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Lennar Homebuilding Investments In Unconsolidated Entities (Tables) | 12 Months Ended
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Nov. 30, 2021
Equity Method Investments and Joint Ventures [Abstract] |
Schedule of Unconsolidated Entities | The investments in Company's Homebuilding unconsolidated entities were as follows:
|  | November 30,
(In thousands) |  | 2021 |  | 2020
Investments in unconsolidated entities (1) (2) |  | $ | 972,084 |  |  | 953,177 |
Underlying equity in unconsolidated entities' net assets (1) |  | 1,301,719 |  |  | 1,269,701 |
(1)The basis difference was primarily as a result of the Company contributing its investment in three strategic joint ventures with a higher fair value than book value for an investment in the FivePoint entity and deferring equity in earnings on land sales to the Company. (2)Included in the Company's recorded investments in Homebuilding unconsolidated entities is the Company's 40% ownership of FivePoint. As of November 30, 2021 and 2020, the carrying amount of the Company's investment was $381.6 million and $392.1 million, respectively. The details of the activity was as follows:
| Years Ended November 30,
(In thousands) | 2021 |  | 2020 |  | 2019
Land sales revenues (1) | $ | 57,944 |  |  | 99,935 |  |  | 82,966 |
Management fees and reimbursement of expenses, net of deferrals | 16,464 |  |  | 2,363 |  |  | 2,716 |
(1)The Company does not include in its Homebuilding equity in loss from unconsolidated entities its pro-rata share of unconsolidated entities’ earnings resulting from land sales to its homebuilding divisions. Instead, the Company accounts for those earnings as a reduction of the cost of purchasing the land from the unconsolidated entities. This in effect defers recognition of the Company’s share of the unconsolidated entities’ earnings related to these sales until the Company delivers a home and title passes to a third-party homebuyer. The details of the activity was as follows:
|  | Years Ended November 30,
(In thousands) |  | 2021 |  | 2020 |  | 2019
General contractor services, net of deferrals |  | $ | 549,400 |  |  | 400,808 |  |  | 355,388 |
General contractor costs |  | 533,398 |  |  | 383,649 |  |  | 340,081 |
Management fee income |  | 56,573 |  |  | 56,253 |  |  | 53,597 |
Details of each as of and during the year ended November 30, 2021 are included below:
| November 30, 2021
(In thousands) | LMV I |  | LMV II
Lennar's carrying value of investments | $ | 254,732 |  |  | 320,565 |
Equity commitments | 2,204,016 |  |  | 1,257,700 |
Equity commitments called | 2,149,357 |  |  | 1,201,475 |
Lennar's equity commitments | 504,016 |  |  | 381,000 |
Lennar's equity commitments called | 499,031 |  |  | 362,913 |
Lennar's remaining commitments | 4,985 |  |  | 18,087 |
Distributions to Lennar during the year ended November 30, 2021 | 67,197 |  |  | 9,672 |
Summarized condensed financial information on a combined 100% basis related to the Company's unconsolidated entities that are accounted for under the equity method was as follows:
(In thousands) | November 30, 2021
Assets: | Homebuilding |  |  |  | Multifamily |  | Lennar Other |  | Total
Cash and cash equivalents | $ | 460,901 |  |  |  |  | 25,972 |  |  | 430,807 |  |  | 917,680 |
Loans receivable | — |  |  |  |  | — |  |  | 65,971 |  |  | 65,971 |
Real estate owned | — |  |  |  |  | — |  |  | 279,200 |  |  | 279,200 |
