Lennar (LEN) 10-Q 7 Apr 20 2020 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	3 Months Ended
	Feb. 29, 2020shares
Class of Stock [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Feb. 29, 2020
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	700 Northwest 107th Avenue
Entity Address, City or Town	Miami
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33172
City Area Code	305
Local Phone Number	559-4000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Current Fiscal Year End Date	--11-30
Entity Shell Company	false
Entity Central Index Key	0000920760
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A Common Stock
Class of Stock [Line Items]
Title of 12(b) Security	Class A Common Stock, par value $.10
Trading Symbol	LEN
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding	274,617,591
Class B Common Stock
Class of Stock [Line Items]
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	37,623,275

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Feb. 29, 2020	Nov. 30, 2019
ASSETS
Cash and cash equivalents		$ 1,052,482	$ 1,445,996
Restricted cash		22,560	22,695
Receivables, net		674,077	906,877
Inventories:
Total inventories		19,000,531	18,091,614
Investments in unconsolidated entities		1,942,541	1,973,913
Goodwill		3,657,875	3,657,875
Other assets		1,336,905	1,245,391
Total assets	[1]	29,173,699	29,359,511
LIABILITIES AND EQUITY
Other liabilities		3,859,494	3,751,985
Total liabilities	[2]	12,980,322	13,325,681
Stockholders' equity:
Preferred stock	[2]	0	0
Additional paid-in capital	[2]	8,609,944	8,578,219
Retained earnings	[2]	8,654,213	8,295,001
Treasury stock, at cost; February 29, 2020 - 23,400,879 shares of Class A common stock and 1,819,826 shares of Class B common stock; November 30, 2019 - 18,964,973 shares of Class A common stock and 1,704,630 shares of Class B common stock	[2]	(1,253,756)	(957,857)
Accumulated other comprehensive income	[2]	452	498
Total stockholders’ equity	[2]	16,044,599	15,949,517
Noncontrolling interests	[2]	148,778	84,313
Total equity	[2]	16,193,377	16,033,830
Total liabilities and equity	[2]	29,173,699	29,359,511
Class A Common Stock
Stockholders' equity:
Common stock	[2]	29,802	29,712
Class B Common Stock
Stockholders' equity:
Common stock	[2]	3,944	3,944
Homebuilding
ASSETS
Cash and cash equivalents	[1]	784,950	1,200,832
Restricted cash	[1]	8,666	9,698
Receivables, net	[1]	311,817	329,124
Inventories:
Finished homes and construction in progress	[1]	10,110,009	9,195,721
Land and land under development	[1]	8,116,047	8,267,647
Consolidated inventory not owned	[1]	417,424	313,139
Total inventories	[1]	18,643,480	17,776,507
Investments in unconsolidated entities	[1]	946,716	1,009,035
Goodwill	[1]	3,442,359	3,442,359
Other assets	[1]	1,061,852	1,021,684
Total assets	[1]	25,199,840	24,789,239
LIABILITIES AND EQUITY
Accounts payable	[2]	1,180,708	1,069,179
Liabilities related to consolidated inventory not owned	[2]	365,284	260,266
Senior notes and other debts payable, net	[2]	8,115,498	7,776,638
Other liabilities	[2]	1,733,605	1,900,955
Total liabilities	[2]	11,395,095	11,007,038
Financial Services
Inventories:
Total assets	[1]	2,375,564	3,006,024
LIABILITIES AND EQUITY
Total liabilities	[2]	1,358,723	2,056,450
Multifamily
Inventories:
Total assets	[1]	1,113,903	1,068,831
LIABILITIES AND EQUITY
Total liabilities	[2]	201,992	232,155
Lennar Other
Inventories:
Total assets	[1]	484,392	495,417
LIABILITIES AND EQUITY
Total liabilities	[2]	$ 24,512	$ 30,038
[1]	Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. As of February 29, 2020 , total assets include $1.2 billion related to consolidated VIEs of which $12.9 million is included in Homebuilding cash and cash equivalents, $0.1 million in Homebuilding receivables, net, $104.4 million in Homebuilding finished homes and construction in progress, $292.5 million in Homebuilding land and land under development, $406.1 million in Homebuilding consolidated inventory not owned, $2.7 million in Homebuilding investments in unconsolidated entities, $7.3 million in Homebuilding other assets, $259.9 million in Financial Services assets and $74.2 million in Multifamily assets. As of November 30, 2019 , total assets include $980.2 million related to consolidated VIEs of which $15.5 million is included in Homebuilding cash and cash equivalents, $0.2 million in Homebuilding receivables, net, $97.5 million in Homebuilding finished homes and construction in progress, $283.2 million in Homebuilding land and land under development, $301.0 million in Homebuilding consolidated inventory not owned, $2.5 million in Homebuilding investments in unconsolidated entities, $10.0 million in Homebuilding other assets, $221.2 million in Financial Services assets and $49.1 million in Multifamily assets.
[2]	Under certain provisions of ASC 810, the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated VIEs and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. As of February 29, 2020 , total liabilities include $669.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $8.9 million is included in Homebuilding accounts payable, $353.5 million in Homebuilding liabilities related to consolidated inventory not owned, $68.3 million in Homebuilding senior notes and other debts payable, $8.9 million in Homebuilding other liabilities, $218.5 million in Financial Services liabilities and $11.3 million in Multifamily liabilities. As of November 30, 2019 , total liabilities include $549.7 million related to consolidated VIEs as to which there was no recourse against the Company, of which $13.7 million is included in Homebuilding accounts payable, $247.5 million in Homebuilding liabilities related to consolidated inventory not owned, $47.1 million in Homebuilding senior notes and other debt payable, $8.9 million in Homebuilding other liabilities, $231.1 million in Financial Services liabilities and $1.4 million in Multifamily liabilities.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands		Feb. 29, 2020	Nov. 30, 2019
Total assets	[1]	$ 29,173,699	$ 29,359,511
Cash and cash equivalents		1,052,482	1,445,996
Receivables, net		674,077	906,877
Investments in unconsolidated entities		1,942,541	1,973,913
Other assets		1,336,905	1,245,391
Total liabilities	[2]	12,980,322	13,325,681
Other liabilities		$ 3,859,494	$ 3,751,985
Class A Common Stock
Common stock, par value (in dollars per share)		$ 0.10	$ 0.10
Common stock, shares authorized		400,000,000	400,000,000
Common stock, shares issued		298,018,470	297,119,153
Treasury stock, shares		23,400,879	18,964,973
Class B Common Stock
Common stock, par value (in dollars per share)		$ 0.10	$ 0.10
Common stock, shares authorized		90,000,000	90,000,000
Common stock, shares issued		39,443,101	39,443,064
Treasury stock, shares		1,819,826	1,704,630
Homebuilding
Total assets	[1]	$ 25,199,840	$ 24,789,239
Cash and cash equivalents	[1]	784,950	1,200,832
Receivables, net	[1]	311,817	329,124
Finished homes and construction in progress	[1]	10,110,009	9,195,721
Land and land under development	[1]	8,116,047	8,267,647
Consolidated inventory not owned	[1]	417,424	313,139
Investments in unconsolidated entities	[1]	946,716	1,009,035
Other assets	[1]	1,061,852	1,021,684
Total liabilities	[2]	11,395,095	11,007,038
Accounts payable	[2]	1,180,708	1,069,179
Senior notes and other debts payable, net	[2]	8,115,498	7,776,638
Liabilities related to consolidated inventory not owned	[2]	365,284	260,266
Other liabilities	[2]	1,733,605	1,900,955
Financial Services
Total assets	[1]	2,375,564	3,006,024
Total liabilities	[2]	1,358,723	2,056,450
Multifamily
Total assets	[1]	1,113,903	1,068,831
Total liabilities	[2]	201,992	232,155
Lennar Other
Total assets	[1]	484,392	495,417
Total liabilities	[2]	24,512	30,038
Variable Interest Entity, Primary Beneficiary
Total assets		1,200,000	980,200
Total liabilities		669,400	549,700
Variable Interest Entity, Primary Beneficiary | Homebuilding
Cash and cash equivalents		12,900	15,500
Receivables, net		100	200
Finished homes and construction in progress		104,400	97,500
Land and land under development		292,500	283,200
Consolidated inventory not owned		406,100	301,000
Investments in unconsolidated entities		2,700	2,500
Other assets		7,300	10,000
Accounts payable		8,900	13,700
Senior notes and other debts payable, net	[2]	68,300	47,100
Liabilities related to consolidated inventory not owned		353,500	247,500
Other liabilities		8,900	8,900
Variable Interest Entity, Primary Beneficiary | Financial Services
Other assets		259,900	221,200
Total liabilities		218,500	231,100
Variable Interest Entity, Primary Beneficiary | Multifamily
Total assets		74,200	49,100
Total liabilities		$ 11,300	$ 1,400
[1]	Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. As of February 29, 2020 , total assets include $1.2 billion related to consolidated VIEs of which $12.9 million is included in Homebuilding cash and cash equivalents, $0.1 million in Homebuilding receivables, net, $104.4 million in Homebuilding finished homes and construction in progress, $292.5 million in Homebuilding land and land under development, $406.1 million in Homebuilding consolidated inventory not owned, $2.7 million in Homebuilding investments in unconsolidated entities, $7.3 million in Homebuilding other assets, $259.9 million in Financial Services assets and $74.2 million in Multifamily assets. As of November 30, 2019 , total assets include $980.2 million related to consolidated VIEs of which $15.5 million is included in Homebuilding cash and cash equivalents, $0.2 million in Homebuilding receivables, net, $97.5 million in Homebuilding finished homes and construction in progress, $283.2 million in Homebuilding land and land under development, $301.0 million in Homebuilding consolidated inventory not owned, $2.5 million in Homebuilding investments in unconsolidated entities, $10.0 million in Homebuilding other assets, $221.2 million in Financial Services assets and $49.1 million in Multifamily assets.
[2]	Under certain provisions of ASC 810, the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated VIEs and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. As of February 29, 2020 , total liabilities include $669.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $8.9 million is included in Homebuilding accounts payable, $353.5 million in Homebuilding liabilities related to consolidated inventory not owned, $68.3 million in Homebuilding senior notes and other debts payable, $8.9 million in Homebuilding other liabilities, $218.5 million in Financial Services liabilities and $11.3 million in Multifamily liabilities. As of November 30, 2019 , total liabilities include $549.7 million related to consolidated VIEs as to which there was no recourse against the Company, of which $13.7 million is included in Homebuilding accounts payable, $247.5 million in Homebuilding liabilities related to consolidated inventory not owned, $47.1 million in Homebuilding senior notes and other debt payable, $8.9 million in Homebuilding other liabilities, $231.1 million in Financial Services liabilities and $1.4 million in Multifamily liabilities.

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Revenues:
Revenues	$ 4,505,337	$ 3,868,082
Cost and expenses:
Corporate general and administrative	86,847	79,343
Total costs and expenses	4,075,919	3,545,317
Equity in earnings (loss) from unconsolidated entities	(2,572)	(5,710)
Earnings before income taxes	423,552	319,124
Provision for income taxes	(32,329)	(79,700)
Net earnings (including net loss attributable to noncontrolling interests)	391,223	239,424
Less: Net loss attributable to noncontrolling interests	(7,229)	(486)
Net earnings attributable to Lennar	398,452	239,910
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on securities available-for-sale	(46)	208
Total other comprehensive income (loss), net of tax	(46)	208
Total comprehensive income attributable to Lennar	398,406	240,118
Total comprehensive loss attributable to noncontrolling interests	$ (7,229)	$ (486)
Basic earnings per share (in dollars per share)	$ 1.27	$ 0.74
Diluted earnings per share (in dollars per share)	$ 1.27	$ 0.74
Homebuilding
Revenues:
Revenues	$ 4,172,116	$ 3,623,721
Cost and expenses:
Cost and expenses	3,697,806	3,238,835
Equity in earnings (loss) from unconsolidated entities	(4,546)	(13,756)
Other income (expense), net	(9,366)	(1,535)
Financial Services
Revenues:
Revenues	198,661	143,311
Cost and expenses:
Cost and expenses	151,344	124,339
Multifamily
Revenues:
Revenues	132,617	97,394
Cost and expenses:
Cost and expenses	137,348	101,178
Equity in earnings (loss) from unconsolidated entities	6,516	10,581
Lennar Other
Revenues:
Revenues	1,943	3,656
Cost and expenses:
Cost and expenses	2,574	1,622
Equity in earnings (loss) from unconsolidated entities	119	8,330
Other income (expense), net	1,411	(7,261)
Operating Segments | Homebuilding
Revenues:
Revenues	4,172,116	3,623,721
Cost and expenses:
Cost and expenses	3,697,806	3,238,835
Corporate general and administrative	0	0
Equity in earnings (loss) from unconsolidated entities	(4,546)	(13,756)
Other income (expense), net	(9,366)	(1,535)
Earnings before income taxes	460,398	369,595
Operating Segments | Financial Services
Revenues:
Revenues	198,661	143,311
Cost and expenses:
Cost and expenses	151,344	124,339
Corporate general and administrative	0	0
Earnings before income taxes	47,317	18,972
Operating Segments | Multifamily
Revenues:
Revenues	132,617	97,394
Cost and expenses:
Cost and expenses	137,348	101,178
Corporate general and administrative	0	0
Equity in earnings (loss) from unconsolidated entities and other gain	6,516	10,581
Earnings before income taxes	1,785	6,797
Operating Segments | Lennar Other
Revenues:
Revenues	1,943	3,656
Cost and expenses:
Cost and expenses	2,574	1,622
Corporate general and administrative	0	0
Equity in earnings (loss) from unconsolidated entities	119	8,330
Other income (expense), net	1,411	(7,261)
Earnings before income taxes	899	3,103
Operating Segments | Other
Revenues:
Revenues	$ 8,277	$ 2,427

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Cash flows from operating activities:
Net earnings (including net loss attributable to noncontrolling interests)	$ 391,223	$ 239,424
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization	20,414	18,362
Amortization of discount/premium and accretion on debt, net	(6,943)	(7,048)
Equity in loss from unconsolidated entities	2,572	5,710
Distributions of earnings from unconsolidated entities	36,922	3,489
Share-based compensation expense	31,855	16,899
Deferred income tax expense	57,006	65,879
Gain on sale of other assets, operating properties and equipment and real estate owned	(2,910)	(938)
Gain on sale of interest in unconsolidated entity and other Multifamily gain	(4,661)	(10,865)
Gain on sale of Financial Services' businesses	0	(1,663)
Valuation adjustments and write-offs of option deposits and pre-acquisition costs	24,515	6,910
Changes in assets and liabilities:
Decrease in receivables	245,694	394,682
Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs	(777,012)	(1,073,322)
(Increase) decrease in other assets	(121,506)	49,015
Decrease in loans held-for-sale	474,243	156,720
Increase (decrease) in accounts payable and other liabilities	11,564	(387,677)
Net cash provided by (used in) operating activities	382,976	(524,423)
Cash flows from investing activities:
Net additions of operating properties and equipment	(17,909)	(27,395)
Proceeds from the sales of operating properties and equipment and other assets	13,067	0
Proceeds from sale of investment in unconsolidated entity	0	17,790
Proceeds from sale of Financial Services' businesses	0	24,446
Investments in and contributions to unconsolidated entities	(78,607)	(133,917)
Distributions of capital from unconsolidated and consolidated entities	86,324	70,080
Proceeds from sale of commercial mortgage-backed securities bonds	3,248	0
Decrease (increase) in Financial Services loans held-for-investment, net	2,733	(11,208)
Purchases of investment securities	(8,107)	(31,305)
Proceeds from maturities/sales of investments securities	10,753	9,442
Other receipts, net	1,677	4,079
Net cash provided by (used in) investing activities	13,179	(77,988)
Cash flows from financing activities:
Proceeds from other borrowings	27,577	10,452
Principal payments on notes payable and other borrowings	(93,250)	(92,983)
Payments related to other liabilities	(5,480)	(447)
Receipts related to noncontrolling interests	88,913	8,348
Payments related to noncontrolling interests	(16,734)	(11,297)
Common stock:
Issuances	0	607
Repurchases	(295,988)	(49,143)
Dividends	(39,240)	(12,860)
Net cash (used in) provided by financing activities	(789,804)	69,022
Net decrease in cash and cash equivalents and restricted cash	(393,649)	(533,389)
Cash and cash equivalents and restricted cash at beginning of period	1,468,691	1,595,978
Cash and cash equivalents and restricted cash at end of period	1,075,042	1,062,589
Consolidation/deconsolidation of unconsolidated/consolidated entities, net:
Operating properties and equipment and other assets	(667)	51,603
Investments in unconsolidated entities	0	(4,755)
Notes payable	0	(36,110)
Other liabilities	182	(1,844)
Noncontrolling interests	485	(8,894)
Homebuilding
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Equity in loss from unconsolidated entities	4,546	13,756
Lennar Other
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Equity in loss from unconsolidated entities	(119)	(8,330)
Multifamily
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Equity in loss from unconsolidated entities	(6,516)	(10,581)
Lennar Homebuilding and Lennar Multifamily
Homebuilding and Multifamily:
Purchases of inventories and other assets financed by sellers	75,365	46,144
Non-cash contributions to unconsolidated entities	13,859	0
Consolidating Adjustments
Cash flows from operating activities:
Net earnings (including net loss attributable to noncontrolling interests)	(501,196)	(303,183)
Changes in assets and liabilities:
Net cash provided by (used in) operating activities	(501,196)	(303,183)
Cash flows from investing activities:
Proceeds from the sales of operating properties and equipment and other assets	0
Proceeds from sale of investment in unconsolidated entity		0
Proceeds from sale of Financial Services' businesses		0
Net cash provided by (used in) investing activities	672,022	1,121,791
Common stock:
Issuances		0
Repurchases	0	0
Dividends	501,196	303,183
Net cash (used in) provided by financing activities	(170,826)	(818,608)
Net decrease in cash and cash equivalents and restricted cash	0	0
Cash and cash equivalents and restricted cash at beginning of period	0	0
Cash and cash equivalents and restricted cash at end of period	0	0
Consolidating Adjustments | Homebuilding
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Equity in loss from unconsolidated entities	0	0
Consolidating Adjustments | Lennar Other
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Equity in loss from unconsolidated entities	0	0
Consolidating Adjustments | Multifamily
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Equity in loss from unconsolidated entities	0	0
Operating Segments
Common stock:
Cash and cash equivalents and restricted cash at end of period	1,075,042	1,062,589
Operating Segments | Homebuilding
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Equity in loss from unconsolidated entities	4,546	13,756
Common stock:
Cash and cash equivalents and restricted cash at end of period	793,616	865,426
Operating Segments | Financial Services
Common stock:
Cash and cash equivalents and restricted cash at end of period	260,606	166,751
Operating Segments | Lennar Other
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Equity in loss from unconsolidated entities	(119)	(8,330)
Common stock:
Cash and cash equivalents and restricted cash at end of period	5,030	16,818
Operating Segments | Multifamily
Common stock:
Cash and cash equivalents and restricted cash at end of period	15,790	13,594
Unsecured Revolving Credit Facility
Cash flows from financing activities:
Net borrowings (repayments) under credit facilities	300,000	725,000
Unsecured Revolving Credit Facility | Consolidating Adjustments
Cash flows from financing activities:
Net borrowings (repayments) under credit facilities	0	0
Warehouse Repurchase Facility
Cash flows from financing activities:
Net borrowings (repayments) under credit facilities	(755,602)	(508,655)
Warehouse Repurchase Facility | Consolidating Adjustments
Cash flows from financing activities:
Net borrowings (repayments) under credit facilities	$ 0	$ 0

Basis of Presentation

Basis of Presentation	3 Months Ended
	Feb. 29, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Basis of Consolidation The accompanying condensed 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 variable interest entities ("VIEs") (see Note 10 of the Notes to the Condensed Consolidated Financial Statements) in which Lennar Corporation is deemed to be 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. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended November 30, 2019 . In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the accompanying condensed consolidated financial statements have been made. The Company has historically experienced, and expects to continue to experience, variability in quarterly results. The condensed consolidated statements of operations for the three months ended February 29, 2020 are not necessarily indicative of the results to be expected for the full year. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Cash and Cash Equivalents Homebuilding cash and cash equivalents as of February 29, 2020 and November 30, 2019 included $502.2 million and $565.8 million , respectively, of cash held in escrow for approximately three days . Share-based Payments During the three months ended February 29, 2020 , the Company granted employees 0.9 million nonvested shares. During the three months ended February 28, 2019 , the Company granted employees an immaterial number of nonvested shares. Recently Adopted Accounting Pronouncements In March 2016, the FASB issued ASU 2016-02, Leases ("ASU 2016-02"), which provides guidance for accounting for leases. ASU 2016-02 requires lessees to classify leases as either finance or operating leases and to record a right-of-use (“ROU”) asset and a lease liability for all leases with a term greater than 12 months regardless of the lease classification. The lease classification determined whether the lease expense was recognized based on an effective interest rate method or on a straight line basis over the term of the lease. Accounting for lessors remains largely unchanged from current GAAP. ASU 2016-02 was effective for the Company beginning December 1, 2019. The Company elected the available practical expedients on adoption. Additionally, in preparation for adoption of the standard, the Company has implemented internal controls and key system functionality to enable the preparation of financial information. The standard did not have a material impact on our condensed consolidated statements of operations and comprehensive income (loss) or our condensed consolidated statements of cash flows. As a result of the adoption, as of February 29, 2020 , the Company has recorded $143.7 million of ROU assets and $150.8 million of lease liabilities on its condensed consolidated balance sheets within other assets and other liabilities of the respective segments.

