Lennar (LEN) 10-K26 Jan 232022 FY Annual reportFinancial data

Company Profile

Cover

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Nov. 30, 2022	Dec. 31, 2022	May 31, 2022
Document Type	10-K
Document Annual Report	true
Document Period End Date	Nov. 30, 2022
Current Fiscal Year End Date	--11-30
Document Transition Report	false
Entity File Number	1-11749
Entity Registrant Name	LENNAR CORP /NEW/
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-4337490
Entity Address, Address Line One	5505 Blue Lagoon Drive
Entity Address, City or Town	Miami
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33126
City Area Code	305
Local Phone Number	559-4000
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 21,008,348,667
Documents Incorporated by Reference	Related Section Documents III Definitive Proxy Statement to be filed pursuant to Regulation 14A on or before March 30, 2023.
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0000920760
Class A Common Stock
Title of 12(b) Security	Class A Common Stock, par value 10¢
Trading Symbol	LEN
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		253,539,060
Class B Common Stock
Title of 12(b) Security	Class B Common Stock, par value 10¢
Trading Symbol	LEN.B
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		36,161,355

Audit Information

Audit Information	12 Months Ended
Audit Information	Nov. 30, 2022
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	Miami, Florida
Auditor Firm ID	34

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Nov. 30, 2022		Nov. 30, 2021
Inventories:
Total assets	[1]	$ 37,984,295		$ 33,207,778
Stockholders’ equity:
Preferred stock	[2]	0		0
Additional paid-in capital	[2]	5,417,796		8,807,891
Retained earnings	[2]	18,861,417		14,685,329
Treasury stock, at cost; 2022 - 2,455,387 shares of Class A common stock and 419,860 shares of Class B common stock; 2021 - 38,586,961 shares of Class A common stock and 1,922,016 shares of Class B common stock	[2]	(210,389)		(2,709,448)
Accumulated other comprehensive income (loss)	[2]	2,408		(1,341)
Total stockholders’ equity	[2]	24,100,500		20,816,425
Noncontrolling interests	[2]	139,867		179,857
Total equity	[2]	24,240,367		20,996,282
Total liabilities	[2]	13,743,928		12,211,496
Total liabilities and equity	[2]	37,984,295		33,207,778
Class A Common Stock
Stockholders’ equity:
Common stock	[2]	25,608		30,050
Class B Common Stock
Stockholders’ equity:
Common stock	[2]	3,660		3,944
Homebuilding
ASSETS
Cash and cash equivalents	[1]	4,616,124		2,735,213
Restricted cash	[1]	23,046		21,927
Receivables, net	[1]	673,980		490,278
Inventories:
Finished homes and construction in progress	[1]	11,718,507		10,446,139
Land and land under development	[1]	7,382,273		7,108,142
Consolidated inventory not owned	[1]	2,331,231		1,161,023
Total inventories	[1]	21,432,011		18,715,304
Investments in unconsolidated entities	[1]	1,173,164		972,084
Goodwill		3,442,359	[1]	3,442,359
Other assets	[1]	1,323,478		1,090,654
Total assets	[1]	32,684,162		27,467,819
LIABILITIES AND EQUITY
Accounts payable	[2]	1,616,128		1,321,247
Liabilities related to consolidated inventory not owned	[2]	1,967,551		976,602
Senior notes and other debts payable, net	[2]	4,047,294		4,652,338
Other liabilities	[2]	3,347,673		2,920,055
Stockholders’ equity:
Total liabilities	[2]	10,978,646		9,870,242
Financial Services
Inventories:
Total assets	[1]	3,254,257		2,964,367
Stockholders’ equity:
Total liabilities	[2]	2,353,904		1,906,343
Multifamily
Inventories:
Total assets	[1]	1,257,337		1,311,747
Stockholders’ equity:
Total liabilities	[2]	313,484		288,930
Lennar Other
Inventories:
Total assets	[1]	788,539		1,463,845
Stockholders’ equity:
Total liabilities	[2]	$ 97,894		$ 145,981

[1] Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of November 30, 2022, total assets include $1.4 billion related to consolidated VIEs of which $56.9 million is included in Homebuilding cash and cash equivalents, $0.3 million in Homebuilding receivables, net, $29.4 million in Homebuilding finished homes and construction in progress, $736.5 million in Homebuilding land and land under development, $533.8 million in Homebuilding consolidated inventory not owned, $1.0 million in Homebuilding investments in unconsolidated entities, $23.0 million in Homebuilding other assets, $33.2 million in Multifamily assets and $9.0 million in Lennar Other assets . As of November 30, 2021, total assets include $1.1 billion related to consolidated VIEs of which $60.9 million is included in Homebuilding cash and cash equivalents, $4.4 million in Homebuilding receivables, net, $14.3 million in Homebuilding finished homes and construction in progress, $697.1 million in Homebuilding land and land under development, $239.2 million in Homebuilding consolidated inventory not owned, $1.1 million in Homebuilding investments in unconsolidated entities, $17.4 million in Homebuilding other assets and $80.6 million in Multifamily assets. As of November 30, 2022, total liabilities include $620.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $66.9 million is included in Homebuilding accounts payable, $510.9 million in Homebuilding liabilities related to consolidated inventory not owned, $29.4 million in Homebuilding senior notes and other debts payable, $7.2 million in Homebuilding other liabilities, $3.8 million in Multifamily liabilities and $2.2 million in Lennar Other liabilities.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands		Nov. 30, 2022	Nov. 30, 2021
Total assets	[1]	$ 37,984,295	$ 33,207,778
Total liabilities	[2]	13,743,928	12,211,496
Variable Interest Entity, Primary Beneficiary
Total assets		1,400,000	1,100,000
Total liabilities		$ 620,400	$ 258,500
Class A Common Stock
Common stock, par value (in USD per share)		$ 0.10	$ 0.10
Common stock, shares authorized (in shares)		400,000,000	400,000,000
Common stock, shares issued (in shares)		256,084,147	300,500,075
Treasury stock, shares (in shares)		2,455,387	38,586,961
Class B Common Stock
Common stock, par value (in USD per share)		$ 0.10	$ 0.10
Common stock, shares authorized (in shares)		90,000,000	90,000,000
Common stock, shares issued (in shares)		36,601,215	39,443,168
Treasury stock, shares (in shares)		419,860	1,922,016
Homebuilding
Total assets	[1]	$ 32,684,162	$ 27,467,819
Cash and cash equivalents	[1]	4,616,124	2,735,213
Receivables, net	[1]	673,980	490,278
Finished homes and construction in progress	[1]	11,718,507	10,446,139
Land and land under development	[1]	7,382,273	7,108,142
Consolidated inventory not owned	[1]	2,331,231	1,161,023
Investments in unconsolidated entities	[1]	1,173,164	972,084
Other assets	[1]	1,323,478	1,090,654
Total liabilities	[2]	10,978,646	9,870,242
Accounts payable	[2]	1,616,128	1,321,247
Senior notes and other debts payable, net	[2]	4,047,294	4,652,338
Liabilities related to consolidated inventory not owned	[2]	1,967,551	976,602
Other liabilities	[2]	3,347,673	2,920,055
Homebuilding \| Variable Interest Entity, Primary Beneficiary
Cash and cash equivalents		56,900	60,900
Receivables, net		300	4,400
Finished homes and construction in progress		29,400	14,300
Land and land under development		736,500	697,100
Consolidated inventory not owned		533,800	239,200
Investments in unconsolidated entities		1,000	1,100
Other assets		23,000	17,400
Accounts payable		66,900	26,600
Senior notes and other debts payable, net		29,400	20,100
Liabilities related to consolidated inventory not owned		510,900	196,600
Other liabilities		7,200	12,300
Lennar Other
Total assets	[1]	788,539	1,463,845
Total liabilities	[2]	97,894	145,981
Lennar Other \| Variable Interest Entity, Primary Beneficiary
Total assets		9,000
Total liabilities		2,200
Multifamily
Total assets	[1]	1,257,337	1,311,747
Total liabilities	[2]	313,484	288,930
Multifamily \| Variable Interest Entity, Primary Beneficiary
Total assets		33,200	80,600
Total liabilities		$ 3,800	$ 2,800

[1] Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of November 30, 2022, total assets include $1.4 billion related to consolidated VIEs of which $56.9 million is included in Homebuilding cash and cash equivalents, $0.3 million in Homebuilding receivables, net, $29.4 million in Homebuilding finished homes and construction in progress, $736.5 million in Homebuilding land and land under development, $533.8 million in Homebuilding consolidated inventory not owned, $1.0 million in Homebuilding investments in unconsolidated entities, $23.0 million in Homebuilding other assets, $33.2 million in Multifamily assets and $9.0 million in Lennar Other assets . As of November 30, 2021, total assets include $1.1 billion related to consolidated VIEs of which $60.9 million is included in Homebuilding cash and cash equivalents, $4.4 million in Homebuilding receivables, net, $14.3 million in Homebuilding finished homes and construction in progress, $697.1 million in Homebuilding land and land under development, $239.2 million in Homebuilding consolidated inventory not owned, $1.1 million in Homebuilding investments in unconsolidated entities, $17.4 million in Homebuilding other assets and $80.6 million in Multifamily assets. As of November 30, 2022, total liabilities include $620.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $66.9 million is included in Homebuilding accounts payable, $510.9 million in Homebuilding liabilities related to consolidated inventory not owned, $29.4 million in Homebuilding senior notes and other debts payable, $7.2 million in Homebuilding other liabilities, $3.8 million in Multifamily liabilities and $2.2 million in Lennar Other liabilities.

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Costs and expenses:
Equity in earnings (loss) from unconsolidated entities	$ (36,302)	$ 48,993	$ (22,127)
Earnings before income taxes	6,014,566	5,819,058	3,123,788
Provision for income taxes	(1,366,065)	(1,362,509)	(656,235)
Net earnings (including net earnings attributable to noncontrolling interests)	4,648,501	4,456,549	2,467,553
Less: Net earnings attributable to noncontrolling interests	34,376	26,438	2,517
Net earnings attributable to Lennar	4,614,125	4,430,111	2,465,036
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on securities available-for-sale	1,464	(536)	(851)
Reclassification adjustments for gains included in net earnings	2,285	0	(452)
Total other comprehensive income (loss), net of tax	3,749	(536)	(1,303)
Total comprehensive income attributable to Lennar	4,617,874	4,429,575	2,463,733
Total comprehensive income attributable to noncontrolling interests	$ 34,376	$ 26,438	$ 2,517
Basic earnings per share (in USD per share)	$ 15.74	$ 14.28	$ 7.88
Diluted earnings per share (in USD per share)	$ 15.72	$ 14.27	$ 7.85
Operating Segments And Corporate Non Segment
Costs and expenses:
Total costs and expenses	$ 26,949,763	$ 22,052,243	$ 19,373,164
Earnings before income taxes	6,014,566	5,819,058	3,123,788
Operating Segments
Revenues:
Total revenues	33,671,010	27,130,676	22,488,854
Corporate and unallocated
Costs and expenses:
Corporate general and administrative	414,498	398,381	333,446
Contribution Expense	66,399	59,825	24,972
Earnings before income taxes	(480,897)	(458,206)	(358,418)
Homebuilding \| Operating Segments
Revenues:
Total revenues	31,951,335	25,545,242	20,981,136
Costs and expenses:
Costs and expenses	25,161,299	20,502,541	17,961,644
Equity in earnings (loss) from unconsolidated entities	(17,235)	(14,205)	(836)
Other income (expense), net	4,516	3,266	(29,749)
Earnings before income taxes	6,777,317	5,031,762	2,988,907
Financial Services \| Operating Segments
Revenues:
Total revenues	809,680	898,745	890,311
Costs and expenses:
Costs and expenses	426,378	407,731	470,777
Financial Services gain on deconsolidation	0	0	61,418
Earnings before income taxes	383,302	491,014	480,952
Multifamily \| Operating Segments
Revenues:
Total revenues	865,603	665,232	576,328
Costs and expenses:
Costs and expenses	848,931	652,810	575,581
Multifamily equity in earnings from unconsolidated entities and other gain	52,821	9,031	21,934
Earnings before income taxes	69,493	21,453	22,681
Lennar Other
Costs and expenses:
Lennar Other unrealized gain (loss) from technology investments	(655,094)	510,802
Lennar Other \| Operating Segments
Revenues:
Total revenues	44,392	21,457	41,079
Costs and expenses:
Costs and expenses	32,258	30,955	6,744
Lennar Other equity in earnings (loss) from unconsolidated entities, other income (expense), net, and other gain (loss)	(91,689)	231,731	(44,669)
Lennar Other unrealized gain (loss) from technology investments	(655,094)	510,802	0
Earnings before income taxes	$ (734,649)	$ 733,035	$ (10,334)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total		Class A Common Stock	Class B Common Stock	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Additional Paid-In Capital	Retained Earnings	Retained Earnings Class A Common Stock	Retained Earnings Class B Common Stock	Treasury Stock	Accumulated Comprehensive Other Income (Loss)	Total Stockholders' Equity	Noncontrolling Interests
Beginning balance at Nov. 30, 2019					$ 29,712	$ 3,944	$ 8,578,219	$ 8,295,001			$ (957,857)	$ 498		$ 84,313
Statement of Equity [Roll Forward]
Employee stock and director plans					182		576				(32,855)
Retirement of treasury stock					0	0	0				0
Amortization of restricted stock							107,131
Premium paid for purchase of noncontrolling interests							0
Net earnings (including net earnings attributable to noncontrolling interests)	$ 2,467,553							2,465,036						2,517
Cash dividends									$ (171,520)	$ (23,523)
Purchases of treasury stock											(288,515)
Total other comprehensive income (loss), net of tax												(1,303)
Receipts related to noncontrolling interests														176,617
Payments related to noncontrolling interests														(42,349)
Non-cash consolidations/deconsolidations, net														(114,712)
Non-cash purchase or activity of noncontrolling interests, net							(9,870)							(1,841)
Ending balance at Nov. 30, 2020	18,099,401				29,894	3,944	8,676,056	10,564,994			(1,279,227)	(805)	$ 17,994,856	104,545
Statement of Equity [Roll Forward]
Employee stock and director plans					156		1,207				(64,662)
Retirement of treasury stock					0	0	0				0
Amortization of restricted stock							135,090
Premium paid for purchase of noncontrolling interests							0
Net earnings (including net earnings attributable to noncontrolling interests)	4,456,549							4,430,111						26,438
Cash dividends									(272,162)	(37,614)
Purchases of treasury stock			$ (1,357,081)	$ (8,197)							(1,365,559)
Total other comprehensive income (loss), net of tax												(536)
Receipts related to noncontrolling interests														69,675
Payments related to noncontrolling interests														(24,605)
Non-cash consolidations/deconsolidations, net														0
Non-cash purchase or activity of noncontrolling interests, net							(4,462)							3,804
Ending balance at Nov. 30, 2021	20,996,282	[1]			30,050	3,944	8,807,891	14,685,329			(2,709,448)	(1,341)	20,816,425	179,857
Statement of Equity [Roll Forward]
Employee stock and director plans					225		904				(71,695)
Retirement of treasury stock					(4,667)	(284)	(3,533,425)				(3,538,376)
Amortization of restricted stock							184,086
Premium paid for purchase of noncontrolling interests							(37,342)
Net earnings (including net earnings attributable to noncontrolling interests)	4,648,501							4,614,125						34,376
Cash dividends									$ (383,047)	$ (54,990)
Purchases of treasury stock			$ (868,788)	$ (98,613)							(967,622)
Total other comprehensive income (loss), net of tax												3,749
Receipts related to noncontrolling interests														41,816
Payments related to noncontrolling interests														(91,329)
Non-cash consolidations/deconsolidations, net														(55,240)
Non-cash purchase or activity of noncontrolling interests, net							(4,318)							30,387
Ending balance at Nov. 30, 2022	$ 24,240,367	[1]			$ 25,608	$ 3,660	$ 5,417,796	$ 18,861,417			$ (210,389)	$ 2,408	$ 24,100,500	$ 139,867

[1] As of November 30, 2022, total liabilities include $620.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $66.9 million is included in Homebuilding accounts payable, $510.9 million in Homebuilding liabilities related to consolidated inventory not owned, $29.4 million in Homebuilding senior notes and other debts payable, $7.2 million in Homebuilding other liabilities, $3.8 million in Multifamily liabilities and $2.2 million in Lennar Other liabilities.

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Class A Common Stock
Cash dividends (in USD per share)	$ 1.50	$ 1	$ 0.625
Class B Common Stock
Cash dividends (in USD per share)	$ 1.50	$ 1	$ 0.625

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		12 Months Ended
		Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Cash flows from operating activities:
Net earnings (including net earnings attributable to noncontrolling interests)		$ 4,648,501	$ 4,456,549	$ 2,467,553
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		87,075	85,954	94,553
Amortization of discount/premium on debt, net		(2,163)	(6,775)	(24,775)
Equity in (earnings) loss from unconsolidated entities		36,302	(48,993)	22,127
Distributions of earnings from unconsolidated entities		71,301	45,984	62,073
Share-based compensation expense		184,086	134,621	107,131
Deferred income tax (benefit) expense		(246,653)	191,627	92,082
Unrealized Gain (Loss) on Financing Receivables, Held-for-sale		33,287	14,449	(21,765)
Gain on sale of other assets, operating properties and equipment, CMBS bonds, other liabilities and real estate owned		(7,617)	(27,678)	(8,626)
Gain on deconsolidation of an entity		0	0	(56,594)
Loss on Extinguishment of Debt		0	(2,204)	7,997
Valuation adjustments and write-offs of option deposits and pre-acquisition costs, other receivables and other assets		110,693	25,696	117,825
Changes in assets and liabilities:
(Increase) decrease in receivables		(422,398)	(289,776)	25,868
(Increase) decrease in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs		(2,383,821)	(1,960,614)	781,362
(Increase) decrease in other assets		(13,330)	(121,036)	90,534
(Increase) decrease in loans held-for-sale		(202,920)	(160,785)	176,617
Increase in accounts payable and other liabilities		701,113	881,309	266,488
Net cash provided by operating activities		3,265,668	2,532,774	4,190,819
Cash flows from investing activities:
Net additions to operating properties and equipment		(57,214)	(65,172)	(72,752)
Proceeds from the sale of operating properties and equipment, other assets, CMBS bonds and real estate owned		24,686	41,551	33,934
Proceeds from Divestiture of Interest in Joint Venture		0	32,340	0
Investments in and contributions to unconsolidated entities		(447,401)	(408,183)	(486,217)
Distributions of capital from unconsolidated and consolidated entities		398,423	362,181	220,713
Proceeds from sale of commercial mortgage-backed securities bonds		9,191	11,307	3,248
Decrease (increase) in Financial Services loans held-for-investment, net		19,491	29,397	(3,122)
Purchases of investment securities		(93,769)	(128,162)	(45,548)
Proceeds from maturities/sales of investment securities		16,892	16,312	52,918
Other receipts, net		1,399	16	1,643
Net cash used in investing activities		(128,302)	(105,086)	(280,205)
Cash flows from financing activities:
Redemption of senior notes		(575,000)	(1,159,851)	(1,499,999)
Principal payments on notes payable and other borrowings		(48,079)	(195,212)	(604,995)
Proceeds from other borrowings		0	13,973	92,688
Proceeds from other liabilities		1,167,227	694,185	346,406
Payments for Turn of Inventory Not Owned, Financing Activities		(682,385)	(350,583)	0
(Payments) proceeds related to other liabilities, net		(21,249)	25,564	(116,541)
Receipts related to noncontrolling interests		41,816	69,675	176,617
Payments related to noncontrolling interests		(91,329)	(24,605)	(42,349)
Common stock:
Repurchases		(1,039,309)	(1,430,212)	(321,524)
Dividends		(438,038)	(309,776)	(195,043)
Net cash used in financing activities		(1,277,279)	(2,404,735)	(2,446,575)
Net increase (decrease) in cash and cash equivalents		1,860,087	22,953	1,464,039
Summary of cash and cash equivalents and restricted cash:
Cash and cash equivalents and restricted cash at beginning of year		2,955,683	2,932,730	1,468,691
Cash and cash equivalents and restricted cash at end of year		4,815,770	2,955,683	2,932,730
Supplemental disclosures of cash flow information:
Cash paid for interest, net of amounts capitalized		67,842	47,720	97,336
Cash paid for income taxes, net		1,273,166	1,140,858	402,180
Supplemental disclosures of non-cash investing and financing activities:
Purchases of inventories, land under development and other assets financed by sellers		36,947	141,319	120,796
Net non-cash contributions to unconsolidated entities		232,616	27,880	97,281
Non-cash right of use assets due to adoption of ASU 2016-02		0	0	150,702
Non-cash lease liabilities due to adoption of ASU 2016-02		0	0	159,717
Operating Segments
Summary of cash and cash equivalents and restricted cash:
Cash and cash equivalents and restricted cash at beginning of year		2,955,683	2,932,730
Cash and cash equivalents and restricted cash at end of year		4,815,770	2,955,683	2,932,730
Cash and cash equivalents		4,778,720	2,921,744
Restricted cash		37,050	33,939
Homebuilding
Summary of cash and cash equivalents and restricted cash:
Cash and cash equivalents	[1]	4,616,124	2,735,213
Restricted cash	[1]	23,046	21,927
Homebuilding \| Operating Segments
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		104,290	101,399	95,094
Equity in (earnings) loss from unconsolidated entities		17,235	14,205	836
Summary of cash and cash equivalents and restricted cash:
Cash and cash equivalents		4,616,124	2,735,213	2,703,986
Restricted cash		23,046	21,927	15,211
Lennar Other
Adjustments to reconcile net earnings to net cash provided by operating activities:
Unrealized loss on investments		672,212	(680,576)	0
Lennar Other \| Operating Segments
Summary of cash and cash equivalents and restricted cash:
Cash and cash equivalents		5,391	2,660	3,918
Restricted cash		0	0
Financial Services
Adjustments to reconcile net earnings to net cash provided by operating activities:
Gain on sale of businesses		0	(3,811)	(5,014)
Cash flows from investing activities:
Proceeds from sale of business		0	3,327	14,978
Consolidation/deconsolidation of unconsolidated/consolidated entities, net:
Financial Services assets		0	0	(217,565)
Financial Services liabilities		0	0	115,175
Noncontrolling interests		0	0	102,390
Financial Services \| Operating Segments
Summary of cash and cash equivalents and restricted cash:
Cash and cash equivalents		139,378	167,021	116,171
Restricted cash		14,004	12,012	54,481
Multifamily
Adjustments to reconcile net earnings to net cash provided by operating activities:
Gain on sale of interest in unconsolidated entity and other Multifamily gain		0	(1,167)	(4,617)
Multifamily \| Operating Segments
Summary of cash and cash equivalents and restricted cash:
Cash and cash equivalents		17,827	16,850	38,963
Restricted cash		0	0
Segments Other Than Financial Services
Consolidation/deconsolidation of unconsolidated/consolidated entities, net:
Noncontrolling interests		55,240	0	12,323
Inventories		(101,946)	0	95,476
Operating properties and equipment and other assets		33,200	0	6,870
Investments in unconsolidated entities		7,303	0	(68,290)
Notes payable		0	0	(44,924)
Other liabilities		6,203	0	(1,455)
Warehouse Repurchase Facility
Cash flows from financing activities:
Net (repayments) borrowings under lines of credit		$ 409,067	$ 262,107	$ (281,835)

[1] Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of November 30, 2022, total assets include $1.4 billion related to consolidated VIEs of which $56.9 million is included in Homebuilding cash and cash equivalents, $0.3 million in Homebuilding receivables, net, $29.4 million in Homebuilding finished homes and construction in progress, $736.5 million in Homebuilding land and land under development, $533.8 million in Homebuilding consolidated inventory not owned, $1.0 million in Homebuilding investments in unconsolidated entities, $23.0 million in Homebuilding other assets, $33.2 million in Multifamily assets and $9.0 million in Lennar Other assets . As of November 30, 2021, total assets include $1.1 billion related to consolidated VIEs of which $60.9 million is included in Homebuilding cash and cash equivalents, $4.4 million in Homebuilding receivables, net, $14.3 million in Homebuilding finished homes and construction in progress, $697.1 million in Homebuilding land and land under development, $239.2 million in Homebuilding consolidated inventory not owned, $1.1 million in Homebuilding investments in unconsolidated entities, $17.4 million in Homebuilding other assets and $80.6 million in Multifamily assets.

