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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Aug. 31, 2024
Aug. 31, 2024
Aug. 31, 2023
Nov. 30, 2023
Cash flows from operating activities:        
Net earnings (including net earnings attributable to noncontrolling interests) $ 1,187,274 $ 2,867,781 $ 2,594,002  
Adjustments to reconcile net earnings to net cash provided by operating activities:        
Depreciation and amortization   85,119 81,146  
Amortization of discount/premium and accretion on debt, net   407 (2,194)  
Equity in (earnings) loss from unconsolidated entities   (151,767) 104,931  
Distributions of earnings from unconsolidated entities   34,108 33,714  
Share-based compensation expense   154,094 139,616  
Deferred income tax expense (benefit)   99,368 (102,322)  
Gains on redemption/repurchases of senior notes   (825) (6,878)  
Loans held-for-sale unrealized (gains) losses   (1,617) 33,358  
Lennar Other unrealized (gains) losses from technology investments and other (gains) losses   (35,189) 14,131  
Gains on sale of operating properties and equipment and other assets   (15,428) (3,064)  
Valuation adjustments and write-offs of option deposits and pre-acquisition costs on real estate, and other assets   125,777 96,451  
Changes in assets and liabilities:        
(Increase) decrease in receivables   (24,170) 167,573  
(Increase) decrease in inventories, excluding valuation adjustments   (707,702) 127,312  
Increase In Deposits And Pre-acquisition Costs On Real Estate   (984,843) (134,883)  
Increase in other assets   (84,751) (104,794)  
Decrease in loans held-for-sale   245,004 434,332  
Decrease in accounts payable and other liabilities   (176,492) (881,890)  
Net cash provided by operating activities   1,428,874 2,590,541  
Cash flows from investing activities:        
Net additions of operating properties and equipment   (130,138) (53,610)  
Proceeds from the sale of operating properties and equipment and other assets   31,435 13,215  
Investments in and contributions to unconsolidated entities   (311,904) (152,530)  
Distributions of capital from unconsolidated entities   236,527 69,960  
(Increase) decrease in Financial Services loans held-for-investment   (2,479) 12,222  
Purchases of investment securities   (4,519) (8,000)  
Proceeds from maturities/sales of investment securities   4,254 3,778  
Net cash used in investing activities   (176,824) (114,965)  
Cash flows from financing activities:        
Net repayments under warehouse facilities   (618,388) (980,929)  
Redemption/repurchases of senior notes   (553,865) (633,059)  
Principal payments on notes payable and other borrowings   (43,995) (89,042)  
Proceeds from liabilities related to consolidated inventory not owned   130,440 341,288  
Proceeds from other borrowings   6,231 0  
Payments related to liabilities related to consolidated inventory not owned   (255,753) (597,477)  
Payments related to other liabilities, net   (4,263) (4,016)  
Receipts related to noncontrolling interests   17,044 6,309  
Payments related to noncontrolling interests   (45,819) (43,418)  
Common stock:        
Repurchases   (1,729,308) (841,611)  
Dividends   (414,168) (325,359)  
Net cash used in financing activities   (3,511,844) (3,167,314)  
Net decrease in cash and cash equivalents and restricted cash   (2,259,794) (691,738)  
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 4,311,144 4,311,144 4,124,032  
Total cash and cash equivalents and restricted cash 4,311,144 4,311,144 4,124,032 $ 6,570,938
Operating Segments        
Common stock:        
Cash and cash equivalents and restricted cash at end of period 4,311,144 4,311,144 4,124,032  
Cash and cash equivalents 4,252,662 4,252,662   6,474,497
Restricted cash 58,482 58,482   96,441
Total cash and cash equivalents and restricted cash 4,311,144 4,311,144 4,124,032  
Homebuilding        
Common stock:        
Cash and cash equivalents [1] 4,037,405 4,037,405   6,273,724
Restricted cash [1] 12,600 12,600   13,481
Homebuilding | Operating Segments        
Common stock:        
Cash and cash equivalents 4,037,405 4,037,405 3,887,809 6,273,724
Restricted cash 12,600 12,600 16,201 13,481
Lennar Financial Services | Operating Segments        
Common stock:        
Cash and cash equivalents 156,840 156,840 167,216 159,491
Restricted cash 45,882 45,882 18,750 82,960
Multifamily | Operating Segments        
Common stock:        
Cash and cash equivalents 24,755 24,755 28,712 39,334
Restricted cash 0 0   0
Lennar Other | Operating Segments        
Common stock:        
Cash and cash equivalents 33,662 33,662 5,344 1,948
Restricted cash $ 0 0   $ 0
Lennar Homebuilding and Lennar Multifamily | Operating Segments        
Homebuilding:        
Purchases of inventories financed by sellers   34,245 13,500  
Net non-cash contributions to unconsolidated entities   $ 14,453 $ 120  
[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, 2024, total assets include $3.3 billion related to consolidated VIEs of which $68.8 million is included in Homebuilding cash and cash equivalents, $7.0 million in Homebuilding receivables, net, $6.7 million in Homebuilding finished homes and construction in progress, $625.1 million in Homebuilding land and land under development, $2.5 billion in Homebuilding consolidated inventory not owned, $67.3 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $41.0 million in Homebuilding other assets and $34.0 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, $1.2 billion in Homebuilding consolidated inventory not owned, $55.0 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $23.0 million in Homebuilding other assets and $32.6 million in Multifamily assets.