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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
May 31, 2017
May 31, 2016
Cash flows from operating activities:    
Net earnings (including net earnings (loss) attributable to noncontrolling interests) $ 230,382 $ 369,490
Adjustments to reconcile net earnings to net cash used in operating activities:    
Depreciation and amortization 29,418 22,752
Amortization of discount/premium and accretion on debt, net 5,059 8,054
Equity in earnings from unconsolidated entities (5,986) (35,422)
Distributions of earnings from unconsolidated entities 44,412 43,740
Share-based compensation expense 24,817 22,266
Excess tax benefits from share-based awards (1,980) (7,039)
Deferred income tax expense 13,197 45,538
Loss on retirement of debt and notes payable 0 (415)
Unrealized and realized gains on real estate owned (3,374) (12,838)
Impairments of loans receivable, loans held-for-sale and real estate owned 45,803 15,871
Valuation adjustments and write-offs of option deposits and pre-acquisition costs 12,343 2,699
Changes in assets and liabilities:    
Decrease in restricted cash 13,968 14,764
Decrease in receivables 16,817 236,084
Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs (655,183) (868,779)
Increase in other assets (13,502) (28,014)
Decrease in loans held-for-sale 140,372 93,690
Decrease in accounts payable and other liabilities (56,322) (98,653)
Net cash used in operating activities (159,759) (175,382)
Cash flows from investing activities:    
Net additions of operating properties and equipment (47,043) (39,216)
Investments in and contributions to unconsolidated entities (315,755) (210,225)
Distributions of capital from unconsolidated entities 96,499 103,009
Proceeds from sales of real estate owned 55,521 43,412
Improvements to real estate owned (392) (1,717)
Purchases of real estate owned 148 0
Receipts of principal payments on loans receivable and other 19,487 5,484
Originations of loans receivable (14,055) (16,864)
Purchases of commercial mortgage-backed securities bonds (40,357) (33,005)
Acquisition, net of cash acquired (611,103) (600)
(Increase) decrease in Lennar Financial Services loans held-for-investment, net (2,719) 1,060
Purchases of Lennar Financial Services investment securities (26,811) (11,646)
Proceeds from maturities/sales of Lennar Financial Services investments securities 13,340 10,681
Net cash used in investing activities (873,536) (149,627)
Cash flows from financing activities:    
Proceeds from senior notes 1,250,000 499,024
Debt issuance costs (14,060) (3,796)
Redemption of senior notes (400,000) (250,000)
Conversions and exchanges on convertible senior notes 0 (233,893)
Proceeds from other borrowings 65,096 15,657
Principal payments on other borrowings (30,600) (103,189)
Receipts related to noncontrolling interests 320 167
Payments related to noncontrolling interests (47,909) (73,195)
Excess tax benefits from share-based awards 1,980 7,039
Common stock:    
Issuances 693 594
Repurchases (83) (971)
Dividends (18,778) (17,191)
Net cash provided by (used in) financing activities 687,734 (17,959)
Net decrease in cash and cash equivalents (345,561) (342,968)
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 983,968 815,477
Consolidation/deconsolidation of unconsolidated/consolidated entities, net:    
Inventories 0 111,347
Investments in unconsolidated entities 0 (2,445)
Liabilities related to consolidated inventory not owned 0 (96,424)
Noncontrolling interests 0 (12,478)
Lennar Homebuilding    
Adjustments to reconcile net earnings to net cash used in operating activities:    
Equity in earnings from unconsolidated entities 33,040 6,633
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] 747,652  
Rialto    
Adjustments to reconcile net earnings to net cash used in operating activities:    
Equity in earnings from unconsolidated entities (6,452) (8,361)
Cash flows from financing activities:    
Proceeds from Rialto notes payable 35,460 0
Principal payments on Rialto notes payable (10,120) (2,999)
Summary of cash and cash equivalents:    
Cash and cash equivalents at beginning of period 148,827  
Cash and cash equivalents at end of period 119,592  
Rialto:    
Real estate owned acquired in satisfaction/partial satisfaction of loans receivable 272 7,703
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 107,436  
Lennar Multifamily    
Adjustments to reconcile net earnings to net cash used in operating activities:    
Equity in earnings from unconsolidated entities (32,574) (33,694)
Summary of cash and cash equivalents:    
Cash and cash equivalents at beginning of period 6,600  
Cash and cash equivalents at end of period 9,288  
Lennar Homebuilding and Lennar Multifamily    
Lennar Homebuilding and Lennar Multifamily:    
Non-cash contributions to unconsolidated entities 63,014 25,420
Non-cash distributions from unconsolidated entities 0 16,331
Conversion of convertible senior notes to equity 0 67,535
Purchases of inventories and other assets financed by sellers 78,948 53,287
Operating Segments    
Summary of cash and cash equivalents:    
Cash and cash equivalents at end of period 983,968 815,477
Operating Segments | Lennar Homebuilding    
Summary of cash and cash equivalents:    
Cash and cash equivalents at end of period 747,652 601,192
Operating Segments | Rialto    
Summary of cash and cash equivalents:    
Cash and cash equivalents at end of period 119,592 103,622
Operating Segments | Lennar Financial Services    
Summary of cash and cash equivalents:    
Cash and cash equivalents at end of period 107,436 105,596
Operating Segments | Lennar Multifamily    
Summary of cash and cash equivalents:    
Cash and cash equivalents at end of period 9,288 5,067
Unsecured Revolving Credit Facility    
Cash flows from financing activities:    
Net (repayments) borrowings under credit facilities 0 375,000
Warehouse Repurchase Facility    
Cash flows from financing activities:    
Net (repayments) borrowings under credit facilities $ (144,265) $ (230,206)
[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, 2017, total assets include $575.7 million related to consolidated VIEs of which $9.4 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $77.8 million in Lennar Homebuilding finished homes and construction in progress, $173.1 million in Lennar Homebuilding land and land under development, $138.6 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $12.9 million in Lennar Homebuilding other assets, $117.5 million in Rialto assets and $41.6 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.