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Supplemental Financial Information
9 Months Ended
Aug. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Supplemental Financial Information
Supplemental Financial Information
The indentures governing the Company’s senior notes require that, if any of the Company’s 100% owned subsidiaries, other than its finance company subsidiaries and foreign subsidiaries, directly or indirectly guarantee at least $75 million principal amount of debt of Lennar Corporation, those subsidiaries must also guarantee Lennar Corporation’s obligations with regard to its senior notes. The entities referred to as "guarantors" in the following tables are subsidiaries that are not finance company subsidiaries or foreign subsidiaries and were guaranteeing the senior notes because at August 31, 2020 they were guaranteeing Lennar Corporation's letter of credit facilities and its Credit Facility, disclosed in Note 7 of the Notes to the Condensed Consolidated Financial Statements. The guarantees are full, unconditional and joint and several and the guarantor subsidiaries are 100% directly or indirectly owned by Lennar Corporation. A subsidiary's guarantee of Lennar senior notes will be suspended at any time when it is not directly or indirectly guaranteeing at least $75 million principal amount of debt of Lennar Corporation, and a subsidiary will be released from its guarantee and any other obligations it may have regarding the senior notes if all or substantially all its assets, or all of its capital stock, are sold or otherwise disposed of.
For purposes of the condensed consolidating statement of cash flows included in the following supplemental financial information, the Company's accounting policy is to treat cash received by Lennar Corporation (the "Parent") from its subsidiaries, to the extent of net earnings from such subsidiaries as a dividend and accordingly a return on investment within cash flows from operating activities. Distributions of capital received by the Parent from its subsidiaries are reflected as cash flows from investing activities. The cash outflows associated with the return on investment dividends and distributions of capital received by the Parent are reflected by the Guarantor and Non-Guarantor subsidiaries in the Dividends line item within cash flows from financing activities. All other cash flows between the Parent and its subsidiaries represent the settlement of receivables and payables between such entities in conjunction with the Parent's centralized cash management arrangement with its subsidiaries, which operates with the characteristics of a revolving credit facility, and are accordingly reflected net in the Intercompany line item within cash flows from investing activities for the Parent and net in the Intercompany line item within cash flows from financing activities for the Guarantor and Non-Guarantor subsidiaries.
Supplemental information for the subsidiaries that were guarantor subsidiaries at August 31, 2020 was as follows:
Condensed Consolidating Balance Sheet
August 31, 2020
(In thousands)
Lennar
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating Adjustments
 
Total
ASSETS
 
 
 
 
 
 
 
 
 
Homebuilding:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents, restricted cash and receivables, net
$
1,645,161

 
602,845

 
26,707

 

 
2,274,713

Inventories

 
17,174,841

 
496,421

 

 
17,671,262

Investments in unconsolidated entities

 
938,584

 
2,111

 

 
940,695

Goodwill

 
3,442,359

 

 

 
3,442,359

Other assets
397,033

 
413,928

 
362,541

 
(36,365
)
 
1,137,137

Investments in subsidiaries
10,166,689

 
43,534

 

 
(10,210,223
)
 

Intercompany
12,272,981

 

 

 
(12,272,981
)
 

 
24,481,864

 
22,616,091

 
887,780

 
(22,519,569
)
 
25,466,166

Financial Services

 
287,907

 
1,923,928

 
(2,286
)
 
2,209,549

Multifamily

 

 
1,184,086

 

 
1,184,086

Lennar Other

 
193,874

 
282,728

 
(21,118
)
 
455,484

Total assets
$
24,481,864

 
23,097,872

 
4,278,522

 
(22,542,973
)
 
29,315,285

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Homebuilding:
 
 
 
 
 
 
 
 
 
Accounts payable and other liabilities
$
773,363

 
2,033,906

 
337,088

 
(59,769
)
 
3,084,588

Liabilities related to consolidated inventory not owned

 
324,544

 

 


 
324,544

Senior notes and other debts payable
6,536,398

 
525,482

 
118,394

 


