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Operating And Reporting Segments (Tables)

12 Months Ended

Nov. 30, 2021

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

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

(In thousands)			November 30, 2021
Assets:			Homebuilding						Financial Services						Multifamily						Lennar Other						Total
Cash and cash equivalents			$	2,735,213					167,021						16,850						2,660						2,921,744
Restricted cash			21,927						12,012						—						—						33,939
Receivables, net (1)			490,278						708,165						98,405						—						1,296,848
Inventories			18,715,304						—						454,093						—						19,169,397
Loans held-for-sale (2)			—						1,636,351						—						—						1,636,351
Investments in equity securities (3)																					1,006,599						1,006,599
Investments available-for-sale (4)			—						—						—						41,654						41,654
Loans held-for-investments, net			—						44,582						—						—						44,582
Investments held-to-maturity			—						157,808						—						—						157,808
Investments in unconsolidated entities			972,084						—						654,029						346,270						1,972,383
Goodwill			3,442,359						189,699						—						—						3,632,058
Other assets			1,090,654						48,729						88,370						66,662						1,294,415
			$	27,467,819					2,964,367						1,311,747						1,463,845						33,207,778
Liabilities:
Notes and other debts payable, net			$	4,652,338					1,726,026						—						—						6,378,364
Accounts payable and other liabilities			5,217,904						180,317						288,930						145,981						5,833,132
			$	9,870,242					1,906,343						288,930						145,981						12,211,496

(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-investments, 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
Accounts payable and 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 as of November 30, 2021 and November 30, 2020, respectively.

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

(3)Investments in equity securities include investments of $100.1 million and $68.8 million without readily available fair values as of November 30, 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 consolidated balance sheets.

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

			Year ended November 30, 2021
(In thousands)			Homebuilding						Financial Services						Multifamily						Lennar Other						Corporate and unallocated (2)						Total
Revenues			$	25,545,242					898,745						665,232						21,457						—						27,130,676
Operating earnings			5,031,762						491,014						21,453						733,035						—						6,277,264
Corporate general and administrative expenses			—						—						—						—						(398,381)						(398,381)
Charitable foundation contribution			—						—						—						—						(59,825)						(59,825)
Earnings before income taxes			5,031,762						491,014						21,453						733,035						(458,206)						5,819,058

			Year ended November 30, 2020
(In thousands)			Homebuilding						Financial Services						Multifamily						Lennar Other (1)						Corporate and unallocated (2)						Total
Revenues			$	20,981,136					890,311						576,328						41,079						—						22,488,854
Operating earnings (loss)			2,988,907						480,952						22,681						(10,334)						—						3,482,206
Corporate general and administrative expenses			—						—						—						—						(333,446)						(333,446)
Charitable foundation contribution			—						—						—						—						(24,972)						(24,972)
Earnings (loss) before income taxes			2,988,907						480,952						22,681						(10,334)						(358,418)						3,123,788

			Year ended November 30, 2019
(In thousands)			Homebuilding						Financial Services						Multifamily						Lennar Other						Corporate and unallocated (2)						Total
Revenues			$	20,793,216					824,810						604,700						36,835						—						22,259,561
Operating earnings			2,502,905						224,642						16,390						31,469						—						2,775,406
Corporate general and administrative expenses			—						—						—						—						(321,188)						(321,188)
Charitable foundation contribution			—						—						—						—						(19,926)						(19,926)
Earnings before income taxes			2,502,905						224,642						16,390						31,469						(341,114)						2,434,292

(1)Operating loss for Lennar Other for the year ended November 30, 2020 included a $25.0 million write-down of assets held by Rialto legacy funds because of the disruption in the capital markets as a result of COVID-19 and the economic shutdown.

(2)Corporate and unallocated expenses primarily represent costs of operations at the Company's corporate headquarters in Miami. These operations include the Company's executive offices, information technology, treasury, corporate accounting and tax, legal, internal audit and human resources. Also included are property expenses related to the leases of corporate offices, data processing, general corporate expenses and charitable foundation contribution to the Lennar Foundation.

