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Operating And Reporting Segments (Tables)

12 Months Ended

Nov. 30, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

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

(In thousands)			November 30, 2022
Assets:			Homebuilding						Financial Services						Multifamily						Lennar Other						Total
Cash and cash equivalents			$	4,616,124					139,378						17,827						5,391						4,778,720
Restricted cash			23,046						14,004						—						—						37,050
Receivables, net (1)			673,980						826,163						114,134						—						1,614,277
Inventories			21,432,011						—						430,442						—						21,862,453
Loans held-for-sale (2)			—						1,776,311						—						—						1,776,311
Investments in equity securities (3)																					391,026						391,026
Investments available-for-sale (4)			—						—						—						35,482						35,482
Loans held-for-investments, net			—						45,636						—						—						45,636
Investments held-to-maturity			—						143,251						—						—						143,251
Investments in unconsolidated entities			1,173,164						—						648,126						316,523						2,137,813
Goodwill			3,442,359						189,699						—						—						3,632,058
Other assets			1,323,478						119,815						46,808						40,117						1,530,218
			$	32,684,162					3,254,257						1,257,337						788,539						37,984,295
Liabilities:
Notes and other debts payable, net			$	4,047,294					2,135,093						16,749						—						6,199,136
Accounts payable and other liabilities			6,931,352						218,811						296,735						97,894						7,544,792
			$	10,978,646					2,353,904						313,484						97,894						13,743,928

(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-investments, 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 November 30, 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 November 30, 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 consolidated balance sheets.

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

			Year ended November 30, 2022
(In thousands)			Homebuilding						Financial Services (1)						Multifamily						Lennar Other (2)						Corporate and unallocated (3)						Total
Revenues			$	31,951,335					809,680						865,603						44,392						—						33,671,010
Operating earnings (loss)			6,777,317						383,302						69,493						(734,649)						—						6,495,463
Corporate general and administrative expenses			—						—						—						—						(414,498)						(414,498)
Charitable foundation contribution			—						—						—						—						(66,399)						(66,399)
Earnings (loss) before income taxes			6,777,317						383,302						69,493						(734,649)						(480,897)						6,014,566

			Year ended November 30, 2021
(In thousands)			Homebuilding						Financial Services						Multifamily						Lennar Other (2)						Corporate and unallocated (3)						Total
Revenues			$	25,545,242					898,745						665,232						21,457						—						27,130,676
Operating earnings			5,031,762						491,014						21,453						733,035						—						6,277,264
Corporate general and administrative expenses			—						—						—						—						(398,381)						(398,381)
Charitable foundation contribution			—						—						—						—						(59,825)						(59,825)
Earnings before income taxes			5,031,762						491,014						21,453						733,035						(458,206)						5,819,058

			Year ended November 30, 2020
(In thousands)			Homebuilding						Financial Services						Multifamily						Lennar Other (2)						Corporate and unallocated (3)						Total
Revenues			$	20,981,136					890,311						576,328						41,079						—						22,488,854
Operating earnings (loss)			2,988,907						480,952						22,681						(10,334)						—						3,482,206
Corporate general and administrative expenses			—						—						—						—						(333,446)						(333,446)
Charitable foundation contribution			—						—						—						—						(24,972)						(24,972)
Earnings (loss) before income taxes			2,988,907						480,952						22,681						(10,334)						(358,418)						3,123,788

(1) Financial Services operating earnings for the year ended November 30, 2022 included a $35.5 million one-time charge due to an increase in a litigation accrual related to a court judgment.

(2)Operating loss for Lennar Other for the year ended November 30, 2022 included a $655.1 million mark-to-market unrealized loss on the Company's publicly traded technology investments. Operating earnings for Lennar Other for the year ended November 30, 2021 included a $510.8 million mark-to-market unrealized gain on the Company's publicly traded technology investments. Operating loss for Lennar Other for the year ended November 30, 2020 included a $25.0 million write-down of assets held by Rialto legacy funds because of the disruption in the capital markets as a result of COVID-19 and the economic shutdown.

(3)Corporate and unallocated expenses primarily represent costs of operations at the Company's corporate headquarters in Miami. These operations include the Company's executive offices, information technology, treasury, corporate accounting and tax, legal, internal audit and human resources. Also included are property expenses related to the leases of corporate offices, data processing, general corporate expenses and charitable foundation contribution to the Lennar Foundation.

