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Income Taxes (Tables)

12 Months Ended

Nov. 30, 2021

Income Tax Disclosure [Abstract]

Schedule of Benefit (Provision) for Income Taxes

The provision for income taxes consisted of the following:

			Years Ended November 30,
(In thousands)			2021						2020						2019
Current:
Federal			$	924,474					428,907						298,701
State			245,941						135,246						53,400
			$	1,170,415					564,153						352,101
Deferred:
Federal			$	149,349					59,065						165,080
State			42,745						33,017						74,992
			192,094						92,082						240,072
			$	1,362,509					656,235						592,173

Reconciliation Of Statutory Rate And Effective Tax Rate

A reconciliation of the statutory rate and the effective tax rate was as follows:

			Percentage of Pretax Income
			2021						2020						2019
Statutory rate			21.00		%				21.00		%				21.00		%
State income taxes, net of federal income tax benefit			4.03						4.00						4.17
Tax credits (1)			(1.73)						(4.46)						(1.49)
Nondeductible compensation			0.49						0.57						0.45
Tax reserves and interest expense, net			0.03						—						(0.03)
Deferred tax asset valuation allowance, net			(0.01)						—						(0.02)
Other			(0.29)						(0.09)						0.18
Effective rate			23.52		%				21.02		%				24.26		%

(1)During fiscal year 2020, Congress extended the new energy efficient home tax credit for homes delivered from 2018 to 2021, with retroactive effect for 2018 and 2019.

Schedule of Deferred Income Taxes Assets And Liabilities

The tax effects of significant temporary differences that give rise to the net deferred tax assets were as follows:

			November 30,
(In thousands)			2021						2020
Deferred tax assets:
Inventory valuation adjustments			$	94,624					136,868
Reserves and accruals			187,466						161,984
Net operating loss carryforwards			74,902						88,021
Capitalized expenses			174,405						130,910
Investments in unconsolidated entities			48,913						67,405
Employee stock incentive plan			37,813						25,060
Other assets			49,828						51,655
Total deferred tax assets			667,951						661,903
Valuation allowance			(2,693)						(4,411)
Total deferred tax assets after valuation allowance			665,258						657,492
Deferred tax liabilities:
Capitalized expenses			187,332						181,729
Deferred income			272,827						240,903
Unrealized gains on investments in equity securities			164,534						—
Other liabilities			44,810						47,478
Total deferred tax liabilities			669,503						470,110
Net deferred tax assets (liabilities)			$	(4,245)					187,382

The detail of the Company's net deferred tax assets (liabilities) was as follows:

			November 30,
(In thousands)			2021						2020
Net deferred tax assets (liabilities): (1)
Homebuilding			$	84,198					119,467
Financial Services			(1,431)						1,024
Multifamily			64,247						38,155
Lennar Other			(151,259)						28,736
Net deferred tax assets (liabilities)			$	(4,245)					187,382

(1)Net deferred tax assets and net deferred tax liabilities detailed above are included within other assets and other liabilities in the respective segments.

			November 30,
(In thousands)			2021						2020
Valuation allowance (1)			$	(2,693)					(4,411)
Federal tax effected NOL carryforwards (2)			32,968						36,264
State tax effected NOL carryforwards (3)			41,935						51,757

(1)As of November 30, 2021 and 2020, the deferred tax assets included valuation allowances primarily related to state net operating loss ("NOL") carryforwards that are not more likely than not to be utilized due to an inability to carry back these losses in most states and short carryforward periods that exist in certain states.

(2)At November 30, 2021 and 2020, the Company had federal tax effected NOL carryforwards that may be carried forward to offset future taxable income and begin to expire in 2029.

(3)At November 30, 2021 and 2020, the Company had state tax effected NOL carryforwards that may be carried forward from 10 to 20 years or indefinitely, depending on the tax jurisdiction, with certain losses expiring between 2022 and 2039.

Summary Of Changes In Gross Unrecognized Tax Benefits

The following table summarizes the changes in gross unrecognized tax benefits:

			Years Ended November 30,
(In thousands)			2021						2020						2019
Gross unrecognized tax benefits, beginning of year			$	12,285					12,856						14,667
Lapse of statute of limitations			—						(349)						(1,811)
Decreases due to settlements with tax authorities			—						(222)						—
Gross unrecognized tax benefits, end of year			$	12,285					12,285						12,856

The following summarizes the changes in interest and penalties accrued with respect to gross unrecognized tax benefits:

			November 30,
(In thousands)			2021						2020
Accrued interest and penalties, beginning of the year			$	57,764					55,333
Accrual of interest and penalties (primarily related to state audits)			2,173						2,802
Reduction of interest and penalties			—						(371)
Accrued interest and penalties, end of the year			$	59,937					57,764

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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