 
7,180,274

Intercompany

 
9,924,870

 
2,348,111

 
(12,272,981
)
 

 
7,309,761

 
12,808,802

 
2,803,593

 
(12,332,750
)
 
10,589,406

Financial Services

 
30,921

 
1,166,926

 

 
1,197,847

Multifamily

 

 
236,059

 

 
236,059

Lennar Other

 

 
11,628

 

 
11,628

Total liabilities
7,309,761

 
12,839,723

 
4,218,206

 
(12,332,750
)
 
12,034,940

Total stockholders’ equity
17,172,103

 
10,258,149

 
(47,926
)
 
(10,210,223
)
 
17,172,103

Noncontrolling interests

 

 
108,242

 

 
108,242

Total equity
17,172,103

 
10,258,149

 
60,316

 
(10,210,223
)
 
17,280,345

Total liabilities and equity
$
24,481,864

 
23,097,872

 
4,278,522

 
(22,542,973
)
 
29,315,285


Condensed Consolidating Balance Sheet
November 30, 2019
(In thousands)
Lennar
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating Adjustments
 
Total
ASSETS
 
 
 
 
 
 
 
 
 
Homebuilding:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents, restricted cash and receivables, net
$
722,172

 
794,588

 
22,894

 

 
1,539,654

Inventories

 
17,396,139

 
380,368

 

 
17,776,507

Investments in unconsolidated entities

 
1,006,541

 
2,494

 

 
1,009,035

Goodwill

 
3,442,359

 

 

 
3,442,359

Other assets
344,941

 
500,356

 
217,607

 
(41,220
)
 
1,021,684

Investments in subsidiaries
10,453,165

 
26,773

 

 
(10,479,938
)
 

Intercompany
12,027,996

 

 

 
(12,027,996
)
 

 
23,548,274

 
23,166,756

 
623,363

 
(22,549,154
)
 
24,789,239

Financial Services

 
275,812

 
2,731,285

 
(1,073
)
 
3,006,024

Multifamily

 

 
1,068,831

 

 
1,068,831

Lennar Other

 
158,194

 
339,988

 
(2,765
)
 
495,417

Total assets
$
23,548,274

 
23,600,762

 
4,763,467

 
(22,552,992
)

29,359,511

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Homebuilding:
 
 
 
 
 
 
 
 
 
Accounts payable and other liabilities
$
760,981

 
1,935,366

 
318,845

 
(45,058
)
 
2,970,134

Liabilities related to consolidated inventory not owned

 
260,266

 

 

 
260,266

Senior notes and other debts payable
6,837,776

 
885,783

 
53,079

 

 
7,776,638

Intercompany

 
10,122,374

 
1,905,622

 
(12,027,996
)
 

 
7,598,757

 
13,203,789

 
2,277,546

 
(12,073,054
)
 
11,007,038

Financial Services

 
40,235

 
2,016,215

 

 
2,056,450

Multifamily

 

 
232,155

 

 
232,155

Lennar Other

 

 
30,038

 

 
30,038

Total liabilities
7,598,757

 
13,244,024

 
4,555,954

 
(12,073,054
)
 
13,325,681

Total stockholders’ equity
15,949,517

 
10,356,738

 
123,200

 
(10,479,938
)
 
15,949,517

Noncontrolling interests

 

 
84,313

 

 
84,313

Total equity
15,949,517

 
10,356,738

 
207,513

 
(10,479,938
)
 
16,033,830

Total liabilities and equity
$
23,548,274

 
23,600,762

 
4,763,467

 
(22,552,992
)
 
29,359,511


Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)
Three Months Ended August 31, 2020
(In thousands)
Lennar
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating Adjustments
 
Total
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
$

 
5,493,155

 
11,965

 

 
5,505,120

Financial Services

 
40,163

 
202,882

 
(5,977
)
 
237,068

Multifamily

 

 
115,170

 

 
115,170

Lennar Other

 

 
12,896

 

 
12,896

Total revenues

 
5,533,318

 
342,913

 
(5,977
)
 
5,870,254

Cost and expenses:
 
 
 
 
 
 
 
