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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Cash flows from operating activities:      
Net earnings (including net earnings attributable to noncontrolling interests) $ 4,648,501 $ 4,456,549 $ 2,467,553
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 87,075 85,954 94,553
Amortization of discount/premium on debt, net (2,163) (6,775) (24,775)
Equity in (earnings) loss from unconsolidated entities 36,302 (48,993) 22,127
Distributions of earnings from unconsolidated entities 71,301 45,984 62,073
Share-based compensation expense 184,086 134,621 107,131
Deferred income tax (benefit) expense (246,653) 191,627 92,082
Unrealized Gain (Loss) on Financing Receivables, Held-for-sale 33,287 14,449 (21,765)
Gain on sale of other assets, operating properties and equipment, CMBS bonds, other liabilities and real estate owned (7,617) (27,678) (8,626)
Gain on deconsolidation of an entity 0 0 (56,594)
Loss on Extinguishment of Debt 0 (2,204) 7,997
Valuation adjustments and write-offs of option deposits and pre-acquisition costs, other receivables and other assets 110,693 25,696 117,825
Changes in assets and liabilities:      
(Increase) decrease in receivables (422,398) (289,776) 25,868
(Increase) decrease in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs (2,383,821) (1,960,614) 781,362
(Increase) decrease in other assets (13,330) (121,036) 90,534
(Increase) decrease in loans held-for-sale (202,920) (160,785) 176,617
Increase in accounts payable and other liabilities 701,113 881,309 266,488
Net cash provided by operating activities 3,265,668 2,532,774 4,190,819
Cash flows from investing activities:      
Net additions to operating properties and equipment (57,214) (65,172) (72,752)
Proceeds from the sale of operating properties and equipment, other assets, CMBS bonds and real estate owned 24,686 41,551 33,934
Proceeds from Divestiture of Interest in Joint Venture 0 32,340 0
Investments in and contributions to unconsolidated entities (447,401) (408,183) (486,217)
Distributions of capital from unconsolidated and consolidated entities 398,423 362,181 220,713
Proceeds from sale of commercial mortgage-backed securities bonds 9,191 11,307 3,248
Decrease (increase) in Financial Services loans held-for-investment, net 19,491 29,397 (3,122)
Purchases of investment securities (93,769) (128,162) (45,548)
Proceeds from maturities/sales of investment securities 16,892 16,312 52,918
Other receipts, net 1,399 16 1,643
Net cash used in investing activities (128,302) (105,086) (280,205)
Cash flows from financing activities:      
Redemption of senior notes (575,000) (1,159,851) (1,499,999)
Principal payments on notes payable and other borrowings (48,079) (195,212) (604,995)
Proceeds from other borrowings 0 13,973 92,688
Proceeds from other liabilities 1,167,227 694,185 346,406
Payments for Turn of Inventory Not Owned, Financing Activities (682,385) (350,583) 0
(Payments) proceeds related to other liabilities, net (21,249) 25,564 (116,541)
Receipts related to noncontrolling interests 41,816 69,675 176,617
Payments related to noncontrolling interests (91,329) (24,605) (42,349)
Common stock:      
Repurchases (1,039,309) (1,430,212) (321,524)
Dividends (438,038) (309,776) (195,043)
Net cash used in financing activities (1,277,279) (2,404,735) (2,446,575)
Net increase (decrease) in cash and cash equivalents 1,860,087 22,953 1,464,039
Summary of cash and cash equivalents and restricted cash:      
Cash and cash equivalents and restricted cash at beginning of year 2,955,683 2,932,730 1,468,691
Cash and cash equivalents and restricted cash at end of year 4,815,770 2,955,683 2,932,730
Supplemental disclosures of cash flow information:      
Cash paid for interest, net of amounts capitalized 67,842 47,720 97,336
Cash paid for income taxes, net 1,273,166 1,140,858 402,180
Supplemental disclosures of non-cash investing and financing activities:      
Purchases of inventories, land under development and other assets financed by sellers 36,947 141,319 120,796
Net non-cash contributions to unconsolidated entities 232,616 27,880 97,281
Non-cash right of use assets due to adoption of ASU 2016-02 0 0 150,702
Non-cash lease liabilities due to adoption of ASU 2016-02 0 0 159,717
Operating Segments      
Summary of cash and cash equivalents and restricted cash:      
Cash and cash equivalents and restricted cash at beginning of year 2,955,683 2,932,730  
Cash and cash equivalents and restricted cash at end of year 4,815,770 2,955,683 2,932,730
Cash and cash equivalents 4,778,720 2,921,744  
Restricted cash 37,050 33,939  
Homebuilding      
Summary of cash and cash equivalents and restricted cash:      
Cash and cash equivalents [1] 4,616,124 2,735,213  
Restricted cash [1] 23,046 21,927  
Homebuilding | Operating Segments      
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 104,290 101,399 95,094
Equity in (earnings) loss from unconsolidated entities 17,235 14,205 836
Summary of cash and cash equivalents and restricted cash:      
Cash and cash equivalents 4,616,124 2,735,213 2,703,986
Restricted cash 23,046 21,927 15,211
Lennar Other      
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Unrealized loss on investments 672,212 (680,576) 0
Lennar Other | Operating Segments      
Summary of cash and cash equivalents and restricted cash:      
Cash and cash equivalents 5,391 2,660 3,918
Restricted cash 0 0  
Financial Services      
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Gain on sale of businesses 0 (3,811) (5,014)
Cash flows from investing activities:      
Proceeds from sale of business 0 3,327 14,978
Consolidation/deconsolidation of unconsolidated/consolidated entities, net:      
Financial Services assets 0 0 (217,565)
Financial Services liabilities 0 0 115,175
Noncontrolling interests 0 0 102,390
Financial Services | Operating Segments      
Summary of cash and cash equivalents and restricted cash:      
Cash and cash equivalents 139,378 167,021 116,171
Restricted cash 14,004 12,012 54,481
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 (1,167) (4,617)
Multifamily | Operating Segments      
Summary of cash and cash equivalents and restricted cash:      
Cash and cash equivalents 17,827 16,850 38,963
Restricted cash 0 0  
Segments Other Than Financial Services      
Consolidation/deconsolidation of unconsolidated/consolidated entities, net:      
Noncontrolling interests 55,240 0 12,323
Inventories (101,946) 0 95,476
Operating properties and equipment and other assets 33,200 0 6,870
Investments in unconsolidated entities 7,303 0 (68,290)
Notes payable 0 0 (44,924)
Other liabilities 6,203 0 (1,455)
Warehouse Repurchase Facility      
Cash flows from financing activities:      
Net (repayments) borrowings under lines of credit $ 409,067 $ 262,107 $ (281,835)
[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, 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.
As of November 30, 2021, total assets include $1.1 billion related to consolidated VIEs of which $60.9 million is included in Homebuilding cash and cash equivalents, $4.4 million in Homebuilding receivables, net, $14.3 million in Homebuilding finished homes and construction in progress, $697.1 million in Homebuilding land and land under development, $239.2 million in Homebuilding consolidated inventory not owned, $1.1 million in Homebuilding investments in unconsolidated entities, $17.4 million in Homebuilding other assets and $80.6 million in Multifamily assets.