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	12 Months Ended
Summary Of Significant Accounting Policies	Nov. 30, 2022
Accounting Policies [Abstract]
Summary Of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Consolidation The accompanying consolidated financial statements include the accounts of Lennar Corporation and all subsidiaries, partnerships and other entities in which Lennar Corporation has a controlling interest and VIEs (see Note 8) in which Lennar Corporation is deemed the primary beneficiary (the "Company"). The Company’s investments in both unconsolidated entities in which a significant, but less than controlling, interest is held and in VIEs in which the Company is not deemed to be the primary beneficiary are accounted for by the equity method. All intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Revenue Recognition Homebuilding revenues and related profits from sales of homes are recognized at the time of the closing of a sale, when title to and possession of the property are transferred to the homebuyer. In order to promote sales of the homes, the Company may offer sales incentives to homebuyers. The types of incentives vary on a community-by-community basis and home-by-home basis. They include primarily price discounts on individual homes and financing incentives, all of which are reflected as a reduction of home sales revenues. For the years ended November 30, 2022, 2021 and 2020, sales incentives offered to homebuyers averaged $17,300 per home, or 3.5% as a percentage of home sales revenues, $9,000 per home, or 2.1% as a percentage of home sales revenues and $19,800 per home, or 4.8% as a percentage of home sales revenues, respectively. The Company’s performance obligation, to deliver the agreed-upon home, is generally satisfied in less than one year from the original contract date. Cash proceeds from home closings are included in Homebuilding cash and cash equivalents in the Company's consolidated balance sheets. Contract liabilities include customer deposits liability related to sold but undelivered homes that are included in other liabilities in the Company's consolidated balance sheets. The Company periodically elects to sell parcels of land to third parties. Cash consideration from land sales is typically due on the closing date, which is generally when performance obligations are satisfied and revenue is recognized as title to and possession of the property are transferred to the buyer. Advertising Costs The Company expenses advertising costs as incurred. Advertising costs were $102.1 million, $74.2 million and $72.6 million for the years ended November 30, 2022, 2021 and 2020, respectively. Share-Based Payments The Company has share-based awards outstanding under the 2016 Equity Incentive Plan (the "Plan"), which provides for the granting of stock options, stock appreciation rights, restricted common stock ("nonvested shares") and other share based awards to officers, associates and directors. The exercise prices of stock options may not be less than the market value of the common stock on the date of the grant. Exercises are permitted in installments determined when options are granted. Each stock option will expire on a date determined at the time of the grant, but not more than 10 years after the date of the grant. The Company accounts for stock option awards and nonvested share awards granted under the Plan based on the estimated grant date fair value. Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. Due to the short maturity period of cash equivalents, the carrying amounts of these instruments approximate their fair values. Homebuilding restricted cash consists of customer deposits on home sales held in restricted accounts until title transfers to the homebuyer, as required by the state and local governments in which the homes were sold, as well as funds on deposit to secure and support performance obligations. Financial Services restricted cash consists of upfront deposits and application fees LMF Commercial receives before originating loans and is recognized as income once the loan has been originated, as well as cash held in escrow by the Company’s loan service provider on behalf of customers and lenders and is disbursed in accordance with agreements between the transacting parties. Homebuilding cash and cash equivalents as of November 30, 2022 and 2021 included $1.0 billion and $940.4 million, respectively, of cash held in escrow for approximately two days. Receivables At November 30, 2022 and 2021, Homebuilding accounts receivable primarily related to receivables from land banks for land development, rebates and joint ventures. The Company performs ongoing credit evaluations of its customers and generally does not require collateral for accounts receivable. Mortgages and notes receivable arising from the sale of homes and land are generally collateralized by the property sold to the buyer. Allowances are maintained for potential credit losses based on historical experience, present economic conditions and other factors considered relevant by the Company. Balances for the years ended November 30, 2022 and 2021 are noted below: November 30, (In thousands) 2022 2021 Accounts receivable $ 490,420 245,004 Mortgages and notes receivable 185,739 247,805 676,159 492,809 Allowance for credit losses (2,179) (2,531) Receivables, net (1) $ 673,980 490,278 (1) At November 30, 2022 and 2021, receivables, net included $50 million and $85 million, respectively, related to a short-term loan due from Upward America that was repaid subsequent to each year end. Inventories Finished homes and construction in progress are included within inventories. Inventories are stated at cost unless the inventory within a community is determined to be impaired, in which case the impaired inventory is written down to fair value. Inventory costs include land, land development and home construction costs, real estate taxes, deposits on land purchase contracts and interest related to development and construction. Construction overhead and selling expenses are expensed as incurred. Homes held-for-sale are classified as inventories until delivered. Land, land development, amenities and other costs are accumulated by specific area and allocated to homes within the respective areas. The Company reviews its inventory for indicators of impairment by evaluating each community during each reporting period. The inventory within each community is categorized as finished homes and construction in progress or land under development based on the development state of the community. There were 1,200 and 1,259 active communities, excluding unconsolidated entities, as of November 30, 2022 and 2021, respectively. If the undiscounted cash flows expected to be generated by a community are less than its carrying amount, an impairment charge is recorded to write down the carrying amount of such community to its estimated fair value. In conducting its review for indicators of impairment on a community level, the Company evaluates, among other things, the margins on homes that have been delivered, margins on homes under sales contracts in backlog, projected margins with regard to future home sales over the life of the community, projected margins with regard to future land sales and the estimated fair value of the land itself. The Company pays particular attention to communities in which inventory is moving at a slower than anticipated absorption pace and communities whose average sales price and/or margins are trending downward and are anticipated to continue to trend downward. From this review, the Company identifies communities in which to assess if the carrying values exceed their undiscounted projected cash flows. The Company estimates the fair value of its communities using a discounted cash flow model. The projected cash flows for each community are significantly impacted by estimates related to market supply and demand, product type by community, homesite sizes, sales pace, sales prices, sales incentives, construction costs, sales and marketing expenses, the local economy, competitive conditions, labor costs, costs of materials and other factors for that particular community. Every division evaluates the historical performance of each of its communities as well as current trends in the market and economy impacting the community and its surrounding areas. These trends are analyzed for each of the estimates listed above. Each of the homebuilding markets in which the Company operates is unique, as homebuilding has historically been a local business driven by local market conditions and demographics. Each of the Company’s homebuilding markets has specific supply and demand relationships reflective of local economic conditions. The Company’s projected cash flows are impacted by many assumptions. Some of the most critical assumptions in the Company’s cash flow model are projected absorption pace for home sales, sales prices and costs to build and deliver homes on a community by community basis. In order to arrive at the assumed absorption pace for home sales and the assumed sales prices included in the Company’s cash flow model, the Company analyzes its historical absorption pace and historical sales prices in the community and in other comparable communities in the geographical area. In addition, the Company considers internal and external market studies and places greater emphasis on more current metrics and trends, which generally include, but are not limited to, statistics and forecasts on population demographics and on sales prices in neighboring communities, unemployment rates and availability and sales prices of competing product in the geographical area where the community is located as well as the absorption pace realized in its most recent quarters and the sales prices included in the Company's current backlog for such communities. Generally, if the Company notices a variation from historical results over a span of two fiscal quarters, the Company considers such variation to be the establishment of a trend and adjusts its historical information accordingly in order to develop assumptions on the projected absorption pace and sales prices in the cash flow model for a community. In order to arrive at the Company’s assumed costs to build and deliver homes, the Company generally assumes a cost structure reflecting contracts currently in place with its vendors adjusted for any anticipated cost reduction initiatives or increases in cost structure. Those costs assumed are used in the cash flow model for the Company’s communities. Since the estimates and assumptions included in the Company’s cash flow models are based upon historical results and projected trends, they do not anticipate unexpected changes in market conditions or strategies that may lead the Company to incur additional impairment charges in the future. The determination of fair value requires discounting the estimated cash flows at a rate the Company believes a market participant would determine to be commensurate with the inherent risks associated with the assets and related estimated cash flow streams. The discount rate used in determining each asset’s fair value depends on the community’s projected life and development stage. The Company estimates the fair value of inventory evaluated for impairment based on market conditions and assumptions made by management at the time the inventory is evaluated, which may differ materially from actual results if market conditions or assumptions change. For example, changes in market conditions and other specific developments or changes in assumptions may cause the Company to re-evaluate its strategy regarding previously impaired inventory, as well as inventory not currently impaired but for which indicators of impairment may arise if market deterioration occurs, and certain other assets that could result in further valuation adjustments and/or additional write-offs of option deposits and pre-acquisition costs due to abandonment of those options contracts. 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, 2022 and 2021. The table below summarizes communities reviewed for indicators of impairment and communities with valuation adjustments recorded: At November 30, Communities with valuation adjustments # of communities with potential indicators of impairment # of communities Fair Value Valuation Adjustments 2022 15 9 $ 105,042 $ 33,563 2021 4 1 5,267 11,849 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, 2022 2021 Unobservable inputs Range Average selling price (1) $233,000 — $753,000 $635,000 Absorption rate per quarter (homes) 2 — 12 11 Discount rate 20% 20% (1) Represents the projected average selling price on future deliveries for communities in which the Company recorded impairments on during the years ended November 30, 2022 and 2021. The Company also has access to land inventory through option contracts, which generally enables the Company to defer acquiring portions of properties owned by third parties (including land funds) and unconsolidated entities until it has determined whether to exercise its option. The use of option contracts allows the Company to reduce the financial risks associated with long-term land holdings. A majority of the Company’s option contracts require a non-refundable cash deposit or irrevocable letter of credit based on a percentage of the purchase price of the land. As of November 30, 2022, the Company had $2.0 billion of nonrefundable option deposits and pre-acquisition costs related to certain of these homesites, which were included in inventories in the accompanying consolidated balance sheet. The Company’s option contracts sometimes include price adjustment provisions, which adjust the purchase price of the land to its approximate fair value at the time of acquisition or are based on the fair value at the time of takedown. Some option contracts contain a predetermined take-down schedule for the optioned land parcels. However, in substantially all instances, the Company is not required to purchase land in accordance with those take-down schedules. In substantially all instances, the Company has the right and ability to not exercise its option and forfeit its deposit without further penalty, other than termination of the option and loss of any unapplied portion of its deposit and pre-acquisition costs and the incurrence of any applicable termination fee associated with the option contract. Therefore, in substantially all instances, the Company does not consider the take-down price to be a firm contractual obligation. In determining whether to walk away from an option contract, the Company evaluates the option primarily based upon its expected cash flows from the property under option. If the Company intends to walk away from an option contract, it records a charge to earnings in the period such decision is made for the unapplied deposit amount and any related pre-acquisition costs and accrues any applicable termination fee associated with the option contract. During the year ended November 30, 2022, the Company wrote-off $47.9 million of deposit and pre-acquisition costs. To reflect the purchase price of homesite takedowns related to option contracts that the Company decided to exercise, the Company had a net reclass related to option deposits from consolidated inventory not owned to finished homes and construction in progress in the accompanying consolidated balance sheet as of November 30, 2022. In the course of executing on the Company’s land light strategy, the Company may sell land to third parties (including land funds) and unconsolidated entities while maintaining an option to repurchase the land in the future. Although, such transactions include cash consideration from the buyer and the transfer of title from the Company to the buyer, such transactions do not meet the criteria for revenue recognition under GAAP due to the Company’s option to repurchase the land from the buyer in the future. As such, land related to such transactions remains on the Company’s accompanying consolidated balance sheet and is reclassified from land and land under development to consolidated inventory not owned. The liabilities related to consolidated inventory not owned primarily represent the difference between the option exercise prices for the optioned land and the Company’s cash deposits. During the year ended November 30, 2022, consolidated inventory not owned increased by $1.2 billion with a corresponding increase to liabilities related to consolidated inventory not owned in the accompanying consolidated balance sheet as of November 30, 2022. The increase was primarily due to reclassifications from land and land under development to consolidated inventory not owned during the year ended November 30, 2022 as the Company continued to focus on increasing its controlled homesites as compared to owned homesites. The increase was partially offset by takedowns during the year ended November 30, 2022. Investments in Unconsolidated Entities The Company evaluates the long-lived assets in unconsolidated entities for indicators of impairment during each reporting period. If a valuation adjustment is recorded by an unconsolidated entity related to its assets, the Company generally uses a discount rate between 10% and 20%, subject to the perceived risks associated with the community’s cash flow streams relative to its inventory or operating assets. The Company’s proportionate share of a valuation adjustment is reflected in the Company's Homebuilding, Multifamily or Lennar Other equity in earnings (loss) from unconsolidated entities with a corresponding decrease to its Homebuilding, Multifamily or Lennar Other investment in unconsolidated entities. Additionally, the Company evaluates if a decrease in the fair value of an investment below its carrying value is other-than-temporary. This evaluation includes certain critical assumptions made by management: (1) projected future distributions from the unconsolidated entities, (2) discount rates applied to the future distributions and (3) various other factors, which include age of the venture, relationships with the other partners and banks, general economic market conditions, land status and liquidity needs of the unconsolidated entity. If the decline in the fair value of the investment is other-than-temporary, then these losses are included in Homebuilding other income, net, Multifamily other gain (loss) or Lennar Other other gain (loss). The Company tracks its share of cumulative earnings and distributions of its joint ventures ("JVs"). For purposes of classifying distributions received from JVs in the Company’s consolidated statements of cash flows, cumulative distributions are treated as returns on capital to the extent of cumulative earnings and included in the Company’s consolidated statements of cash flows as operating activities. Cumulative distributions in excess of the Company’s share of cumulative earnings are treated as returns of capital and included in the Company’s consolidated statements of cash flows as cash from investing activities. Variable Interest Entities GAAP requires the assessment of whether an entity is a VIE and, if so, if the Company is the primary beneficiary at the inception of the entity or at a reconsideration event. Additionally, GAAP requires the consolidation of VIEs in which an enterprise has a controlling financial interest. A controlling financial interest will have both of the following characteristics: (a) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and (b) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company’s variable interest in VIEs may be in the form of (1) equity ownership, (2) contracts to purchase assets, (3) management and development agreements between the Company and a VIE, (4) loans provided by the Company to a VIE or other partner and/or (5) guarantees provided by members to banks and other third parties. The Company examines specific criteria and uses its judgment when determining if it is the primary beneficiary of a VIE. Factors considered in determining whether the Company is the primary beneficiary include risk and reward sharing, experience and financial condition of other partner(s), voting rights, involvement in day-to-day capital and operating decisions, representation on a VIE’s executive committee, existence of unilateral kick-out rights or voting rights, level of economic disproportionality, if any, between the Company and the other partner(s) and contracts to purchase assets from VIEs. The determination whether an entity is a VIE and, if so, whether the Company is the primary beneficiary may require it to exercise significant judgment. Generally, all major decision making in the Company’s joint ventures is shared among all partners. In particular, business plans and budgets are generally required to be unanimously approved by all partners. Usually, management and other fees earned by the Company are nominal and believed to be at market and there is no significant economic disproportionality between the Company and other partners. Generally, the Company purchases less than a majority of the JV’s assets and the purchase prices under its option contracts are believed to be at market. Generally, Homebuilding and Multifamily unconsolidated entities become VIEs due to insufficient equity at risk for the JV entity as the partner(s) continue to provide subordinated financial support in the form of capital contributions. Homebuilding and Multifamily unconsolidated entities become VIEs and consolidate if the other partner(s) lack the intent and financial wherewithal to remain in the entity. As a result, the Company continues to fund operations and debt paydowns through partner loans or substituted capital contributions. Goodwill Goodwill is recorded with acquisitions of businesses when the purchase price of the business exceeds the fair value of the net tangible and identifiable assets acquired. In accordance with ASC Topic 350, Intangibles-Goodwill and Other ("ASC 350"), the Company evaluates goodwill for potential impairment on at least an annual basis. The Company has the option to perform a qualitative or quantitative assessment to determine whether the fair value of a reporting unit exceeds its carrying value. Qualitative factors may include, but are not limited to economic conditions, industry and market considerations, cost factors, overall financial performance of the reporting units and other entity and reporting unit specific events. The fair value estimate is derived through various valuation methods, including the use of discounted expected future cash flows of each reporting unit. The expected future cash flows for each segment are significantly impacted by current market conditions. If these market conditions and resulting expected future cash flows for each reporting unit decline significantly, the actual results for each segment could differ from the Company's estimate, which would cause goodwill to be impaired. The annual goodwill impairment analysis was performed as of September 30, 2022, and no impairment was recorded. Operating Properties and Equipment Operating properties and equipment are recorded at cost and are included in other assets in the consolidated balance sheets. The assets are depreciated over their estimated useful lives using the straight-line method. At the time operating properties and equipment are disposed of, the asset and related accumulated depreciation are removed from the accounts and any resulting gain or loss is credited or charged to earnings. The estimated useful life for operating properties is 30 years, for furniture, fixtures and equipment is two Operating properties and equipment are included in Homebuilding other assets in the consolidated balance sheets and were as follows: November 30, (In thousands) 2022 2021 Operating properties (1) $ 305,743 309,367 Leasehold improvements 68,951 56,620 Furniture, fixtures and equipment 207,223 172,774 581,917 538,761 Accumulated depreciation and amortization (226,822) (198,855) $ 355,095 339,906 (1) Operating properties primarily include solar systems, rental operations and commercial properties. Investment Securities The Company holds investment securities classified as available-for-sale or held-to-maturity. Available-for-sale securities are recorded at fair value. Any unrealized holding gains or losses on available-for-sale securities are reported as accumulated other comprehensive gain or loss, which is a separate component of stockholders’ equity, net of tax, until realized. Securities classified as held-to-maturity are carried at amortized cost because they are purchased with the intent and ability to hold to maturity. At November 30, 2022 and 2021, the Financial Services segment had investment securities classified as held-to-maturity totaling $143.3 million and $157.8 million, respectively, which consist mainly of commercial mortgage-backed securities ("CMBS"), corporate debt obligations, U.S. government agency obligations, certificates of deposit and U.S. treasury securities that mature at various dates, mainly within three years. At November 30, 2022 and 2021, the Lennar Other segment had investment securities classified as held-for-sale totaling $35.5 million and $41.7 million, respectively. Additionally, the Lennar Other segment had investments in equity securities with a readily determinable fair value (publicly traded common stock), not accounted for under the equity method, that are recorded at fair value with unrealized gains and losses included in earnings. For equity securities without a readily determinable fair value, the investment is recorded at cost, less any impairment, plus or minus adjustments related to observable transactions for the same or similar securities, with unrealized gains and losses included in earnings. The Lennar Other segment had investments in equity securities of $391.0 million and $1.0 billion that are recorded at fair value with unrealized gains and losses included in earnings, as of November 30, 2022 and 2021, respectively. For equity method investments in the Lennar Other segment, the Company records the investment as Lennar Other investments in unconsolidated entities. The Company regularly reviews its investments in unconsolidated entities to determine whether there is a decline in fair value below book value. If there is a decline that is other-than-temporary, the investment is written down to fair value. There was no impairment recorded during the years ended November 30, 2022 and 2021. Interest and Real Estate Taxes Interest and real estate taxes attributable to land and homes are capitalized as inventory costs while they are being actively developed. Interest related to homebuilding and land, including interest costs relieved from inventories, is included in costs of homes sold and costs of land sold. Interest expense related to the Financial Services and Multifamily operations is included in its costs and expenses. During the years ended November 30, 2022, 2021 and 2020, interest incurred by the Company’s homebuilding operations related to homebuilding debt was $230.8 million, $275.1 million and $353.4 million, respectively; interest capitalized into inventories was $211.7 million, $254.9 million and $331.0 million, respectively. 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) 2022 2021 2020 Interest expense in costs of homes sold $ 293,105 342,756 349,109 Interest expense in costs of land sold 498 2,475 2,594 Other interest expense (1) 19,128 20,142 22,401 Total interest expense $ 312,731 365,373 374,104 (1) Included in Homebuilding other income (expense), net. Income Taxes The Company records income taxes under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and attributable to operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the years in which the temporary differences are expected to be recovered or paid. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period when the changes are enacted. Interest related to unrecognized tax benefits is recognized in the financial statements as a component of income tax expense. A reduction of the carrying amounts of deferred tax assets by a valuation allowance is required if, based on the available evidence, it is more likely than not that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed each reporting period by the Company based on the consideration of all available positive and negative evidence using a "more-likely-than-not" standard with respect to whether deferred tax assets will be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, actual earnings, forecasts of future profitability, the duration of statutory carryforward periods, the Company’s experience with loss carryforwards not expiring unused and tax planning alternatives. Based on the analysis of positive and negative evidence, the Company believed that there was enough positive evidence for the Company to conclude that it was more likely than not that the Company would realize the majority of its deferred tax assets. As of November 30, 2022 and 2021, the Company's net deferred tax assets of $242.4 million and liabilities of $4.2 million included a valuation allowance of $2.9 million and $2.7 million, respectively. See Note 5 for additional information. Other Liabilities Reflected within the consolidated balance sheets, the other liabilities balance as of November 30, 2022 and 2021, included accrued interest payable, product warranty (as noted below), accrued bonuses, accrued wages and benefits, lease liabilities, deferred income, customer deposits, income taxes payable, and other accrued liabilities. Product Warranty Warranty and similar reserves for homes are established at an amount estimated to be adequate to cover potential costs for materials and labor with regard to warranty-type claims expected to be incurred subsequent to the delivery of a home. Reserves are determined based on historical data and trends with respect to similar product types and geographical areas. The Company regularly monitors the warranty reserve and makes adjustments to its pre-existing warranties in order to reflect changes in trends and historical data as information becomes available. Warranty reserves are included in Homebuilding other liabilities in the consolidated balance sheets. The activity in the Company’s warranty reserve was as follows: Years Ended November 30, (In thousands) 2022 2021 Warranty reserve, beginning of year $ 377,021 341,765 Warranties issued 274,766 217,641 Adjustments to pre-existing warranties from changes in estimates (1) 26,222 29,436 Payments (259,992) (211,821) Warranty reserve, end of year $ 418,017 377,021 (1) The adjustments to pre-existing warranties from changes in estimates during the years ended November 30, 2022 and 2021 primarily related to specific claims in certain of the Company's homebuilding communities and other adjustments. Self-Insurance Reserves for estimated losses for construction defects, general liability and workers’ compensation have been established using the assistance of a

Operating And Reporting Segment

Operating And Reporting Segments	12 Months Ended
Operating And Reporting Segments	Nov. 30, 2022
Segment Reporting [Abstract]
Operating And Reporting Segments	Operating and Reporting Segments Each reportable segment follows the same accounting policies described in Note 1—"Summary of Significant Accounting Policies" to the consolidated financial statements. Operational results of each segment are not necessarily indicative of the results that would have occurred had the segment been an independent, stand-alone entity during the periods presented. The Company's homebuilding operations construct and sell homes primarily for first-time, move-up and active adult homebuyers primarily under the Lennar brand name. In addition, the Company's homebuilding operations purchase, develop and sell land to third parties. The Company's chief operating decision makers manage and assess the Company's performance at a regional level. Therefore, the Company performed an assessment of its operating segments in accordance with ASC 280, Segment Reporting , and determined that the following are its operating and reportable segments: Homebuilding segments: (1) East (2) Central (3) Texas (4) West (5) Financial Services (6) Multifamily (7) Lennar Other The assets and liabilities related to the Company’s segments were as follows: (In thousands) November 30, 2022 Assets: Homebuilding Financial Multifamily Lennar Total Cash and cash equivalents $ 4,616,124 139,378 17,827 5,391 4,778,720 Restricted cash 23,046 14,004 — — 37,050 Receivables, net (1) 673,980 826,163 114,134 — 1,614,277 Inventories 21,432,011 — 430,442 — 21,862,453 Loans held-for-sale (2) — 1,776,311 — — 1,776,311 Investments in equity securities (3) 391,026 391,026 Investments available-for-sale (4) — — — 35,482 35,482 Loans held-for-investments, net — 45,636 — — 45,636 Investments held-to-maturity — 143,251 — — 143,251 Investments in unconsolidated entities 1,173,164 — 648,126 316,523 2,137,813 Goodwill 3,442,359 189,699 — — 3,632,058 Other assets 1,323,478 119,815 46,808 40,117 1,530,218 $ 32,684,162 3,254,257 1,257,337 788,539 37,984,295 Liabilities: Notes and other debts payable, net $ 4,047,294 2,135,093 16,749 — 6,199,136 Accounts payable and other liabilities 6,931,352 218,811 296,735 97,894 7,544,792 $ 10,978,646 2,353,904 313,484 97,894 13,743,928 (In thousands) November 30, 2021 Assets: Homebuilding Financial Multifamily Lennar Total Cash and cash equivalents $ 2,735,213 167,021 16,850 2,660 2,921,744 Restricted cash 21,927 12,012 — — 33,939 Receivables, net (1) 490,278 708,165 98,405 — 1,296,848 Inventories 18,715,304 — 454,093 — 19,169,397 Loans held-for-sale (2) — 1,636,351 — — 1,636,351 Investments in equity securities (3) — — — 1,006,599 1,006,599 Investments available-for-sale (4) — — — 41,654 41,654 Loans held-for-investments, net — 44,582 — — 44,582 Investments held-to-maturity — 157,808 — — 157,808 Investments in unconsolidated entities 972,084 — 654,029 346,270 1,972,383 Goodwill 3,442,359 189,699 — — 3,632,058 Other assets 1,090,654 48,729 88,370 66,662 1,294,415 $ 27,467,819 2,964,367 1,311,747 1,463,845 33,207,778 Liabilities: Notes and other debts payable, net $ 4,652,338 1,726,026 — — 6,378,364 Accounts payable and other liabilities 5,217,904 180,317 288,930 145,981 5,833,132 $ 9,870,242 1,906,343 288,930 145,981 12,211,496 (1) Receivables, net for Financial Services primarily related to loans sold to investors for which the Company had not yet been paid as of November 30, 2022 and November 30, 2021, respectively. (2) Loans held-for-sale related to unsold residential and commercial loans carried at fair value. (3) Investments in equity securities include investments of $178.0 million and $100.1 million without readily available fair values as of November 30, 2022 and November 30, 2021, respectively. (4) Investments available-for-sale are carried at fair value with changes in fair value recorded as a component of accumulated other comprehensive income (loss) on the consolidated balance sheets. Financial information relating to the Company’s segments was as follows: Year ended November 30, 2022 (In thousands) Homebuilding Financial Multifamily Lennar Corporate and Total Revenues $ 31,951,335 809,680 865,603 44,392 — 33,671,010 Operating earnings (loss) 6,777,317 383,302 69,493 (734,649) — 6,495,463 Corporate general and administrative expenses — — — — (414,498) (414,498) Charitable foundation contribution — — — — (66,399) (66,399) Earnings (loss) before income taxes 6,777,317 383,302 69,493 (734,649) (480,897) 6,014,566 Year ended November 30, 2021 (In thousands) Homebuilding Financial Multifamily Lennar Corporate and Total Revenues $ 25,545,242 898,745 665,232 21,457 — 27,130,676 Operating earnings 5,031,762 491,014 21,453 733,035 — 6,277,264 Corporate general and administrative expenses — — — — (398,381) (398,381) Charitable foundation contribution — — — — (59,825) (59,825) Earnings before income taxes 5,031,762 491,014 21,453 733,035 (458,206) 5,819,058 Year ended November 30, 2020 (In thousands) Homebuilding Financial Multifamily Lennar Corporate and Total Revenues $ 20,981,136 890,311 576,328 41,079 — 22,488,854 Operating earnings (loss) 2,988,907 480,952 22,681 (10,334) — 3,482,206 Corporate general and administrative expenses — — — — (333,446) (333,446) Charitable foundation contribution — — — — (24,972) (24,972) Earnings (loss) before income taxes 2,988,907 480,952 22,681 (10,334) (358,418) 3,123,788 (1) Financial Services operating earnings for the year ended November 30, 2022 included a $35.5 million one-time charge due to an increase in a litigation accrual related to a court judgment. (2) Operating loss for Lennar Other for the year ended November 30, 2022 included a $655.1 million mark-to-market unrealized loss on the Company's publicly traded technology investments. Operating earnings for Lennar Other for the year ended November 30, 2021 included a $510.8 million mark-to-market unrealized gain on the Company's publicly traded technology investments. Operating loss for Lennar Other for the year ended November 30, 2020 included a $25.0 million write-down of assets held by Rialto legacy funds because of the disruption in the capital markets as a result of COVID-19 and the economic shutdown. (3) Corporate and unallocated expenses primarily represent costs of operations at the Company's corporate headquarters in Miami. These operations include the Company's executive offices, information technology, treasury, corporate accounting and tax, legal, internal audit and human resources. Also included are property expenses related to the leases of corporate offices, data processing, general corporate expenses and charitable foundation contribution to the Lennar Foundation. Homebuilding Segments Information about homebuilding activities in states which are not economically similar to other states in the same geographic area is grouped under "Homebuilding Other," which is not considered a reportable segment. Evaluation of segment performance is based primarily on operating earnings (loss) before income taxes. Operations of the Company’s Homebuilding segments primarily include the construction and sale of single-family attached and detached homes, as well as the purchase, development and sale of residential land directly and through the Company’s unconsolidated entities. Operating earnings (loss) for the Homebuilding segments consist of revenues generated from the sales of homes and land, other revenues from management fees and forfeited deposits, equity in earnings (loss) from unconsolidated entities and other income (expense), net, less the cost of homes sold and land sold, and selling, general and administrative expenses incurred by the segment. Homebuilding Other also includes management of a fund that acquires single-family homes and holds them as rental properties. The Company’s reportable Homebuilding segments and all other homebuilding operations not required to be reported separately, have homebuilding divisions located in: East: Alabama, Florida, New Jersey , Pennsylvania and South Carolina Central: Georgia, Illinois, Indiana, Maryland, Minnesota, North Carolina, Tennessee and Virginia Texas: Texas West: Arizona, California, Colorado, Idaho, Nevada, Oregon, Utah and Washington Other: Urban divisions and other homebuilding related investments primarily in California, including Five Point Holdings, LLC ("FivePoint") The assets related to the Company's Homebuilding segments were as follows: (In thousands) East Central Texas West Other Corporate and Total Balance at November 30, 2022 $ 6,877,581 4,010,610 3,742,663 12,182,709 1,382,864 4,487,735 32,684,162 Balance at November 30, 2021 5,854,057 3,782,847 2,801,192 11,171,741 1,443,163 2,414,819 27,467,819 Financial information relating to the Company’s Homebuilding segments was as follows: Year ended November 30, 2022 (In thousands) East Central Texas West Other Total Revenues $ 9,266,013 5,846,023 4,227,771 12,571,386 40,142 31,951,335 Operating earnings (loss) 2,240,256 889,231 929,237 2,773,597 (55,004) 6,777,317 Interest expense 78,345 54,547 29,442 140,017 10,380 312,731 Depreciation and amortization 24,888 15,219 9,354 54,055 774 104,290 Net additions to operating properties and equipment 2,651 363 136 1,414 6,537 11,101 Year ended November 30, 2021 (In thousands) East Central Texas West Other Total Revenues $ 6,870,944 4,826,535 3,241,321 10,563,756 42,686 25,545,242 Operating earnings (loss) 1,455,432 720,419 730,465 2,192,446 (67,000) 5,031,762 Interest expense 90,314 58,899 28,764 176,633 10,763 365,373 Depreciation and amortization 24,531 16,118 9,821 49,691 1,238 101,399 Net additions to (disposals of) operating properties 219 239 (9) 26,375 14,950 41,774 Year ended November 30, 2020 (In thousands) East Central Texas West Other Total Homebuilding Revenues $ 5,715,028 4,093,693 2,709,681 8,437,167 25,567 20,981,136 Operating earnings (loss) 933,297 482,929 421,594 1,241,494 (90,407) 2,988,907 Interest expense 93,245 58,777 29,901 178,498 13,683 374,104 Depreciation and amortization 21,504 13,659 9,366 50,316 249 95,094 Net additions to (disposals of) operating properties and equipment 955 (11,370) 712 165,869 (32) 156,134 Financial Services Operations of the Financial Services segment include primarily mortgage financing, title and closing services primarily for buyers of the Company’s homes. It also includes originating and selling into securitizations commercial mortgage loans through its LMF Commercial business. The Financial Services segment sells substantially all of the loans it originates within a short period of time in the secondary mortgage market, the majority of which are sold on a servicing released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that it breached certain limited industry standard representations and warranties in the loan sale agreements. Financial Services’ operating earnings consist of revenues generated primarily from mortgage financing, title and closing services, and property and casualty insurance, less the cost of such services and certain selling, general and administrative expenses incurred by the segment. The Financial Services segment operates generally in the same states as the Company’s homebuilding operations. At November 30, 2022, the Financial Services warehouse facilities were 364-day repurchase facilities and were used to fund residential mortgages or commercial mortgages for LMF Commercial as follows: (In thousands) Maximum Aggregate Commitment Residential facilities maturing: December 2022 (1) $ 800,000 May 2023 500,000 August 2023 1,000,000 Total - Residential facilities $ 2,300,000 LMF Commercial facilities maturing: December 2022 (1) $ 400,000 July 2023 50,000 November 2023 100,000 Total - LMF Commercial facilities $ 550,000 Total $ 2,850,000 (1) Subsequent to November 30, 2022, the maturity date was extended to December 2023. The Financial Services segment uses the residential facilities to finance its residential lending activities until the mortgage loans are sold to investors and the proceeds are collected. The facilities are non-recourse to the Company and are expected to be renewed or replaced with other facilities when they mature. The LMF Commercial facilities finance LMF Commercial loan originations and securitization activities and were secured by up to an 80% interest in the originated commercial loans financed. Borrowings and collateral under the facilities and their prior year predecessors were as follows: November 30, (In thousands) 2022 2021 Borrowings under the residential facilities $ 1,877,411 1,482,258 Collateral under the residential facilities 1,950,155 1,539,641 Borrowings under the LMF Commercial facilities 124,399 96,294 If the facilities are not renewed or replaced, the borrowings under the lines of credit will be repaid by selling the mortgage loans held-for-sale to investors and by collecting receivables on loans sold but not yet paid for. Without the facilities, the Financial Services segment would have to use cash from operations and other funding sources to finance its lending activities. Substantially all of the residential loans the Financial Services segment originates are sold within a short period in the secondary mortgage market on a servicing released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that it breached certain limited industry-standard representations and warranties in the loan sale agreements. Purchasers sometimes try to defray losses by purporting to have found inaccuracies related to sellers’ representations and warranties in particular loan sale agreements. Mortgage investors could seek to have the Company buy back mortgage loans or compensate them for losses incurred on mortgage loans that the Company has sold based on claims that the Company breached its limited representations or warranties. The Company’s mortgage operations have established accruals for possible losses associated with mortgage loans previously originated and sold to investors. The Company establishes accruals for such possible losses based upon, among other things, an analysis of repurchase requests received, an estimate of potential repurchase claims not yet received and actual past repurchases and losses through the disposition of affected loans as well as previous settlements. While the Company believes that it has adequately reserved for known losses and projected repurchase requests, given the volatility in the residential mortgage industry and the uncertainty regarding the ultimate resolution of these claims, if either actual repurchases or the losses incurred resolving those repurchases exceed the Company’s expectations, additional recourse expense may be incurred. The provision for loan losses was immaterial for both the years ended November 30, 2022 and 2021. As of November 30, 2022 and 2021, loan origination liabilities were $11.8 million and $11.7 million, respectively, and included in Financial Services’ liabilities in the Company's consolidated balance sheets. LMF Commercial - loans held-for-sale LMF Commercial originated commercial loans as follows: November 30, (Dollars in thousands) 2022 2021 Originations (1) $ 740,345 770,107 Sold $ 715,933 931,023 Securitizations 6 6 (1) During both years ended November 30, 2022 and 2021 all the commercial loans originated were recorded as loans held-for-sale, which are held at fair value. Investments held-to-maturity At November 30, 2022 and 2021, the Financial Services segment held commercial mortgage-backed securities ("CMBS"). These securities are classified as held-to-maturity based on the segment's intent and ability to hold the securities until maturity and changes in estimated cash flows are reviewed periodically to determine if an other-than-temporary impairment has occurred. Based on the segment’s assessment, no impairment charges were recorded during the years ended November 30, 2022 and 2021. The Company has financing agreements to finance CMBS that have been purchased as investments by the Financial Services segment. Details related to Financial Services' CMBS were as follows: (Dollars in thousands) November 30, 2022 November 30, 2021 Carrying value $ 143,251 157,808 Outstanding debt, net of debt issuance costs $ 133,283 147,474 Incurred interest rate 3.4 % 3.4 % November 30, 2022 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 Multifamily The Company is actively involved, primarily through unconsolidated funds and joint ventures, in the development, construction and property management of multifamily rental properties. The Multifamily segment focuses on developing a geographically diversified portfolio of institutional quality multifamily rental properties in select U.S. markets. The Multifamily Segment (i) manages, and owns interests in, funds that are engaged in the development of multifamily residential communities with the intention of holding the newly constructed and occupied properties as income and fee generating assets, and (ii) manages, and owns interests in, joint ventures that are engaged in the development of multifamily residential communities, in most instances with the intention of selling them when they are built and substantially occupied. Our multifamily business is a vertically integrated platform with capabilities spanning development, construction, property management, asset management, and capital markets. Revenues are generated from the sales of land, from construction activities, and management and promote fees generated from joint ventures and other gains (which includes sales of investments and buildings), less the cost of sales of land sold, expenses related to construction activities and general and administrative expenses. Operations of the Multifamily Segment also include equity in earnings (loss) from unconsolidated entities. Lennar Other Lennar Other primarily includes strategic investments in technology companies, primarily managed by the Company's LEN X subsidiary, and fund interests the Company retained when it sold the Rialto Capital Management ( "Rialto") asset and investment management platform. Operations of the Lennar Other segment include operating earnings (loss) consisting of revenues generated primarily from the Company's share of carried interests in the Rialto fund investments, along with equity in earnings (loss) from the Rialto fund investments and technology investments, realized and unrealized gains (losses) from investments in equity securities and other income (expense), net from the remaining assets related to the Company's former Rialto segment. The Company has investments in Blend Labs, Inc. ("Blend Labs"), Hippo Holdings, Inc. ("Hippo"), Opendoor, Inc. ("Opendoor"), SmartRent, Inc. ("SmartRent"), Sonder Holdings, Inc. ("Sonder") and Sunnova Energy International, Inc. ("Sunnova"), which are held at market and will therefore change depending on the value of the Company's share holdings in those entities on the last day of each quarter. All the investments are accounted for as investments in equity securities which are held at fair value and the changes in fair values are recognized through earnings. The following is a detail of Lennar Other unrealized gains (losses) from the Company's technology investments: Years Ended November 30, (In thousands) 2022 2021 Blend Labs (BLND) mark-to-market $ (25,630) (6,744) Hippo (HIPO) mark-to-market (222,447) 207,634 Opendoor (OPEN) mark-to-market (265,276) 239,312 SmartRent (SMRT) mark-to-market (78,177) 79,483 Sonder (SOND) mark-to-market (2,339) — Sunnova (NOVA) mark-to-market (61,225) (8,883) Lennar Other unrealized gains (losses) from technology investments $ (655,094) 510,802 Doma Holdings, Inc. ("Doma"), which went public during the year ended November 30, 2021, is an investment that continues to be accounted for under the equity method due to the Company's significant ownership interest which allows the Company to exercise significant influence. As of November 30, 2022, the Company owned approximately 25% of Doma.