Operating and Reporting Segment

Operating and Reporting Segments	3 Months Ended
	Feb. 29, 2020
Segment Reporting [Abstract]
Operating and Reporting Segments	Operating and Reporting Segments 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: (1) Homebuilding East (2) Homebuilding Central (3) Homebuilding Texas (4) Homebuilding West (5) Financial Services (6) Multifamily (7) Lennar Other The assets and liabilities related to the Company’s segments were as follows: (In thousands) February 29, 2020 Assets: Homebuilding Financial Services Multifamily Lennar Other Total Cash and cash equivalents $ 784,950 246,712 15,790 5,030 1,052,482 Restricted cash 8,666 13,894 — — 22,560 Receivables, net (1) 311,817 281,941 80,319 — 674,077 Inventories 18,643,480 — 357,051 — 19,000,531 Loans held-for-sale (2) — 1,170,696 — — 1,170,696 Loans held-for-investment, net — 70,763 — — 70,763 Investments held-to-maturity — 183,945 — — 183,945 Investments available-for-sale (3) — 7,922 — 53,402 61,324 Investments in unconsolidated entities 946,716 — 589,646 406,179 1,942,541 Goodwill 3,442,359 215,516 — — 3,657,875 Other assets (4) 1,061,852 184,175 71,097 19,781 1,336,905 $ 25,199,840 2,375,564 1,113,903 484,392 29,173,699 Liabilities: Notes and other debts payable, net $ 8,115,498 990,152 — 15,178 9,120,828 Other liabilities (5) 3,279,597 368,571 201,992 9,334 3,859,494 $ 11,395,095 1,358,723 201,992 24,512 12,980,322 (In thousands) November 30, 2019 Assets: Homebuilding Financial Services Multifamily Lennar Other Total Cash and cash equivalents $ 1,200,832 234,113 8,711 2,340 1,445,996 Restricted cash 9,698 12,022 — 975 22,695 Receivables, net (1) 329,124 500,847 76,906 — 906,877 Inventories 17,776,507 — 315,107 — 18,091,614 Loans held-for-sale (2) — 1,644,939 — — 1,644,939 Loans held-for-investment, net — 73,867 — — 73,867 Investments held-to-maturity — 190,289 — 54,117 244,406 Investments available-for-sale (3) — 3,732 48,206 — 51,938 Investments in unconsolidated entities 1,009,035 — 561,190 403,688 1,973,913 Goodwill 3,442,359 215,516 — — 3,657,875 Other assets (4) 1,021,684 130,699 58,711 34,297 1,245,391 $ 24,789,239 3,006,024 1,068,831 495,417 29,359,511 Liabilities: Notes and other debts payable, net $ 7,776,638 1,745,755 36,125 15,178 9,573,696 Other liabilities (5) 3,230,400 310,695 196,030 14,860 3,751,985 $ 11,007,038 2,056,450 232,155 30,038 13,325,681 (1) Receivables, net for Financial Services primarily related to loans sold to investors for which the Company had not yet been paid as of February 29, 2020 and November 30, 2019 , respectively. (2) Loans held-for-sale related to unsold residential and commercial loans carried at fair value. (3) 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 condensed consolidated balance sheet. (4) As of February 29, 2020 and November 30, 2019 , Financial Services other assets included mortgage loan commitments carried at fair value of $31.2 million and $16.3 million , respectively, and mortgage servicing rights carried at fair value of $12.6 million and $24.7 million , respectively. (5) As of February 29, 2020 and November 30, 2019 , Financial Services other liabilities included $62.0 million and $60.7 million , respectively, of certain of the Company’s self-insurance reserves related to construction defects, general liability and workers’ compensation. In addition, as of February 29, 2020 and November 30, 2019 , Financial Services other liabilities also included forward contracts carried at fair value of $13.2 million and $3.9 million , respectively. Financial information relating to the Company’s segments was as follows: Three Months Ended February 29, 2020 (In thousands) Homebuilding Financial Services Multifamily Lennar Other Corporate and unallocated Total Revenues $ 4,172,116 198,661 132,617 1,943 — 4,505,337 Operating earnings 460,398 47,317 1,785 899 — 510,399 Corporate general and administrative expenses — — — — 86,847 86,847 Earnings before income taxes 460,398 47,317 1,785 899 (86,847 ) 423,552 Three Months Ended February 28, 2019 Revenues $ 3,623,721 143,311 97,394 3,656 — 3,868,082 Operating earnings 369,595 18,972 6,797 3,103 — 398,467 Corporate general and administrative expenses — — — — 79,343 79,343 Earnings before income taxes 369,595 18,972 6,797 3,103 (79,343 ) 319,124 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. The Company’s reportable Homebuilding segments and all other homebuilding operations not required to be reported separately have homebuilding divisions located in: East: Florida, New Jersey, North Carolina, Pennsylvania and South Carolina Central: Georgia, Illinois, Indiana, Maryland, Minnesota and Virginia Texas: Texas West: Arizona, California, Colorado, Nevada, Oregon, Utah and Washington Other: Urban divisions and other homebuilding related investments primarily in California, including FivePoint Holdings, LLC ("FivePoint") The assets related to the Company’s homebuilding segments were as follows: (In thousands) Assets: East Central Texas West Other Corporate and Unallocated Total Homebuilding Balance at February 29, 2020 $ 6,867,299 2,779,966 2,388,579 11,083,548 1,141,924 938,524 25,199,840 Balance at November 30, 2019 $ 6,708,586 2,732,872 2,246,893 10,663,666 1,173,163 1,264,059 24,789,239 Financial information relating to the Company’s homebuilding segments was as follows: Three Months Ended February 29, 2020 (In thousands) East Central Texas West Other Total Homebuilding Revenues $ 1,406,866 534,976 473,228 1,748,769 8,277 4,172,116 Operating earnings (loss) 175,005 29,472 53,073 224,907 (22,059 ) 460,398 Three Months Ended February 28, 2019 Revenues $ 1,226,814 435,067 418,517 1,540,896 2,427 3,623,721 Operating earnings (loss) 135,383 30,926 32,278 190,661 (19,653 ) 369,595 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, formerly Rialto Mortgage Finance ("RMF"). 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 February 29, 2020 , the Financial Services warehouse facilities were all 364-day repurchase facilities and used to fund residential mortgages or commercial mortgages for LMF Commercial as follows: (In thousands) Maximum Aggregate Commitment Residential facilities maturing: March 2020 (1) $ 100,000 May 2020 300,000 June 2020 300,000 October 2020 500,000 Total - Residential facilities $ 1,200,000 LMF Commercial facilities maturing November 2020 $ 200,000 December 2020 650,000 December 2020 (two - one year extensions) (2) 50,000 Total - LMF Commercial facilities $ 900,000 Total $ 2,100,000 (1) Subsequent to February 2020, the maturity date was extended to March 2021. (2) LMF Commercial uses this warehouse repurchase facility to finance the origination of floating rate accrual loans, which are reported as accrual loans within loans held-for-investment, net. There were borrowings under this facility of $11.4 million as of February 29, 2020 . 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 a 75% interest in the originated commercial loans financed. Borrowings and collateral under the facilities and their prior year predecessors were as follows: (In thousands) February 29, 2020 November 30, 2019 Borrowings under the residential facilities $ 674,848 $ 1,374,063 Collateral under the residential facilities 698,369 1,423,650 Borrowings under the LMF Commercial facilities 161,546 216,870 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. Loan origination liabilities are included in Financial Services’ liabilities in the Company's condensed consolidated balance sheets. The activity in the Company’s loan origination liabilities was as follows: Three Months Ended February 29, February 28, (In thousands) 2020 2019 Loan origination liabilities, beginning of period $ 9,364 48,584 Provision for losses 776 673 Payments/settlements (144 ) (42,560 ) Loan origination liabilities, end of period $ 9,996 6,697 LMF Commercial - loans held-for-sale During the three months ended February 29, 2020 , LMF Commercial originated commercial loans with a total principal balance of $412.3 million , all of which were recorded as loans held-for-sale and sold $314.4 million of commercial loans into two separate securitizations. As of February 29, 2020 there were no unsettled transactions. During the three months ended February 28, 2019 , LMF Commercial originated commercial loans with a total principal balance of $270.1 million , all of which were recorded as loans held-for-sale, and sold $200.5 million of commercial loans into two separate securitizations. Investments held-to-maturity At February 29, 2020 and November 30, 2019 , the carrying value of Financial Services' commercial mortgage-backed securities ("CMBS") was $165.3 million and $166.0 million , respectively. These securities were purchased at discounts ranging from 6% to 84% with coupon rates ranging from 2.0% to 5.3% , stated and assumed final distribution dates between October 2027 and December 2028, and stated maturity dates between October 2050 and December 2051. The Financial Services segment reviews changes in estimated cash flows periodically to determine if an other-than-temporary impairment has occurred on its CMBS. Based on the segment’s assessment, no impairment charges were recorded during either the three months ended February 29, 2020 or February 28, 2019 . The Financial Services segment classifies these securities as held-to-maturity based on its intent and ability to hold the securities until maturity. The Company has financing agreements to finance CMBS that have been purchased as investments by the Financial Services segment. At February 29, 2020 and November 30, 2019 , the carrying amount, net of debt issuance costs, of outstanding debt in these agreements was $153.8 million and $154.7 million , respectively and interest is incurred at a rate of 3.4% . Multifamily The Company is actively involved, primarily through unconsolidated entities, 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. Operations of the Multifamily segment include revenues generated from the sales of land, revenue from construction activities, and management and promote fees generated from joint ventures and equity in earnings (loss) from unconsolidated entities and other gains (which includes sales of buildings), less the cost of sales of land sold, expenses related to construction activities and general and administrative expenses. Lennar Other Lennar Other primarily includes fund interests the Company retained when it sold the Rialto asset and investment management platform, as well as strategic investments in technology companies. 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 retained after the sale of Rialto's asset and investment management platform, along with equity in earnings (loss) from the Rialto fund investments and strategic technology investments, and other income (expense), net from the remaining assets related to the Company's former Rialto segment.

Investments in Unconsolidated E

Investments in Unconsolidated Entities	3 Months Ended
	Feb. 29, 2020
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities Homebuilding Unconsolidated Entities As of February 29, 2020 and November 30, 2019 , the Company’s recorded investments in Homebuilding unconsolidated entities were $946.7 million and $1.0 billion , respectively, while the underlying equity in Homebuilding unconsolidated entities partners’ net assets as of both February 29, 2020 and November 30, 2019 was $1.3 billion . 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 and deferring equity in earnings on land sales to the Company. Included in the Company's recorded investments in Homebuilding unconsolidated entities is the Company's 40% ownership of FivePoint. As of February 29, 2020 and November 30, 2019 , the carrying amount of the Company's FivePoint investment was $366.8 million and $374.0 million , respectively. The Homebuilding unconsolidated entities in which the Company has investments usually finance their activities with a combination of partner equity and debt financing. In some instances, the Company and its partners have guaranteed debt of certain unconsolidated entities. The total debt of the Homebuilding unconsolidated entities in which the Company has investments was $1.1 billion as of both February 29, 2020 and November 30, 2019 , of which the Company's maximum recourse exposure was $4.9 million and $10.8 million as of February 29, 2020 and November 30, 2019 , 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. In connection with many of the loans to Homebuilding unconsolidated entities, the Company and its joint venture partners (or entities related to them) have been required to give guarantees of completion to the lenders. Those completion guarantees may require that the guarantors complete the development or construction of the improvements for which the financing was obtained. If the development or construction is to be done in phases, the guarantee generally is limited to completing only the phases as to which construction has already commenced and for which loan proceeds were used. If the Company is required to make a payment under any guarantee, the payment would 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 unconsolidated entity distributes. As of both February 29, 2020 and November 30, 2019 , the fair values of the repayment guarantees, maintenance guarantees, and completion guarantees were not material. The Company believes that as of February 29, 2020 , 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 7 of the Notes to the Condensed Consolidated Financial Statements). Multifamily Unconsolidated Entities The unconsolidated entities 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 loans to Multifamily unconsolidated entities, 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 February 29, 2020 and November 30, 2019 , the fair value of the completion guarantees was immaterial. As of February 29, 2020 and November 30, 2019 , Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $979.5 million and $867.3 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. During the three months ended February 29, 2020 and February 28, 2019, the Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $13.8 million and $13.1 million , respectively. 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 an investment. During the three months ended February 29, 2020 and February 28, 2019, the Multifamily segment provided general contractor services, net of deferrals, totaling $93.9 million and $82.4 million , respectively, which were partially offset by costs related to those services of $90.2 million and $79.4 million , respectively. The Multifamily segment includes Multifamily Venture Fund I (the "LMV I") and Multifamily Venture Fund II LP (the "LMV II"), which are long-term multifamily development investment vehicles involved in the development, construction and property management of class-A multifamily assets. Details of each as of and during the three months ended February 29, 2020 are included below: February 29, 2020 (In thousands) LMV I LMV II Lennar's carrying value of investments $ 365,823 181,479 Equity commitments 2,204,016 1,257,700 Equity commitments called 2,110,545 677,398 Lennar's equity commitments 504,016 381,000 Lennar's equity commitments called 489,655 204,084 Lennar's remaining commitments 14,361 176,916 Distributions to Lennar during the three months ended February 29, 2020 5,646 —

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Feb. 29, 2020
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity The following tables reflect the changes in equity attributable to both Lennar Corporation and the noncontrolling interests of its consolidated subsidiaries in which it has less than a 100% ownership interest for the three months ended February 29, 2020 and February 28, 2019 : Three months ended February 29, 2020 (In thousands) Total Equity Class A Class B Additional Treasury Stock Accumulated Other Comprehensive Income (Loss) Retained Earnings Noncontrolling Interests Balance at November 30, 2019 $ 16,033,830 29,712 3,944 8,578,219 (957,857 ) 498 8,295,001 84,313 Net earnings (including net loss attributable to noncontrolling interests) 391,223 — — — — — 398,452 (7,229 ) Employee stock and directors plans (7,424 ) 90 — (130 ) (7,384 ) — — — Purchases of treasury stock (288,515 ) — — — (288,515 ) — — — Amortization of restricted stock 31,855 — — 31,855 — — — — Cash dividends (39,240 ) — — — — — (39,240 ) — Receipts related to noncontrolling interests 88,913 — — — — — — 88,913 Payments related to noncontrolling interests (16,734 ) — — — — — — (16,734 ) Non-cash consolidations, net (485 ) — — — — — — (485 ) Total other comprehensive loss, net of tax (46 ) — — — — (46 ) — — Balance at February 29, 2020 $ 16,193,377 29,802 3,944 8,609,944 (1,253,756 ) 452 8,654,213 148,778 Three months ended February 28, 2019 (In thousands) Total Equity Class A Class B Additional Treasury Stock Accumulated Other Comprehensive Income (Loss) Retained Earnings Noncontrolling Interests Balance at November 30, 2018 $ 14,682,957 29,499 3,944 8,496,677 (435,869 ) (366 ) 6,487,650 101,422 Net earnings (including net loss attributable to noncontrolling interests) 239,424 — — — — — 239,910 (486 ) Employee stock and directors plans (1,422 ) 2 — 725 (2,149 ) — — — Purchases of treasury stock (46,998 ) — — — (46,998 ) — — — Amortization of restricted stock 16,899 — — 16,899 — — — — Cash dividends (12,860 ) — — — — — (12,860 ) — Receipts related to noncontrolling interests 8,348 — — — — — — 8,348 Payments related to noncontrolling interests (11,297 ) — — — — — — (11,297 ) Non-cash consolidations, net 8,894 — — — — — — 8,894 Cumulative-effect of accounting change 9,542 — — — — — 9,542 — Total other comprehensive earnings, net of tax 208 — — — — 208 — — Balance at February 28, 2019 $ 14,893,695 29,501 3,944 8,514,301 (485,016 ) (158 ) 6,724,242 106,881 On April 7, 2020, the Company's Board of Directors declared a quarterly cash dividend of $0.125 per share on both its Class A and Class B common stock, payable on May 5, 2020 to holders of record at the close of business on April 21, 2020. On February 7, 2020, the Company paid cash dividends of $0.125 per share on both its Class A and Class B common stock to holders of record at the close of business on January 24, 2020, as declared by its Board of Directors on January 9, 2020. The Company approved and paid cash dividends of $0.04 per share on both its Class A and Class B common stock in each quarter for the year ended November 30, 2019. In January 2019, the Company's Board of Directors authorized the repurchase of up to the lesser of $1 billion in value, excluding commissions, or 25 million in shares, of the Company's outstanding Class A and Class B common stock. The repurchase has no expiration date. The following table represents the repurchase of the Company's Class A and Class B common stocks, under this program, for the three months ended February 29, 2020 and February 28, 2019 : Three Months Ended February 29, 2020 February 28, 2019 (Dollars in thousands, except price per share) Class A Class B Class A Class B Shares repurchased 4,250,000 115,000 1,000,000 — Principal $ 282,274 $ 6,155 $ 46,998 $ — Average price per share $ 66.42 $ 53.52 $ 46.98 $ —

Income Taxes

Income Taxes	3 Months Ended
	Feb. 29, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The provision for income taxes and effective tax rate were as follows: Three Months Ended February 29, February 28, (Dollars in thousands) 2020 2019 Provision for income taxes $32,329 79,700 Effective tax rate (1) 7.5 % 24.9 % (1) For both the three months ended February 29, 2020 and February 28, 2019 , the effective tax rate included state income tax expense and non-deductible executive compensation, partially offset by solar tax credits. For the three months ended February 29, 2020 , the effective tax rate also included a $69.2 million benefit due to Congress extending the new energy efficient home credit in December 2019.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Feb. 29, 2020
Earnings Per Share [Abstract]
Earnings Per Share	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 the 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") is considered participating securities. Basic and diluted earnings per share were calculated as follows: Three Months Ended February 29, February 28, (In thousands, except per share amounts) 2020 2019 Numerator: Net earnings attributable to Lennar $ 398,452 239,910 Less: distributed earnings allocated to nonvested shares 334 99 Less: undistributed earnings allocated to nonvested shares 4,092 1,860 Numerator for basic earnings per share 394,026 237,951 Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan (1) — 323 Numerator for diluted earnings per share $ 394,026 237,628 Denominator: Denominator for basic earnings per share - weighted average common shares outstanding 311,213 321,339 Effect of dilutive securities: Shared based payments 2 10 Denominator for diluted earnings per share - weighted average common shares outstanding 311,215 321,349 Basic earnings per share $ 1.27 0.74 Diluted earnings per share $ 1.27 0.74 (1) The amounts presented relate to Rialto's Carried Interest Incentive Plan and represent the difference between the advanced tax distributions received from the Rialto funds included in the Lennar Other segment and the amount Lennar is assumed to own. For both the three months ended February 29, 2020 and February 28, 2019 , there were no options to purchase shares of common stock that were outstanding and anti-dilutive.

Homebuilding Senior Notes and O

Homebuilding Senior Notes and Other Debts Payable	3 Months Ended
	Feb. 29, 2020
Debt Disclosure [Abstract]
Homebuilding Senior Notes and Other Debts Payable	Homebuilding Senior Notes and Other Debts Payable (Dollars in thousands) February 29, November 30, Unsecured revolving credit facility $ 300,000 — 6.625% senior notes due 2020 301,651 303,668 2.95% senior notes due 2020 299,566 299,421 8.375% senior notes due 2021 414,600 418,860 4.750% senior notes due 2021 499,088 498,893 6.25% senior notes due December 2021 308,994 310,252 4.125% senior notes due 2022 598,133 597,885 5.375% senior notes due 2022 257,484 258,198 4.750% senior notes due 2022 571,806 571,644 4.875% senior notes due December 2023 396,853 396,553 4.500% senior notes due 2024 646,984 646,802 5.875% senior notes due 2024 446,990 448,158 4.750% senior notes due 2025 497,669 497,558 5.25% senior notes due 2026 407,618 407,921 5.00% senior notes due 2027 352,796 352,892 4.75% senior notes due 2027 893,234 893,046 Mortgage notes on land and other debt 922,032 874,887 $ 8,115,498 7,776,638 The carrying amounts of the senior notes in the table above are net of debt issuance costs of $21.2 million and $22.9 million as of February 29, 2020 and November 30, 2019 , respectively. At February 29, 2020 , the Company had an unsecured revolving credit facility (the "Credit Facility") with maximum borrowings of $2.45 billion with $50 million maturing in June 2020 and the balance due in 2024. The Credit Facility agreement (the "Credit Agreement") provides that up to $500 million in commitments may be used for letters of credit. The maturity and details of the Credit Facility are unchanged from the disclosure in the Company's Financial Condition and Capital Resources section in its Form 10-K for the year ended November 30, 2019. Under the Credit 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 February 29, 2020 . 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 February 29, 2020 , the Company had outstanding surety bonds 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. 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 letter of credit and surety bond facilities are described below: February 29, November 30, (In thousands) Performance letters of credit $ 739,944 715,793 Financial letters of credit 208,871 184,075 Surety bonds 2,966,393 2,946,167 Anticipated future costs related to site improvements related to performance surety bonds 1,440,444 1,427,145 The Company's senior notes are guaranteed by substantially all of the Company's 100% owned homebuilding subsidiaries and some of the Company's other subsidiaries. Although the guarantees are full, unconditional and joint and several while they are in effect, (i) a subsidiary will cease to be a guarantor at any time when it is not directly or indirectly guaranteeing at least $75 million of debt of Lennar Corporation (the parent company), 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.

Product Warranty

Product Warranty	3 Months Ended
	Feb. 29, 2020
Product Warranties Disclosures [Abstract]
Product Warranty	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 activity in the Company’s warranty reserve, which are included in Homebuilding other liabilities was as follows: Three Months Ended February 29, February 28, (In thousands) 2020 2019 Warranty reserve, beginning of the period $ 294,138 319,109 Warranties issued 38,271 33,971 Adjustments to pre-existing warranties from changes in estimates (1) 5,904 (9,527 ) Payments (50,900 ) (47,931 ) Warranty reserve, end of period $ 287,413 295,622 (1) The adjustments to pre-existing warranties from changes in estimates during the three months ended February 29, 2020 and February 28 2019 primarily related to specific claims in certain of the Company's homebuilding communities and other adjustments.

