Lennar (LEN) 10-Q 6 Jul 20 2020 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	6 Months Ended
	May 31, 2020shares
Class of Stock [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 31, 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	Q2
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	274,618,334
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	37,623,183

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		May 31, 2020	Nov. 30, 2019
ASSETS
Cash and cash equivalents		$ 1,641,921	$ 1,445,996
Restricted cash		14,961	22,695
Receivables, net		981,297	906,877
Inventories:
Total inventories		18,275,903	18,091,614
Investments in unconsolidated entities		2,045,458	1,973,913
Goodwill		3,632,058	3,657,875
Other assets		1,264,236	1,245,391
Total assets	[1]	29,309,025	29,359,511
LIABILITIES AND EQUITY
Other liabilities		3,739,019	3,751,985
Total liabilities	[2]	12,676,401	13,325,681
Stockholders' equity:
Preferred stock	[2]	0	0
Additional paid-in capital		8,630,442	8,578,219	[2]
Retained earnings	[2]	9,132,714	8,295,001
Treasury stock, at cost; May 31, 2020 - 23,418,940 shares of Class A common stock and 1,819,921 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]	(1,253,863)	(957,857)
Accumulated other comprehensive income (loss)	[2]	(338)	498
Total stockholders’ equity	[2]	16,542,703	15,949,517
Noncontrolling interests		89,921	84,313	[2]
Total equity	[2]	16,632,624	16,033,830
Total liabilities and equity	[2]	29,309,025	29,359,511
Class A Common Stock
Stockholders' equity:
Common stock		$ 29,804	$ 29,712	[2]
Common stock, shares authorized		400,000,000	400,000,000
Class B Common Stock
Stockholders' equity:
Common stock	[2]	$ 3,944	$ 3,944
Common stock, shares authorized		90,000,000	90,000,000
Homebuilding
ASSETS
Cash and cash equivalents	[1]	$ 1,398,682	$ 1,200,832
Restricted cash	[1]	9,569	9,698
Receivables, net	[1]	299,494	329,124
Inventories:
Finished homes and construction in progress	[1]	9,609,146	9,195,721
Land and land under development	[1]	7,938,451	8,267,647
Consolidated inventory not owned	[1]	399,809	313,139
Total inventories	[1]	17,947,406	17,776,507
Investments in unconsolidated entities	[1]	973,044	1,009,035
Goodwill	[1]	3,442,359	3,442,359
Other assets	[1]	1,080,186	1,021,684
Total assets	[1]	25,150,740	24,789,239
LIABILITIES AND EQUITY
Accounts payable	[2]	1,033,558	1,069,179
Liabilities related to consolidated inventory not owned	[2]	344,074	260,266
Senior notes and other debts payable, net	[2]	7,495,674	7,776,638
Other liabilities	[2]	1,900,970	1,900,955
Total liabilities	[2]	10,774,276	11,007,038
Financial Services
Inventories:
Total assets	[1]	2,577,805	3,006,024
LIABILITIES AND EQUITY
Total liabilities		1,663,548	2,056,450	[2]
Multifamily
Inventories:
Total assets	[1]	1,127,929	1,068,831
LIABILITIES AND EQUITY
Total liabilities		222,387	232,155	[2]
Lennar Other
Inventories:
Total assets	[1]	452,551	495,417
LIABILITIES AND EQUITY
Total liabilities		$ 16,190	$ 30,038	[2]
[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 May 31, 2020, total assets include $873.0 million related to consolidated VIEs of which $9.1 million is included in Homebuilding cash and cash equivalents, $0.2 million in Homebuilding receivables, net, $110.6 million in Homebuilding finished homes and construction in progress, $308.4 million in Homebuilding land and land under development, $391.6 million in Homebuilding consolidated inventory not owned, $2.0 million in Homebuilding investments in unconsolidated entities, $8.0 million in Homebuilding other assets and $43.3 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 May 31, 2020, total liabilities include $450.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $20.9 million is included in Homebuilding accounts payable, $335.5 million in Homebuilding liabilities related to consolidated inventory not owned, $74.5 million in Homebuilding senior notes and other debts payable, $8.6 million in Homebuilding other liabilities and $11.0 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		May 31, 2020	Nov. 30, 2019
Total assets	[1]	$ 29,309,025	$ 29,359,511
Cash and cash equivalents		1,641,921	1,445,996
Receivables, net		981,297	906,877
Investments in unconsolidated entities		2,045,458	1,973,913
Other assets		1,264,236	1,245,391
Total liabilities	[2]	12,676,401	13,325,681
Other liabilities		$ 3,739,019	$ 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		298,037,274	297,119,153
Treasury stock, shares		23,418,940	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		39,443,104	39,443,064
Treasury stock, shares		1,819,921	1,704,630
Homebuilding
Total assets	[1]	$ 25,150,740	$ 24,789,239
Cash and cash equivalents	[1]	1,398,682	1,200,832
Receivables, net	[1]	299,494	329,124
Finished homes and construction in progress	[1]	9,609,146	9,195,721
Land and land under development	[1]	7,938,451	8,267,647
Consolidated inventory not owned	[1]	399,809	313,139
Investments in unconsolidated entities	[1]	973,044	1,009,035
Other assets	[1]	1,080,186	1,021,684
Total liabilities	[2]	10,774,276	11,007,038
Accounts payable	[2]	1,033,558	1,069,179
Senior notes and other debts payable, net	[2]	7,495,674	7,776,638
Liabilities related to consolidated inventory not owned	[2]	344,074	260,266
Other liabilities	[2]	1,900,970	1,900,955
Financial Services
Total assets	[1]	2,577,805	3,006,024
Total liabilities		1,663,548	2,056,450	[2]
Multifamily
Total assets	[1]	1,127,929	1,068,831
Total liabilities		222,387	232,155	[2]
Lennar Other
Total assets	[1]	452,551	495,417
Total liabilities		16,190	30,038	[2]
Variable Interest Entity, Primary Beneficiary
Total assets		873,000	980,200
Total liabilities		450,400	549,700
Variable Interest Entity, Primary Beneficiary | Homebuilding
Cash and cash equivalents		9,100	15,500
Receivables, net		200	200
Finished homes and construction in progress		110,600	97,500
Land and land under development		308,400	283,200
Consolidated inventory not owned		391,600	301,000
Investments in unconsolidated entities		2,000	2,500
Other assets		8,000	10,000
Accounts payable		20,900	13,700
Senior notes and other debts payable, net	[2]	74,500	47,100
Liabilities related to consolidated inventory not owned		335,500	247,500
Other liabilities		8,600	8,900
Variable Interest Entity, Primary Beneficiary | Financial Services
Other assets			221,200
Total liabilities			231,100
Variable Interest Entity, Primary Beneficiary | Multifamily
Total assets		43,300	49,100
Total liabilities		$ 11,000	$ 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 May 31, 2020, total assets include $873.0 million related to consolidated VIEs of which $9.1 million is included in Homebuilding cash and cash equivalents, $0.2 million in Homebuilding receivables, net, $110.6 million in Homebuilding finished homes and construction in progress, $308.4 million in Homebuilding land and land under development, $391.6 million in Homebuilding consolidated inventory not owned, $2.0 million in Homebuilding investments in unconsolidated entities, $8.0 million in Homebuilding other assets and $43.3 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 May 31, 2020, total liabilities include $450.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $20.9 million is included in Homebuilding accounts payable, $335.5 million in Homebuilding liabilities related to consolidated inventory not owned, $74.5 million in Homebuilding senior notes and other debts payable, $8.6 million in Homebuilding other liabilities and $11.0 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		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Revenues:
Revenues	$ 5,287,373	$ 5,562,890	$ 9,792,710	$ 9,430,972
Cost and expenses:
Corporate general and administrative	83,451	76,113	170,298	155,456
Total costs and expenses	4,629,538	4,963,281	8,705,457	8,508,598
Equity in earnings (loss) from unconsolidated entities			(40,355)	5,908
Financial Services gain on deconsolidation			61,418	0
Earnings before income taxes	676,577	559,399	1,100,129	878,523
Provision for income taxes	(160,479)	(140,530)	(192,808)	(220,230)
Net earnings (including net loss attributable to noncontrolling interests)	516,098	418,869	907,321	658,293
Less: Net loss attributable to noncontrolling interests	(1,308)	(2,603)	(8,537)	(3,089)
Net earnings attributable to Lennar	517,406	421,472	915,858	661,382
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on securities available-for-sale	(338)	561	(384)	769
Reclassification adjustments for gains included in earnings, net of tax	(452)	(176)	(452)	(176)
Total other comprehensive income (loss), net of tax	(790)	385	(836)	593
Total comprehensive income attributable to Lennar	516,616	421,857	915,022	661,975
Total comprehensive loss attributable to noncontrolling interests	$ (1,308)	$ (2,603)	$ (8,537)	$ (3,089)
Basic earnings per share (in dollars per share)	$ 1.66	$ 1.31	$ 2.92	$ 2.05
Diluted earnings per share (in dollars per share)	$ 1.65	$ 1.30	$ 2.91	$ 2.03
Homebuilding
Revenues:
Revenues	$ 4,949,484	$ 5,195,599	$ 9,121,600	$ 8,819,320
Cost and expenses:
Cost and expenses	4,313,331	4,587,259	8,011,137	7,826,094
Equity in earnings (loss) from unconsolidated entities	(9,100)	19,614	(13,646)	5,858
Other income (expense), net	4,308	(46,165)	(5,058)	(47,700)
Financial Services
Revenues:
Revenues	196,263	204,216	394,924	347,527
Cost and expenses:
Cost and expenses	110,355	147,999	261,699	272,338
Financial Services gain on deconsolidation	61,418		61,418
Multifamily
Revenues:
Revenues	123,117	147,412	255,734	244,806
Cost and expenses:
Cost and expenses	123,473	148,716	260,821	249,894
Equity in earnings (loss) from unconsolidated entities	(282)	(3,018)	6,234	7,563
Lennar Other
Revenues:
Revenues	18,509	15,663	20,452	19,319
Cost and expenses:
Cost and expenses	(1,072)	3,194	1,502	4,816
Equity in earnings (loss) from unconsolidated entities	(26,642)	(4,978)	(26,523)	3,352
Other income (expense), net	(10,960)	(5,663)	(9,549)	(12,924)
Operating Segments | Homebuilding
Revenues:
Revenues	4,949,484	5,195,599	9,121,600	8,819,320
Cost and expenses:
Cost and expenses	4,313,331	4,587,259	8,011,137	7,826,094
Corporate general and administrative	0	0	0	0
Equity in earnings (loss) from unconsolidated entities	(9,100)	19,614	(13,646)	5,858
Other income (expense), net	4,308	(46,165)	(5,058)	(47,700)
Earnings before income taxes	631,361	581,789	1,091,759	951,384
Operating Segments | Financial Services
Revenues:
Revenues	196,263	204,216	394,924	347,527
Cost and expenses:
Cost and expenses	110,355	147,999	261,699	272,338
Corporate general and administrative	0	0	0	0
Financial Services gain on deconsolidation	61,418	0	61,418	0
Earnings before income taxes	147,326	56,217	194,643	75,189
Operating Segments | Multifamily
Revenues:
Revenues	123,117	147,412	255,734	244,806
Cost and expenses:
Cost and expenses	123,473	148,716	260,821	249,894
Corporate general and administrative	0	0	0	0
Equity in earnings (loss) from unconsolidated entities and other gain	(282)	(3,018)	6,234	7,563
Earnings before income taxes	(638)	(4,322)	1,147	2,475
Operating Segments | Lennar Other
Revenues:
Revenues	18,509	15,663	20,452	19,319
Cost and expenses:
Cost and expenses	(1,072)	3,194	1,502	4,816
Corporate general and administrative	0	0	0	0
Equity in earnings (loss) from unconsolidated entities	(26,642)	(4,978)	(26,523)	3,352
Other income (expense), net	(10,960)	(5,663)	(9,549)	(12,924)
Earnings before income taxes	(18,021)	1,828	(17,122)	4,931
Operating Segments | Other
Revenues:
Revenues	$ 13,190	$ 8,237	$ 21,467	$ 10,664

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	May 31, 2020	May 31, 2019
Cash flows from operating activities:
Net earnings (including net loss attributable to noncontrolling interests)	$ 907,321	$ 658,293
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization	44,464	40,986
Amortization of discount/premium and accretion on debt, net	(13,839)	(13,335)
Equity in earnings (loss) from unconsolidated entities	40,355	(5,908)
Distributions of earnings from unconsolidated entities	38,000	4,037
Share-based compensation expense	55,141	31,390
Deferred income tax expense	79,738	101,477
Gain on sale of other assets, operating properties and equipment and real estate owned	(13,126)	(1,471)
Loss on consolidation	0	48,874
Gain on deconsolidation of previously consolidated entity	(61,418)	0
Gain on sale of interest in unconsolidated entity and other Multifamily gain	(4,661)	(10,865)
Gain on sale of Financial Services' servicing portfolio/businesses	(5,014)	(2,168)
Valuation adjustments and write-offs of option deposits and pre-acquisition costs	65,098	10,602
Changes in assets and liabilities:
(Increase) decrease in receivables	(7,758)	542,054
Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs	(159,138)	(1,501,423)
(Increase) decrease in other assets	(148,087)	66,464
Decrease (increase) in loans held-for-sale	481,583	(206,349)
Increase (decrease) in accounts payable and other liabilities	12,144	(192,548)
Net cash provided by (used in) operating activities	1,310,803	(429,890)
Cash flows from investing activities:
Net additions of operating properties and equipment	(25,731)	(47,766)
Proceeds from the sales of operating properties and equipment and other assets	29,727	4,210
Proceeds from sale of investment in unconsolidated entity	0	17,790
Proceeds from sale of Financial Services' servicing portfolio/businesses	9,096	24,446
Investments in and contributions to unconsolidated entities/deconsolidation of previously consolidated entity	(302,784)	(230,744)
Distributions of capital from unconsolidated entities	115,093	140,888
Receipts of principal payments on loans receivable and other	0	1,811
Proceeds from sale of commercial mortgage-backed securities bonds	3,248	0
Decrease (increase) in Financial Services loans held-for-investment, net	143	(5,975)
Purchases of investment securities	(29,642)	(31,462)
Proceeds from maturities/sales of investments securities	25,138	35,416
Other receipts (payments), net	1,670	(200)
Net cash used in investing activities	(174,042)	(91,586)
Cash flows from financing activities:
Redemption of senior notes	(300,000)	0
Proceeds from other borrowings	59,139	28,620
Principal payments on notes payable and other borrowings	(174,382)	(123,681)
Proceeds (payments) related to other liabilities, net	3,567	(1,046)
Conversions, exchanges and redemption of convertible senior notes	0	(1,288)
Receipts related to noncontrolling interests	169,061	8,937
Payments related to noncontrolling interests	(21,501)	(23,317)
Common stock:
Issuances	0	634
Repurchases	(296,093)	(101,229)
Dividends	(78,145)	(25,877)
Net cash used in financing activities	(948,570)	(53,431)
Net increase (decrease) in cash and cash equivalents and restricted cash	188,191	(574,907)
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	1,656,882	1,021,071
Homebuilding
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Equity in earnings (loss) from unconsolidated entities	13,646	(5,858)
Financial Services
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Gain on deconsolidation of previously consolidated entity	(61,418)
Lennar Other
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Equity in earnings (loss) from unconsolidated entities	26,523	(3,352)
Multifamily
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Equity in earnings (loss) from unconsolidated entities	(6,234)	(7,563)
Lennar Homebuilding and Lennar Multifamily
Homebuilding and Multifamily:
Purchases of inventories and other assets financed by sellers	102,982	46,631
Non-cash contributions to unconsolidated entities	13,859	0
Operating Segments
Common stock:
Cash and cash equivalents and restricted cash at end of period	1,656,882	1,021,071
Operating Segments | Homebuilding
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Equity in earnings (loss) from unconsolidated entities	13,646	(5,858)
Common stock:
Cash and cash equivalents and restricted cash at end of period	1,408,251	812,365
Operating Segments | Financial Services
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Gain on deconsolidation of previously consolidated entity	(61,418)	0
Common stock:
Cash and cash equivalents and restricted cash at end of period	229,621	186,760
Consolidation/deconsolidation of unconsolidated/consolidated entities, net:
Financial Services assets	217,565	0
Financial Services liabilities	(115,175)	0
Noncontrolling interests	(102,390)	0
Operating Segments | Lennar Other
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Equity in earnings (loss) from unconsolidated entities	26,523	(3,352)
Common stock:
Cash and cash equivalents and restricted cash at end of period	5,949	5,203
Operating Segments | Multifamily
Common stock:
Cash and cash equivalents and restricted cash at end of period	13,061	16,743
Operating Segments | Segments Other Than Financial Services
Consolidation/deconsolidation of unconsolidated/consolidated entities, net:
Inventories	(35,959)	187,506
Receivables	0	102,959
Operating properties and equipment and other assets	6,375	53,412
Investments in unconsolidated entities	0	67,925
Notes payable	0	(383,212)
Other liabilities	182	(19,696)
Noncontrolling interests	29,402	(8,894)
Unsecured Revolving Credit Facility
Cash flows from financing activities:
Net borrowings (repayments) under credit facilities	0	550,000
Warehouse Repurchase Facility
Cash flows from financing activities:
Net borrowings (repayments) under credit facilities	$ (310,216)	$ (365,184)