Investments In Unconsolidated E

Investments In Unconsolidated Entities	12 Months Ended
Investments In Unconsolidated Entities	Nov. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
Investments In Unconsolidated Entities	Investments in Unconsolidated Entities Homebuilding Unconsolidated Entities The investments in the Company's Homebuilding unconsolidated entities were as follows: November 30, (In thousands) 2022 2021 Investments in unconsolidated entities (1) (2) $ 1,173,164 972,084 Underlying equity in unconsolidated entities' net assets (1) 1,504,315 1,301,719 (1) The basis difference was primarily as a result of the Company contributing its investment in three strategic joint ventures with a higher fair value than book value for an investment in the FivePoint entity. (2) Included in the Company's recorded investments in Homebuilding unconsolidated entities is the Company's 40% ownership of FivePoint. As of November 30, 2022 and 2021, the carrying amount of the Company's investment was $382.9 million and $381.6 million, respectively. The Company’s partners generally are unrelated homebuilders, land owners/developers and financial or other strategic partners. The unconsolidated entities follow accounting principles that are in all material respects the same as those used by the Company. The Company shares in the profits and losses of these unconsolidated entities generally in accordance with its ownership interests. In many instances, the Company is appointed as the day-to-day manager under the direction of a management committee that has shared powers among the partners of the unconsolidated entities and the Company receives management fees and/or reimbursement of expenses for performing this function. The Company and/or its partners sometimes obtain options or enter into other arrangements under which the Company can purchase portions of the land held by the unconsolidated entities. Option prices are generally negotiated prices that approximate fair value when the Company receives the options. The details of the activity was as follows: Years Ended November 30, (In thousands) 2022 2021 2020 Land sales revenues (1) $ 94,513 57,944 99,935 Management fees and reimbursement of expenses, net of deferrals 20,792 16,464 2,363 (1) The Company does not include in its Homebuilding equity in loss from unconsolidated entities its pro-rata share of unconsolidated entities’ earnings resulting from land sales to its homebuilding divisions. Instead, the Company accounts for those earnings as a reduction of the cost of purchasing the land from the unconsolidated entities. This in effect defers recognition of the Company’s share of the unconsolidated entities’ earnings related to these sales until the Company delivers a home and title passes to a third-party homebuyer. The total debt of the Homebuilding unconsolidated entities in which the Company has investments was $1.4 billion and $1.2 billion as of November 30, 2022 and 2021, respectively, of which the Company's maximum recourse exposure was $9.1 million and $5.3 million as of November 30, 2022 and 2021, respectively. In most instances in which the Company has guaranteed debt of an unconsolidated entity, the Company’s partners have also guaranteed that debt and are required to contribute their share of the guarantee payments. In a repayment guarantee, the Company and its venture partners guarantee repayment of a portion or all of the debt in the event of default before the lender would have to exercise its rights against the collateral. The maintenance guarantees only apply if the value of the collateral (generally land and improvements) is less than a specified percentage of the loan balance. The Company would be required to make a payment under a maintenance guarantee to bring the value of the collateral above the specified percentage of the loan balance. In a completion guarantee, the Company and its venture partners have been required to give guarantees of completion to the lenders. Those completion guarantees may require that the guarantors complete the construction of the improvements for which the financing was obtained. As of November 30, 2022 and 2021, the Homebuilding segment's unconsolidated entities had non-recourse debt with completion guarantees of $333.6 million and $241.0 million, respectively. If the Company is required to make a payment under any guarantee, the payment would generally constitute a capital contribution or loan to the Homebuilding unconsolidated entity and increase the Company's investment in the unconsolidated entity and its share of any funds the entity distributes. As of both November 30, 2022 and 2021, the fair values of the repayment guarantees, maintenance guarantees and completion guarantees were not material. The Company believes that as of November 30, 2022, in the event it becomes legally obligated to perform under a guarantee of the obligation of a Homebuilding unconsolidated entity due to a triggering event under a guarantee, the collateral would be sufficient to repay at least a significant portion of the obligation or the Company and its partners would contribute additional capital into the venture. In certain instances, the Company has placed performance letters of credit and surety bonds with municipalities with regard to obligations of its joint ventures (see Note 4 of the Notes to Consolidated Financial Statements). In 2021, the Company formed the Upward America Venture (“Upward America”), and is managing and participating in Upward America. Upward America is an investment fund that acquires new single-family homes in high growth markets across the United States and rents them to the people who will live in them. Upward America has raised equity commitments totaling $1.6 billion, including $350 million of equity commitments raised during the first quarter of 2022. The commitments are primarily from institutional investors, including $125 million committed by Lennar. During the year ended November 30, 2022, Lennar delivered 2,418 homes to Upward America. As of November 30, 2022 and November 30, 2021, the carrying amount of the Company's investment in Upward America was $37.7 million and $13.3 million, respectively. Multifamily Unconsolidated Entities The unconsolidated joint ventures in which the Multifamily segment has investments usually finance their activities with a combination of partner equity and debt financing. In connection with many of the bank loans to Multifamily unconsolidated joint ventures, the Company (or entities related to them) has been required to give guarantees of completion and cost over-runs to the lenders and partners. Those completion guarantees may require that the guarantors complete the construction of the improvements for which the financing was obtained. Additionally, the Company guarantees the construction costs of the project as construction cost over-runs would be paid by the Company. Generally, these payments would increase the Company's investment in the entities and would increase its share of funds the entities distribute after the achievement of certain thresholds. As of both November 30, 2022 and 2021, the fair value of the completion guarantees was immaterial. As of November 30, 2022 and 2021, Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $1.0 billion and $855.2 million, respectively. In many instances, the Multifamily segment is appointed as the construction, development and property manager for its Multifamily unconsolidated entities and receives fees for performing this function. The Multifamily segment also provides general contractor services for construction of some of the rental properties owned by unconsolidated entities in which the Company has investments. In some situations, the Multifamily segment sells land to various joint ventures and funds. The details of the activity were as follows: Years Ended November 30, (In thousands) 2022 2021 2020 General contractor services, net of deferrals $ 498,142 549,400 400,808 General contractor costs 478,620 533,398 383,649 Land sales to joint ventures 237,477 15,105 83,944 Management fee income 63,823 56,573 56,253 The Multifamily segment includes Multifamily Venture Fund I ("LMV I"), Multifamily Venture Fund II LP ("LMV II") and Canada Pension Plan Investments Fund (the "Fund"), which are long-term multifamily development investment vehicles involved in the development, construction and property management of class-A multifamily assets. During the first quarter of 2022, the Multifamily segment completed the initial closing of the Fund. The Multifamily segment expects the Fund to have almost $1.0 billion in equity and Lennar's stated ownership percentage in the Fund is 4%. The Company has a $26.0 million investment in the Fund as of November 30, 2022 . Additional dollars will be committed as opportunities are identified by the Fund. Details of LMV I and LMV II as of and during the year ended November 30, 2022 are included below: (In thousands) LMV I LMV II Lennar's carrying value of investment $ 217,099 293,831 Equity commitments 2,204,016 1,257,700 Equity commitments called 2,152,324 1,206,664 Lennar's equity commitments 504,016 381,000 Lennar's equity commitments called 499,919 365,807 Lennar's remaining commitments 4,097 15,193 Distributions to Lennar 25,576 12,555 Lennar Other Unconsolidated Entities Lennar Other's unconsolidated entities includes fund investments the Company retained when it sold the Rialto assets and investment management platform in 2018, as well as strategic investments in technology companies and investment funds. The Company's investment in the Rialto funds and investment vehicles totaled $185.1 million and $200.6 million as of November 30, 2022 and November 30, 2021, respectively. The Company also had strategic technology investments in unconsolidated entities and investment funds of $131.5 million and $145.6 million, as of November 30, 2022 and November 30, 2021, respectively. Condensed Financial Information of Unconsolidated Entities Summarized condensed financial information on a combined 100% basis related to the Company's unconsolidated entities that are accounted for under the equity method was as follows: (In thousands) November 30, 2022 Assets: Homebuilding Multifamily Lennar Total Cash and cash equivalents $ 366,276 53,121 413,698 833,095 Loans receivable — — 25,045 25,045 Real estate owned — — 213,103 213,103 Investment securities — — 2,543,715 2,543,715 Investments in partnerships — — 165,599 165,599 Inventories 5,391,285 1,000 — 5,392,285 Operating properties and equipment 56,687 7,090,294 — 7,146,981 Other assets 1,378,156 523,152 223,821 2,125,129 $ 7,192,404 7,667,567 3,584,981 18,444,952 Liabilities and equity: Accounts payable and other liabilities $ 994,603 245,266 170,649 1,410,518 Debt (1) 1,383,302 4,318,774 333,317 6,035,393 Equity 4,814,499 3,103,527 3,081,015 10,999,041 $ 7,192,404 7,667,567 3,584,981 18,444,952 Investments in unconsolidated entities $ 1,173,164 648,126 316,523 2,137,813 (In thousands) November 30, 2021 Assets: Homebuilding Multifamily Lennar Total Cash and cash equivalents $ 460,901 25,972 430,807 917,680 Loans receivable — — 65,971 65,971 Real estate owned — — 279,200 279,200 Investment securities — — 2,461,788 2,461,788 Investments in partnerships — — 346,042 346,042 Inventories 4,666,454 — — 4,666,454 Operating properties and equipment 44,802 6,406,500 — 6,451,302 Other assets 1,044,771 111,750 219,680 1,376,201 $ 6,216,928 6,544,222 3,803,488 16,564,638 Liabilities and equity: Accounts payable and other liabilities $ 904,078 240,928 179,879 1,324,885 Debt (1) 1,216,721 3,407,362 399,632 5,023,715 Equity 4,096,129 2,895,932 3,223,977 10,216,038 $ 6,216,928 6,544,222 3,803,488 16,564,638 Investments in unconsolidated entities $ 972,084 654,029 346,270 1,972,383 (1) Debt noted above is net of debt issuance costs. As of November 30, 2022 and 2021, this includes $18.4 million and $11.9 million, respectively, for Homebuilding, $26.4 million and $23.4 million, respectively, for Multifamily and an immaterial amount of debt issuance costs for Lennar Other. (In thousands) Statement of Operations Years Ended: Revenues Cost and expenses Other income (expense), net (1) Net earnings (loss) of unconsolidated entities Equity in earnings (loss) from unconsolidated entities November 30, 2022 $ 1,747,336 1,695,272 197,056 249,120 (36,302) November 30, 2021 1,383,266 1,448,775 187,625 122,116 48,993 November 30, 2020 1,362,686 1,221,873 (244,680) (103,867) (13,939) (1) Other income (expense), net included realized and unrealized gains (losses) on investments.

Homebuilding Senior Notes And O

Homebuilding Senior Notes And Other Debts Payable	12 Months Ended
Homebuilding Senior Notes And Other Debts Payable	Nov. 30, 2022
Debt Disclosure [Abstract]
Homebuilding Senior Notes And Other Debts Payable	Homebuilding Senior Notes and Other Debts Payable November 30, (Dollars in thousands) 2022 2021 4.875% senior notes due December 2023 $ 399,169 398,345 4.500% senior notes due 2024 648,975 648,253 5.875% senior notes due 2024 434,128 438,810 4.750% senior notes due 2025 498,892 498,446 5.25% senior notes due 2026 404,257 405,497 5.00% senior notes due 2027 351,741 352,124 4.75% senior notes due 2027 896,259 895,510 4.750% senior notes due 2022 — 573,840 Mortgage notes on land and other debt 413,873 441,513 $ 4,047,294 4,652,338 The carrying amounts of the senior notes in the table above are net of debt issuance costs of $7.6 million and $11.0 million, as of November 30, 2022 and 2021, respectively. In August 2022, the Company redeemed early $575 million aggregate principal amount of its 4.750% senior notes due November 2022. The redemption price, which was paid in cash, was 100% of the principal amount plus accrued but unpaid interest. In May 2022, the Company amended the credit agreement governing its unsecured revolving credit facility (the “Credit Facility") which increased the commitment from $2.5 billion to $2.6 billion and extended the maturity to May 2027, except for $350 million which matures in April 2024.The Credit Facility has a $425 million accordion feature, subject to additional commitments, thus the maximum borrowings are $3.0 billion. The proceeds available under the Credit Facility, which are subject to specified conditions for borrowing, may be used for working capital and general corporate purposes. The credit agreement also provides that up to $500 million in commitments may be used for letters of credit. As of both November 30, 2022 and 2021, the Company had no outstanding borrowings under the Credit Facility. Under the Credit Facility agreement, the Company is required to maintain a minimum consolidated tangible net worth, a maximum leverage ratio and either a liquidity or an interest coverage ratio. These ratios are calculated per the Credit Facility agreement, which involves adjustments to GAAP financial measures. The Company believes it was in compliance with its debt covenants at November 30, 2022. In addition to the Credit Facility, the Company has other letter of credit facilities with different financial institutions. Performance letters of credit are generally posted with regulatory bodies to guarantee the Company’s performance of certain development and construction activities. Financial letters of credit are generally posted in lieu of cash deposits on option contracts, for insurance risks, credit enhancements and as other collateral. Additionally, at November 30, 2022, the Company had outstanding surety bonds including performance surety bonds related to site improvements at various projects (including certain projects of the Company’s joint ventures) and financial surety bonds. Although significant development and construction activities have been completed related to these site improvements, these bonds are generally not released until all development and construction activities are completed. The Company does not presently anticipate any draws upon these bonds or letters of credit, but if any such draws occur, the Company does not believe they would have a material effect on its financial position, results of operations or cash flows. The Company's outstanding letters of credit and surety bonds are below: November 30, (In thousands) 2022 2021 Performance letters of credit $ 1,259,033 924,584 Financial letters of credit 503,659 425,843 Surety bonds 4,136,715 3,553,047 Anticipated future costs primarily for site improvements related to performance surety bonds 2,273,694 1,690,861 The terms of each of the Company's senior notes outstanding at November 30, 2022 were as follows: Senior Notes Outstanding (1) Principal Amount Net Proceeds (2) Price Date Issued (Dollars in thousands) 4.875% senior notes due December 2023 $ 400,000 393,622 99.169 % November 2015 4.500% senior notes due 2024 650,000 644,838 100 % April 2017 5.875% senior notes due 2024 425,000 (3) (3) (3) 4.750% senior notes due 2025 500,000 495,528 100 % April 2015 5.25% senior notes due 2026 400,000 (3) (3) (3) 5.00% senior notes due 2027 350,000 (3) (3) (3) 4.75% senior notes due 2027 900,000 894,650 100 % November 2017 (1) Interest is payable semi-annually for each of the series of senior notes. The senior notes are unsecured and unsubordinated, but are guaranteed by substantially all of the Company's 100% owned homebuilding subsidiaries. (2) The Company generally has historically used the net proceeds for working capital and general corporate purposes, which can include the repayment or repurchase of other outstanding senior notes. (3) These notes were obligations of CalAtlantic when it was acquired, and were subsequently exchanged in part for notes of the Company. As part of purchase accounting, the senior notes have been recorded at their fair value as of the date of acquisition (February 12, 2018). All of the senior notes are guaranteed by certain of the Company's 100% owned subsidiaries, which are primarily the Company's homebuilding subsidiaries. Although the guarantees are full, unconditional and joint and several while they are in effect, (i) a subsidiary will have its guarantee suspended at any time when it is not directly or indirectly guaranteeing at least $75 million of debt of Lennar Corporation (the parent company) other than senior notes, and (ii) a subsidiary will be released from its guarantee and any other obligations it may have regarding the senior notes if all or substantially all its assets, or all of its capital stock, are sold or otherwise disposed of. At November 30, 2022, the Company had mortgage notes on land and other debt due at various dates through 2036 bearing interest at rates up to 8.0% with an average interest rate of 4.3%. At November 30, 2022 and 2021, the carrying amount of the mortgage notes on land and other debt was $413.9 million and $441.5 million, respectively. During the years ended November 30, 2022 and 2021, the Company retired $48.1 million and $195.2 million, respectively, of mortgage notes on land and other debt. The minimum aggregate principal maturities of Homebuilding senior notes and other debts payable during the five years subsequent to November 30, 2022 and thereafter are as follows: (In thousands) Debt Maturities 2023 $ 223,130 2024 1,537,367 2025 566,124 2026 404,486 2027 1,265,349 Thereafter 42,415 The Company expects to pay its near-term maturities as they come due through cash generated from operations, the issuance of additional debt or equity offerings as well as borrowings under the Company's Credit Facility.

Income Taxes

Income Taxes	12 Months Ended
Income Taxes	Nov. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The provision for income taxes consisted of the following: Years Ended November 30, (In thousands) 2022 2021 2020 Current: Federal $ 1,282,037 924,474 428,907 State 330,681 245,941 135,246 $ 1,612,718 1,170,415 564,153 Deferred: Federal $ (193,667) 149,349 59,065 State (52,986) 42,745 33,017 (246,653) 192,094 92,082 $ 1,366,065 1,362,509 656,235 A reconciliation of the statutory rate and the effective tax rate was as follows: Percentage of Pretax Income 2022 2021 2020 Statutory rate 21.00 % 21.00 % 21.00 % State income taxes, net of federal income tax benefit 4.52 4.03 4.00 Tax credits (1) (2) (2.16) (1.73) (4.46) Nondeductible compensation — 0.49 0.57 Tax reserves and interest expense, net (3) (0.83) 0.03 — Deferred tax asset valuation allowance, net — (0.01) — Other 0.31 (0.29) (0.09) Effective rate 22.84 % 23.52 % 21.02 % (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) During fiscal year 2020, Congress extended the new energy efficient home tax credit for homes delivered from 2018 to 2021, with retroactive effect for 2018 and 2019. (3) Includes a $50.2 million benefit related to the resolution of an uncertain tax position during fiscal year 2022. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of the assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The tax effects of significant temporary differences that give rise to the net deferred tax assets were as follows: November 30, (In thousands) 2022 2021 Deferred tax assets: Inventory valuation adjustments $ 83,330 94,624 Reserves and accruals 199,451 187,466 Net operating loss carryforwards 61,741 74,902 Capitalized expenses 241,887 174,405 Investments in unconsolidated entities 16,311 48,913 Employee stock incentive plan 37,573 37,813 Other assets 82,673 49,828 Total deferred tax assets 722,966 667,951 Valuation allowance (2,903) (2,693) Total deferred tax assets after valuation allowance 720,063 665,258 Deferred tax liabilities: Capitalized expenses 177,726 187,332 Deferred income 253,659 272,827 Unrealized gains on investments in equity securities — 164,534 Other liabilities 46,270 44,810 Total deferred tax liabilities 477,655 669,503 Net deferred tax assets (liabilities) $ 242,408 (4,245) The detail of the Company's net deferred tax assets (liabilities) was as follows: November 30, (In thousands) 2022 2021 Net deferred tax assets (liabilities): (1) Homebuilding $ 154,143 84,198 Financial Services 15,376 (1,431) Multifamily 26,675 64,247 Lennar Other 46,214 (151,259) Net deferred tax assets (liabilities) $ 242,408 (4,245) (1) Net deferred tax assets and net deferred tax liabilities detailed above are included within other assets and other liabilities in the respective segments. A reduction of the carrying amounts of deferred tax assets by a valuation allowance is required if, based on the available evidence, it is more likely than not that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed each reporting period by the Company based on the consideration of all available positive and negative evidence using a "more-likely-than-not" standard with respect to whether deferred tax assets will be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, actual earnings, forecasts of future profitability, the duration of statutory carryforward periods, the Company’s experience with loss carryforwards not expiring unused and tax planning alternatives. November 30, (In thousands) 2022 2021 Valuation allowance (1) $ (2,903) (2,693) Federal tax effected NOL carryforwards (2) 29,672 32,968 State tax effected NOL carryforwards (3) 32,069 41,935 (1) As of November 30, 2022 and 2021, 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) At November 30, 2022 and 2021, 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) At November 30, 2022 and 2021, 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 2022 and 2039. The following table summarizes the changes in gross unrecognized tax benefits: Years Ended November 30, (In thousands) 2022 2021 2020 Gross unrecognized tax benefits, beginning of year $ 12,285 12,285 12,856 Lapse of statute of limitations — — (349) Decreases due to settlements with tax authorities (12,285) — (222) Gross unrecognized tax benefits, end of year $ — 12,285 12,285 The following summarizes the changes in interest and penalties accrued with respect to gross unrecognized tax benefits: November 30, (In thousands) 2022 2021 Accrued interest and penalties, beginning of the year $ 59,937 57,764 Accrual of interest and penalties (primarily related to state audits) — 2,173 Reduction of interest and penalties (59,937) — Accrued interest and penalties, end of the year $ — 59,937 The IRS is currently examining the Company's federal income tax returns for fiscal year 2021, and certain state taxing authorities are examining various fiscal years. The final outcome of these examinations is not yet determinable. The statute of limitations for the Company's major tax jurisdictions remains open for examination for fiscal year 2015 and subsequent years. The Company participates in an IRS examination program, Compliance Assurance Process, "CAP". This program operates as a contemporaneous exam throughout the year in order to keep exam cycles current and achieve a higher level of compliance.

Earnings Per Share

Earnings Per Share	12 Months Ended
Earnings Per Share	Nov. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic and diluted earnings per share were calculated as follows: Years Ended November 30, (In thousands, except per share amounts) 2022 2021 2020 Numerator: Net earnings attributable to Lennar $ 4,614,125 4,430,111 2,465,036 Less: distributed earnings allocated to nonvested shares 4,471 2,690 1,658 Less: undistributed earnings allocated to nonvested shares 47,509 50,229 26,731 Numerator for basic earnings per share 4,562,145 4,377,192 2,436,647 Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan (1) 4,919 2,907 8,971 Numerator for diluted earnings per share $ 4,557,226 4,374,285 2,427,676 Denominator: Denominator for basic earnings per share - weighted average common shares outstanding 289,824 306,612 309,406 Effect of dilutive securities: Share-based payments — — 1 Denominator for diluted earnings per share - weighted average common shares outstanding 289,824 306,612 309,407 Basic earnings per share $ 15.74 14.28 7.88 Diluted earnings per share $ 15.72 14.27 7.85 (1) The amounts above relate to Rialto's Carried Interest Incentive Plan and represent the difference between the advanced tax distributions received by the Lennar Other segment and the amount Lennar, as the parent company, is assumed to own. For the years ended November 30, 2022, 2021 and 2020, there were no options to purchase shares of common stock that were outstanding and anti-dilutive.

