Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Feb. 28, 2022
Feb. 28, 2021
Nov. 30, 2021
Cash flows from operating activities:      
Net earnings (including net earnings attributable to noncontrolling interests) $ 509,315 $ 1,016,909  
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:      
Depreciation and amortization 20,089 22,325  
Amortization of discount/premium on debt, net (490) (2,361)  
Equity in loss from unconsolidated entities 9,752 7,897  
Distributions of earnings from unconsolidated entities 4,822 4,234  
Share-based compensation expense 81,457 48,818  
Deferred income tax (benefit) expense (54,032) 114,917  
Loans held-for-sale unrealized loss 27,387 35,021  
Gain on sale of other assets and operating properties and equipment 0 (1,167)  
Valuation adjustments and write-offs of option deposits and pre-acquisition costs 11,509 635  
Changes in assets and liabilities:      
Decrease in receivables 380,502 45,649  
Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs (1,913,634) (862,120)  
Increase in other assets (49,968) (100,486)  
Decrease in loans held-for-sale 409,435 360,582  
Increase in accounts payable and other liabilities 96,455 183,584  
Net cash (used in) provided by operating activities (72,231) 385,508  
Cash flows from investing activities:      
Net additions of operating properties and equipment (5,780) (8,561)  
Proceeds from the sale of operating properties and equipment, other assets 0 32,002  
Investments in and contributions to unconsolidated entities (138,909) (224,112)  
Distributions of capital from unconsolidated entities 173,561 83,241  
Proceeds from sale of commercial mortgage-backed securities bonds 9,191 11,307  
Decrease in Financial Services loans held-for-investment, net 11,431 3,777  
Purchases of investment securities (71,269) 0  
Proceeds from maturities/sales of investment securities 1,783 8,994  
Net cash used in investing activities (19,992) (93,352)  
Cash flows from financing activities:      
Principal payments on notes payable and other borrowings (18,776) (55,350)  
Proceeds from other borrowings 0 8,903  
Proceeds from liabilities related to consolidated inventory not owned 199,483 67,432  
Payments related to consolidated inventory not owned (166,100) 0  
Receipts related to noncontrolling interests 6,984 8,896  
Payments related to noncontrolling interests (59,388) (11,397)  
Common stock:      
Repurchases (581,300) (69,480)  
Dividends (110,122) (77,843)  
Net cash used in financing activities (1,257,886) (629,688)  
Net decrease in cash and cash equivalents and restricted cash (1,350,109) (337,532)  
Cash and cash equivalents and restricted cash at beginning of period 2,955,683 2,932,730  
Cash and cash equivalents and restricted cash at end of period 1,605,574 2,595,198  
Total cash and cash equivalents and restricted cash 1,605,574 2,595,198 $ 2,955,683
Homebuilding      
Common stock:      
Cash and cash equivalents [1] 1,366,597   2,735,213
Restricted cash [1] 27,025   21,927
Lennar Other      
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:      
Lennar Other unrealized gain (loss) from technology investments 395,170 (469,745)  
Operating Segments      
Common stock:      
Cash and cash equivalents and restricted cash at end of period 1,605,574 2,595,198  
Cash and cash equivalents 1,571,825   2,921,744
Restricted cash 33,749   33,939
Total cash and cash equivalents and restricted cash 1,605,574 2,595,198  
Operating Segments | Homebuilding      
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:      
Equity in loss from unconsolidated entities 286 4,565  
Common stock:      
Cash and cash equivalents 1,366,597 2,421,411 2,735,213
Restricted cash 27,025 17,878 21,927
Operating Segments | Financial Services      
Common stock:      
Cash and cash equivalents 168,032 117,856 167,021
Restricted cash 6,724 8,521 12,012
Operating Segments | Multifamily      
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:      
Gain on sale of interest in unconsolidated entity and other Multifamily gain 0 (19,184)  
Common stock:      
Cash and cash equivalents 34,439 25,644 16,850
Restricted cash 0   0
Operating Segments | Lennar Other      
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:      
Lennar Other unrealized gain (loss) from technology investments 395,170 (469,745)  
Common stock:      
Cash and cash equivalents 2,757 3,888 2,660
Restricted cash 0   $ 0
Operating Segments | Lennar Homebuilding and Lennar Multifamily      
Homebuilding and Multifamily:      
Purchases of inventories and other assets financed by sellers 6,150 68,978  
Non-cash contributions to unconsolidated entities 124,864 0  
Warehouse Repurchase Facility      
Cash flows from financing activities:      
Net repayments under warehouse facilities $ (528,667) $ (500,849)  
[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, 2022, total assets include $1.1 billion related to consolidated VIEs of which $66.9 million is included in Homebuilding cash and cash equivalents, $0.3 million in Homebuilding receivables, net, $703.4 million in Homebuilding land and land under development, $218.3 million in Homebuilding consolidated inventory not owned, $1.1 million in Homebuilding investments in unconsolidated entities, $22.1 million in Homebuilding other assets and $59.4 million in Multifamily 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.