Investment securities | — |  |  |  |  | — |  |  | 2,461,788 |  |  | 2,461,788 |
Investments in partnerships | — |  |  |  |  | — |  |  | 346,042 |  |  | 346,042 |
Inventories | 4,666,454 |  |  |  |  | — |  |  | — |  |  | 4,666,454 |
Operating properties and equipment | 44,802 |  |  |  |  | 6,406,500 |  |  | — |  |  | 6,451,302 |
Other assets | 1,044,771 |  |  |  |  | 111,750 |  |  | 219,680 |  |  | 1,376,201 |
| $ | 6,216,928 |  |  |  |  | 6,544,222 |  |  | 3,803,488 |  |  | 16,564,638 |
Liabilities and equity: |  |  |  |  |  |  |  |  |
Accounts payable and other liabilities | $ | 904,078 |  |  |  |  | 240,928 |  |  | 179,879 |  |  | 1,324,885 |
Debt (1) | 1,216,721 |  |  |  |  | 3,407,362 |  |  | 399,632 |  |  | 5,023,715 |
Equity | 4,096,129 |  |  |  |  | 2,895,932 |  |  | 3,223,977 |  |  | 10,216,038 |
| $ | 6,216,928 |  |  |  |  | 6,544,222 |  |  | 3,803,488 |  |  | 16,564,638 |
Investments in unconsolidated entities | $ | 972,084 |  |  |  |  | 654,029 |  |  | 346,270 |  |  | 1,972,383 |
(In thousands) | November 30, 2020
Assets: | Homebuilding |  |  |  | Multifamily |  | Lennar Other |  | Total
Cash and cash equivalents | $ | 546,013 |  |  |  |  | 94,801 |  |  | 284,517 |  |  | 814,222 |
Loans receivable | — |  |  |  |  | — |  |  | 95,281 |  |  | 95,281 |
Real estate owned | — |  |  |  |  | — |  |  | 295,391 |  |  | 295,391 |
Investment securities | — |  |  |  |  | — |  |  | 2,169,480 |  |  | 2,093,766 |
Investments in partnerships | — |  |  |  |  | — |  |  | 260,721 |  |  | 260,721 |
Inventories | 4,527,371 |  |  |  |  | — |  |  | — |  |  | 4,527,371 |
Operating properties and equipment | 148,020 |  |  |  |  | 5,392,681 |  |  | 23,968 |  |  | 5,564,669 |
Other assets | 862,875 |  |  |  |  | 115,968 |  |  | 1,263,881 |  |  | 2,077,942 |
| $ | 6,084,279 |  |  |  |  | 5,603,450 |  |  | 4,393,239 |  |  | 15,729,363 |
Liabilities and equity: |  |  |  |  |  |  |  |  |
Accounts payable and other liabilities | $ | 866,812 |  |  |  |  | 219,522 |  |  | 190,384 |  |  | 1,117,447 |
Debt (1) | 1,085,639 |  |  |  |  | 2,519,567 |  |  | 292,313 |  |  | 3,897,519 |
Equity | 4,131,828 |  |  |  |  | 2,864,361 |  |  | 3,910,542 |  |  | 10,714,397 |
| $ | 6,084,279 |  |  |  |  | 5,603,450 |  |  | 4,393,239 |  |  | 15,729,363 |
Investments in unconsolidated entities | $ | 953,177 |  |  |  |  | 724,647 |  |  | 387,097 |  |  | 2,064,921 |
(1)Debt noted above is net of debt issuance costs. As of November 30, 2021 and 2020 this includes $11.9 million and $11.8 million, respectively, for Homebuilding, $23.4 million and $31.1 million, respectively, for Multifamily and an immaterial amount of debt issuance costs for Lennar Other.
(In thousands) |  |  |
Statement of Operations Years Ended: | Revenues |  | Cost and expenses |  | Other income (expense), net (1) |  | Net earnings (loss) of unconsolidated entities |  | Equity in earnings (loss) from unconsolidated entities
November 30, 2021 | $ | 1,383,266 |  |  | 1,448,775 |  |  | 187,625 |  |  | 122,116 |  |  | 48,993 |
November 30, 2020 | 1,362,686 |  |  | 1,221,873 |  |  | (244,680) |  |  | (103,867) |  |  | (13,939) |
November 30, 2019 | 782,712 |  |  | 774,550 |  |  | 347,018 |  |  | 355,180 |  |  | 13,393 |
(1)Other income (expense), net included realized and unrealized gains (losses) on investments.

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
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