Basis of Presentation

Basis of Presentation	6 Months Ended
	May 31, 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 and six months ended May 31, 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 May 31, 2020 and November 30, 2019 included $528.3 million and $565.8 million, respectively, of cash held in escrow for approximately three days. Share-based Payments During the three months ended May 31, 2020, the Company granted an immaterial number of vested shares. During the six months ended May 31, 2020, the Company granted employees 0.9 million nonvested shares. During the three and six months ended May 31, 2019, the Company granted employees an immaterial number of nonvested shares. Recently Adopted Accounting Pronouncements In March 2016, the Financial Accounting Standards Board ("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, on December 1, 2019, the Company recorded $150.7 million of ROU assets and $159.7 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	6 Months Ended
	May 31, 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) May 31, 2020 Assets: Homebuilding Financial Multifamily Lennar Total Cash and cash equivalents $ 1,398,682 224,229 13,061 5,949 1,641,921 Restricted cash 9,569 5,392 — — 14,961 Receivables, net (1) 299,494 594,620 87,183 — 981,297 Inventories 17,947,406 — 328,497 — 18,275,903 Loans held-for-sale (2) — 1,163,356 — — 1,163,356 Loans held-for-investment, net — 69,846 — 1,422 71,268 Investments held-to-maturity — 164,982 — — 164,982 Investments available-for-sale (3) — — — 53,585 53,585 Investments in unconsolidated entities (4) 973,044 70,844 621,465 380,105 2,045,458 Goodwill 3,442,359 189,699 — — 3,632,058 Other assets (5) 1,080,186 94,837 77,723 11,490 1,264,236 $ 25,150,740 2,577,805 1,127,929 452,551 29,309,025 Liabilities: Notes and other debts payable, net $ 7,495,674 1,435,538 — 6,170 8,937,382 Other liabilities (6) 3,278,602 228,010 222,387 10,020 3,739,019 $ 10,774,276 1,663,548 222,387 16,190 12,676,401 (In thousands) November 30, 2019 Assets: Homebuilding Financial Multifamily Lennar 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 (4) 1,009,035 — 561,190 403,688 1,973,913 Goodwill 3,442,359 215,516 — — 3,657,875 Other assets (5) 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 (6) 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 May 31, 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) Lennar Other investments in unconsolidated entities decreased primarily due to a $25.0 million write-down of assets held by Rialto legacy funds because of disruption in the capital markets as a result of COVID-19 and the economic shutdown. (5) As of May 31, 2020 and November 30, 2019, Financial Services other assets included mortgage loan commitments carried at fair value of $45.0 million and $16.3 million, respectively, and mortgage servicing rights carried at fair value of $1.2 million and $24.7 million, respectively. (6) As of May 31, 2020 and November 30, 2019, Financial Services other liabilities included $62.4 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 May 31, 2020 and November 30, 2019, Financial Services other liabilities also included forward contracts carried at fair value of $4.7 million and $3.9 million, respectively. Financial information relating to the Company’s segments was as follows: Three Months Ended May 31, 2020 (In thousands) Homebuilding Financial Services Multifamily Lennar Other Corporate and unallocated Total Revenues $ 4,949,484 196,263 123,117 18,509 — 5,287,373 Operating earnings (loss) (1) 631,361 147,326 (638) (18,021) — 760,028 Corporate general and administrative expenses — — — — 83,451 83,451 Earnings (loss) before income taxes 631,361 147,326 (638) (18,021) (83,451) 676,577 Three Months Ended May 31, 2019 Revenues $ 5,195,599 204,216 147,412 15,663 — 5,562,890 Operating earnings (loss) 581,789 56,217 (4,322) 1,828 — 635,512 Corporate general and administrative expenses — — — — 76,113 76,113 Earnings (loss) before income taxes 581,789 56,217 (4,322) 1,828 (76,113) 559,399 Six Months Ended May 31, 2020 (In thousands) Homebuilding Financial Services Multifamily Lennar Other Corporate and Total Revenues $ 9,121,600 394,924 255,734 20,452 — 9,792,710 Operating earnings (loss) (1) 1,091,759 194,643 1,147 (17,122) — 1,270,427 Corporate general and administrative expenses — — — — 170,298 170,298 Earnings (loss) before income taxes 1,091,759 194,643 1,147 (17,122) (170,298) 1,100,129 Six Months Ended May 31, 2019 Revenues $ 8,819,320 347,527 244,806 19,319 — 9,430,972 Operating earnings 951,384 75,189 2,475 4,931 — 1,033,979 Corporate general and administrative expenses — — — — 155,456 155,456 Earnings before income taxes 951,384 75,189 2,475 4,931 (155,456) 878,523 (1) Operating loss for Lennar Other for both the three and six months ended May 31, 2020 included a $25.0 million write-down of assets held by Rialto legacy funds because of disruption in the capital markets as a result of COVID-19 and the economic shutdown. 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 May 31, 2020 $ 6,676,730 2,664,309 2,305,777 10,815,820 1,143,132 1,544,972 25,150,740 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 May 31, 2020 (In thousands) East Central Texas West Other Total Homebuilding Revenues $ 1,577,716 685,999 712,756 1,959,823 13,190 4,949,484 Operating earnings (loss) 229,726 67,065 99,887 280,094 (45,411) 631,361 Three Months Ended May 31, 2019 Revenues $ 1,737,342 613,785 693,212 2,143,023 8,237 5,195,599 Operating earnings (loss) 210,464 55,344 75,374 272,904 (32,297) 581,789 Six Months Ended May 31, 2020 (In thousands) East Central Texas West Other Total Homebuilding Revenues $ 2,984,582 1,220,975 1,185,984 3,708,592 21,467 9,121,600 Operating earnings (loss) 404,731 96,537 152,960 505,001 (67,470) 1,091,759 Six Months Ended May 31, 2019 Revenues $ 2,964,155 1,048,852 1,111,729 3,683,920 10,664 8,819,320 Operating earnings (loss) 345,847 86,270 107,652 463,565 (51,950) 951,384 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. 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 May 31, 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: June 2020 (1) $ 500,000 July 2020 300,000 January 2021 500,000 March 2021 300,000 Total - Residential facilities $ 1,600,000 LMF Commercial facilities maturing: November 2020 $ 200,000 December 2020 (2) 700,000 Total - LMF Commercial facilities $ 900,000 Total $ 2,500,000 (1) Subsequent to May 31, 2020, the maturity date was extended to June 2021. (2) Includes $50.0 million LMF Commercial warehouse repurchase facility used 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 May 31, 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) May 31, 2020 November 30, 2019 Borrowings under the residential facilities $ 1,054,588 $ 1,374,063 Collateral under the residential facilities 1,085,503 1,423,650 Borrowings under the LMF Commercial facilities 227,003 216,870 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 Six Months Ended May 31, May 31, (In thousands) 2020 2019 2020 2019 Loan origination liabilities, beginning of period $ 9,996 6,697 9,364 48,584 Provision for losses 1,139 914 1,915 1,587 Payments/settlements (255) (187) (399) (42,747) Loan origination liabilities, end of period $ 10,880 7,424 10,880 7,424 LMF Commercial - loans held-for-sale During the six months ended May 31, 2020, LMF Commercial originated commercial loans with a total principal balance of $417.7 million, all of which were recorded as loans held-for-sale and sold $457.4 million of commercial loans into three separate securitizations. As of May 31, 2020, $146.4 million of originated commercial loans were sold into a securitization trust but not settled and thus were included as receivables, net. During the six months ended May 31, 2019, LMF Commercial originated commercial loans with a total principal balance of $720.6 million, of which $705.3 million were recorded as loans held-for-sale, and sold $500.5 million of commercial loans into five separate securitizations. As of May 31, 2019, $61.0 million of originated loans were sold into a securitization trust but not settled and thus were included as receivables, net. Investments held-to-maturity At May 31, 2020 and November 30, 2019, the carrying value of Financial Services' commercial mortgage-backed securities ("CMBS") was $164.9 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 or six months ended May 31, 2020 or May 31, 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 May 31, 2020 and November 30, 2019, the carrying amount, net of debt issuance costs, of outstanding debt in these agreements was $153.9 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	6 Months Ended
	May 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities Homebuilding Unconsolidated Entities As of May 31, 2020 and November 30, 2019, the Company’s recorded investments in Homebuilding unconsolidated entities were $973.0 million and $1.0 billion, respectively, while the underlying equity in Homebuilding unconsolidated entities partners’ net assets as of both May 31, 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 May 31, 2020 and November 30, 2019, the carrying amount of the Company's FivePoint investment was $376.9 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. Indebtedness of an unconsolidated entity is secured by its own assets. Some unconsolidated entities own multiple properties and other assets. There is no cross collateralization of debt of different unconsolidated entities. The Company also does not use its investment in one unconsolidated entity as collateral for the debt of another unconsolidated entity or commingle funds among Homebuilding unconsolidated entities. In connection with loans to a Homebuilding unconsolidated entity, the Company and its partners often guarantee to a lender, either jointly and severally or on a several basis, any or all of the following: (i) the completion of the development, in whole or in part, for which the financing was obtained (ii) indemnification of the lender against losses from environmental issues, (iii) indemnification of the lender from "bad boy acts" of the unconsolidated entity (or full recourse liability in the event of an unauthorized transfer or bankruptcy) and (iv) that the loan to value and/or loan to cost will not exceed a certain percentage (maintenance or remargining guarantee) or that a percentage of the outstanding loan will be repaid (repayment guarantee). The total debt of the Homebuilding unconsolidated entities in which the Company has investments was $1.1 billion as of both May 31, 2020 and November 30, 2019, of which the Company's maximum recourse exposure was $4.9 million and $10.8 million as of May 31, 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. 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 May 31, 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 May 31, 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 May 31, 2020 and November 30, 2019, the fair value of the completion guarantees was immaterial. As of May 31, 2020 and November 30, 2019, Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $813.8 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 and six months ended May 31, 2020, the Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $14.6 million and $28.4 million, respectively. During the three and six months ended May 31, 2019, the Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $13.3 million and $26.4 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 and six months ended May 31, 2020, the Multifamily segment provided general contractor services, net of deferrals, totaling $104.5 million and $198.4 million, respectively, which were partially offset by costs related to those services of $100.3 million and $190.5 million, respectively. During the three and six months ended May 31, 2019, the Multifamily segment provided general contractor services, net of deferrals, totaling $99.2 million and $181.6 million, respectively, which were partially offset by costs related to those services of $95.2 million and $174.6 million, respectively. The Multifamily segment includes Multifamily Venture Fund I ("LMV I") and Multifamily Venture Fund II LP ("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 six months ended May 31, 2020 are included below: May 31, 2020 (In thousands) LMV I LMV II Lennar's carrying value of investments $ 355,136 213,635 Equity commitments 2,204,016 1,257,700 Equity commitments called 2,127,560 754,177 Lennar's equity commitments 504,016 381,000 Lennar's equity commitments called 493,730 227,372 Lennar's remaining commitments 10,286 153,628 Distributions to Lennar during the six months ended May 31, 2020 19,969 —

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	May 31, 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 and six months ended May 31, 2020 and 2019: Three Months Ended May 31, 2020 (In thousands) Total Class A Class B Additional Treasury Accumulated Other Comprehensive Income (Loss) Retained Noncontrolling Balance at February 29, 2020 $ 16,193,377 29,802 3,944 8,609,944 (1,253,756) 452 8,654,213 148,778 Net earnings (including net loss attributable to noncontrolling interests) 516,098 — — — — — 517,406 (1,308) Employee stock and directors plans 651 2 — 756 (107) — — — Purchases of treasury stock — — — — — — — — Amortization of restricted stock 23,286 — — 23,286 — — — — Cash dividends (38,905) — — — — — (38,905) — Receipts related to noncontrolling interests 80,148 — — — — — — 80,148 Payments related to noncontrolling interests (4,767) — — — — — — (4,767) Non-cash purchase or activity of noncontrolling interests, net (5,168) — — (3,544) — — — (1,624) Non-cash consolidations/deconsolidations, net (131,306) — — — — — — (131,306) Total other comprehensive loss, net of tax (790) — — — — (790) — — Balance at May 31, 2020 $ 16,632,624 29,804 3,944 8,630,442 (1,253,863) (338) 9,132,714 89,921 Three Months Ended May 31, 2019 (In thousands) Total Class A Class B Additional Treasury Accumulated Other Comprehensive Income (Loss) Retained Noncontrolling Balance at February 28, 2019 $ 14,893,695 29,501 3,944 8,514,301 (485,016) (158) 6,724,242 106,881 Net earnings (including net loss attributable to noncontrolling interests) 418,869 — — — — — 421,472 (2,603) Employee stock and directors plans 731 2 — 1,036 (307) — — — Purchases of treasury stock (51,783) — — — (51,783) — — — Amortization of restricted stock 14,491 — — 14,491 — — — — Cash dividends (13,017) — — — — — (13,017) — Receipts related to noncontrolling interests 589 — — — — — — 589 Payments related to noncontrolling interests (12,020) — — — — — — (12,020) Non-cash activities related to noncontrolling interests (5,616) — — — — — — (5,616) Cumulative-effect of accounting change 211 — — — — — 211 — Total other comprehensive earnings, net of tax 385 — — — — 385 — — Balance at May 31, 2019 $ 15,246,535 29,503 3,944 8,529,828 (537,106) 227 7,132,908 87,231 Six Months Ended May 31, 2020 (In thousands) Total Equity Class A Common Stock Class B Common Stock Additional Paid - in Capital 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) 907,321 — — — — — 915,858 (8,537) Employee stock and directors plans (6,773) 92 — 626 (7,491) — — — Purchases of treasury stock (288,515) — — — (288,515) — — — Amortization of restricted stock 55,141 — — 55,141 — — — — Cash dividends (78,145) — — — — — (78,145) — Receipts related to noncontrolling interests 169,061 — — — — — — 169,061 Payments related to noncontrolling interests (21,501) — — — — — — (21,501) Non-cash purchase or activity of noncontrolling interests, net (5,168) — — (3,544) — — — (1,624) Non-cash consolidations/deconsolidations, net (131,791) — — — — — — (131,791) Total other comprehensive earnings, net of tax (836) — — — — (836) — — Balance at May 31, 2020 $ 16,632,624 29,804 3,944 8,630,442 (1,253,863) (338) 9,132,714 89,921 Six Months Ended May 31, 2019 (In thousands) Total Equity Class A Common Stock Class B Common Stock Additional Paid - in Capital 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) 658,293 — — — — — 661,382 (3,089) Employee stock and directors plans (691) 4 — 1,761 (2,456) — — — Purchases of treasury stock (98,781) — — — (98,781) — — — Amortization of restricted stock 31,390 — — 31,390 — — — — Cash dividends (25,877) — — — — — (25,877) — Receipts related to noncontrolling interests 8,937 — — — — — — 8,937 Payments related to noncontrolling interests (23,317) — — — — — — (23,317) Non-cash consolidations, net 8,894 — — — — — — 8,894 Non-cash activities related to noncontrolling interests (5,616) — — — — — — (5,616) Cumulative-effect of accounting change 9,753 — — — — — 9,753 — Total other comprehensive earnings, net of tax 593 — — — — 593 — — Balance at May 31, 2019 $ 15,246,535 29,503 3,944 8,529,828 (537,106) 227 7,132,908 87,231 On June 25, 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 July 24, 2020 to holders of record at the close of business on July 10, 2020. On May 5, 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 April 21, 2020, as declared by its Board of Directors on April 7, 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 describes the repurchase of the Company's Class A and Class B common stocks, under this program, for the three and six months ended May 31, 2020 and 2019: Three Months Ended Six Months Ended May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 (Dollars in thousands, except price per share) Class A Class B Class A Class B Class A Class B Class A Class B Shares repurchased — — 1,000,000 — 4,250,000 115,000 2,000,000 — Purchase amount $ — $ — $ 51,783 $ — $ 282,274 $ 6,155 $ 98,781 $ — Average price per share $ — $ — $ 51.76 $ — $ 66.42 $ 53.52 $ 49.37 $ —

Income Taxes

Income Taxes	6 Months Ended
	May 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The provision for income taxes and effective tax rate were as follows: Three Months Ended Six Months Ended May 31, May 31, (Dollars in thousands) 2020 2019 2020 2019 Provision for income taxes $160,479 140,530 192,808 220,230 Effective tax rate (1) 23.7 % 25.0 % 17.4 % 25.0 % (1) For both the three and six months ended May 31, 2020, the effective tax rate included state income tax expense and non-deductible executive compensation, partially offset by new energy efficient home and solar tax credits. For the six months ended May 31, 2020, the effective tax rate also included a benefit related to years ended November 30, 2018 and 2019, due to Congress retroactively extending the new energy efficient home tax credit in December 2019.

Earnings Per Share

Earnings Per Share	6 Months Ended
	May 31, 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 Six Months Ended May 31, May 31, (In thousands, except per share amounts) 2020 2019 2020 2019 Numerator: Net earnings attributable to Lennar $ 517,406 421,472 915,858 661,382 Less: distributed earnings allocated to nonvested shares 357 94 690 193 Less: undistributed earnings allocated to nonvested shares 5,931 3,063 9,962 4,987 Numerator for basic earnings per share 511,118 418,315 905,206 656,202 Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan (1) 3,322 3,331 3,322 3,654 Numerator for diluted earnings per share $ 507,796 414,984 901,884 652,548 Denominator: Denominator for basic earnings per share - weighted average common shares outstanding 308,373 320,329 309,793 320,834 Effect of dilutive securities: Shared based payments — 1 1 6 Denominator for diluted earnings per share - weighted average common shares outstanding 308,373 320,330 309,794 320,840 Basic earnings per share $ 1.66 1.31 2.92 2.05 Diluted earnings per share $ 1.65 1.30 2.91 2.03 (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 and six months ended May 31, 2020 and May 31, 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	6 Months Ended
	May 31, 2020
Debt Disclosure [Abstract]
Homebuilding Senior Notes and Other Debts Payable	Homebuilding Senior Notes and Other Debts Payable (Dollars in thousands) May 31, November 30, 2.95% senior notes due 2020 $ 299,712 299,421 8.375% senior notes due 2021 410,591 418,860 4.750% senior notes due 2021 499,283 498,893 6.25% senior notes due December 2021 307,737 310,252 4.125% senior notes due 2022 598,380 597,885 5.375% senior notes due 2022 256,770 258,198 4.750% senior notes due 2022 572,184 571,644 4.875% senior notes due December 2023 396,950 396,553 4.500% senior notes due 2024 647,165 646,802 5.875% senior notes due 2024 445,821 448,158 4.750% senior notes due 2025 497,780 497,558 5.25% senior notes due 2026 407,315 407,921 5.00% senior notes due 2027 352,700 352,892 4.75% senior notes due 2027 894,386 893,046 6.625% senior notes due 2020 — 303,668 Mortgage notes on land and other debt 908,900 874,887 $ 7,495,674 7,776,638 The carrying amounts of the senior notes in the table above are net of debt issuance costs of $19.6 million and $22.9 million as of May 31, 2020 and November 30, 2019, respectively. At May 31, 2020, the Company had an unsecured revolving credit facility (the "Credit Facility") with maximum borrowings of $2.45 billion maturing 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 May 31, 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 May 31, 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. In May 2020, the Company redeemed $300 million aggregate principal amount of its 6.625% senior notes due May 2020. The redemption price, which was paid in cash, was 100% of the principal amount plus accrued but unpaid interest. The company's letter of credit and surety bond facilities are described below: May 31, November 30, (In thousands) Performance letters of credit $ 726,191 715,793 Financial letters of credit 220,264 184,075 Surety bonds 2,995,941 2,946,167 Anticipated future costs related to site improvements subject to performance surety bonds 1,496,571 1,427,145

Product Warranty

Product Warranty	6 Months Ended
	May 31, 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 Six Months Ended May 31, May 31, (In thousands) 2020 2019 2020 2019 Warranty reserve, beginning of the period $ 287,413 295,622 294,138 319,109 Warranties issued 46,272 47,855 84,543 81,826 Adjustments to pre-existing warranties from changes in estimates (1) 7,707 2,004 13,611 (7,523) Payments (39,930) (53,857) (90,830) (101,788) Warranty reserve, end of period $ 301,462 291,624 301,462 291,624 (1) The adjustments to pre-existing warranties from changes in estimates during the three and six months ended May 31, 2020 and 2019 are 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	6 Months Ended
	May 31, 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 May 31, 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. May 31, 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 $ 69,846 66,529 73,867 69,708 Investments held-to-maturity Level 3 $ 164,982 188,942 166,012 195,962 Investments held-to-maturity Level 2 $ — — 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 $ 7,495,674 7,828,214 7,776,638 8,144,632 Financial Services notes and other debts payable, net Level 2 $ 1,435,538 1,436,961 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 $ 6,170 6,170 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 May 31, Fair Value at November 30, Financial Services Assets: Residential loans held-for-sale (1) Level 2 $ 1,003,470 1,447,715 LMF Commercial loans held-for-sale (2) Level 3 $ 159,886 197,224 Mortgage servicing rights Level 3 $ 1,238 24,679 Lennar Other: Investments available-for-sale Level 3 $ 53,585 — (1) The aggregate fair value of residential loans held-for-sale of $1.0 billion at May 31, 2020 exceeded their aggregate principal balance of $963.5 million by $40.0 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 $159.9 million at May 31, 2020 exceeded their aggregate principal balance of $156.2 million by $3.7 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 May 31, 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: As of May 31, 2020 Unobservable inputs Mortgage prepayment rate 20 % Discount rate 11 % Delinquency rate 4 % 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 Six Months Ended May 31, May 31, (In thousands) 2020 2019 2020 2019 Changes in fair value included in Financial Services revenues: Loans held-for-sale $ 5,270 13,007 (2,223) 2,887 Mortgage loan commitments 13,816 9,111 28,711 8,852 Forward contracts 8,478 (9,766) (883) (913) Changes in fair value included in other comprehensive income (loss), net of tax: Lennar Other investments available-for-sale (338) — (338) — Financial Services investments available-for-sale — 561 (46) 769 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 May 31, 2020 May 31, 2019 (In thousands) Mortgage servicing rights LMF Commercial loans held-for-sale Mortgage servicing rights LMF Commercial loans held-for-sale Beginning balance $ 12,576 300,402 35,448 131,042 Purchases/loan originations 607 5,400 672 435,189 Sales/loan originations sold, including those not settled — (143,285) — (299,962) Disposals/settlements (1) (8,908) — (1,378) (9,920) Changes in fair value (2) (3,037) (2,334) (5,323) 3,022 Interest and principal paydowns — (298) — 228 Ending balance $ 1,238 159,885 29,419 259,599 Six Months Ended May 31, 2020 May 31, 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 1,354 417,650 2,259 705,311 Sales/loan originations sold, including those not settled — (457,724) — (500,549) Disposals/settlements (1) (10,197) — (2,287) (9,920) Changes in fair value (2) (14,598) 3,267 (7,759) 3,324 Interest and principal paydowns — (532) — (258) Ending balance $ 1,238 159,885 29,419 259,599 (1) Includes $7.5 million related to the sale of a servicing portfolio. (2) Changes in fair value for LMF Commercial loans held-for-sale and Financial Services mortgage servicing rights are included in Financial Services' revenues. The Company’s assets measured at fair value on a nonrecurring basis are those assets for which the Company has recorded valuation adjustments and write-offs. The fair values included in the 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 May 31, 2020 May 31, 2019 (In thousands) Fair Value Carrying Value Fair Value Total Losses, Net (1) Carrying Value Fair Value Total Losses, Net Non-financial assets Homebuilding: Finished homes and construction in progress (1) Level 3 $ 68,802 61,119 (7,683) — — — Land and land under development (1) Level 3 $ 42,609 9,709 (32,900) — — — Six Months Ended May 31, 2020 May 31, 2019 (In thousands) Fair Value 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 $ 141,809 120,404 (21,405) — — — Land and land under development (1) Level 3 $ 65,062 21,369 (43,693) 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. This was particularly the case with regard to inventory owned at May 31, 2020, because of the need to consider the effect of the COVID-19 pandemic and related government actions in determining whether there was a need for valuation adjustments and write-offs. 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 May 31, 2020 and May 31, 2019, there were 1,241 and 1,320 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 Valuation Adjustments At and for the Six Months Ended May 31, 2020 41 9 $69,137 $32,072 May 31, 2019 52 — — — 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: Six Months Ended May 31, 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	6 Months Ended
	May 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest EntitiesThe Company evaluated the joint venture ("JV") agreements of its JV's that were formed or that had reconsideration events, such as changes in the governing documents or to debt arrangements during the six months ended May 31, 2020. Based on the Company's evaluation, the Company consolidated one Multifamily entity that had a total assets and liabilities of $49.4 million and $0.9 million, respectively and deconsolidated two Multifamily entities that had total assets of $37.2 million and an immaterial amount of liabilities. In addition, the Company's Financial Services segment deconsolidated one entity that had total assets and liabilities of $291.2 million and $204.1 million, respectively. In January 2019, this JV was formed by the sale of the Company’s retail title agency and its retail title insurance business to this JV entity. In exchange for the sale of the retail agency and retail title insurance business, the Company received 20% of the JV entity’s preferred stock, warrants exercisable to purchase additional shares of preferred stock in the JV entity and a note due from the JV to the Company. The JV entity’s reconsideration event was due to a significant equity raise that was completed during the three months ended May 31, 2020. The proceeds of the equity raise resulted in approximately a 43% reduction of the principal amount of debt owed by the JV entity to the Company as well as an approximately 20% reduction of the Company’s ownership interest in the JV. The JV remains a VIE; however, the Company has concluded that it is no longer the primary beneficiary as the Company no longer has the power to direct the VIE. In particular, the additional infusion of equity from third party investors provides evidence that the JV entity is no longer financially dependent on the Company. The Company does not have the voting or economic power to direct the activities of the JV entity. As a result, the Company concluded that the JV entity should be deconsolidated which required fair value accounting for its equity investment and note receivable. The valuation assumptions used in determining fair value of the equity investment began by utilizing the capital raise discounted by public company comparable transactions that took into account the impact of COVID-19 and the economic shutdown and the lack of marketability of the Company’s investment. The valuation of the note receivable utilized the underlying cash flows and applied a discount, which was determined by using market comparables. The Company used discount rates ranging from 16% to 30% for the fair value calculations. In aggregate, the resulting fair value of the equity investment and note receivable totaled $123.4 million, of which $70.8 million is included in Financial Services investments in unconsolidated entities. Upon deconsolidation, the Company recorded a gain of $61.4 million. 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 lenders. Other than debt guarantee agreements with a VIE’s lenders, there are no liquidity arrangements or agreements to fund capital or purchase assets that could require the Company to provide financial support to a VIE. While the Company has option contracts to purchase land from certain of its VIEs, the Company is not required to purchase the assets and could walk away from the contracts. Unconsolidated VIEs At May 31, 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: May 31, 2020 November 30, 2019 (In thousands) Investments in Lennar’s Maximum Investments in Lennar’s Maximum Homebuilding $ 79,553 79,714 80,939 81,118 Multifamily (2) 578,026 759,633 533,018 768,651 Financial Services (3) 235,626 286,608 166,012 166,012 Lennar Other 7,148 7,148 60,882 60,882 $ 900,353 1,133,103 840,851 1,076,663 (1) Limited to investments in unconsolidated VIEs, except as noted below. (2) As of May 31, 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 $163.9 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. (3) As of May 31, 2020, the maximum exposure to loss of Financial Services' investments in unconsolidated entities included a note receivable. 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 six months ended May 31, 2020, consolidated inventory not owned increased by $86.7 million with a corresponding increase to liabilities related to consolidated inventory not owned in the accompanying condensed consolidated balance sheet as of May 31, 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

