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Operating and Reporting Segments (Tables)

9 Months Ended

Aug. 31, 2022

Segment Reporting [Abstract]

Disclosure Of Financial Information Relating To Company's Operations

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

(In thousands)			August 31, 2022
Assets:			Homebuilding						Financial Services						Multifamily						Lennar Other						Total
Cash and cash equivalents			$	1,309,364					143,630						40,870						10,181						1,504,045
Restricted cash			32,575						14,710						—						—						47,285
Receivables, net (1)			665,472						606,672						108,313						—						1,380,457
Inventories			22,842,509						—						429,923						—						23,272,432
Loans held-for-sale (2)			—						1,260,122						—						—						1,260,122
Investments in equity securities (3)			—						—						—						487,082						487,082
Investments available-for-sale (4)			—						—						—						35,163						35,163
Loans held-for-investment, net			—						38,939						—						—						38,939
Investments held-to-maturity			—						151,015						—						—						151,015
Investments in unconsolidated entities			1,174,498						—						631,513						342,636						2,148,647
Goodwill			3,442,359						189,699						—						—						3,632,058
Other assets			1,163,519						119,183						57,289						42,641						1,382,632
			$	30,630,296					2,523,970						1,267,908						917,703						35,339,877
Liabilities:
Notes and other debts payable, net			$	4,057,496					1,487,913						16,683						—						5,562,092
Accounts payable and other liabilities			6,050,952						187,579						309,365						102,351						6,650,247
			$	10,108,448					1,675,492						326,048						102,351						12,212,339

(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-investment, 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

(1)Receivables, net for Financial Services primarily related to loans sold to investors for which the Company had not yet been paid as of August 31, 2022 and November 30, 2021, 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 $178.0 million and $100.1 million without readily available fair values as of August 31, 2022 and November 30, 2021, 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 condensed consolidated balance sheet.

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

			Three Months Ended August 31, 2022
(In thousands)			Homebuilding						Financial Services						Multifamily						Lennar Other						Corporate and Unallocated						Total
Revenue			$	8,479,496					202,078						243,056						9,801						—						8,934,431
Operating earnings (loss) (1)			1,963,224						63,348						48,487						(117,980)						—						1,957,079
Corporate general and administrative expenses			—						—						—						—						115,557						115,557
Charitable foundation contribution			—						—						—						—						17,248						17,248
Earnings (loss) before income taxes			1,963,224						63,348						48,487						(117,980)						(132,805)						1,824,274
			Three Months Ended August 31, 2021
Revenues			$	6,558,509					206,973						167,921						8,000						—						6,941,403
Operating earnings (loss)			1,329,833						112,083						(9,393)						491,972						—						1,924,495
Corporate general and administrative expenses			—						—						—						—						94,942						94,942
Charitable foundation contribution			—						—						—						—						15,199						15,199
Earnings (loss) before income taxes			1,329,833						112,083						(9,393)						491,972						(110,141)						1,814,354

(1) Financial Services operating earnings for the three months ended August 31, 2022, included a $35.5 million one-time charge due to an increase in a litigation accrual related to a court judgment.

			Nine Months Ended August 31, 2022
(In thousands)			Homebuilding						Financial Services						Multifamily						Lennar Other						Corporate and Unallocated						Total
Revenues			$	22,209,683					578,945						686,436						21,579						—						23,496,643
Operating earnings (loss) (1)			4,953,485						258,074						54,582						(629,538)						—						4,636,603
Corporate general and administrative expenses			—						—						—						—						334,425						334,425
Charitable foundation contribution			—						—						—						—						46,335						46,335
Earnings (loss) before income taxes			4,953,485						258,074						54,582						(629,538)						(380,760)						4,255,843
			Nine Months Ended August 31, 2021
Revenues			$	17,529,606					669,789						476,837						20,884						—						18,697,116
Operating earnings			3,275,488						379,610						12,130						909,221						—						4,576,449
Corporate general and administrative expenses			—						—						—						—						296,190						296,190
Charitable foundation contribution			—						—						—						—						42,006						42,006
Earnings (loss) before income taxes			3,275,488						379,610						12,130						909,221						(338,196)						4,238,253

(1)Financial Services operating earnings for the nine months ended August 31, 2022, included a $35.5 million one-time charge due to an increase in a litigation accrual related to a court judgment.