Financial Instruments and Fair

Financial Instruments and Fair Value Disclosure	12 Months Ended
Financial Instruments and Fair Value Disclosure	Nov. 30, 2022
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value Disclosure	Financial Instruments and Fair Value Disclosures The following table presents the carrying amounts and estimated fair values of financial instruments held or issued by the Company at November 30, 2022 and 2021, using available market information and what the Company believes to be appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions and/or estimation methodologies might have a material effect on the estimated fair value amounts. The table excludes cash and cash equivalents, restricted cash, receivables, net, and accounts payable, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments. November 30, 2022 2021 Fair Value Carrying Fair Carrying Fair (In thousands) Hierarchy Amount Value Amount Value ASSETS Financial Services: Loans held-for-investment, net Level 3 $ 45,636 45,647 44,582 44,594 Investments held-to-maturity Level 3 143,251 143,208 157,808 184,495 LIABILITIES Homebuilding senior notes and other debts payable, net Level 2 $ 4,047,294 3,993,242 4,652,338 5,046,721 Financial Services notes and other debts payable, net Level 2 2,135,093 2,135,797 1,726,026 1,726,860 Multifamily notes payable, net Level 2 16,749 16,749 — — The following methods and assumptions are used by the Company in estimating fair values: Financial Services —The fair values above are based on quoted market prices, if available. The fair values for instruments that do not have quoted market prices are estimated by the Company on the basis of discounted cash flows or other financial information. For notes and other debts payable, the fair values approximate their carrying value due to variable interest pricing terms and the short-term nature of the majority of the borrowings. Homebuilding —For senior notes and other debts payable, the fair value of fixed-rate borrowings is primarily based on quoted market prices and the fair value of variable-rate borrowings is based on expected future cash flows calculated using current market forward rates. Multifamily —For notes payable, the fair values approximate their carrying value due to variable interest pricing terms and the short-term nature of the borrowings. Fair Value Measurements GAAP provides a framework for measuring fair value, expands disclosures about fair value measurements and establishes a fair value hierarchy which prioritizes the inputs used in measuring fair value summarized as follows: Level 1: Fair value determined based on quoted prices in active markets for identical assets. Level 2: Fair value determined using significant other observable inputs. Level 3: Fair value determined using significant unobservable inputs. The Company’s financial instruments measured at fair value on a recurring basis are summarized below: Fair Value at November 30, (In thousands) Fair 2022 2021 Financial Services Assets: Residential loans held-for-sale Level 2 $ 1,750,712 1,636,283 LMF Commercial loans held-for-sale Level 3 25,599 68 Mortgage servicing rights Level 3 3,463 2,492 Forward options Level 1 9,473 — Lennar Other: Investments in equity securities Level 1 212,981 906,539 Investments available-for-sale Level 3 35,482 41,654 Residential and LMF Commercial loans held-for-sale in the table above include: November 30, 2022 2021 (In thousands) Aggregate Principal Balance Change in Fair Value Aggregate Principal Balance Change in Fair Value Residential loans held-for-sale $ 1,734,480 16,233 1,586,764 49,519 LMF Commercial loans held-for-sale 24,000 1,599 — 68 The estimated fair values of the Company’s financial instruments have been determined by using available market information and what the Company believes to be appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions and/or estimation methodologies might have a material effect on the estimated fair value amounts. The following methods and assumptions are used by the Company in estimating fair values: Financial Services residential loans held-for-sale — Fair value is based on independent quoted market prices, where available, or the prices for other mortgage whole loans with similar characteristics. The Company recognizes the fair value of its rights to service a mortgage loan as revenue upon entering into an interest rate lock loan commitment with a borrower. The fair value of these are included in Financial Services’ loans held-for-sale as of November 30, 2022 and 2021. Fair value of servicing rights is determined based on actual sales of servicing rights on loans with similar characteristics. LMF Commercial loans held-for-sale — The fair value of loans held-for-sale is calculated from model-based techniques that use discounted cash flow assumptions and the Company’s own estimates of CMBS spreads, market interest rate movements and the underlying loan credit quality. Loan values are calculated by allocating the change in value of an assumed CMBS capital structure to each loan. The value of an assumed CMBS capital structure is calculated, generally, by discounting the cash flows associated with each CMBS class at market interest rates and at the Company’s own estimate of CMBS spreads. The Company estimates CMBS spreads by observing the pricing of recent CMBS offerings, secondary CMBS markets, changes in the CMBX index, and general capital and commercial real estate market conditions. Considerations in estimating CMBS spreads include comparing the Company’s current loan portfolio with comparable CMBS offerings containing loans with similar duration, credit quality and collateral composition. These methods use unobservable inputs in estimating a discount rate that is used to assign a value to each loan. While the cash payments on the loans are contractual, the discount rate used and assumptions regarding the relative size of each class in the CMBS capital structure can significantly impact the valuation. Therefore, the estimates used could differ materially from the fair value determined when the loans are sold to a securitization trust. Mortgage servicing rights — Financial Services records mortgage servicing rights when it sells loans on a servicing-retained basis or through the acquisition or assumption of the right to service a financial asset. The fair value of the mortgage servicing rights is calculated using third-party valuations. 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, 2022 Unobservable inputs Mortgage prepayment rate 8% Discount rate 13% Delinquency rate 7% Forward options - Fair value of forward options is based on independent quoted market prices for similar financial instruments. The fair value of these are included in Financial Services' other assets and the Company recognizes the changes in the fair value of the premium paid as Financial Services' Revenue. Lennar Other investments in equity securities - The fair value of investments in equity securities was calculated based on independent quoted market prices. The Company’s investments in equity securities were recorded at fair value with all changes in fair value recorded to Lennar Other unrealized gain (loss) from technology investments on the Company’s consolidated statements of operations and comprehensive income (loss). Lennar Other investments available-for-sale - The fair value of investments available-for-sale is calculated from model-based techniques that use discounted cash flow assumptions and the Company’s own estimates of CMBS spreads, market interest rate movements and the underlying loan credit quality. Loan values are calculated by allocating the change in value of an assumed CMBS capital structure to each loan. The value of an assumed CMBS capital structure is calculated, generally, by discounting the cash flows associated with each CMBS class at market interest rates and at the Company’s own estimate of CMBS spreads. The changes in fair values for Level 1 and Level 2 financial instruments measured on a recurring basis are shown below by financial instrument and financial statement line item: Years Ended November 30, (In thousands) 2022 2021 2020 Changes in fair value included in Financial Services revenues: Loans held-for-sale $ (33,287) (14,449) 21,765 Mortgage loan commitments 43,695 (8,302) 12,774 Forward contracts (48,790) 11,513 (9,805) Forward options (142) — — Changes in fair value included in Lennar Other unrealized gain (loss) from technology investments: Investments in equity securities $ (655,094) 510,802 — Changes in fair value included in other comprehensive income (loss), net of tax: Lennar Other investments available-for-sale $ 1,464 (536) (805) Interest on Financial Services loans held-for-sale and LMF Commercial loans held-for-sale measured at fair value is calculated based on the interest rate of the loans and recorded as revenues in the Financial Services’ statement of operations. The following table represents the reconciliation of the beginning and ending balance for the Level 3 recurring fair value measurements in the Company's Financial Services segment: Years Ended November 30, 2022 2021 (In thousands) Mortgage servicing rights LMF Commercial loans held-for-sale Mortgage servicing rights LMF Commercial loans held-for-sale Beginning of year $ 2,492 68 2,113 193,588 Purchases/loan originations 353 740,345 584 774,905 Sales/loan originations sold, including those not settled — (715,933) — (931,023) Disposals/settlements (1) (404) — (1,365) (35,837) Changes in fair value (2) 1,022 1,599 1,160 (388) Interest and principal paydowns — (480) — (1,177) End of year $ 3,463 25,599 2,492 68 (1) The year ended November 30, 2021 includes $28.5 million of loans sold/paid outside of LMF Commercial ’s six securitizations and $7.3 million of loans converted to loans held-for-investment. (2) Changes in fair value for LMF Commercial loans held-for-sale and Financial Services mortgage servicing rights are included in Financial Services' revenues. The Company’s assets measured at fair value on a nonrecurring basis are those assets for which the Company has recorded valuation adjustments and write-offs. The fair values included in the tables below represent only those assets whose carrying values were adjusted to fair value during the respective periods disclosed. The assets measured at fair value on a nonrecurring basis are summarized below: Years Ended November 30, 2022 2021 2020 (In thousands) Fair Carrying Value Fair Value Total 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 $ 347,300 295,663 (51,637) 32,364 16,342 (16,022) 176,637 148,684 (27,953) Land and land under development (2) Level 3 183,737 126,135 (57,602) 35,775 26,841 (8,934) 182,137 92,355 (89,782) Other assets (2) Level 3 — — — 12,764 12,024 (740) — — — Investments in unconsolidated entities (2) Level 3 1,454 — (1,454) — — — — — — (1) Represents losses due to valuation adjustments and deposit and acore write-offs recorded during the year. (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 year ended November 30, 2022, total losses, net, for land and land underdevelopment included $47.9 million of deposit and pre-acquisition cost write-offs. Valuation adjustments related to investments in unconsolidated entities were included in equity in earnings (loss) from unconsolidated entities and/or Homebuilding other income (expense), net in the Company's consolidated statements of operations and comprehensive income for the years ended November 30, 2022, 2021 and 2020. See Note 1 for a detailed description of the Company’s process for identifying and recording valuation adjustments related to Homebuilding inventory.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
Variable Interest Entities	Nov. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities The Company evaluated the joint venture ("JV") agreements of its JV's that were formed or that had reconsideration events, such as changes in the governing documents or to debt arrangements during the year ended November 30, 2022 and based on the Company's evaluation, there were six entities that were consolidated and had a total combined assets of $134.8 million and an immaterial amount of liabilities. During the year ended November 30, 2022, there were four VIEs that deconsolidated that had total assets of $244.3 million and liabilities of $74.2 million. The carrying amount of the Company's consolidated VIE's assets and non-recourse liabilities are disclosed in the footnote to the consolidated balance sheets. A VIE’s assets can only be used to settle obligations of that VIE. The VIEs are not guarantors of the Company’s senior notes or other debts payable. The assets held by a VIE usually are collateral for that VIE’s debt. The Company and other partners do not generally have an obligation to make capital contributions to a VIE unless the Company and/or the other partner(s) have entered into debt guarantees with the VIE’s lenders. Other than debt guarantee agreements with the VIE’s lenders, there are no liquidity arrangements or agreements to fund capital or purchase assets that could require the Company to provide financial support to a VIE. While the Company has option contracts to purchase land from certain of its VIEs, the Company is not required to purchase the assets and could walk away from the contracts. Unconsolidated VIEs The Company’s recorded investments in VIEs that are unconsolidated and its estimated maximum exposure to loss were as follows: November 30, 2022 2021 (In thousands) Investments in Unconsolidated VIEs Lennar’s Maximum Exposure to Loss Investments in Lennar’s Maximum Exposure to Loss Homebuilding (1) $ 586,935 718,719 107,323 301,619 Multifamily (2) 607,484 633,934 579,388 611,937 Financial Services (3) 143,251 143,251 157,808 157,808 Lennar Other (4) 55,952 55,952 12,680 12,680 $ 1,393,622 1,551,856 857,199 1,084,044 (1) As of November 30, 2022 and 2021, the maximum exposure to loss of Homebuilding's investments in unconsolidated VIEs was limited to its investments in unconsolidated VIEs, except with regard to the Company's remaining $77.3 million and $106.1 million, respectively, commitment to fund capital in Upward America, and $52.7 million and $87.9 million, respectively, of receivables relating to a short-term loan and management fee owed to the Company by Upward America. (2) As of November 30, 2022 and 2021, the maximum exposure to loss of Multifamily's investments in unconsolidated VIEs was primarily limited to its investments in the unconsolidated VIEs. The maximum exposure for LMV I and LMV II in addition to the investment also included to the remaining combined equity commitment of $19.3 million and $23.1 million as of November 30, 2022 and 2021, respectively, for future expenditures related to the construction and development of its projects. (3) As of both November 30, 2022 and 2021, the maximum exposure to loss of the Financial Services segment was limited to its investment in the unconsolidated VIEs and related to the Financial Services' CMBS investments held-to-maturity. (4) At November 30, 2022, the maximum recourse exposure to loss of the Lennar Other segment was limited to its investments in the unconsolidated VIEs. The Company and its JV partners generally fund JVs as needed and in accordance with business plans to allow the entities to finance their activities. Because such JVs are expected to make future capital calls in order to continue to finance their activities, the entities are determined to be VIEs as of November 30, 2022 in accordance with ASC 810 due to insufficient equity at risk. While these entities are VIEs, the Company has determined that the power to direct the activities of the VIEs that most significantly impact the VIEs’ economic performance is generally shared and the Company and its partners are not de-facto agents. While the Company generally manages the day-to-day operations of the VIEs, each of these VIEs has an executive committee made up of representatives from each partner. The members of the executive committee have equal votes and major decisions require unanimous consent and approval from all members. The Company does not have the unilateral ability to exercise participating voting rights without partner consent. There are no liquidity arrangements or agreements to fund capital or purchase assets that could require the Company to provide financial support to the VIEs. Except for the unconsolidated VIEs discussed above, the Company and the other partners did not guarantee any debt of the other unconsolidated VIEs. While the Company has option contracts to purchase land from certain of its unconsolidated VIEs, the Company is not required to purchase the assets and could walk away from the contracts. Option Contracts The Company has access to land through option contracts, which generally enable it to control portions of properties owned by third parties (including land funds) and unconsolidated entities until the Company has determined whether to exercise the options. The Company evaluates all option contracts for land to determine whether they are VIEs and, if so, whether the Company is the primary beneficiary of certain of these option contracts. Although the Company does not have legal title to the optioned land, if the Company is deemed to be the primary beneficiary or makes a significant deposit for optioned land, it may need to consolidate the land under option at the purchase price of the optioned land. The Company’s exposure to losses on its option contracts with third parties and unconsolidated entities were as follows: November 30, (In thousands) 2022 2021 Non-refundable option deposits and pre-acquisition costs $ 1,990,946 1,228,057 Letters of credit in lieu of cash deposits under certain land and option contracts 163,942 175,937

Commitments and Contingent Liab

Commitments and Contingent Liabilities	12 Months Ended
Commitments and Contingent Liabilities	Nov. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	Commitments and Contingent Liabilities The Company is party to various claims, legal actions and complaints arising in the ordinary course of business. In the opinion of management, the disposition of these matters will not have a material adverse effect on the Company’s consolidated financial statements. From time to time, the Company is also a party to various lawsuits involving purchases and sales of real property. These lawsuits often include claims regarding representations and warranties made in connection with the transfer of properties and disputes regarding the obligation to purchase or sell properties. The Company does not believe that the ultimate resolution of these claims or lawsuits will have a material adverse effect on its business or financial position. However, the financial effect of litigation concerning purchases and sales of property may depend upon the value of the subject property, which may have changed from the time the agreement for purchase or sale was entered into. The Company is subject to the usual obligations associated with entering into contracts (including option contracts) for the purchase, development and sale of real estate, which it does in the routine conduct of its business. Option contracts generally enable the Company to control portions of properties owned by third parties (including land funds) and unconsolidated entities until the Company determines whether to exercise the option. The use of option contracts allows the Company to reduce the financial risks associated with long-term land holdings. At November 30, 2022, the Company had $2.0 billion of non-refundable option deposits and pre-acquisition costs related to certain of these homesites, which were included in inventories in the consolidated balance sheet. Leases The Company has entered into agreements to lease certain office facilities and equipment under operating leases. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. Right-of-use ("ROU") assets and lease liabilities are recorded on the balance sheet for all leases, except leases with an initial term of 12 months or less. Many of the Company's leases include options to renew. The exercise of lease renewal options is at the Company's option and therefore renewal option payments have not been included in the ROU assets or lease liabilities. The following table includes additional information about the Company's leases: (Dollars in thousands) November 30, 2022 Right-of-use assets $ 149,966 Lease liabilities $ 158,832 Weighted-average remaining lease term (in years) 7.9 Weighted-average discount rate 3.0% The Company has entered into agreements to lease certain office facilities and equipment under operating leases. Future minimum payments under the noncancellable leases in effect at November 30, 2022 were as follows: (In thousands) Lease Payments 2023 $ 34,167 2024 28,672 2025 24,049 2026 18,753 2027 and thereafter 73,036 Total future minimum lease payments (1) $ 178,677 Less: Interest (2) 19,845 Present value of lease liabilities (2) $ 158,832 (1) Future minimum lease payments exclude variable lease costs and short-term lease costs, which were $23.0 million and $2.7 million, respectively. (2) The Company's leases do not include a readily determinable implicit rate. As such, the Company has estimated the discount rate for these leases to determine the present value of lease payments at the lease commencement date or as of December 1, 2019, which was the effective date of ASU 2016-02. As of November 30, 2022, the Company recognized the lease liabilities on its consolidated balance sheets within accounts payable and other liabilities of the respective segments. The Company's rental expense was as follows: Years Ended November 30, (In thousands) 2022 2021 2020 Rental expense $ 105,414 84,991 82,090 On occasion, the Company may sublease rented space which is no longer used for the Company's operations. For the years ended November 30, 2022 and 2021, the Company had an immaterial amount of sublease income. The Company is committed, under various letters of credit, to perform certain development and construction activities and provide certain guarantees in the normal course of business. Outstanding letters of credit under these arrangements totaled $1.8 billion at November 30, 2022. Additionally, at November 30, 2022, the Company had outstanding surety bonds of $4.1 billion including performance surety bonds related to site improvements at various projects (including certain projects in the Company’s joint ventures) and financial surety bonds. Although significant development and construction activities have been completed related to these site improvements, these bonds are generally not released until all development and construction activities are completed. As of November 30, 2022, there were approximately $2.3 billion, or 55%, of anticipated future costs to complete related to these site improvements. The Company does not presently anticipate any draws upon these bonds that would have a material effect on its consolidated financial statements. Substantially all of the loans the Financial Services segment originates are sold within a short period in the secondary mortgage market on a servicing released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that it breached certain limited industry-standard representations and warranties in the loan sale agreements. Since the 2008 housing downturn, there has been an industry-wide effort by purchasers to defray their losses by purporting to have found inaccuracies related to sellers’ representations and warranties in particular loan sale agreements. Mortgage investors or others could seek to have the Company buy back mortgage loans or compensate them for losses incurred on mortgage loans that the Company has sold based on claims that the Company breached its limited representations or warranties. The Company’s mortgage operations have established accruals for possible losses associated with mortgage loans previously originated and sold to investors. The Company establishes accruals for such possible losses based upon, among other things, an analysis of repurchase requests received, an estimate of potential repurchase claims not yet received and actual past repurchases and losses through the disposition of affected loans as well as previous settlements. While the Company believes that it has adequately reserved for known losses and projected repurchase requests, given the volatility in the mortgage industry and the uncertainty regarding the ultimate resolution of these claims, if either actual repurchases or the losses incurred resolving those repurchases exceed the Company’s expectations, additional recourse expense may be incurred. Loan origination liabilities are included in Financial Services’ liabilities in the Company's consolidated balance sheets.

Schedule II-Valuation And Quali

Schedule II-Valuation And Qualifying Accounts	12 Months Ended
Schedule II-Valuation And Qualifying Accounts	Nov. 30, 2022
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Schedule II-Valuation And Qualifying Accounts	Schedule II—Valuation and Qualifying Accounts Years Ended November 30, 2022, 2021 and 2020 Additions (In thousands) Beginning Charged to costs and expenses Charged (credited) to other accounts Deductions Ending Year ended November 30, 2022 Allowances deducted from assets to which they apply: Allowance for credit losses against notes and other receivables $ 2,531 145 (497) — 2,179 Allowance for loan losses against loans receivable $ 2,091 9,127 — (88) 11,130 Allowance against net deferred tax assets $ 2,693 784 — (574) 2,903 Year ended November 30, 2021 Allowances deducted from assets to which they apply: Allowance for credit losses against notes and other receivables $ 2,394 79 59 (1) 2,531 Allowance for loan losses against loans receivable $ 4,012 — (31) (1,890) 2,091 Allowance against net deferred tax assets $ 4,411 — (1,556) (162) 2,693 Year ended November 30, 2020 Allowances deducted from assets to which they apply: Allowance for credit losses against notes and other receivables $ 3,379 661 (568) (1,078) 2,394 Allowance for loan losses against loans receivable $ 4,122 795 17 (922) 4,012 Allowance against net deferred tax assets $ 4,341 70 — — 4,411

Summary Of Significant Accoun_2

Summary Of Significant Accounting Policies (Policy)	12 Months Ended
Summary Of Significant Accounting Policies (Policy)	Nov. 30, 2022
Accounting Policies [Abstract]
Basis Of Consolidation	The accompanying consolidated financial statements include the accounts of Lennar Corporation and all subsidiaries, partnerships and other entities in which Lennar Corporation has a controlling interest and VIEs (see Note 8) in which Lennar Corporation is deemed the primary beneficiary (the "Company"). The Company’s investments in both unconsolidated entities in which a significant, but less than controlling, interest is held and in VIEs in which the Company is not deemed to be the primary beneficiary are accounted for by the equity method. All intercompany transactions and balances have been eliminated in consolidation.
Use Of Estimates	The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Revenue Recognition	Homebuilding revenues and related profits from sales of homes are recognized at the time of the closing of a sale, when title to and possession of the property are transferred to the homebuyer. In order to promote sales of the homes, the Company may offer sales incentives to homebuyers. The types of incentives vary on a community-by-community basis and home-by-home basis. They include primarily price discounts on individual homes and financing incentives, all of which are reflected as a reduction of home sales revenues. For the years ended November 30, 2022, 2021 and 2020, sales incentives offered to homebuyers averaged $17,300 per home, or 3.5% as a percentage of home sales revenues, $9,000 per home, or 2.1% as a percentage of home sales revenues and $19,800 per home, or 4.8% as a percentage of home sales revenues, respectively. The Company’s performance obligation, to deliver the agreed-upon home, is generally satisfied in less than one year from the original contract date. Cash proceeds from home closings are included in Homebuilding cash and cash equivalents in the Company's consolidated balance sheets. Contract liabilities include customer deposits liability related to sold but undelivered homes that are included in other liabilities in the Company's consolidated balance sheets. The Company periodically elects to sell parcels of land to third parties. Cash consideration from land sales is typically due on the closing date, which is generally when performance obligations are satisfied and revenue is recognized as title to and possession of the property are transferred to the buyer.Title premiums on policies issued directly by the Company are recognized as revenue on the effective date of the title policies. Escrow fees and loan origination revenues are recognized at the time the related real estate transactions are completed, usually upon the close of escrow. Expected gains and losses from the sale of loans and their related servicing rights are included in the measurement of all written loan commitments that are accounted for at fair value through earnings at the time of commitment. Interest income on loans held-for-sale and loans held-for-investment is recognized as earned over the terms of the mortgage loans based on the contractual interest rates. Management Fees and General Contractor Revenue The Multifamily segment provides management services with respect to the development, construction and property management of rental projects in joint ventures in which the Company has investments. As a result, the Multifamily segment earns and receives fees, which are generally based upon a stated percentage of development and construction costs and a percentage of gross rental collections. In addition, the Multifamily segment provides general contractor services for the construction of some of its rental projects. Both management fees and general contractor revenue are recognized over the period in which the services are performed using an input method, which properly depicts the level of effort required to complete the management or construction services. These customer contracts require the Company to provide management and general contractor services which represents a performance obligation that the Company satisfies over time. Management fees and general contractor services in the Multifamily segment are included in Multifamily revenue.
Advertising Costs	The Company expenses advertising costs as incurred.
Share-Based Payments	The Company has share-based awards outstanding under the 2016 Equity Incentive Plan (the "Plan"), which provides for the granting of stock options, stock appreciation rights, restricted common stock ("nonvested shares") and other share based awards to officers, associates and directors. The exercise prices of stock options may not be less than the market value of the common stock on the date of the grant. Exercises are permitted in installments determined when options are granted. Each stock option will expire on a date determined at the time of the grant, but not more than 10 years after the date of the grant. The Company accounts for stock option awards and nonvested share awards granted under the Plan based on the estimated grant date fair value.
Cash And Cash Equivalents	The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. Due to the short maturity period of cash equivalents, the carrying amounts of these instruments approximate their fair values. Homebuilding restricted cash consists of customer deposits on home sales held in restricted accounts until title transfers to the homebuyer, as required by the state and local governments in which the homes were sold, as well as funds on deposit to secure and support performance obligations. Financial Services restricted cash consists of upfront deposits and application fees LMF Commercial receives before originating loans and is recognized as income once the loan has been originated, as well as cash held in escrow by the Company’s loan service provider on behalf of customers and lenders and is disbursed in accordance with agreements between the transacting parties.
Restricted Cash	The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. Due to the short maturity period of cash equivalents, the carrying amounts of these instruments approximate their fair values. Homebuilding restricted cash consists of customer deposits on home sales held in restricted accounts until title transfers to the homebuyer, as required by the state and local governments in which the homes were sold, as well as funds on deposit to secure and support performance obligations. Financial Services restricted cash consists of upfront deposits and application fees LMF Commercial receives before originating loans and is recognized as income once the loan has been originated, as well as cash held in escrow by the Company’s loan service provider on behalf of customers and lenders and is disbursed in accordance with agreements between the transacting parties.
Receivables	At November 30, 2022 and 2021, Homebuilding accounts receivable primarily related to receivables from land banks for land development, rebates and joint ventures. The Company performs ongoing credit evaluations of its customers and generally does not require collateral for accounts receivable. Mortgages and notes receivable arising from the sale of homes and land are generally collateralized by the property sold to the buyer. Allowances are maintained for potential credit losses based on historical experience, present economic conditions and other factors considered relevant by the Company.
Inventories	Finished homes and construction in progress are included within inventories. Inventories are stated at cost unless the inventory within a community is determined to be impaired, in which case the impaired inventory is written down to fair value. Inventory costs include land, land development and home construction costs, real estate taxes, deposits on land purchase contracts and interest related to development and construction. Construction overhead and selling expenses are expensed as incurred. Homes held-for-sale are classified as inventories until delivered. Land, land development, amenities and other costs are accumulated by specific area and allocated to homes within the respective areas. The Company reviews its inventory for indicators of impairment by evaluating each community during each reporting period. The inventory within each community is categorized as finished homes and construction in progress or land under development based on the development state of the community. There were 1,200 and 1,259 active communities, excluding unconsolidated entities, as of November 30, 2022 and 2021, respectively. If the undiscounted cash flows expected to be generated by a community are less than its carrying amount, an impairment charge is recorded to write down the carrying amount of such community to its estimated fair value. In conducting its review for indicators of impairment on a community level, the Company evaluates, among other things, the margins on homes that have been delivered, margins on homes under sales contracts in backlog, projected margins with regard to future home sales over the life of the community, projected margins with regard to future land sales and the estimated fair value of the land itself. The Company pays particular attention to communities in which inventory is moving at a slower than anticipated absorption pace and communities whose average sales price and/or margins are trending downward and are anticipated to continue to trend downward. From this review, the Company identifies communities in which to assess if the carrying values exceed their undiscounted projected cash flows. The Company estimates the fair value of its communities using a discounted cash flow model. The projected cash flows for each community are significantly impacted by estimates related to market supply and demand, product type by community, homesite sizes, sales pace, sales prices, sales incentives, construction costs, sales and marketing expenses, the local economy, competitive conditions, labor costs, costs of materials and other factors for that particular community. Every division evaluates the historical performance of each of its communities as well as current trends in the market and economy impacting the community and its surrounding areas. These trends are analyzed for each of the estimates listed above. Each of the homebuilding markets in which the Company operates is unique, as homebuilding has historically been a local business driven by local market conditions and demographics. Each of the Company’s homebuilding markets has specific supply and demand relationships reflective of local economic conditions. The Company’s projected cash flows are impacted by many assumptions. Some of the most critical assumptions in the Company’s cash flow model are projected absorption pace for home sales, sales prices and costs to build and deliver homes on a community by community basis. In order to arrive at the assumed absorption pace for home sales and the assumed sales prices included in the Company’s cash flow model, the Company analyzes its historical absorption pace and historical sales prices in the community and in other comparable communities in the geographical area. In addition, the Company considers internal and external market studies and places greater emphasis on more current metrics and trends, which generally include, but are not limited to, statistics and forecasts on population demographics and on sales prices in neighboring communities, unemployment rates and availability and sales prices of competing product in the geographical area where the community is located as well as the absorption pace realized in its most recent quarters and the sales prices included in the Company's current backlog for such communities. Generally, if the Company notices a variation from historical results over a span of two fiscal quarters, the Company considers such variation to be the establishment of a trend and adjusts its historical information accordingly in order to develop assumptions on the projected absorption pace and sales prices in the cash flow model for a community. In order to arrive at the Company’s assumed costs to build and deliver homes, the Company generally assumes a cost structure reflecting contracts currently in place with its vendors adjusted for any anticipated cost reduction initiatives or increases in cost structure. Those costs assumed are used in the cash flow model for the Company’s communities. Since the estimates and assumptions included in the Company’s cash flow models are based upon historical results and projected trends, they do not anticipate unexpected changes in market conditions or strategies that may lead the Company to incur additional impairment charges in the future. The determination of fair value requires discounting the estimated cash flows at a rate the Company believes a market participant would determine to be commensurate with the inherent risks associated with the assets and related estimated cash flow streams. The discount rate used in determining each asset’s fair value depends on the community’s projected life and development stage. The Company estimates the fair value of inventory evaluated for impairment based on market conditions and assumptions made by management at the time the inventory is evaluated, which may differ materially from actual results if market conditions or assumptions change. For example, changes in market conditions and other specific developments or changes in assumptions may cause the Company to re-evaluate its strategy regarding previously impaired inventory, as well as inventory not currently impaired but for which indicators of impairment may arise if market deterioration occurs, and certain other assets that could result in further valuation adjustments and/or additional write-offs of option deposits and pre-acquisition costs due to abandonment of those options contracts.
Inventories, Land Under Option Contracts	The Company also has access to land inventory through option contracts, which generally enables the Company to defer acquiring portions of properties owned by third parties (including land funds) and unconsolidated entities until it has determined whether to exercise its option. The use of option contracts allows the Company to reduce the financial risks associated with long-term land holdings. A majority of the Company’s option contracts require a non-refundable cash deposit or irrevocable letter of credit based on a percentage of the purchase price of the land. As of November 30, 2022, the Company had $2.0 billion of nonrefundable option deposits and pre-acquisition costs related to certain of these homesites, which were included in inventories in the accompanying consolidated balance sheet. The Company’s option contracts sometimes include price adjustment provisions, which adjust the purchase price of the land to its approximate fair value at the time of acquisition or are based on the fair value at the time of takedown.
Investments in Unconsolidated Entities	The Company evaluates the long-lived assets in unconsolidated entities for indicators of impairment during each reporting period. If a valuation adjustment is recorded by an unconsolidated entity related to its assets, the Company generally uses a discount rate between 10% and 20%, subject to the perceived risks associated with the community’s cash flow streams relative to its inventory or operating assets. The Company’s proportionate share of a valuation adjustment is reflected in the Company's Homebuilding, Multifamily or Lennar Other equity in earnings (loss) from unconsolidated entities with a corresponding decrease to its Homebuilding, Multifamily or Lennar Other investment in unconsolidated entities. Additionally, the Company evaluates if a decrease in the fair value of an investment below its carrying value is other-than-temporary. This evaluation includes certain critical assumptions made by management: (1) projected future distributions from the unconsolidated entities, (2) discount rates applied to the future distributions and (3) various other factors, which include age of the venture, relationships with the other partners and banks, general economic market conditions, land status and liquidity needs of the unconsolidated entity. If the decline in the fair value of the investment is other-than-temporary, then these losses are included in Homebuilding other income, net, Multifamily other gain (loss) or Lennar Other other gain (loss). The Company tracks its share of cumulative earnings and distributions of its joint ventures ("JVs"). For purposes of classifying distributions received from JVs in the Company’s consolidated statements of cash flows, cumulative distributions are treated as returns on capital to the extent of cumulative earnings and included in the Company’s consolidated statements of cash flows as operating activities. Cumulative distributions in excess of the Company’s share of cumulative earnings are treated as returns of capital and included in the Company’s consolidated statements of cash flows as cash from investing activities.
Variable Interest Entities	GAAP requires the assessment of whether an entity is a VIE and, if so, if the Company is the primary beneficiary at the inception of the entity or at a reconsideration event. Additionally, GAAP requires the consolidation of VIEs in which an enterprise has a controlling financial interest. A controlling financial interest will have both of the following characteristics: (a) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and (b) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company’s variable interest in VIEs may be in the form of (1) equity ownership, (2) contracts to purchase assets, (3) management and development agreements between the Company and a VIE, (4) loans provided by the Company to a VIE or other partner and/or (5) guarantees provided by members to banks and other third parties. The Company examines specific criteria and uses its judgment when determining if it is the primary beneficiary of a VIE. Factors considered in determining whether the Company is the primary beneficiary include risk and reward sharing, experience and financial condition of other partner(s), voting rights, involvement in day-to-day capital and operating decisions, representation on a VIE’s executive committee, existence of unilateral kick-out rights or voting rights, level of economic disproportionality, if any, between the Company and the other partner(s) and contracts to purchase assets from VIEs. The determination whether an entity is a VIE and, if so, whether the Company is the primary beneficiary may require it to exercise significant judgment. Generally, all major decision making in the Company’s joint ventures is shared among all partners. In particular, business plans and budgets are generally required to be unanimously approved by all partners. Usually, management and other fees earned by the Company are nominal and believed to be at market and there is no significant economic disproportionality between the Company and other partners. Generally, the Company purchases less than a majority of the JV’s assets and the purchase prices under its option contracts are believed to be at market. Generally, Homebuilding and Multifamily unconsolidated entities become VIEs due to insufficient equity at risk for the JV entity as the partner(s) continue to provide subordinated financial support in the form of capital contributions. Homebuilding and Multifamily unconsolidated entities become VIEs and consolidate if the other partner(s) lack the intent and financial wherewithal to remain in the entity. As a result, the Company continues to fund operations and debt paydowns through partner loans or substituted capital contributions.
Goodwill	Goodwill Goodwill is recorded with acquisitions of businesses when the purchase price of the business exceeds the fair value of the net tangible and identifiable assets acquired. In accordance with ASC Topic 350, Intangibles-Goodwill and Other ("ASC 350"), the Company evaluates goodwill for potential impairment on at least an annual basis. The Company has the option to perform a qualitative or quantitative assessment to determine whether the fair value of a reporting unit exceeds its carrying value. Qualitative factors may include, but are not limited to economic conditions, industry and market considerations, cost factors, overall financial performance of the reporting units and other entity and reporting unit specific events. The fair value estimate is derived through various valuation methods, including the use of discounted expected future cash flows of each reporting unit. The expected future cash flows for each segment are significantly impacted by current market conditions. If these market conditions and resulting expected future cash flows for each reporting unit decline significantly, the actual results for each segment could differ from the Company's estimate, which would cause goodwill to be impaired. The annual goodwill impairment analysis was performed as of September 30, 2022, and no impairment was recorded.
Operating Properties And Equipment	Operating properties and equipment are recorded at cost and are included in other assets in the consolidated balance sheets. The assets are depreciated over their estimated useful lives using the straight-line method. At the time operating properties and equipment are disposed of, the asset and related accumulated depreciation are removed from the accounts and any resulting gain or loss is credited or charged to earnings. The estimated useful life for operating properties is 30 years, for furniture, fixtures and equipment is two
Investment Securities	The Company holds investment securities classified as available-for-sale or held-to-maturity. Available-for-sale securities are recorded at fair value. Any unrealized holding gains or losses on available-for-sale securities are reported as accumulated other comprehensive gain or loss, which is a separate component of stockholders’ equity, net of tax, until realized. Securities classified as held-to-maturity are carried at amortized cost because they are purchased with the intent and ability to hold to maturity.
Income Taxes	The Company records income taxes under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and attributable to operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the years in which the temporary differences are expected to be recovered or paid. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period when the changes are enacted. Interest related to unrecognized tax benefits is recognized in the financial statements as a component of income tax expense. A reduction of the carrying amounts of deferred tax assets by a valuation allowance is required if, based on the available evidence, it is more likely than not that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed each reporting period by the Company based on the consideration of all available positive and negative evidence using a "more-likely-than-not" standard with respect to whether deferred tax assets will be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, actual earnings, forecasts of future profitability, the duration of statutory carryforward periods, the Company’s experience with loss carryforwards not expiring unused and tax planning alternatives.
Other Liabilities	Reflected within the consolidated balance sheets, the other liabilities balance as of November 30, 2022 and 2021, included accrued interest payable, product warranty (as noted below), accrued bonuses, accrued wages and benefits, lease liabilities, deferred income, customer deposits, income taxes payable, and other accrued liabilities.
Product Warranty	Warranty and similar reserves for homes are established at an amount estimated to be adequate to cover potential costs for materials and labor with regard to warranty-type claims expected to be incurred subsequent to the delivery of a home. Reserves are determined based on historical data and trends with respect to similar product types and geographical areas. The Company regularly monitors the warranty reserve and makes adjustments to its pre-existing warranties in order to reflect changes in trends and historical data as information becomes available. Warranty reserves are included in Homebuilding other liabilities in the consolidated balance sheets.
Self-Insurance	Reserves for estimated losses for construction defects, general liability and workers’ compensation have been established using the assistance of a third-party actuary. The third-party actuary uses the Company's historical warranty and construction defect data to assist management in estimating the unpaid claims, claim adjustment expenses and incurred but not reported claims reserves for the risks that the Company is assuming under the general liability and construction defect programs. The estimates include provisions for inflation, claims handling and legal fees. These estimates are subject to a high degree of variability due to uncertainties such as trends in construction defect claims relative to the markets and the types of products the Company builds, claim settlement patterns, insurance industry practices and legal interpretations. Given the high degree of judgment required in determining these estimated liability amounts, actual future costs could differ significantly from the Company's currently estimated amounts. The Company’s self-insurance reserve, net of expected recoveries, as of November 30, 2022 and 2021 was $210.1 million and $169.1 million and was included in Homebuilding other liabilities. Amounts incurred in excess of the Company's self-insurance occurrence or aggregate retention limits are covered by insurance up to the Company's purchased coverage levels. The Company's insurance policies are maintained with highly-rated underwriters for whom the Company believes counterparty default risk is not significant.
Earnings Per Share	Basic earnings per share is computed by dividing net earnings attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in earnings of the Company. All outstanding nonvested shares that contain non-forfeitable rights to dividends or dividend equivalents that participate in undistributed earnings with common stock are considered participating securities and are included in computing earnings per share pursuant to the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating securities according to dividends or dividend equivalents and participation rights in undistributed earnings. The Company’s restricted common stock ("nonvested shares") are considered participating securities.
Restrictions on Payment of Dividends	There are no restrictions on the payment of dividends on common stock by the Company. There are no agreements which restrict the payment of dividends by subsidiaries of the Company other than the need to maintain the financial ratios and net worth requirements under the Financial Services segment’s warehouse lines of credit, which restrict the payment of dividends from the Company’s mortgage subsidiaries following the occurrence and during the continuance of an event of default thereunder.
401 (k) Plan	Under the Company’s 401(k) Plan (the "Plan"), contributions made by associates can be invested in a variety of mutual funds or proprietary funds provided by the Plan trustee. The Company may also make contributions for the benefit of associates. The Company records as compensation expense its contribution to the Plan.
Loans Held-for-Sale	Loans held-for-sale by the Financial Services segment, including the rights to service the mortgage loans, are carried at fair value and changes in fair value are reflected in earnings. Premiums and discounts recorded on these loans are presented as an adjustment to the carrying amount of the loans and are not amortized. Management believes carrying loans held-for-sale at fair value improves financial reporting by mitigating volatility in reported earnings caused by measuring the fair value of the loans and the derivative instruments used to economically hedge them without having to apply complex hedge accounting provisions. In addition, the Financial Services segment recognizes the fair value of its rights to service a mortgage loan as revenue upon entering into an interest rate lock loan commitment with a borrower. The fair value of these servicing rights is included in Financial Services' other assets as of November 30, 2022 and 2021. Fair value of the servicing rights is determined based on values in the Company’s servicing sales contracts. The originated mortgage loans are classified as loans held-for-sale and are recorded at fair value. The Company elected the fair value option for LMF Commercial's loans held-for-sale in accordance with Accounting Standards Codification ("ASC") 825, Financial Instruments
Provision for Losses	The Company establishes reserves for possible losses associated with mortgage loans previously originated and sold to investors based upon, among other things, an analysis of repurchase requests received, an estimate of potential repurchase claims not yet received and actual past repurchases and losses through the disposition of affected loans, as well as previous settlements. Loan origination liabilities are included in Financial Services’ liabilities in the consolidated balance sheets.
Loans Held-for-Investment, Net	Loans for which the Company has the positive intent and ability to hold to maturity consist of mortgage loans carried at the principal amount outstanding, net of unamortized discounts and allowance for loan losses. Discounts are amortized over the estimated lives of the loans using the interest method. The Financial Services segment also provides an allowance for credit losses. The provision recorded and the adequacy of the related allowance is determined by management’s continuing evaluation of the loan portfolio in light of past loan loss experience, credit worthiness and nature of underlying collateral, present economic conditions and other factors considered relevant by the Company’s management. Anticipated changes in economic factors, which may influence the level of the
Derivative Financial Instruments	The Financial Services segment, in the normal course of business, uses derivative financial instruments to reduce its exposure to fluctuations in mortgage-related interest rates. The segment uses mortgage-backed securities ("MBS") forward commitments, option contracts, future contracts and investor commitments to protect the value of fixed rate-locked loan commitments and loans held-for-sale from fluctuations in mortgage-related interest rates. These derivative financial instruments are carried at fair value with the changes in fair value included in Financial Services revenues.
New Accounting Pronouncements	Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 was effective for the Company’s fiscal year beginning December 1, 2021. The adoption of ASU 2019-12 did not have a material impact on the Company's consolidated financial statements. In March 2020, the Financial Accounting Standards Board (FASB) issued ASU 2020-04, “Reference Rate Reform,” which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (LIBOR) or by another reference rate expected to be discontinued. The guidance was effective beginning March 12, 2020 and can be applied prospectively through December 31, 2022. In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform - Scope,” which clarified the scope and application of the original guidance. The adoption of ASU 2020-04 did not have a material impact on the Company's consolidated financial statements. Reclassifications Certain prior year amounts in the consolidated financial statements have been reclassified to conform with the 2022 presentation. These reclassifications had no impact on the Company's total assets, total equity, revenues or net earnings in its consolidated financial statements.

