Lennar (LEN) 10-Q 1 Oct 20 2020 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	9 Months Ended
	Aug. 31, 2020shares
Class of Stock [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Aug. 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	Q3
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	275,115,747
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	37,621,166

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Aug. 31, 2020	Nov. 30, 2019
ASSETS
Cash and cash equivalents		$ 2,209,131	$ 1,445,996
Restricted cash		22,947	22,695
Receivables, net		699,400	906,877
Inventories:
Total inventories		18,007,755	18,091,614
Investments in unconsolidated entities		2,053,172	1,973,913
Goodwill		3,632,058	3,657,875
Other assets		1,316,644	1,245,391
Total assets	[1]	29,315,285	29,359,511
LIABILITIES AND EQUITY
Senior notes and other debts payable, net		8,138,594	9,573,696
Other liabilities		3,896,346	3,751,985
Total liabilities	[2]	12,034,940	13,325,681
Stockholders' equity:
Preferred stock	[2]	0	0
Additional paid-in capital	[2]	8,654,954	8,578,219
Retained earnings	[2]	9,760,165	8,295,001
Treasury stock, at cost; August 31, 2020 - 23,819,899 shares of Class A common stock and 1,821,964 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]	(1,276,691)	(957,857)
Accumulated other comprehensive income (loss)	[2]	(163)	498
Total stockholders’ equity	[2]	17,172,103	15,949,517
Noncontrolling interests	[2]	108,242	84,313
Total equity	[2]	17,280,345	16,033,830
Total liabilities and equity	[2]	29,315,285	29,359,511
Class A Common Stock
Stockholders' equity:
Common stock	[2]	29,894	29,712
Class B Common Stock
Stockholders' equity:
Common stock	[2]	3,944	3,944
Homebuilding
ASSETS
Cash and cash equivalents	[1]	1,966,796	1,200,832
Restricted cash	[1]	11,959	9,698
Receivables, net	[1]	295,958	329,124
Inventories:
Finished homes and construction in progress	[1]	9,288,624	9,195,721
Land and land under development	[1]	7,987,149	8,267,647
Consolidated inventory not owned	[1]	395,489	313,139
Total inventories	[1]	17,671,262	17,776,507
Investments in unconsolidated entities	[1]	940,695	1,009,035
Goodwill	[1]	3,442,359	3,442,359
Other assets	[1]	1,137,137	1,021,684
Total assets	[1]	25,466,166	24,789,239
LIABILITIES AND EQUITY
Accounts payable	[2]	1,140,341	1,069,179
Liabilities related to consolidated inventory not owned	[2]	324,544	260,266
Senior notes and other debts payable, net	[2]	7,180,274	7,776,638
Other liabilities	[2]	1,944,247	1,900,955
Total liabilities	[2]	10,589,406	11,007,038
Financial Services
Inventories:
Total assets	[1]	2,209,549	3,006,024
LIABILITIES AND EQUITY
Total liabilities	[2]	1,197,847	2,056,450
Multifamily
Inventories:
Total assets	[1]	1,184,086	1,068,831
LIABILITIES AND EQUITY
Total liabilities	[2]	236,059	232,155
Lennar Other
Inventories:
Total assets	[1]	455,484	495,417
LIABILITIES AND EQUITY
Total liabilities	[2]	$ 11,628	$ 30,038
[1]	Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations ("ASC 810"), the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations. As of August 31, 2020 , total assets include $960.5 million related to consolidated VIEs of which $21.3 million is included in Homebuilding cash and cash equivalents, $0.1 million in Homebuilding receivables, net, $15.8 million in Homebuilding finished homes and construction in progress, $481.0 million in Homebuilding land and land under development, $386.6 million in Homebuilding consolidated inventory not owned, $2.1 million in Homebuilding investments in unconsolidated entities, $8.9 million in Homebuilding other assets and $44.7 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, nor any of its subsidiaries, has any obligations. As of August 31, 2020 , total liabilities include $473.8 million related to consolidated VIEs as to which there was no recourse against the Company, of which $20.0 million is included in Homebuilding accounts payable, $315.4 million in Homebuilding liabilities related to consolidated inventory not owned, $118.4 million in Homebuilding senior notes and other debts payable, $9.3 million in Homebuilding other liabilities and $10.7 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		Aug. 31, 2020	Nov. 30, 2019
Total assets	[1]	$ 29,315,285	$ 29,359,511
Cash and cash equivalents		2,209,131	1,445,996
Receivables, net		699,400	906,877
Investments in unconsolidated entities		2,053,172	1,973,913
Other assets		1,316,644	1,245,391
Total liabilities	[2]	12,034,940	13,325,681
Senior notes and other debts payable, net		8,138,594	9,573,696
Other liabilities		$ 3,896,346	$ 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		298,935,646	297,119,153
Treasury stock, shares		23,819,899	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		39,443,130	39,443,064
Treasury stock, shares		1,821,964	1,704,630
Homebuilding
Total assets	[1]	$ 25,466,166	$ 24,789,239
Cash and cash equivalents	[1]	1,966,796	1,200,832
Receivables, net	[1]	295,958	329,124
Finished homes and construction in progress	[1]	9,288,624	9,195,721
Land and land under development	[1]	7,987,149	8,267,647
Consolidated inventory not owned	[1]	395,489	313,139
Investments in unconsolidated entities	[1]	940,695	1,009,035
Other assets	[1]	1,137,137	1,021,684
Total liabilities	[2]	10,589,406	11,007,038
Accounts payable	[2]	1,140,341	1,069,179
Senior notes and other debts payable, net	[2]	7,180,274	7,776,638
Liabilities related to consolidated inventory not owned	[2]	324,544	260,266
Other liabilities	[2]	1,944,247	1,900,955
Financial Services
Total assets	[1]	2,209,549	3,006,024
Total liabilities	[2]	1,197,847	2,056,450
Multifamily
Total assets	[1]	1,184,086	1,068,831
Total liabilities	[2]	236,059	232,155
Variable Interest Entity, Primary Beneficiary
Total assets		960,500	980,200
Total liabilities		473,800	549,700
