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Operating And Reporting Segments (Tables)
 12 Months Ended
Nov. 30, 2023
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, 2023
Assets:HomebuildingFinancial
Services		MultifamilyLennar
Other		Total
Cash and cash equivalents$6,273,724 159,491 39,334 1,948 6,474,497 
Restricted cash13,481 82,960 — — 96,441 
Receivables, net (1)887,992 716,071 92,142 — 1,696,205 
Inventories18,352,735 — 544,935 — 18,897,670 
Loans held-for-sale (2)— 2,086,809 — — 2,086,809 
Investments in equity securities (3)— — — 297,243 297,243 
Investments available-for-sale (4)— — — 37,953 37,953 
Loans held-for-investment, net— 55,463 — — 55,463 
Investments held-to-maturity— 140,676 — — 140,676 
Deposits and pre-acquisition costs on real estate2,002,154 — 32,063 — 2,034,217 
Investments in unconsolidated entities1,143,909 — 599,852 276,244 2,020,005 
Goodwill3,442,359 189,699 — — 3,632,058 
Other assets1,512,038 135,377 73,187 44,464 1,765,066 
$33,628,392 3,566,546 1,381,513 657,852 39,234,303 
Liabilities:
Notes and other debts payable, net$2,816,482 2,163,805 3,741 — 4,984,028 
Accounts payable and other liabilities6,911,512 283,234 274,436 79,127 7,548,309 
$9,727,994 2,447,039 278,177 79,127 12,532,337 
(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 
Inventories19,698,286 — 401,619 — 20,099,905 
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 
Deposits and pre-acquisition costs on real estate1,733,725 — 28,823 — 1,762,548 
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 November 30, 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 $121.0 million and $178.0 million without readily available fair values as of November 30, 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 consolidated balance sheets.
Financial information relating to the Company’s segments was as follows:
Years Ended November 30,
(In thousands)202320222021
Revenues:
Homebuilding$32,660,987 31,951,335 25,545,242 
Financial Services 976,859 809,680 898,745 
Multifamily (1)573,485 865,603 665,232 
Lennar Other22,035 44,392 21,457 
$34,233,366 33,671,010 27,130,676 
Earnings (loss) before income taxes:
Homebuilding$5,527,707 6,777,317 5,031,762 
Financial Services (2)509,461 383,302 491,014 
Multifamily(50,651)69,493 21,453 
Lennar Other (3)(209,788)(734,649)733,035 
Corporate and Unallocated (4)(574,425)(480,897)(458,206)
$5,202,304 6,014,566 5,819,058 
(1)Revenues for Multifamily for the year ended November 30, 2022 included $237.5 million of land sales to unconsolidated entities.
(2)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 judgement.
(3)Operating loss for Lennar Other for the year ended November 30, 2023 included $50.2 million of mark-to-market unrealized losses on the Company's publicly traded technology investments and a $65.0 million write-off of one of the Company's non-public technology investments. Operating loss for Lennar Other for the year ended November 30, 2022 included $655.1 million of mark-to-market unrealized losses on the Company's publicly traded technology investments. Operating earnings for Lennar Other for the year ended November 30, 2021 included $510.8 million of mark-to-market unrealized gains on the Company's publicly traded technology investments.
(4)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 contributions to the Lennar Foundation.