Summary Of Significant Accoun_3

Summary Of Significant Accounting Policies (Tables)	12 Months Ended
Summary Of Significant Accounting Policies (Tables)	Nov. 30, 2022
Accounting Policies [Abstract]
Schedule Of Lennar Homebuilding Receivables	Balances for the years ended November 30, 2022 and 2021 are noted below: November 30, (In thousands) 2022 2021 Accounts receivable $ 490,420 245,004 Mortgages and notes receivable 185,739 247,805 676,159 492,809 Allowance for credit losses (2,179) (2,531) Receivables, net (1) $ 673,980 490,278 (1) At November 30, 2022 and 2021, receivables, net included $50 million and $85 million, respectively, related to a short-term loan due from Upward America that was repaid subsequent to each year end. LMF Commercial originated commercial loans as follows: November 30, (Dollars in thousands) 2022 2021 Originations (1) $ 740,345 770,107 Sold $ 715,933 931,023 Securitizations 6 6 (1) During both years ended November 30, 2022 and 2021 all 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	aluation 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, 2022 and 2021. The table below summarizes communities reviewed for indicators of impairment and communities with valuation adjustments recorded: At November 30, Communities with valuation adjustments # of communities with potential indicators of impairment # of communities Fair Value Valuation Adjustments 2022 15 9 $ 105,042 $ 33,563 2021 4 1 5,267 11,849 Years Ended November 30, 2022 2021 2020 (In thousands) Fair Carrying Value Fair Value Total 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 $ 347,300 295,663 (51,637) 32,364 16,342 (16,022) 176,637 148,684 (27,953) Land and land under development (2) Level 3 183,737 126,135 (57,602) 35,775 26,841 (8,934) 182,137 92,355 (89,782) Other assets (2) Level 3 — — — 12,764 12,024 (740) — — — Investments in unconsolidated entities (2) Level 3 1,454 — (1,454) — — — — — — (1) Represents losses due to valuation adjustments and deposit and acore write-offs recorded during the year. (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 year ended November 30, 2022, total losses, net, for land and land underdevelopment
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, 2022 2021 Unobservable inputs Range Average selling price (1) $233,000 — $753,000 $635,000 Absorption rate per quarter (homes) 2 — 12 11 Discount rate 20% 20% November 30, 2022 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 November 30, 2022 Unobservable inputs Mortgage prepayment rate 8% Discount rate 13% Delinquency rate 7%
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) 2022 2021 Operating properties (1) $ 305,743 309,367 Leasehold improvements 68,951 56,620 Furniture, fixtures and equipment 207,223 172,774 581,917 538,761 Accumulated depreciation and amortization (226,822) (198,855) $ 355,095 339,906 (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) 2022 2021 2020 Interest expense in costs of homes sold $ 293,105 342,756 349,109 Interest expense in costs of land sold 498 2,475 2,594 Other interest expense (1) 19,128 20,142 22,401 Total interest expense $ 312,731 365,373 374,104 (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) 2022 2021 Warranty reserve, beginning of year $ 377,021 341,765 Warranties issued 274,766 217,641 Adjustments to pre-existing warranties from changes in estimates (1) 26,222 29,436 Payments (259,992) (211,821) Warranty reserve, end of year $ 418,017 377,021 (1) The adjustments to pre-existing warranties from changes in estimates during the years ended November 30, 2022 and 2021 primarily related to specific claims in certain of the Company's homebuilding communities and other adjustments.
Repurchase of Company's Common Stock	The following table provides information about the Company’s repurchases of Class A and Class B common stock: Years Ended November 30, 2022 November 30, 2021 (Dollars in thousands, except price per share) Class A Class B Class A Class B Shares repurchased 9,628,203 1,339,797 13,910,000 100,000 Total purchase price $ 868,788 $ 98,613 $ 1,357,081 $ 8,197 Average price per share $ 90.23 $ 73.60 $ 97.56 $ 81.97
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) 2022 2021 2020 Total compensation expense for nonvested share-based awards $ 184,086 135,090 107,131
Schedule of Nonvested Shares Activity	A summary of the Company’s nonvested shares activity for the year ended November 30, 2022 was as follows: Shares Weighted Average Grant Date Fair Value Nonvested shares at November 30, 2021 3,163,790 $ 66.07 Grants 1,697,986 $ 88.92 Vested (1,581,744) $ 61.39 Forfeited (127,886) $ 74.38 Nonvested shares at November 30, 2022 3,152,146 $ 80.39
Loan Origination Liabilities	The activity in the Company’s loan origination liabilities was as follows: Years Ended November 30, (In thousands) 2022 2021 Loan origination liabilities, beginning of year $ 11,670 7,569 Provision for losses 966 4,639 Payments (849) (538) Loan origination liabilities, end of year $ 11,787 11,670

Operating And Reporting Segme_2

Operating And Reporting Segments (Tables)	12 Months Ended
Operating And Reporting Segments (Tables)	Nov. 30, 2022
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	The assets and liabilities related to the Company’s segments were as follows: (In thousands) November 30, 2022 Assets: Homebuilding Financial Multifamily Lennar Total Cash and cash equivalents $ 4,616,124 139,378 17,827 5,391 4,778,720 Restricted cash 23,046 14,004 — — 37,050 Receivables, net (1) 673,980 826,163 114,134 — 1,614,277 Inventories 21,432,011 — 430,442 — 21,862,453 Loans held-for-sale (2) — 1,776,311 — — 1,776,311 Investments in equity securities (3) 391,026 391,026 Investments available-for-sale (4) — — — 35,482 35,482 Loans held-for-investments, net — 45,636 — — 45,636 Investments held-to-maturity — 143,251 — — 143,251 Investments in unconsolidated entities 1,173,164 — 648,126 316,523 2,137,813 Goodwill 3,442,359 189,699 — — 3,632,058 Other assets 1,323,478 119,815 46,808 40,117 1,530,218 $ 32,684,162 3,254,257 1,257,337 788,539 37,984,295 Liabilities: Notes and other debts payable, net $ 4,047,294 2,135,093 16,749 — 6,199,136 Accounts payable and other liabilities 6,931,352 218,811 296,735 97,894 7,544,792 $ 10,978,646 2,353,904 313,484 97,894 13,743,928 (In thousands) November 30, 2021 Assets: Homebuilding Financial Multifamily Lennar Total Cash and cash equivalents $ 2,735,213 167,021 16,850 2,660 2,921,744 Restricted cash 21,927 12,012 — — 33,939 Receivables, net (1) 490,278 708,165 98,405 — 1,296,848 Inventories 18,715,304 — 454,093 — 19,169,397 Loans held-for-sale (2) — 1,636,351 — — 1,636,351 Investments in equity securities (3) — — — 1,006,599 1,006,599 Investments available-for-sale (4) — — — 41,654 41,654 Loans held-for-investments, net — 44,582 — — 44,582 Investments held-to-maturity — 157,808 — — 157,808 Investments in unconsolidated entities 972,084 — 654,029 346,270 1,972,383 Goodwill 3,442,359 189,699 — — 3,632,058 Other assets 1,090,654 48,729 88,370 66,662 1,294,415 $ 27,467,819 2,964,367 1,311,747 1,463,845 33,207,778 Liabilities: Notes and other debts payable, net $ 4,652,338 1,726,026 — — 6,378,364 Accounts payable and other liabilities 5,217,904 180,317 288,930 145,981 5,833,132 $ 9,870,242 1,906,343 288,930 145,981 12,211,496 (1) Receivables, net for Financial Services primarily related to loans sold to investors for which the Company had not yet been paid as of November 30, 2022 and November 30, 2021, respectively. (2) Loans held-for-sale related to unsold residential and commercial loans carried at fair value. (3) Investments in equity securities include investments of $178.0 million and $100.1 million without readily available fair values as of November 30, 2022 and November 30, 2021, respectively. (4) Investments available-for-sale are carried at fair value with changes in fair value recorded as a component of accumulated other comprehensive income (loss) on the consolidated balance sheets. Financial information relating to the Company’s segments was as follows: Year ended November 30, 2022 (In thousands) Homebuilding Financial Multifamily Lennar Corporate and Total Revenues $ 31,951,335 809,680 865,603 44,392 — 33,671,010 Operating earnings (loss) 6,777,317 383,302 69,493 (734,649) — 6,495,463 Corporate general and administrative expenses — — — — (414,498) (414,498) Charitable foundation contribution — — — — (66,399) (66,399) Earnings (loss) before income taxes 6,777,317 383,302 69,493 (734,649) (480,897) 6,014,566 Year ended November 30, 2021 (In thousands) Homebuilding Financial Multifamily Lennar Corporate and Total Revenues $ 25,545,242 898,745 665,232 21,457 — 27,130,676 Operating earnings 5,031,762 491,014 21,453 733,035 — 6,277,264 Corporate general and administrative expenses — — — — (398,381) (398,381) Charitable foundation contribution — — — — (59,825) (59,825) Earnings before income taxes 5,031,762 491,014 21,453 733,035 (458,206) 5,819,058 Year ended November 30, 2020 (In thousands) Homebuilding Financial Multifamily Lennar Corporate and Total Revenues $ 20,981,136 890,311 576,328 41,079 — 22,488,854 Operating earnings (loss) 2,988,907 480,952 22,681 (10,334) — 3,482,206 Corporate general and administrative expenses — — — — (333,446) (333,446) Charitable foundation contribution — — — — (24,972) (24,972) Earnings (loss) before income taxes 2,988,907 480,952 22,681 (10,334) (358,418) 3,123,788 (1) Financial Services operating earnings for the year ended November 30, 2022 included a $35.5 million one-time charge due to an increase in a litigation accrual related to a court judgment. (2) Operating loss for Lennar Other for the year ended November 30, 2022 included a $655.1 million mark-to-market unrealized loss on the Company's publicly traded technology investments. Operating earnings for Lennar Other for the year ended November 30, 2021 included a $510.8 million mark-to-market unrealized gain on the Company's publicly traded technology investments. Operating loss for Lennar Other for the year ended November 30, 2020 included a $25.0 million write-down of assets held by Rialto legacy funds because of the disruption in the capital markets as a result of COVID-19 and the economic shutdown. (3) Corporate and unallocated expenses primarily represent costs of operations at the Company's corporate headquarters in Miami. These operations include the Company's executive offices, information technology, treasury, corporate accounting and tax, legal, internal audit and human resources. Also included are property expenses related to the leases of corporate offices, data processing, general corporate expenses and charitable foundation contribution to the Lennar Foundation. The assets related to the Company's Homebuilding segments were as follows: (In thousands) East Central Texas West Other Corporate and Total Balance at November 30, 2022 $ 6,877,581 4,010,610 3,742,663 12,182,709 1,382,864 4,487,735 32,684,162 Balance at November 30, 2021 5,854,057 3,782,847 2,801,192 11,171,741 1,443,163 2,414,819 27,467,819 Financial information relating to the Company’s Homebuilding segments was as follows: Year ended November 30, 2022 (In thousands) East Central Texas West Other Total Revenues $ 9,266,013 5,846,023 4,227,771 12,571,386 40,142 31,951,335 Operating earnings (loss) 2,240,256 889,231 929,237 2,773,597 (55,004) 6,777,317 Interest expense 78,345 54,547 29,442 140,017 10,380 312,731 Depreciation and amortization 24,888 15,219 9,354 54,055 774 104,290 Net additions to operating properties and equipment 2,651 363 136 1,414 6,537 11,101 Year ended November 30, 2021 (In thousands) East Central Texas West Other Total Revenues $ 6,870,944 4,826,535 3,241,321 10,563,756 42,686 25,545,242 Operating earnings (loss) 1,455,432 720,419 730,465 2,192,446 (67,000) 5,031,762 Interest expense 90,314 58,899 28,764 176,633 10,763 365,373 Depreciation and amortization 24,531 16,118 9,821 49,691 1,238 101,399 Net additions to (disposals of) operating properties 219 239 (9) 26,375 14,950 41,774 Year ended November 30, 2020 (In thousands) East Central Texas West Other Total Homebuilding Revenues $ 5,715,028 4,093,693 2,709,681 8,437,167 25,567 20,981,136 Operating earnings (loss) 933,297 482,929 421,594 1,241,494 (90,407) 2,988,907 Interest expense 93,245 58,777 29,901 178,498 13,683 374,104 Depreciation and amortization 21,504 13,659 9,366 50,316 249 95,094 Net additions to (disposals of) operating properties and equipment 955 (11,370) 712 165,869 (32) 156,134
Schedule of Line of Credit Facilities	At November 30, 2022, the Financial Services warehouse facilities were 364-day repurchase facilities and were used to fund residential mortgages or commercial mortgages for LMF Commercial as follows: (In thousands) Maximum Aggregate Commitment Residential facilities maturing: December 2022 (1) $ 800,000 May 2023 500,000 August 2023 1,000,000 Total - Residential facilities $ 2,300,000 LMF Commercial facilities maturing: December 2022 (1) $ 400,000 July 2023 50,000 November 2023 100,000 Total - LMF Commercial facilities $ 550,000 Total $ 2,850,000 (1) Subsequent to November 30, 2022, the maturity date was extended to December 2023. Borrowings and collateral under the facilities and their prior year predecessors were as follows: November 30, (In thousands) 2022 2021 Borrowings under the residential facilities $ 1,877,411 1,482,258 Collateral under the residential facilities 1,950,155 1,539,641 Borrowings under the LMF Commercial facilities 124,399 96,294 The Company's outstanding letters of credit and surety bonds are below: November 30, (In thousands) 2022 2021 Performance letters of credit $ 1,259,033 924,584 Financial letters of credit 503,659 425,843 Surety bonds 4,136,715 3,553,047 Anticipated future costs primarily for site improvements related to performance surety bonds 2,273,694 1,690,861
Schedule Of Lennar Homebuilding Receivables	Balances for the years ended November 30, 2022 and 2021 are noted below: November 30, (In thousands) 2022 2021 Accounts receivable $ 490,420 245,004 Mortgages and notes receivable 185,739 247,805 676,159 492,809 Allowance for credit losses (2,179) (2,531) Receivables, net (1) $ 673,980 490,278 (1) At November 30, 2022 and 2021, receivables, net included $50 million and $85 million, respectively, related to a short-term loan due from Upward America that was repaid subsequent to each year end. LMF Commercial originated commercial loans as follows: November 30, (Dollars in thousands) 2022 2021 Originations (1) $ 740,345 770,107 Sold $ 715,933 931,023 Securitizations 6 6 (1) During both years ended November 30, 2022 and 2021 all the commercial loans originated were recorded as loans held-for-sale, which are held at fair value.
Debt Securities, Held-to-maturity	Details related to Financial Services' CMBS were as follows: (Dollars in thousands) November 30, 2022 November 30, 2021 Carrying value $ 143,251 157,808 Outstanding debt, net of debt issuance costs $ 133,283 147,474 Incurred interest rate 3.4 % 3.4 %
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, 2022 2021 Unobservable inputs Range Average selling price (1) $233,000 — $753,000 $635,000 Absorption rate per quarter (homes) 2 — 12 11 Discount rate 20% 20% November 30, 2022 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 November 30, 2022 Unobservable inputs Mortgage prepayment rate 8% Discount rate 13% Delinquency rate 7%
Unrealized Gain (Loss) on Investments	Years Ended November 30, (In thousands) 2022 2021 Blend Labs (BLND) mark-to-market $ (25,630) (6,744) Hippo (HIPO) mark-to-market (222,447) 207,634 Opendoor (OPEN) mark-to-market (265,276) 239,312 SmartRent (SMRT) mark-to-market (78,177) 79,483 Sonder (SOND) mark-to-market (2,339) — Sunnova (NOVA) mark-to-market (61,225) (8,883) Lennar Other unrealized gains (losses) from technology investments $ (655,094) 510,802

Lennar Homebuilding Investments

Lennar Homebuilding Investments In Unconsolidated Entities (Tables)	12 Months Ended
	Nov. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Unconsolidated Entities	The investments in the Company's Homebuilding unconsolidated entities were as follows: November 30, (In thousands) 2022 2021 Investments in unconsolidated entities (1) (2) $ 1,173,164 972,084 Underlying equity in unconsolidated entities' net assets (1) 1,504,315 1,301,719 (1) The basis difference was primarily as a result of the Company contributing its investment in three strategic joint ventures with a higher fair value than book value for an investment in the FivePoint entity. (2) Included in the Company's recorded investments in Homebuilding unconsolidated entities is the Company's 40% ownership of FivePoint. As of November 30, 2022 and 2021, the carrying amount of the Company's investment was $382.9 million and $381.6 million, respectively. Years Ended November 30, (In thousands) 2022 2021 2020 Land sales revenues (1) $ 94,513 57,944 99,935 Management fees and reimbursement of expenses, net of deferrals 20,792 16,464 2,363 (1) The Company does not include in its Homebuilding equity in loss from unconsolidated entities its pro-rata share of unconsolidated entities’ earnings resulting from land sales to its homebuilding divisions. Instead, the Company accounts for those earnings as a reduction of the cost of purchasing the land from the unconsolidated entities. This in effect defers recognition of the Company’s share of the unconsolidated entities’ earnings related to these sales until the Company delivers a home and title passes to a third-party homebuyer. Years Ended November 30, (In thousands) 2022 2021 2020 General contractor services, net of deferrals $ 498,142 549,400 400,808 General contractor costs 478,620 533,398 383,649 Land sales to joint ventures 237,477 15,105 83,944 Management fee income 63,823 56,573 56,253 Details of LMV I and LMV II as of and during the year ended November 30, 2022 are included below: (In thousands) LMV I LMV II Lennar's carrying value of investment $ 217,099 293,831 Equity commitments 2,204,016 1,257,700 Equity commitments called 2,152,324 1,206,664 Lennar's equity commitments 504,016 381,000 Lennar's equity commitments called 499,919 365,807 Lennar's remaining commitments 4,097 15,193 Distributions to Lennar 25,576 12,555 Summarized condensed financial information on a combined 100% basis related to the Company's unconsolidated entities that are accounted for under the equity method was as follows: (In thousands) November 30, 2022 Assets: Homebuilding Multifamily Lennar Total Cash and cash equivalents $ 366,276 53,121 413,698 833,095 Loans receivable — — 25,045 25,045 Real estate owned — — 213,103 213,103 Investment securities — — 2,543,715 2,543,715 Investments in partnerships — — 165,599 165,599 Inventories 5,391,285 1,000 — 5,392,285 Operating properties and equipment 56,687 7,090,294 — 7,146,981 Other assets 1,378,156 523,152 223,821 2,125,129 $ 7,192,404 7,667,567 3,584,981 18,444,952 Liabilities and equity: Accounts payable and other liabilities $ 994,603 245,266 170,649 1,410,518 Debt (1) 1,383,302 4,318,774 333,317 6,035,393 Equity 4,814,499 3,103,527 3,081,015 10,999,041 $ 7,192,404 7,667,567 3,584,981 18,444,952 Investments in unconsolidated entities $ 1,173,164 648,126 316,523 2,137,813 (In thousands) November 30, 2021 Assets: Homebuilding Multifamily Lennar Total Cash and cash equivalents $ 460,901 25,972 430,807 917,680 Loans receivable — — 65,971 65,971 Real estate owned — — 279,200 279,200 Investment securities — — 2,461,788 2,461,788 Investments in partnerships — — 346,042 346,042 Inventories 4,666,454 — — 4,666,454 Operating properties and equipment 44,802 6,406,500 — 6,451,302 Other assets 1,044,771 111,750 219,680 1,376,201 $ 6,216,928 6,544,222 3,803,488 16,564,638 Liabilities and equity: Accounts payable and other liabilities $ 904,078 240,928 179,879 1,324,885 Debt (1) 1,216,721 3,407,362 399,632 5,023,715 Equity 4,096,129 2,895,932 3,223,977 10,216,038 $ 6,216,928 6,544,222 3,803,488 16,564,638 Investments in unconsolidated entities $ 972,084 654,029 346,270 1,972,383 (1) Debt noted above is net of debt issuance costs. As of November 30, 2022 and 2021, this includes $18.4 million and $11.9 million, respectively, for Homebuilding, $26.4 million and $23.4 million, respectively, for Multifamily and an immaterial amount of debt issuance costs for Lennar Other. (In thousands) Statement of Operations Years Ended: Revenues Cost and expenses Other income (expense), net (1) Net earnings (loss) of unconsolidated entities Equity in earnings (loss) from unconsolidated entities November 30, 2022 $ 1,747,336 1,695,272 197,056 249,120 (36,302) November 30, 2021 1,383,266 1,448,775 187,625 122,116 48,993 November 30, 2020 1,362,686 1,221,873 (244,680) (103,867) (13,939) (1) Other income (expense), net included realized and unrealized gains (losses) on investments.

