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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Aug. 31, 2017
Aug. 31, 2016
Cash flows from operating activities:    
Net earnings (including net earnings (loss) attributable to noncontrolling interests) $ 473,972 $ 602,621
Adjustments to reconcile net earnings to net cash used in operating activities:    
Depreciation and amortization 46,907 35,785
Amortization of discount/premium and accretion on debt, net 7,079 11,901
Equity in earnings from unconsolidated entities (12,838) (28,424)
Distributions of earnings from unconsolidated entities 59,927 52,787
Share-based compensation expense 43,303 34,628
Excess tax benefits from share-based awards (1,980) (7,039)
Deferred income tax (benefit) expense (4,027) 53,833
Loss on retirement of debt and notes payable 0 1,569
Gain on sale of operating properties and equipment 0 (12,559)
Unrealized and realized gains on real estate owned (5,064) (17,251)
Impairments of loans receivable, loans held-for-sale and real estate owned 60,237 26,893
Valuation adjustments and write-offs of option deposits and pre-acquisition costs 13,462 9,817
Changes in assets and liabilities:    
Decrease in restricted cash 9,321 16,820
Decrease in receivables 325,375 40,108
Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs (902,585) (892,208)
Increase in other assets (47,160) (34,753)
Decrease in loans held-for-sale 118,930 126,484
Increase (decrease) in accounts payable and other liabilities 142,854 (24,092)
Net cash provided by (used in) operating activities 327,713 (3,080)
Cash flows from investing activities:    
Increase (Decrease) in Restricted Cash 23,750 0
Net additions of operating properties and equipment (67,107) (54,847)
Proceeds from the sale of operating properties and equipment 0 17,450
Investments in and contributions to unconsolidated entities (381,209) (320,047)
Distributions of capital from unconsolidated entities 123,209 209,820
Proceeds from sales of real estate owned 72,952 66,638
Improvements to real estate owned (866) (2,998)
Purchases of loans receivable and real estate owned (148) (249)
Receipts of principal payments on loans held-for-sale 5,937 0
Receipts of principal payments on loans receivable and other 73,948 57,733
Originations of loans receivable (57,375) (56,507)
Purchases of commercial mortgage-backed securities bonds (70,187) (33,005)
Acquisition, net of cash acquired (611,399) (725)
(Increase) decrease in Lennar Financial Services loans held-for-investment, net (7,862) 2,086
Purchases of Lennar Financial Services investment securities (38,733) (20,936)
Proceeds from maturities/sales of Lennar Financial Services investments securities 25,039 18,912
Net cash used in investing activities (957,551) (116,675)
Cash flows from financing activities:    
Proceeds from senior notes 1,250,000 499,024
Debt issuance costs (16,697) (3,981)
Redemption of senior notes (658,595) (250,000)
Conversions and exchanges on convertible senior notes 0 (233,893)
Proceeds from other borrowings 75,927 34,095
Principal payments on other borrowings (55,295) (133,899)
Receipts related to noncontrolling interests 10,299 266
Payments related to noncontrolling interests (61,782) (98,178)
Excess tax benefits from share-based awards 1,980 7,039
Common stock:    
Issuances 693 19,471
Repurchases (27,104) (19,871)
Dividends (28,181) (26,222)
Net cash provided by (used in) financing activities 138,035 (222,595)
Net decrease in cash and cash equivalents (491,803) (342,350)
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 837,726 816,095
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 42,691 24,667
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 564,591  
Rialto    
Adjustments to reconcile net earnings to net cash used in operating activities:    
Equity in earnings from unconsolidated entities (11,310) (14,337)
Cash flows from financing activities:    
Proceeds from Rialto notes payable 63,494 0
Principal payments on Rialto notes payable including structured notes (18,944) (4,121)
Summary of cash and cash equivalents:    
Cash and cash equivalents at beginning of period 148,827  
Cash and cash equivalents at end of period 154,814  
Rialto:    
Real estate owned acquired in satisfaction/partial satisfaction of loans receivable 757 7,842
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 115,016  
Lennar Multifamily    
Adjustments to reconcile net earnings to net cash used in operating activities:    
Equity in earnings from unconsolidated entities (44,219) (38,754)
Summary of cash and cash equivalents:    
Cash and cash equivalents at beginning of period 6,600  
Cash and cash equivalents at end of period 3,305  
Lennar Homebuilding and Lennar Multifamily    
Lennar Homebuilding and Lennar Multifamily:    
Non-cash contributions to unconsolidated entities 62,659 59,262
Non-cash distributions from unconsolidated entities 0 16,331
Conversion of convertible senior notes to equity 0 243,009
Purchases of inventories and other assets financed by sellers 108,726 92,368
Operating Segments    
Summary of cash and cash equivalents:    
Cash and cash equivalents at end of period 837,726 816,095
Operating Segments | Lennar Homebuilding    
Summary of cash and cash equivalents:    
Cash and cash equivalents at end of period 564,591 567,708
Operating Segments | Rialto    
Summary of cash and cash equivalents:    
Cash and cash equivalents at end of period 154,814 133,103
Operating Segments | Lennar Financial Services    
Summary of cash and cash equivalents:    
Cash and cash equivalents at end of period 115,016 110,164
Operating Segments | Lennar Multifamily    
Summary of cash and cash equivalents:    
Cash and cash equivalents at end of period 3,305 5,120
Unsecured Revolving Credit Facility    
Cash flows from financing activities:    
Net (repayments) borrowings under credit facilities 0 125,000
Warehouse Repurchase Facility    
Cash flows from financing activities:    
Net (repayments) borrowings under credit facilities $ (397,760) $ (137,325)
[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, 2017, total assets include $812.9 million related to consolidated VIEs of which $9.7 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $81.3 million in Lennar Homebuilding finished homes and construction in progress, $189.6 million in Lennar Homebuilding land and land under development, $386.6 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $13.1 million in Lennar Homebuilding other assets, $85.8 million in Rialto assets and $42.0 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.