The assets related to the Company's Homebuilding segments were as follows:

(In thousands)			East						Central						Texas						West						Other						Corporate and Unallocated						Total Homebuilding
Balance at November 30, 2022			$	6,877,581					4,010,610						3,742,663						12,182,709						1,382,864						4,487,735						32,684,162
Balance at 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:

			Year ended November 30, 2022
(In thousands)			East						Central						Texas						West						Other						Total Homebuilding
Revenues			$	9,266,013					5,846,023						4,227,771						12,571,386						40,142						31,951,335
Operating earnings (loss)			2,240,256						889,231						929,237						2,773,597						(55,004)						6,777,317
Interest expense			78,345						54,547						29,442						140,017						10,380						312,731
Depreciation and amortization			24,888						15,219						9,354						54,055						774						104,290
Net additions to operating properties and equipment			2,651						363						136						1,414						6,537						11,101

			Year ended November 30, 2021
(In thousands)			East						Central						Texas						West						Other						Total Homebuilding
Revenues			$	6,870,944					4,826,535						3,241,321						10,563,756						42,686						25,545,242
Operating earnings (loss)			1,455,432						720,419						730,465						2,192,446						(67,000)						5,031,762
Interest expense			90,314						58,899						28,764						176,633						10,763						365,373
Depreciation and amortization			24,531						16,118						9,821						49,691						1,238						101,399
Net additions to (disposals of) operating properties and equipment			219						239						(9)						26,375						14,950						41,774

			Year ended November 30, 2020
(In thousands)			East						Central						Texas						West						Other						Total Homebuilding
Revenues			$	5,715,028					4,093,693						2,709,681						8,437,167						25,567						20,981,136
Operating earnings (loss)			933,297						482,929						421,594						1,241,494						(90,407)						2,988,907
Interest expense			93,245						58,777						29,901						178,498						13,683						374,104
Depreciation and amortization			21,504						13,659						9,366						50,316						249						95,094
Net additions to (disposals of) operating properties and equipment			955						(11,370)						712						165,869						(32)						156,134

Schedule of Line of Credit Facilities

At November 30, 2022, the Financial Services warehouse facilities 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 2022 (1)			$	800,000
May 2023			500,000
August 2023			1,000,000
Total - Residential facilities			$	2,300,000
LMF Commercial facilities maturing:
December 2022 (1)			$	400,000
July 2023			50,000
November 2023			100,000
Total - LMF Commercial facilities			$	550,000
Total			$	2,850,000

(1)Subsequent to November 30, 2022, the maturity date was extended to December 2023.

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

			November 30,
(In thousands)			2022						2021
Borrowings under the residential facilities			$	1,877,411					1,482,258
Collateral under the residential facilities			1,950,155						1,539,641
Borrowings under the LMF Commercial facilities			124,399						96,294

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

			November 30,
(In thousands)			2022						2021
Performance letters of credit			$	1,259,033					924,584
Financial letters of credit			503,659						425,843
Surety bonds			4,136,715						3,553,047
Anticipated future costs primarily for site improvements related to performance surety bonds			2,273,694						1,690,861

Schedule Of Lennar Homebuilding Receivables

Balances for the years ended November 30, 2022 and 2021 are noted below:

			November 30,
(In thousands)			2022						2021
Accounts receivable			$	490,420					245,004
Mortgages and notes receivable			185,739						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)			2022						2021
Originations (1)			$	740,345					770,107
Sold			$	715,933					931,023
Securitizations			6						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.

Debt Securities, Held-to-maturity

Details related to Financial Services' CMBS were as follows:

(Dollars in thousands)			November 30, 2022						November 30, 2021
Carrying value			$	143,251					157,808
Outstanding debt, net of debt issuance costs			$	133,283					147,474
Incurred interest rate			3.4		%				3.4		%

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,
			2022												2021
Unobservable inputs			Range
Average selling price (1)			$233,000			—			$753,000						$635,000
Absorption rate per quarter (homes)			2			—			12						11
Discount rate			20%												20%

			November 30, 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

			November 30, 2022
Unobservable inputs
Mortgage prepayment rate			8%
Discount rate			13%
Delinquency rate			7%

Unrealized Gain (Loss) on Investments

			Years Ended November 30,
(In thousands)			2022						2021
Blend Labs (BLND) mark-to-market			$	(25,630)					(6,744)
Hippo (HIPO) mark-to-market			(222,447)						207,634
Opendoor (OPEN) mark-to-market			(265,276)						239,312
SmartRent (SMRT) mark-to-market			(78,177)						79,483
Sonder (SOND) mark-to-market			(2,339)						—
Sunnova (NOVA) mark-to-market			(61,225)						(8,883)
Lennar Other unrealized gains (losses) from technology investments			$	(655,094)					510,802

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