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Condensed Consolidated Statements of Cash Flows
$ in Thousands
 3 Months Ended 9 Months Ended
Aug. 31, 2023
USD ($)
Aug. 31, 2023
USD ($)
Aug. 31, 2022
USD ($)
Cash flows from operating activities:      
Net earnings (including net earnings attributable to noncontrolling interests) $ 1,116,952 $ 2,594,002 $ 3,304,567
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization   81,146 57,921
Amortization of discount/premium on debt, net   (2,194) (1,312)
Equity in loss from unconsolidated entities   104,931 34,870
Distributions of earnings from unconsolidated entities   33,714 46,376
Share-based compensation expense   139,616 154,710
Deferred income tax benefit   (102,322) (15,991)
Gain on redemption/repurchases of senior notes   (6,878) 0
Loans held-for-sale unrealized loss   33,358 41,356
Lennar Other unrealized losses from technology investments and other (gains) losses   14,131 578,674
Gain on sale of other assets   (7,015) (7,572)
Valuation adjustments and write-offs of option deposits, pre-acquisition costs and other assets   96,451 27,247
Changes in assets and liabilities:      
(Increase) decrease in receivables   167,573 (164,383)
Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs   (7,571) (3,894,170)
Increase in other assets   (100,843) (110,761)
Decrease in loans held-for-sale   434,332 318,974
(Decrease) increase in accounts payable and other liabilities   (881,890) 180,946
Net cash provided by operating activities   2,590,541 551,452
Cash flows from investing activities:      
Net additions of operating properties and equipment   (53,610) (27,534)
Proceeds from the sale of other assets   13,215 18,247
Investments in and contributions to unconsolidated entities   (152,530) (396,734)
Distributions of capital from unconsolidated entities   69,960 331,801
Proceeds from sale of commercial mortgage-backed securities bonds   0 9,191
Decrease in Financial Services loans held-for-investment   12,222 18,859
Purchases of investment securities   (8,000) (93,769)
Proceeds from maturities/sales of investment securities   3,778 8,472
Net cash used in investing activities   (114,965) (131,467)
Cash flows from financing activities:      
Net repayments under warehouse facilities   (980,929) (238,113)
Redemption/repurchases of senior notes   (633,059) (575,000)
Principal payments on notes payable and other borrowings   (89,042) (35,542)
Proceeds from liabilities related to consolidated inventory not owned   341,288 845,408
Payments related to consolidated inventory not owned   (597,477) (517,654)
Payments related to other liabilities, net   (4,016) 0
Receipts related to noncontrolling interests   6,309 30,060
Payments related to noncontrolling interests   (43,418) (85,098)
Common stock:      
Repurchases   (841,611) (918,682)
Dividends   (325,359) (329,717)
Net cash used in financing activities   (3,167,314) (1,824,338)
Net decrease in cash and cash equivalents and restricted cash   (691,738) (1,404,353)
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 4,124,032 4,124,032 1,551,330
Total cash and cash equivalents and restricted cash 4,124,032 4,124,032 1,551,330
Operating Segments      
Common stock:      
Cash and cash equivalents and restricted cash at end of period 4,124,032 4,124,032 1,551,330
Cash and cash equivalents 4,089,081 4,089,081  
Restricted cash 34,951 34,951  
Total cash and cash equivalents and restricted cash 4,124,032 4,124,032 1,551,330
Homebuilding | Operating Segments      
Common stock:      
Cash and cash equivalents 3,887,809 [1] 3,887,809 [1] 1,309,364
Restricted cash 16,201 [1] 16,201 [1] 32,575
Lennar Financial Services | Operating Segments      
Common stock:      
Cash and cash equivalents 167,216 167,216 143,630
Restricted cash 18,750 18,750 14,710
Lennar Multifamily [Member] | Operating Segments      
Common stock:      
Cash and cash equivalents 28,712 28,712 40,870
Restricted cash 0 0  
Lennar Other | Operating Segments      
Common stock:      
Cash and cash equivalents 5,344 5,344 10,181
Restricted cash $ 0 0  
Lennar Homebuilding and Lennar Multifamily | Operating Segments      
Homebuilding and Multifamily:      
Purchases of inventories financed by sellers   13,500 33,965
Non-cash contributions to unconsolidated entities   120 204,911
Segments Other Than Financial Services | Operating Segments      
Consolidation/deconsolidation of unconsolidated/consolidated entities, net:      
Inventories   0 (19,800)
Other assets   0 41
Investments in unconsolidated entities   0 (736)
Other liabilities   0 (271)
Noncontrolling interests   $ 0 $ 20,766
[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, 2023, total assets include $1.9 billion related to consolidated VIEs of which $33.4 million is included in Homebuilding cash and cash equivalents, $2.3 million in Homebuilding receivables, net, $37.5 million in Homebuilding finished homes and construction in progress, $847.8 million in Homebuilding land and land under development, $921.4 million in Homebuilding consolidated inventory not owned, $0.5 million in Homebuilding investments in unconsolidated entities, $25.3 million in Homebuilding other assets and $31.9 million in Multifamily 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.