Commitments and Contingent Liab

Commitments and Contingent Liabilities	6 Months Ended
	May 31, 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 lease expense for these leases on a straight-line basis over the lease term. ROU assets and lease liabilities are recorded on the balance sheet for all leases, except leases with an initial term of 12 months or less. Many of the Company's leases include options to renew. The exercise of lease renewal options is at the Company's option and therefore renewal option payments have not been included in the ROU assets or lease liabilities. The following table includes additional information about the Company's leases: (Dollars in thousands) May 31, 2020 Right-of-use assets $ 128,423 Lease liabilities $ 137,795 Weighted-average remaining lease term (in years) 2.9 Weighted-average discount rate 3.0 % The Company has entered into agreements to lease certain office facilities and equipment under operating leases. Future minimum payments under the noncancellable leases in effect at May 31, 2020 were as follows: (Dollars in thousands) Lease Payments 2020 $ 17,791 2021 36,544 2022 28,543 2023 21,349 2024 15,429 2025 and thereafter 30,004 Total future minimum lease payments (1) $ 149,660 Less: Interest (2) 11,865 Present value of lease liabilities (2) $ 137,795 (1) Total future minimum lease payments exclude variable lease costs of $11.3 million and short-term lease costs of $2.3 million. This also does not include minimum lease payments for executed and legally enforceable leases that have not yet commenced. As of May 31, 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. The Company recognized the lease liabilities on its condensed consolidated balance sheets within other liabilities. Rental expense for the six months ended May 31, 2020 was $41.1 million. Payments on lease liabilities during the six months ended May 31, 2020 totaled $29.0 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 six months ended May 31, 2020, the Company had an immaterial amount of sublease income.

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	May 31, 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. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 will be effective for the Company’s fiscal year beginning December 1, 2022. The Company is currently evaluating the impact the adoption of ASU 2019-12 will have on the Company's condensed consolidated financial statements.

Supplemental Financial Informat

Supplemental Financial Information	6 Months Ended
	May 31, 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 May 31, 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 May 31, 2020 was as follows: Condensed Consolidating Balance Sheet May 31, 2020 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total ASSETS Homebuilding: Cash and cash equivalents, restricted cash and receivables, net $ 1,000,333 695,182 12,230 — 1,707,745 Inventories — 17,528,852 418,554 — 17,947,406 Investments in unconsolidated entities — 971,058 1,986 — 973,044 Goodwill — 3,442,359 — — 3,442,359 Other assets 392,355 468,610 251,743 (32,522) 1,080,186 Investments in subsidiaries 10,270,732 21,757 — (10,292,489) — Intercompany 12,267,017 — — (12,267,017) — 23,930,437 23,127,818 684,513 (22,592,028) 25,150,740 Financial Services — 249,999 2,329,154 (1,348) 2,577,805 Multifamily — — 1,127,929 — 1,127,929 Lennar Other — 187,352 281,789 (16,590) 452,551 Total assets $ 23,930,437 23,565,169 4,423,385 (22,609,966) 29,309,025 LIABILITIES AND EQUITY Homebuilding: Accounts payable and other liabilities $ 832,049 1,821,132 331,807 (50,460) 2,934,528 Liabilities related to consolidated inventory not owned — 344,074 — — 344,074 Senior notes and other debts payable 6,555,685 865,539 74,450 — 7,495,674 Intercompany — 10,145,745 2,121,272 (12,267,017) — 7,387,734 13,176,490 2,527,529 (12,317,477) 10,774,276 Financial Services — 30,344 1,633,204 — 1,663,548 Multifamily — — 222,387 — 222,387 Lennar Other — — 16,190 — 16,190 Total liabilities 7,387,734 13,206,834 4,399,310 (12,317,477) 12,676,401 Total stockholders’ equity 16,542,703 10,358,335 (65,846) (10,292,489) 16,542,703 Noncontrolling interests — — 89,921 89,921 Total equity 16,542,703 10,358,335 24,075 (10,292,489) 16,632,624 Total liabilities and equity $ 23,930,437 23,565,169 4,423,385 (22,609,966) 29,309,025 Condensed Consolidating Balance Sheet November 30, 2019 (In thousands) Lennar Guarantor Non-Guarantor 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 May 31, 2020 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Homebuilding $ — 4,939,857 9,627 — 4,949,484 Financial Services — 35,534 166,712 (5,983) 196,263 Multifamily — — 123,117 — 123,117 Lennar Other — — 18,509 — 18,509 Total revenues — 4,975,391 317,965 (5,983) 5,287,373 Cost and expenses: Homebuilding — 4,302,960 13,304 (2,933) 4,313,331 Financial Services — 21,146 93,176 (3,967) 110,355 Multifamily — — 123,473 — 123,473 Lennar Other — — (1,072) — (1,072) Corporate general and administrative 80,544 1,641 — 1,266 83,451 Total costs and expenses 80,544 4,325,747 228,881 (5,634) 4,629,538 Homebuilding equity in earnings (loss) from unconsolidated entities — (9,222) 122 — (9,100) Homebuilding other income (expense), net (349) 2,809 1,499 349 4,308 Financial Services gain on deconsolidation — 61,418 — — 61,418 Multifamily equity in loss from unconsolidated entities — — (282) — (282) Lennar Other equity in loss from unconsolidated entities — (3,922) (22,720) — (26,642) Lennar Other income (expense), net — 6 (10,966) — (10,960) Earnings (loss) before income taxes (80,893) 700,733 56,737 — 676,577 Benefit (provision) for income taxes 22,411 (165,874) (17,016) — (160,479) Equity in earnings from subsidiaries 575,888 56,130 — (632,018) — Net earnings (including net loss attributable to noncontrolling interests) 517,406 590,989 39,721 (632,018) 516,098 Less: Net loss attributable to noncontrolling interests — — (1,308) — (1,308) Net earnings attributable to Lennar $ 517,406 590,989 41,029 (632,018) 517,406 Other comprehensive loss, net of tax: Net unrealized loss on securities available-for-sale $ — — (338) — (338) Reclassification adjustments for gains included in earnings, net of tax — — (452) — (452) Total other comprehensive loss, net of tax $ — — (790) — (790) Total comprehensive income attributable to Lennar $ 517,406 590,989 40,239 (632,018) 516,616 Total comprehensive loss attributable to noncontrolling interests $ — — (1,308) — (1,308) Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended May 31, 2019 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Homebuilding $ — 5,175,289 20,310 — 5,195,599 Financial Services — 36,353 172,729 (4,866) 204,216 Multifamily — — 147,412 — 147,412 Lennar Other — — 15,663 — 15,663 Total revenues — 5,211,642 356,114 (4,866) 5,562,890 Cost and expenses: Homebuilding — 4,561,235 19,594 6,430 4,587,259 Financial Services — 20,829 139,510 (12,340) 147,999 Multifamily — — 148,716 — 148,716 Lennar Other — — 3,194 — 3,194 Corporate general and administrative 74,321 527 — 1,265 76,113 Total costs and expenses 74,321 4,582,591 311,014 (4,645) 4,963,281 Homebuilding equity in earnings from unconsolidated entities — 19,537 77 — 19,614 Homebuilding other income (expense), net (222) (48,550) 2,386 221 (46,165) Multifamily equity in loss from unconsolidated entities and other gain — — (3,018) — (3,018) Lennar Other equity in loss from unconsolidated entities — (4,239) (739) — (4,978) Lennar Other expense, net — — (5,663) — (5,663) Earnings (loss) before income taxes (74,543) 595,799 38,143 — 559,399 Benefit (provision) for income taxes 18,653 (148,736) (10,447) — (140,530) Equity in earnings from subsidiaries 477,362 28,703 — (506,065) — Net earnings (including net loss attributable to noncontrolling interests) 421,472 475,766 27,696 (506,065) 418,869 Less: Net loss attributable to noncontrolling interests — — (2,603) — (2,603) Net earnings attributable to Lennar $ 421,472 475,766 30,299 (506,065) 421,472 Other comprehensive income, net of tax: Net unrealized gain on securities available-for-sale $ — — 561 — 561 Reclassification adjustments for gains included in net earnings, net of tax — — (176) — (176) Total other comprehensive income, net of tax $ — — 385 — 385 Total comprehensive income attributable to Lennar $ 421,472 475,766 30,684 (506,065) 421,857 Total comprehensive loss attributable to noncontrolling interests $ — — (2,603) — (2,603) Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Six Months Ended May 31, 2020 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Homebuilding $ — 9,096,000 25,600 — 9,121,600 Financial Services — 64,528 342,365 (11,969) 394,924 Multifamily — — 255,734 — 255,734 Lennar Other — — 20,452 — 20,452 Total revenues — 9,160,528 644,151 (11,969) 9,792,710 Cost and expenses: Homebuilding — 7,987,657 30,647 (7,167) 8,011,137 Financial Services — 37,599 230,727 (6,627) 261,699 Multifamily — — 260,821 — 260,821 Lennar Other — — 1,502 — 1,502 Corporate general and administrative 164,554 3,213 — 2,531 170,298 Total costs and expenses 164,554 8,028,469 523,697 (11,263) 8,705,457 Homebuilding equity in earnings (loss) from unconsolidated entities — (13,956) 310 — (13,646) Homebuilding other income (expense), net (706) (8,239) 3,181 706 (5,058) Financial Services gain on deconsolidation — 61,418 — — 61,418 Multifamily equity in earnings from unconsolidated entities and other gain — — 6,234 — 6,234 Lennar Other equity in loss from unconsolidated entities — (8,852) (17,671) — (26,523) Lennar Other income (expense), net — 6 (9,555) — (9,549) Earnings (loss) before income taxes (165,260) 1,162,436 102,953 — 1,100,129 Benefit (provision) for income taxes 28,739 (191,711) (29,836) — (192,808) Equity in earnings from subsidiaries 1,052,379 80,835 — (1,133,214) — Net earnings (including net loss attributable to noncontrolling interests) 915,858 1,051,560 73,117 (1,133,214) 907,321 Less: Net loss attributable to noncontrolling interests — — (8,537) — (8,537) Net earnings attributable to Lennar $ 915,858 1,051,560 81,654 (1,133,214) 915,858 Other comprehensive loss, net of tax: Net unrealized loss on securities available-for-sale $ — — (384) — (384) Reclassification adjustments for gain included in earnings, net of tax — — (452) — (452) Total other comprehensive loss, net of tax $ — — (836) — (836) Total comprehensive income attributable to Lennar $ 915,858 1,051,560 80,818 (1,133,214) 915,022 Total comprehensive loss attributable to noncontrolling interests $ — — (8,537) — (8,537) Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Six Months Ended May 31, 2019 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Homebuilding $ — 8,789,330 29,990 — 8,819,320 Financial Services — 85,270 271,978 (9,721) 347,527 Multifamily — — 244,806 — 244,806 Lennar Other — — 19,319 — 19,319 Total revenues — 8,874,600 566,093 (9,721) 9,430,972 Cost and expenses: Homebuilding — 7,787,164 31,901 7,029 7,826,094 Financial Services — 59,207 231,778 (18,647) 272,338 Multifamily — — 249,894 — 249,894 Lennar Other — — 4,816 — 4,816 Corporate general and administrative 151,850 1,076 — 2,530 155,456 Total costs and expenses 151,850 7,847,447 518,389 (9,088) 8,508,598 Homebuilding equity in earnings from unconsolidated entities — 5,586 272 — 5,858 Homebuilding other income (expense), net (630) (50,946) 3,243 633 (47,700) Multifamily equity in earnings from unconsolidated entities — — 7,563 — 7,563 Lennar Other equity in earnings (loss) from unconsolidated entities — (7,585) 10,937 — 3,352 Lennar Other expense, net — — (12,924) — (12,924) Earnings (loss) before income taxes (152,480) 974,208 56,795 — 878,523 Benefit (provision) for income taxes 38,090 (242,575) (15,745) — (220,230) Equity in earnings from subsidiaries 775,772 33,476 — (809,248) — Net earnings (including net earnings attributable to noncontrolling interests) 661,382 765,109 41,050 (809,248) 658,293 Less: Net loss attributable to noncontrolling interests — — (3,089) — (3,089) Net earnings attributable to Lennar $ 661,382 765,109 44,139 (809,248) 661,382 Other comprehensive loss, net of tax: Net unrealized gain on securities available-for-sale $ — — 769 — 769 Reclassification adjustments for gains included in earnings, net of tax — — (176) — (176) Total other comprehensive income, net of tax $ — — 593 — 593 Total comprehensive income attributable to Lennar $ 661,382 765,109 44,732 (809,248) 661,975 Total comprehensive loss attributable to noncontrolling interests $ — — (3,089) — (3,089) Condensed Consolidating Statement of Cash Flows Six Months Ended May 31, 2020 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Cash flows from operating activities: Net earnings (including net loss attributable to noncontrolling interests) $ 915,858 1,051,560 73,117 (1,133,214) 907,321 Distributions of earnings from guarantor and non-guarantor subsidiaries 1,052,379 80,835 — (1,133,214) — Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by operating activities (980,620) (149,064) 399,952 1,133,214 403,482 Net cash provided by operating activities 987,617 983,331 473,069 (1,133,214) 1,310,803 Cash flows from investing activities: Investments in and contributions to unconsolidated entities/deconsolidation of a previously consolidated entity, net of distributions of capital — (17,986) (169,705) — (187,691) Proceeds from the sales of operating properties and equipment and other assets — 29,727 — — 29,727 Other (1,767) 28,454 (42,765) — (16,078) Intercompany (58,949) — — 58,949 — Net cash provided by (used in) investing activities (60,716) 40,195 (212,470) 58,949 (174,042) Cash flows from financing activities: Net borrowings (repayments) under warehouse facilities — 404 (310,620) — (310,216) Net borrowings (repayments) on senior notes, other borrowings, other liabilities, and other notes payable (267,708) (123,505) 127,097 — (264,116) Common stock: Repurchases (296,093) — — — (296,093) Dividends (78,145) (1,051,560) (81,654) 1,133,214 (78,145) Intercompany — 39,591 19,358 (58,949) — Net cash used in financing activities (641,946) (1,135,070) (245,819) 1,074,265 (948,570) Net increase (decrease) in cash and cash equivalents and restricted cash 284,955 (111,544) 14,780 — 188,191 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 $ 998,783 420,760 237,339 — 1,656,882 Condensed Consolidating Statement of Cash Flows Six Months Ended May 31, 2019 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Cash flows from operating activities: Net earnings (including net loss attributable to noncontrolling interests) $ 661,382 765,109 41,050 (809,248) 658,293 Distributions of earnings from guarantor and non-guarantor subsidiaries 775,772 33,476 — (809,248) — Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities (819,869) (1,222,713) 145,151 809,248 (1,088,183) Net cash provided by (used in) operating activities 617,285 (424,128) 186,201 (809,248) (429,890) Cash flows from investing activities: Investments in and contributions to unconsolidated entities, net of distributions of capital — (99,052) 11,716 — (87,336) Proceeds from sales of real estate owned — — 4,210 — 4,210 Proceeds from sale of investment in unconsolidated entity — — 17,790 — 17,790 Proceeds from sales of Financial Services' businesses — 21,317 3,129 — 24,446 Other (170) (30,185) (20,341) — (50,696) Intercompany (1,263,527) — — 1,263,527 — Net cash provided by (used in) investing activities (1,263,697) (107,920) 16,504 1,263,527 (91,586) Cash flows from financing activities: Net borrowings under unsecured revolving credit facilities 550,000 — — — 550,000 Net borrowings (repayments) under warehouse facilities — 170 (365,354) — (365,184) Net borrowings (repayments) on convertible senior notes, other borrowings, other liabilities, and other notes payable — (101,052) 3,657 — (97,395) Net repayments related to noncontrolling interests — — (14,380) — (14,380) Common stock: Issuances 634 — — — 634 Repurchases (101,229) — — — (101,229) Dividends (25,877) (765,109) (44,139) 809,248 (25,877) Intercompany — 1,057,135 206,392 (1,263,527) — Net cash provided by (used in) financing activities 423,528 191,144 (213,824) (454,279) (53,431) Net decrease in cash and cash equivalents and restricted cash (222,884) (340,904) (11,119) — (574,907) Cash and cash equivalents and restricted cash at beginning of period 624,694 721,603 249,681 — 1,595,978 Cash and cash equivalents and restricted cash at end of period $ 401,810 380,699 238,562 — 1,021,071

Basis of Presentation (Policy)

Basis of Presentation (Policy)	6 Months Ended
	May 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Consolidation	Basis of ConsolidationThe 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.
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 and six months ended May 31, 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 Financial Accounting Standards Board ("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, on December 1, 2019, the Company recorded $150.7 million of ROU assets and $159.7 million of lease liabilities on its condensed consolidated balance sheets within other assets and other liabilities of the respective segments. 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. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 will be effective for the Company’s fiscal year beginning December 1, 2022. The Company is currently evaluating the impact the adoption of ASU 2019-12 will have on the Company's condensed consolidated financial statements.

