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Condensed Consolidated Statements of Cash Flows
$ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2023
USD ($)
May 31, 2023
USD ($)
May 31, 2022
USD ($)
Cash flows from operating activities:      
Net earnings (including net earnings attributable to noncontrolling interests) $ 877,742 $ 1,477,050 $ 1,831,873
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization   44,039 39,519
Amortization of discount/premium on debt, net   (1,691) (959)
Equity in loss from unconsolidated entities   80,942 21,559
Distributions of earnings from unconsolidated entities   16,657 11,050
Share-based compensation expense   126,731 116,510
Deferred income tax benefit   (131,520) (82,461)
Gain on repurchases of senior notes   (724) 0
Loans held-for-sale unrealized loss   23,563 27,037
Lennar Other unrealized (gains) losses from technology investments and other (gains) losses   1,000 482,829
Gain on sale of other assets and operating properties and equipment   (3,726) (7,572)
Valuation adjustments and write-offs of option deposits, pre-acquisition costs and other assets   85,117 14,611
Changes in assets and liabilities:      
Decrease in receivables   435,880 126,247
(Increase) decrease in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs   10,741 (3,114,358)
Increase in other assets   (111,955) (26,053)
Decrease in loans held-for-sale   577,891 336,083
(Decrease) increase in accounts payable and other liabilities   (991,319) 276,695
Net cash provided by operating activities   1,638,676 52,610
Cash flows from investing activities:      
Net additions of operating properties and equipment   (31,268) (10,866)
Proceeds from the sale of operating properties and equipment and other assets   7,762 18,247
Investments in and contributions to unconsolidated entities   (108,306) (261,372)
Distributions of capital from unconsolidated entities   46,499 239,123
Proceeds from sale of commercial mortgage-backed securities bonds   0 9,191
Decrease in Financial Services loans held-for-investment   8,882 16,576
Purchases of investment securities   (7,000) (78,769)
Proceeds from maturities/sales of investment securities   2,859 3,102
Net cash used in investing activities   (80,572) (64,768)
Cash flows from financing activities:      
Net repayments under warehouse facilities   (978,053) (404,060)
Repurchases of senior notes   (157,764) 0
Principal payments on notes payable and other borrowings   (34,515) (22,600)
Proceeds from liabilities related to consolidated inventory not owned   186,889 557,498
Payments related to consolidated inventory not owned   (372,687) (347,017)
Payments related to other liabilities, net   (2,621) 0
Receipts related to noncontrolling interests   4,918 18,095
Payments related to noncontrolling interests   (20,623) (65,521)
Common stock:      
Repurchases   (465,297) (905,543)
Dividends   (218,277) (220,968)
Net cash used in financing activities   (2,058,030) (1,390,116)
Net decrease in cash and cash equivalents and restricted cash   (499,926) (1,402,274)
Cash and cash equivalents and restricted cash at beginning of period   4,815,770 2,955,683
Cash and cash equivalents and restricted cash at end of period 4,315,844 4,315,844 1,553,409
Total cash and cash equivalents and restricted cash 4,315,844 4,315,844 1,553,409
Operating Segments      
Common stock:      
Cash and cash equivalents and restricted cash at end of period 4,315,844 4,315,844 1,553,409
Cash and cash equivalents 4,287,731 4,287,731  
Restricted cash 28,113 28,113  
Total cash and cash equivalents and restricted cash 4,315,844 4,315,844 1,553,409
Homebuilding | Operating Segments      
Common stock:      
Cash and cash equivalents 4,004,679 [1] 4,004,679 [1] 1,314,741
Restricted cash 19,000 [1] 19,000 [1] 28,440
Lennar Financial Services | Operating Segments      
Common stock:      
Cash and cash equivalents 259,738 259,738 138,662
Restricted cash 9,113 9,113 8,225
Lennar Multifamily [Member] | Operating Segments      
Common stock:      
Cash and cash equivalents 18,539 18,539 61,190
Restricted cash 0 0  
Lennar Other | Operating Segments      
Common stock:      
Cash and cash equivalents 4,775 4,775 2,151
Restricted cash $ 0 0  
Lennar Homebuilding and Lennar Multifamily | Operating Segments      
Homebuilding and Multifamily:      
Purchases of inventories financed by sellers   0 33,643
Non-cash contributions to unconsolidated entities   120 141,297
Segments Other Than Financial Services | Operating Segments      
Consolidation/deconsolidation of unconsolidated/consolidated entities, net:      
Inventories   0 82,514
Other assets   0 43
Investments in unconsolidated entities   0 (69,056)
Other liabilities   0 (435)
Noncontrolling interests   $ 0 $ (13,066)
[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, 2023, total assets include $1.6 billion related to consolidated VIEs of which $30.6 million is included in Homebuilding cash and cash equivalents, $0.3 million in Homebuilding receivables, net, $59.0 million in Homebuilding finished homes and construction in progress, $779.1 million in Homebuilding land and land under development, $622.4 million in Homebuilding consolidated inventory not owned, $0.5 million in Homebuilding investments in unconsolidated entities, $23.5 million in Homebuilding other assets, $34.4 million in Multifamily assets and $6.9 million in Lennar Other assets.
As of November 30, 2022, total assets include $1.4 billion related to consolidated VIEs of which $56.9 million is included in Homebuilding cash and cash equivalents, $0.3 million in Homebuilding receivables, net, $29.4 million in Homebuilding finished homes and construction in progress, $736.5 million in Homebuilding land and land under development, $533.8 million in Homebuilding consolidated inventory not owned, $1.0 million in Homebuilding investments in unconsolidated entities, $23.0 million in Homebuilding other assets, $33.2 million in Multifamily assets and $9.0 million in Lennar Other assets.