Homebuilding Senior Notes And_2

Homebuilding Senior Notes And Other Debts Payable (Tables)	12 Months Ended
Homebuilding Senior Notes And Other Debts Payable (Tables)	Nov. 30, 2022
Debt Disclosure [Abstract]
Schedule Of Senior Notes And Other Debts Payable	November 30, (Dollars in thousands) 2022 2021 4.875% senior notes due December 2023 $ 399,169 398,345 4.500% senior notes due 2024 648,975 648,253 5.875% senior notes due 2024 434,128 438,810 4.750% senior notes due 2025 498,892 498,446 5.25% senior notes due 2026 404,257 405,497 5.00% senior notes due 2027 351,741 352,124 4.75% senior notes due 2027 896,259 895,510 4.750% senior notes due 2022 — 573,840 Mortgage notes on land and other debt 413,873 441,513 $ 4,047,294 4,652,338 The terms of each of the Company's senior notes outstanding at November 30, 2022 were as follows: Senior Notes Outstanding (1) Principal Amount Net Proceeds (2) Price Date Issued (Dollars in thousands) 4.875% senior notes due December 2023 $ 400,000 393,622 99.169 % November 2015 4.500% senior notes due 2024 650,000 644,838 100 % April 2017 5.875% senior notes due 2024 425,000 (3) (3) (3) 4.750% senior notes due 2025 500,000 495,528 100 % April 2015 5.25% senior notes due 2026 400,000 (3) (3) (3) 5.00% senior notes due 2027 350,000 (3) (3) (3) 4.75% senior notes due 2027 900,000 894,650 100 % November 2017 (1) Interest is payable semi-annually for each of the series of senior notes. The senior notes are unsecured and unsubordinated, but are guaranteed by substantially all of the Company's 100% owned homebuilding subsidiaries. (2) The Company generally has historically used the net proceeds for working capital and general corporate purposes, which can include the repayment or repurchase of other outstanding senior notes. (3) These notes were obligations of CalAtlantic when it was acquired, and were subsequently exchanged in part for notes of the Company. As part of purchase accounting, the senior notes have been recorded at their fair value as of the date of acquisition (February 12, 2018).
Schedule of Line of Credit Facilities	At November 30, 2022, the Financial Services warehouse facilities were 364-day repurchase facilities and were used to fund residential mortgages or commercial mortgages for LMF Commercial as follows: (In thousands) Maximum Aggregate Commitment Residential facilities maturing: December 2022 (1) $ 800,000 May 2023 500,000 August 2023 1,000,000 Total - Residential facilities $ 2,300,000 LMF Commercial facilities maturing: December 2022 (1) $ 400,000 July 2023 50,000 November 2023 100,000 Total - LMF Commercial facilities $ 550,000 Total $ 2,850,000 (1) Subsequent to November 30, 2022, the maturity date was extended to December 2023. Borrowings and collateral under the facilities and their prior year predecessors were as follows: November 30, (In thousands) 2022 2021 Borrowings under the residential facilities $ 1,877,411 1,482,258 Collateral under the residential facilities 1,950,155 1,539,641 Borrowings under the LMF Commercial facilities 124,399 96,294 The Company's outstanding letters of credit and surety bonds are below: November 30, (In thousands) 2022 2021 Performance letters of credit $ 1,259,033 924,584 Financial letters of credit 503,659 425,843 Surety bonds 4,136,715 3,553,047 Anticipated future costs primarily for site improvements related to performance surety bonds 2,273,694 1,690,861
Schedule Of Maturities Of Senior Notes And Other Debts Payable	The minimum aggregate principal maturities of Homebuilding senior notes and other debts payable during the five years subsequent to November 30, 2022 and thereafter are as follows: (In thousands) Debt Maturities 2023 $ 223,130 2024 1,537,367 2025 566,124 2026 404,486 2027 1,265,349 Thereafter 42,415

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Nov. 30, 2022
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) 2022 2021 2020 Current: Federal $ 1,282,037 924,474 428,907 State 330,681 245,941 135,246 $ 1,612,718 1,170,415 564,153 Deferred: Federal $ (193,667) 149,349 59,065 State (52,986) 42,745 33,017 (246,653) 192,094 92,082 $ 1,366,065 1,362,509 656,235
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 2022 2021 2020 Statutory rate 21.00 % 21.00 % 21.00 % State income taxes, net of federal income tax benefit 4.52 4.03 4.00 Tax credits (1) (2) (2.16) (1.73) (4.46) Nondeductible compensation — 0.49 0.57 Tax reserves and interest expense, net (3) (0.83) 0.03 — Deferred tax asset valuation allowance, net — (0.01) — Other 0.31 (0.29) (0.09) Effective rate 22.84 % 23.52 % 21.02 % (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) During fiscal year 2020, Congress extended the new energy efficient home tax credit for homes delivered from 2018 to 2021, with retroactive effect for 2018 and 2019. (3) 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) 2022 2021 Deferred tax assets: Inventory valuation adjustments $ 83,330 94,624 Reserves and accruals 199,451 187,466 Net operating loss carryforwards 61,741 74,902 Capitalized expenses 241,887 174,405 Investments in unconsolidated entities 16,311 48,913 Employee stock incentive plan 37,573 37,813 Other assets 82,673 49,828 Total deferred tax assets 722,966 667,951 Valuation allowance (2,903) (2,693) Total deferred tax assets after valuation allowance 720,063 665,258 Deferred tax liabilities: Capitalized expenses 177,726 187,332 Deferred income 253,659 272,827 Unrealized gains on investments in equity securities — 164,534 Other liabilities 46,270 44,810 Total deferred tax liabilities 477,655 669,503 Net deferred tax assets (liabilities) $ 242,408 (4,245) The detail of the Company's net deferred tax assets (liabilities) was as follows: November 30, (In thousands) 2022 2021 Net deferred tax assets (liabilities): (1) Homebuilding $ 154,143 84,198 Financial Services 15,376 (1,431) Multifamily 26,675 64,247 Lennar Other 46,214 (151,259) Net deferred tax assets (liabilities) $ 242,408 (4,245) (1) Net deferred tax assets and net deferred tax liabilities detailed above are included within other assets and other liabilities in the respective segments. November 30, (In thousands) 2022 2021 Valuation allowance (1) $ (2,903) (2,693) Federal tax effected NOL carryforwards (2) 29,672 32,968 State tax effected NOL carryforwards (3) 32,069 41,935 (1) As of November 30, 2022 and 2021, 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) At November 30, 2022 and 2021, 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) At November 30, 2022 and 2021, 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 2022 and 2039.
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) 2022 2021 2020 Gross unrecognized tax benefits, beginning of year $ 12,285 12,285 12,856 Lapse of statute of limitations — — (349) Decreases due to settlements with tax authorities (12,285) — (222) Gross unrecognized tax benefits, end of year $ — 12,285 12,285 The following summarizes the changes in interest and penalties accrued with respect to gross unrecognized tax benefits: November 30, (In thousands) 2022 2021 Accrued interest and penalties, beginning of the year $ 59,937 57,764 Accrual of interest and penalties (primarily related to state audits) — 2,173 Reduction of interest and penalties (59,937) — Accrued interest and penalties, end of the year $ — 59,937

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
Earnings Per Share (Tables)	Nov. 30, 2022
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share	Basic and diluted earnings per share were calculated as follows: Years Ended November 30, (In thousands, except per share amounts) 2022 2021 2020 Numerator: Net earnings attributable to Lennar $ 4,614,125 4,430,111 2,465,036 Less: distributed earnings allocated to nonvested shares 4,471 2,690 1,658 Less: undistributed earnings allocated to nonvested shares 47,509 50,229 26,731 Numerator for basic earnings per share 4,562,145 4,377,192 2,436,647 Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan (1) 4,919 2,907 8,971 Numerator for diluted earnings per share $ 4,557,226 4,374,285 2,427,676 Denominator: Denominator for basic earnings per share - weighted average common shares outstanding 289,824 306,612 309,406 Effect of dilutive securities: Share-based payments — — 1 Denominator for diluted earnings per share - weighted average common shares outstanding 289,824 306,612 309,407 Basic earnings per share $ 15.74 14.28 7.88 Diluted earnings per share $ 15.72 14.27 7.85 (1) The amounts above relate to Rialto's Carried Interest Incentive Plan and represent the difference between the advanced tax distributions received by the Lennar Other segment and the amount Lennar, as the parent company, is assumed to own.

Financial Instruments and Fai_2

Financial Instruments and Fair Value Disclosure (Tables)	12 Months Ended
Financial Instruments and Fair Value Disclosure (Tables)	Nov. 30, 2022
Fair Value Disclosures [Abstract]
Carrying Amounts and Estimated Fair Value of Financial Instruments	The following table presents the carrying amounts and estimated fair values of financial instruments held or issued by the Company at November 30, 2022 and 2021, using available market information and what the Company believes to be appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions and/or estimation methodologies might have a material effect on the estimated fair value amounts. The table excludes cash and cash equivalents, restricted cash, receivables, net, and accounts payable, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments. November 30, 2022 2021 Fair Value Carrying Fair Carrying Fair (In thousands) Hierarchy Amount Value Amount Value ASSETS Financial Services: Loans held-for-investment, net Level 3 $ 45,636 45,647 44,582 44,594 Investments held-to-maturity Level 3 143,251 143,208 157,808 184,495 LIABILITIES Homebuilding senior notes and other debts payable, net Level 2 $ 4,047,294 3,993,242 4,652,338 5,046,721 Financial Services notes and other debts payable, net Level 2 2,135,093 2,135,797 1,726,026 1,726,860 Multifamily notes payable, net Level 2 16,749 16,749 — —
Fair Value Measured on a Recurring Basis	The Company’s financial instruments measured at fair value on a recurring basis are summarized below: Fair Value at November 30, (In thousands) Fair 2022 2021 Financial Services Assets: Residential loans held-for-sale Level 2 $ 1,750,712 1,636,283 LMF Commercial loans held-for-sale Level 3 25,599 68 Mortgage servicing rights Level 3 3,463 2,492 Forward options Level 1 9,473 — Lennar Other: Investments in equity securities Level 1 212,981 906,539 Investments available-for-sale Level 3 35,482 41,654 Residential and LMF Commercial loans held-for-sale in the table above include: November 30, 2022 2021 (In thousands) Aggregate Principal Balance Change in Fair Value Aggregate Principal Balance Change in Fair Value Residential loans held-for-sale $ 1,734,480 16,233 1,586,764 49,519 LMF Commercial loans held-for-sale 24,000 1,599 — 68
Reconciliation of Beginning and Ending Balance for the Company's Level 3 Recurring Fair Value Measurements	The following table represents the reconciliation of the beginning and ending balance for the Level 3 recurring fair value measurements in the Company's Financial Services segment: Years Ended November 30, 2022 2021 (In thousands) Mortgage servicing rights LMF Commercial loans held-for-sale Mortgage servicing rights LMF Commercial loans held-for-sale Beginning of year $ 2,492 68 2,113 193,588 Purchases/loan originations 353 740,345 584 774,905 Sales/loan originations sold, including those not settled — (715,933) — (931,023) Disposals/settlements (1) (404) — (1,365) (35,837) Changes in fair value (2) 1,022 1,599 1,160 (388) Interest and principal paydowns — (480) — (1,177) End of year $ 3,463 25,599 2,492 68 (1) The year ended November 30, 2021 includes $28.5 million of loans sold/paid outside of LMF Commercial ’s six securitizations and $7.3 million of loans converted to loans held-for-investment. (2) Changes in fair value for LMF Commercial loans held-for-sale and Financial Services mortgage servicing rights are included in Financial Services' revenues.
Schedule of Gains and Losses of Financial Instruments Measured on a Recurring Basis	The changes in fair values for Level 1 and Level 2 financial instruments measured on a recurring basis are shown below by financial instrument and financial statement line item: Years Ended November 30, (In thousands) 2022 2021 2020 Changes in fair value included in Financial Services revenues: Loans held-for-sale $ (33,287) (14,449) 21,765 Mortgage loan commitments 43,695 (8,302) 12,774 Forward contracts (48,790) 11,513 (9,805) Forward options (142) — — Changes in fair value included in Lennar Other unrealized gain (loss) from technology investments: Investments in equity securities $ (655,094) 510,802 — Changes in fair value included in other comprehensive income (loss), net of tax: Lennar Other investments available-for-sale $ 1,464 (536) (805)
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, 2022 2021 Unobservable inputs Range Average selling price (1) $233,000 — $753,000 $635,000 Absorption rate per quarter (homes) 2 — 12 11 Discount rate 20% 20% November 30, 2022 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 November 30, 2022 Unobservable inputs Mortgage prepayment rate 8% Discount rate 13% Delinquency rate 7%
Communities Reviewed for Indicators of Impairment and Communities with Valuation Adjustments Needed	aluation 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, 2022 and 2021. The table below summarizes communities reviewed for indicators of impairment and communities with valuation adjustments recorded: At November 30, Communities with valuation adjustments # of communities with potential indicators of impairment # of communities Fair Value Valuation Adjustments 2022 15 9 $ 105,042 $ 33,563 2021 4 1 5,267 11,849 Years Ended November 30, 2022 2021 2020 (In thousands) Fair Carrying Value Fair Value Total 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 $ 347,300 295,663 (51,637) 32,364 16,342 (16,022) 176,637 148,684 (27,953) Land and land under development (2) Level 3 183,737 126,135 (57,602) 35,775 26,841 (8,934) 182,137 92,355 (89,782) Other assets (2) Level 3 — — — 12,764 12,024 (740) — — — Investments in unconsolidated entities (2) Level 3 1,454 — (1,454) — — — — — — (1) Represents losses due to valuation adjustments and deposit and acore write-offs recorded during the year. (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 year ended November 30, 2022, total losses, net, for land and land underdevelopment

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
Variable Interest Entities (Tables)	Nov. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Unconsolidated VIEs	he Company’s recorded investments in VIEs that are unconsolidated and its estimated maximum exposure to loss were as follows: November 30, 2022 2021 (In thousands) Investments in Unconsolidated VIEs Lennar’s Maximum Exposure to Loss Investments in Lennar’s Maximum Exposure to Loss Homebuilding (1) $ 586,935 718,719 107,323 301,619 Multifamily (2) 607,484 633,934 579,388 611,937 Financial Services (3) 143,251 143,251 157,808 157,808 Lennar Other (4) 55,952 55,952 12,680 12,680 $ 1,393,622 1,551,856 857,199 1,084,044 (1) As of November 30, 2022 and 2021, the maximum exposure to loss of Homebuilding's investments in unconsolidated VIEs was limited to its investments in unconsolidated VIEs, except with regard to the Company's remaining $77.3 million and $106.1 million, respectively, commitment to fund capital in Upward America, and $52.7 million and $87.9 million, respectively, of receivables relating to a short-term loan and management fee owed to the Company by Upward America. (2) As of November 30, 2022 and 2021, the maximum exposure to loss of Multifamily's investments in unconsolidated VIEs was primarily limited to its investments in the unconsolidated VIEs. The maximum exposure for LMV I and LMV II in addition to the investment also included to the remaining combined equity commitment of $19.3 million and $23.1 million as of November 30, 2022 and 2021, respectively, for future expenditures related to the construction and development of its projects. (3) As of both November 30, 2022 and 2021, the maximum exposure to loss of the Financial Services segment was limited to its investment in the unconsolidated VIEs and related to the Financial Services' CMBS investments held-to-maturity. (4) At November 30, 2022, the maximum recourse exposure to loss of the Lennar Other segment was limited to its investments in the unconsolidated VIEs. The Company’s exposure to losses on its option contracts with third parties and unconsolidated entities were as follows: November 30, (In thousands) 2022 2021 Non-refundable option deposits and pre-acquisition costs $ 1,990,946 1,228,057 Letters of credit in lieu of cash deposits under certain land and option contracts 163,942 175,937

Commitments And Contingent Li_2

Commitments And Contingent Liabilities (Tables)	12 Months Ended
Commitments And Contingent Liabilities (Tables)	Nov. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Assets And Liabilities, Lessee	The following table includes additional information about the Company's leases: (Dollars in thousands) November 30, 2022 Right-of-use assets $ 149,966 Lease liabilities $ 158,832 Weighted-average remaining lease term (in years) 7.9 Weighted-average discount rate 3.0%
Lessee, Operating Lease, Liability, Maturity	The Company has entered into agreements to lease certain office facilities and equipment under operating leases. Future minimum payments under the noncancellable leases in effect at November 30, 2022 were as follows: (In thousands) Lease Payments 2023 $ 34,167 2024 28,672 2025 24,049 2026 18,753 2027 and thereafter 73,036 Total future minimum lease payments (1) $ 178,677 Less: Interest (2) 19,845 Present value of lease liabilities (2) $ 158,832 (1) Future minimum lease payments exclude variable lease costs and short-term lease costs, which were $23.0 million and $2.7 million, respectively. (2) The Company's leases do not include a readily determinable implicit rate. As such, the Company has estimated the discount rate for these leases to determine the present value of lease payments at the lease commencement date or as of December 1, 2019, which was the effective date of ASU 2016-02. As of November 30, 2022, the Company recognized the lease liabilities on its consolidated balance sheets within accounts payable and other liabilities of the respective segments.
Lease, Cost	The Company's rental expense was as follows: Years Ended November 30, (In thousands) 2022 2021 2020 Rental expense $ 105,414 84,991 82,090

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Narrative) (Details)	12 Months Ended
	Nov. 30, 2022 USD ($) vote communities $ / shares shares	Nov. 30, 2021 USD ($) communities $ / shares shares	Nov. 30, 2020 USD ($) $ / shares shares	Mar. 31, 2022 USD ($) shares	Oct. 31, 2021 USD ($) shares
Segment Reporting Information [Line Items]
Advertising costs	$ 102,100,000	$ 74,200,000	$ 72,600,000
Cash held in escrow	$ 1,000,000,000	$ 940,400,000
Escrow deposit period	2 days	2 days
Number of active communities \| communities	1,200	1,259
Land under Purchase Options, Deposit	$ 2,000,000,000
Held-to-maturity securities, term	3 years
Deferred tax assets after valuation allowance	$ 720,063,000	$ 665,258,000
Net deferred tax liabilities		(4,245,000)
Deferred tax assets, valuation allowance	2,903,000	2,693,000
Self-insurance reserve	210,100,000	169,100,000
Authorized amount under stock repurchase program				$ 2,000,000,000	$ 1,000,000,000
Originally authorized shares under the stock repurchase program (in shares) \| shares				30,000,000	25,000,000
Compensation expense	37,500,000	29,400,000	$ 27,300,000
Right-of-use assets	149,966,000
Operating lease liability	158,832,000
Net deferred tax assets	242,408,000
Variable Interest Entity, Not Primary Beneficiary Including Third Parties
Segment Reporting Information [Line Items]
Increase in consolidated inventory not owned	1,200,000,000
Operating Segments
Segment Reporting Information [Line Items]
Available-for-sale securities	35,482,000	41,654,000
Held-to-maturity securities	143,251,000	157,808,000
Investments in equity securities	$ 391,026,000	$ 1,006,599,000
Executive Chairman
Segment Reporting Information [Line Items]
Voting power	36%
Preferred Stock
Segment Reporting Information [Line Items]
Preferred stock, shares authorized (in shares) \| shares	500,000
Preferred stock, par value (in usd per share) \| $ / shares	$ 10
Participating Preferred Stock
Segment Reporting Information [Line Items]
Preferred stock, shares authorized (in shares) \| shares	100,000,000
Preferred stock, par value (in usd per share) \| $ / shares	$ 0.10
Preferred stock, shares issued (in shares) \| shares	0
Class A Common Stock
Segment Reporting Information [Line Items]
Cash dividends (in USD per share) \| $ / shares	$ 1.50	$ 1	$ 0.625
Votes per share \| vote	1
Stock repurchased (in shares) \| shares	9,600,000
Class A Common Stock \| Common Stock
Segment Reporting Information [Line Items]
Treasury stock retired (in shares) \| shares	46,700,000
Class B Common Stock
Segment Reporting Information [Line Items]
Cash dividends (in USD per share) \| $ / shares	$ 1.50	$ 1	$ 0.625
Votes per share \| vote	10
Stock repurchased (in shares) \| shares	1,300,000
Class B Common Stock \| Common Stock
Segment Reporting Information [Line Items]
Treasury stock retired (in shares) \| shares	2,800,000
Financial Services
Segment Reporting Information [Line Items]
Net deferred tax liabilities		$ (1,431,000)
Net deferred tax assets	$ 15,376,000
Financial Services \| Operating Segments
Segment Reporting Information [Line Items]
Available-for-sale securities	0	0
Held-to-maturity securities	143,251,000	157,808,000
Investments in equity securities		0
Lennar Other
Segment Reporting Information [Line Items]
Available-for-sale securities	35,500,000	41,700,000
Net deferred tax liabilities		(151,259,000)
Net deferred tax assets	46,214,000
Lennar Other \| Operating Segments
Segment Reporting Information [Line Items]
Available-for-sale securities	35,482,000	41,654,000
Held-to-maturity securities	0	0
Investments in equity securities	391,026,000	1,006,599,000
Homebuilding
Segment Reporting Information [Line Items]
Sales incentive, amount per home	$ 17,300	$ 9,000	$ 19,800
Sales incentive, amount per home, percentage	3.50%	2.10%	4.80%
Inventory write-down	$ 47,900,000
Interest incurred	230,800,000	$ 275,100,000	$ 353,400,000
Interest capitalized	211,700,000	254,900,000	$ 331,000,000
Net deferred tax assets	154,143,000	84,198,000
Homebuilding \| Operating Segments
Segment Reporting Information [Line Items]
Available-for-sale securities	0	0
Held-to-maturity securities	0	0
Investments in equity securities		$ 0
Stock Option Awards
Segment Reporting Information [Line Items]
Expiration period	10 years
Nonvested shares
Segment Reporting Information [Line Items]
Unrecognized compensation expense related to unvested share-based awards granted	$ 177,000,000
Weighted average remaining contractual life of unrecognized compensation expense related to unvested share-based awards	1 year 10 months 24 days
Nonvested shares vested (in shares) \| shares	1,581,744	1,800,000	1,400,000
Discount rate \| Minimum
Segment Reporting Information [Line Items]
Communities, unobservable inputs	0.10
Discount rate \| Maximum
Segment Reporting Information [Line Items]
Communities, unobservable inputs	0.20
Operating properties
Segment Reporting Information [Line Items]
Estimated useful life	30 years
Furniture, fixtures and equipment \| Minimum
Segment Reporting Information [Line Items]
Estimated useful life	2 years
Furniture, fixtures and equipment \| Maximum
Segment Reporting Information [Line Items]
Estimated useful life	10 years
Leasehold improvements
Segment Reporting Information [Line Items]
Estimated useful life	5 years

Summary Of Significant Accoun_5

Summary Of Significant Accounting Policies (Receivables, Net) (Details) - USD ($) $ in Thousands	Nov. 30, 2022	Nov. 30, 2021
Segment Reporting Information [Line Items]
Receivables, gross	$ 676,159	$ 492,809
Receivables, net	673,980	490,278
Upward America
Segment Reporting Information [Line Items]
Due from related parties, current	50,000	85,000
Homebuilding
Segment Reporting Information [Line Items]
Accounts receivable	490,420	245,004
Mortgages and notes receivable	185,739	247,805
Allowance for credit losses	$ (2,179)	$ (2,531)

Summary Of Significant Accoun_6

Summary Of Significant Accounting Policies (Communities with Indicators of Impairment and Communities with Valuation Adjustments Recorded) (Details) $ in Thousands	12 Months Ended
	Nov. 30, 2022 USD ($) community	Nov. 30, 2021 USD ($) community
Accounting Policies [Abstract]
# of communities with potential indicators of impairment \| community	15	4
Communities with valuation adjustments, # of communities \| community	9	1
Communities with valuation adjustments, Fair Value \| $	$ 105,042	$ 5,267
Communities with valuation adjustments, Valuation Adjustments \| $	$ 33,563	$ 11,849

Summary Of Significant Accoun_7

Summary Of Significant Accounting Policies (Unobservable inputs) (Details)	Nov. 30, 2022 home USD ($)	Nov. 30, 2021 USD ($) home
Average selling price (1) \| Level 3 \| Discounted Cash Flow Model \| Fair Value, Measurements, Nonrecurring \| Minimum
Segment Reporting Information [Line Items]
Communities, unobservable inputs \| $	233,000	635,000
Average selling price (1) \| Level 3 \| Discounted Cash Flow Model \| Fair Value, Measurements, Nonrecurring \| Maximum
Segment Reporting Information [Line Items]
Communities, unobservable inputs \| $	753,000
Absorption rate per quarter (homes) \| Level 3 \| Discounted Cash Flow Model \| Fair Value, Measurements, Nonrecurring \| Minimum
Segment Reporting Information [Line Items]
Communities, unobservable inputs \| home	2	11
Absorption rate per quarter (homes) \| Level 3 \| Discounted Cash Flow Model \| Fair Value, Measurements, Nonrecurring \| Maximum
Segment Reporting Information [Line Items]
Communities, unobservable inputs \| home	12
Discount rate \| Minimum
Segment Reporting Information [Line Items]
Communities, unobservable inputs	0.10
Discount rate \| Maximum
Segment Reporting Information [Line Items]
Communities, unobservable inputs	0.20
Discount rate \| Level 3 \| Discounted Cash Flow Model \| Fair Value, Measurements, Nonrecurring \| Minimum
Segment Reporting Information [Line Items]
Communities, unobservable inputs	0.20	0.20

Summary Of Significant Accoun_8

Summary Of Significant Accounting Policies (Operating Properties and Equipment) (Details) - USD ($) $ in Thousands	Nov. 30, 2022	Nov. 30, 2021
Property, Plant and Equipment [Line Items]
Operating properties and equipment, gross	$ 581,917	$ 538,761
Accumulated depreciation and amortization	(226,822)	(198,855)
Operating properties and equipment, net	355,095	339,906
Operating properties
Property, Plant and Equipment [Line Items]
Operating properties and equipment, gross	305,743	309,367
Leasehold improvements
Property, Plant and Equipment [Line Items]
Operating properties and equipment, gross	68,951	56,620
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Operating properties and equipment, gross	$ 207,223	$ 172,774

Summary Of Significant Accoun_9

Summary Of Significant Accounting Policies (Schedule Of Interest Expense) (Details) - Homebuilding - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Segment Reporting Information [Line Items]
Other interest expense	$ 19,128	$ 20,142	$ 22,401
Total interest expense	312,731	365,373	374,104
Inventory, Homes
Segment Reporting Information [Line Items]
Interest expense	293,105	342,756	349,109
Inventory, Land
Segment Reporting Information [Line Items]
Interest expense	$ 498	$ 2,475	$ 2,594

Summary Of Significant Accou_10

Summary Of Significant Accounting Policies (Schedule Of Warranty Reserve) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty reserve, beginning of year	$ 377,021	$ 341,765
Warranties issued	274,766	217,641
Adjustments to pre-existing warranties from changes in estimates	26,222	29,436
Payments	(259,992)	(211,821)
Warranty reserve, end of year	$ 418,017	$ 377,021

Summary Of Significant Accou_11

Summary Of Significant Accounting Policies (Repurchase of Company's Common Stock) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021
Class A Common Stock
Class of Stock [Line Items]
Shares repurchased (in shares)	9,628,203	13,910,000
Total purchase price	$ 868,788	$ 1,357,081
Average price per share (in usd per share)	$ 90.23	$ 97.56
Class B Common Stock
Class of Stock [Line Items]
Shares repurchased (in shares)	1,339,797	100,000
Total purchase price	$ 98,613	$ 8,197
Average price per share (in usd per share)	$ 73.60	$ 81.97

Summary Of Significant Accou_12

Summary Of Significant Accounting Policies (Compensation Expense Related to the Company's Share-based Awards) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Accounting Policies [Abstract]
Total compensation expense for nonvested share-based awards	$ 184,086	$ 135,090	$ 107,131

Summary Of Significant Accou_13

Summary Of Significant Accounting Policies (Schedule Of Nonvested Shares Activity) (Details) - Nonvested shares - $ / shares	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Shares
Beginning balance (in shares)	3,163,790
Grants (in shares)	1,697,986
Vested (in shares)	(1,581,744)	(1,800,000)	(1,400,000)
Forfeited (in shares)	(127,886)
Ending balance (in shares)	3,152,146	3,163,790
Weighted Average Grant Date Fair Value
Beginning balance (in USD per share)	$ 66.07
Grants (in USD per share)	88.92	$ 80.95	$ 60.10
Vested (in USD per share)	61.39
Forfeited (in USD per share)	74.38
Ending balance (in USD per share)	$ 80.39	$ 66.07

Summary Of Significant Accou_14

Summary Of Significant Accounting Policies (Loan Origination Liabilities) (Details) - Financial Services - Loan Origination Liabilities - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021
Loan Origination Liabilities [Roll Forward]
Loan origination liabilities, beginning of year	$ 11,670	$ 7,569
Provision for losses	966	4,639
Payments/settlements	(849)	(538)
Loan origination liabilities, end of year	$ 11,787	$ 11,670