 
 
Homebuilding

 
4,659,970

 
13,424

 
(236
)
 
4,673,158

Financial Services

 
19,262

 
89,414

 
(6,687
)
 
101,989

Multifamily

 

 
118,786

 

 
118,786

Lennar Other

 
232

 
1,830

 

 
2,062

Corporate general and administrative
88,977

 
2,419

 

 
1,265

 
92,661

Total costs and expenses
88,977


4,681,883


223,454


(5,658
)

4,988,656

Homebuilding equity in earnings (loss) from unconsolidated entities

 
(6,557
)
 
126

 

 
(6,431
)
Homebuilding other income (expense), net
(319
)
 
(12,722
)
 
935

 
319

 
(11,787
)
Multifamily equity in loss from unconsolidated entities and other gain

 

 
(1,532
)
 

 
(1,532
)
Lennar Other equity in earnings (loss) from unconsolidated entities

 
(4,145
)
 
1,956

 

 
(2,189
)
Lennar Other income (expense), net

 
437

 
(1,083
)
 

 
(646
)
Earnings (loss) before income taxes
(89,296
)
 
828,448

 
119,861

 

 
859,013

Benefit (provision) for income taxes
20,823

 
(182,045
)
 
(28,468
)
 

 
(189,690
)
Equity in earnings from subsidiaries
734,891

 
81,609

 

 
(816,500
)
 

Net earnings (including net earnings attributable to noncontrolling interests)
666,418

 
728,012

 
91,393

 
(816,500
)
 
669,323

Less: Net earnings attributable to noncontrolling interests

 

 
2,905

 

 
2,905

Net earnings attributable to Lennar
$
666,418

 
728,012

 
88,488

 
(816,500
)
 
666,418

Other comprehensive income, net of tax:
 
 
 
 
 
 
 
 
 
Net unrealized gain on securities available-for-sale
$

 

 
175

 

 
175

Total other comprehensive income, net of tax
$

 

 
175

 

 
175

Total comprehensive income attributable to Lennar
$
666,418

 
728,012

 
88,663

 
(816,500
)
 
666,593

Total comprehensive income attributable to noncontrolling interests
$

 

 
2,905

 

 
2,905


Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)
Three Months Ended August 31, 2019
(In thousands)
Lennar
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating Adjustments
 
Total
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
$

 
5,413,602

 
25,396

 

 
5,438,998

Financial Services

 
36,409

 
192,960

 
(4,867
)
 
224,502

Multifamily

 

 
183,958

 

 
183,958

Lennar Other

 

 
9,600

 

 
9,600

Total revenues

 
5,450,011

 
411,914

 
(4,867
)
 
5,857,058

Cost and expenses:
 
 
 
 
 
 
 
 
 
Homebuilding

 
4,758,852

 
24,009

 
(929
)
 
4,781,932

Financial Services

 
17,707

 
137,148

 
(5,051
)
 
149,804

Multifamily

 

 
181,616

 

 
181,616

Lennar Other

 

 
2,734

 

 
2,734

Corporate general and administrative
86,846

 
4,503

 

 
1,266

 
92,615

Total costs and expenses
86,846

 
4,781,062

 
345,507

 
(4,714
)
 
5,208,701

Homebuilding equity in loss from unconsolidated entities

 
(10,455
)
 
(4
)
 

 
(10,459
)
Homebuilding other income (expense), net
(153
)
 
7,101

 
5,274

 
153

 
12,375

Multifamily equity in earnings from unconsolidated entities and other gain

 

 
7,883

 

 
7,883

Lennar Other equity in earnings from unconsolidated entities

 
561

 
8,342

 

 
8,903

Lennar Other income, net

 

 
24

 

 
24

Earnings (loss) before income taxes
(86,999
)
 
666,156

 
87,926

 

 
667,083

Benefit (provision) for income taxes
19,816

 
(151,808
)
 
(22,448
)
 

 
(154,440
)
Equity in earnings from subsidiaries
580,549

 
42,876

 

 
(623,425
)
 

Net earnings (including net loss attributable to noncontrolling interests)
513,366