Variable Interest Entity, Primary Beneficiary | Homebuilding
Cash and cash equivalents		21,300	15,500
Receivables, net		100	200
Finished homes and construction in progress		15,800	97,500
Land and land under development		481,000	283,200
Consolidated inventory not owned		386,600	301,000
Investments in unconsolidated entities		2,100	2,500
Other assets		8,900	10,000
Accounts payable		20,000	13,700
Senior notes and other debts payable, net	[2]	118,400	47,100
Liabilities related to consolidated inventory not owned		315,400	247,500
Other liabilities		9,300	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		44,700	49,100
Total liabilities		$ 10,700	$ 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, nor any of its subsidiaries, has any obligations. As of August 31, 2020 , total assets include $960.5 million related to consolidated VIEs of which $21.3 million is included in Homebuilding cash and cash equivalents, $0.1 million in Homebuilding receivables, net, $15.8 million in Homebuilding finished homes and construction in progress, $481.0 million in Homebuilding land and land under development, $386.6 million in Homebuilding consolidated inventory not owned, $2.1 million in Homebuilding investments in unconsolidated entities, $8.9 million in Homebuilding other assets and $44.7 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, nor any of its subsidiaries, has any obligations. As of August 31, 2020 , total liabilities include $473.8 million related to consolidated VIEs as to which there was no recourse against the Company, of which $20.0 million is included in Homebuilding accounts payable, $315.4 million in Homebuilding liabilities related to consolidated inventory not owned, $118.4 million in Homebuilding senior notes and other debts payable, $9.3 million in Homebuilding other liabilities and $10.7 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		9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Revenues:
Revenues	$ 5,870,254	$ 5,857,058	$ 15,662,964	$ 15,288,030
Cost and expenses:
Corporate general and administrative	92,661	92,615	262,959	248,071
Total costs and expenses	4,988,656	5,208,701	13,694,113	13,717,299
Equity in earnings (loss) from unconsolidated entities			(50,971)	12,235
Financial Services gain on deconsolidation			61,418	0
Earnings before income taxes	859,013	667,083	1,959,142	1,545,606
Provision for income taxes	(189,690)	(154,440)	(382,498)	(374,670)
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	669,323	512,643	1,576,644	1,170,936
Less: Net earnings (loss) attributable to noncontrolling interests	2,905	(723)	(5,632)	(3,812)
Net earnings attributable to Lennar	666,418	513,366	1,582,276	1,174,748
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on securities available-for-sale	175	180	(209)	949
Reclassification adjustments for loss included in earnings, net of tax	0	0	(452)	(176)
Total other comprehensive income (loss), net of tax	175	180	(661)	773
Total comprehensive income attributable to Lennar	666,593	513,546	1,581,615	1,175,521
Total comprehensive income (loss) attributable to noncontrolling interests	$ 2,905	$ (723)	$ (5,632)	$ (3,812)
Basic earnings per share (in dollars per share)	$ 2.13	$ 1.60	$ 5.05	$ 3.64
Diluted earnings per share (in dollars per share)	$ 2.12	$ 1.59	$ 5.03	$ 3.63
Homebuilding
Revenues:
Revenues	$ 5,505,120	$ 5,438,998	$ 14,626,720	$ 14,258,318
Cost and expenses:
Cost and expenses	4,673,158	4,781,932	12,684,295	12,608,026
Equity in earnings (loss) from unconsolidated entities	(6,431)	(10,459)	(20,077)	(4,601)
Other income (expense), net	(11,787)	12,375	(16,845)	(35,325)
Financial Services
Revenues:
Revenues	237,068	224,502	631,992	572,029
Cost and expenses:
Cost and expenses	101,989	149,804	363,688	422,142
Financial Services gain on deconsolidation			61,418
Multifamily
Revenues:
Revenues	115,170	183,958	370,904	428,764
Cost and expenses:
Cost and expenses	118,786	181,616	379,607	431,510
Equity in earnings (loss) from unconsolidated entities	(1,532)	7,883	4,702	15,446
Lennar Other
Revenues:
Revenues	12,896	9,600	33,348	28,919
Cost and expenses:
Cost and expenses	2,062	2,734	3,564	7,550
Equity in earnings (loss) from unconsolidated entities	(2,189)	8,903	(28,712)	12,255
Other income (expense), net	(646)	24	(10,195)	(12,900)
Operating Segments | Homebuilding
Revenues:
Revenues	5,505,120	5,438,998	14,626,720	14,258,318
Cost and expenses:
Cost and expenses	4,673,158	4,781,932	12,684,295	12,608,026
Corporate general and administrative	0	0	0	0
Equity in earnings (loss) from unconsolidated entities	(6,431)	(10,459)	(20,077)	(4,601)
Other income (expense), net	(11,787)	12,375	(16,845)	(35,325)
Earnings before income taxes	813,744	658,982	1,905,503	1,610,366
Operating Segments | Financial Services
Revenues:
Revenues	237,068	224,502	631,992	572,029
Cost and expenses:
Cost and expenses	101,989	149,804	363,688	422,142
Corporate general and administrative	0	0	0	0
Financial Services gain on deconsolidation	0	0	61,418	0
Earnings before income taxes	135,079	74,698	329,722	149,887
Operating Segments | Multifamily
Revenues:
Revenues	115,170	183,958	370,904	428,764
Cost and expenses:
Cost and expenses	118,786	181,616	379,607	431,510
Corporate general and administrative	0	0	0	0
Equity in earnings (loss) from unconsolidated entities and other gain	(1,532)	7,883	4,702	15,446
Earnings before income taxes	(5,148)	10,225	(4,001)	12,700
Operating Segments | Lennar Other
Revenues:
Revenues	12,896	9,600	33,348	28,919
Cost and expenses:
Cost and expenses	2,062	2,734	3,564	7,550
Corporate general and administrative	0	0	0	0
Equity in earnings (loss) from unconsolidated entities	(2,189)	8,903	(28,712)	12,255
Other income (expense), net	(646)	24	(10,195)	(12,900)
Earnings before income taxes	$ 7,999	$ 15,793	$ (9,123)	$ 20,724