Operating and Reporting Segme_2

Operating and Reporting Segments (Tables)	6 Months Ended
	May 31, 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) May 31, 2020 Assets: Homebuilding Financial Multifamily Lennar Total Cash and cash equivalents $ 1,398,682 224,229 13,061 5,949 1,641,921 Restricted cash 9,569 5,392 — — 14,961 Receivables, net (1) 299,494 594,620 87,183 — 981,297 Inventories 17,947,406 — 328,497 — 18,275,903 Loans held-for-sale (2) — 1,163,356 — — 1,163,356 Loans held-for-investment, net — 69,846 — 1,422 71,268 Investments held-to-maturity — 164,982 — — 164,982 Investments available-for-sale (3) — — — 53,585 53,585 Investments in unconsolidated entities (4) 973,044 70,844 621,465 380,105 2,045,458 Goodwill 3,442,359 189,699 — — 3,632,058 Other assets (5) 1,080,186 94,837 77,723 11,490 1,264,236 $ 25,150,740 2,577,805 1,127,929 452,551 29,309,025 Liabilities: Notes and other debts payable, net $ 7,495,674 1,435,538 — 6,170 8,937,382 Other liabilities (6) 3,278,602 228,010 222,387 10,020 3,739,019 $ 10,774,276 1,663,548 222,387 16,190 12,676,401 (In thousands) November 30, 2019 Assets: Homebuilding Financial Multifamily Lennar 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 (4) 1,009,035 — 561,190 403,688 1,973,913 Goodwill 3,442,359 215,516 — — 3,657,875 Other assets (5) 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 (6) 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 May 31, 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) Lennar Other investments in unconsolidated entities decreased primarily due to a $25.0 million write-down of assets held by Rialto legacy funds because of disruption in the capital markets as a result of COVID-19 and the economic shutdown. (5) As of May 31, 2020 and November 30, 2019, Financial Services other assets included mortgage loan commitments carried at fair value of $45.0 million and $16.3 million, respectively, and mortgage servicing rights carried at fair value of $1.2 million and $24.7 million, respectively. (6) As of May 31, 2020 and November 30, 2019, Financial Services other liabilities included $62.4 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 May 31, 2020 and November 30, 2019, Financial Services other liabilities also included forward contracts carried at fair value of $4.7 million and $3.9 million, respectively. Financial information relating to the Company’s segments was as follows: Three Months Ended May 31, 2020 (In thousands) Homebuilding Financial Services Multifamily Lennar Other Corporate and unallocated Total Revenues $ 4,949,484 196,263 123,117 18,509 — 5,287,373 Operating earnings (loss) (1) 631,361 147,326 (638) (18,021) — 760,028 Corporate general and administrative expenses — — — — 83,451 83,451 Earnings (loss) before income taxes 631,361 147,326 (638) (18,021) (83,451) 676,577 Three Months Ended May 31, 2019 Revenues $ 5,195,599 204,216 147,412 15,663 — 5,562,890 Operating earnings (loss) 581,789 56,217 (4,322) 1,828 — 635,512 Corporate general and administrative expenses — — — — 76,113 76,113 Earnings (loss) before income taxes 581,789 56,217 (4,322) 1,828 (76,113) 559,399 Six Months Ended May 31, 2020 (In thousands) Homebuilding Financial Services Multifamily Lennar Other Corporate and Total Revenues $ 9,121,600 394,924 255,734 20,452 — 9,792,710 Operating earnings (loss) (1) 1,091,759 194,643 1,147 (17,122) — 1,270,427 Corporate general and administrative expenses — — — — 170,298 170,298 Earnings (loss) before income taxes 1,091,759 194,643 1,147 (17,122) (170,298) 1,100,129 Six Months Ended May 31, 2019 Revenues $ 8,819,320 347,527 244,806 19,319 — 9,430,972 Operating earnings 951,384 75,189 2,475 4,931 — 1,033,979 Corporate general and administrative expenses — — — — 155,456 155,456 Earnings before income taxes 951,384 75,189 2,475 4,931 (155,456) 878,523 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 May 31, 2020 $ 6,676,730 2,664,309 2,305,777 10,815,820 1,143,132 1,544,972 25,150,740 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 May 31, 2020 (In thousands) East Central Texas West Other Total Homebuilding Revenues $ 1,577,716 685,999 712,756 1,959,823 13,190 4,949,484 Operating earnings (loss) 229,726 67,065 99,887 280,094 (45,411) 631,361 Three Months Ended May 31, 2019 Revenues $ 1,737,342 613,785 693,212 2,143,023 8,237 5,195,599 Operating earnings (loss) 210,464 55,344 75,374 272,904 (32,297) 581,789 Six Months Ended May 31, 2020 (In thousands) East Central Texas West Other Total Homebuilding Revenues $ 2,984,582 1,220,975 1,185,984 3,708,592 21,467 9,121,600 Operating earnings (loss) 404,731 96,537 152,960 505,001 (67,470) 1,091,759 Six Months Ended May 31, 2019 Revenues $ 2,964,155 1,048,852 1,111,729 3,683,920 10,664 8,819,320 Operating earnings (loss) 345,847 86,270 107,652 463,565 (51,950) 951,384
Schedule of Line of Credit Facilities	At May 31, 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: June 2020 (1) $ 500,000 July 2020 300,000 January 2021 500,000 March 2021 300,000 Total - Residential facilities $ 1,600,000 LMF Commercial facilities maturing: November 2020 $ 200,000 December 2020 (2) 700,000 Total - LMF Commercial facilities $ 900,000 Total $ 2,500,000 (1) Subsequent to May 31, 2020, the maturity date was extended to June 2021. (2) Includes $50.0 million LMF Commercial warehouse repurchase facility used 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 May 31, 2020. Borrowings and collateral under the facilities and their prior year predecessors were as follows: (In thousands) May 31, 2020 November 30, 2019 Borrowings under the residential facilities $ 1,054,588 $ 1,374,063 Collateral under the residential facilities 1,085,503 1,423,650 Borrowings under the LMF Commercial facilities 227,003 216,870 The company's letter of credit and surety bond facilities are described below: May 31, November 30, (In thousands) Performance letters of credit $ 726,191 715,793 Financial letters of credit 220,264 184,075 Surety bonds 2,995,941 2,946,167 Anticipated future costs related to site improvements subject to performance surety bonds 1,496,571 1,427,145
Schedule of Loan Origination Liabilities	The activity in the Company’s loan origination liabilities was as follows: Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2020 2019 2020 2019 Loan origination liabilities, beginning of period $ 9,996 6,697 9,364 48,584 Provision for losses 1,139 914 1,915 1,587 Payments/settlements (255) (187) (399) (42,747) Loan origination liabilities, end of period $ 10,880 7,424 10,880 7,424

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	6 Months Ended
	May 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Details of each as of and during the six months ended May 31, 2020 are included below: May 31, 2020 (In thousands) LMV I LMV II Lennar's carrying value of investments $ 355,136 213,635 Equity commitments 2,204,016 1,257,700 Equity commitments called 2,127,560 754,177 Lennar's equity commitments 504,016 381,000 Lennar's equity commitments called 493,730 227,372 Lennar's remaining commitments 10,286 153,628 Distributions to Lennar during the six months ended May 31, 2020 19,969 —

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	May 31, 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 and six months ended May 31, 2020 and 2019: Three Months Ended May 31, 2020 (In thousands) Total Class A Class B Additional Treasury Accumulated Other Comprehensive Income (Loss) Retained Noncontrolling Balance at February 29, 2020 $ 16,193,377 29,802 3,944 8,609,944 (1,253,756) 452 8,654,213 148,778 Net earnings (including net loss attributable to noncontrolling interests) 516,098 — — — — — 517,406 (1,308) Employee stock and directors plans 651 2 — 756 (107) — — — Purchases of treasury stock — — — — — — — — Amortization of restricted stock 23,286 — — 23,286 — — — — Cash dividends (38,905) — — — — — (38,905) — Receipts related to noncontrolling interests 80,148 — — — — — — 80,148 Payments related to noncontrolling interests (4,767) — — — — — — (4,767) Non-cash purchase or activity of noncontrolling interests, net (5,168) — — (3,544) — — — (1,624) Non-cash consolidations/deconsolidations, net (131,306) — — — — — — (131,306) Total other comprehensive loss, net of tax (790) — — — — (790) — — Balance at May 31, 2020 $ 16,632,624 29,804 3,944 8,630,442 (1,253,863) (338) 9,132,714 89,921 Three Months Ended May 31, 2019 (In thousands) Total Class A Class B Additional Treasury Accumulated Other Comprehensive Income (Loss) Retained Noncontrolling Balance at February 28, 2019 $ 14,893,695 29,501 3,944 8,514,301 (485,016) (158) 6,724,242 106,881 Net earnings (including net loss attributable to noncontrolling interests) 418,869 — — — — — 421,472 (2,603) Employee stock and directors plans 731 2 — 1,036 (307) — — — Purchases of treasury stock (51,783) — — — (51,783) — — — Amortization of restricted stock 14,491 — — 14,491 — — — — Cash dividends (13,017) — — — — — (13,017) — Receipts related to noncontrolling interests 589 — — — — — — 589 Payments related to noncontrolling interests (12,020) — — — — — — (12,020) Non-cash activities related to noncontrolling interests (5,616) — — — — — — (5,616) Cumulative-effect of accounting change 211 — — — — — 211 — Total other comprehensive earnings, net of tax 385 — — — — 385 — — Balance at May 31, 2019 $ 15,246,535 29,503 3,944 8,529,828 (537,106) 227 7,132,908 87,231 Six Months Ended May 31, 2020 (In thousands) Total Equity Class A Common Stock Class B Common Stock Additional Paid - in Capital 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) 907,321 — — — — — 915,858 (8,537) Employee stock and directors plans (6,773) 92 — 626 (7,491) — — — Purchases of treasury stock (288,515) — — — (288,515) — — — Amortization of restricted stock 55,141 — — 55,141 — — — — Cash dividends (78,145) — — — — — (78,145) — Receipts related to noncontrolling interests 169,061 — — — — — — 169,061 Payments related to noncontrolling interests (21,501) — — — — — — (21,501) Non-cash purchase or activity of noncontrolling interests, net (5,168) — — (3,544) — — — (1,624) Non-cash consolidations/deconsolidations, net (131,791) — — — — — — (131,791) Total other comprehensive earnings, net of tax (836) — — — — (836) — — Balance at May 31, 2020 $ 16,632,624 29,804 3,944 8,630,442 (1,253,863) (338) 9,132,714 89,921 Six Months Ended May 31, 2019 (In thousands) Total Equity Class A Common Stock Class B Common Stock Additional Paid - in Capital 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) 658,293 — — — — — 661,382 (3,089) Employee stock and directors plans (691) 4 — 1,761 (2,456) — — — Purchases of treasury stock (98,781) — — — (98,781) — — — Amortization of restricted stock 31,390 — — 31,390 — — — — Cash dividends (25,877) — — — — — (25,877) — Receipts related to noncontrolling interests 8,937 — — — — — — 8,937 Payments related to noncontrolling interests (23,317) — — — — — — (23,317) Non-cash consolidations, net 8,894 — — — — — — 8,894 Non-cash activities related to noncontrolling interests (5,616) — — — — — — (5,616) Cumulative-effect of accounting change 9,753 — — — — — 9,753 — Total other comprehensive earnings, net of tax 593 — — — — 593 — — Balance at May 31, 2019 $ 15,246,535 29,503 3,944 8,529,828 (537,106) 227 7,132,908 87,231

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	May 31, 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 Six Months Ended May 31, May 31, (Dollars in thousands) 2020 2019 2020 2019 Provision for income taxes $160,479 140,530 192,808 220,230 Effective tax rate (1) 23.7 % 25.0 % 17.4 % 25.0 % (1) For both the three and six months ended May 31, 2020, the effective tax rate included state income tax expense and non-deductible executive compensation, partially offset by new energy efficient home and solar tax credits. For the six months ended May 31, 2020, the effective tax rate also included a benefit related to years ended November 30, 2018 and 2019, due to Congress retroactively extending the new energy efficient home tax credit in December 2019.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	May 31, 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 Six Months Ended May 31, May 31, (In thousands, except per share amounts) 2020 2019 2020 2019 Numerator: Net earnings attributable to Lennar $ 517,406 421,472 915,858 661,382 Less: distributed earnings allocated to nonvested shares 357 94 690 193 Less: undistributed earnings allocated to nonvested shares 5,931 3,063 9,962 4,987 Numerator for basic earnings per share 511,118 418,315 905,206 656,202 Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan (1) 3,322 3,331 3,322 3,654 Numerator for diluted earnings per share $ 507,796 414,984 901,884 652,548 Denominator: Denominator for basic earnings per share - weighted average common shares outstanding 308,373 320,329 309,793 320,834 Effect of dilutive securities: Shared based payments — 1 1 6 Denominator for diluted earnings per share - weighted average common shares outstanding 308,373 320,330 309,794 320,840 Basic earnings per share $ 1.66 1.31 2.92 2.05 Diluted earnings per share $ 1.65 1.30 2.91 2.03 (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)	6 Months Ended
	May 31, 2020
Debt Disclosure [Abstract]
Schedule of Senior Notes and Other Debts Payable	(Dollars in thousands) May 31, November 30, 2.95% senior notes due 2020 $ 299,712 299,421 8.375% senior notes due 2021 410,591 418,860 4.750% senior notes due 2021 499,283 498,893 6.25% senior notes due December 2021 307,737 310,252 4.125% senior notes due 2022 598,380 597,885 5.375% senior notes due 2022 256,770 258,198 4.750% senior notes due 2022 572,184 571,644 4.875% senior notes due December 2023 396,950 396,553 4.500% senior notes due 2024 647,165 646,802 5.875% senior notes due 2024 445,821 448,158 4.750% senior notes due 2025 497,780 497,558 5.25% senior notes due 2026 407,315 407,921 5.00% senior notes due 2027 352,700 352,892 4.75% senior notes due 2027 894,386 893,046 6.625% senior notes due 2020 — 303,668 Mortgage notes on land and other debt 908,900 874,887 $ 7,495,674 7,776,638
Schedule of Letter of Credit Facilities	At May 31, 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: June 2020 (1) $ 500,000 July 2020 300,000 January 2021 500,000 March 2021 300,000 Total - Residential facilities $ 1,600,000 LMF Commercial facilities maturing: November 2020 $ 200,000 December 2020 (2) 700,000 Total - LMF Commercial facilities $ 900,000 Total $ 2,500,000 (1) Subsequent to May 31, 2020, the maturity date was extended to June 2021. (2) Includes $50.0 million LMF Commercial warehouse repurchase facility used 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 May 31, 2020. Borrowings and collateral under the facilities and their prior year predecessors were as follows: (In thousands) May 31, 2020 November 30, 2019 Borrowings under the residential facilities $ 1,054,588 $ 1,374,063 Collateral under the residential facilities 1,085,503 1,423,650 Borrowings under the LMF Commercial facilities 227,003 216,870 The company's letter of credit and surety bond facilities are described below: May 31, November 30, (In thousands) Performance letters of credit $ 726,191 715,793 Financial letters of credit 220,264 184,075 Surety bonds 2,995,941 2,946,167 Anticipated future costs related to site improvements subject to performance surety bonds 1,496,571 1,427,145

Product Warranty (Tables)

Product Warranty (Tables)	6 Months Ended
	May 31, 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 Six Months Ended May 31, May 31, (In thousands) 2020 2019 2020 2019 Warranty reserve, beginning of the period $ 287,413 295,622 294,138 319,109 Warranties issued 46,272 47,855 84,543 81,826 Adjustments to pre-existing warranties from changes in estimates (1) 7,707 2,004 13,611 (7,523) Payments (39,930) (53,857) (90,830) (101,788) Warranty reserve, end of period $ 301,462 291,624 301,462 291,624 (1) The adjustments to pre-existing warranties from changes in estimates during the three and six months ended May 31, 2020 and 2019 are 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)	6 Months Ended
	May 31, 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 May 31, 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. May 31, 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 $ 69,846 66,529 73,867 69,708 Investments held-to-maturity Level 3 $ 164,982 188,942 166,012 195,962 Investments held-to-maturity Level 2 $ — — 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 $ 7,495,674 7,828,214 7,776,638 8,144,632 Financial Services notes and other debts payable, net Level 2 $ 1,435,538 1,436,961 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 $ 6,170 6,170 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 May 31, Fair Value at November 30, Financial Services Assets: Residential loans held-for-sale (1) Level 2 $ 1,003,470 1,447,715 LMF Commercial loans held-for-sale (2) Level 3 $ 159,886 197,224 Mortgage servicing rights Level 3 $ 1,238 24,679 Lennar Other: Investments available-for-sale Level 3 $ 53,585 — (1) The aggregate fair value of residential loans held-for-sale of $1.0 billion at May 31, 2020 exceeded their aggregate principal balance of $963.5 million by $40.0 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 $159.9 million at May 31, 2020 exceeded their aggregate principal balance of $156.2 million by $3.7 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: As of May 31, 2020 Unobservable inputs Mortgage prepayment rate 20 % Discount rate 11 % Delinquency rate 4 % 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: Six Months Ended May 31, 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 Six Months Ended May 31, May 31, (In thousands) 2020 2019 2020 2019 Changes in fair value included in Financial Services revenues: Loans held-for-sale $ 5,270 13,007 (2,223) 2,887 Mortgage loan commitments 13,816 9,111 28,711 8,852 Forward contracts 8,478 (9,766) (883) (913) Changes in fair value included in other comprehensive income (loss), net of tax: Lennar Other investments available-for-sale (338) — (338) — Financial Services investments available-for-sale — 561 (46) 769
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 May 31, 2020 May 31, 2019 (In thousands) Mortgage servicing rights LMF Commercial loans held-for-sale Mortgage servicing rights LMF Commercial loans held-for-sale Beginning balance $ 12,576 300,402 35,448 131,042 Purchases/loan originations 607 5,400 672 435,189 Sales/loan originations sold, including those not settled — (143,285) — (299,962) Disposals/settlements (1) (8,908) — (1,378) (9,920) Changes in fair value (2) (3,037) (2,334) (5,323) 3,022 Interest and principal paydowns — (298) — 228 Ending balance $ 1,238 159,885 29,419 259,599 Six Months Ended May 31, 2020 May 31, 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 1,354 417,650 2,259 705,311 Sales/loan originations sold, including those not settled — (457,724) — (500,549) Disposals/settlements (1) (10,197) — (2,287) (9,920) Changes in fair value (2) (14,598) 3,267 (7,759) 3,324 Interest and principal paydowns — (532) — (258) Ending balance $ 1,238 159,885 29,419 259,599 (1) Includes $7.5 million related to the sale of a servicing portfolio. (2) 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 May 31, 2020 May 31, 2019 (In thousands) Fair Value Carrying Value Fair Value Total Losses, Net (1) Carrying Value Fair Value Total Losses, Net Non-financial assets Homebuilding: Finished homes and construction in progress (1) Level 3 $ 68,802 61,119 (7,683) — — — Land and land under development (1) Level 3 $ 42,609 9,709 (32,900) — — — Six Months Ended May 31, 2020 May 31, 2019 (In thousands) Fair Value 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 $ 141,809 120,404 (21,405) — — — Land and land under development (1) Level 3 $ 65,062 21,369 (43,693) 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 Valuation Adjustments At and for the Six Months Ended May 31, 2020 41 9 $69,137 $32,072 May 31, 2019 52 — — —

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	May 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Estimated Maximum Exposure To Loss	At May 31, 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: May 31, 2020 November 30, 2019 (In thousands) Investments in Lennar’s Maximum Investments in Lennar’s Maximum Homebuilding $ 79,553 79,714 80,939 81,118 Multifamily (2) 578,026 759,633 533,018 768,651 Financial Services (3) 235,626 286,608 166,012 166,012 Lennar Other 7,148 7,148 60,882 60,882 $ 900,353 1,133,103 840,851 1,076,663 (1) Limited to investments in unconsolidated VIEs, except as noted below. (2) As of May 31, 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 $163.9 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. (3) As of May 31, 2020, the maximum exposure to loss of Financial Services' investments in unconsolidated entities included a note receivable.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	May 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Additional Information About Leases	The following table includes additional information about the Company's leases: (Dollars in thousands) May 31, 2020 Right-of-use assets $ 128,423 Lease liabilities $ 137,795 Weighted-average remaining lease term (in years) 2.9 Weighted-average discount rate 3.0 %
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 May 31, 2020 were as follows: (Dollars in thousands) Lease Payments 2020 $ 17,791 2021 36,544 2022 28,543 2023 21,349 2024 15,429 2025 and thereafter 30,004 Total future minimum lease payments (1) $ 149,660 Less: Interest (2) 11,865 Present value of lease liabilities (2) $ 137,795 (1) Total future minimum lease payments exclude variable lease costs of $11.3 million and short-term lease costs of $2.3 million. This also does not include minimum lease payments for executed and legally enforceable leases that have not yet commenced. As of May 31, 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. The Company recognized the lease liabilities on its condensed consolidated balance sheets within other liabilities.

