<SEC-DOCUMENT>0001628280-22-003175.txt : 20220329
<SEC-HEADER>0001628280-22-003175.hdr.sgml : 20220329
<ACCEPTANCE-DATETIME>20220218155538
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001628280-22-003175
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220218

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LENNAR CORP /NEW/
		CENTRAL INDEX KEY:			0000920760
		STANDARD INDUSTRIAL CLASSIFICATION:	GEN BUILDING CONTRACTORS - RESIDENTIAL BUILDINGS [1520]
		IRS NUMBER:				954337490
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		700 NW 107TH AVENUE
		STREET 2:		SUITE 400
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33172
		BUSINESS PHONE:		3055594000

	MAIL ADDRESS:	
		STREET 1:		700 NW 107TH AVENUE
		STREET 2:		SUITE 400
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33172

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PACIFIC GREYSTONE CORP /DE/
		DATE OF NAME CHANGE:	19940323
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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<title>Document</title></head><body><div id="i8e1381c2941442f799447a3bad8a708a_1"></div><div style="min-height:43.2pt;width:100%"><div><font><br></font></div></div><div style="padding-left:2.5pt;padding-right:2.5pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:139%">Lennar Corporation</font></div><div style="padding-left:2.5pt;padding-right:2.5pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:139%">700 Northwest 107th Avenue</font></div><div style="padding-left:2.5pt;padding-right:2.5pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:139%">Miami, Florida 33172</font></div><div style="padding-left:2.5pt;padding-right:2.5pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:139%">(305) 559-4000</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">February 18, 2022</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%;text-decoration:underline">By EDGAR Transmission</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">U.S. Securities and Exchange Commission</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Division of Corporation Finance</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">100 F Street, N.E.</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Washington, D.C. 20549-4631</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Attention&#58; Ameen Hamady</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Office of Real Estate &#38; Construction</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Re&#58;      Lennar Corporation</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Form 10-K for Fiscal Year Ended November 30, 2021</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Filed January 28, 2022</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">File No. 001-11749</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Ladies and Gentlemen&#58;             </font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The following is the response of Lennar Corporation (&#8220;Lennar&#8221;) to the comment contained in the letter from the Staff of the Securities and Exchange Commission (the &#8220;Staff&#8221;) dated February 9, 2022, regarding the above-referenced Form 10-K. For your convenience, the Staff&#8217;s comment precedes the response in this letter.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Form 10-K for the period ended November 30, 2021</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Summary of Significant Accounting Policies</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Inventories, page 50</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Comment No. 1</font></div><div><font><br></font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:112%">We note your disclosure on page 50 that sales incentives are one of many significant inputs the the Company uses in estimating its fair value of its communities. Given their significance, please expand your Homebuilding revenue recognition disclosures to discuss how the Company accounts for its sales incentives that it provides its customers. Your disclosures should highlight whether the Company typically offers customers sales incentives and the nature of each type of incentive that is offered. Finally, please disclose the amounts of such incentives for each of the periods presented and how the Company accounts for such incentives, including whether the Company recognizes such incentives as a reduction of revenue or in its costs and expenses.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Response</font></div><div style="margin-top:6pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">In future filings, we will expand our Homebuilding revenue recognition disclosures to discuss how the company accounts for its sales incentives that it provides its customers and include such amounts if material. The disclosure will be as follows&#58; </font></div><div style="margin-top:6pt;text-indent:36pt"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Revenue Recognition&#58;</font></div><div style="margin-top:6pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Homebuilding revenues and related profits from sales of homes are recognized at the time of the closing of a sale, when title to and possession of the property are transferred to the homebuyer. In order to promote sales of our homes, we may offer sales incentives to homebuyers. The types of incentives vary on </font></div><div style="height:43.2pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:43.2pt;width:100%"><div><font><br></font></div></div><div style="margin-top:6pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">a community-by-community basis and home-by-home basis. They include primarily price discounts on individual homes and financing incentives, all of which are reflected as a reduction of home sales revenues. For the years ended November 30, 2021, 2020 and 2019, sales incentives offered to homebuyers were $9,000 per home, or 2.1% as a percentage of home sales revenues, $19,800 per home, or 4.8% as a percentage of home sales revenues, and $25,900 per home, or 6.1% as a percentage of home sales revenues, respectively.  </font></div><div style="margin-top:6pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">If you have any questions regarding the above, please contact me at 305-229-6419 or Mark Sustana at 305-229-6584.</font></div><div style="margin-bottom:13pt;margin-top:6pt"><font><br></font></div><div style="padding-left:306pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:39.062%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.37pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Sincerely,</font></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.37pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">By&#58; &#47;s&#47; Diane Bessette</font></td></tr><tr style="height:3pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.37pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Name&#58; Diane Bessette</font></td></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.37pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Title&#58; Vice President, Chief Financial Officer and Treasurer</font></td></tr></table></div><div><font><br></font></div><div style="padding-left:3pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:43.012%"><tr><td style="width:1.0%"></td><td style="width:8.083%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:89.717%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.37pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">cc&#58;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-top:2pt;padding-left:0.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Ameen Hamady</font></div><div style="margin-bottom:2pt;padding-left:0.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Jeanne Baker</font></div></td></tr></table></div><div style="margin-top:3pt"><font><br></font></div><div style="height:43.2pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div></body></html>
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