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019
Cash flows from operating activities:
Net earnings (including net loss attributable to noncontrolling interests)	$ 1,576,644	$ 1,170,936
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	68,771	63,822
Amortization of discount/premium and accretion on debt, net	(18,632)	(19,841)
Equity in loss (earnings) from unconsolidated entities	50,971	(12,235)
Distributions of earnings from unconsolidated entities	39,036	9,175
Share-based compensation expense	83,799	65,438
Deferred income tax expense	124,906	144,969
Gain on sale of other assets, operating properties and equipment and real estate owned	(15,846)	(10,907)
Loss on consolidation	4,824	48,874
Gain on deconsolidation of previously consolidated entity	(61,418)	0
Valuation adjustments and write-offs of option deposits and pre-acquisition costs	76,630	15,912
Changes in assets and liabilities:
Decrease in receivables	264,643	527,990
Decrease (increase) in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs	113,429	(1,610,329)
(Increase) decrease in other assets	(124,641)	48,263
Decrease (increase) in loans held-for-sale	557,757	(14,992)
Increase (decrease) in accounts payable and other liabilities	165,646	(115,549)
Net cash provided by operating activities	2,896,844	298,293
Cash flows from investing activities:
Net additions of operating properties and equipment	(42,856)	(69,557)
Proceeds from the sales of operating properties and equipment and other assets	33,096	58,578
Proceeds from sale of investment in unconsolidated entity	0	17,790
Proceeds from sale of Financial Services' portfolio/businesses	14,978	24,446
Investments in and contributions to unconsolidated entities/deconsolidation of previously consolidated entity	(412,474)	(329,858)
Distributions of capital from unconsolidated entities	135,677	250,265
Receipts of principal payments on loans receivable and other	0	2,152
Proceeds from sale of commercial mortgage-backed securities bonds	3,248	0
Decrease (increase) in Financial Services loans held-for-investment, net	2,427	(2,902)
Purchases of investment securities	(49,293)	(31,879)
Proceeds from maturities/sales of investments securities	46,091	41,608
Other receipts, net	1,639	0
Net cash used in investing activities	(267,467)	(39,357)
Cash flows from financing activities:
Net borrowings (repayments) under credit facilities	(789,339)
Redemption of senior notes	(313,000)	(500,000)
Principal payments on notes payable and other borrowings	(550,256)	(154,736)
Proceeds from other borrowings	70,032	62,634
Net proceeds related to other liabilities	6,559	(2,533)
Conversions, exchanges and redemption of convertible senior notes	0	(1,288)
Receipts related to noncontrolling interests	175,565	27,395
Payments related to noncontrolling interests	(29,450)	(35,689)
Common stock:
Issuances	0	388
Repurchases	(318,989)	(419,322)
Dividends	(117,112)	(38,776)
Net cash used in financing activities	(1,865,990)	(785,050)
Net increase (decrease) in cash and cash equivalents and restricted cash	763,387	(526,114)
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	2,232,078	1,069,864
Homebuilding
Adjustments to reconcile net earnings to net cash provided by operating activities:
Equity in loss (earnings) from unconsolidated entities	20,077	4,601
Financial Services
Adjustments to reconcile net earnings to net cash provided by operating activities:
Gain on deconsolidation of previously consolidated entity	(61,418)
Multifamily
Adjustments to reconcile net earnings to net cash provided by operating activities:
Equity in loss (earnings) from unconsolidated entities	(4,702)	(15,446)
Lennar Other
Adjustments to reconcile net earnings to net cash provided by operating activities:
Equity in loss (earnings) from unconsolidated entities	28,712	(12,255)
Operating Segments
Common stock:
Cash and cash equivalents and restricted cash at end of period	2,232,078	1,069,864
Operating Segments | Homebuilding
Adjustments to reconcile net earnings to net cash provided by operating activities:
Equity in loss (earnings) from unconsolidated entities	20,077	4,601
Common stock:
Cash and cash equivalents and restricted cash at end of period	1,978,755	808,643
Operating Segments | Financial Services
Adjustments to reconcile net earnings to net cash provided by operating activities:
Gain on deconsolidation of previously consolidated entity	(61,418)	0
Gain on sale of Financial Services' portfolio/businesses	(5,014)	(2,368)
Common stock:
Cash and cash equivalents and restricted cash at end of period	228,430	238,406
Consolidation/deconsolidation of unconsolidated/consolidated entities, net:
Assets	217,565	0
Liabilities	(115,175)	0
Noncontrolling interests	(102,390)	0
Operating Segments | Multifamily
Adjustments to reconcile net earnings to net cash provided by operating activities:
Gain on sale of interest in unconsolidated entity and other Multifamily gain	(4,661)	(10,865)
Common stock:
Cash and cash equivalents and restricted cash at end of period	21,591	16,478
Operating Segments | Lennar Other
Adjustments to reconcile net earnings to net cash provided by operating activities:
Equity in loss (earnings) from unconsolidated entities	28,712	(12,255)
Common stock:
Cash and cash equivalents and restricted cash at end of period	3,302	6,337
Operating Segments | Lennar Homebuilding and Lennar Multifamily
Homebuilding and Multifamily:
Purchases of inventories and other assets financed by sellers	117,097	84,624
Non-cash contributions to unconsolidated entities	13,859	107,368
Operating Segments | Segments Other Than Financial Services
Consolidation/deconsolidation of unconsolidated/consolidated entities, net:
Noncontrolling interests	12,323	(8,894)
Inventories	95,476	187,506
Receivables	0	102,959
Operating properties and equipment and other assets	6,870	53,412
Investments in unconsolidated entities	(68,290)	67,925
Notes payable	(44,924)	(383,212)
Other liabilities	(1,455)	(19,696)
Unsecured Revolving Credit Facility
Cash flows from financing activities:
Net borrowings (repayments) under credit facilities	0	700,000
Warehouse Repurchase Facility
Cash flows from financing activities:
Net borrowings (repayments) under credit facilities	$ (789,339)	$ (423,123)

