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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Nov. 30, 2021
Nov. 30, 2020
Nov. 30, 2019
Cash flows from operating activities:      
Net earnings (including net earnings (loss) attributable to noncontrolling interests) $ 4,456,549 $ 2,467,553 $ 1,842,119
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 85,954 94,553 92,200
Amortization of discount/premium on debt, net (6,775) (24,775) (26,210)
Equity in (earnings) loss from unconsolidated entities (48,993) 22,127 (2,528)
Distributions of earnings from unconsolidated entities 45,984 62,073 12,753
Share-based compensation expense 134,621 107,131 86,940
Deferred income tax expense 191,627 92,082 235,493
Unrealized Gain (Loss) on Financing Receivables, Held-for-sale 14,449 (21,765) (4,891)
Loss on Extinguishment of Debt (2,204) 7,997 0
(Gain) loss on sale of other assets, operating properties and equipment, CMBS bonds, other liabilities and real estate owned (27,678) (8,626) (23,124)
(Gain) loss on deconsolidation/consolidation of an entity 0 (56,594) 48,874
Valuation adjustments and write-offs of option deposits and pre-acquisition costs, other receivables and other assets 25,696 117,825 56,125
Changes in assets and liabilities:      
(Increase) decrease in receivables (289,776) 25,868 312,255
(Increase) decrease in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs (1,960,614) 781,362 (623,644)
(Increase) decrease in other assets (121,036) 90,534 (69,699)
(Increase) decrease in loans held-for-sale (160,785) 176,617 (426,448)
Increase (decrease) in accounts payable and other liabilities 881,309 266,488 (14,639)
Net cash provided by operating activities 2,532,774 4,190,819 1,482,343
Cash flows from investing activities:      
Net additions to operating properties and equipment (65,172) (72,752) (86,497)
Proceeds from the sale of operating properties and equipment, other assets, CMBS bonds and real estate owned 41,551 33,934 79,307
Proceeds from Divestiture of Interest in Joint Venture 32,340 0 17,790
Investments in and contributions to unconsolidated entities/deconsolidation of previously consolidated entity (408,183) (486,217) (436,325)
Distributions of capital from unconsolidated and consolidated entities 362,181 220,713 405,677
Proceeds from sale of commercial mortgage-backed securities bonds 11,307 3,248 0
Receipts of principal payments on loans receivable and other 0 0 2,382
Decrease (increase) in Financial Services loans held-for-investment, net 29,397 (3,122) (3,516)
Purchases of investment securities (128,162) (45,548) (36,261)
Proceeds from maturities/sales of investment securities 16,312 52,918 52,593
Other receipts, net 16 1,643 0
Net cash (used in) provided by investing activities (105,086) (280,205) 19,596
Cash flows from financing activities:      
Redemption of senior notes (1,159,851) (1,499,999) (1,101,288)
Principal payments on notes payable and other borrowings (195,212) (604,995) (189,479)
Proceeds from other borrowings 13,973 92,688 88,751
Proceeds from other liabilities 694,185 346,406 0
Payments for Turn of Inventory Not Owned, Financing Activities (350,583) 0 0
(Payments) proceeds related to other liabilities, net 25,564 (116,541) (3,850)
Receipts related to noncontrolling interests 69,675 176,617 27,859
Payments related to noncontrolling interests (24,605) (42,349) (43,734)
Common stock:      
Issuances 0 0 493
Repurchases (1,430,212) (321,524) (523,074)
Dividends (309,776) (195,043) (51,454)
Net cash used in financing activities (2,404,735) (2,446,575) (1,629,224)
Net increase (decrease) in cash and cash equivalents 22,953 1,464,039 (127,285)
Summary of cash and cash equivalents and restricted cash:      
Cash and cash equivalents and restricted cash at beginning of year 2,932,730 1,468,691 1,595,976
Cash and cash equivalents and restricted cash at end of year 2,955,683 2,932,730 1,468,691
Supplemental disclosures of cash flow information:      
Cash paid for interest, net of amounts capitalized 47,720 97,336 49,870
Cash paid for income taxes, net 1,140,858 402,180 261,445
Supplemental disclosures of non-cash investing and financing activities:      
Purchases of inventories, land under development and other assets financed by sellers 141,319 120,796 101,300
Net non-cash contributions (distributions) to unconsolidated entities 27,880 97,281 156,075
Non-cash sale of operating properties and equipment and other assets 0 0 48,671
Non-cash right of use assets recognized due to adoption of ASU 2016-02 0 150,702 0
Non-cash lease liabilities recognized due to adoption of ASU 2016-02 0 159,717 0
Homebuilding      
Summary of cash and cash equivalents and restricted cash:      
Cash and cash equivalents 2,735,213 [1] 2,703,986 [1] 1,200,832
Restricted cash 21,927 [1] 15,211 [1] 9,698
Lennar Other      
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Unrealized Gain (Loss) on Investments (680,576) 0 0
Summary of cash and cash equivalents and restricted cash:      
Cash and cash equivalents 2,660 3,918 2,340
Restricted cash 0 0 975
Financial Services      
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Gain on sale of businesses (3,811) (5,014) (2,368)
Cash flows from investing activities:      
Proceeds from sale of business 3,327 14,978 24,446
Summary of cash and cash equivalents and restricted cash:      
Cash and cash equivalents 167,021 116,171 234,113
Restricted cash 12,012 54,481 12,022
Consolidation/deconsolidation of unconsolidated/consolidated entities, net:      
Financial Services assets 0 (217,565) 0
Financial Services liabilities 0 115,175 0
Noncontrolling interests 0 102,390 0
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) (4,617) (10,865)
Summary of cash and cash equivalents and restricted cash:      
Cash and cash equivalents 16,850 38,963 8,711
Segments Other Than Financial Services      
Consolidation/deconsolidation of unconsolidated/consolidated entities, net:      
Noncontrolling interests 0 12,323 (8,894)
Inventories 0 95,476 187,506
Receivables 0 0 102,959
Operating properties and equipment and other assets 0 6,870 53,412
Investments in unconsolidated entities 0 (68,290) 67,925
Notes payable 0 (44,924) (383,212)
Other liabilities 0 (1,455) (19,696)
Warehouse Repurchase Facility      
Cash flows from financing activities:      
Net (repayments) borrowings under lines of credit $ 262,107 $ (281,835) $ 166,552
[1] Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations, ("ASC 810") the Company is required to separately disclose on its consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company.
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.
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.