Financial Instruments and Fair

Financial Instruments and Fair Value Disclosures	3 Months Ended
	Feb. 29, 2020
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value Disclosures	Financial Instruments and Fair Value Disclosures The following table presents the carrying amounts and estimated fair values of financial instruments held by the Company at February 29, 2020 and November 30, 2019 , 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. February 29, 2020 November 30, 2019 (In thousands) Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value ASSETS Financial Services: Loans held-for-investment, net Level 3 $ 70,763 67,266 73,867 69,708 Investments held-to-maturity Level 3 $ 165,303 200,787 166,012 195,962 Investments held-to-maturity Level 2 $ 18,642 18,680 24,277 24,257 Lennar Other: Investments held-to-maturity Level 3 $ — — 54,117 56,415 LIABILITIES Homebuilding senior notes and other debts payable, net Level 2 $ 8,115,498 8,535,225 7,776,638 8,144,632 Financial Services notes and other debts payable, net Level 2 $ 990,152 992,011 1,745,755 1,745,782 Multifamily note payable, net Level 2 $ — — 36,125 36,125 Lennar Other notes and other debts payable, net Level 2 $ 15,178 15,178 15,178 15,178 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. Lennar Other —The fair value for investments held-to-maturity is based on discounted cash flow. 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: (In thousands) Fair Value Hierarchy Fair Value at Fair Value at Financial Services Assets: Residential loans held-for-sale (1) Level 2 $ 870,294 1,447,715 LMF Commercial loans held-for-sale (2) Level 3 $ 300,402 197,224 Mortgage servicing rights Level 3 $ 12,576 24,679 Lennar Other: Investments available-for-sale Level 3 $ 53,402 — (1) The aggregate fair value of residential loans held-for-sale of $870.3 million at February 29, 2020 exceeded their aggregate principal balance of $835.6 million by $34.7 million . The aggregate fair value of residential loans held-for-sale of $1.4 billion at November 30, 2019 exceeded their aggregate principal balance of $1.4 billion by $42.2 million . (2) The aggregate fair value of LMF Commercial loans held-for-sale of $300.4 million at February 29, 2020 exceeded their aggregate principal balance of $294.1 million by $6.4 million . The aggregate fair value of LMF Commercial loans held-for-sale of $197.2 million at November 30, 2019 exceeded their aggregate principal balance of $196.3 million by $0.9 million . 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. 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 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 servicing rights is included in Financial Services’ loans held-for-sale as of February 29, 2020 and November 30, 2019 . 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: Three Months Ended February 29, 2020 Unobservable inputs Mortgage prepayment rate 21% Discount rate 13% Delinquency rate 9% 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: Three Months Ended February 29, February 28, (In thousands) 2020 2019 Changes in fair value included in Financial Services revenues: Loans held-for-sale $ (7,493 ) (10,120 ) Mortgage loan commitments 14,895 (259 ) Forward contracts (9,361 ) 8,853 Changes in fair value included in other comprehensive income (loss), net of tax: Financial Services investments available-for-sale (46 ) 208 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: Three Months Ended February 29, 2020 February 28, 2019 (In thousands) Mortgage servicing rights LMF Commercial loans held-for-sale Mortgage servicing rights LMF Commercial loans held-for-sale Beginning balance $ 24,679 197,224 37,206 61,691 Purchases/loan originations 746 412,250 1,586 270,123 Sales/loan originations sold, including those not settled — (314,439 ) — (200,588 ) Disposals/settlements (1,289 ) — (908 ) — Changes in fair value (1) (11,560 ) 5,601 (2,436 ) (486 ) Interest and principal paydowns — (234 ) — 302 Ending balance $ 12,576 300,402 35,448 131,042 (1) 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 table 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: Three Months Ended February 29, 2020 February 28, 2019 (In thousands) Fair Value Hierarchy 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 (1) Level 3 $ 73,006 59,284 (13,722 ) — — — Land and land under development (1) Level 3 $ 22,453 11,660 (10,793 ) 6,954 3,001 (3,953 ) (1) Valuation adjustments were included in Homebuilding costs and expenses in the Company's condensed consolidated statements of operations and comprehensive income (loss). 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. The Company disclosed its accounting policy related to inventories and its review for indicators of impairment in the Summary of Significant Accounting Policies in its Form 10-K for the year ended November 30, 2019 . 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 disclosed its accounting policy related to inventories and its review for indicators of impairment in the Summary of Significant Accounting Policies in its Form 10-K for the year ended November 30, 2019. On a quarterly basis, the Company reviews its active communities for indicators of potential impairments. As of February 29, 2020 and February 28, 2019 , there were 1,253 and 1,287 active communities, excluding unconsolidated entities, respectively. The table below summarizes communities reviewed for indicators of impairment and communities with valuation adjustments recorded: Communities with valuation adjustments # of communities with potential indicator of impairment # of communities Fair Value (in thousands) Valuation Adjustments (in thousands) Three Months Ended February 29, 2020 33 6 $45,123 $19,944 February 28, 2019 54 — — — 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 during the three months ended February 29, 2020 : Three Months Ended February 29, 2020 Unobservable inputs Range Average selling price $ 201,000 - $970,000 Absorption rate per quarter (homes) 3 - 15 Discount rate 20%

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Feb. 29, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities The Company evaluated the joint venture agreements of its joint ventures that were formed or that had reconsideration events, such as changes in the governing documents or to debt arrangements during the three months ended February 29, 2020 . Based on the Company's evaluation, the Company consolidated one entity that had a total assets and liabilities of $49.4 million and $0.9 million , respectively and deconsolidated an entity that had an immaterial amount of assets and liabilities. The carrying amount of our consolidated VIE's assets and non-recourse liabilities are disclosed in the footnote to the condensed 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 a VIE’s banks. Other than debt guarantee agreements with a VIE’s banks, 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 At February 29, 2020 and November 30, 2019 , the Company’s recorded investments in VIEs that are unconsolidated and its estimated maximum exposure to loss were as follows: February 29, 2020 November 30, 2019 (In thousands) Investments in Unconsolidated VIEs Lennar’s Maximum Exposure to Loss (1) Investments in Lennar’s Maximum Homebuilding $ 78,213 78,379 80,939 81,118 Multifamily (2) 556,271 757,902 533,018 768,651 Financial Services 165,303 165,303 166,012 166,012 Lennar Other 6,765 6,765 60,882 60,882 $ 806,552 1,008,349 840,851 1,076,663 (1) Limited to investments in unconsolidated VIEs, except as noted below. (2) As of February 29, 2020 and November 30, 2019 , the maximum exposure to loss of Multifamily's investments in unconsolidated VIEs was primarily limited to its investments in the unconsolidated VIEs, except with regard to the remaining equity commitment of $191.3 million and $224.2 million , respectively, to fund LMV I and LMV II for future expenditures related to the construction and development of its projects. 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. During the three months ended February 29, 2020 , consolidated inventory not owned increased by $104.3 million with a corresponding increase to liabilities related to consolidated inventory not owned in the accompanying condensed consolidated balance sheet as of February 29, 2020 . The increase was primarily related to the consolidation of option contracts, partially offset by the Company exercising its options to acquire land under previously consolidated contracts. To reflect the purchase price of the inventory consolidated, the Company had a net reclass related to option deposits from consolidated inventory not owned to land under development in the accompanying condensed consolidated balance sheet as of February 29, 2020 . 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. The Company’s exposure to losses related to its option contracts with third parties and unconsolidated entities consisted of its non-refundable option deposits and pre-acquisition costs totaling $306.0 million and $320.5 million at February 29, 2020 and November 30, 2019 , respectively. Additionally, for both periods, the Company had posted $75.0 million of letters of credit in lieu of cash deposits under certain land and option contracts as of February 29, 2020 and November 30, 2019 , respectively.

Commitments and Contingent Liab

Commitments and Contingent Liabilities	3 Months Ended
	Feb. 29, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	Commitments and Contingent Liabilities The Company is a 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. The Company is also a party to various lawsuits involving purchases and sales of real property. These lawsuits 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. Leases The Company has entered into agreements to lease certain office facilities and equipment under operating leases. The Company recognizes leases expense for these leases on a straight-line basis over the lease term. Right-of-use (“ROU”) assets and right-of-use 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) February 29, 2020 Right-of-use assets $ 143,690 Lease liabilities $ 150,779 Weighted-average remaining lease term (in years) 3.4 Weighted-average discount rate 3.1 % 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 February 29, 2020 were as follows: (Dollars in thousands) Lease Payments 2020 $ 30,818 2021 38,278 2022 29,061 2023 21,754 2024 15,311 2025 and thereafter 28,550 Total future minimum lease payments (1) $ 163,772 Less: Interest (2) 12,993 Present value of lease liabilities (2) $ 150,779 (1) Total future minimum lease payments exclude variable lease costs of $13.4 million and short-term lease costs of $2.8 million . This also does not include minimum lease payments for executed and legally enforceable leases that have not yet commenced. As of February 29, 2020 , the minimum lease payments for these leases that have not yet commenced were immaterial. (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 February 29, 2020 , the weighted average remaining lease term and weighted average discount rate used in calculating the lease liabilities were 3.4 years and 3.1% , respectively. The Company recognized the lease liabilities on its condensed consolidated balance sheets within other liabilities. Rental expense for the three months ended February 29, 2020 , was $20.7 million . Payments on lease liabilities during the three months ended February 29, 2020 totaled $17.4 million . Rental expense includes costs for all leases. On occasion, the Company may sublease rented space which is no longer used for the Company's operations. For the three months ended February 29, 2020 , the Company had an immaterial amount of sublease income.

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Feb. 29, 2020
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). ASU 2016-13 significantly changes the impairment model for most financial assets and certain other instruments. ASU 2016-13 will require immediate recognition of estimated credit losses expected to occur over the remaining life of many financial assets, which will generally result in earlier recognition of allowances for credit losses on loans and other financial instruments. ASU 2016-13 is effective for the Company's fiscal year beginning December 1, 2020 and subsequent interim periods. The Company is currently evaluating the impact the adoption of ASU 2016-13 will have on its condensed consolidated financial statements. Subsequent to the issuance of ASU 2016-13, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments —Credit Losses and ASU 2019-05, Financial Instruments —Credit Losses (Topic 326) Targeted Transition Relief . These ASUs do not change the core principle of the guidance in ASU 2016-13. Instead these amendments are intended to clarify and improve operability of certain topics included within the credit losses standard. These ASUs will have the same effective date and transition requirements as ASU 2016-13. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350), Simplifying the Accounting for Goodwill Impairment ("ASU 2017-04"). ASU 2017-04 removes the requirement to perform a hypothetical purchase price allocation to measure goodwill impairment. A goodwill impairment will now be the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 will be effective for the Company’s fiscal year beginning December 1, 2020. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently evaluating the impact the adoption of ASU 2017-04 will have on the Company's condensed consolidated financial statements.

Supplemental Financial Informat

Supplemental Financial Information	3 Months Ended
	Feb. 29, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Financial Information	Supplemental Financial Information The indentures governing the Company’s senior notes require that, if any of the Company’s 100% owned subsidiaries, other than its finance company subsidiaries and foreign subsidiaries, directly or indirectly guarantee at least $75 million principal amount of debt of Lennar Corporation, those subsidiaries must also guarantee Lennar Corporation’s obligations with regard to its senior notes. The entities referred to as "guarantors" in the following tables are subsidiaries that are not finance company subsidiaries or foreign subsidiaries and were guaranteeing the senior notes because at February 29, 2020 they were guaranteeing Lennar Corporation's letter of credit facilities and its Credit Facility, disclosed in Note 7 of the Notes to the Condensed Consolidated Financial Statements. The guarantees are full, unconditional and joint and several and the guarantor subsidiaries are 100% directly or indirectly owned by Lennar Corporation. A subsidiary's guarantee of Lennar senior notes will be suspended at any time when it is not directly or indirectly guaranteeing at least $75 million principal amount of debt of Lennar Corporation, and 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. For purposes of the condensed consolidating statement of cash flows included in the following supplemental financial information, the Company's accounting policy is to treat cash received by Lennar Corporation (the "Parent") from its subsidiaries, to the extent of net earnings from such subsidiaries as a dividend and accordingly a return on investment within cash flows from operating activities. Distributions of capital received by the Parent from its subsidiaries are reflected as cash flows from investing activities. The cash outflows associated with the return on investment dividends and distributions of capital received by the Parent are reflected by the Guarantor and Non-Guarantor subsidiaries in the Dividends line item within cash flows from financing activities. All other cash flows between the Parent and its subsidiaries represent the settlement of receivables and payables between such entities in conjunction with the Parent's centralized cash management arrangement with its subsidiaries, which operates with the characteristics of a revolving credit facility, and are accordingly reflected net in the Intercompany line item within cash flows from investing activities for the Parent and net in the Intercompany line item within cash flows from financing activities for the Guarantor and Non-Guarantor subsidiaries. Supplemental information for the subsidiaries that were guarantor subsidiaries at February 29, 2020 was as follows: Condensed Consolidating Balance Sheet February 29, 2020 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total ASSETS Homebuilding: Cash and cash equivalents, restricted cash and receivables, net $ 392,022 696,826 16,585 — 1,105,433 Inventories — 18,246,920 396,560 — 18,643,480 Investments in unconsolidated entities — 944,034 2,682 — 946,716 Goodwill — 3,442,359 — — 3,442,359 Other assets 380,047 485,196 234,863 (38,254 ) 1,061,852 Investments in subsidiaries 10,274,276 41,304 — (10,315,580 ) — Intercompany 12,879,536 — — (12,879,536 ) — 23,925,881 23,856,639 650,690 (23,233,370 ) 25,199,840 Financial Services — 259,786 2,116,789 (1,011 ) 2,375,564 Multifamily — — 1,113,903 — 1,113,903 Lennar Other — 183,265 308,030 (6,903 ) 484,392 Total assets $ 23,925,881 24,299,690 4,189,412 (23,241,284 ) 29,173,699 LIABILITIES AND EQUITY Homebuilding: Accounts payable and other liabilities $ 751,475 1,894,224 314,782 (46,168 ) 2,914,313 Liabilities related to consolidated inventory not owned — 365,284 — — 365,284 Senior notes and other debts payable 7,129,807 917,408 68,283 — 8,115,498 Intercompany — 10,722,529 2,157,007 (12,879,536 ) — 7,881,282 13,899,445 2,540,072 (12,925,704 ) 11,395,095 Financial Services — 42,628 1,316,095 — 1,358,723 Multifamily — — 201,992 — 201,992 Lennar Other — — 24,512 — 24,512 Total liabilities 7,881,282 13,942,073 4,082,671 (12,925,704 ) 12,980,322 Total stockholders’ equity 16,044,599 10,357,617 (42,037 ) (10,315,580 ) 16,044,599 Noncontrolling interests — — 148,778 — 148,778 Total equity 16,044,599 10,357,617 106,741 (10,315,580 ) 16,193,377 Total liabilities and equity $ 23,925,881 24,299,690 4,189,412 (23,241,284 ) 29,173,699 Condensed Consolidating Balance Sheet November 30, 2019 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total ASSETS Homebuilding: Cash and cash equivalents, restricted cash and receivables, net $ 722,172 794,588 22,894 — 1,539,654 Inventories — 17,396,139 380,368 — 17,776,507 Investments in unconsolidated entities — 1,006,541 2,494 — 1,009,035 Goodwill — 3,442,359 — — 3,442,359 Other assets 344,941 500,356 217,607 (41,220 ) 1,021,684 Investments in subsidiaries 10,453,165 26,773 — (10,479,938 ) — Intercompany 12,027,996 — — (12,027,996 ) — 23,548,274 23,166,756 623,363 (22,549,154 ) 24,789,239 Financial Services — 275,812 2,731,285 (1,073 ) 3,006,024 Multifamily — — 1,068,831 — 1,068,831 Lennar Other — 158,194 339,988 (2,765 ) 495,417 Total assets $ 23,548,274 23,600,762 4,763,467 (22,552,992 ) 29,359,511 LIABILITIES AND EQUITY Homebuilding: Accounts payable and other liabilities $ 760,981 1,935,366 318,845 (45,058 ) 2,970,134 Liabilities related to consolidated inventory not owned — 260,266 — — 260,266 Senior notes and other debts payable 6,837,776 885,783 53,079 — 7,776,638 Intercompany — 10,122,374 1,905,622 (12,027,996 ) — 7,598,757 13,203,789 2,277,546 (12,073,054 ) 11,007,038 Financial Services — 40,235 2,016,215 — 2,056,450 Multifamily — — 232,155 — 232,155 Lennar Other — — 30,038 — 30,038 Total liabilities 7,598,757 13,244,024 4,555,954 (12,073,054 ) 13,325,681 Total stockholders’ equity 15,949,517 10,356,738 123,200 (10,479,938 ) 15,949,517 Noncontrolling interests — — 84,313 — 84,313 Total equity 15,949,517 10,356,738 207,513 (10,479,938 ) 16,033,830 Total liabilities and equity $ 23,548,274 23,600,762 4,763,467 (22,552,992 ) 29,359,511 Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended February 29, 2020 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Homebuilding $ — 4,156,143 15,973 — 4,172,116 Financial Services — 28,994 175,653 (5,986 ) 198,661 Multifamily — — 132,617 — 132,617 Lennar Other — — 1,943 — 1,943 Total revenues — 4,185,137 326,186 (5,986 ) 4,505,337 Cost and expenses: Homebuilding — 3,684,697 17,343 (4,234 ) 3,697,806 Financial Services — 16,453 137,551 (2,660 ) 151,344 Multifamily — — 137,348 — 137,348 Lennar Other — — 2,574 — 2,574 Corporate general and administrative 84,010 1,572 — 1,265 86,847 Total costs and expenses 84,010 3,702,722 294,816 (5,629 ) 4,075,919 Homebuilding equity in earnings (loss) from unconsolidated entities — (4,734 ) 188 — (4,546 ) Homebuilding other income (expense), net (357 ) (11,048 ) 1,682 357 (9,366 ) Multifamily equity in earnings from unconsolidated entities and other gain — — 6,516 — 6,516 Lennar Other equity in earnings (loss) from unconsolidated entities — (4,930 ) 5,049 — 119 Lennar Other income, net — — 1,411 — 1,411 Earnings (loss) before income taxes (84,367 ) 461,703 46,216 — 423,552 Benefit (provision) for income taxes 6,328 (25,837 ) (12,820 ) — (32,329 ) Equity in earnings from subsidiaries 476,491 24,705 — (501,196 ) — Net earnings (including net loss attributable to noncontrolling interests) 398,452 460,571 33,396 (501,196 ) 391,223 Less: Net loss attributable to noncontrolling interests — — (7,229 ) — (7,229 ) Net earnings attributable to Lennar $ 398,452 460,571 40,625 (501,196 ) 398,452 Other comprehensive loss, net of tax: Net unrealized loss on securities available-for-sale $ — — (46 ) — (46 ) Total other comprehensive loss, net of tax $ — — (46 ) — (46 ) Total comprehensive income attributable to Lennar $ 398,452 460,571 40,579 (501,196 ) 398,406 Total comprehensive loss attributable to noncontrolling interests $ — — (7,229 ) — (7,229 ) Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended February 28, 2019 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Homebuilding $ — 3,614,041 9,680 — 3,623,721 Financial Services — 48,917 99,249 (4,855 ) 143,311 Multifamily — — 97,394 — 97,394 Lennar Other — — 3,656 — 3,656 Total revenues — 3,662,958 209,979 (4,855 ) 3,868,082 Cost and expenses: Homebuilding — 3,225,929 12,307 599 3,238,835 Financial Services — 38,378 92,268 (6,307 ) 124,339 Multifamily — — 101,178 — 101,178 Lennar Other — — 1,622 — 1,622 Corporate general and administrative 77,529 549 — 1,265 79,343 Total costs and expenses 77,529 3,264,856 207,375 (4,443 ) 3,545,317 Homebuilding equity in earnings (loss) from unconsolidated entities — (13,951 ) 195 — (13,756 ) Homebuilding other income (expense), net (408 ) (2,396 ) 857 412 (1,535 ) Multifamily equity in earnings from unconsolidated entities and other gain — — 10,581 — 10,581 Lennar Other equity in earnings (loss) from unconsolidated entities — (3,346 ) 11,676 — 8,330 Lennar Other expense, net — — (7,261 ) — (7,261 ) Earnings (loss) before income taxes (77,937 ) 378,409 18,652 — 319,124 Benefit (provision) for income taxes 19,437 (93,839 ) (5,298 ) — (79,700 ) Equity in earnings from subsidiaries 298,410 4,773 — (303,183 ) — Net earnings (including net loss attributable to noncontrolling interests) 239,910 289,343 13,354 (303,183 ) 239,424 Less: Net loss attributable to noncontrolling interests — — (486 ) — (486 ) Net earnings attributable to Lennar $ 239,910 289,343 13,840 (303,183 ) 239,910 Other comprehensive income, net of tax: Net unrealized gain on securities available-for-sale $ — — 208 — 208 Total other comprehensive income, net of tax $ — — 208 — 208 Total comprehensive income attributable to Lennar $ 239,910 289,343 14,048 (303,183 ) 240,118 Total comprehensive loss attributable to noncontrolling interests $ — — (486 ) — (486 ) Condensed Consolidating Statement of Cash Flows Three Months Ended February 29, 2020 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Cash flows from operating activities: Net earnings (including net loss attributable to noncontrolling interests) $ 398,452 460,571 33,396 (501,196 ) 391,223 Distributions of earnings from guarantor and non-guarantor subsidiaries 501,196 — — (501,196 ) — Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities (514,919 ) (686,494 ) 691,970 501,196 (8,247 ) Net cash provided by (used in) operating activities 384,729 (225,923 ) 725,366 (501,196 ) 382,976 Cash flows from investing activities: Investments in and contributions to unconsolidated entities, net of distributions of capital — (1,178 ) 8,895 — 7,717 Proceeds from the sales of operating properties and equipment and other assets — 13,067 — — 13,067 Other (330 ) 913 (8,188 ) — (7,605 ) Intercompany (672,022 ) — — 672,022 — Net cash provided by (used in) investing activities (672,352 ) 12,802 707 672,022 13,179 Cash flows from financing activities: Net borrowings under unsecured revolving credit facilities 300,000 — — — 300,000 Net repayments under warehouse facilities — — (755,602 ) — (755,602 ) Net repayments on other borrowings, other liabilities, and other notes payable — (55,580 ) (15,573 ) — (71,153 ) Net receipts related to noncontrolling interests — — 72,179 — 72,179 Common stock: Repurchases (295,988 ) — — — (295,988 ) Dividends (39,240 ) (460,571 ) (40,625 ) 501,196 (39,240 ) Intercompany — 605,744 66,278 (672,022 ) — Net cash provided by (used in) financing activities (35,228 ) 89,593 (673,343 ) (170,826 ) (789,804 ) Net increase (decrease) in cash and cash equivalents and restricted cash (322,851 ) (123,528 ) 52,730 — (393,649 ) Cash and cash equivalents and restricted cash at beginning of period 713,828 532,304 222,559 — 1,468,691 Cash and cash equivalents and restricted cash at end of period $ 390,977 408,776 275,289 — 1,075,042 Condensed Consolidating Statement of Cash Flows Three Months Ended February 28, 2019 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Cash flows from operating activities: Net earnings (including net loss attributable to noncontrolling interests) $ 239,910 289,343 13,354 (303,183 ) 239,424 Distributions of earnings from guarantor and non-guarantor subsidiaries 298,410 4,773 — (303,183 ) — Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities (339,730 ) (1,082,776 ) 355,476 303,183 (763,847 ) Net cash provided by (used in) operating activities 198,590 (788,660 ) 368,830 (303,183 ) (524,423 ) Cash flows from investing activities: Investments in and contributions to unconsolidated entities, net of distributions of capital — (60,660 ) (3,177 ) — (63,837 ) Proceeds from sales of real estate owned — — 2,696 — 2,696 Proceeds from sale of investment in unconsolidated entity — — 17,790 — 17,790 Proceeds from sales of Financial Services retail mortgage and real estate brokerage business — 21,517 2,929 — 24,446 Other (8,411 ) (15,686 ) (34,986 ) — (59,083 ) Intercompany (1,121,791 ) — — 1,121,791 — Net cash used in investing activities (1,130,202 ) (54,829 ) (14,748 ) 1,121,791 (77,988 ) Cash flows from financing activities: Net borrowings under unsecured revolving credit facilities 725,000 — — — 725,000 Net borrowings (repayments) under warehouse facilities — 5,801 (514,456 ) — (508,655 ) Net payments on other borrowings, other liabilities, and other notes payable — (79,281 ) (3,697 ) — (82,978 ) Net payments related to noncontrolling interests — — (2,949 ) — (2,949 ) Common stock: Issuances 607 — — — 607 Repurchases (49,143 ) — — — (49,143 ) Dividends (12,860 ) (289,343 ) (13,840 ) 303,183 (12,860 ) Intercompany — 973,489 148,302 (1,121,791 ) — Net cash provided by (used in) financing activities 663,604 610,666 (386,640 ) (818,608 ) 69,022 Net decrease in cash and cash equivalents and restricted cash (268,008 ) (232,823 ) (32,558 ) — (533,389 ) Cash and cash equivalents and restricted cash at beginning of period 624,694 721,968 249,316 — 1,595,978 Cash and cash equivalents and restricted cash at end of period $ 356,686 489,145 216,758 — 1,062,589

