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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Aug. 31, 2018
Aug. 31, 2017
Cash flows from operating activities:    
Net earnings (including net earnings (loss) attributable to noncontrolling interests) $ 919,286 $ 473,972
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation and amortization 66,714 46,907
Amortization of discount/premium and accretion on debt, net (17,750) 7,079
Equity in loss (earnings) from unconsolidated entities 8,115 (12,838)
Distributions of earnings from unconsolidated entities 90,431 59,927
Share-based compensation expense 55,638 43,303
Excess tax benefits from share-based awards 0 (1,980)
Deferred income tax (benefit) expense 188,132 (4,027)
Gain on sale of operating properties and equipment (5,107) 0
Gain on sale of interest in unconsolidated entity (164,880) 0
Unrealized and realized gains on real estate owned (2,912) (5,064)
Impairments of loans receivable, loans held-for-sale and real estate owned 8,526 60,237
Valuation adjustments and write-offs of option deposits and pre-acquisition costs 40,531 13,462
Changes in assets and liabilities:    
Decrease in restricted cash 22,254 9,321
(Increase) decrease in receivables (13,341) 325,375
Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs (725,016) (902,585)
Increase in other assets (193,835) (47,160)
Decrease in loans held-for-sale 130,528 118,930
Increase in accounts payable and other liabilities 341,357 142,854
Net cash provided by operating activities 748,671 327,713
Cash flows from investing activities:    
Net additions of operating properties and equipment (81,493) (67,107)
Proceeds from the sale of operating properties and equipment 22,820 0
Proceeds from sale of investment in unconsolidated entity 199,654 0
Investments in and contributions to unconsolidated entities (302,333) (381,209)
Distributions of capital from unconsolidated entities 227,754 123,209
Proceeds from sales of real estate owned 28,697 72,952
Receipts of principal payment on loans held-for-sale 0 5,937
Receipts of principal payments on loans receivable and other 3,271 73,948
Originations of loans receivable 0 (57,375)
Purchases of commercial mortgage-backed securities bonds (31,068) (70,187)
Acquisitions, net of cash acquired (1,103,338) (611,399)
Increase in Lennar Financial Services loans held-for-investment, net (2,062) (7,862)
Purchases of Lennar Financial Services investment securities (39,531) (38,733)
Proceeds from maturities/sales of Lennar Financial Services investments securities 34,221 25,039
Decrease (increase) in restricted cash for investments 10,825 (23,750)
Other payments, net (459) (1,014)
Net cash used in investing activities (1,033,042) (957,551)
Cash flows from financing activities:    
Proceeds from senior notes 0 1,250,000
Debt issuance costs (12,459) (16,697)
Redemption of senior notes (825,000) (658,595)
Conversions and exchanges on convertible senior notes (59,145) 0
Proceeds from other borrowings 38,096 75,927
Principal payments on other borrowings (85,265) (55,295)
Payments related to other liabilities (3,200) 0
Receipts related to noncontrolling interests 4,008 10,299
Payments related to noncontrolling interests (68,627) (61,782)
Excess tax benefits from share-based awards 0 1,980
Common stock:    
Issuances 3,189 693
Repurchases (49,490) (27,104)
Dividends (35,985) (28,181)
Net cash provided by (used in) financing activities (1,318,085) 138,035
Net decrease in cash and cash equivalents (1,602,456) (491,803)
Cash and cash equivalents at beginning of period 2,650,872 1,329,529
Cash and cash equivalents at end of period 1,048,416 837,726
Lennar Homebuilding and Lennar Multifamily:    
Conversions and exchanges on convertible senior notes 217,154 0
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 provided by operating activities:    
Equity in loss (earnings) from unconsolidated entities 41,904 42,691
Common stock:    
Cash and cash equivalents at beginning of period [1] 2,282,925  
Cash and cash equivalents at end of period [1] 833,274  
Lennar Homebuilding and Lennar Multifamily:    
Non-cash contributions to unconsolidated entities 91,709 62,659
Rialto    
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Equity in loss (earnings) from unconsolidated entities (18,496) (11,310)
Cash flows from financing activities:    
Proceeds from Rialto notes payable 32,226 63,494
Principal payments on Rialto senior notes and other notes payable (350,770) (18,944)
Common stock:    
Cash and cash equivalents at beginning of period 241,861  
Cash and cash equivalents at end of period 36,343  
Lennar Financial Services    
Common stock:    
Cash and cash equivalents at beginning of period 117,410  
Cash and cash equivalents at end of period 165,051  
Lennar Multifamily    