Operating And Reporting Segme_3

Operating And Reporting Segments (Schedule of Segment Assets and Liabilities) (Details) - USD ($) $ in Thousands		Nov. 30, 2022		Nov. 30, 2021	Nov. 30, 2020
Segment Reporting Information [Line Items]
Assets	[1]	$ 37,984,295		$ 33,207,778
Total liabilities	[2]	13,743,928		12,211,496
Equity Securities without Readily Determinable Fair Value, Amount		178,000		100,100
Operating Segments
Segment Reporting Information [Line Items]
Cash and cash equivalents		4,778,720		2,921,744
Restricted cash		37,050		33,939
Receivables, net		1,614,277		1,296,848
Inventories		21,862,453		19,169,397
Loans held-for-sale		1,776,311		1,636,351
Investments in equity securities		391,026		1,006,599
Loans held-for-investment, net		45,636		44,582
Investments held-to-maturity		143,251		157,808
Investments available-for-sale		35,482		41,654
Investments in unconsolidated entities		2,137,813		1,972,383
Goodwill		3,632,058		3,632,058
Other assets		1,530,218		1,294,415
Assets		37,984,295		33,207,778
Notes and other debts payable, net		6,199,136		6,378,364
Other liabilities		7,544,792		5,833,132
Total liabilities		13,743,928		12,211,496
Homebuilding
Segment Reporting Information [Line Items]
Cash and cash equivalents	[1]	4,616,124		2,735,213
Restricted cash	[1]	23,046		21,927
Receivables, net	[1]	673,980		490,278
Inventories	[1]	21,432,011		18,715,304
Investments in unconsolidated entities	[1]	1,173,164		972,084
Goodwill		3,442,359	[1]	3,442,359
Other assets	[1]	1,323,478		1,090,654
Assets	[1]	32,684,162		27,467,819
Notes and other debts payable, net	[2]	4,047,294		4,652,338
Total liabilities	[2]	10,978,646		9,870,242
Homebuilding \| Operating Segments
Segment Reporting Information [Line Items]
Cash and cash equivalents		4,616,124		2,735,213	$ 2,703,986
Restricted cash		23,046		21,927	15,211
Receivables, net		673,980		490,278
Inventories		21,432,011		18,715,304
Loans held-for-sale		0		0
Investments in equity securities				0
Loans held-for-investment, net		0		0
Investments held-to-maturity		0		0
Investments available-for-sale		0		0
Investments in unconsolidated entities		1,173,164		972,084
Goodwill		3,442,359		3,442,359
Other assets		1,323,478		1,090,654
Assets		32,684,162		27,467,819
Notes and other debts payable, net		4,047,294		4,652,338
Other liabilities		6,931,352		5,217,904
Total liabilities		10,978,646		9,870,242
Financial Services
Segment Reporting Information [Line Items]
Assets	[1]	3,254,257		2,964,367
Total liabilities	[2]	2,353,904		1,906,343
Financial Services \| Operating Segments
Segment Reporting Information [Line Items]
Cash and cash equivalents		139,378		167,021	116,171
Restricted cash		14,004		12,012	54,481
Receivables, net		826,163		708,165
Inventories		0		0
Loans held-for-sale		1,776,311		1,636,351
Investments in equity securities				0
Loans held-for-investment, net		45,636		44,582
Investments held-to-maturity		143,251		157,808
Investments available-for-sale		0		0
Investments in unconsolidated entities		0		0
Goodwill		189,699		189,699
Other assets		119,815		48,729
Assets		3,254,257		2,964,367
Notes and other debts payable, net		2,135,093		1,726,026
Other liabilities		218,811		180,317
Total liabilities		2,353,904		1,906,343
Multifamily
Segment Reporting Information [Line Items]
Assets	[1]	1,257,337		1,311,747
Total liabilities	[2]	313,484		288,930
Multifamily \| Operating Segments
Segment Reporting Information [Line Items]
Cash and cash equivalents		17,827		16,850	38,963
Restricted cash		0		0
Receivables, net		114,134		98,405
Inventories		430,442		454,093
Loans held-for-sale		0		0
Investments in equity securities				0
Loans held-for-investment, net		0		0
Investments held-to-maturity		0		0
Investments available-for-sale		0		0
Investments in unconsolidated entities		648,126		654,029
Goodwill		0		0
Other assets		46,808		88,370
Assets		1,257,337		1,311,747
Notes and other debts payable, net		16,749		0
Other liabilities		296,735		288,930
Total liabilities		313,484		288,930
Lennar Other
Segment Reporting Information [Line Items]
Investments available-for-sale		35,500		41,700
Assets	[1]	788,539		1,463,845
Total liabilities	[2]	97,894		145,981
Lennar Other \| Operating Segments
Segment Reporting Information [Line Items]
Cash and cash equivalents		5,391		2,660	$ 3,918
Restricted cash		0		0
Receivables, net		0		0
Inventories		0		0
Loans held-for-sale		0		0
Investments in equity securities		391,026		1,006,599
Loans held-for-investment, net		0		0
Investments held-to-maturity		0		0
Investments available-for-sale		35,482		41,654
Investments in unconsolidated entities		316,523		346,270
Goodwill		0		0
Other assets		40,117		66,662
Assets		788,539		1,463,845
Notes and other debts payable, net		0		0
Other liabilities		97,894		145,981
Total liabilities		$ 97,894		$ 145,981

[1] Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of November 30, 2022, total assets include $1.4 billion related to consolidated VIEs of which $56.9 million is included in Homebuilding cash and cash equivalents, $0.3 million in Homebuilding receivables, net, $29.4 million in Homebuilding finished homes and construction in progress, $736.5 million in Homebuilding land and land under development, $533.8 million in Homebuilding consolidated inventory not owned, $1.0 million in Homebuilding investments in unconsolidated entities, $23.0 million in Homebuilding other assets, $33.2 million in Multifamily assets and $9.0 million in Lennar Other assets . As of November 30, 2021, total assets include $1.1 billion related to consolidated VIEs of which $60.9 million is included in Homebuilding cash and cash equivalents, $4.4 million in Homebuilding receivables, net, $14.3 million in Homebuilding finished homes and construction in progress, $697.1 million in Homebuilding land and land under development, $239.2 million in Homebuilding consolidated inventory not owned, $1.1 million in Homebuilding investments in unconsolidated entities, $17.4 million in Homebuilding other assets and $80.6 million in Multifamily assets. As of November 30, 2022, total liabilities include $620.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $66.9 million is included in Homebuilding accounts payable, $510.9 million in Homebuilding liabilities related to consolidated inventory not owned, $29.4 million in Homebuilding senior notes and other debts payable, $7.2 million in Homebuilding other liabilities, $3.8 million in Multifamily liabilities and $2.2 million in Lennar Other liabilities.

Operating and Reporting Segme_4

Operating and Reporting Segments (Financial Information Relating to Company's Segments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Segment Reporting Information [Line Items]
Earnings (loss) before income taxes	$ 6,014,566	$ 5,819,058	$ 3,123,788
Lennar Other
Segment Reporting Information [Line Items]
Unrealized gain (loss) on investments	(655,094)	510,802
Operating Segments
Segment Reporting Information [Line Items]
Total revenues	33,671,010	27,130,676	22,488,854
Operating earnings (loss)	6,495,463	6,277,264	3,482,206
Operating Segments \| Homebuilding
Segment Reporting Information [Line Items]
Total revenues	31,951,335	25,545,242	20,981,136
Operating earnings (loss)	6,777,317	5,031,762	2,988,907
Earnings (loss) before income taxes	6,777,317	5,031,762	2,988,907
Operating Segments \| Financial Services
Segment Reporting Information [Line Items]
Total revenues	809,680	898,745	890,311
Operating earnings (loss)	383,302	491,014	480,952
Earnings (loss) before income taxes	383,302	491,014	480,952
Operating Segments \| Financial Services \| Court Judgment
Segment Reporting Information [Line Items]
Provision for losses	35,500
Operating Segments \| Multifamily
Segment Reporting Information [Line Items]
Total revenues	865,603	665,232	576,328
Operating earnings (loss)	69,493	21,453	22,681
Earnings (loss) before income taxes	69,493	21,453	22,681
Operating Segments \| Lennar Other
Segment Reporting Information [Line Items]
Total revenues	44,392	21,457	41,079
Operating earnings (loss)	(734,649)	733,035	(10,334)
Earnings (loss) before income taxes	(734,649)	733,035	(10,334)
Unrealized gain (loss) on investments	(655,094)	510,802	0
Write-down of assets in unconsolidated entities	25,000
Corporate and unallocated
Segment Reporting Information [Line Items]
Corporate general and administrative expenses	(414,498)	(398,381)	(333,446)
Contribution Expense	(66,399)	(59,825)	(24,972)
Earnings (loss) before income taxes	(480,897)	(458,206)	(358,418)
Operating Segments And Corporate Non Segment
Segment Reporting Information [Line Items]
Earnings (loss) before income taxes	$ 6,014,566	$ 5,819,058	$ 3,123,788

Operating And Reporting Segme_5

Operating And Reporting Segments (Homebuilding Assets) (Details) - USD ($) $ in Thousands		Nov. 30, 2022	Nov. 30, 2021
Segment Reporting Information [Line Items]
Assets	[1]	$ 37,984,295	$ 33,207,778
Operating Segments
Segment Reporting Information [Line Items]
Assets		37,984,295	33,207,778
Corporate and unallocated
Segment Reporting Information [Line Items]
Assets		4,487,735	2,414,819
East \| Operating Segments
Segment Reporting Information [Line Items]
Assets		6,877,581	5,854,057
Central \| Operating Segments
Segment Reporting Information [Line Items]
Assets		4,010,610	3,782,847
Texas \| Operating Segments
Segment Reporting Information [Line Items]
Assets		3,742,663	2,801,192
West \| Operating Segments
Segment Reporting Information [Line Items]
Assets		12,182,709	11,171,741
Other \| Operating Segments
Segment Reporting Information [Line Items]
Assets		1,382,864	1,443,163
Homebuilding
Segment Reporting Information [Line Items]
Assets	[1]	32,684,162	27,467,819
Homebuilding \| Operating Segments
Segment Reporting Information [Line Items]
Assets		32,684,162	27,467,819
Homebuilding \| Operating Segments And Corporate Non Segment
Segment Reporting Information [Line Items]
Assets		$ 32,684,162	$ 27,467,819

[1] Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of November 30, 2022, total assets include $1.4 billion related to consolidated VIEs of which $56.9 million is included in Homebuilding cash and cash equivalents, $0.3 million in Homebuilding receivables, net, $29.4 million in Homebuilding finished homes and construction in progress, $736.5 million in Homebuilding land and land under development, $533.8 million in Homebuilding consolidated inventory not owned, $1.0 million in Homebuilding investments in unconsolidated entities, $23.0 million in Homebuilding other assets, $33.2 million in Multifamily assets and $9.0 million in Lennar Other assets . As of November 30, 2021, total assets include $1.1 billion related to consolidated VIEs of which $60.9 million is included in Homebuilding cash and cash equivalents, $4.4 million in Homebuilding receivables, net, $14.3 million in Homebuilding finished homes and construction in progress, $697.1 million in Homebuilding land and land under development, $239.2 million in Homebuilding consolidated inventory not owned, $1.1 million in Homebuilding investments in unconsolidated entities, $17.4 million in Homebuilding other assets and $80.6 million in Multifamily assets.

Operating And Reporting Segme_6

Operating And Reporting Segments (Homebuilding Financial Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 87,075	$ 85,954	$ 94,553
Operating Segments
Segment Reporting Information [Line Items]
Revenues	33,671,010	27,130,676	22,488,854
Operating earnings (loss)	6,495,463	6,277,264	3,482,206
Homebuilding
Segment Reporting Information [Line Items]
Interest expense	312,731	365,373	374,104
Homebuilding \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	31,951,335	25,545,242	20,981,136
Operating earnings (loss)	6,777,317	5,031,762	2,988,907
Interest expense	312,731	365,373	374,104
Depreciation and amortization	104,290	101,399	95,094
Net additions to operating properties and equipment	11,101	41,774	156,134
East \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	9,266,013	6,870,944	5,715,028
Operating earnings (loss)	2,240,256	1,455,432	933,297
Interest expense	78,345	90,314	93,245
Depreciation and amortization	24,888	24,531	21,504
Net additions to operating properties and equipment	2,651	219	955
Central \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	5,846,023	4,826,535	4,093,693
Operating earnings (loss)	889,231	720,419	482,929
Interest expense	54,547	58,899	58,777
Depreciation and amortization	15,219	16,118	13,659
Net additions to operating properties and equipment	363	239	(11,370)
Texas \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	4,227,771	3,241,321	2,709,681
Operating earnings (loss)	929,237	730,465	421,594
Interest expense	29,442	28,764	29,901
Depreciation and amortization	9,354	9,821	9,366
Net additions to operating properties and equipment	136	(9)	712
West \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	12,571,386	10,563,756	8,437,167
Operating earnings (loss)	2,773,597	2,192,446	1,241,494
Interest expense	140,017	176,633	178,498
Depreciation and amortization	54,055	49,691	50,316
Net additions to operating properties and equipment	1,414	26,375	165,869
Other \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	40,142	42,686	25,567
Operating earnings (loss)	(55,004)	(67,000)	(90,407)
Interest expense	10,380	10,763	13,683
Depreciation and amortization	774	1,238	249
Net additions to operating properties and equipment	$ 6,537	$ 14,950	$ (32)

Operating And Reporting Segme_7

Operating And Reporting Segments (Financial Services Warehouse Facilities) (Details) - Warehouse Repurchase Facility - Financial Services - USD ($)	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021
Short-term Debt [Line Items]
Maximum Aggregate Commitment	$ 2,850,000,000
Warehouse repurchase facility term	364 days
Residential Warehouse Repurchase Facility Due in March 2021
Short-term Debt [Line Items]
Maximum Aggregate Commitment	$ 800,000,000
Residential Warehouse Repurchase Facility Due in June 2021
Short-term Debt [Line Items]
Maximum Aggregate Commitment	500,000,000
Residential Warehouse Repurchase Facility Due in July 2021
Short-term Debt [Line Items]
Maximum Aggregate Commitment	1,000,000,000
Residential Warehouse Repurchase Facility
Short-term Debt [Line Items]
Maximum Aggregate Commitment	2,300,000,000
Borrowings under facilities	1,877,411,000	$ 1,482,258,000
Commercial Warehouse Repurchase Facility Due in December 2020
Short-term Debt [Line Items]
Maximum Aggregate Commitment	100,000,000
Commercial Warehouse Repurchase Facility Due in November 2021
Short-term Debt [Line Items]
Maximum Aggregate Commitment	400,000,000
Commercial Warehouse Repurchase Facility Due in December 2021
Short-term Debt [Line Items]
Maximum Aggregate Commitment	50,000,000
Commercial Warehouse Repurchase Facility
Short-term Debt [Line Items]
Maximum Aggregate Commitment	550,000,000
Borrowings under facilities	$ 124,399,000	$ 96,294,000

Operating And Reporting Segme_8

Operating And Reporting Segments (Narrative) (Details) $ in Thousands		12 Months Ended
		Nov. 30, 2022 USD ($) transaction	Nov. 30, 2021 USD ($) transaction	Nov. 30, 2020 USD ($)
Doma Holdings, Inc
Segment Reporting Information [Line Items]
Ownership percentage		25%
Financial Services
Segment Reporting Information [Line Items]
Origination of loans		$ 740,345	$ 770,107
Loans sold		$ 715,933	$ 931,023
Number of securitizations \| transaction		6	6
Financial Services \| Loan Origination Liabilities
Segment Reporting Information [Line Items]
Loss Contingency Accrual		$ 11,787	$ 11,670	$ 7,569
Financial Services \| Commercial Mortgage-Backed Securities \| Minimum
Segment Reporting Information [Line Items]
Discount rate		6%
Coupon rate		2%
Financial Services \| Commercial Mortgage-Backed Securities \| Maximum
Segment Reporting Information [Line Items]
Discount rate		84%
Coupon rate		5.30%
Financial Services \| Warehouse Repurchase Facility
Segment Reporting Information [Line Items]
Percentage of loan collateralized		80%
Homebuilding
Segment Reporting Information [Line Items]
Senior notes and other debts payable, net	[1]	$ 4,047,294	4,652,338
Interest rate		8%
Investments in unconsolidated entities	[2]	$ 1,173,164	$ 972,084

[1] As of November 30, 2022, total liabilities include $620.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $66.9 million is included in Homebuilding accounts payable, $510.9 million in Homebuilding liabilities related to consolidated inventory not owned, $29.4 million in Homebuilding senior notes and other debts payable, $7.2 million in Homebuilding other liabilities, $3.8 million in Multifamily liabilities and $2.2 million in Lennar Other liabilities. Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of November 30, 2022, total assets include $1.4 billion related to consolidated VIEs of which $56.9 million is included in Homebuilding cash and cash equivalents, $0.3 million in Homebuilding receivables, net, $29.4 million in Homebuilding finished homes and construction in progress, $736.5 million in Homebuilding land and land under development, $533.8 million in Homebuilding consolidated inventory not owned, $1.0 million in Homebuilding investments in unconsolidated entities, $23.0 million in Homebuilding other assets, $33.2 million in Multifamily assets and $9.0 million in Lennar Other assets . As of November 30, 2021, total assets include $1.1 billion related to consolidated VIEs of which $60.9 million is included in Homebuilding cash and cash equivalents, $4.4 million in Homebuilding receivables, net, $14.3 million in Homebuilding finished homes and construction in progress, $697.1 million in Homebuilding land and land under development, $239.2 million in Homebuilding consolidated inventory not owned, $1.1 million in Homebuilding investments in unconsolidated entities, $17.4 million in Homebuilding other assets and $80.6 million in Multifamily assets.

Operating and Reporting Segme_9

Operating and Reporting Segments (Loans Held-for-Sale) (Details) - Financial Services $ in Thousands	12 Months Ended
	Nov. 30, 2022 USD ($) transaction	Nov. 30, 2021 USD ($) transaction
Segment Reporting Information [Line Items]
Origination of loans	$ 740,345	$ 770,107
Loans sold	$ 715,933	$ 931,023
Number of securitizations \| transaction	6	6

Operating and Reporting Segm_10

Operating and Reporting Segments (Commercial Mortgage-Backed Securities) (Details) - Financial Services - USD ($) $ in Thousands	Nov. 30, 2022	Nov. 30, 2021
Carrying Amount
Segment Reporting Information [Line Items]
Carrying value	$ 143,251	$ 157,808
Financing Agreement to Purchase Commercial Mortgage Backed Securities \| Secured Debt
Segment Reporting Information [Line Items]
Notes and other debts payable, net	$ 133,283	$ 147,474
Incurred interest rate	3.40%	3.40%

Operating and Reporting Segm_11

Operating and Reporting Segments (Fair Value Inputs for Commercial Mortgage-Backed Securities) (Details) - Commercial Mortgage-Backed Securities - Financial Services	12 Months Ended
	Nov. 30, 2022
Minimum
Segment Reporting Information [Line Items]
Discount rate	6%
Coupon rate	2%
Maximum
Segment Reporting Information [Line Items]
Discount rate	84%
Coupon rate	5.30%

Operating And Reporting Segm_12

Operating And Reporting Segments (Financial Services Warehouse Facilities Outstanding) (Details) - Financial Services - Warehouse Repurchase Facility - USD ($) $ in Thousands	Nov. 30, 2022	Nov. 30, 2021
Residential Warehouse Repurchase Facility
Short-term Debt [Line Items]
Borrowings under facilities	$ 1,877,411	$ 1,482,258
Collateral under the residential facilities	1,950,155	1,539,641
Commercial Warehouse Repurchase Facility
Short-term Debt [Line Items]
Borrowings under facilities	$ 124,399	$ 96,294

Operating and Reporting Segm_13

Operating and Reporting Segments - Unrealized Gain (Loss) on Investments (Details) - Lennar Other - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021
Segment Reporting Information [Line Items]
Lennar Other unrealized gain (loss) from technology investments	$ (655,094)	$ 510,802
Disposal Group, Held-for-sale, Not Discontinued Operations \| Solar Business
Segment Reporting Information [Line Items]
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax	(61,225)	(8,883)
Opendoor
Segment Reporting Information [Line Items]
Lennar Other unrealized gain (loss) from technology investments	(25,630)	(6,744)
Hippo
Segment Reporting Information [Line Items]
Lennar Other unrealized gain (loss) from technology investments	(222,447)	207,634
SmartRent
Segment Reporting Information [Line Items]
Lennar Other unrealized gain (loss) from technology investments	(265,276)	239,312
Sunnova Energy International Inc.
Segment Reporting Information [Line Items]
Lennar Other unrealized gain (loss) from technology investments	(78,177)	79,483
Blend Labs
Segment Reporting Information [Line Items]
Lennar Other unrealized gain (loss) from technology investments	$ (2,339)	$ 0

Investments In Unconsolidated_2

Investments In Unconsolidated Entities (Homebuilding Unconsolidated Entities) (Details) $ in Thousands		Nov. 30, 2022 USD ($) investment	Nov. 30, 2021 USD ($)
Schedule of Equity Method Investments [Line Items]
Underlying equity in unconsolidated entities' net assets		$ 1,504,315	$ 1,301,719
Homebuilding
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	[1]	1,173,164	972,084
Homebuilding \| FivePoint Unconsolidated Entity
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities		$ 382,900	$ 381,600
Strategic joint ventures contributed \| investment		3
Ownership percentage		40%

[1] Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of November 30, 2022, total assets include $1.4 billion related to consolidated VIEs of which $56.9 million is included in Homebuilding cash and cash equivalents, $0.3 million in Homebuilding receivables, net, $29.4 million in Homebuilding finished homes and construction in progress, $736.5 million in Homebuilding land and land under development, $533.8 million in Homebuilding consolidated inventory not owned, $1.0 million in Homebuilding investments in unconsolidated entities, $23.0 million in Homebuilding other assets, $33.2 million in Multifamily assets and $9.0 million in Lennar Other assets . As of November 30, 2021, total assets include $1.1 billion related to consolidated VIEs of which $60.9 million is included in Homebuilding cash and cash equivalents, $4.4 million in Homebuilding receivables, net, $14.3 million in Homebuilding finished homes and construction in progress, $697.1 million in Homebuilding land and land under development, $239.2 million in Homebuilding consolidated inventory not owned, $1.1 million in Homebuilding investments in unconsolidated entities, $17.4 million in Homebuilding other assets and $80.6 million in Multifamily assets.

Investments In Unconsolidated_3

Investments In Unconsolidated Entities (Homebuilding Unconsolidated Entities Activity) (Details) - Unconsolidated Entities - Homebuilding - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Land sales revenues
Schedule of Equity Method Investments [Line Items]
Total revenues	$ 94,513	$ 57,944	$ 99,935
Management fees and reimbursement of expenses, net of deferrals
Schedule of Equity Method Investments [Line Items]
Total revenues	$ 20,792	$ 16,464	$ 2,363

Investments In Unconsolidated_4

Investments In Unconsolidated Entities (Narrative) (Details) $ in Thousands		3 Months Ended	12 Months Ended
		Feb. 28, 2022 USD ($)	Nov. 30, 2022 USD ($) property	Nov. 30, 2021 USD ($)
Upward America Venture
Schedule of Equity Method Investments [Line Items]
Equity Method Investment , Total Equity Commitments			$ 125,000
Number of Homes Delivered \| property			2,418
Investments in unconsolidated entities			$ 37,700	$ 13,300
Homebuilding
Schedule of Equity Method Investments [Line Items]
Debt			1,400,000	1,200,000
Maximum recourse exposure			9,100	5,300
Unconsolidated entities non-recourse debt with completion guarantees			333,600	241,000
Investments in unconsolidated entities	[1]		1,173,164	972,084
Homebuilding \| FivePoint Unconsolidated Entity
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities			382,900	381,600
Multifamily
Schedule of Equity Method Investments [Line Items]
Unconsolidated entities non-recourse debt with completion guarantees			1,000,000	855,200
Multifamily \| Lennar Multifamily Fund
Schedule of Equity Method Investments [Line Items]
Equity Method Investment , Total Equity Commitments			1,000,000
Investments in unconsolidated entities			$ 26,000
Fund Investment, Ownership Percentage			4%
Lennar Other \| Rialto Funds and Investment Vehicles
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities			$ 185,100	200,600
Lennar Other \| Strategic Technology Investments
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities			131,500	$ 145,600
Upward America Venture
Schedule of Equity Method Investments [Line Items]
Equity Method Investment , Total Equity Commitments			$ 1,600,000
Equity Method Investment, Equity Commitments Raised During Period		$ 350,000

[1] Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of November 30, 2022, total assets include $1.4 billion related to consolidated VIEs of which $56.9 million is included in Homebuilding cash and cash equivalents, $0.3 million in Homebuilding receivables, net, $29.4 million in Homebuilding finished homes and construction in progress, $736.5 million in Homebuilding land and land under development, $533.8 million in Homebuilding consolidated inventory not owned, $1.0 million in Homebuilding investments in unconsolidated entities, $23.0 million in Homebuilding other assets, $33.2 million in Multifamily assets and $9.0 million in Lennar Other assets . As of November 30, 2021, total assets include $1.1 billion related to consolidated VIEs of which $60.9 million is included in Homebuilding cash and cash equivalents, $4.4 million in Homebuilding receivables, net, $14.3 million in Homebuilding finished homes and construction in progress, $697.1 million in Homebuilding land and land under development, $239.2 million in Homebuilding consolidated inventory not owned, $1.1 million in Homebuilding investments in unconsolidated entities, $17.4 million in Homebuilding other assets and $80.6 million in Multifamily assets.

Investments In Unconsolidated_5

Investments In Unconsolidated Entities (Multifamily Services Provided to Unconsolidated Entities) (Details) - Unconsolidated Entities - Multifamily - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
General Contractor
Schedule of Equity Method Investments [Line Items]
Total revenues	$ 498,142	$ 549,400	$ 400,808
Costs	478,620	533,398	383,649
Land sales revenues
Schedule of Equity Method Investments [Line Items]
Total revenues	237,477	15,105	83,944
Management fees and reimbursement of expenses, net of deferrals
Schedule of Equity Method Investments [Line Items]
Total revenues	$ 63,823	$ 56,573	$ 56,253

Investments In Unconsolidated_6

Investments In Unconsolidated Entities (Multifamily Venture Funds) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Schedule of Equity Method Investments [Line Items]
Distributions to Lennar	$ 71,301	$ 45,984	$ 62,073
Multifamily \| LMV I
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	217,099
Equity commitments	2,204,016
Equity commitments called	2,152,324
Lennar's equity commitments	504,016
Lennar's equity commitments called	499,919
Lennar's remaining commitments	4,097
Distributions to Lennar	25,576
Multifamily \| LMV II
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	293,831
Equity commitments	1,257,700
Equity commitments called	1,206,664
Lennar's equity commitments	381,000
Lennar's equity commitments called	365,807
Lennar's remaining commitments	15,193
Distributions to Lennar	$ 12,555

Investments In Unconsolidated_7

Investments In Unconsolidated Entities (Summarized Financial Information of Unconsolidated Entities) (Details) - USD ($) $ in Thousands		12 Months Ended
		Nov. 30, 2022		Nov. 30, 2021		Nov. 30, 2020
Assets:
Total assets	[1]	$ 37,984,295		$ 33,207,778
LIABILITIES AND EQUITY
Equity		24,240,367	[2]	20,996,282	[2]	$ 18,099,401
Total liabilities and equity	[2]	37,984,295		33,207,778
Statement of Operations Years Ended:
Net earnings (including net earnings attributable to noncontrolling interests)		4,648,501		4,456,549		2,467,553
Operating Segments
Assets:
Total assets		37,984,295		33,207,778
LIABILITIES AND EQUITY
Investments in unconsolidated entities		2,137,813		1,972,383
Statement of Operations Years Ended:
Total revenues		33,671,010		27,130,676		22,488,854
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Assets:
Cash and cash equivalents		833,095		917,680
Loans receivable		25,045		65,971
Real estate owned		213,103		279,200
Investment securities		2,543,715		2,461,788
Investments in partnerships		165,599		346,042
Inventories		5,392,285		4,666,454
Operating properties and equipment		7,146,981		6,451,302
Other assets		2,125,129		1,376,201
Total assets		18,444,952		16,564,638
LIABILITIES AND EQUITY
Accounts payable and other liabilities		1,410,518		1,324,885
Debt		6,035,393		5,023,715
Equity		10,999,041		10,216,038
Total liabilities and equity		18,444,952		16,564,638
Statement of Operations Years Ended:
Total revenues		1,747,336		1,383,266		1,362,686
Costs and expenses		1,695,272		1,448,775		1,221,873
Other income		197,056		187,625		(244,680)
Net earnings (including net earnings attributable to noncontrolling interests)		249,120		122,116		(103,867)
Equity in earnings (loss) from unconsolidated entities		(36,302)		48,993		(13,939)
Homebuilding
Assets:
Total assets	[1]	32,684,162		27,467,819
LIABILITIES AND EQUITY
Investments in unconsolidated entities	[1]	1,173,164		972,084
Debt issuance costs		18,400		11,900
Homebuilding \| Operating Segments
Assets:
Total assets		32,684,162		27,467,819
LIABILITIES AND EQUITY
Investments in unconsolidated entities		1,173,164		972,084
Statement of Operations Years Ended:
Total revenues		31,951,335		25,545,242		20,981,136
Homebuilding \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Assets:
Cash and cash equivalents		366,276		460,901
Loans receivable		0		0
Real estate owned		0		0
Investment securities		0		0
Investments in partnerships		0		0
Inventories		5,391,285		4,666,454
Operating properties and equipment		56,687		44,802
Other assets		1,378,156		1,044,771
Total assets		7,192,404		6,216,928
LIABILITIES AND EQUITY
Accounts payable and other liabilities		994,603		904,078
Debt		1,383,302		1,216,721
Equity		4,814,499		4,096,129
Total liabilities and equity		7,192,404		6,216,928
Financial Services
Assets:
Total assets	[1]	3,254,257		2,964,367
Financial Services \| Operating Segments
Assets:
Total assets		3,254,257		2,964,367
LIABILITIES AND EQUITY
Investments in unconsolidated entities		0		0
Statement of Operations Years Ended:
Total revenues		809,680		898,745		890,311
Multifamily
Assets:
Total assets	[1]	1,257,337		1,311,747
LIABILITIES AND EQUITY
Debt issuance costs		26,400		23,400
Multifamily \| Operating Segments
Assets:
Total assets		1,257,337		1,311,747
LIABILITIES AND EQUITY
Investments in unconsolidated entities		648,126		654,029
Statement of Operations Years Ended:
Total revenues		865,603		665,232		576,328
Equity in earnings (loss) from unconsolidated entities		52,821		9,031		21,934
Multifamily \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Assets:
Cash and cash equivalents		53,121		25,972
Loans receivable		0		0
Real estate owned		0		0
Investment securities		0		0
Investments in partnerships		0		0
Inventories		1,000		0
Operating properties and equipment		7,090,294		6,406,500
Other assets		523,152		111,750
Total assets		7,667,567		6,544,222
LIABILITIES AND EQUITY
Accounts payable and other liabilities		245,266		240,928
Debt		4,318,774		3,407,362
Equity		3,103,527		2,895,932
Total liabilities and equity		7,667,567		6,544,222
Lennar Other
Assets:
Total assets	[1]	788,539		1,463,845
Lennar Other \| Operating Segments
Assets:
Total assets		788,539		1,463,845
LIABILITIES AND EQUITY
Investments in unconsolidated entities		316,523		346,270
Statement of Operations Years Ended:
Total revenues		44,392		21,457		$ 41,079
Lennar Other \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Assets:
Cash and cash equivalents		413,698		430,807
Loans receivable		25,045		65,971
Real estate owned		213,103		279,200
Investment securities		2,543,715		2,461,788
Investments in partnerships		165,599		346,042
Inventories		0		0
Operating properties and equipment		0		0
Other assets		223,821		219,680
Total assets		3,584,981		3,803,488
LIABILITIES AND EQUITY
Accounts payable and other liabilities		170,649		179,879
Debt		333,317		399,632
Equity		3,081,015		3,223,977
Total liabilities and equity		$ 3,584,981		$ 3,803,488

[1] Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of November 30, 2022, total assets include $1.4 billion related to consolidated VIEs of which $56.9 million is included in Homebuilding cash and cash equivalents, $0.3 million in Homebuilding receivables, net, $29.4 million in Homebuilding finished homes and construction in progress, $736.5 million in Homebuilding land and land under development, $533.8 million in Homebuilding consolidated inventory not owned, $1.0 million in Homebuilding investments in unconsolidated entities, $23.0 million in Homebuilding other assets, $33.2 million in Multifamily assets and $9.0 million in Lennar Other assets . As of November 30, 2021, total assets include $1.1 billion related to consolidated VIEs of which $60.9 million is included in Homebuilding cash and cash equivalents, $4.4 million in Homebuilding receivables, net, $14.3 million in Homebuilding finished homes and construction in progress, $697.1 million in Homebuilding land and land under development, $239.2 million in Homebuilding consolidated inventory not owned, $1.1 million in Homebuilding investments in unconsolidated entities, $17.4 million in Homebuilding other assets and $80.6 million in Multifamily assets. As of November 30, 2022, total liabilities include $620.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $66.9 million is included in Homebuilding accounts payable, $510.9 million in Homebuilding liabilities related to consolidated inventory not owned, $29.4 million in Homebuilding senior notes and other debts payable, $7.2 million in Homebuilding other liabilities, $3.8 million in Multifamily liabilities and $2.2 million in Lennar Other liabilities.