The assets related to the Company's Homebuilding segments were as follows:
November 30,
(In thousands)20232022
East$7,206,500 6,877,581 
Central3,868,564 4,010,610 
Texas3,337,280 3,742,663 
West 11,298,812 12,182,709 
Other1,511,541 1,382,864 
Corporate and Unallocated 6,405,695 4,487,735 
Total Homebuilding$33,628,392 32,684,162 
Financial information relating to the Company’s homebuilding segments was as follows:
Years Ended November 30,
(In thousands)202320222021
Revenues:
East$9,651,710 9,266,013 6,870,944 
Central6,177,004 5,846,023 4,826,535 
Texas4,707,285 4,227,771 3,241,321 
West 12,086,172 12,571,386 10,563,756 
Other38,816 40,142 42,686 
$32,660,987 31,951,335 25,545,242 
Operating earnings (loss):
East$2,147,330 2,240,256 1,455,432 
Central949,542 889,231 720,419 
Texas788,548 929,237 730,465 
West1,712,966 2,773,597 2,192,446 
Other(70,679)(55,004)(67,000)
$5,527,707 6,777,317 5,031,762 
Interest expense:
East$60,343 78,345 90,314 
Central41,429 54,547 58,899 
Texas29,754 29,442 28,764 
West115,600 140,017 176,633 
Other10,467 10,380 10,763 
$257,593 312,731 365,373 
Depreciation and amortization:
East$36,723 24,888 24,531 
Central23,643 15,219 16,118 
Texas10,227 9,354 9,821 
West62,374 54,055 49,691 
Other286 774 1,238 
$133,253 104,290 101,399 
Net addition to (disposal of) operating properties and equipment:
East$1,024 2,651 219 
Central1,144 363 239 
Texas679 136 (9)
West1,176 1,414 26,375 
Other45,754 6,537 14,950 
$49,777 11,101 41,774 
Schedule of Line of Credit Facilities
At November 30, 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:
Maximum Aggregate Commitment
(In thousands)Committed AmountUncommitted AmountTotal
Residential facilities maturing:
December 2023 (1)$500,000 — 500,000 
April 2024250,000 250,000 500,000 
May 2024 (2)1,500,000 — 1,500,000 
June 2024100,000 400,000 500,000 
September 2024100,000 100,000 200,000 
Total residential facilities$2,450,000 750,000 3,200,000 
LMF commercial facilities maturing:
November 2023 (1)100,000 — 100,000 
December 2023 (3)400,000 — 400,000 
Total LMF commercial facilities$500,000 — 500,000 
Total$3,700,000 
(1)Subsequent to November 30, 2023, the maturity date of December 2023 was extended to March 2024 and the maturity date of November 2023 was extended to January 2024.
(2)In December 2023, the maximum aggregate commitment was reduced to $600 million until maturity in May 2024.
(3)Consists of two commercial facilities each with maximum aggregate commitment amounts of $200 million. Subsequent to November 30, 2023, one of the facility's maturity date was extended to December 2024.
Borrowings and collateral under the facilities were as follows:
November 30,
(In thousands)20232022
Borrowings under residential facilities$2,020,187 1,877,411
Collateral under residential facilities2,097,020 1,950,155
Borrowings under LMF Commercial facilities12,525 124,399
The Company's outstanding letters of credit and surety bonds are below:
November 30,
(In thousands)20232022
Performance letters of credit$1,404,541 1,259,033 
Financial letters of credit417,976 503,659 
Surety bonds4,508,428 4,136,715 
Anticipated future costs primarily for site improvements related to performance surety bonds2,499,680 2,273,694 
Schedule Of Lennar Homebuilding Receivables Balances as of November 30, 2023 and 2022 are noted below:
November 30,
(In thousands)20232022
Accounts receivable$640,292 490,420 
Mortgages and notes receivable250,074 185,739 
890,366 676,159 
Allowance for credit losses(2,374)(2,179)
Receivables, net (1)$887,992 673,980 
(1)Receivables, net as of November 30, 2022 included $50 million related to a short-term loan due from Upward America that was repaid subsequent to November 30, 2022.
LMF Commercial originated commercial loans as follows:
Years Ended November 30,
(Dollars in thousands)20232022
Originations (1)$466,043 740,345 
Sold$430,707 715,933 
Securitizations10 6 
(1)During both years ended November 30, 2023 and 2022, 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:
November 30
(Dollars in thousands)20232022
Carrying value$140,676143,251
Outstanding debt, net of debt issuance costs$131,093133,283
Incurred interest rate3.4 %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,
20232022
Unobservable inputsRangeRange
Average selling price (1)$179,000—$850,000 $233,000 —$753,000 
Absorption rate per quarter (homes)3—262—12
Discount rate20%20%
November 30, 2023
Discount rates at purchase6%—84%
Coupon rates2.0%—5.3%
Distribution datesOctober 2027—December 2028
Stated maturity datesOctober 2050—December 2051
November 30, 2023
Unobservable inputs
Mortgage prepayment rate8%
Discount rate13%
Delinquency rate9%
Unrealized Gain (Loss) on Investments
Years Ended November 30,
(In thousands)20232022
Blend Labs (BLND) $(130)(25,630)
Hippo (HIPO) (19,210)(222,447)
Opendoor (OPEN) 21,762 (265,276)
SmartRent (SMRT) 5,914 (78,177)
Sonder (SOND) (700)(2,339)
Sunnova (NOVA) (57,798)(61,225)
Lennar Other unrealized losses from technology investments$(50,162)(655,094)