Supplemental Financial Inform_2

Supplemental Financial Information (Tables)	6 Months Ended
	May 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidating Balance Sheet	Condensed Consolidating Balance Sheet May 31, 2020 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total ASSETS Homebuilding: Cash and cash equivalents, restricted cash and receivables, net $ 1,000,333 695,182 12,230 — 1,707,745 Inventories — 17,528,852 418,554 — 17,947,406 Investments in unconsolidated entities — 971,058 1,986 — 973,044 Goodwill — 3,442,359 — — 3,442,359 Other assets 392,355 468,610 251,743 (32,522) 1,080,186 Investments in subsidiaries 10,270,732 21,757 — (10,292,489) — Intercompany 12,267,017 — — (12,267,017) — 23,930,437 23,127,818 684,513 (22,592,028) 25,150,740 Financial Services — 249,999 2,329,154 (1,348) 2,577,805 Multifamily — — 1,127,929 — 1,127,929 Lennar Other — 187,352 281,789 (16,590) 452,551 Total assets $ 23,930,437 23,565,169 4,423,385 (22,609,966) 29,309,025 LIABILITIES AND EQUITY Homebuilding: Accounts payable and other liabilities $ 832,049 1,821,132 331,807 (50,460) 2,934,528 Liabilities related to consolidated inventory not owned — 344,074 — — 344,074 Senior notes and other debts payable 6,555,685 865,539 74,450 — 7,495,674 Intercompany — 10,145,745 2,121,272 (12,267,017) — 7,387,734 13,176,490 2,527,529 (12,317,477) 10,774,276 Financial Services — 30,344 1,633,204 — 1,663,548 Multifamily — — 222,387 — 222,387 Lennar Other — — 16,190 — 16,190 Total liabilities 7,387,734 13,206,834 4,399,310 (12,317,477) 12,676,401 Total stockholders’ equity 16,542,703 10,358,335 (65,846) (10,292,489) 16,542,703 Noncontrolling interests — — 89,921 89,921 Total equity 16,542,703 10,358,335 24,075 (10,292,489) 16,632,624 Total liabilities and equity $ 23,930,437 23,565,169 4,423,385 (22,609,966) 29,309,025 Condensed Consolidating Balance Sheet November 30, 2019 (In thousands) Lennar Guarantor Non-Guarantor 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 May 31, 2020 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Homebuilding $ — 4,939,857 9,627 — 4,949,484 Financial Services — 35,534 166,712 (5,983) 196,263 Multifamily — — 123,117 — 123,117 Lennar Other — — 18,509 — 18,509 Total revenues — 4,975,391 317,965 (5,983) 5,287,373 Cost and expenses: Homebuilding — 4,302,960 13,304 (2,933) 4,313,331 Financial Services — 21,146 93,176 (3,967) 110,355 Multifamily — — 123,473 — 123,473 Lennar Other — — (1,072) — (1,072) Corporate general and administrative 80,544 1,641 — 1,266 83,451 Total costs and expenses 80,544 4,325,747 228,881 (5,634) 4,629,538 Homebuilding equity in earnings (loss) from unconsolidated entities — (9,222) 122 — (9,100) Homebuilding other income (expense), net (349) 2,809 1,499 349 4,308 Financial Services gain on deconsolidation — 61,418 — — 61,418 Multifamily equity in loss from unconsolidated entities — — (282) — (282) Lennar Other equity in loss from unconsolidated entities — (3,922) (22,720) — (26,642) Lennar Other income (expense), net — 6 (10,966) — (10,960) Earnings (loss) before income taxes (80,893) 700,733 56,737 — 676,577 Benefit (provision) for income taxes 22,411 (165,874) (17,016) — (160,479) Equity in earnings from subsidiaries 575,888 56,130 — (632,018) — Net earnings (including net loss attributable to noncontrolling interests) 517,406 590,989 39,721 (632,018) 516,098 Less: Net loss attributable to noncontrolling interests — — (1,308) — (1,308) Net earnings attributable to Lennar $ 517,406 590,989 41,029 (632,018) 517,406 Other comprehensive loss, net of tax: Net unrealized loss on securities available-for-sale $ — — (338) — (338) Reclassification adjustments for gains included in earnings, net of tax — — (452) — (452) Total other comprehensive loss, net of tax $ — — (790) — (790) Total comprehensive income attributable to Lennar $ 517,406 590,989 40,239 (632,018) 516,616 Total comprehensive loss attributable to noncontrolling interests $ — — (1,308) — (1,308) Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended May 31, 2019 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Homebuilding $ — 5,175,289 20,310 — 5,195,599 Financial Services — 36,353 172,729 (4,866) 204,216 Multifamily — — 147,412 — 147,412 Lennar Other — — 15,663 — 15,663 Total revenues — 5,211,642 356,114 (4,866) 5,562,890 Cost and expenses: Homebuilding — 4,561,235 19,594 6,430 4,587,259 Financial Services — 20,829 139,510 (12,340) 147,999 Multifamily — — 148,716 — 148,716 Lennar Other — — 3,194 — 3,194 Corporate general and administrative 74,321 527 — 1,265 76,113 Total costs and expenses 74,321 4,582,591 311,014 (4,645) 4,963,281 Homebuilding equity in earnings from unconsolidated entities — 19,537 77 — 19,614 Homebuilding other income (expense), net (222) (48,550) 2,386 221 (46,165) Multifamily equity in loss from unconsolidated entities and other gain — — (3,018) — (3,018) Lennar Other equity in loss from unconsolidated entities — (4,239) (739) — (4,978) Lennar Other expense, net — — (5,663) — (5,663) Earnings (loss) before income taxes (74,543) 595,799 38,143 — 559,399 Benefit (provision) for income taxes 18,653 (148,736) (10,447) — (140,530) Equity in earnings from subsidiaries 477,362 28,703 — (506,065) — Net earnings (including net loss attributable to noncontrolling interests) 421,472 475,766 27,696 (506,065) 418,869 Less: Net loss attributable to noncontrolling interests — — (2,603) — (2,603) Net earnings attributable to Lennar $ 421,472 475,766 30,299 (506,065) 421,472 Other comprehensive income, net of tax: Net unrealized gain on securities available-for-sale $ — — 561 — 561 Reclassification adjustments for gains included in net earnings, net of tax — — (176) — (176) Total other comprehensive income, net of tax $ — — 385 — 385 Total comprehensive income attributable to Lennar $ 421,472 475,766 30,684 (506,065) 421,857 Total comprehensive loss attributable to noncontrolling interests $ — — (2,603) — (2,603) Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Six Months Ended May 31, 2020 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Homebuilding $ — 9,096,000 25,600 — 9,121,600 Financial Services — 64,528 342,365 (11,969) 394,924 Multifamily — — 255,734 — 255,734 Lennar Other — — 20,452 — 20,452 Total revenues — 9,160,528 644,151 (11,969) 9,792,710 Cost and expenses: Homebuilding — 7,987,657 30,647 (7,167) 8,011,137 Financial Services — 37,599 230,727 (6,627) 261,699 Multifamily — — 260,821 — 260,821 Lennar Other — — 1,502 — 1,502 Corporate general and administrative 164,554 3,213 — 2,531 170,298 Total costs and expenses 164,554 8,028,469 523,697 (11,263) 8,705,457 Homebuilding equity in earnings (loss) from unconsolidated entities — (13,956) 310 — (13,646) Homebuilding other income (expense), net (706) (8,239) 3,181 706 (5,058) Financial Services gain on deconsolidation — 61,418 — — 61,418 Multifamily equity in earnings from unconsolidated entities and other gain — — 6,234 — 6,234 Lennar Other equity in loss from unconsolidated entities — (8,852) (17,671) — (26,523) Lennar Other income (expense), net — 6 (9,555) — (9,549) Earnings (loss) before income taxes (165,260) 1,162,436 102,953 — 1,100,129 Benefit (provision) for income taxes 28,739 (191,711) (29,836) — (192,808) Equity in earnings from subsidiaries 1,052,379 80,835 — (1,133,214) — Net earnings (including net loss attributable to noncontrolling interests) 915,858 1,051,560 73,117 (1,133,214) 907,321 Less: Net loss attributable to noncontrolling interests — — (8,537) — (8,537) Net earnings attributable to Lennar $ 915,858 1,051,560 81,654 (1,133,214) 915,858 Other comprehensive loss, net of tax: Net unrealized loss on securities available-for-sale $ — — (384) — (384) Reclassification adjustments for gain included in earnings, net of tax — — (452) — (452) Total other comprehensive loss, net of tax $ — — (836) — (836) Total comprehensive income attributable to Lennar $ 915,858 1,051,560 80,818 (1,133,214) 915,022 Total comprehensive loss attributable to noncontrolling interests $ — — (8,537) — (8,537) Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Six Months Ended May 31, 2019 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Homebuilding $ — 8,789,330 29,990 — 8,819,320 Financial Services — 85,270 271,978 (9,721) 347,527 Multifamily — — 244,806 — 244,806 Lennar Other — — 19,319 — 19,319 Total revenues — 8,874,600 566,093 (9,721) 9,430,972 Cost and expenses: Homebuilding — 7,787,164 31,901 7,029 7,826,094 Financial Services — 59,207 231,778 (18,647) 272,338 Multifamily — — 249,894 — 249,894 Lennar Other — — 4,816 — 4,816 Corporate general and administrative 151,850 1,076 — 2,530 155,456 Total costs and expenses 151,850 7,847,447 518,389 (9,088) 8,508,598 Homebuilding equity in earnings from unconsolidated entities — 5,586 272 — 5,858 Homebuilding other income (expense), net (630) (50,946) 3,243 633 (47,700) Multifamily equity in earnings from unconsolidated entities — — 7,563 — 7,563 Lennar Other equity in earnings (loss) from unconsolidated entities — (7,585) 10,937 — 3,352 Lennar Other expense, net — — (12,924) — (12,924) Earnings (loss) before income taxes (152,480) 974,208 56,795 — 878,523 Benefit (provision) for income taxes 38,090 (242,575) (15,745) — (220,230) Equity in earnings from subsidiaries 775,772 33,476 — (809,248) — Net earnings (including net earnings attributable to noncontrolling interests) 661,382 765,109 41,050 (809,248) 658,293 Less: Net loss attributable to noncontrolling interests — — (3,089) — (3,089) Net earnings attributable to Lennar $ 661,382 765,109 44,139 (809,248) 661,382 Other comprehensive loss, net of tax: Net unrealized gain on securities available-for-sale $ — — 769 — 769 Reclassification adjustments for gains included in earnings, net of tax — — (176) — (176) Total other comprehensive income, net of tax $ — — 593 — 593 Total comprehensive income attributable to Lennar $ 661,382 765,109 44,732 (809,248) 661,975 Total comprehensive loss attributable to noncontrolling interests $ — — (3,089) — (3,089)
Condensed Consolidating Statement of Cash Flows	Condensed Consolidating Statement of Cash Flows Six Months Ended May 31, 2020 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Cash flows from operating activities: Net earnings (including net loss attributable to noncontrolling interests) $ 915,858 1,051,560 73,117 (1,133,214) 907,321 Distributions of earnings from guarantor and non-guarantor subsidiaries 1,052,379 80,835 — (1,133,214) — Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by operating activities (980,620) (149,064) 399,952 1,133,214 403,482 Net cash provided by operating activities 987,617 983,331 473,069 (1,133,214) 1,310,803 Cash flows from investing activities: Investments in and contributions to unconsolidated entities/deconsolidation of a previously consolidated entity, net of distributions of capital — (17,986) (169,705) — (187,691) Proceeds from the sales of operating properties and equipment and other assets — 29,727 — — 29,727 Other (1,767) 28,454 (42,765) — (16,078) Intercompany (58,949) — — 58,949 — Net cash provided by (used in) investing activities (60,716) 40,195 (212,470) 58,949 (174,042) Cash flows from financing activities: Net borrowings (repayments) under warehouse facilities — 404 (310,620) — (310,216) Net borrowings (repayments) on senior notes, other borrowings, other liabilities, and other notes payable (267,708) (123,505) 127,097 — (264,116) Common stock: Repurchases (296,093) — — — (296,093) Dividends (78,145) (1,051,560) (81,654) 1,133,214 (78,145) Intercompany — 39,591 19,358 (58,949) — Net cash used in financing activities (641,946) (1,135,070) (245,819) 1,074,265 (948,570) Net increase (decrease) in cash and cash equivalents and restricted cash 284,955 (111,544) 14,780 — 188,191 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 $ 998,783 420,760 237,339 — 1,656,882 Condensed Consolidating Statement of Cash Flows Six Months Ended May 31, 2019 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Cash flows from operating activities: Net earnings (including net loss attributable to noncontrolling interests) $ 661,382 765,109 41,050 (809,248) 658,293 Distributions of earnings from guarantor and non-guarantor subsidiaries 775,772 33,476 — (809,248) — Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities (819,869) (1,222,713) 145,151 809,248 (1,088,183) Net cash provided by (used in) operating activities 617,285 (424,128) 186,201 (809,248) (429,890) Cash flows from investing activities: Investments in and contributions to unconsolidated entities, net of distributions of capital — (99,052) 11,716 — (87,336) Proceeds from sales of real estate owned — — 4,210 — 4,210 Proceeds from sale of investment in unconsolidated entity — — 17,790 — 17,790 Proceeds from sales of Financial Services' businesses — 21,317 3,129 — 24,446 Other (170) (30,185) (20,341) — (50,696) Intercompany (1,263,527) — — 1,263,527 — Net cash provided by (used in) investing activities (1,263,697) (107,920) 16,504 1,263,527 (91,586) Cash flows from financing activities: Net borrowings under unsecured revolving credit facilities 550,000 — — — 550,000 Net borrowings (repayments) under warehouse facilities — 170 (365,354) — (365,184) Net borrowings (repayments) on convertible senior notes, other borrowings, other liabilities, and other notes payable — (101,052) 3,657 — (97,395) Net repayments related to noncontrolling interests — — (14,380) — (14,380) Common stock: Issuances 634 — — — 634 Repurchases (101,229) — — — (101,229) Dividends (25,877) (765,109) (44,139) 809,248 (25,877) Intercompany — 1,057,135 206,392 (1,263,527) — Net cash provided by (used in) financing activities 423,528 191,144 (213,824) (454,279) (53,431) Net decrease in cash and cash equivalents and restricted cash (222,884) (340,904) (11,119) — (574,907) Cash and cash equivalents and restricted cash at beginning of period 624,694 721,603 249,681 — 1,595,978 Cash and cash equivalents and restricted cash at end of period $ 401,810 380,699 238,562 — 1,021,071

Basis of Presentation - Narrati

Basis of Presentation - Narrative (Details) - USD ($) $ in Thousands, shares in Millions	6 Months Ended
	May 31, 2020	Dec. 01, 2019	Nov. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash and cash equivalents held in escrow	$ 528,300		$ 565,800
Cash and cash equivalents held in escrow, deposit period	3 days
Right-of-use assets	$ 128,423	$ 150,700
Lease liabilities	$ 137,795	$ 159,700
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		3 Months Ended	6 Months Ended
		May 31, 2020	May 31, 2020	Nov. 30, 2019
Segment Reporting Information [Line Items]
Cash and cash equivalents		$ 1,641,921	$ 1,641,921	$ 1,445,996
Restricted cash		14,961	14,961	22,695
Receivables, net		981,297	981,297	906,877
Inventories		18,275,903	18,275,903	18,091,614
Loans held-for-sale		1,163,356	1,163,356	1,644,939
Loans held-for-investment, net		71,268	71,268	73,867
Investments held-to-maturity		164,982	164,982	244,406
Investments available-for-sale		53,585	53,585	51,938
Investments in unconsolidated entities		2,045,458	2,045,458	1,973,913
Goodwill		3,632,058	3,632,058	3,657,875
Other assets		1,264,236	1,264,236	1,245,391
Assets	[1]	29,309,025	29,309,025	29,359,511
Senior notes and other debts payable		8,937,382	8,937,382	9,573,696
Other liabilities		3,739,019	3,739,019	3,751,985
Total liabilities	[2]	12,676,401	12,676,401	13,325,681
Self-insurance reserves		62,400	62,400	60,700
Homebuilding
Segment Reporting Information [Line Items]
Cash and cash equivalents	[1]	1,398,682	1,398,682	1,200,832
Restricted cash	[1]	9,569	9,569	9,698
Receivables, net	[1]	299,494	299,494	329,124
Inventories	[1]	17,947,406	17,947,406	17,776,507
Investments in unconsolidated entities	[1]	973,044	973,044	1,009,035
Goodwill	[1]	3,442,359	3,442,359	3,442,359
Other assets	[1]	1,080,186	1,080,186	1,021,684
Assets	[1]	25,150,740	25,150,740	24,789,239
Other liabilities	[2]	1,900,970	1,900,970	1,900,955
Total liabilities	[2]	10,774,276	10,774,276	11,007,038
Financial Services
Segment Reporting Information [Line Items]
Assets	[1]	2,577,805	2,577,805	3,006,024
Total liabilities		1,663,548	1,663,548	2,056,450	[2]
Multifamily
Segment Reporting Information [Line Items]
Assets	[1]	1,127,929	1,127,929	1,068,831
Total liabilities		222,387	222,387	232,155	[2]
Lennar Other
Segment Reporting Information [Line Items]
Assets	[1]	452,551	452,551	495,417
Total liabilities		16,190	16,190	30,038	[2]
Operating Segments | Financial Services
Segment Reporting Information [Line Items]
Cash and cash equivalents		224,229	224,229	234,113
Restricted cash		5,392	5,392	12,022
Receivables, net		594,620	594,620	500,847
Inventories		0	0	0
Loans held-for-sale		1,163,356	1,163,356	1,644,939
Loans held-for-investment, net		69,846	69,846	73,867
Investments held-to-maturity		164,982	164,982	190,289
Investments available-for-sale		0	0	3,732
Investments in unconsolidated entities		70,844	70,844	0
Goodwill		189,699	189,699	215,516
Other assets		94,837	94,837	130,699
Assets		2,577,805	2,577,805	3,006,024
Senior notes and other debts payable		1,435,538	1,435,538	1,745,755
Other liabilities		228,010	228,010	310,695
Total liabilities		1,663,548	1,663,548	2,056,450
Operating Segments | Multifamily
Segment Reporting Information [Line Items]
Cash and cash equivalents		13,061	13,061	8,711
Restricted cash		0	0	0
Receivables, net		87,183	87,183	76,906
Inventories		328,497	328,497	315,107
Loans held-for-sale		0	0	0
Loans held-for-investment, net		0	0	0
Investments held-to-maturity		0	0	0
Investments available-for-sale		0	0	48,206
Investments in unconsolidated entities		621,465	621,465	561,190
Goodwill		0	0	0
Other assets		77,723	77,723	58,711
Assets		1,127,929	1,127,929	1,068,831
Senior notes and other debts payable		0	0	36,125
Other liabilities		222,387	222,387	196,030
Total liabilities		222,387	222,387	232,155
Operating Segments | Lennar Other
Segment Reporting Information [Line Items]
Cash and cash equivalents		5,949	5,949	2,340
Restricted cash		0	0	975
Receivables, net		0	0	0
Inventories		0	0	0
Loans held-for-sale		0	0	0
Loans held-for-investment, net		1,422	1,422	0
Investments held-to-maturity		0	0	54,117
Investments available-for-sale		53,585	53,585	0
Investments in unconsolidated entities		380,105	380,105	403,688
Goodwill		0	0	0
Other assets		11,490	11,490	34,297
Assets		452,551	452,551	495,417
Senior notes and other debts payable		6,170	6,170	15,178
Other liabilities		10,020	10,020	14,860
Total liabilities		16,190	16,190	30,038
Write-down of investments in unconsolidated entities		25,000	25,000
Operating Segments And Corporate | Homebuilding
Segment Reporting Information [Line Items]
Cash and cash equivalents		1,398,682	1,398,682	1,200,832
Restricted cash		9,569	9,569	9,698
Receivables, net		299,494	299,494	329,124
Inventories		17,947,406	17,947,406	17,776,507
Loans held-for-sale		0	0	0
Loans held-for-investment, net		0	0	0
Investments held-to-maturity		0	0	0
Investments available-for-sale		0	0	0
Investments in unconsolidated entities		973,044	973,044	1,009,035
Goodwill		3,442,359	3,442,359	3,442,359
Other assets		1,080,186	1,080,186	1,021,684
Assets		25,150,740	25,150,740	24,789,239
Senior notes and other debts payable		7,495,674	7,495,674	7,776,638
Other liabilities		3,278,602	3,278,602	3,230,400
Total liabilities		10,774,276	10,774,276	11,007,038
Mortgage loan commitments | Financial Services
Segment Reporting Information [Line Items]
Other asset		45,000	45,000	16,300
Forward contracts | Financial Services
Segment Reporting Information [Line Items]
Other asset		4,700	4,700	3,900
Level 3 | Lennar Other
Segment Reporting Information [Line Items]
Investments available-for-sale		53,585	53,585	0
Level 3 | Fair Value, Measurements, Recurring | Financial Services
Segment Reporting Information [Line Items]
Mortgage servicing rights		$ 1,238	$ 1,238	$ 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 May 31, 2020, total assets include $873.0 million related to consolidated VIEs of which $9.1 million is included in Homebuilding cash and cash equivalents, $0.2 million in Homebuilding receivables, net, $110.6 million in Homebuilding finished homes and construction in progress, $308.4 million in Homebuilding land and land under development, $391.6 million in Homebuilding consolidated inventory not owned, $2.0 million in Homebuilding investments in unconsolidated entities, $8.0 million in Homebuilding other assets and $43.3 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 May 31, 2020, total liabilities include $450.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $20.9 million is included in Homebuilding accounts payable, $335.5 million in Homebuilding liabilities related to consolidated inventory not owned, $74.5 million in Homebuilding senior notes and other debts payable, $8.6 million in Homebuilding other liabilities and $11.0 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		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Segment Reporting Information [Line Items]
Revenues	$ 5,287,373	$ 5,562,890	$ 9,792,710	$ 9,430,972
Operating earnings (loss)	760,028	635,512	1,270,427	1,033,979
Corporate general and administrative expenses	83,451	76,113	170,298	155,456
Earnings (loss) before income taxes	676,577	559,399	1,100,129	878,523
Homebuilding
Segment Reporting Information [Line Items]
Revenues	4,949,484	5,195,599	9,121,600	8,819,320
Financial Services
Segment Reporting Information [Line Items]
Revenues	196,263	204,216	394,924	347,527
Multifamily
Segment Reporting Information [Line Items]
Revenues	123,117	147,412	255,734	244,806
Lennar Other
Segment Reporting Information [Line Items]
Revenues	18,509	15,663	20,452	19,319
Operating Segments | Homebuilding
Segment Reporting Information [Line Items]
Revenues	4,949,484	5,195,599	9,121,600	8,819,320
Operating earnings (loss)	631,361	581,789	1,091,759	951,384
Corporate general and administrative expenses	0	0	0	0
Earnings (loss) before income taxes	631,361	581,789	1,091,759	951,384
Operating Segments | Financial Services
Segment Reporting Information [Line Items]
Revenues	196,263	204,216	394,924	347,527
Operating earnings (loss)	147,326	56,217	194,643	75,189
Corporate general and administrative expenses	0	0	0	0
Earnings (loss) before income taxes	147,326	56,217	194,643	75,189
Operating Segments | Multifamily
Segment Reporting Information [Line Items]
Revenues	123,117	147,412	255,734	244,806
Operating earnings (loss)	(638)	(4,322)	1,147	2,475
Corporate general and administrative expenses	0	0	0	0
Earnings (loss) before income taxes	(638)	(4,322)	1,147	2,475
Operating Segments | Lennar Other
Segment Reporting Information [Line Items]
Revenues	18,509	15,663	20,452	19,319
Operating earnings (loss)	(18,021)	1,828	(17,122)	4,931
Corporate general and administrative expenses	0	0	0	0
Earnings (loss) before income taxes	(18,021)	1,828	(17,122)	4,931
Write-down of investments in unconsolidated entities	25,000		25,000
Corporate and Unallocated
Segment Reporting Information [Line Items]
Revenues	0	0		0
Operating earnings (loss)	0	0		0
Corporate general and administrative expenses	83,451	76,113	170,298	155,456
Earnings (loss) before income taxes	$ (83,451)	$ (76,113)	$ (170,298)	$ (155,456)