 
557,224

 
65,478

 
(623,425
)
 
512,643

Less: Net loss attributable to noncontrolling interests

 

 
(723
)
 

 
(723
)
Net earnings attributable to Lennar
$
513,366

 
557,224

 
66,201

 
(623,425
)
 
513,366

Other comprehensive income, net of tax:
 
 
 
 
 
 
 
 
 
Net unrealized gain on securities available-for-sale
$

 

 
180

 

 
180

Total other comprehensive income, net of tax
$

 

 
180

 

 
180

Total comprehensive income attributable to Lennar
$
513,366

 
557,224

 
66,381

 
(623,425
)
 
513,546

Total comprehensive loss attributable to noncontrolling interests
$

 

 
(723
)
 

 
(723
)

Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)
Nine Months Ended August 31, 2020
(In thousands)
Lennar
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating Adjustments
 
Total
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
$

 
14,589,155

 
37,565

 

 
14,626,720

Financial Services

 
104,691

 
545,247

 
(17,946
)
 
631,992

Multifamily

 

 
370,904

 

 
370,904

Lennar Other

 

 
33,348

 

 
33,348

Total revenues

 
14,693,846

 
987,064

 
(17,946
)
 
15,662,964

Cost and expenses:
 
 
 
 
 
 
 
 
 
Homebuilding

 
12,647,627

 
44,071

 
(7,403
)
 
12,684,295

Financial Services

 
56,861

 
320,141

 
(13,314
)
 
363,688

Multifamily

 

 
379,607

 

 
379,607

Lennar Other

 
232

 
3,332

 

 
3,564

Corporate general and administrative
253,531

 
5,632

 

 
3,796

 
262,959

Total costs and expenses
253,531

 
12,710,352

 
747,151

 
(16,921
)
 
13,694,113

Homebuilding equity in earnings (loss) from unconsolidated entities

 
(20,513
)
 
436

 

 
(20,077
)
 Homebuilding other income (expense), net
(1,025
)
 
(20,961
)
 
4,116

 
1,025

 
(16,845
)
Financial Services gain on deconsolidation

 
61,418

 

 

 
61,418

Multifamily equity in earnings from unconsolidated entities and other gain

 

 
4,702

 

 
4,702

Lennar Other equity in loss from unconsolidated entities

 
(12,997
)
 
(15,715
)
 

 
(28,712
)
Lennar Other income (expense), net

 
443

 
(10,638
)
 

 
(10,195
)
Earnings (loss) before income taxes
(254,556
)
 
1,990,884

 
222,814

 

 
1,959,142

Benefit (provision) for income taxes
49,562

 
(373,756
)
 
(58,304
)
 

 
(382,498
)
Equity in earnings from subsidiaries
1,787,270

 
162,444

 

 
(1,949,714
)
 

Net earnings (including net earnings (loss) attributable to noncontrolling interests)
1,582,276

 
1,779,572

 
164,510

 
(1,949,714
)
 
1,576,644

Less: Net earnings (loss) attributable to noncontrolling interests

 

 
(5,632
)
 

 
(5,632
)
Net earnings attributable to Lennar
$
1,582,276

 
1,779,572

 
170,142

 
(1,949,714
)
 
1,582,276

Other comprehensive loss, net of tax:
 
 
 
 
 
 
 
 
 
Net unrealized loss on securities available-for-sale
$

 


(209
)


 
(209
)
Reclassification adjustments for gain included in earnings, net of tax

 


(452
)


 
(452
)
Total other comprehensive loss, net of tax
$

 

 
(661
)
 

 
(661
)
Total comprehensive income attributable to Lennar
$
1,582,276

 
1,779,572

 
169,481

 
(1,949,714
)
 
1,581,615

Total comprehensive loss attributable to noncontrolling interests
$

 

 
(5,632
)
 

 
(5,632
)

Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)
Nine Months Ended August 31, 2019
(In thousands)
Lennar
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating Adjustments
 
Total
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
$

 
14,202,932

 
55,386

 

