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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Feb. 28, 2018
Feb. 28, 2017
Cash flows from operating activities:    
Net earnings (including net earnings (loss) attributable to noncontrolling interests) $ 136,817 $ 29,674
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:    
Depreciation and amortization 19,570 11,743
Amortization of discount/premium and accretion on debt, net 40 3,132
Equity in (earnings) loss from unconsolidated entities 2,431 (12,335)
Distributions of earnings from unconsolidated entities 3,542 31,949
Share-based compensation expense 17,766 12,505
Excess tax benefits from share-based awards 0 (1,953)
Deferred income tax (benefit) expense 33,788 (36,229)
Gain on sale of operating properties and equipment (207) 0
Gain on sale of interest in unconsolidated entity (164,880) 0
Unrealized and realized gains on real estate owned (883) (1,698)
Impairments of loans receivable and real estate owned 5,486 25,484
Valuation adjustments and write-offs of option deposits and pre-acquisition costs 12,048 1,930
Changes in assets and liabilities:    
Decrease in restricted cash 12,801 10,842
(Increase) decrease in receivables (22,406) 264,714
Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs (548,725) (601,711)
(Increase) decrease in other assets (26,582) 12,846
Decrease in loans held-for-sale 422,991 339,492
Decrease in accounts payable and other liabilities (46,325) (11,061)
Net cash (used in) provided by operating activities (142,728) 79,324
Cash flows from investing activities:    
Net additions of operating properties and equipment (40,810) (25,785)
Proceeds from sale of investment in unconsolidated entity 175,179 0
Investments in and contributions to unconsolidated entities (62,575) (151,706)
Distributions of capital from unconsolidated entities 20,927 39,961
Proceeds from sales of real estate owned 18,080 24,215
Other proceeds, net 2,627 2,029
Originations of loans receivable 0 (9,330)
Purchases of commercial mortgage-backed securities bonds (31,068) (40,357)
Acquisitions, net of cash acquired (1,101,739) (596,172)
Decrease (increase) in Lennar Financial Services loans held-for-investment, net 1,590 (2,025)
Purchases of Lennar Financial Services investment securities (20,894) (12,204)
Proceeds from maturities/sales of Lennar Financial Services investments securities 10,473 5,292
Net cash used in investing activities (1,028,210) (766,082)
Cash flows from financing activities:    
Proceeds from senior notes 0 600,000
Debt issuance costs (12,039) (10,848)
Proceeds from other borrowings 581 7,395
Payments related to other liabilities (1,478) 0
Principal payments on other borrowings (15,387) (16,242)
Receipts related to noncontrolling interests 3,852 153
Payments related to noncontrolling interests (23,760) (25,871)
Excess tax benefits from share-based awards 0 1,953
Common stock:    
Issuances 0 99
Repurchases (25,355) (83)
Dividends (9,617) (9,400)
Net cash (used in) provided by financing activities (450,349) 286,289
Net decrease in cash and cash equivalents (1,621,287) (400,469)
Summary of cash and cash equivalents:    
Cash and cash equivalents at beginning of period 2,650,872 1,329,529
Cash and cash equivalents at end of period 1,029,585 929,060
Lennar Homebuilding and Lennar Multifamily:    
Non-cash increase in consolidated inventory not owned 0 115,000
Consolidation/deconsolidation of unconsolidated/consolidated entities, net:    
Inventories 35,430 0
Receivables 7,198 0
Investments in unconsolidated entities (25,614) 0
Other liabilities (17,014) 0
Lennar Homebuilding    
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:    
Equity in (earnings) loss from unconsolidated entities 14,287 11,534
Summary of cash and cash equivalents:    
Cash and cash equivalents at beginning of period [1] 2,282,925  
Cash and cash equivalents at end of period [1] 733,905  
Lennar Homebuilding and Lennar Multifamily:    
Non-cash contributions to unconsolidated entities 523 25,315
Rialto    
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:    
Equity in (earnings) loss from unconsolidated entities (9,114) (722)
Cash flows from financing activities:    
Proceeds from Rialto notes payable 32,226 35,460
Principal payments on Rialto senior notes and other notes payable (100,161) (2,971)
Summary of cash and cash equivalents:    
Cash and cash equivalents at beginning of period 241,861  
Cash and cash equivalents at end of period 113,582  
Lennar Financial Services    
Summary of cash and cash equivalents:    
Cash and cash equivalents at beginning of period 117,410  
Cash and cash equivalents at end of period 165,849  
Lennar Multifamily    
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:    
Equity in (earnings) loss from unconsolidated entities (2,742) (23,147)
Summary of cash and cash equivalents:    
Cash and cash equivalents at beginning of period 8,676  
Cash and cash equivalents at end of period 16,249  
Lennar Homebuilding and Lennar Multifamily    
Lennar Homebuilding and Lennar Multifamily:    
Purchases of inventories and other assets financed by sellers 23,503 80,919
Equity component of acquisition consideration 5,070,006 0
Consolidating Adjustments    
Cash flows from operating activities:    
Net earnings (including net earnings (loss) attributable to noncontrolling interests) (178,838) (83,959)
Changes in assets and liabilities:    
Net cash (used in) provided by operating activities (178,838) (83,959)
