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Income Taxes (Tables) | 12 Months Ended
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Nov. 30, 2023
Income Tax Disclosure [Abstract] |
Schedule of Benefit (Provision) for Income Taxes | The provision for income taxes consisted of the following:
| Years Ended November 30,
(In thousands) | 2023 |  | 2022 |  | 2021
Current: |  |  |  |  |
Federal | $ | 1,037,229 |  |  | 1,282,037 |  |  | 924,474 |
State | 271,752 |  |  | 330,681 |  |  | 245,941 |
| $ | 1,308,981 |  |  | 1,612,718 |  |  | 1,170,415 |
Deferred: |  |  |  |  |
Federal | $ | (53,474) |  |  | (193,667) |  |  | 149,349 |
State | (14,494) |  |  | (52,986) |  |  | 42,745 |
| (67,968) |  |  | (246,653) |  |  | 192,094 |
| $ | 1,241,013 |  |  | 1,366,065 |  |  | 1,362,509 |
Reconciliation Of Statutory Rate And Effective Tax Rate | A reconciliation of the statutory rate and the effective tax rate was as follows:
| Percentage of Pretax Income
| 2023 |  | 2022 |  | 2021
Statutory rate | 21.00 | % |  | 21.00 | % |  | 21.00 | %
State income taxes, net of federal income tax benefit | 4.09 |  |  | 4.52 |  |  | 4.03 |
Tax credits (1) | (1.48) |  |  | (2.16) |  |  | (1.73) |
Nondeductible compensation | — |  |  | — |  |  | 0.49 |
Tax reserves and interest expense, net (2) | — |  |  | (0.83) |  |  | 0.03 |
Deferred tax asset valuation allowance, net | (0.01) |  |  | — |  |  | (0.01) |
Other | 0.36 |  |  | 0.31 |  |  | (0.29) |
Effective rate | 23.96 | % |  | 22.84 | % |  | 23.52 | %
(1)During fiscal year 2022, Congress enacted the Inflation Reduction Act which included a retroactive extension of the new energy efficient home tax credit through 2032. (2)Includes a $50.2 million benefit related to the resolution of an uncertain tax position during fiscal year 2022.
Schedule of Deferred Income Taxes Assets And Liabilities | The tax effects of significant temporary differences that give rise to the net deferred tax assets were as follows:
| November 30,
(In thousands) | 2023 |  | 2022
Deferred tax assets: |  |  |
Inventory valuation adjustments | $ | 39,641 |  |  | 83,330 |
Reserves and accruals | 193,156 |  |  | 199,451 |
Net operating loss carryforwards | 52,591 |  |  | 61,741 |
Capitalized expenses | 208,392 |  |  | 241,887 |
Investments in unconsolidated entities | 65,254 |  |  | 16,311 |
Employee stock incentive plan | 40,270 |  |  | 37,573 |
Unrealized losses on investments in equity securities | 53,684 |  |  | 29,903 |
Other assets | 51,785 |  |  | 52,770 |
Total deferred tax assets | 704,773 |  |  | 722,966 |
Valuation allowance | (2,333) |  |  | (2,903) |
Total deferred tax assets after valuation allowance | 702,440 |  |  | 720,063 |
Deferred tax liabilities: |  |  |
Capitalized expenses | 151,912 |  |  | 177,726 |
Deferred income | 168,316 |  |  | 253,659 |
Other liabilities | 55,734 |  |  | 46,270 |
Total deferred tax liabilities | 375,962 |  |  | 477,655 |
Net deferred tax assets | $ | 326,478 |  |  | 242,408 |
The detail of the Company's net deferred tax assets (liabilities) was as follows:
| Years Ended November 30,
(In thousands) | 2023 |  | 2022
Net deferred tax assets: |  |  |
Homebuilding | $ | 163,917 |  |  | 154,143 |
Financial Services | 36,821 |  |  | 15,376 |
Multifamily | 54,786 |  |  | 26,675 |
Lennar Other | 70,954 |  |  | 46,214 |
Net deferred tax assets | $ | 326,478 |  |  | 242,408 |
| As of November 30,
(In thousands) | 2023 |  | 2022
Valuation allowance (1) | $ | (2,333) |  |  | (2,903) |
Federal tax effected NOL carryforwards (2) | 26,375 |  |  | 29,672 |
State tax effected NOL carryforwards (3) | 26,216 |  |  | 32,069 |
(1)As of November 30, 2023 and 2022, the deferred tax assets included valuation allowances primarily related to state net operating loss ("NOL") carryforwards that are not more likely than not to be utilized due to an inability to carry back these losses in most states and short carryforward periods that exist in certain states. (2)As of November 30, 2023 and 2022, the Company had federal tax effected NOL carryforwards that may be carried forward to offset future taxable income and begin to expire in 2029. (3)As of November 30, 2023 and 2022, the Company had state tax effected NOL carryforwards that may be carried forward from 10 to 20 years or indefinitely, depending on the tax jurisdiction, with certain losses expiring between 2023 and 2041.
Summary Of Changes In Gross Unrecognized Tax Benefits | The following table summarizes the changes in gross unrecognized tax benefits:
| Years Ended November 30,
(In thousands) | 2023 |  | 2022 |  | 2021
Gross unrecognized tax benefits, beginning of year | $ | — |  |  | 12,285 |  |  | 12,285 |
Decreases due to settlements with tax authorities | — |  |  | (12,285) |  |  | — |
Gross unrecognized tax benefits, end of year | $ | — |  |  | — |  |  | 12,285 |
The following summarizes the changes in interest and penalties accrued with respect to gross unrecognized tax benefits:
| Years Ended November 30,
(In thousands) | 2023 |  | 2022
Accrued interest and penalties, beginning of the year | $ | — |  |  | 59,937 |
Accrual of interest and penalties (primarily related to state audits) | 95 |  |  | — |
Reduction of interest and penalties | (95) |  |  | (59,937) |
Accrued interest and penalties, end of the year | $ | — |  |  | — |

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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 19 -SubTopic 10 -Topic 740 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-19 + Details
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