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Summary Of Significant Accounting Policies (Tables) | 12 Months Ended
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Nov. 30, 2024
Accounting Policies [Abstract] |
Schedule Of Lennar Homebuilding Receivables | Balances as of November 30, 2024 and 2023 are noted below:
| At November 30,
(In thousands) | 2024 |  | 2023
Accounts receivable | $ | 901,290 |  |  | 640,292 |
Mortgages and notes receivable | 154,320 |  |  | 250,074 |
| 1,055,610 |  |  | 890,366 |
Allowance for credit losses | (2,399) |  |  | (2,374) |
Receivables, net | $ | 1,053,211 |  |  | 887,992 |
LMF Commercial originated commercial loans as follows:
| Years Ended November 30,
(Dollars in thousands) | 2024 |  | 2023
Originations (1) | $ | 568,520 |  |  | 466,043 |
Sold | $ | 522,647 |  |  | 430,707 |
Securitizations | 13 |  |  | 10 |
(1)During both years ended November 30, 2024 and 2023, 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, 2024 and 2023. 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 communities |  | Fair Value (in thousands) |  | Valuation Adjustments (in thousands) |  |  |
2024 | 33 |  | 6 |  | $40,465 |  | $18,599 |  |  |
2023 | 25 |  | 18 |  | 95,731 |  | 37,500 |  |  |
The assets measured at fair value on a nonrecurring basis are summarized below:
| Years Ended November 30,
|  |  | 2024 |  | 2023 |  | 2022
(In thousands) | Fair Value Hierarchy |  | Carrying Value |  | Fair Value |  | Total Losses, Net (1) |  | Carrying Value |  | Fair Value |  | Total Losses, Net (1) |  | Carrying Value |  | Fair Value |  | Total Losses, Net (1)
Non-financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Homebuilding: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Finished homes and construction in progress (2) | Level 3 |  | $ | 516,081 |  |  | 467,946 |  |  | (48,135) |  |  | 458,569 |  |  | 396,795 |  |  | (61,774) |  |  | 347,300 |  |  | 295,663 |  |  | (51,637) |
Land and land under development (2) | Level 3 |  | — |  |  | — |  |  | — |  |  | 52,147 |  |  | 49,539 |  |  | (2,608) |  |  | 135,844 |  |  | 126,135 |  |  | (9,709) |
Deposits and pre-acquisition costs on real estate (3) | Level 3 |  | 5,120 |  |  | — |  |  | (5,120) |  |  | 19,914 |  |  | — |  |  | (19,914) |  |  | 47,893 |  |  | — |  |  | (47,893) |
Investments in unconsolidated entities (4) | Level 3 |  | — |  |  | — |  |  | — |  |  | 78,834 |  |  | 37,792 |  |  | (41,042) |  |  | 1,454 |  |  | — |  |  | (1,454) |
Non-financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multifamily: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land and land under development (5) | Level 3 |  | $ | 139,980 |  |  | 49,970 |  |  | (90,010) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Investments in unconsolidated entities (6) | Level 3 |  | 24,753 |  |  | — |  |  | (24,753) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
(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. (3)Forfeited deposits and write-off of pre-acquisition costs on real estate were included in Homebuilding costs and expenses in the Company's condensed consolidated statements of operations and comprehensive income (loss). (4)Valuation adjustments related to Homebuilding investments in unconsolidated entities were primarily included in other income (expense), net in the Company's consolidated statements of operations and comprehensive income (loss) for the years ended November 30, 2023 and 2022, respectively. (5)Valuation adjustments for land and land under development were included in Multifamily costs and expenses. (6)Valuation adjustments related to Multifamily investments in unconsolidated entities were included in other income (expense), net in the Company's consolidated statements of operations and comprehensive income (loss) for the year ended November 30, 2024.
