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Condensed Consolidated Statements of Cash Flows
$ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2021
USD ($)
May 31, 2021
USD ($)
May 31, 2020
USD ($)
Cash flows from operating activities:      
Net earnings (including net earnings (loss) attributable to noncontrolling interests) $ 836,772 $ 1,853,681 $ 907,321
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization   44,743 44,464
Amortization of discount/premium and accretion on debt, net   (4,718) (13,839)
Equity in (earnings) loss from unconsolidated entities   (67,618) 40,355
Distributions of earnings from unconsolidated entities   15,594 38,000
Share-based compensation expense   80,635 55,141
Deferred income tax expense   136,636 79,738
Loans held-for-sale unrealized loss   30,352 2,223
Gain on sale of other assets and operating properties and equipment   (18,596) (13,126)
Gain on deconsolidation of previously consolidated entity   0 (61,418)
Valuation adjustments and write-offs of option deposits and pre-acquisition costs   13,576 65,098
Changes in assets and liabilities:      
Decrease (increase) in receivables   117,910 (7,758)
Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs   (1,576,420) (159,138)
Increase in other assets   (180,914) (148,087)
Decrease in loans held-for-sale   444,413 479,360
Increase in accounts payable and other liabilities   184,716 12,144
Net cash provided by operating activities   718,120 1,310,803
Cash flows from investing activities:      
Net additions of operating properties and equipment   (24,362) (25,731)
Proceeds from Sale of Property, Plant, and Equipment   32,002 29,727
Investments in and contributions to unconsolidated entities   (282,203) (302,784)
Distributions of capital from unconsolidated entities   231,545 115,093
Proceeds from sale of investment in consolidated joint venture   15,950 0
Proceeds from sale of commercial mortgage-backed securities bonds   11,307 3,248
Proceeds from sale of Financial Services' portfolio/business   3,327 9,096
(Increase) decrease in Financial Services loans held-for-investment, net   (3,864) 143
Purchases of investment securities   (43,698) (29,642)
Proceeds from maturities/sales of investment securities   9,916 25,138
Other receipts, net   8 1,670
Net cash used in investing activities   (50,072) (174,042)
Cash flows from financing activities:      
Redemption of senior notes   0 (300,000)
Principal payments on notes payable and other borrowings   (114,964) (174,382)
Proceeds from other borrowings   13,973 59,139
Proceeds from liabilities related to consolidated inventory not owned   301,869 0
Payments related to consolidated inventory not owned   (149,686) 0
Proceeds related to other liabilities, net   0 3,567
Receipts related to noncontrolling interests   13,905 169,061
Payments related to noncontrolling interests   (17,226) (21,501)
Common stock:      
Repurchases   (173,644) (296,093)
Dividends   (156,326) (78,145)
Net cash used in financing activities   (817,833) (948,570)
Net (decrease) increase in cash and cash equivalents and restricted cash   (149,785) 188,191
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 2,782,945 2,782,945 1,656,882
Cash and cash equivalents 2,737,580 2,737,580  
Restricted cash 45,365 45,365  
Total cash and cash equivalents and restricted cash 2,782,945 2,782,945 1,656,882
Homebuilding      
Common stock:      
Cash and cash equivalents 2,581,583 [1] 2,581,583 [1]  
Restricted cash 35,637 [1] 35,637 [1]  
Financial Services      
Common stock:      
Cash and cash equivalents 130,528 130,528  
Restricted cash 9,728 9,728  
Multifamily      
Common stock:      
Cash and cash equivalents 22,395 22,395  
Restricted cash 0 0  
Lennar Other      
Common stock:      
Cash and cash equivalents 3,074 3,074  
Restricted cash 0 0  
Operating Segments      
Common stock:      
Cash and cash equivalents and restricted cash at end of period 2,782,945 2,782,945 1,656,882
Total cash and cash equivalents and restricted cash 2,782,945 2,782,945 1,656,882
Operating Segments | Homebuilding      
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Equity in (earnings) loss from unconsolidated entities 1,688 6,253 13,646
Common stock:      
Cash and cash equivalents 2,581,583 2,581,583 1,398,682
Restricted cash 35,637 35,637 9,569
Operating Segments | Financial Services      
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Gain on deconsolidation of previously consolidated entity 0 0 (61,418)
Gain on sale of Financial Services' portfolio/businesses   (2,528) (5,014)
Common stock:      
Cash and cash equivalents 130,528 130,528 224,229
Restricted cash 9,728 9,728 5,392
Consolidation/deconsolidation of unconsolidated/consolidated entities, net:      
Assets   0 217,565
Liabilities   0 (115,175)
Noncontrolling interests   0 (102,390)
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   (1,167) (4,661)
Common stock:      
Cash and cash equivalents 22,395 22,395 13,061
Operating Segments | Lennar Other      
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Lennar Other realized and unrealized gain (loss) 117,570 (352,175) 0
Common stock:      
Cash and cash equivalents $ 3,074 3,074 5,949
Lennar Other (non-cash impacts from sale of solar platform):      
Non-cash increase in investment in equity securities   127,094 0
Non-cash increase in receivables   64,683 0
Non-cash increase in other liabilities   (40,302) 0
Operating Segments | Lennar Homebuilding and Lennar Multifamily      
Homebuilding and Multifamily:      
Purchases of inventories and other assets financed by sellers   138,963 102,982
Non-cash contributions to unconsolidated entities   20,423 13,859
Operating Segments | Segments Other Than Financial Services      
Consolidation/deconsolidation of unconsolidated/consolidated entities, net:      
Noncontrolling interests   0 29,402
Inventories   0 (35,959)
Operating properties and equipment and other assets   0 6,375
Other liabilities   0 182
Warehouse Repurchase Facility      
Cash flows from financing activities:      
Net repayments under warehouse facilities   $ (535,734) $ (310,216)
[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 May 31, 2021, total assets include $940.6 million related to consolidated VIEs of which $39.0 million is included in Homebuilding cash and cash equivalents, $15.3 million in Homebuilding restricted cash, $14.3 million in Homebuilding finished homes and construction in progress, $564.7 million in Homebuilding land and land under development, $260.6 million in Homebuilding consolidated inventory not owned, $1.3 million in Homebuilding investments in unconsolidated entities, $27.2 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.