 
14,258,318

Financial Services

 
121,679

 
464,938

 
(14,588
)
 
572,029

Multifamily

 

 
428,764

 

 
428,764

Lennar Other

 

 
28,919

 

 
28,919

Total revenues

 
14,324,611

 
978,007

 
(14,588
)
 
15,288,030

Cost and expenses:
 
 
 
 
 
 
 
 
 
Homebuilding

 
12,546,016

 
55,910

 
6,100

 
12,608,026

Financial Services

 
76,914

 
368,926

 
(23,698
)
 
422,142

Multifamily

 

 
431,510

 

 
431,510

Lennar Other

 

 
7,550

 

 
7,550

Corporate general and administrative
238,696

 
5,579

 

 
3,796

 
248,071

Total costs and expenses
238,696

 
12,628,509

 
863,896

 
(13,802
)
 
13,717,299

Homebuilding equity in earnings (loss) from unconsolidated entities

 
(4,869
)
 
268

 

 
(4,601
)
Homebuilding other income (expense), net
(783
)
 
(43,845
)
 
8,517

 
786

 
(35,325
)
Multifamily equity in earnings from unconsolidated entities and other gain

 

 
15,446

 

 
15,446

Lennar Other equity in earnings (loss) from unconsolidated entities

 
(7,024
)
 
19,279

 

 
12,255

Lennar Other expense, net

 

 
(12,900
)
 

 
(12,900
)
Earnings (loss) before income taxes
(239,479
)
 
1,640,364

 
144,721

 

 
1,545,606

Benefit (provision) for income taxes
57,906

 
(394,383
)
 
(38,193
)
 

 
(374,670
)
Equity in earnings from subsidiaries
1,356,321

 
76,352

 

 
(1,432,673
)
 

Net earnings (including net loss attributable to noncontrolling interests)
1,174,748

 
1,322,333

 
106,528

 
(1,432,673
)
 
1,170,936

Less: Net loss attributable to noncontrolling interests

 

 
(3,812
)
 

 
(3,812
)
Net earnings attributable to Lennar
$
1,174,748

 
1,322,333

 
110,340

 
(1,432,673
)
 
1,174,748

Other comprehensive income, net of tax:
 
 
 
 
 
 
 
 
 
Net unrealized gain on securities available-for-sale
$

 

 
949

 

 
949

Reclassification adjustments for loss included in earnings, net of tax

 

 
(176
)
 

 
(176
)
Total other comprehensive income, net of tax
$

 

 
773

 

 
773

Total comprehensive income attributable to Lennar
$
1,174,748

 
1,322,333

 
111,113

 
(1,432,673
)
 
1,175,521

Total comprehensive loss attributable to noncontrolling interests
$

 

 
(3,812
)
 

 
(3,812
)

Condensed Consolidating Statement of Cash Flows
Nine Months Ended August 31, 2020
(In thousands)
Lennar
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating Adjustments
 
Total
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Net earnings (including net loss attributable to noncontrolling interests)
$
1,582,276

 
1,779,572

 
164,510

 
(1,949,714
)
 
1,576,644

Distributions of earnings from guarantor and non-guarantor subsidiaries
1,787,270

 
162,444

 

 
(1,949,714
)
 

Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by operating activities
(1,757,490
)
 
395,502

 
732,474

 
1,949,714

 
1,320,200

Net cash provided by operating activities
1,612,056

 
2,337,518

 
896,984

 
(1,949,714
)
 
2,896,844

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Investments in and contributions to unconsolidated entities/deconsolidation of a previously consolidated entity, net of distributions of capital

 
(71,695
)
 
(205,102
)
 

 
(276,797
)
Proceeds from the sales of operating properties and equipment and other assets

 
33,096

 

 

 
33,096

Other
(3,414
)
 
32,229

 
(52,581
)
 

 
(23,766
)
Distributions of capital from guarantor and non-guarantor subsidiaries
100,000

 
50,000

 

 
(150,000
)
 

Intercompany
(62,896
)
 

 

 
62,896

 

Net cash provided by (used in) investing activities
33,690

 
43,630

 
(257,683
)
 