Subsequent Event

Subsequent Event	3 Months Ended
	Feb. 29, 2020
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event Subsequent to February 29, 2020, the United States has been severely impacted by a coronavirus (COVID-19) pandemic. While response to the COVID-19 outbreak continues to rapidly evolve, it has led to stay-at-home orders and social distancing guidelines that have seriously disrupted activities in large segments of the economy. Presently, certain markets in which we do business have stopped our construction and sales of homes. Although we continue to build and sell homes in our other markets, traffic in our Welcome Home Centers and sales have slowed significantly. While the extent to which COVID-19 impacts our results will depend on future developments, the outbreak and associated economic impacts could result in a material impact to the Company's future financial condition, results of operations and cash flows.

Basis of Presentation (Policy)

Basis of Presentation (Policy)	3 Months Ended
	Feb. 29, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Consolidation	Basis of Consolidation
Basis of Accounting	The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended November 30, 2019 . In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the accompanying condensed consolidated financial statements have been made. The Company has historically experienced, and expects to continue to experience, variability in quarterly results. The condensed consolidated statements of operations for the three months ended February 29, 2020 are not necessarily indicative of the results to be expected for the full year.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
New Accounting Pronouncements	Recently Adopted Accounting Pronouncements In March 2016, the FASB issued ASU 2016-02, Leases ("ASU 2016-02"), which provides guidance for accounting for leases. ASU 2016-02 requires lessees to classify leases as either finance or operating leases and to record a right-of-use (“ROU”) asset and a lease liability for all leases with a term greater than 12 months regardless of the lease classification. The lease classification determined whether the lease expense was recognized based on an effective interest rate method or on a straight line basis over the term of the lease. Accounting for lessors remains largely unchanged from current GAAP. ASU 2016-02 was effective for the Company beginning December 1, 2019. The Company elected the available practical expedients on adoption. Additionally, in preparation for adoption of the standard, the Company has implemented internal controls and key system functionality to enable the preparation of financial information. The standard did not have a material impact on our condensed consolidated statements of operations and comprehensive income (loss) or our condensed consolidated statements of cash flows. As a result of the adoption, as of February 29, 2020 , the Company has recorded $143.7 million of ROU assets and $150.8 million of lease liabilities on its condensed consolidated balance sheets within other assets and other liabilities of the respective segments. New Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). ASU 2016-13 significantly changes the impairment model for most financial assets and certain other instruments. ASU 2016-13 will require immediate recognition of estimated credit losses expected to occur over the remaining life of many financial assets, which will generally result in earlier recognition of allowances for credit losses on loans and other financial instruments. ASU 2016-13 is effective for the Company's fiscal year beginning December 1, 2020 and subsequent interim periods. The Company is currently evaluating the impact the adoption of ASU 2016-13 will have on its condensed consolidated financial statements. Subsequent to the issuance of ASU 2016-13, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments —Credit Losses and ASU 2019-05, Financial Instruments —Credit Losses (Topic 326) Targeted Transition Relief . These ASUs do not change the core principle of the guidance in ASU 2016-13. Instead these amendments are intended to clarify and improve operability of certain topics included within the credit losses standard. These ASUs will have the same effective date and transition requirements as ASU 2016-13. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350), Simplifying the Accounting for Goodwill Impairment ("ASU 2017-04"). ASU 2017-04 removes the requirement to perform a hypothetical purchase price allocation to measure goodwill impairment. A goodwill impairment will now be the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 will be effective for the Company’s fiscal year beginning December 1, 2020. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently evaluating the impact the adoption of ASU 2017-04 will have on the Company's condensed consolidated financial statements.

Operating and Reporting Segme_2

Operating and Reporting Segments (Tables)	3 Months Ended
	Feb. 29, 2020
Segment Reporting [Abstract]
Disclosure Of Financial Information Relating To Company's Operations	The assets and liabilities related to the Company’s segments were as follows: (In thousands) February 29, 2020 Assets: Homebuilding Financial Services Multifamily Lennar Other Total Cash and cash equivalents $ 784,950 246,712 15,790 5,030 1,052,482 Restricted cash 8,666 13,894 — — 22,560 Receivables, net (1) 311,817 281,941 80,319 — 674,077 Inventories 18,643,480 — 357,051 — 19,000,531 Loans held-for-sale (2) — 1,170,696 — — 1,170,696 Loans held-for-investment, net — 70,763 — — 70,763 Investments held-to-maturity — 183,945 — — 183,945 Investments available-for-sale (3) — 7,922 — 53,402 61,324 Investments in unconsolidated entities 946,716 — 589,646 406,179 1,942,541 Goodwill 3,442,359 215,516 — — 3,657,875 Other assets (4) 1,061,852 184,175 71,097 19,781 1,336,905 $ 25,199,840 2,375,564 1,113,903 484,392 29,173,699 Liabilities: Notes and other debts payable, net $ 8,115,498 990,152 — 15,178 9,120,828 Other liabilities (5) 3,279,597 368,571 201,992 9,334 3,859,494 $ 11,395,095 1,358,723 201,992 24,512 12,980,322 (In thousands) November 30, 2019 Assets: Homebuilding Financial Services Multifamily Lennar Other Total Cash and cash equivalents $ 1,200,832 234,113 8,711 2,340 1,445,996 Restricted cash 9,698 12,022 — 975 22,695 Receivables, net (1) 329,124 500,847 76,906 — 906,877 Inventories 17,776,507 — 315,107 — 18,091,614 Loans held-for-sale (2) — 1,644,939 — — 1,644,939 Loans held-for-investment, net — 73,867 — — 73,867 Investments held-to-maturity — 190,289 — 54,117 244,406 Investments available-for-sale (3) — 3,732 48,206 — 51,938 Investments in unconsolidated entities 1,009,035 — 561,190 403,688 1,973,913 Goodwill 3,442,359 215,516 — — 3,657,875 Other assets (4) 1,021,684 130,699 58,711 34,297 1,245,391 $ 24,789,239 3,006,024 1,068,831 495,417 29,359,511 Liabilities: Notes and other debts payable, net $ 7,776,638 1,745,755 36,125 15,178 9,573,696 Other liabilities (5) 3,230,400 310,695 196,030 14,860 3,751,985 $ 11,007,038 2,056,450 232,155 30,038 13,325,681 (1) Receivables, net for Financial Services primarily related to loans sold to investors for which the Company had not yet been paid as of February 29, 2020 and November 30, 2019 , respectively. (2) Loans held-for-sale related to unsold residential and commercial loans carried at fair value. (3) 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 condensed consolidated balance sheet. (4) As of February 29, 2020 and November 30, 2019 , Financial Services other assets included mortgage loan commitments carried at fair value of $31.2 million and $16.3 million , respectively, and mortgage servicing rights carried at fair value of $12.6 million and $24.7 million , respectively. (5) As of February 29, 2020 and November 30, 2019 , Financial Services other liabilities included $62.0 million and $60.7 million , respectively, of certain of the Company’s self-insurance reserves related to construction defects, general liability and workers’ compensation. In addition, as of February 29, 2020 and November 30, 2019 , Financial Services other liabilities also included forward contracts carried at fair value of $13.2 million and $3.9 million , respectively. Financial information relating to the Company’s segments was as follows: Three Months Ended February 29, 2020 (In thousands) Homebuilding Financial Services Multifamily Lennar Other Corporate and unallocated Total Revenues $ 4,172,116 198,661 132,617 1,943 — 4,505,337 Operating earnings 460,398 47,317 1,785 899 — 510,399 Corporate general and administrative expenses — — — — 86,847 86,847 Earnings before income taxes 460,398 47,317 1,785 899 (86,847 ) 423,552 Three Months Ended February 28, 2019 Revenues $ 3,623,721 143,311 97,394 3,656 — 3,868,082 Operating earnings 369,595 18,972 6,797 3,103 — 398,467 Corporate general and administrative expenses — — — — 79,343 79,343 Earnings before income taxes 369,595 18,972 6,797 3,103 (79,343 ) 319,124 The assets related to the Company’s homebuilding segments were as follows: (In thousands) Assets: East Central Texas West Other Corporate and Unallocated Total Homebuilding Balance at February 29, 2020 $ 6,867,299 2,779,966 2,388,579 11,083,548 1,141,924 938,524 25,199,840 Balance at November 30, 2019 $ 6,708,586 2,732,872 2,246,893 10,663,666 1,173,163 1,264,059 24,789,239 Financial information relating to the Company’s homebuilding segments was as follows: Three Months Ended February 29, 2020 (In thousands) East Central Texas West Other Total Homebuilding Revenues $ 1,406,866 534,976 473,228 1,748,769 8,277 4,172,116 Operating earnings (loss) 175,005 29,472 53,073 224,907 (22,059 ) 460,398 Three Months Ended February 28, 2019 Revenues $ 1,226,814 435,067 418,517 1,540,896 2,427 3,623,721 Operating earnings (loss) 135,383 30,926 32,278 190,661 (19,653 ) 369,595
Schedule of Line of Credit Facilities	(In thousands) Maximum Aggregate Commitment Residential facilities maturing: March 2020 (1) $ 100,000 May 2020 300,000 June 2020 300,000 October 2020 500,000 Total - Residential facilities $ 1,200,000 LMF Commercial facilities maturing November 2020 $ 200,000 December 2020 650,000 December 2020 (two - one year extensions) (2) 50,000 Total - LMF Commercial facilities $ 900,000 Total $ 2,100,000 (1) Subsequent to February 2020, the maturity date was extended to March 2021. (2) LMF Commercial uses this warehouse repurchase facility to finance the origination of floating rate accrual loans, which are reported as accrual loans within loans held-for-investment, net. There were borrowings under this facility of $11.4 million as of February 29, 2020 . The company's letter of credit and surety bond facilities are described below: February 29, November 30, (In thousands) Performance letters of credit $ 739,944 715,793 Financial letters of credit 208,871 184,075 Surety bonds 2,966,393 2,946,167 Anticipated future costs related to site improvements related to performance surety bonds 1,440,444 1,427,145
Schedule of Loan Origination Liabilities	The activity in the Company’s loan origination liabilities was as follows: Three Months Ended February 29, February 28, (In thousands) 2020 2019 Loan origination liabilities, beginning of period $ 9,364 48,584 Provision for losses 776 673 Payments/settlements (144 ) (42,560 ) Loan origination liabilities, end of period $ 9,996 6,697

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	3 Months Ended
	Feb. 29, 2020
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Details of each as of and during the three months ended February 29, 2020 are included below: February 29, 2020 (In thousands) LMV I LMV II Lennar's carrying value of investments $ 365,823 181,479 Equity commitments 2,204,016 1,257,700 Equity commitments called 2,110,545 677,398 Lennar's equity commitments 504,016 381,000 Lennar's equity commitments called 489,655 204,084 Lennar's remaining commitments 14,361 176,916 Distributions to Lennar during the three months ended February 29, 2020 5,646 —

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Feb. 29, 2020
Equity [Abstract]
Schedule of Changes in Equity	The following tables reflect the changes in equity attributable to both Lennar Corporation and the noncontrolling interests of its consolidated subsidiaries in which it has less than a 100% ownership interest for the three months ended February 29, 2020 and February 28, 2019 : Three months ended February 29, 2020 (In thousands) Total Equity Class A Class B Additional Treasury Stock Accumulated Other Comprehensive Income (Loss) Retained Earnings Noncontrolling Interests Balance at November 30, 2019 $ 16,033,830 29,712 3,944 8,578,219 (957,857 ) 498 8,295,001 84,313 Net earnings (including net loss attributable to noncontrolling interests) 391,223 — — — — — 398,452 (7,229 ) Employee stock and directors plans (7,424 ) 90 — (130 ) (7,384 ) — — — Purchases of treasury stock (288,515 ) — — — (288,515 ) — — — Amortization of restricted stock 31,855 — — 31,855 — — — — Cash dividends (39,240 ) — — — — — (39,240 ) — Receipts related to noncontrolling interests 88,913 — — — — — — 88,913 Payments related to noncontrolling interests (16,734 ) — — — — — — (16,734 ) Non-cash consolidations, net (485 ) — — — — — — (485 ) Total other comprehensive loss, net of tax (46 ) — — — — (46 ) — — Balance at February 29, 2020 $ 16,193,377 29,802 3,944 8,609,944 (1,253,756 ) 452 8,654,213 148,778 Three months ended February 28, 2019 (In thousands) Total Equity Class A Class B Additional Treasury Stock Accumulated Other Comprehensive Income (Loss) Retained Earnings Noncontrolling Interests Balance at November 30, 2018 $ 14,682,957 29,499 3,944 8,496,677 (435,869 ) (366 ) 6,487,650 101,422 Net earnings (including net loss attributable to noncontrolling interests) 239,424 — — — — — 239,910 (486 ) Employee stock and directors plans (1,422 ) 2 — 725 (2,149 ) — — — Purchases of treasury stock (46,998 ) — — — (46,998 ) — — — Amortization of restricted stock 16,899 — — 16,899 — — — — Cash dividends (12,860 ) — — — — — (12,860 ) — Receipts related to noncontrolling interests 8,348 — — — — — — 8,348 Payments related to noncontrolling interests (11,297 ) — — — — — — (11,297 ) Non-cash consolidations, net 8,894 — — — — — — 8,894 Cumulative-effect of accounting change 9,542 — — — — — 9,542 — Total other comprehensive earnings, net of tax 208 — — — — 208 — — Balance at February 28, 2019 $ 14,893,695 29,501 3,944 8,514,301 (485,016 ) (158 ) 6,724,242 106,881

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Feb. 29, 2020
Income Tax Disclosure [Abstract]
Schedule of Income Tax Benefit (Provision) and Effective Tax Rate	The provision for income taxes and effective tax rate were as follows: Three Months Ended February 29, February 28, (Dollars in thousands) 2020 2019 Provision for income taxes $32,329 79,700 Effective tax rate (1) 7.5 % 24.9 % (1) For both the three months ended February 29, 2020 and February 28, 2019 , the effective tax rate included state income tax expense and non-deductible executive compensation, partially offset by solar tax credits. For the three months ended February 29, 2020 , the effective tax rate also included a $69.2 million benefit due to Congress extending the new energy efficient home credit in December 2019.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Feb. 29, 2020
Earnings Per Share [Abstract]
Schedule of Calculation of Numerator and Denominator In Earnings Per Share	Basic and diluted earnings per share were calculated as follows: Three Months Ended February 29, February 28, (In thousands, except per share amounts) 2020 2019 Numerator: Net earnings attributable to Lennar $ 398,452 239,910 Less: distributed earnings allocated to nonvested shares 334 99 Less: undistributed earnings allocated to nonvested shares 4,092 1,860 Numerator for basic earnings per share 394,026 237,951 Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan (1) — 323 Numerator for diluted earnings per share $ 394,026 237,628 Denominator: Denominator for basic earnings per share - weighted average common shares outstanding 311,213 321,339 Effect of dilutive securities: Shared based payments 2 10 Denominator for diluted earnings per share - weighted average common shares outstanding 311,215 321,349 Basic earnings per share $ 1.27 0.74 Diluted earnings per share $ 1.27 0.74 (1) The amounts presented relate to Rialto's Carried Interest Incentive Plan and represent the difference between the advanced tax distributions received from the Rialto funds included in the Lennar Other segment and the amount Lennar is assumed to own.

Homebuilding Senior Notes and_2

Homebuilding Senior Notes and Other Debts Payable (Tables)	3 Months Ended
	Feb. 29, 2020
Debt Disclosure [Abstract]
Schedule of Senior Notes and Other Debts Payable	(Dollars in thousands) February 29, November 30, Unsecured revolving credit facility $ 300,000 — 6.625% senior notes due 2020 301,651 303,668 2.95% senior notes due 2020 299,566 299,421 8.375% senior notes due 2021 414,600 418,860 4.750% senior notes due 2021 499,088 498,893 6.25% senior notes due December 2021 308,994 310,252 4.125% senior notes due 2022 598,133 597,885 5.375% senior notes due 2022 257,484 258,198 4.750% senior notes due 2022 571,806 571,644 4.875% senior notes due December 2023 396,853 396,553 4.500% senior notes due 2024 646,984 646,802 5.875% senior notes due 2024 446,990 448,158 4.750% senior notes due 2025 497,669 497,558 5.25% senior notes due 2026 407,618 407,921 5.00% senior notes due 2027 352,796 352,892 4.75% senior notes due 2027 893,234 893,046 Mortgage notes on land and other debt 922,032 874,887 $ 8,115,498 7,776,638
Schedule of Letter of Credit Facilities	(In thousands) Maximum Aggregate Commitment Residential facilities maturing: March 2020 (1) $ 100,000 May 2020 300,000 June 2020 300,000 October 2020 500,000 Total - Residential facilities $ 1,200,000 LMF Commercial facilities maturing November 2020 $ 200,000 December 2020 650,000 December 2020 (two - one year extensions) (2) 50,000 Total - LMF Commercial facilities $ 900,000 Total $ 2,100,000 (1) Subsequent to February 2020, the maturity date was extended to March 2021. (2) LMF Commercial uses this warehouse repurchase facility to finance the origination of floating rate accrual loans, which are reported as accrual loans within loans held-for-investment, net. There were borrowings under this facility of $11.4 million as of February 29, 2020 . The company's letter of credit and surety bond facilities are described below: February 29, November 30, (In thousands) Performance letters of credit $ 739,944 715,793 Financial letters of credit 208,871 184,075 Surety bonds 2,966,393 2,946,167 Anticipated future costs related to site improvements related to performance surety bonds 1,440,444 1,427,145

Product Warranty (Tables)

Product Warranty (Tables)	3 Months Ended
	Feb. 29, 2020
Product Warranties Disclosures [Abstract]
Schedule of Product Warranty Reserve	The activity in the Company’s warranty reserve, which are included in Homebuilding other liabilities was as follows: Three Months Ended February 29, February 28, (In thousands) 2020 2019 Warranty reserve, beginning of the period $ 294,138 319,109 Warranties issued 38,271 33,971 Adjustments to pre-existing warranties from changes in estimates (1) 5,904 (9,527 ) Payments (50,900 ) (47,931 ) Warranty reserve, end of period $ 287,413 295,622 (1) The adjustments to pre-existing warranties from changes in estimates during the three months ended February 29, 2020 and February 28 2019 primarily related to specific claims in certain of the Company's homebuilding communities and other adjustments.

