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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Nov. 30, 2023
Nov. 30, 2022
Nov. 30, 2021
Cash flows from operating activities:      
Net earnings (including net earnings attributable to noncontrolling interests) $ 3,961,291 $ 4,648,501 $ 4,456,549
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 110,164 87,075 85,954
Amortization of discount/premium on debt, net (1,651) (2,163) (6,775)
Equity in (earnings) losses from unconsolidated entities 144,610 36,302 (48,993)
Distributions of earnings from unconsolidated entities 53,125 71,301 45,984
Share-based compensation expense 160,720 184,086 134,621
Deferred income tax (benefit) expense (67,968) (246,653) 191,627
Unrealized Gain (Loss) on Financing Receivables, Held-for-sale 26,658 33,287 14,449
Gain on sale of other assets, operating properties and equipment, CMBS bonds and other liabilities (7,015) (7,617) (27,678)
Loss on Extinguishment of Debt (9,611) 0 (2,204)
Valuation adjustments and write-offs of option deposits and pre-acquisition costs on real estate, other receivables and other assets 125,338 110,693 25,696
Changes in assets and liabilities:      
Increase in receivables (329,191) (422,398) (289,776)
(Increase) decrease in inventories, excluding valuation adjustments 2,274,083 (1,711,766) (1,184,121)
Increase in deposits and pre-acquisition costs on real estate (295,761) (672,055) (776,493)
Increase in other assets (85,005) (13,330) (121,036)
Increase in loans held-for-sale (366,728) (202,920) (160,785)
(Decrease) increase in accounts payable and other liabilities (625,862) 701,113 881,309
Net cash provided by operating activities 5,179,738 3,265,668 2,532,774
Cash flows from investing activities:      
Net additions to operating properties and equipment (99,799) (57,214) (65,172)
Proceeds from the sale of other assets 13,215 24,686 41,551
Proceeds from Divestiture of Interest in Joint Venture 0 0 32,340
Investments in and contributions to unconsolidated entities (201,042) (447,401) (408,183)
Distributions of capital from unconsolidated and consolidated entities 99,643 398,423 362,181
Proceeds from sale of commercial mortgage-backed securities bonds 0 9,191 11,307
Decrease in Financial Services loans held-for-investment 14,329 19,491 29,397
Purchases of investment securities (8,000) (93,769) (128,162)
Proceeds from maturities/sales of investment securities 4,673 16,892 16,312
Other receipts, net 0 1,399 16
Net cash used in investing activities (176,981) (128,302) (105,086)
Cash flows from financing activities:      
Redemption/repurchases of senior notes (1,121,133) (575,000) (1,159,851)
Principal payments on notes payable and other borrowings (105,118) (48,079) (195,212)
Proceeds from other borrowings 0 0 13,973
Proceeds from other liabilities 461,312 1,167,227 694,185
Payments for Turn of Inventory Not Owned, Financing Activities (842,781) (682,385) (350,583)
(Payments) proceeds related to other liabilities, net (5,187) (21,249) 25,564
Receipts related to noncontrolling interests 21,149 41,816 69,675
Payments related to noncontrolling interests (71,272) (91,329) (24,605)
Common stock:      
Repurchases (1,182,711) (1,039,309) (1,430,212)
Dividends (430,560) (438,038) (309,776)
Net cash used in financing activities (3,247,589) (1,277,279) (2,404,735)
Net increase (decrease) in cash and cash equivalents 1,755,168 1,860,087 22,953
Summary of cash and cash equivalents and restricted cash:      
Cash and cash equivalents and restricted cash at beginning of year 4,815,770 2,955,683 2,932,730
Cash and cash equivalents and restricted cash at end of year 6,570,938 4,815,770 2,955,683
Supplemental disclosures of cash flow information:      
Cash paid for interest, net of amounts capitalized 81,223 67,842 47,720
Cash paid for income taxes, net 1,864,941 1,273,166 1,140,858
Supplemental disclosures of non-cash investing and financing activities:      
Purchases of inventories, land under development and other assets financed by sellers 13,500 36,947 141,319
Net non-cash contributions to unconsolidated entities 367 232,616 27,880
Operating Segments      
Summary of cash and cash equivalents and restricted cash:      
Cash and cash equivalents and restricted cash at beginning of year 4,815,770 2,955,683  
Cash and cash equivalents and restricted cash at end of year 6,570,938 4,815,770 2,955,683
Cash and cash equivalents 6,474,497 4,778,720  
Restricted cash 96,441 37,050  
Homebuilding      
Summary of cash and cash equivalents and restricted cash:      
Cash and cash equivalents [1] 6,273,724 4,616,124  
Restricted cash [1] 13,481 23,046  
Homebuilding | Operating Segments      
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 133,253 104,290 101,399
Summary of cash and cash equivalents and restricted cash:      
Cash and cash equivalents 6,273,724 4,616,124 2,735,213
Restricted cash 13,481 23,046 21,927
Lennar Other      
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Unrealized loss on investments 112,541 672,212 (680,576)
Lennar Other | Operating Segments      
Summary of cash and cash equivalents and restricted cash:      
Cash and cash equivalents 1,948 5,391 2,660
Restricted cash 0 0  
Financial Services      
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Gain on sale of businesses 0 0 (3,811)
Cash flows from investing activities:      
Proceeds from sale of business 0 0 3,327
Financial Services | Operating Segments      
Summary of cash and cash equivalents and restricted cash:      
Cash and cash equivalents 159,491 139,378 167,021
Restricted cash 82,960 14,004 12,012
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 0 0 (1,167)
Multifamily | Operating Segments      
Summary of cash and cash equivalents and restricted cash:      
Cash and cash equivalents 39,334 17,827 16,850
Restricted cash 0 0  
Segments Other Than Financial Services      
Consolidation/deconsolidation of unconsolidated/consolidated entities, net:      
Noncontrolling interests 0 55,240 0
Inventories 0 (101,946) 0
Operating properties and equipment and other assets 0 33,200 0
Investments in unconsolidated entities 0 7,303 0
Other liabilities 0 6,203 0
Warehouse Repurchase Facility      
Cash flows from financing activities:      
Net (repayments) borrowings under lines of credit $ 28,712 $ 409,067 $ 262,107
[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, 2023, total assets include $1.9 billion related to consolidated VIEs of which $22.8 million is included in Homebuilding cash and cash equivalents, $1.8 million in Homebuilding receivables, net, $18.3 million in Homebuilding finished homes and construction in progress, $628.0 million in Homebuilding land and land under development, $55.0 million in Homebuilding deposits and pre-acquisition costs on real estate, $1.2 billion in Homebuilding consolidated inventory not owned, $0.3 million in Homebuilding investments in unconsolidated entities, $23.0 million in Homebuilding other assets and $32.6 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, $687.8 million in Homebuilding land and land under development, $48.7 million in Homebuilding deposits and pre-acquisition costs on real estate, $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.