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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Feb. 28, 2021
Feb. 29, 2020
Feb. 28, 2021
Nov. 30, 2020
Cash flows from operating activities:        
Net earnings (including net earnings (loss) attributable to noncontrolling interests) $ 1,016,909 $ 391,223    
Adjustments to reconcile net earnings to net cash provided by operating activities:        
Depreciation and amortization 22,325 20,414    
Amortization of discount/premium and accretion on debt, net (2,361) (6,943)    
Equity in loss from unconsolidated entities 7,897 2,572    
Distributions of earnings from unconsolidated entities 4,234 36,922    
Share-based compensation expense 48,818 31,855    
Deferred income tax expense 114,917 57,006    
Loans held-for-sale unrealized loss 35,021 7,493    
Gain on sale of other assets, operating properties and equipment and real estate owned (1,167) (2,910)    
Valuation adjustments and write-offs of option deposits and pre-acquisition costs 635 24,515    
Changes in assets and liabilities:        
Decrease in receivables 45,649 245,694    
Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs (862,120) (777,012)    
Increase in other assets (100,486) (121,506)    
Decrease in loans held-for-sale 360,582 466,750    
Increase in accounts payable and other liabilities 183,584 11,564    
Net cash provided by operating activities 385,508 382,976    
Cash flows from investing activities:        
Net additions of operating properties and equipment (9,245) (17,909)    
Proceeds from the sales of operating properties and equipment and other assets 32,002 13,067    
Investments in and contributions to unconsolidated entities (224,112) (78,607)    
Distributions of capital from unconsolidated entities 83,241 86,324    
Proceeds from sale of commercial mortgage-backed securities bonds 11,307 3,248    
Decrease in Financial Services loans held-for-investment, net 3,777 2,733    
Purchases of investment securities 0 (8,107)    
Proceeds from maturities/sales of investment securities 8,994 10,753    
Other receipts, net 684 1,677    
Net cash (used in) provided by investing activities (93,352) 13,179    
Cash flows from financing activities:        
Principal payments on notes payable and other borrowings (55,350) (93,250)    
Proceeds from liabilities related to consolidated inventory not owned 67,432 0    
Proceeds from other borrowings 8,903 27,577    
Payments related to other liabilities 0 (5,480)    
Receipts related to noncontrolling interests 8,896 88,913    
Payments related to noncontrolling interests (11,397) (16,734)    
Common stock:        
Repurchases (69,480) (295,988)    
Dividends (77,843) (39,240)    
Net cash used in financing activities (629,688) (789,804)    
Net decrease in cash and cash equivalents and restricted cash (337,532) (393,649)    
Cash and cash equivalents and restricted cash at beginning of period 2,932,730 1,468,691    
Cash and cash equivalents and restricted cash at end of period 2,595,198 1,075,042    
Cash and cash equivalents     $ 2,568,799 $ 2,863,038
Restricted cash     26,399 69,692
Total cash and cash equivalents and restricted cash 2,595,198 1,075,042 2,595,198 2,932,730
Homebuilding        
Common stock:        
Cash and cash equivalents [1]     2,421,411 2,703,986
Restricted cash [1]     17,878 15,211
Financial Services        
Common stock:        
Cash and cash equivalents     117,856 116,171
Restricted cash     8,521 54,481
Multifamily        
Common stock:        
Cash and cash equivalents     25,644 38,963
Restricted cash     0 0
Lennar Other        
Common stock:        
Cash and cash equivalents     3,888 3,918
Restricted cash     0 0
Operating Segments        
Common stock:        
Cash and cash equivalents and restricted cash at end of period 2,595,198 1,075,042    
Total cash and cash equivalents and restricted cash 2,595,198 1,075,042 2,595,198  
Operating Segments | Homebuilding        
Adjustments to reconcile net earnings to net cash provided by operating activities:        
Equity in loss from unconsolidated entities 4,565 4,546    
Common stock:        
Cash and cash equivalents     2,421,411  
Restricted cash     17,878 8,666
Operating Segments | Financial Services        
Common stock:        
Cash and cash equivalents     117,856  
Restricted cash     8,521 $ 13,894
Operating Segments | Multifamily        
Adjustments to reconcile net earnings to net cash provided by operating activities:        
Gain on sale of interest in unconsolidated entity and other Multifamily gain (19,184) (4,661)    
Common stock:        
Cash and cash equivalents     25,644  
Operating Segments | Lennar Other        
Adjustments to reconcile net earnings to net cash provided by operating activities:        
Lennar Other unrealized gain (469,745) 0    
Common stock:        
Cash and cash equivalents     $ 3,888  
Operating Segments | Lennar Homebuilding and Lennar Multifamily        
Homebuilding and Multifamily:        
Purchases of inventories and other assets financed by sellers 68,978 75,365    
Non-cash contributions to unconsolidated entities 0 13,859    
Unsecured Revolving Credit Facility        
Cash flows from financing activities:        
Net borrowings (repayments) under credit facilities 0 300,000    
Warehouse Repurchase Facility        
Cash flows from financing activities:        
Net borrowings (repayments) under credit facilities $ (500,849) $ (755,602)    
[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, nor any of its subsidiaries, has any obligations.
As of February 28, 2021, total assets include $1.0 billion related to consolidated VIEs of which $39.8 million is included in Homebuilding cash and cash equivalents, $14.2 million in Homebuilding finished homes and construction in progress, $516.9 million in Homebuilding land and land under development, $288.6 million in Homebuilding consolidated inventory not owned, $1.7 million in Homebuilding investments in unconsolidated entities, $145.8 million in Homebuilding other assets and $17.8 million in Multifamily assets.
As of November 30, 2020, total assets include $1.1 billion related to consolidated VIEs of which $32.1 million is included in Homebuilding cash and cash equivalents, $0.1 million in Homebuilding receivables, net, $14.2 million in Homebuilding finished homes and construction in progress, $486.8 million in Homebuilding land and land under development, $426.3 million in Homebuilding consolidated inventory not owned, $1.6 million in Homebuilding investments in unconsolidated entities, $120.6 million in Homebuilding other assets and $39.9 million in Multifamily assets.