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Summary Of Significant Accounting Policies (Tables)
 12 Months Ended
Nov. 30, 2022
Accounting Policies [Abstract]  
Schedule Of Lennar Homebuilding Receivables Balances for the years ended November 30, 2022 and 2021 are noted below:
November 30,
(In thousands)20222021
Accounts receivable$490,420 245,004 
Mortgages and notes receivable185,739 247,805 
676,159 492,809 
Allowance for credit losses(2,179)(2,531)
Receivables, net (1)$673,980 490,278 
(1)At November 30, 2022 and 2021, receivables, net included $50 million and $85 million, respectively, related to a short-term loan due from Upward America that was repaid subsequent to each year end.
LMF Commercial originated commercial loans as follows:
November 30,
(Dollars in thousands)20222021
Originations (1)$740,345 770,107 
Sold$715,933 931,023 
Securitizations6 6 
(1)During both years ended November 30, 2022 and 2021 all the commercial loans originated were recorded as loans held-for-sale, which are held at fair value.
Communities Reviewed for Indicators of Impairment and Communities with Valuation Adjustments Needed aluation adjustments for finished homes and construction in progress were included in Homebuilding costs and expenses in the Company's consolidated statements of operations and comprehensive income (loss) for the years ended November 30, 2022 and 2021. The table below summarizes communities reviewed for indicators of impairment and communities with valuation adjustments recorded:
At November 30,Communities with valuation adjustments
for the years ended November 30,
# of communities with potential indicators of impairment# of communitiesFair Value
(in thousands)		Valuation Adjustments
(in thousands)
2022159 $105,042 $33,563 
202141 5,267 11,849 
The assets measured at fair value on a nonrecurring basis are summarized below:
Years Ended November 30,
202220212020
(In thousands)Fair
Value
Hierarchy		Carrying ValueFair ValueTotal
Losses, Net (1)		Carrying ValueFair ValueTotal Losses, Net (1)Carrying ValueFair ValueTotal Losses, Net (1)
Non-financial assets
Homebuilding:
Finished homes and construction in progress (2)
Level 3$347,300 295,663 (51,637)32,364 16,342 (16,022)176,637 148,684 (27,953)
Land and land under development (2)
Level 3183,737 126,135 (57,602)35,775 26,841 (8,934)182,137 92,355 (89,782)
Other assets (2)
Level 3— — — 12,764 12,024 (740)— — — 
Investments in unconsolidated entities (2)Level 31,454 — (1,454)— — — — — — 
(1)Represents losses due to valuation adjustments and deposit and acore write-offs recorded during the year.
(2)Valuation adjustments for finished homes and construction in progress, and land and land under development were included in Homebuilding costs and expenses. During the year ended November 30, 2022, total losses, net, for land and land underdevelopment
included $47.9 million of deposit and pre-acquisition cost write-offs. Valuation adjustments related to investments in unconsolidated entities were included in equity in earnings (loss) from unconsolidated entities and/or Homebuilding other income (expense), net in the Company's consolidated statements of operations and comprehensive income for the years ended November 30, 2022, 2021 and 2020.
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:
Years Ended November 30,
20222021
Unobservable inputsRange
Average selling price (1)$233,000— $753,000 $635,000 
Absorption rate per quarter (homes)2— 12 11
Discount rate20%20%
November 30, 2022
Discount rates at purchase6%—84%
Coupon rates2.0%—5.3%
Distribution datesOctober 2027—December 2028
Stated maturity datesOctober 2050—December 2051
November 30, 2022
Unobservable inputs
Mortgage prepayment rate8%
Discount rate13%
Delinquency rate7%
Schedule Of Operating Properties And Equipment
Operating properties and equipment are included in Homebuilding other assets in the consolidated balance sheets and were as follows:
November 30,
(In thousands)20222021
Operating properties (1)$305,743 309,367 
Leasehold improvements68,951 56,620 
Furniture, fixtures and equipment207,223 172,774 
581,917 538,761 
Accumulated depreciation and amortization(226,822)(198,855)
$355,095 339,906 
(1)Operating properties primarily include solar systems, rental operations and commercial properties.
Schedule Of Interest Expense
Interest expense was included in costs of homes sold, costs of land sold and other interest expense as follows:
Years Ended November 30,
(In thousands)202220212020
Interest expense in costs of homes sold$293,105 342,756 349,109 
Interest expense in costs of land sold498 2,475 2,594 
Other interest expense (1)19,128 20,142 22,401 
Total interest expense$312,731 365,373 374,104 
(1)Included in Homebuilding other income (expense), net.
Schedule Of Warranty Reserve The activity in the Company’s warranty reserve was as follows:
Years Ended November 30,
(In thousands)20222021
Warranty reserve, beginning of year$377,021 341,765 
Warranties issued274,766 217,641 
Adjustments to pre-existing warranties from changes in estimates (1)26,222 29,436 
Payments(259,992)(211,821)
Warranty reserve, end of year$418,017 377,021 
(1)The adjustments to pre-existing warranties from changes in estimates during the years ended November 30, 2022 and 2021 primarily related to specific claims in certain of the Company's homebuilding communities and other adjustments.
Repurchase of Company's Common Stock The following table provides information about the Company’s repurchases of Class A and Class B common stock:
Years Ended
November 30, 2022November 30, 2021
(Dollars in thousands, except price per share)Class AClass BClass AClass B
Shares repurchased9,628,203 1,339,797 13,910,000 100,000 
Total purchase price$868,788 $98,613 $1,357,081 $8,197 
Average price per share$90.23 $73.60 $97.56 $81.97 
Compensation Expense Related to Company's Share-based Awards
Compensation expense related to the Company’s share-based awards was as follows:
Years Ended November 30,
(In thousands)202220212020
Total compensation expense for nonvested share-based awards$184,086 135,090 107,131 
Schedule of Nonvested Shares Activity A summary of the Company’s nonvested shares activity for the year ended November 30, 2022 was as follows:
SharesWeighted Average Grant Date Fair Value
Nonvested shares at November 30, 2021
3,163,790 $66.07 
Grants1,697,986 $88.92 
Vested(1,581,744)$61.39 
Forfeited(127,886)$74.38 
Nonvested shares at November 30, 2022
3,152,146 $80.39 
Loan Origination Liabilities The activity in the Company’s loan origination liabilities was as follows:
Years Ended November 30,
(In thousands)20222021
Loan origination liabilities, beginning of year$11,670 7,569 
Provision for losses966 4,639 
Payments(849)(538)
Loan origination liabilities, end of year$11,787 11,670