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Operating and Reporting Segments (Tables)
 6 Months Ended
May 31, 2023
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)May 31, 2023
Assets:HomebuildingFinancial
Services		MultifamilyLennar
Other		Total
Cash and cash equivalents$4,004,679 259,738 18,539 4,775 4,287,731 
Restricted cash19,000 9,113 — — 28,113 
Receivables, net (1)619,720 354,548 115,865 — 1,090,133 
Inventories21,686,820 — 479,812 — 22,166,632 
Loans held-for-sale (2)— 1,175,280 — — 1,175,280 
Investments in equity securities (3)— — — 412,593 412,593 
Investments available-for-sale (4)— — — 36,906 36,906 
Loans held-for-investment, net— 36,717 — — 36,717 
Investments held-to-maturity— 141,360 — — 141,360 
Investments in unconsolidated entities1,137,189 — 629,649 292,086 2,058,924 
Goodwill3,442,359 189,699 — — 3,632,058 
Other assets1,582,299 98,203 65,683 45,055 1,791,240 
$32,492,066 2,264,658 1,309,548 791,415 36,857,687 
Liabilities:
Notes and other debts payable, net$3,852,258 1,157,040 16,912 — 5,026,210 
Accounts payable and other liabilities6,148,439 154,888 281,611 85,420 6,670,358 
$10,000,697 1,311,928 298,523 85,420 11,696,568 
(In thousands)November 30, 2022
Assets:HomebuildingFinancial
Services		MultifamilyLennar
Other		Total
Cash and cash equivalents$4,616,124 139,378 17,827 5,391 4,778,720 
Restricted cash23,046 14,004 — — 37,050 
Receivables, net (1)673,980 826,163 114,134 — 1,614,277 
Inventories21,432,011 — 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-investment, net— 45,636 — — 45,636 
Investments held-to-maturity— 143,251 — — 143,251 
Investments in unconsolidated entities1,173,164 — 648,126 316,523 2,137,813 
Goodwill3,442,359 189,699 — — 3,632,058 
Other assets1,323,478 119,815 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 liabilities6,931,352 218,811 296,735 97,894 7,544,792 
$10,978,646 2,353,904 313,484 97,894 13,743,928 
(1)Receivables, net for Financial Services primarily related to loans sold to investors for which the Company had not yet been paid as of May 31, 2023 and November 30, 2022, 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 $185.0 million and $178.0 million without readily available fair values as of both May 31, 2023 and November 30, 2022, 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 EndedSix Months Ended
May 31,May 31,
(In thousands)2023202220232022
Revenues:
Homebuilding$7,670,017 7,977,982 13,826,322 13,730,187 
Financial Services222,979 200,166 405,960 376,867 
Multifamily (1)151,744 176,021 295,267 443,380 
Lennar Other411 4,527 8,031 11,778 
$8,045,151 8,358,696 14,535,580 14,562,212 
Earnings (loss) before income taxes:
Homebuilding$1,214,409 1,880,411 2,121,248 2,990,261 
Financial Services112,599 103,935 191,336 194,726 
Multifamily(8,162)668 (29,763)6,095 
Lennar Other(18,399)(108,424)(58,156)(511,558)
Corporate and Unallocated (2)(141,826)(121,756)(281,591)(247,955)
$1,158,621 1,754,834 1,943,074 2,431,569 
(1)Revenues for Multifamily for the six months ended May 31, 2022, included $147.8 million of land sales to unconsolidated entities.
(2)Corporate and unallocated consists primarily of corporate general and administrative expenses and charitable foundation contributions.