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,
| 2024 |  | 2023
Unobservable inputs | Range |  | Range
Average selling price (1) | $178,000 | — | $702,000 |  |  | $179,000 |  | — | $850,000 |
Absorption rate per quarter (homes) | 6 | — | 15 |  | 3 | — | 26
Discount rate | 20% |  | 20%
(1)Represents the projected average selling price on future deliveries for communities in which the Company recorded valuation adjustments during the years ended November 30, 2024 and 2023.
| At November 30, 2024
Discount rates at purchase | 6% | — | 84%
Coupon rates | 2.0% | — | 5.3%
Distribution dates | October 2027 | — | December 2028
Stated maturity dates | October 2050 | — | December 2051
The key assumptions, which are generally unobservable inputs, used in the valuation of the mortgage servicing rights include mortgage prepayment rates, discount rates and delinquency rates and are noted below:
| November 30, 2024
Unobservable inputs |
Mortgage prepayment rate | 8%
Discount rate | 13%
Delinquency rate | 12%
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:
| At November 30,
(In thousands) | 2024 |  | 2023
Operating properties (1) | $ | 358,130 |  |  | 300,351 |
Leasehold improvements | 77,921 |  |  | 72,994 |
Furniture, fixtures and equipment | 371,567 |  |  | 297,275 |
| 807,618 |  |  | 670,620 |
Accumulated depreciation and amortization | (291,420) |  |  | (265,831) |
Total | $ | 516,198 |  |  | 404,789 |
(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) | 2024 |  | 2023 |  | 2022
Interest expense in costs of homes sold | $ | 160,848 |  |  | 240,871 |  |  | 293,105 |
Interest expense in costs of land sold | 373 |  |  | 1,588 |  |  | 498 |
Other interest expense (1) | 18,771 |  |  | 15,434 |  |  | 19,128 |
Total interest expense | $ | 179,992 |  |  | 257,893 |  |  | 312,731 |
(1)Included in Homebuilding other income (expense), net.
Schedule Of Warranty Reserve | The activity in the Company’s warranty reserve was as follows:
| Years Ended November 30,
(In thousands) | 2024 |  | 2023
Warranty reserve, beginning of year | $ | 414,796 |  |  | 418,017 |
Warranties issued | 288,941 |  |  | 286,019 |
Adjustments to pre-existing warranties from changes in estimates (1) | 28,797 |  |  | 566 |
Payments | (286,294) |  |  | (289,806) |
Warranty reserve, end of year | $ | 446,240 |  |  | 414,796 |
(1)The adjustments to pre-existing warranties from changes in estimates during the years ended November 30, 2024 and 2023 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,
|  | 2024 |  | 2023
(Dollars in thousands, except price per share) |  | Class A |  | Class B |  | Class A |  | Class B
Shares repurchased |  | 11,942,725 |  |  | 1,612,501 |  |  | 7,499,660 |  |  | 2,500,340 |
Total purchase price |  | $ | 1,906,049 |  |  | $ | 243,860 |  |  | $ | 851,502 |  |  | $ | 248,835 |
Average price per share |  | $ | 159.60 |  |  | $ | 151.23 |  |  | $ | 113.54 |  |  | $ | 99.52 |
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) | 2024 |  | 2023 |  | 2022
Total compensation expense for nonvested share-based awards | $ | 176,676 |  |  | 160,720 |  |  | 184,086 |
Schedule of Nonvested Shares Activity | A summary of the Company’s nonvested shares activity for the year ended November 30, 2024 was as follows:
| Shares |  | Weighted Average Grant Date Fair Value
Nonvested shares at November 30, 2023 | 2,970,760 |  |  | $ | 92.51 |
Grants | 1,504,041 |  |  | $ | 141.11 |
Vested | (1,665,703) |  |  | $ | 98.95 |
Forfeited | (98,077) |  |  | $ | 114.46 |
Nonvested shares at November 30, 2024 | 2,711,021 |  |  | $ | 114.72 |
Loan Origination Liabilities | The activity in the Company’s loan origination liabilities was as follows:
| Years Ended November 30,
(In thousands) | 2024 |  | 2023
Loan origination liabilities, beginning of year | $ | 17,598 |  |  | 11,787 |
Provision for losses | (482) |  |  | 6,939 |
Payments | (402) |  |  | (1,128) |
Loan origination liabilities, end of year | $ | 16,714 |  |  | 17,598 |

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