(87,104
)
 
(267,467
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Net borrowings (repayments) under unsecured revolving credit facilities

 
1,476

 
(790,815
)
 

 
(789,339
)
Net borrowings (repayments) on senior notes, other borrowings, other liabilities, and other notes payable
(280,630
)
 
(481,524
)
 
121,604

 

 
(640,550
)
Common stock:
 
 
 
 
 
 
 
 

Repurchases
(318,989
)
 

 

 

 
(318,989
)
Dividends
(117,112
)
 
(1,879,572
)
 
(220,142
)
 
2,099,714

 
(117,112
)
Intercompany

 
(185,180
)
 
248,076

 
(62,896
)
 

Net cash used in financing activities
(716,731
)
 
(2,544,800
)
 
(641,277
)
 
2,036,818

 
(1,865,990
)
Net increase (decrease) in cash and cash equivalents and restricted cash
929,015

 
(163,652
)
 
(1,976
)
 

 
763,387

Cash and cash equivalents and restricted cash at beginning of period
713,828

 
532,304

 
222,559

 

 
1,468,691

Cash and cash equivalents and restricted cash at end of period
$
1,642,843

 
368,652

 
220,583

 

 
2,232,078



Condensed Consolidating Statement of Cash Flows
Nine Months Ended August 31, 2019
(In thousands)
Lennar
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating Adjustments
 
Total
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Net earnings (including net loss attributable to noncontrolling interests)
$
1,174,748

 
1,322,333

 
106,528

 
(1,432,673
)
 
1,170,936

Distributions of earnings from guarantor and non-guarantor subsidiaries
1,356,321

 
76,352

 

 
(1,432,673
)
 

Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by operating activities
(1,261,601
)
 
(1,342,672
)
 
298,957

 
1,432,673

 
(872,643
)
Net cash provided by operating activities
1,269,468

 
56,013

 
405,485

 
(1,432,673
)
 
298,293

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Investments in and contributions to unconsolidated entities and consolidated entities, net of distributions of capital

 
(135,395
)
 
55,802

 

 
(79,593
)
Proceeds from sales of real estate owned

 

 
8,560

 

 
8,560

Proceeds from sale of investment in unconsolidated entities

 

 
17,790

 

 
17,790

Proceeds from sales of Financial Services' business

 
21,517

 
2,929

 

 
24,446

Other
(2,164
)
 
34,935

 
(43,331
)
 

 
(10,560
)
Intercompany
(1,256,112
)
 

 

 
1,256,112

 

Net cash provided by (used in) investing activities
(1,258,276
)
 
(78,943
)
 
41,750

 
1,256,112

 
(39,357
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Net borrowings under unsecured revolving credit facilities
700,000

 

 

 

 
700,000

Net repayments under warehouse facilities

 
(9
)
 
(423,114
)
 

 
(423,123
)
Net borrowings (repayments) on convertible senior notes, other borrowings, other liabilities, and other notes payable
(500,000
)
 
(117,444
)
 
21,521

 

 
(595,923
)
Net repayments related to noncontrolling interests

 

 
(8,294
)
 

 
(8,294
)
Common stock:
 
 
 
 
 
 
 
 

Issuances
388

 

 

 

 
388

Repurchases
(419,322
)
 

 

 

 
(419,322
)
Dividends
(38,776
)
 
(1,322,333
)
 
(110,340
)
 
1,432,673

 
(38,776
)
Intercompany

 
1,181,304

 
74,808

 
(1,256,112
)
 

Net cash used in financing activities
(257,710
)
 
(258,482
)
 
(445,419
)
 
176,561

 
(785,050
)
Net increase (decrease) in cash and cash equivalents and restricted cash
(246,518
)
 
(281,412
)
 
1,816

 

 
(526,114
)
Cash and cash equivalents and restricted cash at beginning of period
624,694

 
721,603

 
249,681

 

 
1,595,978

Cash and cash equivalents and restricted cash at end of period
$
378,176

 
440,191

 
251,497

 

 
1,069,864