Financial Instruments and Fai_2

Financial Instruments and Fair Value Disclosures (Tables)	3 Months Ended
	Feb. 29, 2020
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 by the Company at February 29, 2020 and November 30, 2019 , 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. February 29, 2020 November 30, 2019 (In thousands) Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value ASSETS Financial Services: Loans held-for-investment, net Level 3 $ 70,763 67,266 73,867 69,708 Investments held-to-maturity Level 3 $ 165,303 200,787 166,012 195,962 Investments held-to-maturity Level 2 $ 18,642 18,680 24,277 24,257 Lennar Other: Investments held-to-maturity Level 3 $ — — 54,117 56,415 LIABILITIES Homebuilding senior notes and other debts payable, net Level 2 $ 8,115,498 8,535,225 7,776,638 8,144,632 Financial Services notes and other debts payable, net Level 2 $ 990,152 992,011 1,745,755 1,745,782 Multifamily note payable, net Level 2 $ — — 36,125 36,125 Lennar Other notes and other debts payable, net Level 2 $ 15,178 15,178 15,178 15,178
Fair Value Measured On Recurring Basis	The Company’s financial instruments measured at fair value on a recurring basis are summarized below: (In thousands) Fair Value Hierarchy Fair Value at Fair Value at Financial Services Assets: Residential loans held-for-sale (1) Level 2 $ 870,294 1,447,715 LMF Commercial loans held-for-sale (2) Level 3 $ 300,402 197,224 Mortgage servicing rights Level 3 $ 12,576 24,679 Lennar Other: Investments available-for-sale Level 3 $ 53,402 — (1) The aggregate fair value of residential loans held-for-sale of $870.3 million at February 29, 2020 exceeded their aggregate principal balance of $835.6 million by $34.7 million . The aggregate fair value of residential loans held-for-sale of $1.4 billion at November 30, 2019 exceeded their aggregate principal balance of $1.4 billion by $42.2 million . (2) The aggregate fair value of LMF Commercial loans held-for-sale of $300.4 million at February 29, 2020 exceeded their aggregate principal balance of $294.1 million by $6.4 million . The aggregate fair value of LMF Commercial loans held-for-sale of $197.2 million at November 30, 2019 exceeded their aggregate principal balance of $196.3 million by $0.9 million .
Schedule of Unobservable Inputs Used in Discounted Cash Flow Model to Determine the Fair Value of Communities	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: Three Months Ended February 29, 2020 Unobservable inputs Mortgage prepayment rate 21% Discount rate 13% Delinquency rate 9% 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 during the three months ended February 29, 2020 : Three Months Ended February 29, 2020 Unobservable inputs Range Average selling price $ 201,000 - $970,000 Absorption rate per quarter (homes) 3 - 15 Discount rate 20%
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: Three Months Ended February 29, February 28, (In thousands) 2020 2019 Changes in fair value included in Financial Services revenues: Loans held-for-sale $ (7,493 ) (10,120 ) Mortgage loan commitments 14,895 (259 ) Forward contracts (9,361 ) 8,853 Changes in fair value included in other comprehensive income (loss), net of tax: Financial Services investments available-for-sale (46 ) 208
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: Three Months Ended February 29, 2020 February 28, 2019 (In thousands) Mortgage servicing rights LMF Commercial loans held-for-sale Mortgage servicing rights LMF Commercial loans held-for-sale Beginning balance $ 24,679 197,224 37,206 61,691 Purchases/loan originations 746 412,250 1,586 270,123 Sales/loan originations sold, including those not settled — (314,439 ) — (200,588 ) Disposals/settlements (1,289 ) — (908 ) — Changes in fair value (1) (11,560 ) 5,601 (2,436 ) (486 ) Interest and principal paydowns — (234 ) — 302 Ending balance $ 12,576 300,402 35,448 131,042 (1) Changes in fair value for LMF Commercial loans held-for-sale and Financial Services mortgage servicing rights are included in Financial Services' revenues.
Fair Value Measurements, Nonrecurring	The assets measured at fair value on a nonrecurring basis are summarized below: Three Months Ended February 29, 2020 February 28, 2019 (In thousands) Fair Value Hierarchy 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 (1) Level 3 $ 73,006 59,284 (13,722 ) — — — Land and land under development (1) Level 3 $ 22,453 11,660 (10,793 ) 6,954 3,001 (3,953 ) (1) Valuation adjustments were included in Homebuilding costs and expenses in the Company's condensed consolidated statements of operations and comprehensive income (loss). Communities with valuation adjustments # of communities with potential indicator of impairment # of communities Fair Value (in thousands) Valuation Adjustments (in thousands) Three Months Ended February 29, 2020 33 6 $45,123 $19,944 February 28, 2019 54 — — —

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Feb. 29, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Estimated Maximum Exposure To Loss	At February 29, 2020 and November 30, 2019 , the Company’s recorded investments in VIEs that are unconsolidated and its estimated maximum exposure to loss were as follows: February 29, 2020 November 30, 2019 (In thousands) Investments in Unconsolidated VIEs Lennar’s Maximum Exposure to Loss (1) Investments in Lennar’s Maximum Homebuilding $ 78,213 78,379 80,939 81,118 Multifamily (2) 556,271 757,902 533,018 768,651 Financial Services 165,303 165,303 166,012 166,012 Lennar Other 6,765 6,765 60,882 60,882 $ 806,552 1,008,349 840,851 1,076,663 (1) Limited to investments in unconsolidated VIEs, except as noted below. (2) As of February 29, 2020 and November 30, 2019 , the maximum exposure to loss of Multifamily's investments in unconsolidated VIEs was primarily limited to its investments in the unconsolidated VIEs, except with regard to the remaining equity commitment of $191.3 million and $224.2 million

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Feb. 29, 2020
Commitments and Contingencies Disclosure [Abstract]
Additional Information About Leases	The following table includes additional information about the Company's leases: (Dollars in thousands) February 29, 2020 Right-of-use assets $ 143,690 Lease liabilities $ 150,779 Weighted-average remaining lease term (in years) 3.4 Weighted-average discount rate 3.1 %
Future Minimum Payments Under Noncancellable Leases	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 February 29, 2020 were as follows: (Dollars in thousands) Lease Payments 2020 $ 30,818 2021 38,278 2022 29,061 2023 21,754 2024 15,311 2025 and thereafter 28,550 Total future minimum lease payments (1) $ 163,772 Less: Interest (2) 12,993 Present value of lease liabilities (2) $ 150,779 (1) Total future minimum lease payments exclude variable lease costs of $13.4 million and short-term lease costs of $2.8 million . This also does not include minimum lease payments for executed and legally enforceable leases that have not yet commenced. As of February 29, 2020 , the minimum lease payments for these leases that have not yet commenced were immaterial. (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 February 29, 2020 , the weighted average remaining lease term and weighted average discount rate used in calculating the lease liabilities were 3.4 years and 3.1% , respectively. The Company recognized the lease liabilities on its condensed consolidated balance sheets within other liabilities.

Supplemental Financial Inform_2

Supplemental Financial Information (Tables)	3 Months Ended
	Feb. 29, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidating Balance Sheet	Condensed Consolidating Balance Sheet February 29, 2020 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total ASSETS Homebuilding: Cash and cash equivalents, restricted cash and receivables, net $ 392,022 696,826 16,585 — 1,105,433 Inventories — 18,246,920 396,560 — 18,643,480 Investments in unconsolidated entities — 944,034 2,682 — 946,716 Goodwill — 3,442,359 — — 3,442,359 Other assets 380,047 485,196 234,863 (38,254 ) 1,061,852 Investments in subsidiaries 10,274,276 41,304 — (10,315,580 ) — Intercompany 12,879,536 — — (12,879,536 ) — 23,925,881 23,856,639 650,690 (23,233,370 ) 25,199,840 Financial Services — 259,786 2,116,789 (1,011 ) 2,375,564 Multifamily — — 1,113,903 — 1,113,903 Lennar Other — 183,265 308,030 (6,903 ) 484,392 Total assets $ 23,925,881 24,299,690 4,189,412 (23,241,284 ) 29,173,699 LIABILITIES AND EQUITY Homebuilding: Accounts payable and other liabilities $ 751,475 1,894,224 314,782 (46,168 ) 2,914,313 Liabilities related to consolidated inventory not owned — 365,284 — — 365,284 Senior notes and other debts payable 7,129,807 917,408 68,283 — 8,115,498 Intercompany — 10,722,529 2,157,007 (12,879,536 ) — 7,881,282 13,899,445 2,540,072 (12,925,704 ) 11,395,095 Financial Services — 42,628 1,316,095 — 1,358,723 Multifamily — — 201,992 — 201,992 Lennar Other — — 24,512 — 24,512 Total liabilities 7,881,282 13,942,073 4,082,671 (12,925,704 ) 12,980,322 Total stockholders’ equity 16,044,599 10,357,617 (42,037 ) (10,315,580 ) 16,044,599 Noncontrolling interests — — 148,778 — 148,778 Total equity 16,044,599 10,357,617 106,741 (10,315,580 ) 16,193,377 Total liabilities and equity $ 23,925,881 24,299,690 4,189,412 (23,241,284 ) 29,173,699 Condensed Consolidating Balance Sheet November 30, 2019 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total ASSETS Homebuilding: Cash and cash equivalents, restricted cash and receivables, net $ 722,172 794,588 22,894 — 1,539,654 Inventories — 17,396,139 380,368 — 17,776,507 Investments in unconsolidated entities — 1,006,541 2,494 — 1,009,035 Goodwill — 3,442,359 — — 3,442,359 Other assets 344,941 500,356 217,607 (41,220 ) 1,021,684 Investments in subsidiaries 10,453,165 26,773 — (10,479,938 ) — Intercompany 12,027,996 — — (12,027,996 ) — 23,548,274 23,166,756 623,363 (22,549,154 ) 24,789,239 Financial Services — 275,812 2,731,285 (1,073 ) 3,006,024 Multifamily — — 1,068,831 — 1,068,831 Lennar Other — 158,194 339,988 (2,765 ) 495,417 Total assets $ 23,548,274 23,600,762 4,763,467 (22,552,992 ) 29,359,511 LIABILITIES AND EQUITY Homebuilding: Accounts payable and other liabilities $ 760,981 1,935,366 318,845 (45,058 ) 2,970,134 Liabilities related to consolidated inventory not owned — 260,266 — — 260,266 Senior notes and other debts payable 6,837,776 885,783 53,079 — 7,776,638 Intercompany — 10,122,374 1,905,622 (12,027,996 ) — 7,598,757 13,203,789 2,277,546 (12,073,054 ) 11,007,038 Financial Services — 40,235 2,016,215 — 2,056,450 Multifamily — — 232,155 — 232,155 Lennar Other — — 30,038 — 30,038 Total liabilities 7,598,757 13,244,024 4,555,954 (12,073,054 ) 13,325,681 Total stockholders’ equity 15,949,517 10,356,738 123,200 (10,479,938 ) 15,949,517 Noncontrolling interests — — 84,313 — 84,313 Total equity 15,949,517 10,356,738 207,513 (10,479,938 ) 16,033,830 Total liabilities and equity $ 23,548,274 23,600,762 4,763,467 (22,552,992 ) 29,359,511
Condensed Consolidating Statement of Operations and Comprehensive Income	Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended February 29, 2020 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Homebuilding $ — 4,156,143 15,973 — 4,172,116 Financial Services — 28,994 175,653 (5,986 ) 198,661 Multifamily — — 132,617 — 132,617 Lennar Other — — 1,943 — 1,943 Total revenues — 4,185,137 326,186 (5,986 ) 4,505,337 Cost and expenses: Homebuilding — 3,684,697 17,343 (4,234 ) 3,697,806 Financial Services — 16,453 137,551 (2,660 ) 151,344 Multifamily — — 137,348 — 137,348 Lennar Other — — 2,574 — 2,574 Corporate general and administrative 84,010 1,572 — 1,265 86,847 Total costs and expenses 84,010 3,702,722 294,816 (5,629 ) 4,075,919 Homebuilding equity in earnings (loss) from unconsolidated entities — (4,734 ) 188 — (4,546 ) Homebuilding other income (expense), net (357 ) (11,048 ) 1,682 357 (9,366 ) Multifamily equity in earnings from unconsolidated entities and other gain — — 6,516 — 6,516 Lennar Other equity in earnings (loss) from unconsolidated entities — (4,930 ) 5,049 — 119 Lennar Other income, net — — 1,411 — 1,411 Earnings (loss) before income taxes (84,367 ) 461,703 46,216 — 423,552 Benefit (provision) for income taxes 6,328 (25,837 ) (12,820 ) — (32,329 ) Equity in earnings from subsidiaries 476,491 24,705 — (501,196 ) — Net earnings (including net loss attributable to noncontrolling interests) 398,452 460,571 33,396 (501,196 ) 391,223 Less: Net loss attributable to noncontrolling interests — — (7,229 ) — (7,229 ) Net earnings attributable to Lennar $ 398,452 460,571 40,625 (501,196 ) 398,452 Other comprehensive loss, net of tax: Net unrealized loss on securities available-for-sale $ — — (46 ) — (46 ) Total other comprehensive loss, net of tax $ — — (46 ) — (46 ) Total comprehensive income attributable to Lennar $ 398,452 460,571 40,579 (501,196 ) 398,406 Total comprehensive loss attributable to noncontrolling interests $ — — (7,229 ) — (7,229 ) Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended February 28, 2019 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Homebuilding $ — 3,614,041 9,680 — 3,623,721 Financial Services — 48,917 99,249 (4,855 ) 143,311 Multifamily — — 97,394 — 97,394 Lennar Other — — 3,656 — 3,656 Total revenues — 3,662,958 209,979 (4,855 ) 3,868,082 Cost and expenses: Homebuilding — 3,225,929 12,307 599 3,238,835 Financial Services — 38,378 92,268 (6,307 ) 124,339 Multifamily — — 101,178 — 101,178 Lennar Other — — 1,622 — 1,622 Corporate general and administrative 77,529 549 — 1,265 79,343 Total costs and expenses 77,529 3,264,856 207,375 (4,443 ) 3,545,317 Homebuilding equity in earnings (loss) from unconsolidated entities — (13,951 ) 195 — (13,756 ) Homebuilding other income (expense), net (408 ) (2,396 ) 857 412 (1,535 ) Multifamily equity in earnings from unconsolidated entities and other gain — — 10,581 — 10,581 Lennar Other equity in earnings (loss) from unconsolidated entities — (3,346 ) 11,676 — 8,330 Lennar Other expense, net — — (7,261 ) — (7,261 ) Earnings (loss) before income taxes (77,937 ) 378,409 18,652 — 319,124 Benefit (provision) for income taxes 19,437 (93,839 ) (5,298 ) — (79,700 ) Equity in earnings from subsidiaries 298,410 4,773 — (303,183 ) — Net earnings (including net loss attributable to noncontrolling interests) 239,910 289,343 13,354 (303,183 ) 239,424 Less: Net loss attributable to noncontrolling interests — — (486 ) — (486 ) Net earnings attributable to Lennar $ 239,910 289,343 13,840 (303,183 ) 239,910 Other comprehensive income, net of tax: Net unrealized gain on securities available-for-sale $ — — 208 — 208 Total other comprehensive income, net of tax $ — — 208 — 208 Total comprehensive income attributable to Lennar $ 239,910 289,343 14,048 (303,183 ) 240,118 Total comprehensive loss attributable to noncontrolling interests $ — — (486 ) — (486 )
Condensed Consolidating Statement of Cash Flows	Condensed Consolidating Statement of Cash Flows Three Months Ended February 29, 2020 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Cash flows from operating activities: Net earnings (including net loss attributable to noncontrolling interests) $ 398,452 460,571 33,396 (501,196 ) 391,223 Distributions of earnings from guarantor and non-guarantor subsidiaries 501,196 — — (501,196 ) — Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities (514,919 ) (686,494 ) 691,970 501,196 (8,247 ) Net cash provided by (used in) operating activities 384,729 (225,923 ) 725,366 (501,196 ) 382,976 Cash flows from investing activities: Investments in and contributions to unconsolidated entities, net of distributions of capital — (1,178 ) 8,895 — 7,717 Proceeds from the sales of operating properties and equipment and other assets — 13,067 — — 13,067 Other (330 ) 913 (8,188 ) — (7,605 ) Intercompany (672,022 ) — — 672,022 — Net cash provided by (used in) investing activities (672,352 ) 12,802 707 672,022 13,179 Cash flows from financing activities: Net borrowings under unsecured revolving credit facilities 300,000 — — — 300,000 Net repayments under warehouse facilities — — (755,602 ) — (755,602 ) Net repayments on other borrowings, other liabilities, and other notes payable — (55,580 ) (15,573 ) — (71,153 ) Net receipts related to noncontrolling interests — — 72,179 — 72,179 Common stock: Repurchases (295,988 ) — — — (295,988 ) Dividends (39,240 ) (460,571 ) (40,625 ) 501,196 (39,240 ) Intercompany — 605,744 66,278 (672,022 ) — Net cash provided by (used in) financing activities (35,228 ) 89,593 (673,343 ) (170,826 ) (789,804 ) Net increase (decrease) in cash and cash equivalents and restricted cash (322,851 ) (123,528 ) 52,730 — (393,649 ) Cash and cash equivalents and restricted cash at beginning of period 713,828 532,304 222,559 — 1,468,691 Cash and cash equivalents and restricted cash at end of period $ 390,977 408,776 275,289 — 1,075,042 Condensed Consolidating Statement of Cash Flows Three Months Ended February 28, 2019 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Cash flows from operating activities: Net earnings (including net loss attributable to noncontrolling interests) $ 239,910 289,343 13,354 (303,183 ) 239,424 Distributions of earnings from guarantor and non-guarantor subsidiaries 298,410 4,773 — (303,183 ) — Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities (339,730 ) (1,082,776 ) 355,476 303,183 (763,847 ) Net cash provided by (used in) operating activities 198,590 (788,660 ) 368,830 (303,183 ) (524,423 ) Cash flows from investing activities: Investments in and contributions to unconsolidated entities, net of distributions of capital — (60,660 ) (3,177 ) — (63,837 ) Proceeds from sales of real estate owned — — 2,696 — 2,696 Proceeds from sale of investment in unconsolidated entity — — 17,790 — 17,790 Proceeds from sales of Financial Services retail mortgage and real estate brokerage business — 21,517 2,929 — 24,446 Other (8,411 ) (15,686 ) (34,986 ) — (59,083 ) Intercompany (1,121,791 ) — — 1,121,791 — Net cash used in investing activities (1,130,202 ) (54,829 ) (14,748 ) 1,121,791 (77,988 ) Cash flows from financing activities: Net borrowings under unsecured revolving credit facilities 725,000 — — — 725,000 Net borrowings (repayments) under warehouse facilities — 5,801 (514,456 ) — (508,655 ) Net payments on other borrowings, other liabilities, and other notes payable — (79,281 ) (3,697 ) — (82,978 ) Net payments related to noncontrolling interests — — (2,949 ) — (2,949 ) Common stock: Issuances 607 — — — 607 Repurchases (49,143 ) — — — (49,143 ) Dividends (12,860 ) (289,343 ) (13,840 ) 303,183 (12,860 ) Intercompany — 973,489 148,302 (1,121,791 ) — Net cash provided by (used in) financing activities 663,604 610,666 (386,640 ) (818,608 ) 69,022 Net decrease in cash and cash equivalents and restricted cash (268,008 ) (232,823 ) (32,558 ) — (533,389 ) Cash and cash equivalents and restricted cash at beginning of period 624,694 721,968 249,316 — 1,595,978 Cash and cash equivalents and restricted cash at end of period $ 356,686 489,145 216,758 — 1,062,589

Basis of Presentation - Narrat

Basis of Presentation - Narrative (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended
	Feb. 29, 2020	Nov. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash and cash equivalents held in escrow	$ 502,200	$ 565,800
Cash and cash equivalents held in escrow, deposit period	3 days
Right-of-use assets	$ 143,690
Lease liabilities	$ 150,779
Nonvested shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares granted (in shares)	0.9

