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Financial Instruments and Fair Value Disclosures (Tables)
 9 Months Ended
Aug. 31, 2021
Fair Value Disclosures [Abstract]  
Carrying Amounts And Estimated Fair Value Of Financial Instruments The following table presents the carrying amounts and estimated fair values of financial instruments held or issued by the Company at August 31, 2021 and November 30, 2020, using available market information and what the Company believes to be appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions and/or estimation methodologies might have a material effect on the estimated fair value amounts. The table excludes cash and cash equivalents, restricted cash, receivables, net and accounts payable, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments.
August 31, 2021November 30, 2020
(In thousands)Fair Value HierarchyCarrying AmountFair ValueCarrying AmountFair Value
ASSETS
Financial Services:
Loans held-for-investment, netLevel 3$61,283 61,332 72,626 70,808 
Investments held-to-maturityLevel 3161,532 192,510 164,230 196,047 
LIABILITIES
Homebuilding senior notes and other debts payable, netLevel 2$5,542,513 6,040,708 5,955,758 6,581,798 
Financial Services notes and other debts payable, netLevel 21,106,447 1,107,301 1,463,919 1,464,850 
Lennar Other notes and other debts payable, netLevel 21,906 1,906 1,906 1,906 
Fair Value Measured On Recurring Basis
The Company’s financial instruments measured at fair value on a recurring basis are summarized below:
Fair Value HierarchyFair Value at
(In thousands)August 31, 2021November 30, 2020
Financial Services Assets:
Residential loans held-for-saleLevel 2$1,141,460 1,296,517 
LMF Commercial loans held-for-saleLevel 3113,129 193,588 
Mortgage servicing rightsLevel 32,382 2,113 
Lennar Other:
Investments in equity securitiesLevel 1$1,085,571 — 
Investments available-for-saleLevel 341,695 53,497 
Residential and LMF Commercial loans held-for-sale in the table above include:
August 31, 2021November 30, 2020
(In thousands)Aggregate Principal BalanceChange in Fair ValueAggregate Principal BalanceChange in Fair Value
Residential loans held-for-sale$1,103,647 37,813 1,232,548 63,969 
LMF Commercial loans held-for-sale
116,010 (2,881)194,362 (774)
Schedule of Unobservable Inputs Used in Discounted Cash Flow Model to Determine the Fair Value of Communities
August 31, 2021
Discount rates at purchase6%—84%
Coupon rates2.0%—5.3%
Distribution datesOctober 2027—December 2028
Stated maturity datesOctober 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 inputsAs of August 31, 2021As of November 30, 2020
Mortgage prepayment rate14%18%
Discount rate14%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:
Nine Months Ended August 31,
20212020
Unobservable inputsRange
Average selling price$635,000201,000 -970,000
Absorption rate per quarter (homes)113-15
Discount rate20%20%
Schedule Of Gains And Losses Of Financial Instruments Measured on a Recurring Basis
The changes in fair values for Level 1 and Level 2 financial instruments measured on a recurring basis are shown below by financial instrument and financial statement line item:
Three Months EndedNine Months Ended
August 31,August 31,
(In thousands)2021202020212020
Changes in fair value included in Financial Services revenues:
Loans held-for-sale$4,196 2,229 (26,156)6 
Mortgage loan commitments118 (4,534)260 24,177 
Forward contracts1,649 (205)11,934 (1,088)
Changes in fair value included in Lennar Other realized and unrealized gain (loss):
Investments in equity securities$493,671 — 690,791 — 
Changes in fair value included in other comprehensive loss, net of tax:
Lennar Other investments available-for-sale$131 175 (495)(209)
Reconciliation Of Beginning And Ending Balance For The Company's Level 3 Recurring Fair Value Measurements
The following table represents the reconciliation of the beginning and ending balance for the Level 3 recurring fair value measurements in the Company's Financial Services segment:
Three Months Ended
August 31, 2021August 31, 2020
(In thousands)Mortgage servicing rightsLMF Commercial loans held-for-saleMortgage servicing rightsLMF Commercial loans held-for-sale
Beginning balance$2,602 163,920 1,238 159,885 
Purchases/loan originations56 178,669 563 164,380 
Sales/loan originations sold, including those not settled— (226,357)— (164,527)
Disposals/settlements(127)(4,092)(34)— 
Changes in fair value (2)(149)1,391 (411)(1,165)
Interest and principal paydowns— (402)— (1,542)
Ending balance$2,382 113,129 1,356 157,031 
Nine Months Ended
August 31, 2021August 31, 2020
(In thousands)Mortgage servicing rightsLMF Commercial loans held-for-saleMortgage servicing rightsLMF Commercial loans held-for-sale
Beginning balance$2,113 193,588 24,679 197,224 
Purchases/loan originations499 599,465 1,917 582,030 
Sales/loan originations sold, including those not settled
— (665,062)— (622,251)
Disposals/settlements (1)(1,222)(11,392)(10,231)— 
Changes in fair value (2)992 (2,551)(15,009)2,102 
Interest and principal paydowns— (919)— (2,074)
Ending balance$2,382 113,129 1,356 157,031 
(1)The nine months ended August 31, 2020 include $7.5 million related to the sale of a servicing portfolio.
(2)Changes in fair value for LMF Commercial loans held-for-sale and Financial Services mortgage servicing rights are included in Financial Services' revenues.
Fair Value Measurements, Nonrecurring The assets measured at fair value on a nonrecurring basis are summarized below:
Three Months Ended
August 31, 2021August 31, 2020
(In thousands)Fair Value
Hierarchy		Carrying ValueFair ValueTotal Losses, Net (1)Carrying ValueFair ValueTotal Losses, Net (1)
Non-financial assets - Homebuilding:
Finished homes and construction in progress (1)Level 3$3,968 2,287 (1,681)20,650 18,089 (2,561)
Land and land under development (1)Level 31,625 862 (763)21,621 12,650 (8,971)
Nine Months Ended
August 31, 2021August 31, 2020
(In thousands)Fair Value
Hierarchy		Carrying ValueFair ValueTotal Losses, Net (1)Carrying ValueFair ValueTotal Losses, Net (1)
Non-financial assets - Homebuilding:
Finished homes and construction in progress (1)Level 3$25,752 11,015 (14,737)162,459 138,493 (23,966)
Land and land under development (1)Level 32,145 862 (1,283)86,683 34,019 (52,664)
(1)Valuation adjustments were included in Homebuilding costs and expenses in the Company's condensed consolidated statements of operations and comprehensive income (loss).
The table below summarizes communities reviewed for indicators of impairment and communities with valuation adjustments recorded:
Communities with valuation adjustments
At or for the Nine Months Ended# of active communities# of communities with potential indicator of impairment# of communities
Fair Value
(in thousands)
Valuation Adjustments
(in thousands)
August 31, 20211,19281$17,117 $11,849 
August 31, 20201,194281476,115 40,364