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Condensed Consolidated Statements of Cash Flows
$ in Thousands
3 Months Ended 9 Months Ended
Aug. 31, 2022
USD ($)
Aug. 31, 2022
USD ($)
Aug. 31, 2021
USD ($)
Cash flows from operating activities:      
Net earnings (including net earnings attributable to noncontrolling interests) $ 1,472,694 $ 3,304,567 $ 3,262,899
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization   57,921 65,845
Amortization of discount/premium on debt, net   (1,312) (6,257)
Equity in earnings (loss) from unconsolidated entities   34,870 (64,571)
Distributions of earnings from unconsolidated entities   46,376 40,552
Share-based compensation expense   154,710 105,386
Deferred income tax (benefit) expense   (15,991) 288,259
Loans held-for-sale unrealized loss   41,356 26,156
Lennar Other unrealized (gains) losses from technology investments and other (gain) loss   578,674 (848,544)
Gain on sale of other assets and operating properties and equipment   (7,572) (18,596)
Gain on sale of Financial Services' portfolio/businesses   0 (2,528)
Valuation adjustments and write-offs of option deposits and pre-acquisition costs   27,247 16,020
Changes in assets and liabilities:      
(Increase) decrease in receivables   (164,383) 131,282
Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs   (3,894,170) (2,252,820)
Increase in other assets   (110,761) (154,005)
Decrease in loans held-for-sale   318,974 209,262
Increase in accounts payable and other liabilities   180,946 514,007
Net cash provided by operating activities   551,452 1,312,347
Cash flows from investing activities:      
Net additions of operating properties and equipment   (27,534) (39,947)
Proceeds from the sale of operating properties and equipment and other assets   18,247 36,882
Investments in and contributions to unconsolidated entities   (396,734) (354,588)
Distributions of capital from unconsolidated entities   331,801 292,466
Proceeds from sale of investment in consolidated joint venture   0 15,950
Proceeds from sale of commercial mortgage-backed securities bonds   9,191 11,307
Proceeds from sale of Financial Services portfolio/business   0 3,327
Decrease in Financial Services loans held-for-investment, net   18,859 13,249
Purchases of investment securities   (93,769) (121,675)
Proceeds from maturities/sales of investment securities   8,472 11,861
Net cash used in investing activities   (131,467) (131,168)
Cash flows from financing activities:      
Net repayments under warehouse facilities   (238,113) (357,472)
Redemption of senior notes   (575,000) (299,999)
Principal payments on notes payable and other borrowings   (35,542) (165,403)
Proceeds from other borrowings   0 13,973
Proceeds from liabilities related to consolidated inventory not owned   845,408 441,177
Payments related to consolidated inventory not owned   (517,654) (238,273)
Payments related to other liabilities, net   0 (7,142)
Receipts related to noncontrolling interests   30,060 18,575
Payments related to noncontrolling interests   (85,098) (20,859)
Common stock:      
Repurchases   (918,682) (452,508)
Dividends   (329,717) (233,988)
Net cash used in financing activities   (1,824,338) (1,301,919)
Net decrease in cash and cash equivalents and restricted cash   (1,404,353) (120,740)
Cash and cash equivalents and restricted cash at beginning of period   2,955,683 2,932,730
Cash and cash equivalents and restricted cash at end of period 1,551,330 1,551,330 2,811,990
Total cash and cash equivalents and restricted cash 1,551,330 1,551,330 2,811,990
Operating Segments      
Common stock:      
Cash and cash equivalents and restricted cash at end of period 1,551,330 1,551,330 2,811,990
Cash and cash equivalents 1,504,045 1,504,045  
Restricted cash 47,285 47,285  
Total cash and cash equivalents and restricted cash 1,551,330 1,551,330 2,811,990
Homebuilding | Operating Segments      
Common stock:      
Cash and cash equivalents 1,309,364 [1] 1,309,364 [1] 2,623,320
Restricted cash 32,575 [1] 32,575 [1] 21,519
Financial Services | Operating Segments      
Common stock:      
Cash and cash equivalents 143,630 143,630 137,021
Restricted cash 14,710 14,710 11,330
Multifamily | Operating Segments      
Common stock:      
Cash and cash equivalents 40,870 40,870 15,302
Restricted cash 0 0  
Lennar Other | Operating Segments      
Common stock:      
Cash and cash equivalents 10,181 10,181 3,498
Restricted cash $ 0 0  
Lennar Homebuilding and Lennar Multifamily | Operating Segments      
Homebuilding and Multifamily:      
Purchases of inventories and other assets financed by sellers   33,695 139,111
Non-cash contributions to unconsolidated entities   204,911 20,423
Segments Other Than Financial Services | Operating Segments      
Consolidation/deconsolidation of unconsolidated/consolidated entities, net:      
Inventories   (19,800) 0
Other assets   41 0
Investments in unconsolidated entities   (736) 0
Other liabilities   (271) 0
Noncontrolling interests   $ 20,766 $ 0
[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 August 31, 2022, total assets include $1.4 billion related to consolidated VIEs of which $69.4 million is included in Homebuilding cash and cash equivalents, $0.2 million in Homebuilding receivables, net, $63.9 million in Homebuilding finished homes and construction in progress, $741.0 million in Homebuilding land and land under development, $420.9 million in Homebuilding consolidated inventory not owned, $1.0 million in Homebuilding investments in unconsolidated entities, $24.2 million in Homebuilding other assets, $29.4 million in Multifamily assets and $13.5 million in Lennar Other assets.
As of November 30, 2021, total assets include $1.1 billion related to consolidated VIEs of which $60.9 million is included in Homebuilding cash and cash equivalents, $4.4 million in Homebuilding receivables, net, $14.3 million in Homebuilding finished homes and construction in progress, $697.1 million in Homebuilding land and land under development, $239.2 million in Homebuilding consolidated inventory not owned, $1.1 million in Homebuilding investments in unconsolidated entities, $17.4 million in Homebuilding other assets and $80.6 million in Multifamily assets.