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Operating and Reporting Segments (Tables)
 9 Months Ended
Aug. 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)August 31, 2023
Assets:HomebuildingFinancial
Services		MultifamilyLennar
Other		Total
Cash and cash equivalents$3,887,809 167,216 28,712 5,344 4,089,081 
Restricted cash16,201 18,750 — — 34,951 
Receivables, net (1)843,750 372,265 104,611 — 1,320,626 
Inventories22,049,516 — 529,467 — 22,578,983 
Loans held-for-sale (2)— 1,287,773 — — 1,287,773 
Investments in equity securities (3)— — — 397,943 397,943 
Investments available-for-sale (4)— — — 37,114 37,114 
Loans held-for-investment, net— 51,330 — — 51,330 
Investments held-to-maturity— 140,967 — — 140,967 
Investments in unconsolidated entities1,157,021 — 623,269 288,534 2,068,824 
Goodwill3,442,359 189,699 — — 3,632,058 
Other assets1,578,692 106,594 68,528 44,661 1,798,475 
$32,975,348 2,334,594 1,354,587 773,596 37,438,125 
Liabilities:
Notes and other debts payable, net$3,320,119 1,154,163 3,477 — 4,477,759 
Accounts payable and other liabilities6,623,023 179,322 286,789 82,690 7,171,824 
$9,943,142 1,333,485 290,266 82,690 11,649,583 
(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 August 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 $186.0 million and $178.0 million without readily available fair values as of August 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 EndedNine Months Ended
August 31,August 31,
(In thousands)2023202220232022
Revenues:
Homebuilding$8,318,615 8,479,496 22,144,937 22,209,683 
Financial Services 266,206 202,078 672,166 578,945 
Multifamily (1)137,394 243,056 432,661 686,436 
Lennar Other7,388 9,801 15,419 21,579 
$8,729,603 8,934,431 23,265,183 23,496,643 
Earnings (loss) before income taxes:
Homebuilding$1,493,820 1,963,224 3,615,068 4,953,485 
Financial Services (2)148,995 63,348 340,331 258,074 
Multifamily(8,733)48,487 (38,496)54,582 
Lennar Other(26,218)(117,980)(84,374)(629,538)
Corporate and Unallocated (3)(132,703)(132,805)(414,294)(380,760)
$1,475,161 1,824,274 3,418,235 4,255,843 
(1)Revenues for Multifamily for the three and nine months ended August 31, 2022, included $62.2 million and $210.0 million, respectively, of land sales to unconsolidated entities.
(2)Financial Services operating earnings for the three and 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.
(3)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:
August 31,November 30,
20232022
(In thousands)
East$7,390,919 6,877,581 
Central4,262,363 4,010,610 
Texas3,604,254 3,742,663 
West 11,872,484 12,182,709 
Other1,524,150 1,382,864 
Corporate and Unallocated 4,321,178 4,487,735 
Total Homebuilding$32,975,348 32,684,162 
Financial information relating to the Company’s homebuilding segments was as follows:
Three Months EndedNine Months Ended
August 31,August 31,
(In thousands)2023202220232022
Revenues
East$2,414,026 2,540,285 6,613,284 6,424,922 
Central1,600,131 1,577,544 4,060,546 3,970,805 
Texas1,176,875 1,140,556 3,340,539 3,048,676 
West 3,117,265 3,212,169 8,103,423 8,733,429 
Other10,318 8,942 27,145 31,851 
$8,318,615 8,479,496 22,144,937 22,209,683 
Operating earnings (loss)
East$553,700 642,482 1,483,819 1,548,296 
Central261,542 272,351 607,140 631,224 
Texas219,871 278,814 528,231 722,983 
West479,968 788,443 1,065,940 2,077,740 
Other(21,261)(18,866)(70,062)(26,758)
$1,493,820 1,963,224 3,615,068 4,953,485 
Schedule of Line of Credit Facilities
At August 31, 2023, the Financial Services segment had warehouse facilities which 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:
December 2023$500,000 
April 2024 (1)500,000 
May 2024 (2)1,500,000 
June 2024200,000 
Total residential facilities$2,700,000 
LMF Commercial facilities maturing:
November 2023$100,000 
December 2023400,000 
Total LMF commercial facilities$500,000 
Total$3,200,000 
(1)Maximum aggregate commitment includes an uncommitted amount of $250 million.
(2)Maximum aggregate commitment includes $900 million that is available from August 2023 to December 2023. Subsequent to December 2023, the maximum aggregate commitment will be $600 million until maturity in May 2024.
Borrowings and collateral under the facilities were as follows:
(In thousands)August 31, 2023November 30, 2022
Borrowings under the residential facilities$1,002,786 1,877,411 
Collateral under the residential facilities
1,039,977 1,950,155 
Borrowings under the LMF Commercial facilities
20,000 124,399 
The maximum available borrowings on the Company's unsecured revolving credit facility (the "Credit Facility") were as follows:
(In thousands)August 31, 2023
Commitments - maturing in April 2024$350,000 
Commitments - maturing in May 20272,225,000 
Total commitments$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)August 31, 2023November 30, 2022
Performance letters of credit$1,423,643 1,259,033 
Financial letters of credit399,866 503,659 
Surety bonds4,367,124 4,136,715 
Anticipated future costs primarily for site improvements related to performance surety bonds2,425,037 2,273,694 
Schedule of Loans Held for Sale
LMF Commercial originated commercial loans as follows:
Three Months EndedNine Months Ended
August 31,August 31,
(Dollars in thousands)2023202220232022
Originations (1)$161,308 109,850 325,378 518,345 
Sold100,562 188,266 265,864 511,733 
Securitizations326 4 
(1)During both the three and nine months ended August 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)August 31, 2023November 30, 2022
Carrying value$140,967 143,251 
Outstanding debt, net of debt issuance costs131,377 133,283 
Incurred interest rate3.4%3.4%
Schedule of Fair Value Inputs for Commercial Mortgage-Backed Securities
August 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 August 31, 2023As of November 30, 2022
Unobservable inputs
Mortgage prepayment rate8%8%
Discount rate13%13%
Delinquency rate 10%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:
Nine Months Ended
August 31,
20232022
Unobservable inputsRange
Average selling price$371,000—850,000750,000
Absorption rate per quarter (homes)3—262
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 EndedNine Months Ended
August 31,August 31,
(In thousands)2023202220232022
Blend Labs (BLND)$386 (518)(360)(21,510)
Hippo (HIPO)(17,166)(32,933)(14,933)(195,336)
Opendoor (OPEN)23,638 (54,391)38,459 (218,751)
SmartRent (SMRT)(1,707)(23,118)8,219 (71,431)
Sonder (SOND)(91)(168)(549)(2,300)
Sunnova (NOVA)(20,773)25,289 (45,006)(49,646)
Lennar Other unrealized losses from technology investments$(15,713)(85,839)(14,170)(558,974)