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Equity in loss (earnings) from unconsolidated entities (15,293) (44,219)
Common stock:    
Cash and cash equivalents at beginning of period 8,676  
Cash and cash equivalents at end of period 13,748  
Lennar Homebuilding and Lennar Multifamily    
Lennar Homebuilding and Lennar Multifamily:    
Purchases of inventories and other assets financed by sellers 52,356 108,726
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) (1,132,114) (681,899)
Changes in assets and liabilities:    
Net cash provided by operating activities (1,132,114) (681,899)
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 950,226 1,040,426
Cash flows from financing activities:    
Redemption of senior notes 0 0
Conversions and exchanges on convertible senior notes 0  
Excess tax benefits from share-based awards 0 0
Common stock:    
Issuances 0 0
Repurchases 0 0
Dividends 1,217,114 841,899
Net cash provided by (used in) financing activities 181,888 (358,527)
Net decrease in cash and cash equivalents 0 0
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 provided by operating activities:    
Equity in loss (earnings) from unconsolidated entities 0 0
Consolidating Adjustments | Rialto    
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Equity in loss (earnings) from unconsolidated entities 0 0
Consolidating Adjustments | Lennar Multifamily    
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Equity in loss (earnings) from unconsolidated entities 0 0
Operating Segments    
Common stock:    
Cash and cash equivalents at end of period 1,048,416 837,726
Operating Segments | Lennar Homebuilding    
Common stock:    
Cash and cash equivalents at end of period 833,274 564,591
Operating Segments | Rialto    
Common stock:    
Cash and cash equivalents at end of period 36,343 154,814
Operating Segments | Lennar Financial Services    
Common stock:    
Cash and cash equivalents at end of period 165,051 115,016
Operating Segments | Lennar Multifamily    
Common stock:    
Cash and cash equivalents at end of period 13,748 3,305
Unsecured Revolving Credit Facility    
Cash flows from financing activities:    
Net borrowings under credit facilities 195,300 0
Unsecured Revolving Credit Facility | Consolidating Adjustments    
Cash flows from financing activities:    
Net borrowings under credit facilities 0  
Warehouse Repurchase Facility    
Cash flows from financing activities:    
Net borrowings under credit facilities (100,963) (397,760)
Warehouse Repurchase Facility | Consolidating Adjustments    
Cash flows from financing activities:    
Net borrowings under credit facilities 0 0
Lennar Corporation | Reportable Legal Entities    
Cash flows from operating activities:    
Net earnings (including net earnings (loss) attributable to noncontrolling interests) 899,683 500,890
Changes in assets and liabilities:    
Net cash provided by operating activities 830,029 636,884
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) (611,103)
Net cash used in investing activities (2,159,704) (1,737,703)
Cash flows from financing activities:    
Redemption of senior notes (735,626) (400,000)
Conversions and exchanges on convertible senior notes 0  
Excess tax benefits from share-based awards 0 1,980
Common stock:    
Issuances 3,189 693
Repurchases (49,490) (27,104)
Dividends (35,985) (28,181)
Net cash provided by (used in) financing activities (177,101) 787,477
Net decrease in cash and cash equivalents (1,506,776) (313,342)
Cash and cash equivalents at beginning of period 1,937,674 697,112
Cash and cash equivalents at end of period 430,898 383,770
Lennar Corporation | Reportable Legal Entities | Lennar Homebuilding    
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Equity in loss (earnings) from unconsolidated entities 0 0
Lennar Corporation | Reportable Legal Entities | Rialto    
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Equity in loss (earnings) from unconsolidated entities 0 0
Lennar Corporation | Reportable Legal Entities | Lennar Multifamily    
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Equity in loss (earnings) from unconsolidated entities 0 0
Lennar Corporation | Unsecured Revolving Credit Facility | Reportable Legal Entities    
Cash flows from financing activities:    
Net borrowings under credit facilities 650,000  
Lennar Corporation | Warehouse Repurchase Facility | Reportable Legal Entities    
Cash flows from financing activities:    
Net borrowings under credit facilities 0 0
Guarantor Subsidiaries | Reportable Legal Entities    
Cash flows from operating activities:    
Net earnings (including net earnings (loss) attributable to noncontrolling interests) 1,055,410 591,711
Changes in assets and liabilities:    
Net cash provided by operating activities 1,030,241 46,158