Operating and Reporting Segme_3

Operating and Reporting Segments (Disclosure Of Assets and Liabilities) (Details) - USD ($) $ in Thousands		Feb. 29, 2020	Nov. 30, 2019
Segment Reporting Information [Line Items]
Cash and cash equivalents		$ 1,052,482	$ 1,445,996
Restricted cash		22,560	22,695
Receivables, net		674,077	906,877
Inventories		19,000,531	18,091,614
Loans held-for-sale		1,170,696	1,644,939
Loans held-for-investment, net		70,763	73,867
Investments held-to-maturity		183,945	244,406
Investments available-for-sale		61,324	51,938
Investments in unconsolidated entities		1,942,541	1,973,913
Goodwill		3,657,875	3,657,875
Other assets		1,336,905	1,245,391
Total assets	[1]	29,173,699	29,359,511
Senior notes and other debts payable		9,120,828	9,573,696
Other liabilities		3,859,494	3,751,985
Total liabilities	[2]	12,980,322	13,325,681
Self-insurance reserves		62,000	60,700
Homebuilding
Segment Reporting Information [Line Items]
Cash and cash equivalents	[1]	784,950	1,200,832
Restricted cash	[1]	8,666	9,698
Receivables, net	[1]	311,817	329,124
Inventories	[1]	18,643,480	17,776,507
Investments in unconsolidated entities	[1]	946,716	1,009,035
Goodwill	[1]	3,442,359	3,442,359
Other assets	[1]	1,061,852	1,021,684
Total assets	[1]	25,199,840	24,789,239
Other liabilities	[2]	1,733,605	1,900,955
Total liabilities	[2]	11,395,095	11,007,038
Financial Services
Segment Reporting Information [Line Items]
Total assets	[1]	2,375,564	3,006,024
Total liabilities	[2]	1,358,723	2,056,450
Multifamily
Segment Reporting Information [Line Items]
Total assets	[1]	1,113,903	1,068,831
Total liabilities	[2]	201,992	232,155
Lennar Other
Segment Reporting Information [Line Items]
Total assets	[1]	484,392	495,417
Total liabilities	[2]	24,512	30,038
Operating Segments | Financial Services
Segment Reporting Information [Line Items]
Cash and cash equivalents		246,712	234,113
Restricted cash		13,894	12,022
Receivables, net		281,941	500,847
Inventories		0	0
Loans held-for-sale		1,170,696	1,644,939
Loans held-for-investment, net		70,763	73,867
Investments held-to-maturity		183,945	190,289
Investments available-for-sale		7,922	3,732
Investments in unconsolidated entities		0	0
Goodwill		215,516	215,516
Other assets		184,175	130,699
Total assets		2,375,564	3,006,024
Senior notes and other debts payable		990,152	1,745,755
Other liabilities		368,571	310,695
Total liabilities		1,358,723	2,056,450
Operating Segments | Multifamily
Segment Reporting Information [Line Items]
Cash and cash equivalents		15,790	8,711
Restricted cash		0	0
Receivables, net		80,319	76,906
Inventories		357,051	315,107
Loans held-for-sale		0	0
Loans held-for-investment, net		0	0
Investments held-to-maturity		0	0
Investments available-for-sale		0	48,206
Investments in unconsolidated entities		589,646	561,190
Goodwill		0	0
Other assets		71,097	58,711
Total assets		1,113,903	1,068,831
Senior notes and other debts payable		0	36,125
Other liabilities		201,992	196,030
Total liabilities		201,992	232,155
Operating Segments | Lennar Other
Segment Reporting Information [Line Items]
Cash and cash equivalents		5,030	2,340
Restricted cash		0	975
Receivables, net		0	0
Inventories		0	0
Loans held-for-sale		0	0
Loans held-for-investment, net		0	0
Investments held-to-maturity		0	54,117
Investments available-for-sale		53,402	0
Investments in unconsolidated entities		406,179	403,688
Goodwill		0	0
Other assets		19,781	34,297
Total assets		484,392	495,417
Senior notes and other debts payable		15,178	15,178
Other liabilities		9,334	14,860
Total liabilities		24,512	30,038
Operating Segments And Corporate | Homebuilding
Segment Reporting Information [Line Items]
Cash and cash equivalents		784,950	1,200,832
Restricted cash		8,666	9,698
Receivables, net		311,817	329,124
Inventories		18,643,480	17,776,507
Loans held-for-sale		0	0
Loans held-for-investment, net		0	0
Investments held-to-maturity		0	0
Investments available-for-sale		0	0
Investments in unconsolidated entities		946,716	1,009,035
Goodwill		3,442,359	3,442,359
Other assets		1,061,852	1,021,684
Total assets		25,199,840	24,789,239
Senior notes and other debts payable		8,115,498	7,776,638
Other liabilities		3,279,597	3,230,400
Total liabilities		11,395,095	11,007,038
Mortgage loan commitments | Financial Services
Segment Reporting Information [Line Items]
Other asset			16,300
Forward contracts | Financial Services
Segment Reporting Information [Line Items]
Other asset		13,200	3,900
Level 2 | Fair Value, Measurements, Recurring | Financial Services
Segment Reporting Information [Line Items]
Other asset		31,200
Level 3 | Lennar Other
Segment Reporting Information [Line Items]
Investments available-for-sale		53,402	0
Level 3 | Fair Value, Measurements, Recurring | Financial Services
Segment Reporting Information [Line Items]
Mortgage servicing rights		$ 12,576	$ 24,679
[1]	Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. As of February 29, 2020 , total assets include $1.2 billion related to consolidated VIEs of which $12.9 million is included in Homebuilding cash and cash equivalents, $0.1 million in Homebuilding receivables, net, $104.4 million in Homebuilding finished homes and construction in progress, $292.5 million in Homebuilding land and land under development, $406.1 million in Homebuilding consolidated inventory not owned, $2.7 million in Homebuilding investments in unconsolidated entities, $7.3 million in Homebuilding other assets, $259.9 million in Financial Services assets and $74.2 million in Multifamily assets. As of November 30, 2019 , total assets include $980.2 million related to consolidated VIEs of which $15.5 million is included in Homebuilding cash and cash equivalents, $0.2 million in Homebuilding receivables, net, $97.5 million in Homebuilding finished homes and construction in progress, $283.2 million in Homebuilding land and land under development, $301.0 million in Homebuilding consolidated inventory not owned, $2.5 million in Homebuilding investments in unconsolidated entities, $10.0 million in Homebuilding other assets, $221.2 million in Financial Services assets and $49.1 million in Multifamily assets.
[2]	Under certain provisions of ASC 810, the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated VIEs and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. As of February 29, 2020 , total liabilities include $669.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $8.9 million is included in Homebuilding accounts payable, $353.5 million in Homebuilding liabilities related to consolidated inventory not owned, $68.3 million in Homebuilding senior notes and other debts payable, $8.9 million in Homebuilding other liabilities, $218.5 million in Financial Services liabilities and $11.3 million in Multifamily liabilities. As of November 30, 2019 , total liabilities include $549.7 million related to consolidated VIEs as to which there was no recourse against the Company, of which $13.7 million is included in Homebuilding accounts payable, $247.5 million in Homebuilding liabilities related to consolidated inventory not owned, $47.1 million in Homebuilding senior notes and other debt payable, $8.9 million in Homebuilding other liabilities, $231.1 million in Financial Services liabilities and $1.4 million in Multifamily liabilities.

Operating and Reporting Segme_4

Operating and Reporting Segments (Financial Information Related to Segments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Segment Reporting Information [Line Items]
Revenues	$ 4,505,337	$ 3,868,082
Operating earnings (loss)	510,399	398,467
Corporate general and administrative expenses	86,847	79,343
Earnings before income taxes	423,552	319,124
Homebuilding
Segment Reporting Information [Line Items]
Revenues	4,172,116	3,623,721
Financial Services
Segment Reporting Information [Line Items]
Revenues	198,661	143,311
Multifamily
Segment Reporting Information [Line Items]
Revenues	132,617	97,394
Lennar Other
Segment Reporting Information [Line Items]
Revenues	1,943	3,656
Operating Segments | Homebuilding
Segment Reporting Information [Line Items]
Revenues	4,172,116	3,623,721
Operating earnings (loss)	460,398	369,595
Corporate general and administrative expenses	0	0
Earnings before income taxes	460,398	369,595
Operating Segments | Financial Services
Segment Reporting Information [Line Items]
Revenues	198,661	143,311
Operating earnings (loss)	47,317	18,972
Corporate general and administrative expenses	0	0
Earnings before income taxes	47,317	18,972
Operating Segments | Multifamily
Segment Reporting Information [Line Items]
Revenues	132,617	97,394
Operating earnings (loss)	1,785	6,797
Corporate general and administrative expenses	0	0
Earnings before income taxes	1,785	6,797
Operating Segments | Lennar Other
Segment Reporting Information [Line Items]
Revenues	1,943	3,656
Operating earnings (loss)	899	3,103
Corporate general and administrative expenses	0	0
Earnings before income taxes	899	3,103
Corporate and Unallocated
Segment Reporting Information [Line Items]
Corporate general and administrative expenses	86,847	79,343
Earnings before income taxes	$ 86,847	$ (79,343)

Operating and Reporting Segme_5

Operating and Reporting Segments (Homebuilding Assets) (Details) - USD ($) $ in Thousands		Feb. 29, 2020	Nov. 30, 2019
Segment Reporting Information [Line Items]
Assets	[1]	$ 29,173,699	$ 29,359,511
Homebuilding
Segment Reporting Information [Line Items]
Assets	[1]	25,199,840	24,789,239
Operating Segments | East
Segment Reporting Information [Line Items]
Assets		6,867,299	6,708,586
Operating Segments | Central
Segment Reporting Information [Line Items]
Assets		2,779,966	2,732,872
Operating Segments | Texas
Segment Reporting Information [Line Items]
Assets		2,388,579	2,246,893
Operating Segments | West
Segment Reporting Information [Line Items]
Assets		11,083,548	10,663,666
Operating Segments | Other
Segment Reporting Information [Line Items]
Assets		1,141,924	1,173,163
Corporate and Unallocated
Segment Reporting Information [Line Items]
Assets		938,524	1,264,059
Operating Segments And Corporate | Homebuilding
Segment Reporting Information [Line Items]
Assets		$ 25,199,840	$ 24,789,239
[1]	Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. As of February 29, 2020 , total assets include $1.2 billion related to consolidated VIEs of which $12.9 million is included in Homebuilding cash and cash equivalents, $0.1 million in Homebuilding receivables, net, $104.4 million in Homebuilding finished homes and construction in progress, $292.5 million in Homebuilding land and land under development, $406.1 million in Homebuilding consolidated inventory not owned, $2.7 million in Homebuilding investments in unconsolidated entities, $7.3 million in Homebuilding other assets, $259.9 million in Financial Services assets and $74.2 million in Multifamily assets. As of November 30, 2019 , total assets include $980.2 million related to consolidated VIEs of which $15.5 million is included in Homebuilding cash and cash equivalents, $0.2 million in Homebuilding receivables, net, $97.5 million in Homebuilding finished homes and construction in progress, $283.2 million in Homebuilding land and land under development, $301.0 million in Homebuilding consolidated inventory not owned, $2.5 million in Homebuilding investments in unconsolidated entities, $10.0 million in Homebuilding other assets, $221.2 million in Financial Services assets and $49.1 million in Multifamily assets.

Operating and Reporting Segme_6

Operating and Reporting Segments (Homebuilding Financial Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Segment Reporting Information [Line Items]
Revenues	$ 4,505,337	$ 3,868,082
Operating earnings (loss)	510,399	398,467
Homebuilding
Segment Reporting Information [Line Items]
Revenues	4,172,116	3,623,721
Operating Segments | East
Segment Reporting Information [Line Items]
Revenues	1,406,866	1,226,814
Operating earnings (loss)	175,005	135,383
Operating Segments | Central
Segment Reporting Information [Line Items]
Revenues	534,976	435,067
Operating earnings (loss)	29,472	30,926
Operating Segments | Texas
Segment Reporting Information [Line Items]
Revenues	473,228	418,517
Operating earnings (loss)	53,073	32,278
Operating Segments | West
Segment Reporting Information [Line Items]
Revenues	1,748,769	1,540,896
Operating earnings (loss)	224,907	190,661
Operating Segments | Other
Segment Reporting Information [Line Items]
Revenues	8,277	2,427
Operating earnings (loss)	(22,059)	(19,653)
Operating Segments | Homebuilding
Segment Reporting Information [Line Items]
Revenues	4,172,116	3,623,721
Operating earnings (loss)	460,398	369,595
Operating Segments And Corporate | Homebuilding
Segment Reporting Information [Line Items]
Revenues	4,172,116	3,623,721
Operating earnings (loss)	$ 460,398	$ 369,595

Operating and Reporting Segme_7

Operating and Reporting Segments (Disclosure of Facilities) (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Feb. 29, 2020USD ($)extension	Nov. 30, 2019USD ($)
Financial Services
Line of Credit Facility [Line Items]
Outstanding principal balance	$ 698,369	$ 1,423,650
Financial Services | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	2,100,000
Borrowings under facility	674,848	$ 1,374,063
Residential facilities maturing March 2020 | Financial Services | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	100,000
Residential facilities maturing May 2020 | Financial Services | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	300,000
Residential facilities maturing June 2020 | Financial Services | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	300,000
Residential facilities maturing October 2020 | Financial Services | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	500,000
Residential facilities | Financial Services | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	1,200,000
Commercial facilities maturing December 2020 | Financial Services | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	50,000
Borrowings under facility	$ 11,400
Number of extensions | extension	2
Extension term		1 year
Commercial facilities maturing November 2020 | Financial Services | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	$ 200,000
Commercial facilities maturing December 2020 | Financial Services | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	650,000
Commercial facilities maturing December 2020 | Financial Services | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	0
Commercial facilities maturing December 2020 | Financial Services | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	0
Commercial facilities | Financial Services | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	900,000
Warehouse Repurchase Facility | Rialto Mortgage Finance | Financial Services
Line of Credit Facility [Line Items]
Borrowings under loan originations and securitizations activities	161,546	$ 216,870
Secured Debt | Financing Agreement to Purchase Commercial Mortgage Backed Securities [Member] | Financial Services
Line of Credit Facility [Line Items]
Senior notes and other debts payable, net	$ 153,800	$ 154,700
Minimum | Secured Debt | Financing Agreement to Purchase Commercial Mortgage Backed Securities [Member] | Lennar Other
Line of Credit Facility [Line Items]
Interest rate	3.40%

Operating and Reporting Segme_8

Operating and Reporting Segments (Narrative) (Details)	3 Months Ended
	Feb. 29, 2020USD ($)transaction	Feb. 28, 2019USD ($)transaction	Nov. 30, 2019USD ($)
Segment Reporting Information [Line Items]
Investments held-to-maturity	$ 183,945,000		$ 244,406,000
Financial Services
Segment Reporting Information [Line Items]
Outstanding principal balance	698,369,000		1,423,650,000
Origination of loans receivable	412,300,000	$ 270,100,000
Sale of loans held-for-sale	$ 314,400,000	$ 200,500,000
Number of securitization transactions | transaction	2	2
Unsettled transactions	$ 0
Warehouse Repurchase Facility | Financial Services
Segment Reporting Information [Line Items]
Borrowings under facility	674,848,000		1,374,063,000
CMBS | Financial Services
Segment Reporting Information [Line Items]
Investments held-to-maturity	165,300,000		166,000,000
Impairment charges for CMBS securities	$ 0	$ 0
Minimum | CMBS | Financial Services
Segment Reporting Information [Line Items]
Discount rate as a percentage of face value for held-to-maturity securities	6.00%
Coupon rate for held-to-maturity securities	2.00%
Maximum | CMBS | Financial Services
Segment Reporting Information [Line Items]
Discount rate as a percentage of face value for held-to-maturity securities	84.00%
Coupon rate for held-to-maturity securities	5.30%
Secured Debt | Financing Agreement to Purchase Commercial Mortgage Backed Securities [Member] | Financial Services
Segment Reporting Information [Line Items]
Senior notes and other debts payable, net	$ 153,800,000		$ 154,700,000

Operating and Reporting Segme_9

Operating and Reporting Segments Operating and Reporting Segments (Activity in Loan Origination Liabilities) (Details) - Loss origination liability - Financial Services - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Loss Contingency Accrual [Roll Forward]
Loan origination liabilities, beginning of period	$ 9,364	$ 48,584
Provision for losses	776	673
Payments/settlements	(144)	(42,560)
Loan origination liabilities, end of period	$ 9,996	$ 6,697

Investments in Unconsolidated_3

Investments in Unconsolidated Entities (Narrative) (Details) $ in Thousands		3 Months Ended
		Feb. 29, 2020USD ($)investment	Feb. 28, 2019USD ($)	Nov. 30, 2019USD ($)
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities		$ 1,942,541		$ 1,973,913
Revenues		4,505,337	$ 3,868,082
FivePoint Unconsolidated Entity
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities		$ 366,800		374,000
Unconsolidated entities ownership percentage		40.00%
Homebuilding
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	[1]	$ 946,716		1,009,035
Underlying equity in unconsolidated partners' net assets		1,300,000
Debt of unconsolidated entities		1,100,000		1,100,000
Maximum recourse exposure		4,900		10,800
Revenues		$ 4,172,116	3,623,721
Homebuilding | Joint Ventures Previously Managed by FivePoint Communities
Schedule of Equity Method Investments [Line Items]
Number of investments in joint ventures contributed | investment		3
Multifamily
Schedule of Equity Method Investments [Line Items]
Non-recourse debt with completion guarantees		$ 979,500		867,300
Revenues		132,617	97,394
Financial letters of credit
Schedule of Equity Method Investments [Line Items]
Letters of credit outstanding		208,871		$ 184,075
General Contractor Services | Multifamily
Schedule of Equity Method Investments [Line Items]
Revenues		93,900	82,400
Cost of revenue		90,200	79,400
Unconsolidated Entities | Management Fee | Multifamily
Schedule of Equity Method Investments [Line Items]
Revenues		$ 13,800	$ 13,100
[1]	Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. As of February 29, 2020 , total assets include $1.2 billion related to consolidated VIEs of which $12.9 million is included in Homebuilding cash and cash equivalents, $0.1 million in Homebuilding receivables, net, $104.4 million in Homebuilding finished homes and construction in progress, $292.5 million in Homebuilding land and land under development, $406.1 million in Homebuilding consolidated inventory not owned, $2.7 million in Homebuilding investments in unconsolidated entities, $7.3 million in Homebuilding other assets, $259.9 million in Financial Services assets and $74.2 million in Multifamily assets. As of November 30, 2019 , total assets include $980.2 million related to consolidated VIEs of which $15.5 million is included in Homebuilding cash and cash equivalents, $0.2 million in Homebuilding receivables, net, $97.5 million in Homebuilding finished homes and construction in progress, $283.2 million in Homebuilding land and land under development, $301.0 million in Homebuilding consolidated inventory not owned, $2.5 million in Homebuilding investments in unconsolidated entities, $10.0 million in Homebuilding other assets, $221.2 million in Financial Services assets and $49.1 million in Multifamily assets.

Investments in Unconsolidated_4

Investments in Unconsolidated Entities (Details of Multifamily Unconsolidated Entities) (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2020	Feb. 28, 2019	Nov. 30, 2019
Schedule of Equity Method Investments [Line Items]
Lennar's carrying value of investments	$ 1,942,541		$ 1,973,913
Distributions to Lennar during the three months ended February 29, 2020	36,922	$ 3,489
Multifamily | LMV I
Schedule of Equity Method Investments [Line Items]
Lennar's carrying value of investments	365,823
Equity commitments	2,204,016
Equity commitments called	2,110,545
Lennar's equity commitments	504,016
Lennar's equity commitments called	489,655
Lennar's remaining commitments	14,361
Distributions to Lennar during the three months ended February 29, 2020	5,646
Multifamily | LMV II
Schedule of Equity Method Investments [Line Items]
Lennar's carrying value of investments	181,479
Equity commitments	1,257,700
Equity commitments called	677,398
Lennar's equity commitments	381,000
Lennar's equity commitments called	204,084
Lennar's remaining commitments	176,916
Distributions to Lennar during the three months ended February 29, 2020	$ 0

Stockholders' Equity (Schedule

Stockholders' Equity (Schedule Of Changes In Equity) (Details) - USD ($)	Apr. 07, 2020	Feb. 07, 2020	Feb. 29, 2020		Nov. 30, 2019		Aug. 31, 2019	May 31, 2019	Feb. 28, 2019	Jan. 31, 2019	Dec. 01, 2018
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			$ 16,033,830,000	[1]				$ 14,893,695,000	$ 14,682,957,000
Net earnings (including net loss attributable to noncontrolling interests)			391,223,000						239,424,000
Employee stock and directors plans			(7,424,000)						(1,422,000)
Purchases of treasury stock			(288,515,000)						(46,998,000)
Amortization of restricted stock			31,855,000						16,899,000
Cash dividends			(39,240,000)						(12,860,000)
Receipts related to noncontrolling interests			88,913,000						8,348,000
Payments related to noncontrolling interests			(16,734,000)						(11,297,000)
Non-cash consolidations, net			(485,000)						8,894,000
Cumulative Effect of New Accounting Principle in Period of Adoption											$ 9,542,000
Total other comprehensive loss, net of tax			(46,000)						208,000
Balance, ending			16,193,377,000	[1]	$ 16,033,830,000	[1]			$ 14,893,695,000
Cash dividends (in dollars per share)		$ 0.125			$ 0.04		$ 0.04	$ 0.04	$ 0.04
Stock repurchase program, authorized value										$ 1,000,000,000
Stock repurchase program, authorized shares (in shares)										25,000,000
Additional Paid - in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			8,578,219,000					$ 8,514,301,000	$ 8,496,677,000
Employee stock and directors plans			(130,000)						725,000
Amortization of restricted stock			31,855,000						16,899,000
Cumulative Effect of New Accounting Principle in Period of Adoption											0
Balance, ending			8,609,944,000		$ 8,578,219,000				8,514,301,000
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			(957,857,000)					(485,016,000)	(435,869,000)
Employee stock and directors plans			(7,384,000)						(2,149,000)
Purchases of treasury stock			(288,515,000)						(46,998,000)
Cumulative Effect of New Accounting Principle in Period of Adoption											0
Balance, ending			(1,253,756,000)		(957,857,000)				(485,016,000)
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			498,000					(158,000)	(366,000)
Cumulative Effect of New Accounting Principle in Period of Adoption											0
Total other comprehensive loss, net of tax			(46,000)						208,000
Balance, ending			452,000		498,000				(158,000)
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			8,295,001,000					6,724,242,000	6,487,650,000
Net earnings (including net loss attributable to noncontrolling interests)			398,452,000						239,910,000
Employee stock and directors plans									0
Cash dividends			(39,240,000)						(12,860,000)
Cumulative Effect of New Accounting Principle in Period of Adoption											9,542,000
Balance, ending			8,654,213,000		8,295,001,000				6,724,242,000
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			84,313,000					106,881,000	101,422,000
Net earnings (including net loss attributable to noncontrolling interests)			(7,229,000)						(486,000)
Receipts related to noncontrolling interests			88,913,000						8,348,000
Payments related to noncontrolling interests			(16,734,000)						(11,297,000)
Non-cash consolidations, net			(485,000)						8,894,000
Cumulative Effect of New Accounting Principle in Period of Adoption											0
Balance, ending			$ 148,778,000		84,313,000				$ 106,881,000
Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased during period (in shares)			4,250,000						1,000,000
Shares repurchased during period, value			$ 282,274,000						$ 46,998,000
Average share price of shares repurchased (in dollars per share)			$ 66.42						$ 46.98
Class A Common Stock | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			$ 29,712,000					29,501,000	$ 29,499,000
Employee stock and directors plans			90,000						2,000
Cumulative Effect of New Accounting Principle in Period of Adoption											0
Balance, ending			$ 29,802,000		29,712,000				$ 29,501,000
Class B Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased during period (in shares)			115,000						0
Shares repurchased during period, value			$ 6,155,000						$ 0
Average share price of shares repurchased (in dollars per share)			$ 53.52						$ 0
Class B Common Stock | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			$ 3,944,000					$ 3,944,000	$ 3,944,000
Cumulative Effect of New Accounting Principle in Period of Adoption											$ 0
Balance, ending			$ 3,944,000		$ 3,944,000				$ 3,944,000
Subsequent Event
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends (in dollars per share)	$ 0.125
[1]	Under certain provisions of ASC 810, the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated VIEs and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. As of February 29, 2020 , total liabilities include $669.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $8.9 million is included in Homebuilding accounts payable, $353.5 million in Homebuilding liabilities related to consolidated inventory not owned, $68.3 million in Homebuilding senior notes and other debts payable, $8.9 million in Homebuilding other liabilities, $218.5 million in Financial Services liabilities and $11.3 million in Multifamily liabilities. As of November 30, 2019 , total liabilities include $549.7 million related to consolidated VIEs as to which there was no recourse against the Company, of which $13.7 million is included in Homebuilding accounts payable, $247.5 million in Homebuilding liabilities related to consolidated inventory not owned, $47.1 million in Homebuilding senior notes and other debt payable, $8.9 million in Homebuilding other liabilities, $231.1 million in Financial Services liabilities and $1.4 million in Multifamily liabilities.

