XML 25 R8.htm IDEA: XBRL DOCUMENT v3.24.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Nov. 30, 2024
Nov. 30, 2023
Nov. 30, 2022
Cash flows from operating activities:      
Net earnings (including net earnings attributable to noncontrolling interests) $ 3,967,655 $ 3,961,291 $ 4,648,501
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 115,528 110,164 87,075
Amortization of discount/premium on debt, net 148 (1,651) (2,163)
Equity in (earnings) losses from unconsolidated entities (164,099) 144,610 36,302
Distributions of earnings from unconsolidated entities 155,565 53,125 71,301
Share-based compensation expense 176,676 160,720 184,086
Deferred income tax (benefit) expense 60,426 (67,968) (246,653)
Unrealized Gain (Loss) on Financing Receivables, Held-for-sale 52,482 26,658 33,287
Gains on sale of operating properties and equipment and other assets (38,837) (7,015) (7,617)
Loss on Extinguishment of Debt (825) (9,611) 0
Valuation adjustments and write-offs of option deposits and pre-acquisition costs on real estate, other receivables and other assets 143,265 125,338 110,693
Changes in assets and liabilities:      
Increase in receivables (129,212) (329,191) (422,398)
(Increase) decrease in inventories, excluding valuation adjustments (285,095) 2,274,083 (1,711,766)
Increase in deposits and pre-acquisition costs on real estate (1,631,783) (295,761) (672,055)
Increase in other assets (113,276) (85,005) (13,330)
Increase in loans held-for-sale (218,393) (366,728) (202,920)
Increase (decrease) in accounts payable and other liabilities 380,380 (625,862) 701,113
Net cash provided by operating activities 2,403,379 5,179,738 3,265,668
Cash flows from investing activities:      
Net additions to operating properties and equipment (171,503) (99,799) (57,214)
Proceeds from the sale of operating properties and equipment and other assets 61,441 13,215 24,686
Investments in and contributions to unconsolidated entities (425,562) (201,042) (447,401)
Distributions of capital from unconsolidated and consolidated entities 231,096 99,643 398,423
Proceeds from sale of commercial mortgage-backed securities bonds 0 0 9,191
(Increase) decrease in Financial Services loans held-for-investment (734) 14,329 19,491
Purchases of investment securities (4,519) (8,000) (93,769)
Proceeds from maturities/sales of investment securities 7,224 4,673 16,892
Other receipts, net 0 0 1,399
Net cash used in investing activities (302,557) (176,981) (128,302)
Cash flows from financing activities:      
Redemption/repurchases of senior notes (553,865) (1,121,133) (575,000)
Principal payments on notes payable and other borrowings (43,524) (105,118) (48,079)
Proceeds from liabilities related to consolidated inventory not owned 195,524 461,312 1,167,227
Payments for Turn of Inventory Not Owned, Financing Activities (209,333) (842,781) (682,385)
Payments related to other liabilities, net (5,684) (5,187) (21,249)
Receipts related to noncontrolling interests 20,117 21,149 41,816
Payments related to noncontrolling interests (46,650) (71,272) (91,329)
Common stock:      
Repurchases (2,256,464) (1,182,711) (1,039,309)
Dividends (548,823) (430,560) (438,038)
Net cash used in financing activities (3,681,550) (3,247,589) (1,277,279)
Net increase (decrease) in cash and cash equivalents (1,580,728) 1,755,168 1,860,087
Summary of cash and cash equivalents and restricted cash:      
Cash and cash equivalents and restricted cash at beginning of year 6,570,938 4,815,770 2,955,683
Cash and cash equivalents and restricted cash at end of year 4,990,210 6,570,938 4,815,770
Supplemental disclosures of cash flow information:      
Cash paid for interest, net of amounts capitalized 54,921 81,223 67,842
Cash paid for income taxes, net 790,476 1,864,941 1,273,166
Supplemental disclosures of non-cash investing and financing activities:      
Purchases of inventories financed by sellers 35,292 13,500 36,947
Net non-cash contributions to unconsolidated entities 23,354 367 232,616
Operating Segments      
Summary of cash and cash equivalents and restricted cash:      
Cash and cash equivalents and restricted cash at beginning of year 6,570,938 4,815,770  
Cash and cash equivalents and restricted cash at end of year 4,990,210 6,570,938 4,815,770
Cash and cash equivalents 4,909,664 6,474,497  
Restricted cash 80,546 96,441  
Homebuilding      
Summary of cash and cash equivalents and restricted cash:      
Cash and cash equivalents [1] 4,662,643 6,273,724  
Restricted cash [1] 11,799 13,481  
Homebuilding | Operating Segments      
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 129,196 133,253 104,290
Summary of cash and cash equivalents and restricted cash:      
Cash and cash equivalents 4,662,643 6,273,724 4,616,124
Restricted cash 11,799 13,481 23,046
Lennar Other      
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Unrealized loss on investments (67,226) 112,541 672,212
Lennar Other | Operating Segments      
Summary of cash and cash equivalents and restricted cash:      
Cash and cash equivalents 40,691 1,948 5,391
Restricted cash 0 0  
Financial Services | Operating Segments      
Summary of cash and cash equivalents and restricted cash:      
Cash and cash equivalents 175,382 159,491 139,378
Restricted cash 68,747 82,960 14,004
Multifamily | Operating Segments      
Summary of cash and cash equivalents and restricted cash:      
Cash and cash equivalents 30,948 39,334 17,827
Restricted cash 0 0  
Segments Other Than Financial Services      
Consolidation/deconsolidation of unconsolidated/consolidated entities, net:      
Noncontrolling interests 0 0 55,240
Inventories 0 0 (101,946)
Operating properties and equipment and other assets 0 0 33,200
Investments in unconsolidated entities 0 0 7,303
Other liabilities 0 0 6,203
Warehouse Repurchase Facility      
Cash flows from financing activities:      
Net (repayments) borrowings under lines of credit $ (232,848) $ 28,712 $ 409,067
[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, 2024, total assets include $3.7 billion related to consolidated VIEs of which $67.0 million is included in Homebuilding cash and cash equivalents, $6.0 million in Homebuilding receivables, net, $9.7 million in Homebuilding finished homes and construction in progress, $602.9 million in Homebuilding land and land under development, $2.8 billion in Homebuilding consolidated inventory not owned, $71.8 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $42.3 million in Homebuilding other assets and $33.9 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.