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Summary Of Significant Accounting Policies (Tables)
 12 Months Ended
Nov. 30, 2021
Accounting Policies [Abstract]  
Schedule Of Lennar Homebuilding Receivables Balances for the years ended November 30, 2021 and 2020 are noted below:
November 30,
(In thousands)20212020
Accounts receivable$245,004 133,560 
Mortgages and notes receivable247,805 167,909 
492,809 301,469 
Allowance for credit losses(2,531)(2,798)
Receivables, net (1)$490,278 298,671 
(1)At November 30, 2021, receivables, net included an $85 million short-term loan due from Upward America that was repaid subsequent to November 30, 2021.
LMF Commercial originated commercial loans as follows:
November 30,
(Dollars in thousands)20212020
Originations (1)$770,107 703,777 
Sold$931,023 705,089 
Securitizations6 5 
(1)During both the year ended November 30, 2021 and 2020 all the commercial loans originated were recorded as loans held-for-sale, which are held at fair value.
Communities Reviewed for Indicators of Impairment and Communities with Valuation Adjustments Needed
The table below summarizes communities reviewed for indicators of impairment and communities with valuation adjustments recorded:
At November 30,Communities with valuation adjustments
for the years ended November 30,
# of communities with potential indicator of impairment# of communitiesFair Value
(in thousands)		Valuation Adjustments
(in thousands)
202141 $5,267 $11,849 
20201016 79,734 44,811 
The assets measured at fair value on a nonrecurring basis are summarized below:
Years Ended November 30,
202120202019
(In thousands)Fair
Value
Hierarchy		Carrying ValueFair ValueTotal
Losses, Net (1)		Carrying ValueFair ValueTotal Losses, Net (1)Carrying ValueFair ValueTotal Losses, Net (1)
Non-financial assets
Homebuilding:
Finished homes and construction in progress (2)
Level 3$32,364 16,342 (16,022)176,637 148,684 (27,953)218,942 205,201 (13,741)
Land and land under development (2)
Level 335,775 26,841 (8,934)182,137 92,355 (89,782)121,564 82,816 (38,748)
Other assets (2)
Level 312,764 12,024 (740)— — — 60,363 56,727 (3,636)
(1)Represents losses due to valuation adjustments, write-offs, gains (losses) from transfers or acquisitions of real estate through foreclosure and REO impairments recorded during the year.
(2)Valuation adjustments for finished homes, construction in progress and land and land under development were included in Homebuilding costs and expenses and valuation adjustments for other assets were included in homebuilding other income (expense), net in the Company's consolidated statements of operations for the years ended November 30, 2021, 2020 and 2019.
Schedule of Significant Unobservable Inputs Used to Determine Fair Value of Communities
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 during the years ended November 30, 2021 and 2020:
Years Ended November 30,
20212020
Unobservable inputsRange
Average selling price$635,000$201,000 -$970,000
Absorption rate per quarter (homes)113 -15
Discount rate20%20%
November 30, 2021
Discount rates at purchase6%—84%
Coupon rates2.0%—5.3%
Distribution datesOctober 2027—December 2028
Stated maturity datesOctober 2050—December 2051
November 30, 2021
Unobservable inputs
Mortgage prepayment rate13 %
Discount rate13 %
Delinquency rate4 %
Schedule Of Operating Properties And Equipment
Operating properties and equipment are included in Homebuilding other assets in the consolidated balance sheets and were as follows:
November 30,
(In thousands)20212020
Operating properties (1)$309,367 386,646 
Leasehold improvements56,620 57,084 
Furniture, fixtures and equipment172,774 145,307 
538,761 589,037 
Accumulated depreciation and amortization(198,855)(177,519)
$339,906 411,518 
(1)Operating properties primarily include solar systems, rental operations and commercial properties.
Schedule Of Interest Expense
Interest expense was included in costs of homes sold, costs of land sold and other interest expense as follows:
Years Ended November 30,
(In thousands)202120202019
Interest expense in costs of homes sold$342,756 349,109 371,821 
Interest expense in costs of land sold2,475 2,594 5,554 
Other interest expense (1)20,142 22,401 17,620 
Total interest expense$365,373 374,104 394,995 
(1)Included in Homebuilding other income (expense), net.
Schedule Of Warranty Reserve The activity in the Company’s warranty reserve was as follows:
Years Ended November 30,
(In thousands)20212020
Warranty reserve, beginning of year$341,765 294,138 
Warranties issued217,641 191,311 
Adjustments to pre-existing warranties from changes in estimates (1)29,436 29,461 
Payments(211,821)(173,145)
Warranty reserve, end of year$377,021 341,765 
(1)The adjustments to pre-existing warranties from changes in estimates during the years ended November 30, 2021 and 2020 primarily related to specific claims in certain of the Company's homebuilding communities and other adjustments.
Repurchase of Company's Common Stock The following table provides information about the Company’s repurchases of Class A and Class B common stock for the years ended November 30, 2021 and 2020:
Years Ended
November 30, 2021November 30, 2020
(Dollars in thousands, except price per share)Class AClass BClass AClass B
Shares repurchased13,910,000 100,000 4,250,000 115,000 
Principal$1,357,081 $8,197 $282,274 $6,155 
Average price per share$97.56 $81.97 $66.42 $53.52 
Compensation Expense Related to Company's Share-based Awards
Compensation expense related to the Company’s share-based awards was as follows:
Years Ended November 30,
(In thousands)202120202019
Total compensation expense for nonvested share-based awards$135,090 107,131 86,940 
Schedule of Nonvested Shares Activity A summary of the Company’s nonvested shares activity for the year ended November 30, 2021 was as follows:
SharesWeighted Average Grant Date Fair Value
Nonvested shares at November 30, 2020
3,546,576 $55.01 
Grants1,562,138 $80.95 
Vested(1,829,016)$57.56 
Forfeited(115,908)$62.49 
Nonvested shares at November 30, 2021
3,163,790 $66.07 
Loan Origination Liabilities The activity in the Company’s loan origination liabilities was as follows:
Years Ended November 30,
(In thousands)20212020
Loan origination liabilities, beginning of year$7,569 9,364 
Provision for losses4,639 11,924 
Payments/settlements(538)(13,719)
Loan origination liabilities, end of year$11,670 7,569