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

(In thousands)			East						Central						Texas						West						Other						Corporate and Unallocated						Total Homebuilding
Balance at November 30, 2021			$	5,854,057					3,782,847						2,801,192						11,171,741						1,443,163						2,414,819						27,467,819
Balance at 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:

			Year ended November 30, 2021
(In thousands)			East						Central						Texas						West						Other						Total Homebuilding
Revenues			$	6,870,944					4,826,535						3,241,321						10,563,756						42,686						25,545,242
Operating earnings (loss)			1,455,432						720,419						730,465						2,192,446						(67,000)						5,031,762
Interest expense			90,314						58,899						28,764						176,633						10,763						365,373
Depreciation and amortization			24,531						16,118						9,821						49,691						1,238						101,399
Net additions to (disposals of) operating properties and equipment			219						239						(9)						26,375						14,950						41,774

			Year ended November 30, 2020
(In thousands)			East						Central						Texas						West						Other						Total Homebuilding
Revenues			$	5,715,028					4,093,693						2,709,681						8,437,167						25,567						20,981,136
Operating earnings (loss)			933,297						482,929						421,594						1,241,494						(90,407)						2,988,907
Interest expense			93,245						58,777						29,901						178,498						13,683						374,104
Depreciation and amortization			21,504						13,659						9,366						50,316						249						95,094
Net additions to (disposals of) operating properties and equipment			955						(11,370)						712						165,869						(32)						156,134

			Year ended November 30, 2019
(In thousands)			East						Central						Texas						West						Other						Total Homebuilding
Revenues			$	5,717,858					4,120,085						2,578,962						8,227,304						149,007						20,793,216
Operating earnings (loss)			830,619						431,372						285,874						1,050,850						(95,810)						2,502,905
Interest expense			96,569						64,104						37,144						183,906						13,272						394,995
Depreciation and amortization			20,623						11,356						8,395						45,456						369						86,199
Net additions to (disposals of) operating properties and equipment			(31,338)						89						950						63,803						(1,214)						32,290

Schedule of Line of Credit Facilities

At November 30, 2021, the Financial Services segment had warehouse facilities, all of which were 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:
December 2021 (1)			$	500,000
April 2022			700,000
July 2022			600,000
October 2022			500,000
Total - Residential facilities			$	2,300,000
LMF Commercial facilities maturing:
December 2021 (1)			$	400,000
November 2022			100,000
July 2023			50,000
Total - LMF Commercial facilities			$	550,000
Total			$	2,850,000

(1)Subsequent to November 30, 2021, the maturity date was extended to December 2022.

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

			November 30,
(In thousands)			2021						2020
Borrowings under the residential facilities			$	1,482,258					1,185,797
Collateral under the residential facilities			1,539,641						1,231,619
Borrowings under the LMF Commercial facilities			96,294						124,617

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

			November 30,
(In thousands)			2021						2020
Performance letters of credit			$	924,584					752,096
Financial letters of credit			425,843						283,193
Surety bonds			3,553,047						3,087,711
Anticipated future costs primarily for site improvements related to performance surety bonds			1,690,861						1,584,642

Schedule Of Lennar Homebuilding Receivables

Balances for the years ended November 30, 2021 and 2020 are noted below:

			November 30,
(In thousands)			2021						2020
Accounts receivable			$	245,004					133,560
Mortgages and notes receivable			247,805						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)			2021						2020
Originations (1)			$	770,107					703,777
Sold			$	931,023					705,089
Securitizations			6						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.

Debt Securities, Held-to-maturity

Details related to Financial Services' CMBS were as follows:

(Dollars in thousands)			November 30, 2021						November 30, 2020
Carrying value			$	157,808					164,230
Outstanding debt, net of debt issuance costs			$	147,474					153,505
Incurred interest rate			3.4		%				3.4		%

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,
			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%

			November 30, 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

			November 30, 2021
Unobservable inputs
Mortgage prepayment rate			13		%
Discount rate			13		%
Delinquency rate			4		%

Unrealized Gain (Loss) on Investments

The following is a detail of Lennar Other realized and unrealized gains (losses):

			Year Ended
			November 30,
(In thousands)			2021
Opendoor (OPEN) mark to market			$	239,312
Hippo (HIPO) mark to market			207,634
SmartRent (SMRT) mark to market			79,483
Sunnova (NOVA) mark to market			(8,883)
Blend Labs (BLND) mark to market			(6,744)
Gain on sale of solar business			158,069
Other realized gains			11,705
			$	680,576

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