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Income Taxes (Tables)

12 Months Ended

Nov. 30, 2024

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)			2024						2023						2022
Current:
Federal			$	863,867					1,037,229						1,282,037
State			292,960						271,752						330,681
			$	1,156,827					1,308,981						1,612,718
Deferred:
Federal			$	48,080					(53,474)						(193,667)
State			12,346						(14,494)						(52,986)
			60,426						(67,968)						(246,653)
			$	1,217,253					1,241,013						1,366,065

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
			2024						2023						2022
Statutory rate			21.00		%				21.00		%				21.00		%
State income taxes, net of federal income tax benefit			4.74						4.09						4.52
Tax credits (1)			(1.85)						(1.48)						(2.16)
Tax reserves and interest expense, net (2)			(0.01)						—						(0.83)
Deferred tax asset valuation allowance, net			—						(0.01)						—
Other			(0.24)						0.36						0.31
Effective rate			23.64		%				23.96		%				22.84		%

(1)During 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 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:

			At November 30,
(In thousands)			2024						2023
Deferred tax assets:
Inventory valuation adjustments			$	22,979					39,641
Reserves and accruals			198,753						193,156
Net operating loss carryforwards			43,894						52,591
Capitalized expenses			244,198						208,392
Investments in unconsolidated entities			62,395						65,254
Employee stock incentive plan			49,655						40,270
Unrealized losses on investments in equity securities			—						53,684
Other assets			39,011						51,785
Total deferred tax assets			660,885						704,773
Valuation allowance			(2,593)						(2,333)
Total deferred tax assets after valuation allowance			658,292						702,440
Deferred tax liabilities:
Capitalized expenses			170,557						151,912
Deferred income			181,145						168,316
Unrealized gains on investments in equity securities			5,358						—
Other liabilities			28,855						55,734
Total deferred tax liabilities			385,915						375,962
Net deferred tax assets			$	272,377					326,478

The detail of the Company's net deferred tax assets (liabilities) was as follows:

			At November 30,
(In thousands)			2024						2023
Net deferred tax assets:
Homebuilding			$	146,299					163,917
Financial Services			40,738						36,821
Multifamily			72,049						54,786
Lennar Other			13,291						70,954
Net deferred tax assets			$	272,377					326,478

			At November 30,
(In thousands)			2024						2023
Valuation allowance (1)			$	(2,593)					(2,333)
Federal tax effected NOL carryforwards (2)			23,079						26,375
State tax effected NOL carryforwards (3)			20,815						26,216

(1)As of November 30, 2024 and 2023, 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, 2024 and 2023, 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, 2024 and 2023, 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 2025 and 2041.

Schedule of Unrecognized Tax Benefits Roll Forward

The following table summarizes the changes in gross unrecognized tax benefits:

			Years Ended November 30,
(In thousands)			2024						2023						2022
Gross unrecognized tax benefits, beginning of year			$	—					—						12,285
Decreases due to settlements with tax authorities			—						—						(12,285)
Gross unrecognized tax benefits, end of year			$	—					—						—

Summary Of Changes In Gross Unrecognized Tax Benefits

The following summarizes the changes in interest and penalties accrued with respect to gross unrecognized tax benefits:

			November 30,
(In thousands)			2024						2023
Accrued interest and penalties, beginning of the year			$	—					—
Accrual of interest and penalties			—						95
Interest income from audits and refund claims			(434)						—
Increase (reduction) of interest and penalties			434						(95)
Accrued interest and penalties, end of the year			$	—					—

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