Cash and Cash Equivalents and Restricted Cash

9 Months Ended

Aug. 31, 2019

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents and Restricted Cash

The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. Due to the short maturity period of cash equivalents, the carrying amounts of these instruments approximate their fair values. Homebuilding restricted cash consists of customer deposits on home sales held in restricted accounts until title transfers to the homebuyer, as required by the state and local governments in which the homes were sold, as well as funds on

deposit to secure and support performance obligations. Financial Services’ restricted cash primarily consists of cash balances required by certain warehouse lines of credit agreements and proceeds from loan sales not yet remitted to a warehouse bank. Financial Services' restricted cash also includes upfront deposits and application fees RMF receives before originating loans and is recognized as income once the loan has been originated, as well as cash held in escrow by the Company’s loan servicer provider on behalf of customers and lenders that is disbursed in accordance with agreements between the transacting parties.

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported in the condensed consolidated statements of cash flows to the respective condensed consolidated balance sheets:



	August 31,
(In thousands)	2019		2018
Homebuilding:
Cash and cash equivalents	$	795,405	833,274
Restricted cash	13,238		11,741
Financial Services:
Cash and cash equivalents	228,217		165,051
Restricted cash	10,189		12,111
Multifamily:
Cash and cash equivalents	16,478		13,748
Lennar Other:
Cash and cash equivalents	5,362		36,343
Restricted cash	975		11,274
Total cash and cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows	$	1,069,864	1,083,542

Homebuilding cash and cash equivalents as of August 31, 2019 and November 30, 2018 included $492.8 million and $926.1 million, respectively, of cash held in escrow for approximately three days.