Basis of Presentation

Basis of Presentation	9 Months Ended
	Aug. 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 nine months ended August 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 August 31, 2020 and November 30, 2019 included $396.9 million and $565.8 million , respectively, of cash held in escrow for approximately three days . Share-based Payments During the three and nine months ended August 31, 2020 , the Company granted employees 0.9 million and 1.8 million nonvested shares, respectively. During both the three and nine months ended August 31, 2019 , the Company granted employees 2.1 million 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 implemented internal controls and key system functionality to enable the preparation of financial information. The standard did not have a material impact on our condensed consolidated statements of operations and comprehensive income (loss) or our condensed consolidated statements of cash flows. As a result of the adoption, as of December 1, 2019, the Company has recorded $150.7 million of ROU assets and $159.7 million of lease liabilities on its condensed consolidated balance sheets within other assets and accounts payable or other liabilities of the respective segments. Reclassifications Certain prior year amounts in the condensed consolidated financial statements have been reclassified to conform with the 2020 presentation. The Company's segments were adjusted, effective December 1, 2019, to reflect the North Carolina divisions within the Central segment, which were previously part of the East segment. This was due to a change in operations. This reclassification was between segments and had no impact on the Company's total assets, total equity, revenue or net income in the condensed consolidated financial statements.

Operating and Reporting Segment

Operating and Reporting Segments	9 Months Ended
	Aug. 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) August 31, 2020 Assets: Homebuilding Financial Services Multifamily Lennar Other Total Cash and cash equivalents $ 1,966,796 217,442 21,591 3,302 2,209,131 Restricted cash 11,959 10,988 — — 22,947 Receivables, net (1) 295,958 316,717 86,725 — 699,400 Inventories 17,671,262 — 336,493 — 18,007,755 Loans held-for-sale (2) — 1,087,182 — — 1,087,182 Loans held-for-investment, net — 67,219 — 1,419 68,638 Investments held-to-maturity — 164,588 — — 164,588 Investments available-for-sale (3) — — — 53,770 53,770 Investments in unconsolidated entities (4) 940,695 70,218 656,012 386,247 2,053,172 Goodwill 3,442,359 189,699 — — 3,632,058 Other assets (5) 1,137,137 85,496 83,265 10,746 1,316,644 $ 25,466,166 2,209,549 1,184,086 455,484 29,315,285 Liabilities: Notes and other debts payable, net $ 7,180,274 956,414 — 1,906 8,138,594 Other liabilities (6) 3,409,132 241,433 236,059 9,722 3,896,346 $ 10,589,406 1,197,847 236,059 11,628 12,034,940 (In thousands) November 30, 2019 Assets: Homebuilding Financial Services Multifamily Lennar Other Total Cash and cash equivalents $ 1,200,832 234,113 8,711 2,340 1,445,996 Restricted cash 9,698 12,022 — 975 22,695 Receivables, net (1) 329,124 500,847 76,906 — 906,877 Inventories 17,776,507 — 315,107 — 18,091,614 Loans held-for-sale (2) — 1,644,939 — — 1,644,939 Loans held-for-investment, net — 73,867 — — 73,867 Investments held-to-maturity — 190,289 — 54,117 244,406 Investments available-for-sale (3) — 3,732 48,206 — 51,938 Investments in unconsolidated entities (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 August 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 the disruption in the capital markets as a result of the coronavirus pandemic ("COVID-19") and the economic shutdown. (5) As of August 31, 2020 and November 30, 2019 , Financial Services other assets included mortgage loan commitments carried at fair value of $40.5 million and $16.3 million , respectively, and mortgage servicing rights carried at fair value of $1.4 million and $24.7 million , respectively. (6) As of August 31, 2020 and November 30, 2019 , Financial Services other liabilities included $67.3 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 August 31, 2020 and November 30, 2019 , Financial Services other liabilities also included forward contracts carried at fair value of $4.9 million and $3.9 million , respectively. Financial information relating to the Company’s segments was as follows: Three Months Ended August 31, 2020 (In thousands) Homebuilding Financial Services Multifamily Lennar Other Corporate and unallocated Total Revenues $ 5,505,120 237,068 115,170 12,896 — 5,870,254 Operating earnings (loss) 813,744 135,079 (5,148 ) 7,999 — 951,674 Corporate general and administrative expenses — — — — 92,661 92,661 Earnings (loss) before income taxes 813,744 135,079 (5,148 ) 7,999 (92,661 ) 859,013 Three Months Ended August 31, 2019 Revenues $ 5,438,998 224,502 183,958 9,600 — 5,857,058 Operating earnings 658,982 74,698 10,225 15,793 — 759,698 Corporate general and administrative expenses — — — — 92,615 92,615 Earnings before income taxes 658,982 74,698 10,225 15,793 (92,615 ) 667,083 Nine Months Ended August 31, 2020 (In thousands) Homebuilding Financial Services Multifamily Lennar Other Corporate and unallocated Total Revenues $ 14,626,720 631,992 370,904 33,348 — 15,662,964 Operating earnings (loss) (1) 1,905,503 329,722 (4,001 ) (9,123 ) — 2,222,101 Corporate general and administrative expenses — — — — 262,959 262,959 Earnings (loss) before income taxes 1,905,503 329,722 (4,001 ) (9,123 ) (262,959 ) 1,959,142 Nine Months Ended August 31, 2019 Revenues $ 14,258,318 572,029 428,764 28,919 — 15,288,030 Operating earnings 1,610,366 149,887 12,700 20,724 — 1,793,677 Corporate general and administrative expenses — — — — 248,071 248,071 Earnings before income taxes 1,610,366 149,887 12,700 20,724 (248,071 ) 1,545,606 (1) Operating loss for Lennar Other for the nine months ended August 31, 2020 included a $25.0 million write-down of assets held by Rialto legacy funds because of the disruption in the capital markets as a result of COVID-19 and the economic shutdown. 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, Pennsylvania and South Carolina Central: Georgia, Illinois, Indiana, Maryland, Minnesota, North Carolina 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 August 31, 2020 $ 5,586,328 3,494,566 2,204,192 10,800,281 1,257,126 2,123,673 25,466,166 Balance at November 30, 2019 5,804,764 3,636,694 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 August 31, 2020 (In thousands) East Central Texas West Other Total Homebuilding Revenues $ 1,478,659 1,063,621 747,934 2,212,211 2,695 5,505,120 Operating earnings (loss) 244,189 132,678 116,111 342,834 (22,068 ) 813,744 Three Months Ended August 31, 2019 Revenues $ 1,502,004 1,066,418 713,376 2,063,324 93,876 5,438,998 Operating earnings (loss) 219,335 116,589 78,298 259,424 (14,664 ) 658,982 Nine Months Ended August 31, 2020 (In thousands) East Central Texas West Other Total Homebuilding Revenues $ 3,908,421 2,839,415 1,933,918 5,920,804 24,162 14,626,720 Operating earnings (loss) 586,104 292,031 269,071 847,835 (89,538 ) 1,905,503 Nine Months Ended August 31, 2019 Revenues $ 3,837,673 2,743,757 1,825,105 5,747,243 104,540 14,258,318 Operating earnings (loss) 503,803 264,238 185,950 722,989 (66,614 ) 1,610,366 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 residential loans it originates within a short period of time in the secondary mortgage market. The segment applies residential mortgage financing underwriting standards it believes are in-line with industry standards. The majority of the residential loans 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 August 31, 2020 , the Financial Services warehouse facilities were all 364 -day repurchase facilities and were used to fund residential mortgages or commercial mortgages for LMF Commercial as follows: (In thousands) Maximum Aggregate Commitment Residential facilities maturing: January 2021 $ 500,000 March 2021 300,000 June 2021 600,000 July 2021 200,000 Total - Residential facilities $ 1,600,000 LMF Commercial facilities maturing November 2020 $ 200,000 December 2020 (1) 700,000 Total - LMF Commercial facilities $ 900,000 Total $ 2,500,000 (1) 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 August 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) August 31, 2020 November 30, 2019 Borrowings under the residential facilities $ 699,016 1,374,063 Collateral under the residential facilities 727,319 1,423,650 Borrowings under the LMF Commercial facilities 103,667 216,870 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 Nine Months Ended August 31, August 31, (In thousands) 2020 2019 2020 2019 Loan origination liabilities, beginning of period $ 10,880 7,424 9,364 48,584 Provision for losses 1,234 1,006 3,149 2,593 Payments/settlements (24 ) (109 ) (423 ) (42,856 ) Loan origination liabilities, end of period $ 12,090 8,321 12,090 8,321 LMF Commercial - loans held-for-sale During the nine months ended August 31, 2020 , LMF Commercial originated commercial loans with a total principal balance of $582.0 million , all of which were recorded as loans held-for-sale and sold $622.3 million of commercial loans into four separate securitizations. As of August 31, 2020 , there were no unsettled transactions. During the nine months ended August 31, 2019 , LMF Commercial originated commercial loans with a total principal balance of $984.5 million , of which $969.2 million were recorded as loans held-for-sale, $15.3 million were recorded as loans held-for-investments, and sold $848.3 million of commercial loans into seven separate securitizations. Investments held-to-maturity At August 31, 2020 and November 30, 2019 , the carrying value of Financial Services' commercial mortgage-backed securities ("CMBS") was $164.6 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 nine months ended August 31, 2020 or 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 August 31, 2020 and November 30, 2019 , the carrying amount, net of debt issuance costs, of outstanding debt in these agreements was $153.7 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	9 Months Ended
	Aug. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities Homebuilding Unconsolidated Entities As of August 31, 2020 and November 30, 2019 , the Company’s recorded investments in Homebuilding unconsolidated entities were $940.7 million and $1.0 billion , respectively, while the underlying equity in Homebuilding unconsolidated entities partners’ net assets as of August 31, 2020 and November 30, 2019 was $1.2 billion and $1.3 billion , respectively. 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 August 31, 2020 and November 30, 2019 , the carrying amounts of the Company's FivePoint investment were $376.4 million and $374.0 million , respectively. The total debt of the Homebuilding unconsolidated entities in which the Company has investments was $1.1 billion as of both August 31, 2020 and November 30, 2019 , of which the Company's maximum recourse exposure was $4.9 million and $10.8 million as of August 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 August 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 August 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 August 31, 2020 and November 30, 2019 , the fair value of the completion guarantees was immaterial. As of August 31, 2020 and November 30, 2019 , Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $933.2 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 nine months ended August 31, 2020 , the Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $14.1 million and $42.5 million , respectively. During the three and nine months ended August 31, 2019 , the Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $14.3 million and $40.7 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 nine months ended August 31, 2020 , the Multifamily segment provided general contractor services, net of deferrals, totaling $101.1 million and $299.5 million , respectively, which were partially offset by costs related to those services of $97.2 million and $287.6 million , respectively. During the three and nine months ended August 31, 2019 , the Multifamily segment provided general contractor services, net of deferrals, totaling $83.2 million and $264.8 million , respectively, which were partially offset by costs related to those services of $79.9 million and $254.5 million , respectively. The Multifamily segment includes Multifamily Venture Fund I (the "LMV I") and Multifamily Venture Fund II LP (the "LMV II"), which are long-term multifamily development investment vehicles involved in the development, construction and property management of class-A multifamily assets. Details of each as of and during the nine months ended August 31, 2020 are included below: August 31, 2020 (In thousands) LMV I LMV II Lennar's carrying value of investments $ 348,561 250,777 Equity commitments 2,204,016 1,257,700 Equity commitments called 2,137,746 861,508 Lennar's equity commitments 504,016 381,000 Lennar's equity commitments called 496,082 259,886 Lennar's remaining commitments 7,934 121,114 Distributions to Lennar during the nine months ended August 31, 2020 23,822 —

