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Operating and Reporting Segments (Tables)

6 Months Ended

May 31, 2021

Segment Reporting [Abstract]

Disclosure Of Financial Information Relating To Company's Operations

The assets and liabilities related to the Company’s segments were as follows:

(In thousands)			May 31, 2021
Assets:			Homebuilding						Financial Services						Multifamily						Lennar Other						Total
Cash and cash equivalents			$	2,581,583					130,528						22,395						3,074						2,737,580
Restricted cash			35,637						9,728						—						—						45,365
Receivables, net (1)			353,910						422,117						111,802						—						887,829
Inventories			18,418,999						—						316,760						—						18,735,759
Loans held-for-sale (2)			—						1,015,438						—						—						1,015,438
Investments in equity securities (3)			—						—						—						544,993						544,993
Investments available-for-sale (4)			—						—						—						41,563						41,563
Loans held-for-investment, net			—						77,680						—						—						77,680
Investments held-to-maturity			—						162,919						—						—						162,919
Investments in unconsolidated entities			1,010,256						—						691,330						379,236						2,080,822
Goodwill			3,442,359						189,699						—						—						3,632,058
Other assets			1,030,681						58,565						66,983						104,992						1,261,221
			$	26,873,425					2,066,674						1,209,270						1,073,858						31,223,227
Liabilities:
Notes and other debts payable, net			$	5,894,342					928,185						—						1,906						6,824,433
Other liabilities			4,222,091						156,653						255,327						62,625						4,696,696
			$	10,116,433					1,084,838						255,327						64,531						11,521,129

(In thousands)			November 30, 2020
Assets:			Homebuilding						Financial Services						Multifamily						Lennar Other						Total
Cash and cash equivalents			$	2,703,986					116,171						38,963						3,918						2,863,038
Restricted cash			15,211						54,481						—						—						69,692
Receivables, net (1)			298,671						552,779						86,629						—						938,079
Inventories			16,925,228						—						249,920						—						17,175,148
Loans held-for-sale (2)			—						1,490,105						—						—						1,490,105
Investments in equity securities (3)			—						—						—						68,771						68,771
Investments available-for-sale (4)			—						—						—						53,497						53,497
Loans held-for-investment, net			—						72,626						—						—						72,626
Investments held-to-maturity			—						164,230						—						—						164,230
Investments in unconsolidated entities			953,177						—						724,647						387,097						2,064,921
Goodwill			3,442,359						189,699						—						—						3,632,058
Other assets			1,190,793						68,027						75,749						8,443						1,343,012
			$	25,529,425					2,708,118						1,175,908						521,726						29,935,177
Liabilities:
Notes and other debts payable, net			$	5,955,758					1,463,919						—						1,906						7,421,583
Other liabilities			3,969,893						180,329						252,911						11,060						4,414,193
			$	9,925,651					1,644,248						252,911						12,966						11,835,776

(1)Receivables, net for Financial Services primarily related to loans sold to investors for which the Company had not yet been paid.

(2)Loans held-for-sale related to unsold residential and commercial loans carried at fair value.

(3)Investments in equity securities include investments of $83.8 million and $61.6 million without readily available fair values as of May 31, 2021 and November 30, 2020, respectively.

(4)Investments available-for-sale are carried at fair value with changes in fair value recorded as a component of accumulated other comprehensive income (loss) on the condensed consolidated balance sheet.

Financial information relating to the Company’s segments was as follows:

			Three Months Ended May 31, 2021
(In thousands)			Homebuilding						Financial Services						Multifamily						Lennar Other						Corporate and unallocated						Total
Revenues			$	6,028,041					218,747						177,473						5,984						—						6,430,245
Operating earnings (loss)			1,112,475						121,320						22,397						(54,097)						—						1,202,095
Corporate general and administrative expenses			—						—						—						—						90,717						90,717
Charitable foundation contribution			—						—						—						—						14,493						14,493
Earnings (loss) before income taxes			1,112,475						121,320						22,397						(54,097)						(105,210)						1,096,885
			Three Months Ended May 31, 2020
Revenues			$	4,949,484					196,263						123,117						18,509						—						5,287,373
Operating earnings (loss)			631,361						147,326						(638)						(18,021)						—						760,028
Corporate general and administrative expenses			—						—						—						—						78,183						78,183
Charitable foundation contribution			—						—						—						—						5,268						5,268
Earnings (loss) before income taxes			631,361						147,326						(638)						(18,021)						(83,451)						676,577

			Six Months Ended May 31, 2021
(In thousands)			Homebuilding						Financial Services						Multifamily						Lennar Other						Corporate and unallocated						Total
Revenues			$	10,971,097					462,816						308,916						12,884						—						11,755,713
Operating earnings			1,945,655						267,527						21,523						417,249						—						2,651,954
Corporate general and administrative expenses			—						—						—						—						201,248						201,248
Charitable foundation contribution			—						—						—						—						26,807						26,807
Earnings (loss) before income taxes			1,945,655						267,527						21,523						417,249						(228,055)						2,423,899
			Six Months Ended May 31, 2020
Revenues			$	9,121,600					394,924						255,734						20,452						—						9,792,710
Operating earnings (loss)			1,091,759						194,643						1,147						(17,122)						—						1,270,427
Corporate general and administrative expenses			—						—						—						—						160,817						160,817
Charitable foundation contribution			—						—						—						—						9,481						9,481
Earnings (loss) before income taxes			1,091,759						194,643						1,147						(17,122)						(170,298)						1,100,129