Operating and Reporting Segme_5

Operating and Reporting Segments (Homebuilding Assets) (Details) - USD ($) $ in Thousands		May 31, 2020	Nov. 30, 2019
Segment Reporting Information [Line Items]
Assets	[1]	$ 29,309,025	$ 29,359,511
Homebuilding
Segment Reporting Information [Line Items]
Assets	[1]	25,150,740	24,789,239
Operating Segments | East
Segment Reporting Information [Line Items]
Assets		6,676,730	6,708,586
Operating Segments | Central
Segment Reporting Information [Line Items]
Assets		2,664,309	2,732,872
Operating Segments | Texas
Segment Reporting Information [Line Items]
Assets		2,305,777	2,246,893
Operating Segments | West
Segment Reporting Information [Line Items]
Assets		10,815,820	10,663,666
Operating Segments | Other
Segment Reporting Information [Line Items]
Assets		1,143,132	1,173,163
Corporate and Unallocated
Segment Reporting Information [Line Items]
Assets		1,544,972	1,264,059
Operating Segments And Corporate | Homebuilding
Segment Reporting Information [Line Items]
Assets		$ 25,150,740	$ 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 May 31, 2020, total assets include $873.0 million related to consolidated VIEs of which $9.1 million is included in Homebuilding cash and cash equivalents, $0.2 million in Homebuilding receivables, net, $110.6 million in Homebuilding finished homes and construction in progress, $308.4 million in Homebuilding land and land under development, $391.6 million in Homebuilding consolidated inventory not owned, $2.0 million in Homebuilding investments in unconsolidated entities, $8.0 million in Homebuilding other assets and $43.3 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		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Segment Reporting Information [Line Items]
Revenues	$ 5,287,373	$ 5,562,890	$ 9,792,710	$ 9,430,972
Operating earnings (loss)	760,028	635,512	1,270,427	1,033,979
Homebuilding
Segment Reporting Information [Line Items]
Revenues	4,949,484	5,195,599	9,121,600	8,819,320
Operating Segments | East
Segment Reporting Information [Line Items]
Revenues	1,577,716	1,737,342	2,984,582	2,964,155
Operating earnings (loss)	229,726	210,464	404,731	345,847
Operating Segments | Central
Segment Reporting Information [Line Items]
Revenues	685,999	613,785	1,220,975	1,048,852
Operating earnings (loss)	67,065	55,344	96,537	86,270
Operating Segments | Texas
Segment Reporting Information [Line Items]
Revenues	712,756	693,212	1,185,984	1,111,729
Operating earnings (loss)	99,887	75,374	152,960	107,652
Operating Segments | West
Segment Reporting Information [Line Items]
Revenues	1,959,823	2,143,023	3,708,592	3,683,920
Operating earnings (loss)	280,094	272,904	505,001	463,565
Operating Segments | Other
Segment Reporting Information [Line Items]
Revenues	13,190	8,237	21,467	10,664
Operating earnings (loss)	(45,411)	(32,297)	(67,470)	(51,950)
Operating Segments | Homebuilding
Segment Reporting Information [Line Items]
Revenues	4,949,484	5,195,599	9,121,600	8,819,320
Operating earnings (loss)	631,361	581,789	1,091,759	951,384
Operating Segments And Corporate | Homebuilding
Segment Reporting Information [Line Items]
Revenues	4,949,484	5,195,599	9,121,600	8,819,320
Operating earnings (loss)	$ 631,361	$ 581,789	$ 1,091,759	$ 951,384

Operating and Reporting Segme_7

Operating and Reporting Segments (Disclosure of Facilities) (Details) - Financial Services - USD ($)	6 Months Ended
	May 31, 2020	Nov. 30, 2019
Line of Credit Facility [Line Items]
Collateral under facilities	$ 1,085,503,000	$ 1,423,650,000
Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Facility, term	364 days
Maximum Aggregate Commitment	$ 2,500,000,000
Borrowings under facility	1,054,588,000	1,374,063,000
Residential Facilities Maturing June 2020 | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	500,000,000
Residential Facilities Maturing in July 2020 | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	300,000,000
Residential Facilities Maturing in January 2021 | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	500,000,000
Residential Facilities Due in March 2021 | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	300,000,000
Residential facilities | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	1,600,000,000
Commercial facilities maturing November 2020 | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	200,000,000
Commercial Warehouse Repurchase Facility Due in December 2020 | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	700,000,000
Commercial facilities | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	900,000,000
Commercial Facilities, Used to Finance Origination of Accrual Loans | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	50,000,000
Borrowings under facility	11,400,000
Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Borrowings under facilities	$ 227,003,000	$ 216,870,000

Operating and Reporting Segme_8

Operating and Reporting Segments (Narrative) (Details)	6 Months Ended
	May 31, 2020USD ($)transaction	May 31, 2019USD ($)transaction	Nov. 30, 2019USD ($)
Segment Reporting Information [Line Items]
Originated loans sold into a securitization trust not settled	$ 146,400,000	$ 61,000,000
Origination of loans receivable, held-for-sale		705,300,000
Investments held-to-maturity	164,982,000		$ 244,406,000
Financial Services
Segment Reporting Information [Line Items]
Origination of loans receivable	417,700,000	720,600,000
Sale of loans held-for-sale	$ 457,400,000	$ 500,500,000
Number of securitization transactions | transaction	3	5
Commercial facilities | Warehouse Repurchase Facility | Financial Services
Segment Reporting Information [Line Items]
Collateralized interest in originated commercial loans financed	75.00%
CMBS | Financial Services
Segment Reporting Information [Line Items]
Investments held-to-maturity	$ 164,900,000		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 | Financial Services
Segment Reporting Information [Line Items]
Outstanding debt	$ 153,900,000		$ 154,700,000
Interest rate	3.40%

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		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Loss Contingency Accrual [Roll Forward]
Loan origination liabilities, beginning of period	$ 9,996	$ 6,697	$ 9,364	$ 48,584
Provision for losses	1,139	914	1,915	1,587
Payments/settlements	(255)	(187)	(399)	(42,747)
Loan origination liabilities, end of period	$ 10,880	$ 7,424	$ 10,880	$ 7,424

Investments in Unconsolidated_3

Investments in Unconsolidated Entities (Narrative) (Details) $ in Thousands		3 Months Ended		6 Months Ended
		May 31, 2020USD ($)investment	May 31, 2019USD ($)	May 31, 2020USD ($)investment	May 31, 2019USD ($)	Nov. 30, 2019USD ($)
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities		$ 2,045,458		$ 2,045,458		$ 1,973,913
Revenues		5,287,373	$ 5,562,890	9,792,710	$ 9,430,972
FivePoint Unconsolidated Entity
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities		$ 376,900		$ 376,900		$ 374,000
Unconsolidated entities ownership percentage		40.00%		40.00%		40.00%
Homebuilding
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	[1]	$ 973,044		$ 973,044		$ 1,009,035
Underlying equity in unconsolidated partners' net assets		1,300,000		1,300,000		1,300,000
Debt of unconsolidated entities		1,100,000		1,100,000		1,100,000
Maximum recourse exposure		4,900		4,900		10,800
Revenues		$ 4,949,484	5,195,599	$ 9,121,600	8,819,320
Homebuilding | Joint Ventures Previously Managed by FivePoint Communities
Schedule of Equity Method Investments [Line Items]
Number of investments in joint ventures contributed | investment		3		3
Multifamily
Schedule of Equity Method Investments [Line Items]
Non-recourse debt with completion guarantees		$ 813,800		$ 813,800		867,300
Revenues		123,117	147,412	255,734	244,806
Financial letters of credit
Schedule of Equity Method Investments [Line Items]
Letters of credit outstanding		220,264		220,264		$ 184,075
General Contractor Services | Multifamily
Schedule of Equity Method Investments [Line Items]
Revenues		104,500	99,200	198,400	181,600
Cost of revenue		100,300	95,200	190,500	174,600
Unconsolidated Entities | Management Fee | Multifamily
Schedule of Equity Method Investments [Line Items]
Revenues		$ 14,600	$ 13,300	$ 28,400	$ 26,400
[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 May 31, 2020, total assets include $873.0 million related to consolidated VIEs of which $9.1 million is included in Homebuilding cash and cash equivalents, $0.2 million in Homebuilding receivables, net, $110.6 million in Homebuilding finished homes and construction in progress, $308.4 million in Homebuilding land and land under development, $391.6 million in Homebuilding consolidated inventory not owned, $2.0 million in Homebuilding investments in unconsolidated entities, $8.0 million in Homebuilding other assets and $43.3 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	6 Months Ended
	May 31, 2020	May 31, 2019	Nov. 30, 2019
Schedule of Equity Method Investments [Line Items]
Lennar's carrying value of investments	$ 2,045,458		$ 1,973,913
Distributions to Lennar during the six months ended May 31, 2020	38,000	$ 4,037
Multifamily | LMV I
Schedule of Equity Method Investments [Line Items]
Lennar's carrying value of investments	355,136
Equity commitments	2,204,016
Equity commitments called	2,127,560
Lennar's equity commitments	504,016
Lennar's equity commitments called	493,730
Lennar's remaining commitments	10,286
Distributions to Lennar during the six months ended May 31, 2020	19,969
Multifamily | LMV II
Schedule of Equity Method Investments [Line Items]
Lennar's carrying value of investments	213,635
Equity commitments	1,257,700
Equity commitments called	754,177
Lennar's equity commitments	381,000
Lennar's equity commitments called	227,372
Lennar's remaining commitments	153,628
Distributions to Lennar during the six months ended May 31, 2020	$ 0

Stockholders' Equity (Schedule

Stockholders' Equity (Schedule Of Changes In Equity) (Details) - USD ($)	Jun. 25, 2020	May 05, 2020	May 31, 2020		Nov. 30, 2019		Aug. 31, 2019	May 31, 2019	Feb. 28, 2019	May 31, 2020		May 31, 2019	Mar. 01, 2019	Jan. 31, 2019	Dec. 01, 2018
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			$ 16,193,377,000				$ 15,246,535,000	$ 14,893,695,000	$ 14,682,957,000	$ 16,033,830,000	[1]	$ 14,682,957,000
Net earnings (including net loss attributable to noncontrolling interests)			516,098,000					418,869,000		907,321,000		658,293,000
Employee stock and directors plans			651,000					731,000		(6,773,000)		(691,000)
Purchases of treasury stock			0					(51,783,000)		(288,515,000)		(98,781,000)
Amortization of restricted stock			23,286,000					14,491,000		55,141,000		31,390,000
Cash dividends			(38,905,000)					(13,017,000)		(78,145,000)		(25,877,000)
Receipts related to noncontrolling interests			80,148,000					589,000		169,061,000		8,937,000
Payments related to noncontrolling interests			(4,767,000)					(12,020,000)		(21,501,000)		(23,317,000)
Non-cash purchase or activity of noncontrolling interests, net			(5,168,000)					(5,616,000)		(5,168,000)		(5,616,000)
Non-cash consolidations/deconsolidations, net			(131,306,000)							(131,791,000)
Non-cash consolidations, net												8,894,000
Cumulative Effect of New Accounting Principle in Period of Adoption													$ 211,000		$ 9,753,000
Total other comprehensive loss, net of tax			(790,000)					385,000		(836,000)		593,000
Balance, ending			16,632,624,000	[1]	$ 16,033,830,000	[1]		$ 15,246,535,000	$ 14,893,695,000	16,632,624,000	[1]	15,246,535,000
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			8,609,944,000				$ 8,529,828,000	$ 8,514,301,000	$ 8,496,677,000	8,578,219,000		8,496,677,000
Employee stock and directors plans			756,000					1,036,000		626,000		1,761,000
Amortization of restricted stock			23,286,000					14,491,000		55,141,000		31,390,000
Non-cash purchase or activity of noncontrolling interests, net			(3,544,000)							(3,544,000)
Cumulative Effect of New Accounting Principle in Period of Adoption													0		0
Balance, ending			8,630,442,000		$ 8,578,219,000			8,529,828,000	8,514,301,000	8,630,442,000		8,529,828,000
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			(1,253,756,000)				(537,106,000)	(485,016,000)	(435,869,000)	(957,857,000)		(435,869,000)
Employee stock and directors plans			(107,000)					(307,000)		(7,491,000)		(2,456,000)
Purchases of treasury stock			0					(51,783,000)		(288,515,000)		(98,781,000)
Cumulative Effect of New Accounting Principle in Period of Adoption													0		0
Balance, ending			(1,253,863,000)		(957,857,000)			(537,106,000)	(485,016,000)	(1,253,863,000)		(537,106,000)
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			452,000				227,000	(158,000)	(366,000)	498,000		(366,000)
Cumulative Effect of New Accounting Principle in Period of Adoption													0		0
Total other comprehensive loss, net of tax			(790,000)					385,000		(836,000)		593,000
Balance, ending			(338,000)		498,000			227,000	(158,000)	(338,000)		227,000
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			8,654,213,000				7,132,908,000	6,724,242,000	6,487,650,000	8,295,001,000		6,487,650,000
Net earnings (including net loss attributable to noncontrolling interests)			517,406,000					421,472,000		915,858,000		661,382,000
Employee stock and directors plans								0		0		0
Cash dividends			(38,905,000)					(13,017,000)		(78,145,000)		(25,877,000)
Cumulative Effect of New Accounting Principle in Period of Adoption													211,000		9,753,000
Balance, ending			9,132,714,000		8,295,001,000			7,132,908,000	6,724,242,000	9,132,714,000		7,132,908,000
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			148,778,000				87,231,000	106,881,000	101,422,000	84,313,000		101,422,000
Net earnings (including net loss attributable to noncontrolling interests)			(1,308,000)					(2,603,000)		(8,537,000)		(3,089,000)
Receipts related to noncontrolling interests			80,148,000					589,000		169,061,000		8,937,000
Payments related to noncontrolling interests			(4,767,000)					(12,020,000)		(21,501,000)		(23,317,000)
Non-cash purchase or activity of noncontrolling interests, net			(1,624,000)					(5,616,000)		(1,624,000)		(5,616,000)
Non-cash consolidations/deconsolidations, net			(131,306,000)							(131,791,000)
Non-cash consolidations, net												8,894,000
Cumulative Effect of New Accounting Principle in Period of Adoption													0		0
Balance, ending			$ 89,921,000		84,313,000			$ 87,231,000	106,881,000	$ 89,921,000		$ 87,231,000
Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased during period (in shares)			0					1,000,000		4,250,000		2,000,000
Shares repurchased during period, value			$ 0					$ 51,783,000		$ 282,274,000		$ 98,781,000
Average share price of shares repurchased (in dollars per share)			$ 0					$ 51.76		$ 66.42		$ 49.37
Class A Common Stock | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			$ 29,802,000				29,503,000	$ 29,501,000	29,499,000	$ 29,712,000		$ 29,499,000
Employee stock and directors plans			2,000					2,000		92,000		4,000
Cumulative Effect of New Accounting Principle in Period of Adoption													0		0
Balance, ending			$ 29,804,000		29,712,000			$ 29,503,000	29,501,000	$ 29,804,000		$ 29,503,000
Class B Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased during period (in shares)			0					0		115,000		0
Shares repurchased during period, value			$ 0					$ 0		$ 6,155,000		$ 0
Average share price of shares repurchased (in dollars per share)			$ 0					$ 0		$ 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	3,944,000	$ 3,944,000		$ 3,944,000
Cumulative Effect of New Accounting Principle in Period of Adoption													$ 0		$ 0
Balance, ending			$ 3,944,000		$ 3,944,000			$ 3,944,000	$ 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 May 31, 2020, total liabilities include $450.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $20.9 million is included in Homebuilding accounts payable, $335.5 million in Homebuilding liabilities related to consolidated inventory not owned, $74.5 million in Homebuilding senior notes and other debts payable, $8.6 million in Homebuilding other liabilities and $11.0 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		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 160,479	$ 140,530	$ 192,808	$ 220,230
Effective tax rate	23.70%	25.00%	17.40%	25.00%

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		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Numerator:
Net earnings attributable to Lennar	$ 517,406	$ 421,472	$ 915,858	$ 661,382
Less: distributed earnings allocated to nonvested shares	357	94	690	193
Less: undistributed earnings allocated to nonvested shares	5,931	3,063	9,962	4,987
Numerator for basic earnings per share	511,118	418,315	905,206	656,202
Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan	3,322	3,331	3,322	3,654
Numerator for diluted earnings per share	$ 507,796	$ 414,984	$ 901,884	$ 652,548
Denominator:
Denominator for basic earnings per share-weighted average common shares outstanding (shares)	308,373	320,329	309,793	320,834
Effect of dilutive securities:
Share-based payments (shares)	0	1	1	6
Denominator for diluted earnings per share-weighted average common shares outstanding (shares)	308,373	320,330	309,794	320,840
Basic earnings per share (in dollars per share)	$ 1.66	$ 1.31	$ 2.92	$ 2.05
Diluted earnings per share (in dollars per share)	$ 1.65	$ 1.30	$ 2.91	$ 2.03

