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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Feb. 28, 2017
Feb. 29, 2016
Cash flows from operating activities:    
Net earnings (including net earnings (loss) attributable to noncontrolling interests) $ 29,674 $ 145,452
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:    
Depreciation and amortization 11,743 10,077
Amortization of discount/premium and accretion on debt, net 3,132 4,777
Equity in earnings from unconsolidated entities (12,335) (24,183)
Distributions of earnings from unconsolidated entities 31,949 27,207
Share-based compensation expense 12,505 11,142
Excess tax benefits from share-based awards (1,953) (7,029)
Deferred income tax (benefit) expense (36,229) 43,402
Unrealized and realized gains on real estate owned (1,698) (7,230)
Impairments of loans receivable and real estate owned 25,484 5,976
Valuation adjustments and write-offs of option deposits and pre-acquisition costs and other assets 1,930 1,164
Changes in assets and liabilities:    
Decrease in restricted cash 10,842 19,958
Decrease in receivables 264,714 262,453
Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs (601,711) (677,078)
Decrease (increase) in other assets 12,846 (9,825)
Decrease in loans held-for-sale 339,492 228,316
Decrease in accounts payable and other liabilities (11,061) (250,466)
Net cash provided by (used in) operating activities 79,324 (215,887)
Cash flows from investing activities:    
Net additions of operating properties and equipment (25,785) (18,453)
Investments in and contributions to unconsolidated entities (151,706) (103,971)
Distributions of capital from unconsolidated entities 39,961 69,356
Proceeds from sales of real estate owned 24,215 20,256
Improvements to real estate owned 157 (1,194)
Purchases of real estate owned 100 0
Receipts of principal payments on loans receivable and other 1,972 2,725
Originations of loans receivable (9,330) (10,046)
Purchases of commercial mortgage-backed securities bonds (40,357) (23,078)
Acquisition, net of cash acquired (596,172) (600)
(Increase) decrease in Lennar Financial Services loans held-for-investment, net (2,025) 766
Purchases of Lennar Financial Services investment securities (12,204) (6,968)
Proceeds from maturities/sales of Lennar Financial Services investments securities 5,292 4,621
Net cash used in investing activities (766,082) (66,586)
Cash flows from financing activities:    
Proceeds from senior notes 600,000 0
Debt issuance costs (10,848) (684)
Conversions and exchanges on convertible senior notes 0 (162,852)
Proceeds from other borrowings 7,395 6,763
Principal payments on other borrowings (16,242) (59,146)
Receipts related to noncontrolling interests 153 65
Payments related to noncontrolling interests (25,871) (42,015)
Excess tax benefits from share-based awards 1,953 7,029
Common stock:    
Issuances 99 0
Repurchases (83) (219)
Dividends (9,400) (8,552)
Net cash provided by (used in) financing activities 286,289 (155,513)
Net decrease in cash and cash equivalents (400,469) (437,986)
Summary of cash and cash equivalents:    
Cash and cash equivalents at beginning of period 1,329,529 1,158,445
Cash and cash equivalents at end of period 929,060 720,459
Consolidation/deconsolidation of unconsolidated/consolidated entities, net:    
Inventories 0 14,923
Investments in unconsolidated entities 0 (2,445)
Noncontrolling interests 0 (12,478)
Lennar Homebuilding    
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:    
Equity in earnings from unconsolidated entities 11,534 (3,000)
Summary of cash and cash equivalents:    
Cash and cash equivalents at beginning of period [1] 1,050,138  
Cash and cash equivalents at end of period [1] 640,816  
Rialto    
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:    
Equity in earnings from unconsolidated entities (722) (1,497)
Cash flows from financing activities:    
Proceeds from Rialto notes payable 35,460 0
Principal payments on Rialto notes payable (2,971) (669)
Summary of cash and cash equivalents:    
Cash and cash equivalents at beginning of period 148,827  
Cash and cash equivalents at end of period 162,513  
Rialto:    
Real estate owned acquired in satisfaction/partial satisfaction of loans receivable 70 5,183
Lennar Financial Services    
Summary of cash and cash equivalents:    
Cash and cash equivalents at beginning of period 123,964  
Cash and cash equivalents at end of period 119,308  
Lennar Multifamily    
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:    
Equity in earnings from unconsolidated entities (23,147) (19,686)
Summary of cash and cash equivalents:    
Cash and cash equivalents at beginning of period 6,600  
Cash and cash equivalents at end of period 6,423  
Lennar Homebuilding and Lennar Multifamily    
Lennar Homebuilding and Lennar Multifamily:    
Non-cash contributions to unconsolidated entities 25,315 19,248
Non-cash increase in consolidated inventory not owned 115,000 0
Purchases of inventories and other assets financed by sellers 80,919 20,714
Operating Segments    
Summary of cash and cash equivalents:    
Cash and cash equivalents at end of period 929,060 720,459
Operating Segments | Lennar Homebuilding    
Summary of cash and cash equivalents:    
Cash and cash equivalents at end of period 640,816 510,878
Operating Segments | Rialto    
Summary of cash and cash equivalents:    
Cash and cash equivalents at end of period 162,513 112,305
Operating Segments | Lennar Financial Services    
Summary of cash and cash equivalents:    
Cash and cash equivalents at end of period 119,308 91,214
Operating Segments | Lennar Multifamily    
Summary of cash and cash equivalents:    
Cash and cash equivalents at end of period 6,423 6,062
Unsecured Revolving Credit Facility    
Cash flows from financing activities:    
Net (repayments) borrowings under credit facilities 250,000 500,000
Warehouse Repurchase Facility    
Cash flows from financing activities:    
Net (repayments) borrowings under credit facilities $ (543,356) $ (395,233)
[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 28, 2017, total assets include $651.1 million related to consolidated VIEs of which $9.5 million is included in Lennar Homebuilding cash and cash equivalents, $0.1 million in Lennar Homebuilding receivables, net, $72.4 million in Lennar Homebuilding finished homes and construction in progress, $177.5 million in Lennar Homebuilding land and land under development, $156.2 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $16.4 million in Lennar Homebuilding other assets, $173.2 million in Rialto assets and $41.2 million in Lennar Multifamily assets.
As of November 30, 2016, total assets include $536.3 million related to consolidated VIEs of which $13.3 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $54.2 million in Lennar Homebuilding finished homes and construction in progress, $106.3 million in Lennar Homebuilding land and land under development, $121.0 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $13.9 million in Lennar Homebuilding other assets, $213.8 million in Rialto assets and $8.8 million in Lennar Multifamily assets.