Income Taxes (Income Tax Benefi

Income Taxes (Income Tax Benefit (Provision) (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 32,329	$ 79,700
Effective tax rate	7.50%	24.90%
Benefit from extension for new energy efficient home credit	$ 69,200

Schedule of Basic and Diluted E

Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Numerator:
Net earnings attributable to Lennar	$ 398,452	$ 239,910
Less: distributed earnings allocated to nonvested shares	334	99
Less: undistributed earnings allocated to nonvested shares	4,092	1,860
Numerator for basic earnings per share	394,026	237,951
Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan	0	323
Numerator for diluted earnings per share	$ 394,026	$ 237,628
Denominator:
Denominator for basic earnings per share-weighted average common shares outstanding (shares)	311,213	321,339
Effect of dilutive securities:
Share-based payments (shares)	2	10
Denominator for diluted earnings per share-weighted average common shares outstanding (shares)	311,215	321,349
Basic earnings per share (in dollars per share)	$ 1.27	$ 0.74
Diluted earnings per share (in dollars per share)	$ 1.27	$ 0.74

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares shares in Millions	3 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase outstanding and anti-dilutive shares	0	0

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		Feb. 29, 2020	Nov. 30, 2019
Debt Instrument [Line Items]
Senior notes and other debts payable, net	[1]	$ 8,115,498	$ 7,776,638
Senior Notes | 6.625% senior notes due 2020
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 301,651	303,668
Interest rate		6.625%
Senior Notes | 2.95% senior notes due 2020
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 299,566	299,421
Interest rate		2.95%
Senior Notes | 8.375% senior notes due 2021
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 414,600	418,860
Interest rate		8.375%
Senior Notes | 4.750% senior notes due 2021
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 499,088	498,893
Interest rate		4.75%
Senior Notes | 6.25% senior notes due December 2021
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 308,994	310,252
Interest rate		6.25%
Senior Notes | 4.125% senior notes due 2022
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 598,133	597,885
Interest rate		4.125%
Senior Notes | 5.375% senior notes due 2022
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 257,484	258,198
Interest rate		5.375%
Senior Notes | 4.750% senior notes due 2022
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 571,806	571,644
Interest rate		4.75%
Senior Notes | 4.875% senior notes due December 2023
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 396,853	396,553
Interest rate		4.875%
Senior Notes | 4.500% senior notes due 2024
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 646,984	646,802
Interest rate		4.50%
Senior Notes | 5.875% senior notes due 2024
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 446,990	448,158
Interest rate		5.875%
Senior Notes | 4.750% senior notes due 2025
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 497,669	497,558
Interest rate		4.75%
Senior Notes | 5.25% senior notes due 2026
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 407,618	407,921
Interest rate		5.25%
Senior Notes | 5.00% senior notes due 2027
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 352,796	352,892
Interest rate		5.00%
Senior Notes | 4.75% senior notes due 2027
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 893,234	893,046
Interest rate		4.75%
Mortgage notes on land and other debt
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 922,032	874,887
Unsecured revolving credit facility | Line of Credit
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 300,000	$ 0
[1]	Under certain provisions of ASC 810, the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated VIEs and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. As of February 29, 2020 , total liabilities include $669.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $8.9 million is included in Homebuilding accounts payable, $353.5 million in Homebuilding liabilities related to consolidated inventory not owned, $68.3 million in Homebuilding senior notes and other debts payable, $8.9 million in Homebuilding other liabilities, $218.5 million in Financial Services liabilities and $11.3 million in Multifamily liabilities. As of November 30, 2019 , total liabilities include $549.7 million related to consolidated VIEs as to which there was no recourse against the Company, of which $13.7 million is included in Homebuilding accounts payable, $247.5 million in Homebuilding liabilities related to consolidated inventory not owned, $47.1 million in Homebuilding senior notes and other debt payable, $8.9 million in Homebuilding other liabilities, $231.1 million in Financial Services liabilities and $1.4 million in Multifamily liabilities.

Homebuilding Senior Notes and_4

Homebuilding Senior Notes and Other Debts Payable (Narrative) (Details) - Homebuilding - USD ($)	3 Months Ended
	Feb. 29, 2020	Nov. 30, 2019
Debt Instrument [Line Items]
Guarantee by subsidiaries	$ 75,000,000
Unsecured revolving credit facility | Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowings	2,450,000,000
Unsecured revolving credit facility | Credit Facility Due in June 2020
Debt Instrument [Line Items]
Maximum borrowings	50,000,000
Letter of Credit | Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowings	500,000,000
Senior Notes
Debt Instrument [Line Items]
Debt issuance cost	$ 21,200,000	$ 22,900,000

Homebuilding Senior Notes and_5

Homebuilding Senior Notes and Other Debts Payable (Letter of Credit Facilities) (Details) - USD ($) $ in Thousands	Feb. 29, 2020	Nov. 30, 2019
Performance letters of credit
Line of Credit Facility [Line Items]
Letters of credit outstanding	$ 739,944	$ 715,793
Financial letters of credit
Line of Credit Facility [Line Items]
Letters of credit outstanding	208,871	184,075
Surety bonds
Line of Credit Facility [Line Items]
Letters of credit outstanding	2,966,393	2,946,167
Anticipated future costs related to site improvements related to performance surety bonds
Line of Credit Facility [Line Items]
Letters of credit outstanding	$ 1,440,444	$ 1,427,145

Product Warranty (Schedule of P

Product Warranty (Schedule of Product Warranty Reserve) (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty reserve, beginning of the period	$ 294,138	$ 319,109
Warranties issued	38,271	33,971
Adjustments to pre-existing warranties from changes in estimates	5,904	(9,527)
Payments	(50,900)	(47,931)
Warranty reserve, end of period	$ 287,413	$ 295,622

Financial Instruments and Fai_3

Financial Instruments and Fair Value Disclosures - (Carrying Amounts And Estimated Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands	Feb. 29, 2020	Nov. 30, 2019
Financial Services | Level 3 | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable and loans held-for-investment	$ 70,763	$ 73,867
Investments held-to-maturity	165,303	166,012
Financial Services | Level 3 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable and loans held-for-investment	67,266	69,708
Investments held-to-maturity	200,787	195,962
Financial Services | Level 2 | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments held-to-maturity	18,642	24,277
Notes and other debts payable	990,152	1,745,755
Financial Services | Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments held-to-maturity	18,680	24,257
Notes and other debts payable	992,011	1,745,782
Lennar Other | Level 3 | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments held-to-maturity	0	54,117
Lennar Other | Level 3 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments held-to-maturity	0	56,415
Homebuilding | Level 2 | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	8,115,498	7,776,638
Homebuilding | Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	8,535,225	8,144,632
Multifamily | Level 2 | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	0	36,125
Multifamily | Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	0	36,125
Lennar Other | Level 2 | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	15,178	15,178
Lennar Other | Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	$ 15,178	$ 15,178

Financial Instruments and Fai_4

Financial Instruments and Fair Value Disclosures - (Fair Value Measured On Recurring Basis) (Details) - USD ($) $ in Thousands	Feb. 29, 2020	Nov. 30, 2019
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Investments available-for-sale	$ 61,324	$ 51,938
Financial Services | Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Mortgage servicing rights	12,576	24,679
Residential | Financial Services | Fair Value, Measurements, Recurring | RMF loans held-for-sale
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Aggregate principal balance	835,600	1,400,000
Aggregate fair value of loans (below) in excess of principal balance	34,700	42,200
Residential | Financial Services | Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Loans held for sale	870,294	1,447,715
Commercial | Financial Services | Fair Value, Measurements, Recurring | RMF loans held-for-sale
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Aggregate principal balance	294,100	196,300
Aggregate fair value of loans (below) in excess of principal balance	6,400	900
Commercial | Financial Services | Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Loans held for sale	$ 300,402	$ 197,224

Financial Instruments and Fai_5

Financial Instruments and Fair Value Disclosures - (Mortgage Servicing Rights Unobservable Inputs) (Details) - Financial Services - Level 3	Feb. 29, 2020
Mortgage prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for valuation of mortgage servicing rights	0.21
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for valuation of mortgage servicing rights	0.13
Delinquency rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for valuation of mortgage servicing rights	0.09

Financial Instruments and Fai_6

Financial Instruments and Fair Value Disclosures - (Schedule Of Gains And Losses Of Financial Instruments) (Details) (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Changes in fair value included in other comprehensive income (loss), net of tax	$ (46)	$ 208
Fair Value, Measurements, Recurring
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Changes in fair value included in other comprehensive income (loss), net of tax	(46)	208
Fair Value, Measurements, Recurring | Financial Services | Loans held-for-sale
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Changes in fair value included in revenue	(7,493)	(10,120)
Fair Value, Measurements, Recurring | Financial Services | Mortgage loan commitments
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Changes in fair value included in revenue	14,895	(259)
Fair Value, Measurements, Recurring | Financial Services | Forward contracts
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Changes in fair value included in revenue	$ (9,361)	$ 8,853

Financial Instruments and Fai_7

Financial Instruments and Fair Value Disclosures - (Reconciliation Of Beginning And Ending Balance For The Company's Level 3 Recurring Fair Value Measurements) (Details) - Financial Services - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Mortgage servicing rights
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 24,679	$ 37,206
Purchases/loan originations	746	1,586
Sales/loan originations sold, including those not settled	0	0
Disposals/settlements	(1,289)	(908)
Changes in fair value	(11,560)	(2,436)
Interest and principal paydowns	0	0
Ending balance	12,576	35,448
RMF loans held-for-sale
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	197,224	61,691
Purchases/loan originations	412,250	270,123
Sales/loan originations sold, including those not settled	(314,439)	(200,588)
Disposals/settlements	0	0
Changes in fair value	5,601	(486)
Interest and principal paydowns	(234)	302
Ending balance	$ 300,402	$ 131,042

Financial Instruments and Fai_8

Financial Instruments and Fair Value Disclosures - (Fair Value Assets Measured On Nonrecurring Basis) (Details) - Fair Value, Measurements, Nonrecurring - Level 3 - Homebuilding - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Finished homes and construction in progress, carrying value	$ 73,006	$ 0
Finished homes and construction in progress, fair value	59,284	0
Finished homes and construction in progress, total losses, net	(13,722)	0
Land and land under development, carrying value	22,453	6,954
Land and land under development, fair value	11,660	3,001
Land and land under development, total losses, net	$ (10,793)	$ (3,953)

Financial Instruments and Fai_9

Financial Instruments and Fair Value Disclosures - (Narrative) (Details) - community	Feb. 29, 2020	Feb. 28, 2019
Fair Value Disclosures [Abstract]
Active communities	1,253	1,287

Financial Instruments and Fa_10

Financial Instruments and Fair Value Disclosures - (Communities with Indicators for Impairment) (Details)	3 Months Ended
	Feb. 29, 2020USD ($)community	Feb. 28, 2019USD ($)community
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Number of Communities with potential indicator of impairment | community	33	54
Number of communities with valuation adjustments | community	6	0
Valuation adjustments | $	$ 19,944,000	$ 0
Level 3
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Fair value of communities with valuation adjustments | $	$ 45,123,000	$ 0

Financial Instruments and Fa_11

Financial Instruments and Fair Value Disclosures - (Unobservable Inputs Used in Discounted Cash Flow Model to Determine the Fair Value of Communities) (Details) $ / homes in Thousands	Feb. 29, 2020$ / homes
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs	0.20
Minimum | Average selling price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs	201,000
Minimum | Absorption rate per quarter (homes)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs	3
Maximum | Average selling price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs	970,000
Maximum | Absorption rate per quarter (homes)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs	15

Variable Interest Entities (Nar

Variable Interest Entities (Narrative) (Details) $ in Thousands	3 Months Ended
	Feb. 29, 2020USD ($)entity	Nov. 30, 2019USD ($)
Variable Interest Entity [Line Items]
Number of entities consolidated | entity	1
VIE assets consolidated	$ 49,400
VIE liabilities consolidated	900
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Increase in consolidated inventory	104,300
Variable Interest Entity, Not Primary Beneficiary Including Third Parties
Variable Interest Entity [Line Items]
Non-refundable option deposits and pre-acquisition costs	306,000	$ 320,500
Financial Standby Letters of Credit | Variable Interest Entity, Not Primary Beneficiary Including Third Parties
Variable Interest Entity [Line Items]
Letters of credit outstanding	$ 75,000	$ 75,012

Variable Interest Entities (Est

Variable Interest Entities (Estimated Maximum Exposure To Loss) (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Thousands	Feb. 29, 2020	Nov. 30, 2019
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	$ 806,552	$ 840,851
Lennar’s Maximum Exposure to Loss	1,008,349	1,076,663
Homebuilding
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	78,213	80,939
Lennar’s Maximum Exposure to Loss	78,379	81,118
Multifamily
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	556,271	533,018
Lennar’s Maximum Exposure to Loss	757,902	768,651
Multifamily | Equity Commitments
Variable Interest Entity [Line Items]
Obligations related to VIEs	191,300	224,200
Financial Services
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	165,303	166,012
Lennar’s Maximum Exposure to Loss	165,303	166,012
Lennar Other
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	6,765	60,882
Lennar’s Maximum Exposure to Loss	$ 6,765	$ 60,882

Commitments and Contingent Li_2

Commitments and Contingent Liabilities - (Additional Information About Leases) (Details) $ in Thousands	Feb. 29, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Right-of-use assets	$ 143,690
Lease liabilities	$ 150,779
Weighted-average remaining lease term (in years)	3 years 4 months 24 days
Weighted-average discount rate	3.10%

Commitments and Contingent Li_3

Commitments and Contingent Liabilities - (Future MInimum Payments Under Noncancellable Leases) (Details) $ in Thousands	Feb. 29, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
2020	$ 30,818
2021	38,278
2022	29,061
2023	21,754
2024	15,311
2025 and thereafter	28,550
Total future minimum lease payments	163,772
Less: Interest	12,993
Present value of lease liabilities	150,779
Variable lease costs	13,400
Short-term lease costs	$ 2,800
Weighted-average remaining lease term (in years)	3 years 4 months 24 days
Weighted-average discount rate	3.10%

Commitments and Contingent Li_4

Commitments and Contingent Liabilities - (Narrative) (Details) $ in Millions	3 Months Ended
	Feb. 29, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Rental expense	$ 20.7
Payments on lease liabilities	$ 17.4

Supplemental Financial Inform_3

Supplemental Financial Information (Narrative) (Details)	3 Months Ended
	Feb. 29, 2020USD ($)
Homebuilding
Debt Instrument [Line Items]
Guarantee by subsidiaries	$ 75,000,000

Supplemental Financial Inform_4

Supplemental Financial Information (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Thousands		Feb. 29, 2020		Nov. 30, 2019		Feb. 28, 2019	Nov. 30, 2018
Assets:
Investments in unconsolidated entities		$ 1,942,541		$ 1,973,913
Goodwill		3,657,875		3,657,875
Other assets		1,336,905		1,245,391
Total assets	[1]	29,173,699		29,359,511
LIABILITIES AND EQUITY
Total liabilities	[2]	12,980,322		13,325,681
Total stockholders’ equity	[2]	16,044,599		15,949,517
Noncontrolling interests	[2]	148,778		84,313
Total equity		16,193,377	[2]	16,033,830	[2]	$ 14,893,695	$ 14,682,957
Total liabilities and equity	[2]	29,173,699		29,359,511
Homebuilding
Assets:
Cash and cash equivalents, restricted cash and receivables, net		1,105,433		1,539,654
Inventories		18,643,480		17,776,507
Investments in unconsolidated entities	[1]	946,716		1,009,035
Goodwill	[1]	3,442,359		3,442,359
Other assets	[1]	1,061,852		1,021,684
Investments in subsidiaries		0		0
Intercompany		0		0
Total assets	[1]	25,199,840		24,789,239
LIABILITIES AND EQUITY
Accounts payable and other liabilities		2,914,313		2,970,134
Liabilities related to consolidated inventory not owned	[2]	365,284		260,266
Senior notes and other debts payable, net	[2]	8,115,498		7,776,638
Intercompany		0		0
Total liabilities	[2]	11,395,095		11,007,038
Financial Services
Assets:
Total assets	[1]	2,375,564		3,006,024
LIABILITIES AND EQUITY
Total liabilities	[2]	1,358,723		2,056,450
Multifamily
Assets:
Total assets	[1]	1,113,903		1,068,831
LIABILITIES AND EQUITY
Total liabilities	[2]	201,992		232,155
Lennar Other
Assets:
Total assets	[1]	484,392		495,417
LIABILITIES AND EQUITY
Total liabilities	[2]	24,512		30,038
Reportable Legal Entities | Lennar Corporation
Assets:
Total assets		23,925,881		23,548,274
LIABILITIES AND EQUITY
Total liabilities		7,881,282		7,598,757
Total stockholders’ equity		16,044,599		15,949,517
Noncontrolling interests		0		0
Total equity		16,044,599		15,949,517
Total liabilities and equity		23,925,881		23,548,274
Reportable Legal Entities | Lennar Corporation | Homebuilding
Assets:
Cash and cash equivalents, restricted cash and receivables, net		392,022		722,172
Inventories		0		0
Investments in unconsolidated entities		0		0
Goodwill		0		0
Other assets		380,047		344,941
Investments in subsidiaries		10,274,276		10,453,165
Intercompany		12,879,536		12,027,996
Total assets		23,925,881		23,548,274
LIABILITIES AND EQUITY
Accounts payable and other liabilities		751,475		760,981
Liabilities related to consolidated inventory not owned		0		0
Senior notes and other debts payable, net		7,129,807		6,837,776
Intercompany		0		0
Total liabilities		7,881,282		7,598,757
Reportable Legal Entities | Lennar Corporation | Financial Services
Assets:
Total assets		0		0
LIABILITIES AND EQUITY
Total liabilities		0		0
Reportable Legal Entities | Lennar Corporation | Multifamily
Assets:
Total assets		0		0
LIABILITIES AND EQUITY
Total liabilities		0		0
Reportable Legal Entities | Lennar Corporation | Lennar Other
Assets:
Total assets		0		0
LIABILITIES AND EQUITY
Total liabilities		0		0
Reportable Legal Entities | Guarantor Subsidiaries
Assets:
Total assets		24,299,690		23,600,762
LIABILITIES AND EQUITY
Total liabilities		13,942,073		13,244,024
Total stockholders’ equity		10,357,617		10,356,738
Noncontrolling interests		0		0
Total equity		10,357,617		10,356,738
Total liabilities and equity		24,299,690		23,600,762
Reportable Legal Entities | Guarantor Subsidiaries | Homebuilding
Assets:
Cash and cash equivalents, restricted cash and receivables, net		696,826		794,588
Inventories		18,246,920		17,396,139
Investments in unconsolidated entities		944,034		1,006,541
Goodwill		3,442,359		3,442,359
Other assets		485,196		500,356
Investments in subsidiaries		41,304		26,773
Intercompany		0		0
Total assets		23,856,639		23,166,756
LIABILITIES AND EQUITY
Accounts payable and other liabilities		1,894,224		1,935,366
Liabilities related to consolidated inventory not owned		365,284		260,266
Senior notes and other debts payable, net		917,408		885,783
Intercompany		10,722,529		10,122,374
Total liabilities		13,899,445		13,203,789
Reportable Legal Entities | Guarantor Subsidiaries | Financial Services
Assets:
Total assets		259,786		275,812
LIABILITIES AND EQUITY
Total liabilities		42,628		40,235
Reportable Legal Entities | Guarantor Subsidiaries | Multifamily
Assets:
Total assets		0		0
LIABILITIES AND EQUITY
Total liabilities		0		0
Reportable Legal Entities | Guarantor Subsidiaries | Lennar Other
Assets:
Total assets		183,265		158,194
LIABILITIES AND EQUITY
Total liabilities		0		0
Reportable Legal Entities | Non-Guarantor Subsidiaries
Assets:
Total assets		4,189,412		4,763,467
LIABILITIES AND EQUITY
Total liabilities		4,082,671		4,555,954
Total stockholders’ equity		(42,037)		123,200
Noncontrolling interests		148,778		84,313
Total equity		106,741		207,513
Total liabilities and equity		4,189,412		4,763,467
Reportable Legal Entities | Non-Guarantor Subsidiaries | Homebuilding
Assets:
Cash and cash equivalents, restricted cash and receivables, net		16,585		22,894
Inventories		396,560		380,368
Investments in unconsolidated entities		2,682		2,494
Other assets		234,863		217,607
Investments in subsidiaries		0		0
Intercompany		0		0
Total assets		650,690		623,363
LIABILITIES AND EQUITY
Accounts payable and other liabilities		314,782		318,845
Liabilities related to consolidated inventory not owned				0
Senior notes and other debts payable, net		68,283		53,079
Intercompany		2,157,007		1,905,622
Total liabilities		2,540,072		2,277,546
Reportable Legal Entities | Non-Guarantor Subsidiaries | Financial Services
Assets:
Total assets		2,116,789		2,731,285
LIABILITIES AND EQUITY
Total liabilities		1,316,095		2,016,215
Reportable Legal Entities | Non-Guarantor Subsidiaries | Multifamily
Assets:
Total assets		1,113,903		1,068,831
LIABILITIES AND EQUITY
Total liabilities		201,992		232,155
Reportable Legal Entities | Non-Guarantor Subsidiaries | Lennar Other
Assets:
Total assets		308,030		339,988
LIABILITIES AND EQUITY
Total liabilities		24,512		30,038
Consolidating Adjustments
Assets:
Total assets		(23,241,284)		(22,552,992)
LIABILITIES AND EQUITY
Total liabilities		(12,925,704)		(12,073,054)
Total stockholders’ equity		(10,315,580)		(10,479,938)
Noncontrolling interests		0		0
Total equity		(10,315,580)		(10,479,938)
Total liabilities and equity		(23,241,284)		(22,552,992)
Consolidating Adjustments | Homebuilding
Assets:
Cash and cash equivalents, restricted cash and receivables, net		0		0
Inventories		0		0
Investments in unconsolidated entities		0		0
Goodwill		0		0
Other assets		(38,254)		(41,220)
Investments in subsidiaries		(10,315,580)		(10,479,938)
Intercompany		(12,879,536)		(12,027,996)
Total assets		(23,233,370)		(22,549,154)
LIABILITIES AND EQUITY
Accounts payable and other liabilities		(46,168)		(45,058)
Liabilities related to consolidated inventory not owned		0		0
Senior notes and other debts payable, net		0		0
Intercompany		(12,879,536)		(12,027,996)
Total liabilities		(12,925,704)		(12,073,054)
Consolidating Adjustments | Financial Services
Assets:
Total assets		(1,011)		(1,073)
LIABILITIES AND EQUITY
Total liabilities		0		0
Consolidating Adjustments | Multifamily
Assets:
Total assets		0		0
LIABILITIES AND EQUITY
Total liabilities		0		0
Consolidating Adjustments | Lennar Other
Assets:
Total assets		(6,903)		(2,765)
LIABILITIES AND EQUITY
Total liabilities		$ 0		$ 0
[1]	Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. As of February 29, 2020 , total assets include $1.2 billion related to consolidated VIEs of which $12.9 million is included in Homebuilding cash and cash equivalents, $0.1 million in Homebuilding receivables, net, $104.4 million in Homebuilding finished homes and construction in progress, $292.5 million in Homebuilding land and land under development, $406.1 million in Homebuilding consolidated inventory not owned, $2.7 million in Homebuilding investments in unconsolidated entities, $7.3 million in Homebuilding other assets, $259.9 million in Financial Services assets and $74.2 million in Multifamily assets. As of November 30, 2019 , total assets include $980.2 million related to consolidated VIEs of which $15.5 million is included in Homebuilding cash and cash equivalents, $0.2 million in Homebuilding receivables, net, $97.5 million in Homebuilding finished homes and construction in progress, $283.2 million in Homebuilding land and land under development, $301.0 million in Homebuilding consolidated inventory not owned, $2.5 million in Homebuilding investments in unconsolidated entities, $10.0 million in Homebuilding other assets, $221.2 million in Financial Services assets and $49.1 million in Multifamily assets.
[2]	Under certain provisions of ASC 810, the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated VIEs and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. As of February 29, 2020 , total liabilities include $669.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $8.9 million is included in Homebuilding accounts payable, $353.5 million in Homebuilding liabilities related to consolidated inventory not owned, $68.3 million in Homebuilding senior notes and other debts payable, $8.9 million in Homebuilding other liabilities, $218.5 million in Financial Services liabilities and $11.3 million in Multifamily liabilities. As of November 30, 2019 , total liabilities include $549.7 million related to consolidated VIEs as to which there was no recourse against the Company, of which $13.7 million is included in Homebuilding accounts payable, $247.5 million in Homebuilding liabilities related to consolidated inventory not owned, $47.1 million in Homebuilding senior notes and other debt payable, $8.9 million in Homebuilding other liabilities, $231.1 million in Financial Services liabilities and $1.4 million in Multifamily liabilities.

