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Summary Of Significant Accounting Policies (Tables)
 12 Months Ended
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)20242023
Accounts receivable$901,290 640,292 
Mortgages and notes receivable154,320 250,074 
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)20242023
Originations (1)$568,520 466,043 
Sold$522,647 430,707 
Securitizations13 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 communitiesFair Value
(in thousands)		Valuation Adjustments
(in thousands)
2024336$40,465$18,599
2023251895,73137,500
The assets measured at fair value on a nonrecurring basis are summarized below:
Years Ended November 30,
202420232022
(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$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 35,120 — (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 324,753 — (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,
20242023
Unobservable inputsRangeRange
Average selling price (1)$178,000—$702,000 $179,000 —$850,000 
Absorption rate per quarter (homes)6—153—26
Discount rate20%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 purchase6%—84%
Coupon rates2.0%—5.3%
Distribution datesOctober 2027—December 2028
Stated maturity datesOctober 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 rate8%
Discount rate13%
Delinquency rate12%
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)20242023
Operating properties (1)$358,130 300,351 
Leasehold improvements77,921 72,994 
Furniture, fixtures and equipment371,567 297,275 
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)202420232022
Interest expense in costs of homes sold$160,848 240,871 293,105 
Interest expense in costs of land sold373 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)20242023
Warranty reserve, beginning of year$414,796 418,017 
Warranties issued288,941 286,019 
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,
20242023
(Dollars in thousands, except price per share)Class AClass BClass AClass B
Shares repurchased11,942,725 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)202420232022
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:
SharesWeighted Average Grant Date Fair Value
Nonvested shares at November 30, 2023
2,970,760 $92.51 
Grants1,504,041 $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)20242023
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