Homebuilding Senior Notes And_3

Homebuilding Senior Notes And Other Debts Payable (Schedule Of Senior Notes And Other Debts Payable) (Details) - Homebuilding - USD ($) $ in Thousands		Nov. 30, 2022	Aug. 31, 2022	Nov. 30, 2021
Debt Instrument [Line Items]
Senior notes and other debts payable, net	[1]	$ 4,047,294		$ 4,652,338
Interest rate		8%
Senior Notes \| 4.875% senior notes due December 2023
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 399,169		398,345
Interest rate		4.875%
Senior Notes \| 4.500% senior notes due 2024
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 648,975		648,253
Interest rate		4.50%
Senior Notes \| 5.875% senior notes due 2024
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 434,128		438,810
Interest rate		5.875%
Senior Notes \| 4.750% senior notes due 2025
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 498,892		498,446
Interest rate		4.75%
Senior Notes \| 5.25% senior notes due 2026
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 404,257		405,497
Interest rate		5.25%
Senior Notes \| 5.00% senior notes due 2027
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 351,741		352,124
Interest rate		5%
Senior Notes \| 4.75% senior notes due 2027
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 896,259		895,510
Interest rate		4.75%
Senior Notes \| 4.750% senior notes due 2022
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 0		573,840
Interest rate		4.75%	4.75%
Mortgage notes on land and other debt
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 413,873		$ 441,513

[1] As of November 30, 2022, total liabilities include $620.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $66.9 million is included in Homebuilding accounts payable, $510.9 million in Homebuilding liabilities related to consolidated inventory not owned, $29.4 million in Homebuilding senior notes and other debts payable, $7.2 million in Homebuilding other liabilities, $3.8 million in Multifamily liabilities and $2.2 million in Lennar Other liabilities.

Homebuilding Senior Notes And_4

Homebuilding Senior Notes And Other Debts Payable (Narrative) (Details) - USD ($)		12 Months Ended
		Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020	Aug. 31, 2022	May 31, 2022	Apr. 30, 2022
Debt Instrument [Line Items]
Mortgages notes on land and other debt retired		$ 48,079,000	$ 195,212,000	$ 604,995,000
Loss on Extinguishment of Debt		0	(2,204,000)	$ 7,997,000
Homebuilding
Debt Instrument [Line Items]
Senior notes and other debts payable, net	[1]	4,047,294,000	4,652,338,000
Minimum required guarantee of debt by subsidiaries to be a guarantor		$ 75,000,000
Interest rate		8%
Weighted average interest rate		4.30%
Homebuilding \| Mortgage notes on land and other debt
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 413,873,000	441,513,000
Mortgages notes on land and other debt retired		48,100,000	195,200,000
Homebuilding \| Senior Notes
Debt Instrument [Line Items]
Debt issuance costs		7,600,000	11,000,000
Homebuilding \| Senior Notes \| 4.750% senior notes due 2022
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 0	573,840,000
Interest rate		4.75%			4.75%
Debt Instrument, Repurchase Amount					$ 575,000,000
Homebuilding \| Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 0	$ 0
Accordion feature		425,000,000
Homebuilding \| Unsecured Revolving Credit Facility \| Credit Facility
Debt Instrument [Line Items]
Maximum borrowings						$ 2,600,000,000	$ 2,500,000,000
Maximum borrowings after accordion feature		3,000,000,000
Homebuilding \| Unsecured Revolving Credit Facility \| Credit Facility, Maturing April 2024
Debt Instrument [Line Items]
Maximum borrowings		350,000,000
Homebuilding \| Letters of Credit
Debt Instrument [Line Items]
Maximum borrowings		$ 500,000,000

[1] As of November 30, 2022, total liabilities include $620.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $66.9 million is included in Homebuilding accounts payable, $510.9 million in Homebuilding liabilities related to consolidated inventory not owned, $29.4 million in Homebuilding senior notes and other debts payable, $7.2 million in Homebuilding other liabilities, $3.8 million in Multifamily liabilities and $2.2 million in Lennar Other liabilities.

Homebuilding Senior Notes And_5

Homebuilding Senior Notes And Other Debts Payable (Schedule of Letter of Credit Facilities) (Details) - USD ($) $ in Thousands	Nov. 30, 2022	Nov. 30, 2021
Line of Credit Facility [Line Items]
Letters of credit outstanding	$ 1,800,000
Performance letters of credit
Line of Credit Facility [Line Items]
Letters of credit outstanding	1,259,033	$ 924,584
Financial Letters Of Credit
Line of Credit Facility [Line Items]
Letters of credit outstanding	503,659	425,843
Surety bonds
Line of Credit Facility [Line Items]
Letters of credit outstanding	4,136,715	3,553,047
Anticipated future costs primarily for site improvements related to performance surety bonds
Line of Credit Facility [Line Items]
Letters of credit outstanding	$ 2,273,694	$ 1,690,861

Homebuilding Senior Notes And_6

Homebuilding Senior Notes And Other Debts Payable (Schedule of Senior and Convertible Senior Notes) (Details) - Homebuilding - USD ($)	1 Months Ended
	Nov. 30, 2017	Apr. 30, 2017	Nov. 30, 2015	Apr. 30, 2015	Nov. 30, 2022	Aug. 31, 2022	Nov. 30, 2018	Feb. 12, 2018
Debt Instrument [Line Items]
Interest rate					8%
Senior Notes \| 4.750% senior notes due 2022
Debt Instrument [Line Items]
Interest rate					4.75%	4.75%
Senior Notes \| 4.875% senior notes due December 2023
Debt Instrument [Line Items]
Principal Amount			$ 400,000,000
Net Proceeds			$ 393,622,000
Price			99.169%
Interest rate					4.875%
Senior Notes \| 4.500% senior notes due 2024
Debt Instrument [Line Items]
Principal Amount		$ 650,000,000
Net Proceeds		$ 644,838,000
Price		100%
Interest rate					4.50%
Senior Notes \| 5.875% senior notes due 2024
Debt Instrument [Line Items]
Principal Amount								$ 425,000,000
Interest rate					5.875%
Senior Notes \| 4.750% senior notes due 2025
Debt Instrument [Line Items]
Principal Amount				$ 500,000,000
Net Proceeds				$ 495,528,000
Price				100%
Interest rate					4.75%
Senior Notes \| 5.25% senior notes due 2026
Debt Instrument [Line Items]
Principal Amount								400,000,000
Interest rate					5.25%
Senior Notes \| 5.00% senior notes due 2027
Debt Instrument [Line Items]
Principal Amount								$ 350,000,000
Interest rate					5%
Senior Notes \| 4.75% senior notes due 2027
Debt Instrument [Line Items]
Principal Amount							$ 900,000,000
Net Proceeds	$ 894,650,000
Price							100%
Interest rate					4.75%

Homebuilding Senior Notes And_7

Homebuilding Senior Notes And Other Debts Payable (Schedule Of Maturities Of Senior Notes And Other Debts Payable) (Details) - Homebuilding $ in Thousands	Nov. 30, 2022 USD ($)
Segment Reporting Information [Line Items]
2023	$ 223,130
2024	1,537,367
2025	566,124
2026	404,486
2027	1,265,349
Thereafter	$ 42,415

Income Taxes (Component Of Inco

Income Taxes (Component Of Income Taxes Benefit (Provision) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Current:
Federal	$ 1,282,037	$ 924,474	$ 428,907
State	330,681	245,941	135,246
Current income tax benefit (expense)	1,612,718	1,170,415	564,153
Deferred:
Federal	(193,667)	149,349	59,065
State	(52,986)	42,745	33,017
Deferred income tax benefit (expense)	(246,653)	192,094	92,082
Income tax benefit (expense)	$ 1,366,065	$ 1,362,509	$ 656,235

Income Taxes (Reconciliation Of

Income Taxes (Reconciliation Of Statutory Rate And Effective Tax Rate) (Details) - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Income Tax Disclosure [Abstract]
Statutory rate	21%	21%	21%
State income taxes, net of federal income tax benefit	4.52%	4.03%	4%
Tax credits	(2.16%)	(1.73%)	(4.46%)
Nondeductible compensation	0%	0.49%	0.57%
Tax reserves and interest expense, net	(0.83%)	0.03%	0%
Deferred tax asset valuation allowance, net	0%	(0.01%)	0%
Other	0.31%	(0.29%)	(0.09%)
Effective rate	22.84%	23.52%	21.02%
Resolution of uncertain tax position, benefit	$ 50.2

Income Taxes (Deferred Income T

Income Taxes (Deferred Income Taxes Assets And Liabilities, Carrying Amount) (Details) - USD ($) $ in Thousands	Nov. 30, 2022	Nov. 30, 2021
Deferred tax assets:
Inventory valuation adjustments	$ 83,330	$ 94,624
Reserves and accruals	199,451	187,466
Net operating loss carryforwards	61,741	74,902
Capitalized expenses	241,887	174,405
Investments in unconsolidated entities	16,311	48,913
Employee stock incentive plan	37,573	37,813
Other assets	82,673	49,828
Total deferred tax assets	722,966	667,951
Valuation allowance	(2,903)	(2,693)
Total deferred tax assets after valuation allowance	720,063	665,258
Deferred tax liabilities:
Capitalized expenses	177,726	187,332
Deferred income	253,659	272,827
Unrealized gains on investments in equity securities	0	164,534
Other liabilities	46,270	44,810
Total deferred tax liabilities	477,655	669,503
Net deferred tax assets	$ 242,408
Net deferred tax liabilities		$ (4,245)

Income Taxes (Net Deferred Tax

Income Taxes (Net Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Nov. 30, 2022	Nov. 30, 2021
Segment Reporting Information [Line Items]
Net deferred tax assets	$ (242,408)
Net deferred tax liabilities		$ (4,245)
Homebuilding
Segment Reporting Information [Line Items]
Net deferred tax assets	(154,143)	(84,198)
Financial Services
Segment Reporting Information [Line Items]
Net deferred tax assets	(15,376)
Net deferred tax liabilities		(1,431)
Multifamily
Segment Reporting Information [Line Items]
Net deferred tax assets	(26,675)	(64,247)
Lennar Other
Segment Reporting Information [Line Items]
Net deferred tax assets	$ (46,214)
Net deferred tax liabilities		$ (151,259)

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Nov. 30, 2022	Nov. 30, 2021
Operating Loss Carryforwards [Line Items]
Deferred tax assets, valuation allowance	$ 2,903	$ 2,693
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	29,672	32,968
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 32,069	$ 41,935
State \| Minimum
Operating Loss Carryforwards [Line Items]
Net operating loss carryforward, term	10 years
State \| Maximum
Operating Loss Carryforwards [Line Items]
Net operating loss carryforward, term	20 years

Income Taxes (Summary Of Change

Income Taxes (Summary Of Changes In Gross Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Gross Unrecognized Tax Benefits [Roll Forward]
Gross unrecognized tax benefits, beginning of year	$ 12,285	$ 12,285	$ 12,856
Lapse of statute of limitations	0	0	(349)
Decreases due to settlements with tax authorities	(12,285)	0	(222)
Gross unrecognized tax benefits, end of year	$ 0	$ 12,285	$ 12,285

Income Taxes (Accrued Interests

Income Taxes (Accrued Interests and Penalties) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021
Accrued Interests and Penalties [Roll Forward]
Accrued interest and penalties, beginning of the year	$ 59,937	$ 57,764
Accrual of interest and penalties (primarily related to state audits)	0	2,173
Reduction of interest and penalties	(59,937)	0
Accrued interest and penalties, end of the year	$ 0	$ 59,937

Earnings Per Share (Schedule of

Earnings Per Share (Schedule of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Numerator:
Net earnings attributable to Lennar	$ 4,614,125	$ 4,430,111	$ 2,465,036
Less: distributed earnings allocated to nonvested shares	4,471	2,690	1,658
Less: undistributed earnings allocated to nonvested shares	47,509	50,229	26,731
Numerator for basic earnings per share	4,562,145	4,377,192	2,436,647
Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan	4,919	2,907	8,971
Numerator for diluted earnings per share	$ 4,557,226	$ 4,374,285	$ 2,427,676
Denominator:
Denominator for basic earnings per share - weighted average common shares outstanding (in shares)	289,824	306,612	309,406
Effect of dilutive securities:
Share-based payments (in shares)	0	0	1
Denominator for diluted earnings per share - weighted average common shares outstanding (in shares)	289,824	306,612	309,407
Basic earnings per share (in USD per share)	$ 15.74	$ 14.28	$ 7.88
Diluted earnings per share (in USD per share)	$ 15.72	$ 14.27	$ 7.85

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares	12 Months Ended
Earnings Per Share (Narrative) (Details) - shares	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Stock Option Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase outstanding and anti-dilutive shares (in shares)	0	0	0

Financial Instruments and Fai_3

Financial Instruments and Fair Value Disclosure (Carrying Amounts And Estimated Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands	Nov. 30, 2022	Nov. 30, 2021
Homebuilding \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	$ 4,047,294	$ 4,652,338
Financial Services \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans held-for-investment, net	45,636	44,582
Investments held-to-maturity	143,251	157,808
Notes and other debts payable	2,135,093	1,726,026
Level 3 \| Financial Services \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans held-for-investment, net	45,647	44,594
Investments held-to-maturity	143,208	184,495
Level 2 \| Homebuilding \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	3,993,242	5,046,721
Level 2 \| Financial Services \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	2,135,797	1,726,860
Level 2 \| Multifamily \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	16,749	0
Level 2 \| Multifamily \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	$ 16,749	$ 0

Financial Instruments and Fai_4

Financial Instruments and Fair Value Disclosure (Fair Value Measured On Recurring Basis) (Details) - USD ($) $ in Thousands	Nov. 30, 2022	Nov. 30, 2021
Residential Portfolio Segment
Financial Instruments [Line Items]
Aggregate principal balance of loans held-for-sale	$ 1,734,480	$ 1,586,764
Aggregate fair value of loans held-for-sale in excess of principal balance	16,233	49,519
Commercial Portfolio Segment
Financial Instruments [Line Items]
Aggregate principal balance of loans held-for-sale	24,000	0
Aggregate fair value of loans held-for-sale in excess of principal balance	1,599	68
Lennar Other
Financial Instruments [Line Items]
Investments available-for-sale	35,500	41,700
Fair Value, Measurements, Recurring \| Financial Services \| Level 1 \| Forward options
Financial Instruments [Line Items]
Derivative asset	9,473	0
Fair Value, Measurements, Recurring \| Financial Services \| Level 2 \| Residential Portfolio Segment
Financial Instruments [Line Items]
Loans held-for-sale	1,750,712	1,636,283
Fair Value, Measurements, Recurring \| Financial Services \| Level 3
Financial Instruments [Line Items]
Mortgage servicing rights	3,463	2,492
Fair Value, Measurements, Recurring \| Financial Services \| Level 3 \| Commercial Portfolio Segment
Financial Instruments [Line Items]
Loans held-for-sale	25,599	68
Fair Value, Measurements, Recurring \| Lennar Other \| Level 1
Financial Instruments [Line Items]
Investments in equity securities	212,981	906,539
Fair Value, Measurements, Recurring \| Lennar Other \| Level 3
Financial Instruments [Line Items]
Investments available-for-sale	$ 35,482	$ 41,654

Financial Instruments and Fai_5

Financial Instruments and Fair Value Disclosure (Narrative) (Details) - Financial Services - Mortgage servicing rights - Level 3	Nov. 30, 2022
Mortgage prepayment rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage servicing rights, key assumptions	0.08
Discount rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage servicing rights, key assumptions	0.13
Delinquency rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage servicing rights, key assumptions	0.07

Financial Instruments and Fai_6

Financial Instruments and Fair Value Disclosure (Schedule Of Gains And Losses Of Financial Instruments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Debt and Equity Securities, FV-NI [Line Items]
Changes in fair value included in other comprehensive income	$ 1,464	$ (536)	$ (851)
Lennar Other
Debt and Equity Securities, FV-NI [Line Items]
Lennar Other unrealized gain (loss) from technology investments	(655,094)	510,802
Fair Value, Measurements, Recurring \| Loans held-for-sale \| Financial Services
Debt and Equity Securities, FV-NI [Line Items]
Lennar Other unrealized gain (loss) from technology investments	(33,287)	(14,449)	21,765
Fair Value, Measurements, Recurring \| Mortgage loan commitments \| Financial Services
Debt and Equity Securities, FV-NI [Line Items]
Lennar Other unrealized gain (loss) from technology investments	43,695	(8,302)	12,774
Fair Value, Measurements, Recurring \| Forward contracts \| Financial Services
Debt and Equity Securities, FV-NI [Line Items]
Lennar Other unrealized gain (loss) from technology investments	(48,790)	11,513	(9,805)
Fair Value, Measurements, Recurring \| Forward options \| Financial Services
Debt and Equity Securities, FV-NI [Line Items]
Lennar Other unrealized gain (loss) from technology investments	(142)	0	0
Fair Value, Measurements, Recurring \| Equity Securities \| Lennar Other
Debt and Equity Securities, FV-NI [Line Items]
Lennar Other unrealized gain (loss) from technology investments	(655,094)	510,802	0
Fair Value, Measurements, Recurring \| Lennar Other investments available-for-sale \| Lennar Other
Debt and Equity Securities, FV-NI [Line Items]
Changes in fair value included in other comprehensive income	$ 1,464	$ (536)	$ (805)

Financial Instruments and Fai_7

Financial Instruments and Fair Value Disclosure (Reconciliation of Beginning and Ending Balance of the Company's Level 3 Recurring Fair Value Measurements (Details) - Financial Services $ in Thousands	12 Months Ended
	Nov. 30, 2022 USD ($) transaction	Nov. 30, 2021 USD ($) transaction
Fair Value Assets Measures on Recurring Basis, Unobservable Inputs [Roll Forward]
Number of securitizations \| transaction	6	6
Mortgage servicing rights
Fair Value Assets Measures on Recurring Basis, Unobservable Inputs [Roll Forward]
Beginning of year	$ 2,492	$ 2,113
Purchases/loan originations	353	584
Sales/loan originations sold, including those not settled	0	0
Disposals/settlements	(404)	(1,365)
Changes in fair value	1,022	1,160
Interest and principal paydowns	0	0
End of year	3,463	2,492
Loans held-for-sale
Fair Value Assets Measures on Recurring Basis, Unobservable Inputs [Roll Forward]
Beginning of year	68	193,588
Purchases/loan originations	740,345	774,905
Sales/loan originations sold, including those not settled	(715,933)	(931,023)
Disposals/settlements	0	(35,837)
Changes in fair value	1,599	(388)
Interest and principal paydowns	(480)	(1,177)
End of year	25,599	$ 68
Asset converted to loans-held-for sale	7,300
Loans Held For Sale, Excluding Securitizations
Fair Value Assets Measures on Recurring Basis, Unobservable Inputs [Roll Forward]
Disposals/settlements	$ (28,500)

Financial Instruments and Fai_8

Financial Instruments and Fair Value Disclosure (Fair Value Assets Measured On Nonrecurring Basis) (Details) - Homebuilding - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Inventory write-down	$ 47,900
Fair Value, Measurements, Nonrecurring \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Finished homes and construction in progress, carrying value	347,300	$ 32,364	$ 176,637
Finished homes and construction in progress, fair value	295,663	16,342	148,684
Finished homes and construction in progress, total gains and losses	(51,637)	(16,022)	(27,953)
Land and land under development, carrying value	183,737	35,775	182,137
Land and land under development, fair value	126,135	26,841	92,355
Land and land under development, total gains (losses)	(57,602)	(8,934)	(89,782)
Other assets, carrying value	0	12,764	0
Other assets, fair value	0	12,024	0
Other assets, total gains (loss)	0	(740)	0
Fair Value, Measurements, Nonrecurring \| Level 3 \| Equity Method Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Adjustment	(1,454)	0	0
Fair Value, Measurements, Nonrecurring \| Level 3 \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity Method Investments, Fair Value Disclosure	1,454	0	0
Fair Value, Measurements, Nonrecurring \| Level 3 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity Method Investments, Fair Value Disclosure	$ 0	$ 0	$ 0

Variable Interest Entities (Nar

Variable Interest Entities (Narrative) (Details) $ in Thousands		12 Months Ended
		Nov. 30, 2022 USD ($) entity	Nov. 30, 2021 USD ($)
Variable Interest Entity [Line Items]
Assets	[1]	$ 37,984,295	$ 33,207,778
Liabilities	[2]	13,743,928	12,211,496
Letters of credit outstanding		1,800,000
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Assets		1,400,000	1,100,000
Liabilities		620,400	258,500
Variable Interest Entity, Entities Consolidated
Variable Interest Entity [Line Items]
Assets		134,800
Variable Interest Entity, Four Entities Consolidated
Variable Interest Entity [Line Items]
Assets		244,300
Liabilities		74,200
Homebuilding
Variable Interest Entity [Line Items]
Assets	[1]	32,684,162	27,467,819
Liabilities	[2]	$ 10,978,646	9,870,242
Homebuilding \| Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Number of entities consolidated during period \| entity		6
Multifamily
Variable Interest Entity [Line Items]
Assets	[1]	$ 1,257,337	1,311,747
Liabilities	[2]	313,484	288,930
Multifamily \| Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Assets		33,200	80,600
Liabilities		3,800	2,800
Financial Services
Variable Interest Entity [Line Items]
Assets	[1]	3,254,257	2,964,367
Liabilities	[2]	$ 2,353,904	$ 1,906,343

[1] Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of November 30, 2022, total assets include $1.4 billion related to consolidated VIEs of which $56.9 million is included in Homebuilding cash and cash equivalents, $0.3 million in Homebuilding receivables, net, $29.4 million in Homebuilding finished homes and construction in progress, $736.5 million in Homebuilding land and land under development, $533.8 million in Homebuilding consolidated inventory not owned, $1.0 million in Homebuilding investments in unconsolidated entities, $23.0 million in Homebuilding other assets, $33.2 million in Multifamily assets and $9.0 million in Lennar Other assets . As of November 30, 2021, total assets include $1.1 billion related to consolidated VIEs of which $60.9 million is included in Homebuilding cash and cash equivalents, $4.4 million in Homebuilding receivables, net, $14.3 million in Homebuilding finished homes and construction in progress, $697.1 million in Homebuilding land and land under development, $239.2 million in Homebuilding consolidated inventory not owned, $1.1 million in Homebuilding investments in unconsolidated entities, $17.4 million in Homebuilding other assets and $80.6 million in Multifamily assets. As of November 30, 2022, total liabilities include $620.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $66.9 million is included in Homebuilding accounts payable, $510.9 million in Homebuilding liabilities related to consolidated inventory not owned, $29.4 million in Homebuilding senior notes and other debts payable, $7.2 million in Homebuilding other liabilities, $3.8 million in Multifamily liabilities and $2.2 million in Lennar Other liabilities.

Variable Interest Entities (Est

Variable Interest Entities (Estimated Maximum Exposure To Loss) (Details) - USD ($) $ in Thousands		Nov. 30, 2022	Nov. 30, 2021
Variable Interest Entity [Line Items]
Assets	[1]	$ 37,984,295	$ 33,207,778
Letters of credit outstanding		1,800,000
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets		1,393,622	857,199
Lennar's Maximum Exposure to Loss		1,551,856	1,084,044
Variable Interest Entity, Not Primary Beneficiary Including Third Parties
Variable Interest Entity [Line Items]
Non-refundable option deposits and pre-acquisition costs		1,990,946	1,228,057
Variable Interest Entity, Not Primary Beneficiary Including Third Parties \| Letters of Credit
Variable Interest Entity [Line Items]
Letters of credit outstanding		163,942	175,937
Homebuilding
Variable Interest Entity [Line Items]
Assets	[1]	32,684,162	27,467,819
Homebuilding \| Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets		586,935	107,323
Lennar's Maximum Exposure to Loss		718,719	301,619
Homebuilding \| Upward America Venture \| Variable Interest Entity, Not Primary Beneficiary \| Commitment To Fund Capital
Variable Interest Entity [Line Items]
Obligations related to VIEs		77,300	106,100
Homebuilding \| Upward America Venture \| Variable Interest Entity, Not Primary Beneficiary \| Commitment For Short-term Loan And Management Fee Receivable
Variable Interest Entity [Line Items]
Obligations related to VIEs		52,700	87,900
Multifamily
Variable Interest Entity [Line Items]
Assets	[1]	1,257,337	1,311,747
Multifamily \| Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets		607,484	579,388
Lennar's Maximum Exposure to Loss		633,934	611,937
Multifamily \| Equity Commitments \| Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Obligations related to VIEs		19,300	23,100
Financial Services
Variable Interest Entity [Line Items]
Assets	[1]	3,254,257	2,964,367
Financial Services \| Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets		143,251	157,808
Lennar's Maximum Exposure to Loss		143,251	157,808
Lennar Other
Variable Interest Entity [Line Items]
Assets	[1]	788,539	1,463,845
Lennar Other \| Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets		55,952	12,680
Lennar's Maximum Exposure to Loss		$ 55,952	$ 12,680

[1] Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of November 30, 2022, total assets include $1.4 billion related to consolidated VIEs of which $56.9 million is included in Homebuilding cash and cash equivalents, $0.3 million in Homebuilding receivables, net, $29.4 million in Homebuilding finished homes and construction in progress, $736.5 million in Homebuilding land and land under development, $533.8 million in Homebuilding consolidated inventory not owned, $1.0 million in Homebuilding investments in unconsolidated entities, $23.0 million in Homebuilding other assets, $33.2 million in Multifamily assets and $9.0 million in Lennar Other assets . As of November 30, 2021, total assets include $1.1 billion related to consolidated VIEs of which $60.9 million is included in Homebuilding cash and cash equivalents, $4.4 million in Homebuilding receivables, net, $14.3 million in Homebuilding finished homes and construction in progress, $697.1 million in Homebuilding land and land under development, $239.2 million in Homebuilding consolidated inventory not owned, $1.1 million in Homebuilding investments in unconsolidated entities, $17.4 million in Homebuilding other assets and $80.6 million in Multifamily assets.

Commitments and Contingent Li_3

Commitments and Contingent Liabilities (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Other Commitments [Line Items]
Non-refundable option deposits and pre-acquisition costs	$ 2,000,000
Rental Expense	105,414	$ 84,991	$ 82,090
Letters of credit outstanding	1,800,000
Costs to Complete Related to Site Improvements
Other Commitments [Line Items]
Costs to complete related to site improvements	$ 2,300,000
Costs to complete related to site improvements as a percent	55%
Surety bonds
Other Commitments [Line Items]
Outstanding surety bonds	$ 4,100,000

Commitment and Contingencies (A

Commitment and Contingencies (Additional Information about Leases) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Right-of-use assets	$ 149,966
Operating lease liability	$ 158,832
Operating Lease, Weighted Average Remaining Lease Term	7 years 10 months 24 days
Lessee, Operating Lease, Discount Rate	3%
Rental Expense	$ 105,414	$ 84,991	$ 82,090
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other liabilities

Commitments And Contingent Li_4

Commitments And Contingent Liabilities (Future Minimum Payments Under Noncancellable Leases) (Details) $ in Thousands	Nov. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months	$ 34,167
Lessee, Operating Lease, Liability, Payments, Due Year Two	28,672
Lessee, Operating Lease, Liability, Payments, Due Year Three	24,049
Lessee, Operating Lease, Liability, Payments, Due Year Four	18,753
Lessee, Operating Lease, Liability, Payments, Due after Year Four	73,036
Lessee, Operating Lease, Liability, Payments, Due	178,677
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	19,845
Operating lease liability	158,832
Variable lease costs	23,000
Short-term lease costs	$ 2,700

Schedule II-Valuation And Qua_2

Schedule II-Valuation And Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Allowance for credit losses against notes and other receivables
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	$ 2,531	$ 2,394	$ 3,379
Additions, Charged to costs and expenses	145	79	661
Additions, Charged (credited) to other accounts	(497)	59	(568)
Deductions	0	(1)	(1,078)
Ending balance	2,179	2,531	2,394
Allowance for loan losses against loans receivable
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	2,091	4,012	4,122
Additions, Charged to costs and expenses	9,127	0	795
Additions, Charged (credited) to other accounts	0	(31)	17
Deductions	(88)	(1,890)	(922)
Ending balance	11,130	2,091	4,012
Allowance against net deferred tax assets
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	2,693	4,411	4,341
Additions, Charged to costs and expenses	784	0	70
Additions, Charged (credited) to other accounts	0	(1,556)	0
Deductions	(574)	(162)	0
Ending balance	$ 2,903	$ 2,693	$ 4,411