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Homebuilding Senior Notes And Other Debts Payable | 12 Months Ended
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Nov. 30, 2023
Debt Disclosure [Abstract] |
Homebuilding Senior Notes And Other Debts Payable | Homebuilding Senior Notes and Other Debts Payable
| November 30,
(Dollars in thousands) | 2023 |  | 2022
4.500% senior notes due 2024 (1) | $ | 453,682 |  |  | 648,975 |
4.750% senior notes due 2025 | 499,336 |  |  | 498,892 |
5.25% senior notes due 2026 | 403,040 |  |  | 404,257 |
5.00% senior notes due 2027 | 351,357 |  |  | 351,741 |
4.75% senior notes due 2027 (1) | 797,347 |  |  | 896,259 |
4.875% senior notes due December 2023 | — |  |  | 399,169 |
5.875% senior notes due 2024 | — |  |  | 434,128 |
Mortgage notes on land and other debt | 311,720 |  |  | 413,873 |
| $ | 2,816,482 |  |  | 4,047,294 |
(1)During the year ended November 30, 2023, the Company repurchased $196.1 million and $100.0 million aggregate principal amount of 4.500% senior notes due April 2024 and 4.75% senior notes due November 2027, respectively, through open market repurchases. The carrying amounts of the senior notes in the table above are net of debt issuance costs of $4.2 million and $7.6 million, as of November 30, 2023 and 2022, respectively. In November 2023, the Company redeemed $378 million aggregate principal amount of its 4.875% senior notes due December 2023 at an early redemption price of 100% of the principal amount outstanding. In addition, during the year ended November 30, 2023, the Company repurchased $21.8 million aggregate principal amount of these senior notes through open market repurchases. In August 2023, the Company redeemed $425 million aggregate principal amount of its 5.875% senior notes due November 2024 at an early redemption price of 100% of the principal amount outstanding using cash on hand, resulting in a pre-tax gain of $6.0 million, included in Homebuilding other income (expense), net. The maximum available borrowings on the Company's unsecured revolving credit facility (the "Credit Facility") were as follows:
(In thousands) |  | November 30, 2023
Commitments - maturing in April 2024 |  | $ | 350,000 |
Commitments - maturing in May 2027 |  | 2,225,000 |
Total commitments |  | $ | 2,575,000 |
Accordion feature |  | 425,000 |
Total maximum borrowings capacity |  | $ | 3,000,000 |
The proceeds available under the Credit Facility, which are subject to specified conditions for borrowing, may be used for working capital and general corporate purposes. The credit agreement also provides that up to $500 million in commitments may be used for letters of credit. As of both November 30, 2023 and 2022, the Company had no outstanding borrowings under the Credit Facility. Under the Credit Facility agreement, the Company is required to maintain a minimum consolidated tangible net worth, a maximum leverage ratio and either a liquidity or an interest coverage ratio. These ratios are calculated per the Credit Facility agreement, which involves adjustments to GAAP financial measures. The Company believes it was in compliance with its debt covenants at November 30, 2023. In addition to the Credit Facility, the Company has other letter of credit facilities with different financial institutions. Performance letters of credit are generally posted with regulatory bodies to guarantee the Company’s performance of certain development and construction activities. Financial letters of credit are generally posted in lieu of cash deposits on option contracts, for insurance risks, credit enhancements and as other collateral. Additionally, at November 30, 2023, the Company had outstanding surety bonds including performance surety bonds related to site improvements at various projects (including certain projects of the Company’s joint ventures) and financial surety bonds. Although significant development and construction activities have been completed related to these site improvements, these bonds are generally not released until all development and construction activities are completed. The Company does not presently anticipate any draws upon these bonds or letters of credit, but if any such draws occur, the Company does not believe they would have a material effect on its financial position, results of operations or cash flows. The Company's outstanding letters of credit and surety bonds are below:
| November 30,
(In thousands) | 2023 |  | 2022
Performance letters of credit | $ | 1,404,541 |  |  | 1,259,033 |
Financial letters of credit | 417,976 |  |  | 503,659 |
Surety bonds | 4,508,428 |  |  | 4,136,715 |
Anticipated future costs primarily for site improvements related to performance surety bonds | 2,499,680 |  |  | 2,273,694 |
The terms of each of the Company's senior notes outstanding at November 30, 2023 were as follows:
Senior Notes Outstanding (1) |  | Principal Amount |  | Net Proceeds (2) |  | Price |  | Date Issued
(Dollars in thousands) |  |  |  |  |  |  |  |
4.500% senior notes due 2024 |  | $ | 650,000 |  |  | $ | 644,838 |  |  | 100 | % |  | April 2017
4.750% senior notes due 2025 |  | 500,000 |  |  | 495,528 |  |  | 100 | % |  | April 2015
5.25% senior notes due 2026 |  | 400,000 |  |  | (3) |  | (3) |  | (3)
5.00% senior notes due 2027 |  | 350,000 |  |  | (3) |  | (3) |  | (3)
4.75% senior notes due 2027 |  | 900,000 |  |  | 894,650 |  |  | 100 | % |  | November 2017
(1)Interest is payable semi-annually for each of the series of senior notes. The senior notes are unsecured and unsubordinated, but are guaranteed by substantially all of the Company's 100% owned homebuilding subsidiaries. (2)The Company generally has historically used the net proceeds for working capital and general corporate purposes, which can include the repayment or repurchase of other outstanding senior notes. (3)These notes represent obligations of CalAtlantic when it was acquired that were subsequently exchanged in part for the notes of the Company. As part of the purchase accounting, the senior notes have been recorded at their fair value as of the date of acquisition (February 12, 2018). All of the senior notes are guaranteed by certain of the Company's 100% owned subsidiaries, which are primarily the Company's homebuilding subsidiaries. Although the guarantees are full, unconditional and joint and several while they are in effect, (i) a subsidiary will have its guarantee suspended at any time when it is not directly or indirectly guaranteeing at least $75 million of debt of Lennar Corporation (the parent company) other than senior notes, and (ii) a subsidiary will be released from its guarantee and any other obligations it may have regarding the senior notes if all or substantially all its assets, or all of its capital stock, are sold or otherwise disposed of. The terms of the Company's mortgage on land and other debt at November 30, 2023 were as follows:
|  | As of November 30, |  | Various Maturity Dates Through |  | Interest Rates Up To |  | Average Interest Rate
(Dollars in thousands) |  | 2023 |  | 2022 |  |  |
Carrying value |  | $ | 311,720 |  |  | 413,873 |  |  | 2031 |  | 7.5% |  | 4.6%
Retired during the year |  | 11,835 |  |  | 48,079 |  |  |  |  |  |  |
The minimum aggregate principal maturities of Homebuilding senior notes and other debts payable during the five years subsequent to November 30, 2023 and thereafter are as follows:
(In thousands) | Debt Maturities
2024 | $ | 483,415 |
2025 | 673,859 |
2026 | 455,961 |
2027 | 1,165,021 |
2028 | 3,974 |
Thereafter | 33,355 |
The Company expects to pay its near-term maturities as they come due through either cash generated from operations, the issuance of additional debt or equity offerings or borrowings under the Company's Credit Facility.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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