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares	3 Months Ended		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase outstanding and anti-dilutive shares	0	0	0	0

Homebuilding Senior Notes and_3

Homebuilding Senior Notes and Other Debts Payable (Schedule of Senior Notes and Other Debts Payable) (Details) - USD ($) $ in Thousands		May 31, 2020	Nov. 30, 2019
Senior Notes | 6.625% senior notes due 2020
Debt Instrument [Line Items]
Interest rate		6.625%
Homebuilding
Debt Instrument [Line Items]
Senior notes and other debts payable, net	[1]	$ 7,495,674	$ 7,776,638
Homebuilding | Senior Notes | 2.95% senior notes due 2020
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 299,712	299,421
Interest rate		2.95%
Homebuilding | Senior Notes | 8.375% senior notes due 2021
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 410,591	418,860
Interest rate		8.375%
Homebuilding | Senior Notes | 4.750% senior notes due 2021
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 499,283	498,893
Interest rate		4.75%
Homebuilding | Senior Notes | 6.25% senior notes due December 2021
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 307,737	310,252
Interest rate		6.25%
Homebuilding | Senior Notes | 4.125% senior notes due 2022
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 598,380	597,885
Interest rate		4.125%
Homebuilding | Senior Notes | 5.375% senior notes due 2022
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 256,770	258,198
Interest rate		5.375%
Homebuilding | Senior Notes | 4.750% senior notes due 2022
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 572,184	571,644
Interest rate		4.75%
Homebuilding | Senior Notes | 4.875% senior notes due December 2023
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 396,950	396,553
Interest rate		4.875%
Homebuilding | Senior Notes | 4.500% senior notes due 2024
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 647,165	646,802
Interest rate		4.50%
Homebuilding | Senior Notes | 5.875% senior notes due 2024
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 445,821	448,158
Interest rate		5.875%
Homebuilding | Senior Notes | 4.750% senior notes due 2025
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 497,780	497,558
Interest rate		4.75%
Homebuilding | Senior Notes | 5.25% senior notes due 2026
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 407,315	407,921
Interest rate		5.25%
Homebuilding | Senior Notes | 5.00% senior notes due 2027
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 352,700	352,892
Interest rate		5.00%
Homebuilding | Senior Notes | 4.75% senior notes due 2027
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 894,386	893,046
Interest rate		4.75%
Homebuilding | Senior Notes | 6.625% senior notes due 2020
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 0	303,668
Interest rate		6.625%
Homebuilding | Mortgage notes on land and other debt
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 908,900	$ 874,887
[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 May 31, 2020, total liabilities include $450.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $20.9 million is included in Homebuilding accounts payable, $335.5 million in Homebuilding liabilities related to consolidated inventory not owned, $74.5 million in Homebuilding senior notes and other debts payable, $8.6 million in Homebuilding other liabilities and $11.0 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) - USD ($)	1 Months Ended	6 Months Ended
	May 31, 2020	May 31, 2020	Nov. 30, 2019
Senior Notes | 6.625% senior notes due 2020
Debt Instrument [Line Items]
Debt redeemed	$ 300,000,000
Interest rate	6.625%	6.625%
Redemption price	100.00%
Homebuilding
Debt Instrument [Line Items]
Guarantee by subsidiaries		$ 75,000,000
Homebuilding | Unsecured revolving credit facility | Credit Facility
Debt Instrument [Line Items]
Maximum borrowings	$ 2,450,000,000	2,450,000,000
Homebuilding | Letter of Credit | Credit Facility
Debt Instrument [Line Items]
Maximum borrowings	500,000,000	500,000,000
Homebuilding | Senior Notes
Debt Instrument [Line Items]
Debt issuance cost	$ 19,600,000	$ 19,600,000	$ 22,900,000
Homebuilding | Senior Notes | 6.625% senior notes due 2020
Debt Instrument [Line Items]
Interest rate	6.625%	6.625%

Homebuilding Senior Notes and_5

Homebuilding Senior Notes and Other Debts Payable (Letter of Credit Facilities) (Details) - USD ($) $ in Thousands	May 31, 2020	Nov. 30, 2019
Performance letters of credit
Line of Credit Facility [Line Items]
Letters of credit outstanding	$ 726,191	$ 715,793
Financial letters of credit
Line of Credit Facility [Line Items]
Letters of credit outstanding	220,264	184,075
Surety bonds
Line of Credit Facility [Line Items]
Letters of credit outstanding	2,995,941	2,946,167
Anticipated future costs related to site improvements subject to performance surety bonds
Line of Credit Facility [Line Items]
Letters of credit outstanding	$ 1,496,571	$ 1,427,145

Product Warranty (Schedule of P

Product Warranty (Schedule of Product Warranty Reserve) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty reserve, beginning of the period	$ 287,413	$ 295,622	$ 294,138	$ 319,109
Warranties issued	46,272	47,855	84,543	81,826
Adjustments to pre-existing warranties from changes in estimates	7,707	2,004	13,611	(7,523)
Payments	(39,930)	(53,857)	(90,830)	(101,788)
Warranty reserve, end of period	$ 301,462	$ 291,624	$ 301,462	$ 291,624

Financial Instruments and Fai_3

Financial Instruments and Fair Value Disclosures - (Carrying Amounts And Estimated Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands	May 31, 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	$ 69,846	$ 73,867
Investments held-to-maturity	164,982	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	66,529	69,708
Investments held-to-maturity	188,942	195,962
Financial Services | Level 2 | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments held-to-maturity	0	24,277
Notes and other debts payable	1,435,538	1,745,755
Financial Services | Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments held-to-maturity	0	24,257
Notes and other debts payable	1,436,961	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	7,495,674	7,776,638
Homebuilding | Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	7,828,214	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	6,170	15,178
Lennar Other | Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	$ 6,170	$ 15,178

Financial Instruments and Fai_4

Financial Instruments and Fair Value Disclosures - (Fair Value Measured On Recurring Basis) (Details) - USD ($) $ in Thousands	May 31, 2020	Nov. 30, 2019
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Investments available-for-sale	$ 53,585	$ 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	1,238	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	963,500	1,400,000
Aggregate fair value of loans (below) in excess of principal balance	40,000	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	1,003,470	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	156,200	196,300
Aggregate fair value of loans (below) in excess of principal balance	3,700	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	$ 159,886	$ 197,224

Financial Instruments and Fai_5

Financial Instruments and Fair Value Disclosures - (Mortgage Servicing Rights Unobservable Inputs) (Details) - Financial Services - Level 3	May 31, 2020
Mortgage prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for valuation of mortgage servicing rights	0.20
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for valuation of mortgage servicing rights	0.11
Delinquency rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for valuation of mortgage servicing rights	0.04

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		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 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	$ (338)	$ 561	$ (384)	$ 769
Fair Value, Measurements, Recurring | Financial Services
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	0	561	(46)	769
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	5,270	13,007	(2,223)	2,887
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	13,816	9,111	28,711	8,852
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	8,478	(9,766)	(883)	(913)
Fair Value, Measurements, Recurring | Lennar Other
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	$ (338)	$ 0	$ (338)	$ 0

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		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Mortgage servicing rights
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 12,576	$ 35,448	$ 24,679	$ 37,206
Purchases/loan originations	607	672	1,354	2,259
Sales/loan originations sold, including those not settled	0	0	0	0
Disposals/settlements	(8,908)	(1,378)	(10,197)	(2,287)
Changes in fair value	(3,037)	(5,323)	(14,598)	(7,759)
Interest and principal paydowns	0	0	0	0
Ending balance	1,238	29,419	1,238	29,419
RMF loans held-for-sale
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	300,402	131,042	197,224	61,691
Purchases/loan originations	5,400	435,189	417,650	705,311
Sales/loan originations sold, including those not settled	(143,285)	(299,962)	(457,724)	(500,549)
Disposals/settlements	0	(9,920)	0	(9,920)
Changes in fair value	(2,334)	3,022	3,267	3,324
Interest and principal paydowns	(298)	228	(532)	(258)
Ending balance	$ 159,885	$ 259,599	159,885	$ 259,599
Servicing Portfolio
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Disposals/settlements			$ 7,500

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		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Finished homes and construction in progress, carrying value	$ 68,802	$ 0	$ 141,809	$ 0
Finished homes and construction in progress, fair value	61,119	0	120,404	0
Finished homes and construction in progress, total losses, net	(7,683)	0	(21,405)	0
Land and land under development, carrying value	42,609	0	65,062	6,954
Land and land under development, fair value	9,709	0	21,369	3,001
Land and land under development, total losses, net	$ (32,900)	$ 0	$ (43,693)	$ (3,953)

Financial Instruments and Fai_9

Financial Instruments and Fair Value Disclosures - (Narrative) (Details) - community	May 31, 2020	May 31, 2019
Fair Value Disclosures [Abstract]
Active communities	1,241	1,320

Financial Instruments and Fa_10

Financial Instruments and Fair Value Disclosures - (Communities with Indicators for Impairment) (Details)	6 Months Ended
	May 31, 2020USD ($)community	May 31, 2019USD ($)community
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Number of Communities with potential indicator of impairment | community	41	52
Number of communities with valuation adjustments | community	9	0
Valuation adjustments | $	$ 32,072,000	$ 0
Level 3
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Fair value of communities with valuation adjustments | $	$ 69,137,000	$ 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)	May 31, 2020
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	1 Months Ended	3 Months Ended	6 Months Ended
	Jan. 31, 2019	May 31, 2020USD ($)	May 31, 2020USD ($)entityjoint_venture	May 31, 2019USD ($)	Nov. 30, 2019USD ($)
Variable Interest Entity [Line Items]
Financial Services gain on deconsolidation			$ 61,418	$ 0
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Change in consolidated inventory not owned			86,700
Variable Interest Entity, Not Primary Beneficiary Including Third Parties
Variable Interest Entity [Line Items]
Non-refundable option deposits and pre-aquisition costs		$ 282,100	$ 282,100		$ 320,500
Segments Other Than Financial Services
Variable Interest Entity [Line Items]
Number of entities consolidated | entity			1
VIE assets consolidated			$ 49,400
VIE liabilities consolidated			$ 900
Number of entities deconsolidated | joint_venture			2
VIE assets deconsolidated			$ 37,200
Financial Services
Variable Interest Entity [Line Items]
Number of entities deconsolidated | joint_venture			1
VIE assets deconsolidated			$ 291,200
VIE liabilities deconsolidated			204,100
Financial Services gain on deconsolidation		$ 61,418	61,418
Financial Services | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Reduction in principal amount of debt owed to company		43.00%
Financial Services | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Fair value of equity investment and note receivable		$ 123,400	123,400
Fair value of equity investment		$ 70,800	$ 70,800
Financial Services | Variable Interest Entity, Not Primary Beneficiary | Discount rate | Minimum
Variable Interest Entity [Line Items]
Equity investment and note recievable, measurement input		0.16	0.16
Financial Services | Variable Interest Entity, Not Primary Beneficiary | Discount rate | Maximum
Variable Interest Entity [Line Items]
Equity investment and note recievable, measurement input		0.30	0.30
Financial Services | Preferred Stock | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Percentage of stock owned	20.00%
Reduction in ownershp percentage		20.00%
Financial Standby Letters of Credit | Variable Interest Entity, Not Primary Beneficiary Including Third Parties
Variable Interest Entity [Line Items]
Letters of credit outstanding		$ 72,500	$ 72,500		$ 75,000

Variable Interest Entities (Est

Variable Interest Entities (Estimated Maximum Exposure To Loss) (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Thousands	May 31, 2020	Nov. 30, 2019
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	$ 900,353	$ 840,851
Lennar’s Maximum Exposure to Loss	1,133,103	1,076,663
Homebuilding
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	79,553	80,939
Lennar’s Maximum Exposure to Loss	79,714	81,118
Multifamily
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	578,026	533,018
Lennar’s Maximum Exposure to Loss	759,633	768,651
Multifamily | Equity Commitments
Variable Interest Entity [Line Items]
Obligations related to VIEs	163,900	224,200
Financial Services
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	235,626	166,012
Lennar’s Maximum Exposure to Loss	286,608	166,012
Lennar Other
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	7,148	60,882
Lennar’s Maximum Exposure to Loss	$ 7,148	$ 60,882

Commitments and Contingent Li_2

Commitments and Contingent Liabilities - (Additional Information About Leases) (Details) - USD ($) $ in Thousands	May 31, 2020	Dec. 01, 2019
Commitments and Contingencies Disclosure [Abstract]
Right-of-use assets	$ 128,423	$ 150,700
Lease liabilities	$ 137,795	$ 159,700
Weighted-average remaining lease term (in years)	2 years 10 months 24 days
Weighted-average discount rate	3.00%

Commitments and Contingent Li_3

Commitments and Contingent Liabilities - (Future MInimum Payments Under Noncancellable Leases) (Details) - USD ($) $ in Thousands	May 31, 2020	Dec. 01, 2019
Commitments and Contingencies Disclosure [Abstract]
2020	$ 17,791
2021	36,544
2022	28,543
2023	21,349
2024	15,429
2025 and thereafter	30,004
Total future minimum lease payments	149,660
Less: Interest	11,865
Present value of lease liabilities	137,795	$ 159,700
Variable lease costs	11,300
Short-term lease costs	$ 2,300
Weighted-average remaining lease term (in years)	2 years 10 months 24 days
Weighted-average discount rate	3.00%

Commitments and Contingent Li_4

Commitments and Contingent Liabilities - (Narrative) (Details) $ in Millions	6 Months Ended
	May 31, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Rental expense	$ 41.1
Payments on lease liabilities	$ 29

