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Condensed Consolidated Statements of Cash Flows
$ in Thousands
 3 Months Ended 9 Months Ended
Aug. 31, 2021
USD ($)
Aug. 31, 2021
USD ($)
Aug. 31, 2020
USD ($)
Cash flows from operating activities:      
Net earnings (including net earnings (loss) attributable to noncontrolling interests) $ 1,409,218 $ 3,262,899 $ 1,576,644
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization   65,845 68,771
Amortization of discount/premium on debt, net   (6,257) (18,632)
Equity in (earnings) loss from unconsolidated entities   (64,571) 50,971
Distributions of earnings from unconsolidated entities   40,552 39,036
Share-based compensation expense   105,386 83,799
Deferred income tax expense   288,259 124,906
Loans held-for-sale unrealized loss   26,156 0
Gain on sale of other assets and operating properties and equipment   (18,596) (15,846)
Loss on consolidation   0 4,824
Gain on deconsolidation of previously consolidated entity   0 (61,418)
Valuation adjustments and write-offs of option deposits and pre-acquisition costs   16,020 76,630
Changes in assets and liabilities:      
Decrease in receivables   131,282 264,643
(Increase) decrease in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs   (2,252,820) 113,429
Increase in other assets   (154,005) (124,641)
Decrease in loans held-for-sale   209,262 557,757
Increase in accounts payable and other liabilities   514,007 165,646
Net cash provided by operating activities   1,312,347 2,896,844
Cash flows from investing activities:      
Net additions of operating properties and equipment   (39,959) (42,856)
Proceeds from the sale of operating properties and equipment, other assets   36,882 33,096
Investments in and contributions to unconsolidated entities   (354,588) (412,474)
Distributions of capital from unconsolidated entities   292,466 135,677
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 14,978
Increase in Financial Services loans held-for-investment, net   13,249 2,427
Purchases of investment securities   (121,675) (49,293)
Proceeds from maturities/sales of investment securities   11,861 46,091
Other receipts, net   12 1,639
Net cash used in investing activities   (131,168) (267,467)
Cash flows from financing activities:      
Redemption of senior notes   (299,999) (313,000)
Principal payments on notes payable and other borrowings   (165,403) (550,256)
Proceeds from other borrowings   13,973 70,032
Proceeds from liabilities related to consolidated inventory not owned   441,177 0
Payments related to consolidated inventory not owned   (238,273) 0
(Payments) proceeds related to other liabilities, net   (7,142) 6,559
Receipts related to noncontrolling interests   18,575 175,565
Payments related to noncontrolling interests   (20,859) (29,450)
Common stock:      
Repurchases   (452,508) (318,989)
Dividends   (233,988) (117,112)
Net cash used in financing activities   (1,301,919) (1,865,990)
Net (decrease) increase in cash and cash equivalents and restricted cash   (120,740) 763,387
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 2,811,990 2,811,990 2,232,078
Cash and cash equivalents 2,779,141 2,779,141  
Restricted cash 32,849 32,849  
Total cash and cash equivalents and restricted cash 2,811,990 2,811,990 2,232,078
Homebuilding      
Common stock:      
Cash and cash equivalents 2,623,320 [1] 2,623,320 [1]  
Restricted cash 21,519 [1] 21,519 [1]  
Financial Services      
Common stock:      
Cash and cash equivalents 137,021 137,021  
Restricted cash 11,330 11,330  
Multifamily      
Common stock:      
Cash and cash equivalents 15,302 15,302  
Restricted cash 0 0  
Lennar Other      
Common stock:      
Cash and cash equivalents 3,498 3,498  
Restricted cash 0 0  
Operating Segments      
Common stock:      
Cash and cash equivalents and restricted cash at end of period 2,811,990 2,811,990 2,232,078
Total cash and cash equivalents and restricted cash 2,811,990 2,811,990 2,232,078
Operating Segments | Homebuilding      
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Equity in (earnings) loss from unconsolidated entities (2,391) 3,862 20,077
Common stock:      
Cash and cash equivalents 2,623,320 2,623,320 1,966,796
Restricted cash 21,519 21,519 11,959
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 137,021 137,021 217,442
Restricted cash 11,330 11,330 10,988
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 15,302 15,302 21,591
Operating Segments | Lennar Other      
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Lennar Other realized and unrealized gain (loss) (495,202) (847,377) 0
Common stock:      
Cash and cash equivalents $ 3,498 3,498 3,302
Operating Segments | Lennar Homebuilding and Lennar Multifamily      
Homebuilding and Multifamily:      
Purchases of inventories and other assets financed by sellers   139,111 117,097
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 12,323
Inventories   0 95,476
Operating properties and equipment and other assets   0 6,870
Investments in unconsolidated entities   0 (68,290)
Notes payable   0 (44,924)
Other liabilities   0 (1,455)
Warehouse Repurchase Facility      
Cash flows from financing activities:      
Net repayments under warehouse facilities   $ (357,472) $ (789,339)
[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, 2021, total assets include $1.0 billion related to consolidated VIEs of which $61.1 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, $623.9 million in Homebuilding land and land under development, $284.7 million in Homebuilding consolidated inventory not owned, $1.3 million in Homebuilding investments in unconsolidated entities, $17.1 million in Homebuilding other assets and $17.7 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.