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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
May 31, 2020
May 31, 2019
Cash flows from operating activities:    
Net earnings (including net loss attributable to noncontrolling interests) $ 907,321 $ 658,293
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:    
Depreciation and amortization 44,464 40,986
Amortization of discount/premium and accretion on debt, net (13,839) (13,335)
Equity in earnings (loss) from unconsolidated entities 40,355 (5,908)
Distributions of earnings from unconsolidated entities 38,000 4,037
Share-based compensation expense 55,141 31,390
Deferred income tax expense 79,738 101,477
Gain on sale of other assets, operating properties and equipment and real estate owned (13,126) (1,471)
Loss on consolidation 0 48,874
Gain on deconsolidation of previously consolidated entity (61,418) 0
Gain on sale of interest in unconsolidated entity and other Multifamily gain (4,661) (10,865)
Gain on sale of Financial Services' servicing portfolio/businesses (5,014) (2,168)
Valuation adjustments and write-offs of option deposits and pre-acquisition costs 65,098 10,602
Changes in assets and liabilities:    
(Increase) decrease in receivables (7,758) 542,054
Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs (159,138) (1,501,423)
(Increase) decrease in other assets (148,087) 66,464
Decrease (increase) in loans held-for-sale 481,583 (206,349)
Increase (decrease) in accounts payable and other liabilities 12,144 (192,548)
Net cash provided by (used in) operating activities 1,310,803 (429,890)
Cash flows from investing activities:    
Net additions of operating properties and equipment (25,731) (47,766)
Proceeds from the sales of operating properties and equipment and other assets 29,727 4,210
Proceeds from sale of investment in unconsolidated entity 0 17,790
Proceeds from sale of Financial Services' servicing portfolio/businesses 9,096 24,446
Investments in and contributions to unconsolidated entities/deconsolidation of previously consolidated entity (302,784) (230,744)
Distributions of capital from unconsolidated entities 115,093 140,888
Receipts of principal payments on loans receivable and other 0 1,811
Proceeds from sale of commercial mortgage-backed securities bonds 3,248 0
Decrease (increase) in Financial Services loans held-for-investment, net 143 (5,975)
Purchases of investment securities (29,642) (31,462)
Proceeds from maturities/sales of investments securities 25,138 35,416
Other receipts (payments), net 1,670 (200)
Net cash used in investing activities (174,042) (91,586)
Cash flows from financing activities:    
Redemption of senior notes (300,000) 0
Proceeds from other borrowings 59,139 28,620
Principal payments on notes payable and other borrowings (174,382) (123,681)
Proceeds (payments) related to other liabilities, net 3,567 (1,046)
Conversions, exchanges and redemption of convertible senior notes 0 (1,288)
Receipts related to noncontrolling interests 169,061 8,937
Payments related to noncontrolling interests (21,501) (23,317)
Common stock:    
Issuances 0 634
Repurchases (296,093) (101,229)
Dividends (78,145) (25,877)
Net cash used in financing activities (948,570) (53,431)
Net increase (decrease) in cash and cash equivalents and restricted cash 188,191 (574,907)
Cash and cash equivalents and restricted cash at beginning of period 1,468,691 1,595,978
Cash and cash equivalents and restricted cash at end of period 1,656,882 1,021,071
Homebuilding    
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:    
Equity in earnings (loss) from unconsolidated entities 13,646 (5,858)
Financial Services    
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:    
Gain on deconsolidation of previously consolidated entity (61,418)  
Lennar Other    
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:    
Equity in earnings (loss) from unconsolidated entities 26,523 (3,352)
Multifamily    
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:    
Equity in earnings (loss) from unconsolidated entities (6,234) (7,563)
Lennar Homebuilding and Lennar Multifamily    
Homebuilding and Multifamily:    
Purchases of inventories and other assets financed by sellers 102,982 46,631
Non-cash contributions to unconsolidated entities 13,859 0
Operating Segments    
Common stock:    
Cash and cash equivalents and restricted cash at end of period 1,656,882 1,021,071
Operating Segments | Homebuilding    
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:    
Equity in earnings (loss) from unconsolidated entities 13,646 (5,858)
Common stock:    
Cash and cash equivalents and restricted cash at end of period 1,408,251 812,365
Operating Segments | Financial Services    
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:    
Gain on deconsolidation of previously consolidated entity (61,418) 0
Common stock:    
Cash and cash equivalents and restricted cash at end of period 229,621 186,760
Consolidation/deconsolidation of unconsolidated/consolidated entities, net:    
Financial Services assets 217,565 0
Financial Services liabilities (115,175) 0
Noncontrolling interests (102,390) 0
Operating Segments | Lennar Other    
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:    
Equity in earnings (loss) from unconsolidated entities 26,523 (3,352)
Common stock:    
Cash and cash equivalents and restricted cash at end of period 5,949 5,203
Operating Segments | Multifamily    
Common stock:    
Cash and cash equivalents and restricted cash at end of period 13,061 16,743
Operating Segments | Segments Other Than Financial Services    
Consolidation/deconsolidation of unconsolidated/consolidated entities, net:    
Inventories (35,959) 187,506
Receivables 0 102,959
Operating properties and equipment and other assets 6,375 53,412
Investments in unconsolidated entities 0 67,925
Notes payable 0 (383,212)
Other liabilities 182 (19,696)
Noncontrolling interests 29,402 (8,894)
Unsecured Revolving Credit Facility    
Cash flows from financing activities:    
Net borrowings (repayments) under credit facilities 0 550,000
Warehouse Repurchase Facility    
Cash flows from financing activities:    
Net borrowings (repayments) under credit facilities $ (310,216) $ (365,184)