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Summary Of Significant Accounting Policies (Tables)
 12 Months Ended
Nov. 30, 2023
Accounting Policies [Abstract]  
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.
Communities Reviewed for Indicators of Impairment and Communities with Valuation Adjustments Needed
The Company's valuation adjustments for finished homes and construction in progress were included in Homebuilding costs and expenses in the Company's consolidated statements of operations and comprehensive income (loss) for the years ended November 30, 2023 and 2022. The table below summarizes communities reviewed for indicators of impairment and communities with valuation adjustments recorded:
At November 30,Communities with valuation adjustments
for the years ended November 30,
# of communities with potential indicators of impairment# of communitiesFair Value
(in thousands)		Valuation Adjustments
(in thousands)
20232518 $95,731 $37,500 
2022159 105,042 33,563 
The assets measured at fair value on a nonrecurring basis are summarized below:
Years Ended November 30,
202320222021
(In thousands)Fair
Value
Hierarchy		Carrying ValueFair ValueTotal
Losses, Net (1)		Carrying ValueFair ValueTotal Losses, Net (1)Carrying ValueFair ValueTotal Losses, Net (1)
Non-financial assets
Homebuilding:
Finished homes and construction in progress (2)
Level 3$458,569 396,795 (61,774)347,300 295,663 (51,637)32,364 16,342 (16,022)
Land and land under development (2)
Level 372,061 49,539 (22,522)183,737 126,135 (57,602)35,775 26,841 (8,934)
Other assets (2)
Level 3— — — — — — 12,764 12,024 (740)
Investments in unconsolidated entities (3)Level 378,834 37,792 (41,042)1,454 — (1,454)— — — 
(1)Represents losses due to valuation adjustments and deposit and pre-acquisition write-offs recorded during the respective periods.
(2)Valuation adjustments for finished homes and construction in progress, and land and land under development were included in Homebuilding costs and expenses. During the years ended November 30, 2023 and 2022, total losses, net, for land and land under development included $19.9 million and $47.9 million, respectively, of deposit and pre-acquisition cost write-offs.
(3)Valuation adjustments related to investments in unconsolidated entities were primarily included in Homebuilding other income (expense), net in the Company's consolidated statements of operations and comprehensive income for the year ended November 30, 2023.
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%
Schedule Of Operating Properties And Equipment
Operating properties and equipment are included in Homebuilding other assets in the consolidated balance sheets and were as follows:
November 30,
(In thousands)20232022
Operating properties (1)$300,351 305,743 
Leasehold improvements72,994 68,951 
Furniture, fixtures and equipment297,275 207,223 
670,620 581,917 
Accumulated depreciation and amortization(265,831)(226,822)
$404,789 355,095 
(1)Operating properties primarily include solar systems, rental operations and commercial properties.
Schedule Of Interest Expense
Interest expense was included in costs of homes sold, costs of land sold and other interest expense as follows:
Years Ended November 30,
(In thousands)202320222021
Interest expense in costs of homes sold$240,871 293,105 342,756 
Interest expense in costs of land sold1,588 498 2,475 
Other interest expense (1)15,434 19,128 20,142 
Total interest expense$257,893 312,731 365,373 
(1)Included in Homebuilding other income, net.
Schedule Of Warranty Reserve The activity in the Company’s warranty reserve was as follows:
Years Ended November 30,
(In thousands)20232022
Warranty reserve, beginning of year$418,017 377,021 
Warranties issued286,019 274,766 
Adjustments to pre-existing warranties from changes in estimates (1)566 26,222 
Payments(289,806)(259,992)
Warranty reserve, end of year$414,796 418,017 
(1)The adjustments to pre-existing warranties from changes in estimates during the years ended November 30, 2023 and 2022 primarily related to specific claims in certain of the Company's homebuilding communities and other adjustments.
Repurchase of Company's Common Stock
Years Ended
November 30, 2023November 30, 2022
(Dollars in thousands, except price per share)Class AClass BClass AClass B
Shares repurchased7,499,660 2,500,340 9,628,203 1,339,797 
Total purchase price$851,502 $248,835 $868,788 $98,613 
Average price per share$113.54 $99.52 $90.23 $73.60 
Compensation Expense Related to Company's Share-based Awards
Compensation expense related to the Company’s share-based awards was as follows:
Years Ended November 30,
(In thousands)202320222021
Total compensation expense for nonvested share-based awards$160,720 184,086 135,090 
Schedule of Nonvested Shares Activity A summary of the Company’s nonvested shares activity for the year ended November 30, 2023 was as follows:
SharesWeighted Average Grant Date Fair Value
Nonvested shares at November 30, 2022
3,152,146 $80.39 
Grants2,389,995 $91.61 
Vested(2,035,786)$73.53 
Forfeited(535,595)$89.29 
Nonvested shares at November 30, 2023
2,970,760 $92.51 
Loan Origination Liabilities The activity in the Company’s loan origination liabilities was as follows:
Years Ended November 30,
(In thousands)20232022
Loan origination liabilities, beginning of year$11,787 11,670 
Provision for losses6,939 966 
Payments(1,128)(849)
Loan origination liabilities, end of year$17,598 11,787