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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Feb. 28, 2023
Feb. 28, 2022
Cash flows from operating activities:    
Net earnings (including net earnings attributable to noncontrolling interests) $ 599,308 $ 509,315
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation and amortization 20,305 20,089
Amortization of discount/premium on debt, net (838) (490)
Equity in loss from unconsolidated entities 31,187 9,752
Distributions of earnings from unconsolidated entities 4,623 4,822
Share-based compensation expense 86,558 81,457
Deferred income tax benefit (81,940) (54,032)
Loans held-for-sale unrealized loss 31,462 27,387
Lennar Other unrealized losses from technology investments 23,954 395,170
Valuation adjustments and write-offs of option deposits, pre-acquisition costs and other assets 25,846 11,509
Changes in assets and liabilities:    
Decrease in receivables 602,757 380,502
Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs (177,705) (1,913,634)
Increase in other assets (8,139) (49,968)
Decrease in loans held-for-sale 511,807 409,435
(Decrease) increase in accounts payable and other liabilities (690,980) 96,455
Net cash provided by (used in) operating activities 978,205 (72,231)
Cash flows from investing activities:    
Net additions of operating properties and equipment (5,423) (5,780)
Investments in and contributions to unconsolidated entities (57,281) (138,909)
Distributions of capital from unconsolidated entities 23,993 173,561
Proceeds from sale of commercial mortgage-backed securities bonds 0 9,191
Decrease in Financial Services loans held-for-investment, net 418 11,431
Purchases of investment securities 0 (71,269)
Proceeds from maturities/sales of investment securities 1,938 1,783
Net cash used in investing activities (36,355) (19,992)
Cash flows from financing activities:    
Net repayments under warehouse facilities (963,455) (528,667)
Principal payments on notes payable and other borrowings (26,621) (18,776)
Proceeds from liabilities related to consolidated inventory not owned 70,369 199,483
Payments related to consolidated inventory not owned (177,891) (166,100)
Payments related to other liabilities, net (1,257) 0
Receipts related to noncontrolling interests 2,497 6,984
Payments related to noncontrolling interests (21,256) (59,388)
Common stock:    
Repurchases (257,958) (581,300)
Dividends (107,891) (110,122)
Net cash used in financing activities (1,483,463) (1,257,886)
Net decrease in cash and cash equivalents and restricted cash (541,613) (1,350,109)
Cash and cash equivalents and restricted cash at beginning of period 4,815,770 2,955,683
Cash and cash equivalents and restricted cash at end of period 4,274,157 1,605,574
Total cash and cash equivalents and restricted cash 4,274,157 1,605,574
Operating Segments    
Common stock:    
Cash and cash equivalents and restricted cash at end of period 4,274,157 1,605,574
Cash and cash equivalents 4,242,856  
Restricted cash 31,301  
Total cash and cash equivalents and restricted cash 4,274,157 1,605,574
Homebuilding | Operating Segments    
Common stock:    
Cash and cash equivalents 4,057,956 [1] 1,366,597
Restricted cash 22,504 [1] 27,025
Financial Services | Operating Segments    
Common stock:    
Cash and cash equivalents 163,000 168,032
Restricted cash 8,797 6,724
Multifamily | Operating Segments    
Common stock:    
Cash and cash equivalents 15,075 34,439
Restricted cash 0  
Lennar Other | Operating Segments    
Common stock:    
Cash and cash equivalents 6,825 2,757
Restricted cash 0  
Lennar Homebuilding and Lennar Multifamily | Operating Segments    
Homebuilding and Multifamily:    
Purchases of inventories and other assets financed by sellers 13,500 6,150
Non-cash contributions to unconsolidated entities $ 120 $ 124,864
[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 28, 2023, total assets include $1.4 billion related to consolidated VIEs of which $31.1 million is included in Homebuilding cash and cash equivalents, $0.7 million in Homebuilding receivables, net, $59.0 million in Homebuilding finished homes and construction in progress, $742.4 million in Homebuilding land and land under development, $502.0 million in Homebuilding consolidated inventory not owned, $0.7 million in Homebuilding investments in unconsolidated entities, $21.1 million in Homebuilding other assets, $31.0 million in Multifamily assets and $6.8 million in Lennar Other 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, $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.