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Aug. 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 nine months ended August 31, 2020 and 2019 : Three Months Ended August 31, 2020 (In thousands) Total Equity Class A Class B Additional Treasury Stock Accumulated Other Comprehensive Income (Loss) Retained Earnings Noncontrolling Interests Balance at May 31, 2020 $ 16,632,624 29,804 3,944 8,630,442 (1,253,863 ) (338 ) 9,132,714 89,921 Net earnings (including net earnings attributable to noncontrolling interests) 669,323 — — — — — 666,418 2,905 Employee stock and directors plans (22,843 ) 90 — (105 ) (22,828 ) — — — Amortization of restricted stock 28,658 — — 28,658 — — — — Cash dividends (38,967 ) — — — — — (38,967 ) — Receipts related to noncontrolling interests 6,504 — — — — — — 6,504 Payments related to noncontrolling interests (7,949 ) — — — — — — (7,949 ) Non-cash purchase or activity of noncontrolling interests, net (4,259 ) — — (4,041 ) — — — (218 ) Non-cash consolidations/deconsolidations, net 17,079 — — — — — — 17,079 Total other comprehensive income, net of tax 175 — — — — 175 — — Balance at August 31, 2020 $ 17,280,345 29,894 3,944 8,654,954 (1,276,691 ) (163 ) 9,760,165 108,242 Three Months Ended August 31, 2019 (In thousands) Total Equity Class A Class B Additional Treasury Stock Accumulated Other Comprehensive Income) Retained Earnings Noncontrolling Interests Balance at May 31, 2019 $ 15,246,535 29,503 3,944 8,529,828 (537,106 ) 227 7,132,908 87,231 Net earnings (including net loss attributable to noncontrolling interests) 512,643 — — — — — 513,366 (723 ) Employee stock and directors plans (22,359 ) 206 — (400 ) (22,165 ) — — — Purchases of treasury stock (295,930 ) — — — (295,930 ) — — — Amortization of restricted stock 34,048 — — 34,048 — — — — Cash dividends (12,899 ) — — — — — — (12,899 ) — Receipts related to noncontrolling interests 18,458 — — — — — — 18,458 Payments related to noncontrolling interests (12,372 ) — — — — — — (12,372 ) Non-cash activity related to noncontrolling interests (2,357 ) — — (3,772 ) — — — 1,415 Total other comprehensive income, net of tax 180 — — — — 180 — — Balance at August 31, 2019 $ 15,465,947 29,709 3,944 8,559,704 (855,201 ) 407 7,633,375 94,009 Nine Months Ended August 31, 2020 (In thousands) Total Equity Class A Class B Additional Treasury Stock Accumulated Other Comprehensive Income (Loss) Retained Earnings Noncontrolling Interests Balance at November 30, 2019 $ 16,033,830 29,712 3,944 8,578,219 (957,857 ) 498 8,295,001 84,313 Net earnings (including net loss attributable to noncontrolling interests) 1,576,644 — — — — — 1,582,276 (5,632 ) Employee stock and directors plans (29,616 ) 182 — 521 (30,319 ) — — — Purchases of treasury stock (288,515 ) — — — (288,515 ) — — — Amortization of restricted stock 83,799 — — 83,799 — — — — Cash dividends (117,112 ) — — — — — — (117,112 ) — Receipts related to noncontrolling interests 175,565 — — — — — — 175,565 Payments related to noncontrolling interests (29,450 ) — — — — — — (29,450 ) Non-cash purchase or activity of noncontrolling interests, net (9,427 ) — — (7,585 ) — — — (1,842 ) Non-cash consolidations/deconsolidations, net (114,712 ) — — — — — — (114,712 ) Total other comprehensive loss, net of tax (661 ) — — — — (661 ) — — Balance at August 31, 2020 $ 17,280,345 29,894 3,944 8,654,954 (1,276,691 ) (163 ) 9,760,165 108,242 Nine Months Ended August 31, 2019 (In thousands) Total Equity Class A Class B Additional Treasury Stock Accumulated Other Comprehensive Income (Loss) Retained Earnings Noncontrolling Interests Balance at November 30, 2018 $ 14,682,957 29,499 3,944 8,496,677 (435,869 ) (366 ) 6,487,650 101,422 Net earnings (including net loss attributable to noncontrolling interests) 1,170,936 — — — — — 1,174,748 (3,812 ) Employee stock and directors plans (23,050 ) 210 — 1,361 (24,621 ) — — — Purchases of treasury stock (394,711 ) — — — (394,711 ) — — — Amortization of restricted stock 65,438 — — 65,438 — — — — Cash dividends (38,776 ) — — — — — — (38,776 ) — Receipts related to noncontrolling interests 27,395 — — — — — — 27,395 Payments related to noncontrolling interests (35,689 ) — — — — — — (35,689 ) Non-cash consolidations, net 8,894 — — — — — — 8,894 Cumulative-effect of accounting change 9,753 — — — — — 9,753 — Non cash activity related to noncontrolling interests (7,973 ) — — (3,772 ) — — — (4,201 ) Total other comprehensive income, net of tax 773 — — — — 773 — — Balance at August 31, 2019 $ 15,465,947 29,709 3,944 8,559,704 (855,201 ) 407 7,633,375 94,009 On October 1, 2020, the Company's Board of Directors increased its annual dividend to $1.00 per share from $0.50 per share resulting in a quarterly cash dividend of $0.25 per share on both its Class A and Class B common stock, payable on October 30, 2020 to holders of record at the close of business on October 16, 2020. On July 24, 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 July 10, 2020, as declared by its Board of Directors on June 25, 2020. The Company approved and paid cash dividends of $0.04 per share on both its Class A and Class B common stock in each quarter for the year ended November 30, 2019. In January 2019, the Company's Board of Directors authorized the repurchase of up to the lesser of $1 billion in value, excluding commissions, or 25 million in shares, of the Company's outstanding Class A and Class B common stock. The repurchase has no expiration date. The following table represents the repurchase of the Company's Class A and Class B common stocks, under this program, for the three and nine months ended August 31, 2020 and 2019 : Three Months Ended Nine Months Ended August 31, 2020 August 31, 2019 August 31, 2020 August 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 — — 6,110,000 — 4,250,000 115,000 8,110,000 — Principal $ — $ — $ 295,930 $ — $ 282,274 $ 6,155 $ 394,710 $ — Average price per share $ — $ — $ 48.41 $ — $ 66.42 $ 53.52 $ 48.65 $ —