Cash flows from investing activities:    
Proceeds from sale of investment in unconsolidated entity 199,654  
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 22,654 0
Net cash used in investing activities 154,089 (188,546)
Cash flows from financing activities:    
Redemption of senior notes (89,374) (258,595)
Conversions and exchanges on convertible senior notes (59,145)  
Excess tax benefits from share-based awards 0 0
Common stock:    
Issuances 0 0
Repurchases 0 0
Dividends (1,120,410) (671,711)
Net cash provided by (used in) financing activities (1,150,573) (29,838)
Net decrease in cash and cash equivalents 33,757 (172,226)
Cash and cash equivalents at beginning of period 359,087 377,070
Cash and cash equivalents at end of period 392,844 204,844
Guarantor Subsidiaries | Reportable Legal Entities | Lennar Homebuilding    
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Equity in loss (earnings) from unconsolidated entities 41,904 42,675
Guarantor Subsidiaries | Reportable Legal Entities | Rialto    
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Equity in loss (earnings) from unconsolidated entities 0 0
Guarantor Subsidiaries | Reportable Legal Entities | Lennar Multifamily    
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Equity in loss (earnings) from unconsolidated entities 0 0
Guarantor Subsidiaries | Unsecured Revolving Credit Facility | Reportable Legal Entities    
Cash flows from financing activities:    
Net borrowings under credit facilities (454,700)  
Guarantor Subsidiaries | Warehouse Repurchase Facility | Reportable Legal Entities    
Cash flows from financing activities:    
Net borrowings under credit facilities (81) (78)
Non-Guarantor Subsidiaries | Reportable Legal Entities    
Cash flows from operating activities:    
Net earnings (including net earnings (loss) attributable to noncontrolling interests) 96,307 63,270
Changes in assets and liabilities:    
Net cash provided by operating activities 20,515 326,570
Cash flows from investing activities:    
Proceeds from sale of investment in unconsolidated entity 0  
Proceeds from sales of real estate owned 28,697 72,952
Originations of loans receivable   (57,375)
Purchases of commercial mortgage-backed securities bonds (31,068) (70,187)
Acquisitions, net of cash acquired 36,350 (296)
Net cash used in investing activities 22,347 (71,728)
Cash flows from financing activities:    
Redemption of senior notes 0 0
Conversions and exchanges on convertible senior notes 0  
Excess tax benefits from share-based awards 0 0
Common stock:    
Issuances 0 0
Repurchases 0 0
Dividends (96,704) (170,188)
Net cash provided by (used in) financing activities (172,299) (261,077)
Net decrease in cash and cash equivalents (129,437) (6,235)
Cash and cash equivalents at beginning of period 354,111 255,347
Cash and cash equivalents at end of period 224,674 249,112
Non-Guarantor Subsidiaries | Reportable Legal Entities | Lennar Homebuilding    
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Equity in loss (earnings) from unconsolidated entities 0 16
Non-Guarantor Subsidiaries | Reportable Legal Entities | Rialto    
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Equity in loss (earnings) from unconsolidated entities (18,496) (11,310)
Non-Guarantor Subsidiaries | Reportable Legal Entities | Lennar Multifamily    
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Equity in loss (earnings) from unconsolidated entities (15,293) (44,219)
Non-Guarantor Subsidiaries | Unsecured Revolving Credit Facility | Reportable Legal Entities    
Cash flows from financing activities:    
Net borrowings under credit facilities 0  
Non-Guarantor Subsidiaries | Warehouse Repurchase Facility | Reportable Legal Entities    
Cash flows from financing activities:    
Net borrowings under credit facilities (100,882) $ (397,682)
Senior Notes    
Cash flows from financing activities:    
Debt issuance costs (12,459)  
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 (9,189)  
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 $ (3,270)  
[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, 2018, total assets include $775.7 million related to consolidated VIEs of which $48.5 million is included in Lennar Homebuilding cash and cash equivalents, $1.0 million in Lennar Homebuilding receivables, net, $78.4 million in Lennar Homebuilding finished homes and construction in progress, $243.7 million in Lennar Homebuilding land and land under development, $328.8 million in Lennar Homebuilding consolidated inventory not owned, $4.5 million in Lennar Homebuilding investments in unconsolidated entities, $10.5 million in Lennar Homebuilding other assets, $12.0 million in Rialto assets and $48.1 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.