Supplemental Financial Inform_5

Supplemental Financial Information (Condensed Consolidating Statement of Operations and Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Revenues:
Revenues	$ 4,505,337	$ 3,868,082
Cost and expenses:
Corporate general and administrative	86,847	79,343
Total costs and expenses	4,075,919	3,545,317
Equity in earnings (loss) from unconsolidated entities	(2,572)	(5,710)
Earnings before income taxes	423,552	319,124
Benefit (provision) for income taxes	(32,329)	(79,700)
Equity in earnings from subsidiaries		0
Net earnings (including net loss attributable to noncontrolling interests)	391,223	239,424
Less: Net earnings (loss) attributable to noncontrolling interests	(7,229)	(486)
Net earnings attributable to Lennar	398,452	239,910
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on securities available-for-sale	(46)	208
Total other comprehensive income (loss), net of tax	(46)	208
Total comprehensive income attributable to Lennar	398,406	240,118
Total comprehensive loss attributable to noncontrolling interests	(7,229)	(486)
Homebuilding
Revenues:
Revenues	4,172,116	3,623,721
Cost and expenses:
Cost and expenses	3,697,806	3,238,835
Equity in earnings (loss) from unconsolidated entities	(4,546)	(13,756)
Other income (expense), net	(9,366)	(1,535)
Financial Services
Revenues:
Revenues	198,661	143,311
Cost and expenses:
Cost and expenses	151,344	124,339
Multifamily
Revenues:
Revenues	132,617	97,394
Cost and expenses:
Cost and expenses	137,348	101,178
Equity in earnings (loss) from unconsolidated entities	6,516	10,581
Lennar Other
Revenues:
Revenues	1,943	3,656
Cost and expenses:
Cost and expenses	2,574	1,622
Equity in earnings (loss) from unconsolidated entities	119	8,330
Other income (expense), net	1,411	(7,261)
Reportable Legal Entities | Lennar Corporation
Revenues:
Revenues	0	0
Cost and expenses:
Corporate general and administrative	84,010	77,529
Total costs and expenses	84,010	77,529
Earnings before income taxes	(84,367)	(77,937)
Benefit (provision) for income taxes	6,328	19,437
Equity in earnings from subsidiaries	476,491	298,410
Net earnings (including net loss attributable to noncontrolling interests)	398,452	239,910
Less: Net earnings (loss) attributable to noncontrolling interests	0	0
Net earnings attributable to Lennar	398,452	239,910
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on securities available-for-sale	0	0
Total other comprehensive income (loss), net of tax	0	0
Total comprehensive income attributable to Lennar	398,452	239,910
Total comprehensive loss attributable to noncontrolling interests	0	0
Reportable Legal Entities | Lennar Corporation | Homebuilding
Revenues:
Revenues	0	0
Cost and expenses:
Cost and expenses	0	0
Equity in earnings (loss) from unconsolidated entities	0	0
Other income (expense), net	(357)	(408)
Reportable Legal Entities | Lennar Corporation | Financial Services
Revenues:
Revenues	0	0
Cost and expenses:
Cost and expenses	0	0
Reportable Legal Entities | Lennar Corporation | Multifamily
Revenues:
Revenues	0	0
Cost and expenses:
Cost and expenses	0	0
Equity in earnings (loss) from unconsolidated entities	0	0
Reportable Legal Entities | Lennar Corporation | Lennar Other
Revenues:
Revenues	0	0
Cost and expenses:
Cost and expenses	0	0
Equity in earnings (loss) from unconsolidated entities	0	0
Other income (expense), net	0	0
Reportable Legal Entities | Guarantor Subsidiaries
Revenues:
Revenues	4,185,137	3,662,958
Cost and expenses:
Corporate general and administrative	1,572	549
Total costs and expenses	3,702,722	3,264,856
Earnings before income taxes	461,703	378,409
Benefit (provision) for income taxes	(25,837)	(93,839)
Equity in earnings from subsidiaries	24,705	4,773
Net earnings (including net loss attributable to noncontrolling interests)	460,571	289,343
Less: Net earnings (loss) attributable to noncontrolling interests	0	0
Net earnings attributable to Lennar	460,571	289,343
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on securities available-for-sale	0	0
Total other comprehensive income (loss), net of tax	0	0
Total comprehensive income attributable to Lennar	460,571	289,343
Total comprehensive loss attributable to noncontrolling interests	0	0
Reportable Legal Entities | Guarantor Subsidiaries | Homebuilding
Revenues:
Revenues	4,156,143	3,614,041
Cost and expenses:
Cost and expenses	3,684,697	3,225,929
Equity in earnings (loss) from unconsolidated entities	(4,734)	(13,951)
Other income (expense), net	(11,048)	(2,396)
Reportable Legal Entities | Guarantor Subsidiaries | Financial Services
Revenues:
Revenues	28,994	48,917
Cost and expenses:
Cost and expenses	16,453	38,378
Reportable Legal Entities | Guarantor Subsidiaries | Multifamily
Revenues:
Revenues	0	0
Cost and expenses:
Cost and expenses	0	0
Equity in earnings (loss) from unconsolidated entities	0	0
Reportable Legal Entities | Guarantor Subsidiaries | Lennar Other
Revenues:
Revenues	0	0
Cost and expenses:
Cost and expenses	0	0
Equity in earnings (loss) from unconsolidated entities	(4,930)	(3,346)
Other income (expense), net	0	0
Reportable Legal Entities | Non-Guarantor Subsidiaries
Revenues:
Revenues	326,186	209,979
Cost and expenses:
Corporate general and administrative	0	0
Total costs and expenses	294,816	207,375
Earnings before income taxes	46,216	18,652
Benefit (provision) for income taxes	(12,820)	(5,298)
Equity in earnings from subsidiaries		0
Net earnings (including net loss attributable to noncontrolling interests)	33,396	13,354
Less: Net earnings (loss) attributable to noncontrolling interests	(7,229)	(486)
Net earnings attributable to Lennar	40,625	13,840
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on securities available-for-sale	(46)	208
Total other comprehensive income (loss), net of tax	(46)	208
Total comprehensive income attributable to Lennar	40,579	14,048
Total comprehensive loss attributable to noncontrolling interests	(7,229)	(486)
Reportable Legal Entities | Non-Guarantor Subsidiaries | Homebuilding
Revenues:
Revenues	15,973	9,680
Cost and expenses:
Cost and expenses	17,343	12,307
Equity in earnings (loss) from unconsolidated entities	188	195
Other income (expense), net	1,682	857
Reportable Legal Entities | Non-Guarantor Subsidiaries | Financial Services
Revenues:
Revenues	175,653	99,249
Cost and expenses:
Cost and expenses	137,551	92,268
Reportable Legal Entities | Non-Guarantor Subsidiaries | Multifamily
Revenues:
Revenues	132,617	97,394
Cost and expenses:
Cost and expenses	137,348	101,178
Equity in earnings (loss) from unconsolidated entities	6,516	10,581
Reportable Legal Entities | Non-Guarantor Subsidiaries | Lennar Other
Revenues:
Revenues	1,943	3,656
Cost and expenses:
Cost and expenses	2,574	1,622
Equity in earnings (loss) from unconsolidated entities	5,049	11,676
Other income (expense), net	1,411	(7,261)
Consolidating Adjustments
Revenues:
Revenues	(5,986)	(4,855)
Cost and expenses:
Corporate general and administrative	1,265	1,265
Total costs and expenses	(5,629)	(4,443)
Earnings before income taxes	0	0
Benefit (provision) for income taxes	0	0
Equity in earnings from subsidiaries	(501,196)	(303,183)
Net earnings (including net loss attributable to noncontrolling interests)	(501,196)	(303,183)
Less: Net earnings (loss) attributable to noncontrolling interests	0	0
Net earnings attributable to Lennar	(501,196)	(303,183)
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on securities available-for-sale	0	0
Total other comprehensive income (loss), net of tax	0	0
Total comprehensive income attributable to Lennar	(501,196)	(303,183)
Total comprehensive loss attributable to noncontrolling interests	0	0
Consolidating Adjustments | Homebuilding
Revenues:
Revenues	0	0
Cost and expenses:
Cost and expenses	(4,234)	599
Equity in earnings (loss) from unconsolidated entities	0	0
Other income (expense), net	357	412
Consolidating Adjustments | Financial Services
Revenues:
Revenues	(5,986)	(4,855)
Cost and expenses:
Cost and expenses	(2,660)	(6,307)
Consolidating Adjustments | Multifamily
Revenues:
Revenues	0	0
Cost and expenses:
Cost and expenses	0	0
Equity in earnings (loss) from unconsolidated entities	0	0
Consolidating Adjustments | Lennar Other
Revenues:
Revenues	0	0
Cost and expenses:
Cost and expenses	0	0
Equity in earnings (loss) from unconsolidated entities	0	0
Other income (expense), net	$ 0	$ 0

Supplemental Financial Inform_6

Supplemental Financial Information (Condensed Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Cash flows from operating activities:
Net earnings (including net loss attributable to noncontrolling interests)	$ 391,223	$ 239,424
Distributions of earnings from guarantor and non-guarantor subsidiaries	0	0
Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities	(8,247)	(763,847)
Net cash provided by (used in) operating activities	382,976	(524,423)
Cash flows from investing activities:
Investments in and contributions to unconsolidated and consolidated entities, net of distributions of capital	7,717	(63,837)
Proceeds from sales of real estate owned		2,696
Proceeds from sale of investment in unconsolidated entity	0	17,790
Proceeds from the sales of operating properties and equipment and other assets	13,067	0
Proceeds from sale of Financial Services' businesses	0	24,446
Other	(7,605)	(59,083)
Intercompany	0	0
Net cash provided by (used in) investing activities	13,179	(77,988)
Cash flows from financing activities:
Net repayments on other borrowings, other liabilities, and other notes payable	(71,153)	(82,978)
Net receipts related to noncontrolling interests	72,179	(2,949)
Common stock:
Issuances	0	607
Repurchases	(295,988)	(49,143)
Dividends	(39,240)	(12,860)
Intercompany	0	0
Net cash (used in) provided by financing activities	(789,804)	69,022
Net decrease in cash and cash equivalents and restricted cash	(393,649)	(533,389)
Cash and cash equivalents and restricted cash at beginning of period	1,468,691	1,595,978
Cash and cash equivalents and restricted cash at end of period	1,075,042	1,062,589
Unsecured Revolving Credit Facility
Cash flows from financing activities:
Net borrowings (repayments) under credit facilities	300,000	725,000
Warehouse Repurchase Facility
Cash flows from financing activities:
Net borrowings (repayments) under credit facilities	(755,602)	(508,655)
Reportable Legal Entities | Lennar Corporation
Cash flows from operating activities:
Net earnings (including net loss attributable to noncontrolling interests)	398,452	239,910
Distributions of earnings from guarantor and non-guarantor subsidiaries	501,196	298,410
Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities	(514,919)	(339,730)
Net cash provided by (used in) operating activities	384,729	198,590
Cash flows from investing activities:
Investments in and contributions to unconsolidated and consolidated entities, net of distributions of capital	0	0
Proceeds from sales of real estate owned		0
Proceeds from sale of investment in unconsolidated entity		0
Proceeds from the sales of operating properties and equipment and other assets	0
Proceeds from sale of Financial Services' businesses		0
Other	(330)	(8,411)
Intercompany	(672,022)	(1,121,791)
Net cash provided by (used in) investing activities	(672,352)	(1,130,202)
Cash flows from financing activities:
Net repayments on other borrowings, other liabilities, and other notes payable	0	0
Net receipts related to noncontrolling interests	0	0
Common stock:
Issuances		607
Repurchases	(295,988)	(49,143)
Dividends	(39,240)	(12,860)
Intercompany	0	0
Net cash (used in) provided by financing activities	(35,228)	663,604
Net decrease in cash and cash equivalents and restricted cash	(322,851)	(268,008)
Cash and cash equivalents and restricted cash at beginning of period	713,828	624,694
Cash and cash equivalents and restricted cash at end of period	390,977	356,686
Reportable Legal Entities | Lennar Corporation | Unsecured Revolving Credit Facility
Cash flows from financing activities:
Net borrowings (repayments) under credit facilities	300,000	725,000
Reportable Legal Entities | Lennar Corporation | Warehouse Repurchase Facility
Cash flows from financing activities:
Net borrowings (repayments) under credit facilities	0	0
Reportable Legal Entities | Guarantor Subsidiaries
Cash flows from operating activities:
Net earnings (including net loss attributable to noncontrolling interests)	460,571	289,343
Distributions of earnings from guarantor and non-guarantor subsidiaries	0	4,773
Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities	(686,494)	(1,082,776)
Net cash provided by (used in) operating activities	(225,923)	(788,660)
Cash flows from investing activities:
Investments in and contributions to unconsolidated and consolidated entities, net of distributions of capital	(1,178)	(60,660)
Proceeds from sales of real estate owned		0
Proceeds from sale of investment in unconsolidated entity		0
Proceeds from the sales of operating properties and equipment and other assets	13,067
Proceeds from sale of Financial Services' businesses		21,517
Other	913	(15,686)
Intercompany	0	0
Net cash provided by (used in) investing activities	12,802	(54,829)
Cash flows from financing activities:
Net repayments on other borrowings, other liabilities, and other notes payable	(55,580)	(79,281)
Net receipts related to noncontrolling interests	0	0
Common stock:
Issuances		0
Repurchases	0	0
Dividends	(460,571)	(289,343)
Intercompany	605,744	973,489
Net cash (used in) provided by financing activities	89,593	610,666
Net decrease in cash and cash equivalents and restricted cash	(123,528)	(232,823)
Cash and cash equivalents and restricted cash at beginning of period	532,304	721,968
Cash and cash equivalents and restricted cash at end of period	408,776	489,145
Reportable Legal Entities | Guarantor Subsidiaries | Unsecured Revolving Credit Facility
Cash flows from financing activities:
Net borrowings (repayments) under credit facilities	0	0
Reportable Legal Entities | Guarantor Subsidiaries | Warehouse Repurchase Facility
Cash flows from financing activities:
Net borrowings (repayments) under credit facilities	0	5,801
Reportable Legal Entities | Non-Guarantor Subsidiaries
Cash flows from operating activities:
Net earnings (including net loss attributable to noncontrolling interests)	33,396	13,354
Distributions of earnings from guarantor and non-guarantor subsidiaries	0	0
Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities	691,970	355,476
Net cash provided by (used in) operating activities	725,366	368,830
Cash flows from investing activities:
Investments in and contributions to unconsolidated and consolidated entities, net of distributions of capital	8,895	(3,177)
Proceeds from sales of real estate owned		2,696
Proceeds from sale of investment in unconsolidated entity		17,790
Proceeds from the sales of operating properties and equipment and other assets	0
Proceeds from sale of Financial Services' businesses		2,929
Other	(8,188)	(34,986)
Intercompany	0	0
Net cash provided by (used in) investing activities	707	(14,748)
Cash flows from financing activities:
Net repayments on other borrowings, other liabilities, and other notes payable	(15,573)	(3,697)
Net receipts related to noncontrolling interests	72,179	(2,949)
Common stock:
Issuances		0
Repurchases	0	0
Dividends	(40,625)	(13,840)
Intercompany	66,278	148,302
Net cash (used in) provided by financing activities	(673,343)	(386,640)
Net decrease in cash and cash equivalents and restricted cash	52,730	(32,558)
Cash and cash equivalents and restricted cash at beginning of period	222,559	249,316
Cash and cash equivalents and restricted cash at end of period	275,289	216,758
Reportable Legal Entities | Non-Guarantor Subsidiaries | Unsecured Revolving Credit Facility
Cash flows from financing activities:
Net borrowings (repayments) under credit facilities	0	0
Reportable Legal Entities | Non-Guarantor Subsidiaries | Warehouse Repurchase Facility
Cash flows from financing activities:
Net borrowings (repayments) under credit facilities	(755,602)	(514,456)
Consolidating Adjustments
Cash flows from operating activities:
Net earnings (including net loss attributable to noncontrolling interests)	(501,196)	(303,183)
Distributions of earnings from guarantor and non-guarantor subsidiaries	(501,196)	(303,183)
Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities	501,196	303,183
Net cash provided by (used in) operating activities	(501,196)	(303,183)
Cash flows from investing activities:
Investments in and contributions to unconsolidated and consolidated entities, net of distributions of capital	0	0
Proceeds from sales of real estate owned		0
Proceeds from sale of investment in unconsolidated entity		0
Proceeds from the sales of operating properties and equipment and other assets	0
Proceeds from sale of Financial Services' businesses		0
Other	0	0
Intercompany	672,022	1,121,791
Net cash provided by (used in) investing activities	672,022	1,121,791
Cash flows from financing activities:
Net repayments on other borrowings, other liabilities, and other notes payable	0	0
Net receipts related to noncontrolling interests	0	0
Common stock:
Issuances		0
Repurchases	0	0
Dividends	501,196	303,183
Intercompany	(672,022)	(1,121,791)
Net cash (used in) provided by financing activities	(170,826)	(818,608)
Net decrease in cash and cash equivalents and restricted cash	0	0
Cash and cash equivalents and restricted cash at beginning of period	0	0
Cash and cash equivalents and restricted cash at end of period	0	0
Consolidating Adjustments | Unsecured Revolving Credit Facility
Cash flows from financing activities:
Net borrowings (repayments) under credit facilities	0	0
Consolidating Adjustments | Warehouse Repurchase Facility
Cash flows from financing activities:
Net borrowings (repayments) under credit facilities	$ 0	$ 0