Income Taxes

Income Taxes	9 Months Ended
	Aug. 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 Nine Months Ended August 31, August 31, (Dollars in thousands) 2020 2019 2020 2019 Provision for income taxes $189,690 154,440 382,498 374,670 Effective tax rate (1) 22.2 % 23.1 % 19.5 % 24.2 % (1) For both the three and nine months ended August 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, as well as 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	9 Months Ended
	Aug. 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 Nine Months Ended August 31, August 31, (In thousands, except per share amounts) 2020 2019 2020 2019 Numerator: Net earnings attributable to Lennar $ 666,418 513,366 1,582,276 1,174,748 Less: distributed earnings allocated to nonvested shares 324 119 1,014 312 Less: undistributed earnings allocated to nonvested shares 7,474 4,401 17,433 9,271 Numerator for basic earnings per share 658,620 508,846 1,563,829 1,165,165 Less: net amount attributable to Rialto's Carried Interest Incentive Plan (1) 3,606 1,498 6,928 4,655 Numerator for diluted earnings per share $ 655,014 507,348 1,556,901 1,160,510 Denominator: Denominator for basic earnings per share - weighted average common shares outstanding 308,889 318,103 309,492 319,924 Effect of dilutive securities: Shared based payments 1 1 1 3 Denominator for diluted earnings per share - weighted average common shares outstanding 308,890 318,104 309,493 319,927 Basic earnings per share $ 2.13 1.60 5.05 3.64 Diluted earnings per share $ 2.12 1.59 5.03 3.63 (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 nine months ended August 31, 2020 and August 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	9 Months Ended
	Aug. 31, 2020
Debt Disclosure [Abstract]
Homebuilding Senior Notes and Other Debts Payable	Homebuilding Senior Notes and Other Debts Payable (Dollars in thousands) August 31, November 30, 2.95% senior notes due 2020 $ 299,857 299,421 8.375% senior notes due 2021 393,135 418,860 4.750% senior notes due 2021 499,479 498,893 6.25% senior notes due December 2021 306,479 310,252 4.125% senior notes due 2022 598,628 597,885 5.375% senior notes due 2022 256,056 258,198 4.750% senior notes due 2022 572,345 571,644 4.875% senior notes due December 2023 397,250 396,553 4.500% senior notes due 2024 647,347 646,802 5.875% senior notes due 2024 444,653 448,158 4.750% senior notes due 2025 497,891 497,558 5.25% senior notes due 2026 407,012 407,921 5.00% senior notes due 2027 352,604 352,892 4.75% senior notes due 2027 894,573 893,046 6.625% senior notes due 2020 — 303,668 Mortgage notes on land and other debt 612,965 874,887 $ 7,180,274 7,776,638 The carrying amounts of the senior notes in the table above are net of debt issuance costs of $17.9 million and $22.9 million as of August 31, 2020 and November 30, 2019 , respectively. At August 31, 2020 , the Company had an unsecured revolving credit facility (the "Credit Facility") with maximum borrowings of $2.4 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 Agreement, which involves adjustments to GAAP financial measures. The Company believes it was in compliance with its debt covenants at August 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 August 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. The Company's outstanding letters of credit and surety bonds are described below: (In thousands) August 31, November 30, Performance letters of credit $ 770,527 715,793 Financial letters of credit 258,703 184,075 Surety bonds 3,041,946 2,946,167 Anticipated future costs primarily for site improvements related to performance surety bonds 1,498,173 1,427,145 The Company's senior notes are guaranteed by substantially all of the Company's 100% owned homebuilding subsidiaries and some of the Company's other subsidiaries. Although the guarantees are full, unconditional and joint and several while they are in effect, (i) a subsidiary will cease to be a guarantor at any time when it is not directly or indirectly guaranteeing at least $75 million of debt of Lennar Corporation (the parent company), and (ii) a subsidiary will be released from its guarantee and any other obligations it may have regarding the senior notes if all or substantially all its assets, or all of its capital stock, are sold or otherwise disposed of.

Product Warranty

Product Warranty	9 Months Ended
	Aug. 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 Nine Months Ended August 31, August 31, (In thousands) 2020 2019 2020 2019 Warranty reserve, beginning of the period $ 301,462 291,624 294,138 319,109 Warranties issued 50,324 49,603 134,867 131,429 Adjustments to pre-existing warranties from changes in estimates (1) 3,640 1,097 17,251 (6,426 ) Payments (36,677 ) (51,808 ) (127,507 ) (153,596 ) Warranty reserve, end of period $ 318,749 290,516 318,749 290,516 (1) The adjustments to pre-existing warranties from changes in estimates during the three and nine months ended August 31, 2020 and 2019 primarily related to specific claims in certain of the Company's homebuilding communities and other adjustments.