The assets related to the Company’s homebuilding segments were as follows:

(In thousands)			East						Central						Texas						West						Other						Corporate and Unallocated						Total Homebuilding
May 31, 2021			$	5,749,998					3,713,952						2,510,950						11,131,940						1,326,516						2,440,069						26,873,425
November 30, 2020			5,308,114						3,438,600						2,150,916						10,504,374						1,301,618						2,825,803						25,529,425

Financial information relating to the Company’s homebuilding segments was as follows:

			Three Months Ended May 31, 2021
(In thousands)			East						Central						Texas						West						Other						Total Homebuilding
Revenues			$	1,567,768					1,097,582						799,259						2,553,771						9,661						6,028,041
Operating earnings (loss)			309,827						159,048						176,057						492,811						(25,268)						1,112,475
			Three Months Ended May 31, 2020
Revenues			$	1,277,431					986,284						712,756						1,959,823						13,190						4,949,484
Operating earnings (loss)			192,887						103,904						99,887						280,094						(45,411)						631,361

			Six Months Ended May 31, 2021
(In thousands)			East						Central						Texas						West						Other						Total Homebuilding
Revenues			$	2,923,710					2,026,024						1,443,337						4,563,350						14,676						10,971,097
Operating earnings (loss)			571,910						291,071						305,700						814,517						(37,543)						1,945,655
			Six Months Ended May 31, 2020
Revenues			$	2,429,763					1,775,794						1,185,984						3,708,592						21,467						9,121,600
Operating earnings (loss)			341,641						159,627						152,960						505,001						(67,470)						1,091,759

Schedule of Line of Credit Facilities

At May 31, 2021, the Financial Services warehouse facilities were all 364-day repurchase facilities and were used to fund residential mortgages or commercial mortgages for LMF Commercial as follows:

(In thousands)			Maximum Aggregate Commitment
Residential facilities maturing:
June 2021 (1)			$	600,000
July 2021			200,000
December 2021			500,000
April 2022			100,000
Total - Residential facilities			$	1,400,000
LMF Commercial facilities maturing
November 2021			$	100,000
December 2021 (2)			611,438
Total - LMF Commercial facilities			$	711,438
Total			$	2,111,438

(1)Subsequent to May 31, 2021, the maturity due date was extended to July 2021.

(2)Includes $11.4 million warehouse repurchase facility used by LMF Commercial to finance the origination of floating rate accrual loans, which are reported as accrual loans within loans held-for-investment, net.

Borrowings and collateral under the facilities and their prior year predecessors were as follows:

(In thousands)			May 31, 2021						November 30, 2020
Borrowings under the residential facilities			$	671,541					1,185,797
Collateral under the residential facilities			695,275						1,231,619
Borrowings under the LMF Commercial facilities			104,247						124,617

The Company's outstanding performance letters of credit and surety bonds are described below:

(In thousands)						May 31, 2021						November 30, 2020
Performance letters of credit						$	817,831					752,096
Surety bonds						3,306,473						3,087,711
Anticipated future costs primarily for site improvements related to performance surety bonds						1,743,993						1,584,642

Schedule of Loan Origination Liabilities

The activity in the Company’s loan origination liabilities was as follows:

			Three Months Ended												Six Months Ended
			May 31,												May 31,
(In thousands)			2021						2020						2021						2020
Loan origination liabilities, beginning of period			$	8,433					9,996						7,569						9,364
Provision for losses			1,114						1,139						2,080						1,915
Payments/settlements			(93)						(255)						(195)						(399)
Loan origination liabilities, end of period			$	9,454					10,880						9,454						10,880

Schedule of Loans Held for Sale

LMF Commercial originated commercial loans as follows:

			Three Months Ended												Six Months Ended
			May 31,												May 31,
(Dollars in thousands)			2021						2020						2021						2020
Originations (1)			$	196,498					5,400						415,998						417,650
Sold			155,740						142,938						438,705						457,377
Securitizations			1						1						3						3

(1)During both the three and six months ended May 31, 2021 and 2020 all the commercial loans originated were recorded as loans held-for-sale, which are held at fair value.

Schedule of Commercial Mortgage-Backed Securities

Details related to Financial Services' CMBS were as follows:

(Dollars in thousands)			May 31, 2021						November 30, 2020
Carrying value			$	162,919					164,230
Outstanding debt, net of debt issuance costs			152,396						153,505
Incurred interest rate			3.4		%				3.4		%

Schedule of Fair Value Inputs for Commercial Mortgage-Backed Securities

			May 31, 2021
Discount rates at purchase			6%			—			84%
Coupon rates			2.0%			—			5.3%
Distribution dates			October 2027			—			December 2028
Stated maturity dates			October 2050			—			December 2051

The key assumptions, which are generally unobservable inputs, used in the valuation of the mortgage servicing rights include mortgage prepayment rates, discount rates and delinquency rates and are noted below:

Unobservable inputs			As of May 31, 2021						As of November 30, 2020
Mortgage prepayment rate			13%						18%
Discount rate			14%						12%
Delinquency rate			3%						4%

The table below summarizes the most significant unobservable inputs used in the Company's discounted cash flow model to determine the fair value of its communities for which the Company recorded valuation adjustments:

			Six Months Ended
			May 31,
			2021						2020
Unobservable inputs									Range
Average selling price			$635,000												201,000			-			970,000
Absorption rate per quarter (homes)			11												3			-			15
Discount rate			20%						20%

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