Cash flows from investing activities:    
Proceeds from sale of investment in unconsolidated entity 0  
Proceeds from sales of real estate owned 0 0
Originations of loans receivable   0
Purchases of commercial mortgage-backed securities bonds 0 0
Acquisitions, net of cash acquired 0 0
Net cash used in investing activities 921,113 574,418
Cash flows from financing activities:    
Excess tax benefits from share-based awards   0
Common stock:    
Issuances   0
Repurchases 0 0
Dividends 178,838 143,959
Net cash (used in) provided by financing activities (742,275) (490,459)
Net decrease in cash and cash equivalents 0 0
Summary of cash and cash equivalents:    
Cash and cash equivalents at beginning of period 0 0
Cash and cash equivalents at end of period 0 0
Consolidating Adjustments | Lennar Homebuilding    
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:    
Equity in (earnings) loss from unconsolidated entities 0 0
Consolidating Adjustments | Rialto    
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:    
Equity in (earnings) loss from unconsolidated entities 0 0
Consolidating Adjustments | Lennar Multifamily    
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:    
Equity in (earnings) loss from unconsolidated entities 0 0
Operating Segments    
Summary of cash and cash equivalents:    
Cash and cash equivalents at beginning of period    
Cash and cash equivalents at end of period 1,029,585 929,060
Operating Segments | Lennar Homebuilding    
Summary of cash and cash equivalents:    
Cash and cash equivalents at beginning of period    
Cash and cash equivalents at end of period 733,905 640,816
Operating Segments | Rialto    
Summary of cash and cash equivalents:    
Cash and cash equivalents at beginning of period    
Cash and cash equivalents at end of period 113,582 119,308
Operating Segments | Lennar Financial Services    
Summary of cash and cash equivalents:    
Cash and cash equivalents at beginning of period    
Cash and cash equivalents at end of period 165,849 162,513
Operating Segments | Lennar Multifamily    
Summary of cash and cash equivalents:    
Cash and cash equivalents at beginning of period    
Cash and cash equivalents at end of period 16,249 6,423
Unsecured Revolving Credit Facility    
Cash flows from financing activities:    
Net borrowings under revolving lines of credit 45,300 250,000
Unsecured Revolving Credit Facility | Consolidating Adjustments    
Cash flows from financing activities:    
Net borrowings under revolving lines of credit 0 0
Warehouse Repurchase Facility    
Cash flows from financing activities:    
Net borrowings under revolving lines of credit (344,511) (543,356)
Net repayments under warehouse facilities (344,511) (543,356)
Warehouse Repurchase Facility | Consolidating Adjustments    
Cash flows from financing activities:    
Net borrowings under revolving lines of credit 0 0
Lennar Corporation | Reportable Legal Entities    
Cash flows from operating activities:    
Net earnings (including net earnings (loss) attributable to noncontrolling interests) 136,215 38,080
Changes in assets and liabilities:    
Net cash (used in) provided by operating activities 30,483 73,790
Cash flows from investing activities:    
Proceeds from sale of investment in unconsolidated entity 0  
Proceeds from sales of real estate owned 0 0
Originations of loans receivable   0
Purchases of commercial mortgage-backed securities bonds 0 0
Acquisitions, net of cash acquired (1,162,342) (596,172)
Net cash used in investing activities (2,092,500) (1,203,414)
Cash flows from financing activities:    
Excess tax benefits from share-based awards   1,953
Common stock:    
Issuances   99
Repurchases (25,355) (83)
Dividends (9,617) (9,400)
Net cash (used in) provided by financing activities 455,911 837,729
Net decrease in cash and cash equivalents (1,606,106) (291,895)
Summary of cash and cash equivalents:    
Cash and cash equivalents at beginning of period 1,937,674 697,112
Cash and cash equivalents at end of period 331,568 405,217
Lennar Corporation | Reportable Legal Entities | Lennar Homebuilding    
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:    
Equity in (earnings) loss from unconsolidated entities 0 0
Lennar Corporation | Reportable Legal Entities | Rialto    
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:    
Equity in (earnings) loss from unconsolidated entities 0 0
Lennar Corporation | Reportable Legal Entities | Lennar Multifamily    
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:    
Equity in (earnings) loss from unconsolidated entities 0 0
Lennar Corporation | Unsecured Revolving Credit Facility | Reportable Legal Entities    
Cash flows from financing activities:    
Net borrowings under revolving lines of credit 500,000 250,000
Lennar Corporation | Warehouse Repurchase Facility | Reportable Legal Entities    
Cash flows from financing activities:    
Net borrowings under revolving lines of credit 0 0
Guarantor Subsidiaries | Reportable Legal Entities    
Cash flows from operating activities:    
Net earnings (including net earnings (loss) attributable to noncontrolling interests) 167,049 56,832
Changes in assets and liabilities:    
Net cash (used in) provided by operating activities (175,378) (357,285)
Cash flows from investing activities:    
Proceeds from sale of investment in unconsolidated entity 175,179  
Proceeds from sales of real estate owned 0 0
Originations of loans receivable   0
Purchases of commercial mortgage-backed securities bonds 0 0