Financial Instruments and Fair

Financial Instruments and Fair Value Disclosures	9 Months Ended
	Aug. 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 August 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. August 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 $ 67,219 64,377 73,867 69,708 Investments held-to-maturity Level 3 $ 164,588 196,246 166,012 195,962 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 $ 7,180,274 7,670,550 7,776,638 8,144,632 Financial Services notes and other debts payable, net Level 2 $ 956,414 957,832 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 $ 1,906 1,906 15,178 15,178 The following methods and assumptions are used by the Company in estimating fair values: Financial Services —The fair values above are based on quoted market prices, if available. The fair values for instruments that do not have quoted market prices are estimated by the Company on the basis of discounted cash flows or other financial information. For notes and other debts payable, the fair values approximate their carrying value due to variable interest pricing terms and the short-term nature of the majority of the borrowings. Homebuilding —For senior notes and other debts payable, the fair value of fixed-rate borrowings is primarily based on quoted market prices and the fair value of variable-rate borrowings is based on expected future cash flows calculated using current market forward rates. Multifamily —For notes payable, the fair values approximate their carrying value due to variable interest pricing terms and the short-term nature of the borrowings. Lennar Other —The fair value for investments held-to-maturity is based on discounted cash flow. For notes payable, the fair values approximate their carrying value due to variable interest pricing terms and the short-term nature of the borrowings. Fair Value Measurements: GAAP provides a framework for measuring fair value, expands disclosures about fair value measurements and establishes a fair value hierarchy which prioritizes the inputs used in measuring fair value summarized as follows: Level 1: Fair value determined based on quoted prices in active markets for identical assets. Level 2: Fair value determined using significant other observable inputs. Level 3: Fair value determined using significant unobservable inputs. The Company’s financial instruments measured at fair value on a recurring basis are summarized below: (In thousands) Fair Value Hierarchy Fair Value at Fair Value at Financial Services Assets: Residential loans held-for-sale (1) Level 2 $ 930,151 1,447,715 LMF Commercial loans held-for-sale (2) Level 3 $ 157,031 197,224 Mortgage servicing rights Level 3 $ 1,356 24,679 Lennar Other: Investments available-for-sale Level 3 $ 53,770 — (1) The aggregate fair value of residential loans held-for-sale of $930.2 million at August 31, 2020 exceeded their aggregate principal balance of $887.9 million by $42.2 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 $157.0 million at August 31, 2020 exceeded their aggregate principal balance of $155.5 million by $1.6 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 August 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 August 31, 2020 Unobservable inputs Mortgage prepayment rate 17% Discount rate 12% 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 Nine Months Ended August 31, August 31, (In thousands) 2020 2019 2020 2019 Changes in fair value included in Financial Services revenues: Loans held-for-sale $ 2,229 (2,490 ) 6 397 Mortgage loan commitments (4,534 ) 646 24,177 9,498 Forward contracts (205 ) 1,646 (1,088 ) 734 Changes in fair value included in other comprehensive income (loss), net of tax: Lennar Other investments available-for-sale 175 — (163 ) — Financial Services investments available-for-sale — 180 (46 ) 949 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 August 31, 2020 August 31, 2019 (In thousands) Mortgage servicing rights LMF Commercial loans held-for-sale Mortgage servicing rights LMF Commercial loans held-for-sale Beginning balance $ 1,238 159,885 29,419 259,599 Purchases/loan originations 563 164,380 449 263,888 Sales/loan originations sold, including those not settled — (164,527 ) — (347,713 ) Disposals/settlements (34 ) — (1,544 ) — Changes in fair value (1) (411 ) (1,165 ) (5,252 ) 3,502 Interest and principal paydowns — (1,542 ) — (572 ) Ending balance $ 1,356 157,031 23,072 178,704 Nine Months Ended August 31, 2020 August 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 1,917 582,030 2,707 969,200 Sales/loan originations sold, including those not settled — (622,251 ) — (848,262 ) Disposals/settlements (2) (10,231 ) — (3,830 ) (9,920 ) Changes in fair value (1) (15,009 ) 2,102 (13,011 ) 6,825 Interest and principal paydowns — (2,074 ) — (830 ) Ending balance $ 1,356 157,031 23,072 178,704 (1) Changes in fair value for LMF Commercial loans held-for-sale and Financial Services mortgage servicing rights are included in Financial Services' revenues. (2) Includes $7.5 million related to the sale of a servicing portfolio. 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 August 31, 2020 August 31, 2019 (In thousands) Fair Value Hierarchy Carrying Value Fair Value Total Losses, Net (1) Carrying Value Fair Value Total Losses, Net (1) Non-financial assets Homebuilding: Finished homes and construction in progress (1) Level 3 $ 20,650 18,089 (2,561 ) 4,922 4,142 (780 ) Land and land under development (1) Level 3 $ 21,621 12,650 (8,971 ) 1,300 85 (1,215 ) Nine Months Ended August 31, 2020 August 31, 2019 (In thousands) Fair Value Hierarchy Carrying Value Fair Value Total Losses, Net (1) Carrying Value Fair Value Total Losses, Net (1) Non-financial assets Homebuilding: Finished homes and construction in progress (1) Level 3 $ 162,459 138,493 (23,966 ) 4,922 4,142 (780 ) Land and land under development (1) Level 3 $ 86,683 34,019 (52,664 ) 8,253 3,085 (5,168 ) (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 August 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 August 31, 2020 and August 31, 2019 , there were 1,194 and 1,295 active communities, excluding unconsolidated entities, respectively. The table below summarizes communities reviewed for indicators of impairment and communities with valuation adjustments recorded: Communities with valuation adjustments # of communities with potential indicator of impairment # of communities Fair Value (in thousands) Valuation Adjustments (in thousands) At or for the Nine Months Ended August 31, 2020 28 14 $ 76,115 $ 40,364 August 31, 2019 47 1 4,226 1,995 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: Nine Months Ended August 31, 2020 August 31, 2019 Unobservable inputs Range Average selling price $ 201,000 - $ 970,000 $ 167,000 Absorption rate per quarter (homes) 3 - 15 12 Discount rate 20% 20%

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Aug. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities The Company evaluated the joint venture ("JV") agreements of its JV's that were formed or that had reconsideration events, such as changes in the governing documents or to debt arrangements during the nine months ended August 31, 2020 . Based on the Company's evaluation, the Company consolidated one Homebuilding entity and one Multifamily entity that had a total assets and liabilities of $140.0 million and $51.2 million and $49.4 million and $0.9 million , respectively. The Company 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 was included in Financial Services investments in unconsolidated entities at the time of deconsolidation. 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 August 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: August 31, 2020 November 30, 2019 (In thousands) Investments in Unconsolidated VIEs Lennar’s Maximum Exposure to Loss (1) Investments in Lennar’s Maximum Homebuilding $ 85,733 85,914 80,939 81,118 Multifamily (2) 608,911 755,394 533,018 768,651 Financial Services (3) 234,806 287,614 166,012 166,012 Lennar Other 7,152 7,152 60,882 60,882 $ 936,602 1,136,074 840,851 1,076,663 (1) Limited to investments in unconsolidated VIEs, except as noted below. (2) As of August 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 $129.0 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 August 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 nine months ended August 31, 2020 , consolidated inventory not owned increased by $82.4 million with a corresponding increase to liabilities related to consolidated inventory not owned in the accompanying condensed consolidated balance sheet as of August 31, 2020 . The increase was primarily related to the Company entering into option contracts, which required consolidation during the period, partially offset by the Company exercising its options to acquire land under previously consolidated contracts. To reflect the purchase price of the inventory consolidated, the Company had a net reclass related to option deposits from consolidated inventory not owned to land under development in the accompanying condensed consolidated balance sheet as of August 31, 2020 . The liabilities related to consolidated inventory not owned primarily represent the difference between the option exercise prices for the optioned land and the Company’s cash deposits. The Company’s exposure to losses related to its option contracts with third parties and unconsolidated entities consisted of its non-refundable option deposits and pre-acquisition costs totaling $325.4 million and $320.5 million at August 31, 2020 and November 30, 2019 , respectively. Additionally, the Company had posted $76.8 million and $75.0 million of letters of credit in lieu of cash deposits under certain land and option contracts as of August 31, 2020 and November 30, 2019 , respectively. As a result of the COVID-19 pandemic, the Company reviewed its option contracts as of August 31, 2020 and had no write-offs of costs related to option contracts because of the COVID-19 pandemic during the nine months ended August 31, 2020