Supplemental Financial Inform_3

Supplemental Financial Information (Narrative) (Details)	6 Months Ended
	May 31, 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		May 31, 2020		Feb. 29, 2020	Nov. 30, 2019		May 31, 2019	Feb. 28, 2019	Nov. 30, 2018
Assets:
Investments in unconsolidated entities		$ 2,045,458			$ 1,973,913
Goodwill		3,632,058			3,657,875
Other assets		1,264,236			1,245,391
Total assets	[1]	29,309,025			29,359,511
LIABILITIES AND EQUITY
Total liabilities	[2]	12,676,401			13,325,681
Total stockholders’ equity	[2]	16,542,703			15,949,517
Noncontrolling interests		89,921			84,313	[2]
Total equity		16,632,624	[2]	$ 16,193,377	16,033,830	[2]	$ 15,246,535	$ 14,893,695	$ 14,682,957
Total liabilities and equity	[2]	29,309,025			29,359,511
Homebuilding
Assets:
Cash and cash equivalents, restricted cash and receivables, net		1,707,745			1,539,654
Inventories		17,947,406			17,776,507
Investments in unconsolidated entities	[1]	973,044			1,009,035
Goodwill	[1]	3,442,359			3,442,359
Other assets	[1]	1,080,186			1,021,684
Investments in subsidiaries		0			0
Intercompany		0			0
Total assets	[1]	25,150,740			24,789,239
LIABILITIES AND EQUITY
Accounts payable and other liabilities		2,934,528			2,970,134
Liabilities related to consolidated inventory not owned	[2]	344,074			260,266
Senior notes and other debts payable, net	[2]	7,495,674			7,776,638
Intercompany		0			0
Total liabilities	[2]	10,774,276			11,007,038
Financial Services
Assets:
Total assets	[1]	2,577,805			3,006,024
LIABILITIES AND EQUITY
Total liabilities		1,663,548			2,056,450	[2]
Multifamily
Assets:
Total assets	[1]	1,127,929			1,068,831
LIABILITIES AND EQUITY
Total liabilities		222,387			232,155	[2]
Lennar Other
Assets:
Total assets	[1]	452,551			495,417
LIABILITIES AND EQUITY
Total liabilities		16,190			30,038	[2]
Reportable Legal Entities | Lennar Corporation
Assets:
Total assets		23,930,437			23,548,274
LIABILITIES AND EQUITY
Total liabilities		7,387,734			7,598,757
Total stockholders’ equity		16,542,703			15,949,517
Noncontrolling interests		0			0
Total equity		16,542,703			15,949,517
Total liabilities and equity		23,930,437			23,548,274
Reportable Legal Entities | Lennar Corporation | Homebuilding
Assets:
Cash and cash equivalents, restricted cash and receivables, net		1,000,333			722,172
Inventories		0			0
Investments in unconsolidated entities		0			0
Goodwill		0			0
Other assets		392,355			344,941
Investments in subsidiaries		10,270,732			10,453,165
Intercompany		12,267,017			12,027,996
Total assets		23,930,437			23,548,274
LIABILITIES AND EQUITY
Accounts payable and other liabilities		832,049			760,981
Liabilities related to consolidated inventory not owned		0			0
Senior notes and other debts payable, net		6,555,685			6,837,776
Intercompany		0			0
Total liabilities		7,387,734			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		23,565,169			23,600,762
LIABILITIES AND EQUITY
Total liabilities		13,206,834			13,244,024
Total stockholders’ equity		10,358,335			10,356,738
Noncontrolling interests		0			0
Total equity		10,358,335			10,356,738
Total liabilities and equity		23,565,169			23,600,762
Reportable Legal Entities | Guarantor Subsidiaries | Homebuilding
Assets:
Cash and cash equivalents, restricted cash and receivables, net		695,182			794,588
Inventories		17,528,852			17,396,139
Investments in unconsolidated entities		971,058			1,006,541
Goodwill		3,442,359			3,442,359
Other assets		468,610			500,356
Investments in subsidiaries		21,757			26,773
Intercompany		0			0
Total assets		23,127,818			23,166,756
LIABILITIES AND EQUITY
Accounts payable and other liabilities		1,821,132			1,935,366
Liabilities related to consolidated inventory not owned		344,074			260,266
Senior notes and other debts payable, net		865,539			885,783
Intercompany		10,145,745			10,122,374
Total liabilities		13,176,490			13,203,789
Reportable Legal Entities | Guarantor Subsidiaries | Financial Services
Assets:
Total assets		249,999			275,812
LIABILITIES AND EQUITY
Total liabilities		30,344			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		187,352			158,194
LIABILITIES AND EQUITY
Total liabilities		0			0
Reportable Legal Entities | Non-Guarantor Subsidiaries
Assets:
Total assets		4,423,385			4,763,467
LIABILITIES AND EQUITY
Total liabilities		4,399,310			4,555,954
Total stockholders’ equity		(65,846)			123,200
Noncontrolling interests		89,921			84,313
Total equity		24,075			207,513
Total liabilities and equity		4,423,385			4,763,467
Reportable Legal Entities | Non-Guarantor Subsidiaries | Homebuilding
Assets:
Cash and cash equivalents, restricted cash and receivables, net		12,230			22,894
Inventories		418,554			380,368
Investments in unconsolidated entities		1,986			2,494
Other assets		251,743			217,607
Investments in subsidiaries		0			0
Intercompany		0			0
Total assets		684,513			623,363
LIABILITIES AND EQUITY
Accounts payable and other liabilities		331,807			318,845
Liabilities related to consolidated inventory not owned					0
Senior notes and other debts payable, net		74,450			53,079
Intercompany		2,121,272			1,905,622
Total liabilities		2,527,529			2,277,546
Reportable Legal Entities | Non-Guarantor Subsidiaries | Financial Services
Assets:
Total assets		2,329,154			2,731,285
LIABILITIES AND EQUITY
Total liabilities		1,633,204			2,016,215
Reportable Legal Entities | Non-Guarantor Subsidiaries | Multifamily
Assets:
Total assets		1,127,929			1,068,831
LIABILITIES AND EQUITY
Total liabilities		222,387			232,155
Reportable Legal Entities | Non-Guarantor Subsidiaries | Lennar Other
Assets:
Total assets		281,789			339,988
LIABILITIES AND EQUITY
Total liabilities		16,190			30,038
Consolidating Adjustments
Assets:
Total assets		(22,609,966)			(22,552,992)
LIABILITIES AND EQUITY
Total liabilities		(12,317,477)			(12,073,054)
Total stockholders’ equity		(10,292,489)			(10,479,938)
Noncontrolling interests					0
Total equity		(10,292,489)			(10,479,938)
Total liabilities and equity		(22,609,966)			(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		(32,522)			(41,220)
Investments in subsidiaries		(10,292,489)			(10,479,938)
Intercompany		(12,267,017)			(12,027,996)
Total assets		(22,592,028)			(22,549,154)
LIABILITIES AND EQUITY
Accounts payable and other liabilities		(50,460)			(45,058)
Liabilities related to consolidated inventory not owned		0			0
Senior notes and other debts payable, net		0			0
Intercompany		(12,267,017)			(12,027,996)
Total liabilities		(12,317,477)			(12,073,054)
Consolidating Adjustments | Financial Services
Assets:
Total assets		(1,348)			(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		(16,590)			(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 May 31, 2020, total assets include $873.0 million related to consolidated VIEs of which $9.1 million is included in Homebuilding cash and cash equivalents, $0.2 million in Homebuilding receivables, net, $110.6 million in Homebuilding finished homes and construction in progress, $308.4 million in Homebuilding land and land under development, $391.6 million in Homebuilding consolidated inventory not owned, $2.0 million in Homebuilding investments in unconsolidated entities, $8.0 million in Homebuilding other assets and $43.3 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 May 31, 2020, total liabilities include $450.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $20.9 million is included in Homebuilding accounts payable, $335.5 million in Homebuilding liabilities related to consolidated inventory not owned, $74.5 million in Homebuilding senior notes and other debts payable, $8.6 million in Homebuilding other liabilities and $11.0 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		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Revenues:
Revenues	$ 5,287,373	$ 5,562,890	$ 9,792,710	$ 9,430,972
Cost and expenses:
Corporate general and administrative	83,451	76,113	170,298	155,456
Total costs and expenses	4,629,538	4,963,281	8,705,457	8,508,598
Equity in earnings (loss) from unconsolidated entities			(40,355)	5,908
Financial Services gain on deconsolidation			61,418	0
Earnings before income taxes	676,577	559,399	1,100,129	878,523
Benefit (provision) for income taxes	(160,479)	(140,530)	(192,808)	(220,230)
Equity in earnings from subsidiaries		0	0	0
Net earnings (including net loss attributable to noncontrolling interests)	516,098	418,869	907,321	658,293
Less: Net earnings (loss) attributable to noncontrolling interests	(1,308)	(2,603)	(8,537)	(3,089)
Net earnings attributable to Lennar	517,406	421,472	915,858	661,382
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on securities available-for-sale	(338)	561	(384)	769
Reclassification adjustments for gains included in earnings, net of tax	(452)	(176)	(452)	(176)
Total other comprehensive income (loss), net of tax	(790)	385	(836)	593
Total comprehensive income attributable to Lennar	516,616	421,857	915,022	661,975
Total comprehensive loss attributable to noncontrolling interests	(1,308)	(2,603)	(8,537)	(3,089)
Homebuilding
Revenues:
Revenues	4,949,484	5,195,599	9,121,600	8,819,320
Cost and expenses:
Cost and expenses	4,313,331	4,587,259	8,011,137	7,826,094
Equity in earnings (loss) from unconsolidated entities	(9,100)	19,614	(13,646)	5,858
Other income (expense), net	4,308	(46,165)	(5,058)	(47,700)
Financial Services
Revenues:
Revenues	196,263	204,216	394,924	347,527
Cost and expenses:
Cost and expenses	110,355	147,999	261,699	272,338
Financial Services gain on deconsolidation	61,418		61,418
Multifamily
Revenues:
Revenues	123,117	147,412	255,734	244,806
Cost and expenses:
Cost and expenses	123,473	148,716	260,821	249,894
Equity in earnings (loss) from unconsolidated entities	(282)	(3,018)	6,234	7,563
Lennar Other
Revenues:
Revenues	18,509	15,663	20,452	19,319
Cost and expenses:
Cost and expenses	(1,072)	3,194	1,502	4,816
Equity in earnings (loss) from unconsolidated entities	(26,642)	(4,978)	(26,523)	3,352
Other income (expense), net	(10,960)	(5,663)	(9,549)	(12,924)
Reportable Legal Entities | Lennar Corporation
Revenues:
Revenues	0	0	0	0
Cost and expenses:
Corporate general and administrative	80,544	74,321	164,554	151,850
Total costs and expenses	80,544	74,321	164,554	151,850
Earnings before income taxes	(80,893)	(74,543)	(165,260)	(152,480)
Benefit (provision) for income taxes	22,411	18,653	28,739	38,090
Equity in earnings from subsidiaries	575,888	477,362	1,052,379	775,772
Net earnings (including net loss attributable to noncontrolling interests)	517,406	421,472	915,858	661,382
Less: Net earnings (loss) attributable to noncontrolling interests	0	0	0	0
Net earnings attributable to Lennar	517,406	421,472	915,858	661,382
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on securities available-for-sale	0	0	0	0
Reclassification adjustments for gains included in earnings, net of tax	0	0	0	0
Total other comprehensive income (loss), net of tax	0	0	0	0
Total comprehensive income attributable to Lennar	517,406	421,472	915,858	661,382
Total comprehensive loss attributable to noncontrolling interests	0	0	0	0
Reportable Legal Entities | Lennar Corporation | Homebuilding
Revenues:
Revenues	0	0	0	0
Cost and expenses:
Cost and expenses	0	0	0	0
Equity in earnings (loss) from unconsolidated entities	0	0	0	0
Other income (expense), net	(349)	(222)	(706)	(630)
Reportable Legal Entities | Lennar Corporation | Financial Services
Revenues:
Revenues	0	0	0	0
Cost and expenses:
Cost and expenses	0	0	0	0
Financial Services gain on deconsolidation	0		0
Reportable Legal Entities | Lennar Corporation | Multifamily
Revenues:
Revenues	0	0	0	0
Cost and expenses:
Cost and expenses	0	0	0	0
Equity in earnings (loss) from unconsolidated entities	0	0	0	0
Reportable Legal Entities | Lennar Corporation | Lennar Other
Revenues:
Revenues	0	0	0	0
Cost and expenses:
Cost and expenses	0	0	0	0
Equity in earnings (loss) from unconsolidated entities	0	0	0	0
Other income (expense), net	0	0	0	0
Reportable Legal Entities | Guarantor Subsidiaries
Revenues:
Revenues	4,975,391	5,211,642	9,160,528	8,874,600
Cost and expenses:
Corporate general and administrative	1,641	527	3,213	1,076
Total costs and expenses	4,325,747	4,582,591	8,028,469	7,847,447
Earnings before income taxes	700,733	595,799	1,162,436	974,208
Benefit (provision) for income taxes	(165,874)	(148,736)	(191,711)	(242,575)
Equity in earnings from subsidiaries	56,130	28,703	80,835	33,476
Net earnings (including net loss attributable to noncontrolling interests)	590,989	475,766	1,051,560	765,109
Less: Net earnings (loss) attributable to noncontrolling interests	0	0	0	0
Net earnings attributable to Lennar	590,989	475,766	1,051,560	765,109
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on securities available-for-sale	0	0	0	0
Reclassification adjustments for gains included in earnings, net of tax	0	0	0	0
Total other comprehensive income (loss), net of tax	0	0	0	0
Total comprehensive income attributable to Lennar	590,989	475,766	1,051,560	765,109
Total comprehensive loss attributable to noncontrolling interests	0	0	0	0
Reportable Legal Entities | Guarantor Subsidiaries | Homebuilding
Revenues:
Revenues	4,939,857	5,175,289	9,096,000	8,789,330
Cost and expenses:
Cost and expenses	4,302,960	4,561,235	7,987,657	7,787,164
Equity in earnings (loss) from unconsolidated entities	(9,222)	19,537	(13,956)	5,586
Other income (expense), net	2,809	(48,550)	(8,239)	(50,946)
Reportable Legal Entities | Guarantor Subsidiaries | Financial Services
Revenues:
Revenues	35,534	36,353	64,528	85,270
Cost and expenses:
Cost and expenses	21,146	20,829	37,599	59,207
Financial Services gain on deconsolidation	61,418		61,418
Reportable Legal Entities | Guarantor Subsidiaries | Multifamily
Revenues:
Revenues	0	0	0	0
Cost and expenses:
Cost and expenses	0	0	0	0
Equity in earnings (loss) from unconsolidated entities	0	0	0	0
Reportable Legal Entities | Guarantor Subsidiaries | Lennar Other
Revenues:
Revenues	0	0	0	0
Cost and expenses:
Cost and expenses	0	0	0	0
Equity in earnings (loss) from unconsolidated entities	(3,922)	(4,239)	(8,852)	(7,585)
Other income (expense), net	6	0	6	0
Reportable Legal Entities | Non-Guarantor Subsidiaries
Revenues:
Revenues	317,965	356,114	644,151	566,093
Cost and expenses:
Corporate general and administrative	0	0	0	0
Total costs and expenses	228,881	311,014	523,697	518,389
Earnings before income taxes	56,737	38,143	102,953	56,795
Benefit (provision) for income taxes	(17,016)	(10,447)	(29,836)	(15,745)
Equity in earnings from subsidiaries		0	0	0
Net earnings (including net loss attributable to noncontrolling interests)	39,721	27,696	73,117	41,050
Less: Net earnings (loss) attributable to noncontrolling interests	(1,308)	(2,603)	(8,537)	(3,089)
Net earnings attributable to Lennar	41,029	30,299	81,654	44,139
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on securities available-for-sale	(338)	561	(384)	769
Reclassification adjustments for gains included in earnings, net of tax	(452)	(176)	(452)	(176)
Total other comprehensive income (loss), net of tax	(790)	385	(836)	593
Total comprehensive income attributable to Lennar	40,239	30,684	80,818	44,732
Total comprehensive loss attributable to noncontrolling interests	(1,308)	(2,603)	(8,537)	(3,089)
Reportable Legal Entities | Non-Guarantor Subsidiaries | Homebuilding
Revenues:
Revenues	9,627	20,310	25,600	29,990
Cost and expenses:
Cost and expenses	13,304	19,594	30,647	31,901
Equity in earnings (loss) from unconsolidated entities	122	77	310	272
Other income (expense), net	1,499	2,386	3,181	3,243
Reportable Legal Entities | Non-Guarantor Subsidiaries | Financial Services
Revenues:
Revenues	166,712	172,729	342,365	271,978
Cost and expenses:
Cost and expenses	93,176	139,510	230,727	231,778
Financial Services gain on deconsolidation	0		0
Reportable Legal Entities | Non-Guarantor Subsidiaries | Multifamily
Revenues:
Revenues	123,117	147,412	255,734	244,806
Cost and expenses:
Cost and expenses	123,473	148,716	260,821	249,894
Equity in earnings (loss) from unconsolidated entities	(282)	(3,018)	6,234	7,563
Reportable Legal Entities | Non-Guarantor Subsidiaries | Lennar Other
Revenues:
Revenues	18,509	15,663	20,452	19,319
Cost and expenses:
Cost and expenses	(1,072)	3,194	1,502	4,816
Equity in earnings (loss) from unconsolidated entities	(22,720)	(739)	(17,671)	10,937
Other income (expense), net	(10,966)	(5,663)	(9,555)	(12,924)
Consolidating Adjustments
Revenues:
Revenues	(5,983)	(4,866)	(11,969)	(9,721)
Cost and expenses:
Corporate general and administrative	1,266	1,265	2,531	2,530
Total costs and expenses	(5,634)	(4,645)	(11,263)	(9,088)
Earnings before income taxes	0	0	0	0
Benefit (provision) for income taxes	0	0	0	0
Equity in earnings from subsidiaries	(632,018)	(506,065)	(1,133,214)	(809,248)
Net earnings (including net loss attributable to noncontrolling interests)	(632,018)	(506,065)	(1,133,214)	(809,248)
Less: Net earnings (loss) attributable to noncontrolling interests	0	0	0	0
Net earnings attributable to Lennar	(632,018)	(506,065)	(1,133,214)	(809,248)
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on securities available-for-sale	0	0	0	0
Reclassification adjustments for gains included in earnings, net of tax	0	0	0	0
Total other comprehensive income (loss), net of tax	0	0	0	0
Total comprehensive income attributable to Lennar	(632,018)	(506,065)	(1,133,214)	(809,248)
Total comprehensive loss attributable to noncontrolling interests	0	0	0	0
Consolidating Adjustments | Homebuilding
Revenues:
Revenues	0	0	0	0
Cost and expenses:
Cost and expenses	(2,933)	6,430	(7,167)	7,029
Equity in earnings (loss) from unconsolidated entities	0	0	0	0
Other income (expense), net	349	221	706	633
Consolidating Adjustments | Financial Services
Revenues:
Revenues	(5,983)	(4,866)	(11,969)	(9,721)
Cost and expenses:
Cost and expenses	(3,967)	(12,340)	(6,627)	(18,647)
Financial Services gain on deconsolidation	0		0
Consolidating Adjustments | Multifamily
Revenues:
Revenues	0	0	0	0
Cost and expenses:
Cost and expenses	0	0	0	0
Equity in earnings (loss) from unconsolidated entities	0	0	0	0
Consolidating Adjustments | Lennar Other
Revenues:
Revenues	0	0	0	0
Cost and expenses:
Cost and expenses	0	0	0	0
Equity in earnings (loss) from unconsolidated entities	0	0	0	0
Other income (expense), net	$ 0	$ 0	$ 0	$ 0

Supplemental Financial Inform_6

Supplemental Financial Information (Condensed Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Cash flows from operating activities:
Net earnings (including net loss attributable to noncontrolling interests)	$ 516,098	$ 418,869	$ 907,321	$ 658,293
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 operating activities			403,482	(1,088,183)
Net cash provided by (used in) operating activities			1,310,803	(429,890)
Cash flows from investing activities:
Investments in and contributions to unconsolidated entities/deconsolidation of a previously consolidated entity, net of distributions of capital			(187,691)	(87,336)
Proceeds from sales of real estate owned				4,210
Proceeds from sale of investment in unconsolidated entity			0	17,790
Proceeds from the sales of operating properties and equipment and other assets			29,727	4,210
Proceeds from sale of Financial Services' servicing portfolio/businesses			9,096	24,446
Other			(16,078)	(50,696)
Intercompany			0	0
Net cash used in investing activities			(174,042)	(91,586)
Cash flows from financing activities:
Net borrowings (repayments) on senior notes, other borrowings, other liabilities, and other notes payable			(264,116)	(97,395)
Net receipts related to noncontrolling interests				(14,380)
Common stock:
Issuances			0	634
Repurchases			(296,093)	(101,229)
Dividends			(78,145)	(25,877)
Intercompany			0	0
Net cash used in financing activities			(948,570)	(53,431)
Net increase (decrease) in cash and cash equivalents and restricted cash			188,191	(574,907)
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	1,656,882	1,021,071	1,656,882	1,021,071
Unsecured Revolving Credit Facility
Cash flows from financing activities:
Net borrowings (repayments) under credit facilities			0	550,000
Warehouse Repurchase Facility
Cash flows from financing activities:
Net borrowings (repayments) under credit facilities			(310,216)	(365,184)
Reportable Legal Entities | Lennar Corporation
Cash flows from operating activities:
Net earnings (including net loss attributable to noncontrolling interests)	517,406	421,472	915,858	661,382
Distributions of earnings from guarantor and non-guarantor subsidiaries			1,052,379	775,772
Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by operating activities			(980,620)	(819,869)
Net cash provided by (used in) operating activities			987,617	617,285
Cash flows from investing activities:
Investments in and contributions to unconsolidated entities/deconsolidation of a previously consolidated entity, 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' servicing portfolio/businesses				0
Other			(1,767)	(170)
Intercompany			(58,949)	(1,263,527)
Net cash used in investing activities			(60,716)	(1,263,697)
Cash flows from financing activities:
Net borrowings (repayments) on senior notes, other borrowings, other liabilities, and other notes payable			(267,708)	0
Net receipts related to noncontrolling interests				0
Common stock:
Issuances				634
Repurchases			(296,093)	(101,229)
Dividends			(78,145)	(25,877)
Intercompany			0	0
Net cash used in financing activities			(641,946)	423,528
Net increase (decrease) in cash and cash equivalents and restricted cash			284,955	(222,884)
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	998,783	401,810	998,783	401,810
Reportable Legal Entities | Lennar Corporation | Unsecured Revolving Credit Facility
Cash flows from financing activities:
Net borrowings (repayments) under credit facilities				550,000
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)	590,989	475,766	1,051,560	765,109
Distributions of earnings from guarantor and non-guarantor subsidiaries			80,835	33,476
Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by operating activities			(149,064)	(1,222,713)
Net cash provided by (used in) operating activities			983,331	(424,128)
Cash flows from investing activities:
Investments in and contributions to unconsolidated entities/deconsolidation of a previously consolidated entity, net of distributions of capital			(17,986)	(99,052)
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			29,727
Proceeds from sale of Financial Services' servicing portfolio/businesses				21,317
Other			28,454	(30,185)
Intercompany			0	0
Net cash used in investing activities			40,195	(107,920)
Cash flows from financing activities:
Net borrowings (repayments) on senior notes, other borrowings, other liabilities, and other notes payable			(123,505)	(101,052)
Net receipts related to noncontrolling interests				0
Common stock:
Issuances				0
Repurchases			0	0
Dividends			(1,051,560)	(765,109)
Intercompany			39,591	1,057,135
Net cash used in financing activities			(1,135,070)	191,144
Net increase (decrease) in cash and cash equivalents and restricted cash			(111,544)	(340,904)
Cash and cash equivalents and restricted cash at beginning of period			532,304	721,603
Cash and cash equivalents and restricted cash at end of period	420,760	380,699	420,760	380,699
Reportable Legal Entities | Guarantor Subsidiaries | Unsecured Revolving Credit Facility
Cash flows from financing activities:
Net borrowings (repayments) under credit facilities				0
Reportable Legal Entities | Guarantor Subsidiaries | Warehouse Repurchase Facility
Cash flows from financing activities:
Net borrowings (repayments) under credit facilities			404	170
Reportable Legal Entities | Non-Guarantor Subsidiaries
Cash flows from operating activities:
Net earnings (including net loss attributable to noncontrolling interests)	39,721	27,696	73,117	41,050
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 operating activities			399,952	145,151
Net cash provided by (used in) operating activities			473,069	186,201
Cash flows from investing activities:
Investments in and contributions to unconsolidated entities/deconsolidation of a previously consolidated entity, net of distributions of capital			(169,705)	11,716
Proceeds from sales of real estate owned				4,210
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' servicing portfolio/businesses				3,129
Other			(42,765)	(20,341)
Intercompany			0	0
Net cash used in investing activities			(212,470)	16,504
Cash flows from financing activities:
Net borrowings (repayments) on senior notes, other borrowings, other liabilities, and other notes payable			127,097	3,657
Net receipts related to noncontrolling interests				(14,380)
Common stock:
Issuances				0
Repurchases			0	0
Dividends			(81,654)	(44,139)
Intercompany			19,358	206,392
Net cash used in financing activities			(245,819)	(213,824)
Net increase (decrease) in cash and cash equivalents and restricted cash			14,780	(11,119)
Cash and cash equivalents and restricted cash at beginning of period			222,559	249,681
Cash and cash equivalents and restricted cash at end of period	237,339	238,562	237,339	238,562
Reportable Legal Entities | Non-Guarantor Subsidiaries | Unsecured Revolving Credit Facility
Cash flows from financing activities:
Net borrowings (repayments) under credit facilities				0
Reportable Legal Entities | Non-Guarantor Subsidiaries | Warehouse Repurchase Facility
Cash flows from financing activities:
Net borrowings (repayments) under credit facilities			(310,620)	(365,354)
Consolidating Adjustments
Cash flows from operating activities:
Net earnings (including net loss attributable to noncontrolling interests)	(632,018)	(506,065)	(1,133,214)	(809,248)
Distributions of earnings from guarantor and non-guarantor subsidiaries			(1,133,214)	(809,248)
Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by operating activities			1,133,214	809,248
Net cash provided by (used in) operating activities			(1,133,214)	(809,248)
Cash flows from investing activities:
Investments in and contributions to unconsolidated entities/deconsolidation of a previously consolidated entity, 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' servicing portfolio/businesses				0
Other			0	0
Intercompany			58,949	1,263,527
Net cash used in investing activities			58,949	1,263,527
Cash flows from financing activities:
Net borrowings (repayments) on senior notes, other borrowings, other liabilities, and other notes payable			0	0
Net receipts related to noncontrolling interests				0
Common stock:
Issuances				0
Repurchases			0	0
Dividends			1,133,214	809,248
Intercompany			(58,949)	(1,263,527)
Net cash used in financing activities			1,074,265	(454,279)
Net increase (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	0	0
Consolidating Adjustments | Unsecured Revolving Credit Facility
Cash flows from financing activities:
Net borrowings (repayments) under credit facilities				0
Consolidating Adjustments | Warehouse Repurchase Facility
Cash flows from financing activities:
Net borrowings (repayments) under credit facilities			$ 0	$ 0