XML 37 R22.htm IDEA: XBRL DOCUMENT v3.21.4

Lennar Homebuilding Senior Notes And Other Debts Payable (Tables)

12 Months Ended

Nov. 30, 2021

Debt Disclosure [Abstract]

Schedule Of Senior Notes And Other Debts Payable

			November 30,
(Dollars in thousands)			2021						2020
4.750% senior notes due 2022			$	573,840					572,724
4.875% senior notes due December 2023			398,345						397,347
4.500% senior notes due 2024			648,253						647,528
5.875% senior notes due 2024			438,810						443,484
4.750% senior notes due 2025			498,446						498,002
5.25% senior notes due 2026			405,497						406,709
5.00% senior notes due 2027			352,124						352,508
4.75% senior notes due 2027			895,510						894,760
6.25% senior notes due December 2021			—						305,221
4.125% senior notes due 2022			—						598,876
5.375% senior notes due 2022			—						255,342
Mortgage notes on land and other debt			441,513						583,257
			$	4,652,338					5,955,758

The terms of each of the Company's senior notes outstanding at November 30, 2021 were as follows:

Senior Notes Outstanding (1)						Principal Amount						Net Proceeds (2)						Price						Dates Issued
(Dollars in thousands)
4.750% senior notes due 2022						$	575,000					$	567,585					(4)						October 2012, February 2013, April 2013
4.875% senior notes due December 2023						400,000						393,622						99.169		%				November 2015
4.500% senior notes due 2024						650,000						644,838						100		%				April 2017
5.875% senior notes due 2024						425,000						(3)						(3)						(3)
4.750% senior notes due 2025						500,000						495,528						100		%				April 2015
5.25% senior notes due 2026						400,000						(3)						(3)						(3)
5.00% senior notes due 2027						350,000						(3)						(3)						(3)
4.75% senior notes due 2027						900,000						894,650						100		%				November 2017

(1)Interest is payable semi-annually for each of the series of senior notes. The senior notes are unsecured and unsubordinated, but are guaranteed by substantially all of the Company's 100% owned homebuilding subsidiaries.

(2)The Company generally has historically used the net proceeds for working capital and general corporate purposes, which can include the repayment or repurchase of other outstanding senior notes.

(3)These notes were obligations of CalAtlantic when it was acquired, and were subsequently exchanged in part for notes of the Company. As part of purchase accounting, the senior notes have been recorded at their fair value as of the date of acquisition (February 12, 2018).

(4)The Company issued $350 million aggregate principal amount at a price of 100%, $175 million aggregate principal amount at a price of 98.073% and $50 million aggregate principal amount at a price of 98.250%.

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 Maturities Of Senior Notes And Other Debts Payable

The minimum aggregate principal maturities of Homebuilding senior notes and other debts payable during the five years subsequent to November 30, 2021 and thereafter are as follows:

(In thousands)			Debt Maturities
2022			$	718,279
2023			104,387
2024			1,529,977
2025			591,432
2026			402,794
Thereafter			1,294,642

X

- References

No definition available.

+ Details

Name:	us-gaap_DebtDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Name:	us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19(b),22(b))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Name:	us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of maturity and sinking fund requirement for long-term debt.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601

+ Details

Name:	us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration