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Income Taxes (Tables)

12 Months Ended

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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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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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.

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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.

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