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

(In thousands)			East						Central						Texas						West						Other						Corporate and Unallocated						Total Homebuilding
August 31, 2022			$	7,143,051					4,393,636						3,720,373						12,800,380						1,414,935						1,157,922						30,630,297
November 30, 2021			5,854,057						3,782,847						2,801,192						11,171,741						1,443,163						2,414,819						27,467,819

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

			Three Months Ended August 31, 2022
(In thousands)			East						Central						Texas						West						Other						Total Homebuilding
Revenues			$	2,540,285					1,577,544						1,140,556						3,212,169						8,942						8,479,496
Operating earnings (loss)			642,482						272,351						278,814						788,443						(18,866)						1,963,224
			Three Months Ended August 31, 2021
Revenues			$	1,678,851					1,268,817						827,229						2,775,556						8,056						6,558,509
Operating earnings (loss)			356,895						197,229						186,008						608,815						(19,114)						1,329,833

			Nine Months Ended August 31, 2022
(In thousands)			East						Central						Texas						West						Other						Total Homebuilding
Revenues			$	6,424,922					3,970,805						3,048,676						8,733,429						31,851						22,209,683
Operating earnings (loss)			1,548,296						631,224						722,983						2,077,740						(26,758)						4,953,485
			Nine Months Ended August 31, 2021
Revenues			$	4,602,560					3,294,842						2,270,566						7,338,906						22,732						17,529,606
Operating earnings (loss)			928,805						488,300						491,708						1,423,332						(56,657)						3,275,488

Schedule of Line of Credit Facilities

At August 31, 2022, the Financial Services warehouse facilities were all 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:
October 2022			$	200,000
December 2022			500,000
May 2023			200,000
August 2023			1,000,000
Total - Residential facilities			$	1,900,000
LMF Commercial facilities maturing
November 2022			$	100,000
December 2022			400,000
July 2023			50,000
Total - LMF Commercial facilities			$	550,000
Total			$	2,450,000

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

(In thousands)			August 31, 2022						November 30, 2021
Borrowings under the residential facilities			$	1,289,260					1,482,258
Collateral under the residential facilities			1,343,967						1,539,641
Borrowings under the LMF Commercial facilities			57,740						96,294

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

(In thousands)						August 31, 2022						November 30, 2021
Performance letters of credit						$	1,148,595					924,584
Financial letters of credit						547,210						425,843
Surety bonds						3,894,416						3,553,047
Anticipated future costs primarily for site improvements related to performance surety bonds						2,023,081						1,690,861

Schedule of Loans Held for Sale

LMF Commercial originated commercial loans as follows:

			Three Months Ended												Nine Months Ended
			August 31,												August 31,
(Dollars in thousands)			2022						2021						2022						2021
Originations (1)			$	109,850					178,669						518,345						594,667
Sold			188,266						226,357						511,733						665,062
Securitizations			2						1						4						4

(1)During both the three and nine months ended August 31, 2022 and 2021, all the commercial loans originated were recorded as loans held-for-sale, which are held at fair value.

Schedule of Commercial Mortgage-Backed Securities

Details related to Financial Services' CMBS were as follows:

(Dollars in thousands)			August 31, 2022						November 30, 2021
Carrying value			$	151,015					157,808
Outstanding debt, net of debt issuance costs			140,912						147,474
Incurred interest rate			3.4		%				3.4		%

Schedule of Fair Value Inputs for Commercial Mortgage-Backed Securities

			August 31, 2022
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

The key assumptions, which are generally unobservable inputs, used in the valuation of the mortgage servicing rights include mortgage prepayment rates, discount rates and delinquency rates and are noted below:

Unobservable inputs			As of August 31, 2022						As of November 30, 2021
Mortgage prepayment rate			8%						13%
Discount rate			13%						13%
Delinquency rate			7%						4%

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:

			Nine Months Ended
			August 31,
			2022						2021
Unobservable inputs
Average selling price			$750,000						$635,000
Absorption rate per quarter (homes)			2						11
Discount rate			20%						20%

Unrealized Gain (Loss) on Investments

The following is a detail of Lennar Other unrealized gains (losses) from the Company's technology investments:

			Three Months Ended												Nine Months Ended
			August 31,												August 31,
(In thousands)			2022						2021						2022						2021
Blend Labs (BLND) mark-to-market			$	(518)					6,852						(21,510)						6,852
Hippo (HIPO) mark-to-market			(32,933)						324,855						(195,336)						324,855
Opendoor (OPEN) mark-to-market			(54,391)						37,301						(218,751)						272,756
SmartRent (SMRT) mark-to-market			(23,118)						100,793						(71,431)						100,793
Sonder (SOND) mark-to-market			(168)						—						(2,300)						—
Sunnova (NOVA) mark-to-market			25,289						23,870						(49,646)						(14,465)
Lennar Other unrealized gains (losses) from technology investments			$	(85,839)					493,671						(558,974)						690,791

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