase) in Lennar Financial Services loans held-for-investment, net 1,060 (2,480)
Purchases of Lennar Financial Services investment securities (11,646) (28,365)
Proceeds from maturities/sales of Lennar Financial Services investments securities 10,681 16,326
Net cash used in investing activities (149,627) (7,336)
Cash flows from financing activities:    
Net borrowings under unsecured revolving credit facility 375,000 450,000
Net (repayments) borrowings under warehouse facilities (230,206) 189,632
Proceeds from senior notes 499,024 750,625
Debt issuance costs (3,796) (6,510)
Redemption of senior notes (250,000) (500,000)
Conversions and exchanges on convertible senior notes (233,893) 0
Proceeds from other borrowings 15,657 69,741
Principal payments on other borrowings (103,189) (206,901)
Receipts related to noncontrolling interests 167 1,367
Payments related to noncontrolling interests (73,195) (78,937)
Excess tax benefits from share-based awards 7,039 113
Common stock:    
Issuances 594 9,412
Repurchases (971) (972)
Dividends (17,191) (16,418)
Net cash (used in) provided by financing activities (17,959) 640,212
Net decrease in cash and cash equivalents (342,968) (361,657)
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 815,477 920,157
Lennar Homebuilding and Lennar Multifamily:    
Non-cash distributions from unconsolidated entities 16,331 0
Conversion of convertible senior notes to equity 67,535 0
Inventory acquired in satisfaction of other assets including investments available-for-sale 0 28,093
Non-cash sale of operating properties and equipment 0 (59,397)
Purchases of inventories and other assets financed by sellers 53,287 29,977
Non-cash contributions to unconsolidated entities 25,420 26,594
Rialto:    
Real estate owned acquired in satisfaction/partial satisfaction of loans receivable 7,703 13,326
Consolidation/deconsolidation of unconsolidated/consolidated entities, net:    
Inventories 111,347 0
Operating properties and equipment and other assets 0 (17,421)
Investments in unconsolidated entities (2,445) 2,948
Liabilities related to consolidated inventory not owned (96,424) 0
Other liabilities 0 1,220
Noncontrolling interests (12,478) 13,253
Lennar Homebuilding    
Adjustments to reconcile net earnings to net cash used in operating activities:    
Equity in earnings from unconsolidated entities 6,633 (35,393)
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 [1] 601,192  
Rialto    
Adjustments to reconcile net earnings to net cash used in operating activities:    
Equity in earnings from unconsolidated entities (8,361) (9,992)
Unrealized and realized gains on real estate owned (9,238) (7,674)
Cash flows from financing activities:    
Principal payments on Rialto notes payable including structured notes (2,999) (20,940)
Summary of cash and cash equivalents:    
Cash and cash equivalents at beginning of period 150,219  
Cash and cash equivalents at end of period 103,622  
Lennar Financial Services    
Summary of cash and cash equivalents:    
Cash and cash equivalents at beginning of period 106,777  
Cash and cash equivalents at end of period 105,596  
Lennar Multifamily    
Adjustments to reconcile net earnings to net cash used in operating activities:    
Equity in earnings from unconsolidated entities (33,694) 600
Summary of cash and cash equivalents:    
Cash and cash equivalents at beginning of period 8,041  
Cash and cash equivalents at end of period 5,067  
Operating Segments    
Summary of cash and cash equivalents:    
Cash and cash equivalents at end of period 815,477 920,157
Operating Segments | Lennar Homebuilding    
Summary of cash and cash equivalents:    
Cash and cash equivalents at end of period 601,192 638,992
Operating Segments | Rialto    
Summary of cash and cash equivalents:    
Cash and cash equivalents at end of period 103,622 176,378
Operating Segments | Lennar Financial Services    
Summary of cash and cash equivalents:    
Cash and cash equivalents at end of period 105,596 103,093
Operating Segments | Lennar Multifamily    
Summary of cash and cash equivalents:    
Cash and cash equivalents at end of period $ 5,067 $ 1,694
[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 May 31, 2016, total assets include $645.1 million related to consolidated VIEs of which $8.2 million is included in Lennar Homebuilding cash and cash equivalents, $0.1 million in Lennar Homebuilding receivables, net, $6.2 million in Lennar Homebuilding finished homes and construction in progress, $158.8 million in Lennar Homebuilding land and land under development, $134.5 million in Lennar Homebuilding consolidated inventory not owned, $4.5 million in Lennar Homebuilding investments in unconsolidated entities, $21.4 million in Lennar Homebuilding other assets, $280.0 million in Rialto assets and $31.4 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.