Acquisitions, net of cash acquired 24,088 0
Net cash used in investing activities 164,388 (90,375)
Cash flows from financing activities:    
Excess tax benefits from share-based awards   0
Common stock:    
Issuances   0
Repurchases 0 0
Dividends (167,049) (86,832)
Net cash (used in) provided by financing activities 93,397 338,314
Net decrease in cash and cash equivalents 82,407 (109,346)
Summary of cash and cash equivalents:    
Cash and cash equivalents at beginning of period 359,087 377,070
Cash and cash equivalents at end of period 441,494 267,724
Guarantor Subsidiaries | Reportable Legal Entities | Lennar Homebuilding    
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:    
Equity in (earnings) loss from unconsolidated entities 14,131 11,560
Guarantor Subsidiaries | Reportable Legal Entities | Rialto    
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:    
Equity in (earnings) loss from unconsolidated entities 0 0
Guarantor Subsidiaries | Reportable Legal Entities | Lennar Multifamily    
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:    
Equity in (earnings) loss from unconsolidated entities 0 0
Guarantor Subsidiaries | Unsecured Revolving Credit Facility | Reportable Legal Entities    
Cash flows from financing activities:    
Net borrowings under revolving lines of credit (454,700) 0
Guarantor Subsidiaries | Warehouse Repurchase Facility | Reportable Legal Entities    
Cash flows from financing activities:    
Net borrowings under revolving lines of credit (27) (25)
Non-Guarantor Subsidiaries | Reportable Legal Entities    
Cash flows from operating activities:    
Net earnings (including net earnings (loss) attributable to noncontrolling interests) 12,391 18,721
Changes in assets and liabilities:    
Net cash (used in) provided by operating activities 181,005 446,778
Cash flows from investing activities:    
Proceeds from sale of investment in unconsolidated entity 0  
Proceeds from sales of real estate owned 18,080 24,215
Originations of loans receivable   (9,330)
Purchases of commercial mortgage-backed securities bonds (31,068) (40,357)
Acquisitions, net of cash acquired 36,515 0
Net cash used in investing activities (21,211) (46,711)
Cash flows from financing activities:    
Excess tax benefits from share-based awards   0
Common stock:    
Issuances   0
Repurchases 0 0
Dividends (11,789) (57,127)
Net cash (used in) provided by financing activities (257,382) (399,295)
Net decrease in cash and cash equivalents (97,588) 772
Summary of cash and cash equivalents:    
Cash and cash equivalents at beginning of period 354,111 255,347
Cash and cash equivalents at end of period 256,523 256,119
Non-Guarantor Subsidiaries | Reportable Legal Entities | Lennar Homebuilding    
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:    
Equity in (earnings) loss from unconsolidated entities 156 (26)
Non-Guarantor Subsidiaries | Reportable Legal Entities | Rialto    
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:    
Equity in (earnings) loss from unconsolidated entities (9,114) (722)
Non-Guarantor Subsidiaries | Reportable Legal Entities | Lennar Multifamily    
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:    
Equity in (earnings) loss from unconsolidated entities (2,742) (23,147)
Non-Guarantor Subsidiaries | Unsecured Revolving Credit Facility | Reportable Legal Entities    
Cash flows from financing activities:    
Net borrowings under revolving lines of credit 0 0
Non-Guarantor Subsidiaries | Warehouse Repurchase Facility | Reportable Legal Entities    
Cash flows from financing activities:    
Net borrowings under revolving lines of credit (344,484) $ (543,331)
Senior Notes    
Cash flows from financing activities:    
Debt issuance costs (12,039)  
Senior Notes | Consolidating Adjustments    
Cash flows from financing activities:    
Debt issuance costs 0  
Senior Notes | Lennar Corporation | Reportable Legal Entities    
Cash flows from financing activities:    
Debt issuance costs (9,117)  
Senior Notes | Guarantor Subsidiaries | Reportable Legal Entities    
Cash flows from financing activities:    
Debt issuance costs 0  
Senior Notes | Non-Guarantor Subsidiaries | Reportable Legal Entities    
Cash flows from financing activities:    
Debt issuance costs $ (2,922)  
[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, 2018, total assets include $864.8 million related to consolidated VIEs of which $7.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.1 million in Lennar Homebuilding receivables, net, $45.4 million in Lennar Homebuilding finished homes and construction in progress, $308.8 million in Lennar Homebuilding land and land under development, $366.7 million in Lennar Homebuilding consolidated inventory not owned, $4.5 million in Lennar Homebuilding investments in unconsolidated entities, $11.7 million in Lennar Homebuilding other assets, $20.0 million in Rialto assets and $100.0 million in Lennar Multifamily assets.
As of November 30, 2017, total assets include $799.4 million related to consolidated VIEs of which $15.8 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $53.2 million in Lennar Homebuilding finished homes and construction in progress, $229.0 million in Lennar Homebuilding land and land under development, $393.3 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $11.8 million in Lennar Homebuilding other assets, $48.8 million in Rialto assets and $42.7 million in Lennar Multifamily assets.