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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Aug. 31, 2016
Aug. 31, 2015
Cash flows from operating activities:    
Net earnings (including net earnings attributable to noncontrolling interests) $ 602,621 $ 526,538
Adjustments to reconcile net earnings to net cash used in operating activities:    
Depreciation and amortization 35,785 30,450
Amortization of discount/premium and accretion on debt, net 11,901 15,107
Equity in earnings from unconsolidated entities (28,424) (70,679)
Distributions of earnings from unconsolidated entities 52,787 43,343
Share-based compensation expense 34,628 32,199
Excess tax benefits from share-based awards (7,039) (113)
Deferred income tax expense (benefit) 53,833 (3,890)
Loss on retirement of debt and notes payable 1,569 3,206
Gain on sale of operating properties and equipment (12,559) (5,945)
Unrealized and realized gains on real estate owned (17,251) (14,879)
Impairments of loans receivable and real estate owned 26,893 16,225
Valuation adjustments and write-offs of option deposits and pre-acquisition costs and other assets 9,817 17,664
Changes in assets and liabilities:    
Decrease in restricted cash 16,820 21,405
Decrease in receivables 40,108 44,145
Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs (892,208) (1,284,106)
Increase in other assets (34,753) (40,747)
Decrease (increase) in loans held-for-sale 126,484 (467,925)
(Decrease) increase in accounts payable and other liabilities (24,092) 49,588
Net cash used in operating activities (3,080) (1,088,414)
Cash flows from investing activities:    
Increase in restricted cash related to LOCs 0 717
Net additions of operating properties and equipment (54,847) (60,924)
Proceeds from the sale of operating properties and equipment 17,450 73,732
Investments in and contributions to unconsolidated entities (320,047) (116,739)
Distributions of capital from unconsolidated entities 209,820 80,177
Proceeds from sales of real estate owned 66,638 88,565
Improvements to real estate owned (2,998) (6,055)
Receipts of principal payments on loans receivable and other 57,733 14,225
Purchases of loans receivable and real estate owned 249 0
Originations/purchases of loans receivable (56,507) (22,545)
Purchase of investment carried at cost 0 (18,000)
Purchases of commercial mortgage-backed securities bonds (33,005) 0
Acquisition, net of cash acquired (725) 0
Purchases of Lennar Homebuilding investments available-for-sale 0 (28,093)
Decrease (increase) in Lennar Financial Services loans held-for-investment, net 2,086 (4,421)
Purchases of Lennar Financial Services investment securities (20,936) (33,702)
Proceeds from maturities/sales of Lennar Financial Services investments securities 18,912 17,382
Net cash used in investing activities (116,675) (15,681)
Cash flows from financing activities:    
Proceeds from senior notes 499,024 750,625
Debt issuance costs (3,981) (7,210)
Redemption of senior notes (250,000) (500,000)
Conversions and exchanges on convertible senior notes (233,893) (168,854)
Proceeds from other borrowings 34,095 87,905
Principal payments on other borrowings (133,899) (232,925)
Receipts related to noncontrolling interests 266 1,475
Payments related to noncontrolling interests (98,178) (105,830)
Excess tax benefits from share-based awards 7,039 113
Common stock:    
Issuances 19,471 9,406
Repurchases (19,871) (23,133)
Dividends (26,222) (24,765)
Net cash (used in) provided by financing activities (222,595) 627,575
Net decrease in cash and cash equivalents (342,350) (476,520)
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 816,095 805,294
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 24,667 (48,693)
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] 567,708  
Rialto    
Adjustments to reconcile net earnings to net cash used in operating activities:    
Equity in earnings from unconsolidated entities (14,337) (17,582)
Unrealized and realized gains on real estate owned (13,575) (13,852)
Cash flows from financing activities:    
Principal payments on Rialto notes payable including structured notes (4,121) (28,247)
Summary of cash and cash equivalents:    
Cash and cash equivalents at beginning of period 150,219  
Cash and cash equivalents at end of period 133,103  
Rialto:    
Real estate owned acquired in satisfaction/partial satisfaction of loans receivable 7,842 14,683
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 110,164  
Lennar Multifamily    
Adjustments to reconcile net earnings to net cash used in operating activities:    
Equity in earnings from unconsolidated entities (38,754) (4,404)
Summary of cash and cash equivalents:    
Cash and cash equivalents at beginning of period 8,041  
Cash and cash equivalents at end of period 5,120  
Lennar Homebuilding and Lennar Multifamily    
Lennar Homebuilding and Lennar Multifamily:    
Non-cash distributions from unconsolidated entities 16,331 0
Conversion of convertible senior notes to equity 243,009 0
Inventory acquired in satisfaction of other assets including investments available-for-sale 0 28,093
Inventory acquired in partner buyout 0 64,440
Non-cash sale of operating properties and equipment 0 (59,397)
Purchases of inventories and other assets financed by sellers 92,368 46,521
Non-cash contributions to unconsolidated entities 59,262 126,411
Operating Segments    
Summary of cash and cash equivalents:    
Cash and cash equivalents at end of period 816,095 805,294
Operating Segments | Lennar Homebuilding    
Summary of cash and cash equivalents:    
Cash and cash equivalents at end of period 567,708 595,719
Operating Segments | Rialto    
Summary of cash and cash equivalents:    
Cash and cash equivalents at end of period 133,103 106,731
Operating Segments | Lennar Financial Services    
Summary of cash and cash equivalents:    
Cash and cash equivalents at end of period 110,164 99,305
Operating Segments | Lennar Multifamily    
Summary of cash and cash equivalents:    
Cash and cash equivalents at end of period 5,120 3,539
Unsecured Revolving Credit Facility    
Cash flows from financing activities:    
Net (repayments) borrowings under credit facilities 125,000 575,000
Warehouse Repurchase Facility    
Cash flows from financing activities:    
Net (repayments) borrowings under credit facilities $ (137,325) $ 294,015
[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 August 31, 2016, total assets include $596.6 million related to consolidated VIEs of which $9.7 million is included in Lennar Homebuilding cash and cash equivalents, $0.1 million in Lennar Homebuilding receivables, net, $46.9 million in Lennar Homebuilding finished homes and construction in progress, $113.8 million in Lennar Homebuilding land and land under development, $127.0 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $16.5 million in Lennar Homebuilding other assets, $251.5 million in Rialto assets and $26.6 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.