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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Nov. 30, 2023
Cash flows from operating activities:      
Net earnings (including net earnings attributable to noncontrolling interests) $ 719,921 $ 599,308  
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 27,139 20,305  
Amortization of discount/premium and accretion on debt, net 39 (838)  
Equity in loss from unconsolidated entities 30,545 31,187  
Distributions of earnings from unconsolidated entities 8,422 4,623  
Share-based compensation expense 87,680 86,558  
Deferred income tax (benefit) expense 11,979 (81,940)  
Loans held-for-sale unrealized loss 46,052 31,462  
Lennar Other unrealized losses from technology investments and other (gains) losses 2,555 21,372  
Gain on sale of other assets (2,671) 0  
Valuation adjustments and write-offs of option deposits and pre-acquisition costs on real estate, and other assets 6,609 25,846  
Changes in assets and liabilities:      
Decrease in receivables 379,102 602,757  
Increase in inventories, excluding valuation adjustments (285,023) (156,229)  
Increase In Deposits And Pre-acquisition Costs On Real Estate (410,936) (21,476)  
Decrease (increase) in other assets 19,061 (5,557)  
Decrease in loans held-for-sale 53,797 511,807  
Decrease in accounts payable and other liabilities (326,404) (690,980)  
Net cash provided by operating activities 367,867 978,205  
Cash flows from investing activities:      
Net additions of operating properties and equipment (72,925) (5,423)  
Proceeds from the sale of other assets 5,094 0  
Investments in and contributions to unconsolidated entities (117,593) (57,281)  
Distributions of capital from unconsolidated entities 35,330 23,993  
Decrease in Financial Services loans held-for-investment 2,749 418  
Purchases of investment securities (2,063) 0  
Proceeds from maturities/sales of investment securities 1,493 1,938  
Net cash used in investing activities (147,915) (36,355)  
Cash flows from financing activities:      
Net repayments under warehouse facilities (599,514) (963,455)  
Principal payments on notes payable and other borrowings (3,750) (26,621)  
Proceeds from other borrowings 6,230 0  
Proceeds from liabilities related to consolidated inventory not owned 67,650 70,369  
Payments related to liabilities related to consolidated inventory not owned (252,446) (177,891)  
Payments related to other liabilities, net (16,922) (1,257)  
Receipts related to noncontrolling interests 5,796 2,497  
Payments related to noncontrolling interests (1,979) (21,256)  
Common stock:      
Repurchases (595,100) (257,958)  
Dividends (139,387) (107,891)  
Net cash used in financing activities (1,529,422) (1,483,463)  
Net decrease in cash and cash equivalents and restricted cash (1,309,470) (541,613)  
Cash and cash equivalents and restricted cash at beginning of period 6,570,938 4,815,770  
Cash and cash equivalents and restricted cash at end of period 5,261,468 4,274,157  
Total cash and cash equivalents and restricted cash 5,261,468 4,274,157 $ 6,570,938
Operating Segments      
Common stock:      
Cash and cash equivalents and restricted cash at end of period 5,261,468 4,274,157  
Cash and cash equivalents 5,213,765   6,474,497
Restricted cash 47,703   96,441
Total cash and cash equivalents and restricted cash 5,261,468 4,274,157  
Homebuilding      
Common stock:      
Cash and cash equivalents [1] 4,950,128   6,273,724
Restricted cash [1] 12,635   13,481
Homebuilding | Operating Segments      
Common stock:      
Cash and cash equivalents 4,950,128 4,057,956 6,273,724
Restricted cash 12,635 22,504 13,481
Lennar Financial Services | Operating Segments      
Common stock:      
Cash and cash equivalents 233,846 163,000 159,491
Restricted cash 35,068 8,797 82,960
Multifamily | Operating Segments      
Common stock:      
Cash and cash equivalents 27,091 15,075 39,334
Restricted cash 0   0
Lennar Other | Operating Segments      
Common stock:      
Cash and cash equivalents 2,700 6,825 1,948
Restricted cash 0   $ 0
Lennar Homebuilding and Lennar Multifamily | Operating Segments      
Homebuilding and Multifamily:      
Purchases of inventories, land under development and other assets financed by sellers $ 23,081 $ 13,500  
[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 February 29, 2024, total assets include $2.7 billion related to consolidated VIEs of which $40.8 million is included in Homebuilding cash and cash equivalents, $2.0 million in Homebuilding receivables, net, $9.8 million in Homebuilding finished homes and construction in progress, $633.4 million in Homebuilding land and land under development, $67.1 million in Homebuilding deposits and pre-acquisition costs on real estate, $1.9 billion in Homebuilding consolidated inventory not owned, $0.3 million in Homebuilding investments in unconsolidated entities, $26.7 million in Homebuilding other assets and $33.1 million in Multifamily assets.
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.