The assets related to the Company’s homebuilding segments were as follows:
May 31,November 30,
20232022
(In thousands)
East$7,027,996 6,877,581 
Central4,115,812 4,010,610 
Texas3,522,252 3,742,663 
West 11,854,686 12,182,709 
Other1,391,807 1,382,864 
Corporate and Unallocated 4,579,513 4,487,735 
Total Homebuilding$32,492,066 32,684,162 
Financial information relating to the Company’s homebuilding segments was as follows:
Three Months EndedSix Months Ended
May 31,May 31,
(In thousands)2023202220232022
Revenues
East$2,323,281 2,214,451 4,199,258 3,884,637 
Central1,412,408 1,283,990 2,460,415 2,393,262 
Texas1,141,612 1,095,500 2,163,664 1,908,119 
West 2,781,097 3,370,462 4,986,158 5,521,260 
Other11,619 13,579 16,827 22,909 
$7,670,017 7,977,982 13,826,322 13,730,187 
Operating earnings (loss)
East$505,923 553,819 930,119 905,814 
Central215,076 206,795 345,598 358,873 
Texas183,041 272,857 308,360 444,169 
West355,472 847,849 585,972 1,289,297 
Other(45,103)(909)(48,801)(7,892)
$1,214,409 1,880,411 2,121,248 2,990,261 
Schedule of Line of Credit Facilities
At May 31, 2023, 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:
June 2023 (1)$200,000 
December 2023500,000 
April 2024500,000 
May 2024600,000 
Total residential facilities$1,800,000 
LMF Commercial facilities maturing:
July 2023$50,000 
November 2023100,000 
December 2023400,000 
Total LMF commercial facilities$550,000 
Total$2,350,000 
(1)Subsequent to May 31, 2023, the maturity date was extended to June 2024.
Borrowings and collateral under the facilities were as follows:
(In thousands)May 31, 2023November 30, 2022
Borrowings under the residential facilities$1,020,958 1,877,411 
Collateral under the residential facilities
1,054,138 1,950,155 
Borrowings under the LMF Commercial facilities
4,425 124,399 
The maximum available borrowings on the Company's unsecured revolving credit facility (the "Credit Facility") were as follows:
(In thousands)May 31, 2023
Commitments - maturing in April 2024$350,000 
Commitments - maturing in May 20272,225,000 
Total commitment$2,575,000 
Accordion feature425,000 
Total maximum borrowings capacity$3,000,000 
The Company's outstanding letters of credit and surety bonds are disclosed below:
(In thousands)May 31, 2023November 30, 2022
Performance letters of credit$1,362,785 1,259,033 
Financial letters of credit384,752 503,659 
Surety bonds4,196,718 4,136,715 
Anticipated future costs primarily for site improvements related to performance surety bonds2,173,244 2,273,694 
Schedule of Loans Held for Sale
LMF Commercial originated commercial loans as follows:
Three Months EndedSix Months Ended
May 31,May 31,
(Dollars in thousands)2023202220232022
Originations (1)$84,590 143,650 164,070 408,495 
Sold88,102 145,385 165,302 323,467 
Securitizations213 2 
(1)During both the three and six months ended May 31, 2023 and 2022, 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)May 31, 2023November 30, 2022
Carrying value$141,360 143,251 
Outstanding debt, net of debt issuance costs131,656 133,283 
Incurred interest rate3.4%3.4%
Schedule of Fair Value Inputs for Commercial Mortgage-Backed Securities
May 31, 2023
Discount rates at purchase6%—84%
Coupon rates2.0%—5.3%
Distribution datesOctober 2027—December 2028
Stated maturity datesOctober 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:
As of May 31, 2023As of November 30, 2022
Unobservable inputs
Mortgage prepayment rate8%8%
Discount rate13%13%
Delinquency rate 9%7%
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:
Six Months Ended
May 31,
20232022
Unobservable inputsRange
Average selling price$371,000—663,000635,000
Absorption rate per quarter (homes)6—2611
Discount rate20%20%
Unrealized Gain (Loss) on Investments The following is a detail of Lennar Other unrealized gains (losses) from mark-to-market adjustments on the Company's technology investments:
Three Months EndedSix Months Ended
May 31,May 31,
(In thousands)2023202220232022
Blend Labs (BLND)$(1,332)(13,550)(746)(20,992)
Hippo (HIPO)(4,399)(37,946)2,233 (162,403)
Opendoor (OPEN)22,512 (20,999)14,821 (164,360)
SmartRent (SMRT)8,621 (3,950)9,926 (48,313)
Sonder (SOND)(138)(1,626)(458)(2,132)
Sunnova (NOVA)233 106 (24,233)(74,935)
Lennar Other unrealized gains (losses) from technology investments$25,497 (77,965)1,543 (473,135)