Company: LEN
Filing Date: 2025-01-23
Form Type: 10-K
Source: 0001628280-25-002404
Chunk: 10

Company: LENNAR CORP /NEW/
Filing Date: 2025-01-23
Form: 10-K
Item: Item 8
Chunk 10
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Retirement of treasury stock— — 3,538,376 Balance at November 30,(3,649,564)(1,393,100)(210,389)Accumulated other comprehensive income (loss):Beginning balance4,879 2,408 (1,341)Total other comprehensive income, net of tax2,650 2,471 3,749 Balance at November 30,7,529 4,879 2,408 Total stockholders’ equity27,870,135 26,580,664 24,100,500 Noncontrolling interests:Beginning balance121,302 139,867 179,857 Net earnings attributable to noncontrolling interests35,122 22,780 34,376 Receipts related to noncontrolling interests20,117 21,149 41,816 Payments related to noncontrolling interests(46,650)(71,272)(91,329)Non-cash consolidations/deconsolidations, net— — (55,240)Non-cash purchase or activity of noncontrolling interests, net21,199 8,778 30,387 Balance at November 30,151,090 121,302 139,867 Total equity$28,021,225 26,701,966 24,240,367 

See accompanying notes to consolidated financial statements.53

LENNAR CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

Years Ended November 30, 2024, 2023 and 2022

202420232022(In thousands)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 amortization115,528 110,164 87,075 Amortization of discount/premium and accretion on debt, net148 (1,651)(2,163)Equity in (earnings) losses from unconsolidated entities(164,099)144,610 36,302 Distributions of earnings from unconsolidated entities155,565 53,125 71,301 Share-based compensation expense176,676 160,720 184,086 Deferred income tax (benefit) expense