Commitments and Contingent Liab

Commitments and Contingent Liabilities	9 Months Ended
	Aug. 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. From time to time, 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 right-of-use lease liabilities are recorded on the balance sheet for all leases, except leases with an initial term of 12 months or less. Many of the Company's leases include options to renew. The exercise of lease renewal options is at the Company's option and therefore renewal option payments have not been included in the ROU assets or lease liabilities. The following table includes additional information about the Company's leases: (Dollars in thousands) August 31, 2020 Right-of-use assets $ 121,728 Lease liabilities $ 131,325 Weighted-average remaining lease term (in years) 2.7 Weighted-average discount rate 3.1 % The Company has entered into agreements to lease certain office facilities and equipment under operating leases. Future minimum payments under the noncancellable leases in effect at August 31, 2020 were as follows: (Dollars in thousands) Lease Payments 2020 $ 8,897 2021 36,049 2022 28,843 2023 21,804 2024 15,853 2025 and thereafter 30,861 Total future minimum lease payments (1) $ 142,307 Less: Interest (2) 10,982 Present value of lease liabilities (2) $ 131,325 (1) Total future minimum lease payments exclude variable lease costs of $12.7 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 August 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. As of August 31, 2020 , the weighted average remaining lease term and weighted average discount rate used in calculating the lease liabilities were 2.7 years and 3.1% , respectively. The Company recognized the lease liabilities on its condensed consolidated balance sheets within accounts payable or other liabilities of the respective segments. Rental expense for the nine months ended August 31, 2020 , was $62.6 million . Payments on lease liabilities during the nine months ended August 31, 2020 totaled $40.4 million . Rental expense includes costs for all leases. On occasion, the Company may sublease rented space which is no longer used for the Company's operations. For the nine months ended August 31, 2020 , the Company had an immaterial amount of sublease income.

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Aug. 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. While the Company is continuing to evaluate the impact of the adoption of ASU 2016-13, the Company does not expect the adoption to have a material impact 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	9 Months Ended
	Aug. 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 August 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 August 31, 2020 was as follows: Condensed Consolidating Balance Sheet August 31, 2020 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total ASSETS Homebuilding: Cash and cash equivalents, restricted cash and receivables, net $ 1,645,161 602,845 26,707 — 2,274,713 Inventories — 17,174,841 496,421 — 17,671,262 Investments in unconsolidated entities — 938,584 2,111 — 940,695 Goodwill — 3,442,359 — — 3,442,359 Other assets 397,033 413,928 362,541 (36,365 ) 1,137,137 Investments in subsidiaries 10,166,689 43,534 — (10,210,223 ) — Intercompany 12,272,981 — — (12,272,981 ) — 24,481,864 22,616,091 887,780 (22,519,569 ) 25,466,166 Financial Services — 287,907 1,923,928 (2,286 ) 2,209,549 Multifamily — — 1,184,086 — 1,184,086 Lennar Other — 193,874 282,728 (21,118 ) 455,484 Total assets $ 24,481,864 23,097,872 4,278,522 (22,542,973 ) 29,315,285 LIABILITIES AND EQUITY Homebuilding: Accounts payable and other liabilities $ 773,363 2,033,906 337,088 (59,769 ) 3,084,588 Liabilities related to consolidated inventory not owned — 324,544 — 324,544 Senior notes and other debts payable 6,536,398 525,482 118,394 7,180,274 Intercompany — 9,924,870 2,348,111 (12,272,981 ) — 7,309,761 12,808,802 2,803,593 (12,332,750 ) 10,589,406 Financial Services — 30,921 1,166,926 — 1,197,847 Multifamily — — 236,059 — 236,059 Lennar Other — — 11,628 — 11,628 Total liabilities 7,309,761 12,839,723 4,218,206 (12,332,750 ) 12,034,940 Total stockholders’ equity 17,172,103 10,258,149 (47,926 ) (10,210,223 ) 17,172,103 Noncontrolling interests — — 108,242 — 108,242 Total equity 17,172,103 10,258,149 60,316 (10,210,223 ) 17,280,345 Total liabilities and equity $ 24,481,864 23,097,872 4,278,522 (22,542,973 ) 29,315,285 Condensed Consolidating Balance Sheet November 30, 2019 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total ASSETS Homebuilding: Cash and cash equivalents, restricted cash and receivables, net $ 722,172 794,588 22,894 — 1,539,654 Inventories — 17,396,139 380,368 — 17,776,507 Investments in unconsolidated entities — 1,006,541 2,494 — 1,009,035 Goodwill — 3,442,359 — — 3,442,359 Other assets 344,941 500,356 217,607 (41,220 ) 1,021,684 Investments in subsidiaries 10,453,165 26,773 — (10,479,938 ) — Intercompany 12,027,996 — — (12,027,996 ) — 23,548,274 23,166,756 623,363 (22,549,154 ) 24,789,239 Financial Services — 275,812 2,731,285 (1,073 ) 3,006,024 Multifamily — — 1,068,831 — 1,068,831 Lennar Other — 158,194 339,988 (2,765 ) 495,417 Total assets $ 23,548,274 23,600,762 4,763,467 (22,552,992 ) 29,359,511 LIABILITIES AND EQUITY Homebuilding: Accounts payable and other liabilities $ 760,981 1,935,366 318,845 (45,058 ) 2,970,134 Liabilities related to consolidated inventory not owned — 260,266 — — 260,266 Senior notes and other debts payable 6,837,776 885,783 53,079 — 7,776,638 Intercompany — 10,122,374 1,905,622 (12,027,996 ) — 7,598,757 13,203,789 2,277,546 (12,073,054 ) 11,007,038 Financial Services — 40,235 2,016,215 — 2,056,450 Multifamily — — 232,155 — 232,155 Lennar Other — — 30,038 — 30,038 Total liabilities 7,598,757 13,244,024 4,555,954 (12,073,054 ) 13,325,681 Total stockholders’ equity 15,949,517 10,356,738 123,200 (10,479,938 ) 15,949,517 Noncontrolling interests — — 84,313 — 84,313 Total equity 15,949,517 10,356,738 207,513 (10,479,938 ) 16,033,830 Total liabilities and equity $ 23,548,274 23,600,762 4,763,467 (22,552,992 ) 29,359,511 Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended August 31, 2020 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Homebuilding $ — 5,493,155 11,965 — 5,505,120 Financial Services — 40,163 202,882 (5,977 ) 237,068 Multifamily — — 115,170 — 115,170 Lennar Other — — 12,896 — 12,896 Total revenues — 5,533,318 342,913 (5,977 ) 5,870,254 Cost and expenses: Homebuilding — 4,659,970 13,424 (236 ) 4,673,158 Financial Services — 19,262 89,414 (6,687 ) 101,989 Multifamily — — 118,786 — 118,786 Lennar Other — 232 1,830 — 2,062 Corporate general and administrative 88,977 2,419 — 1,265 92,661 Total costs and expenses 88,977 4,681,883 223,454 (5,658 ) 4,988,656 Homebuilding equity in earnings (loss) from unconsolidated entities — (6,557 ) 126 — (6,431 ) Homebuilding other income (expense), net (319 ) (12,722 ) 935 319 (11,787 ) Multifamily equity in loss from unconsolidated entities and other gain — — (1,532 ) — (1,532 ) Lennar Other equity in earnings (loss) from unconsolidated entities — (4,145 ) 1,956 — (2,189 ) Lennar Other income (expense), net — 437 (1,083 ) — (646 ) Earnings (loss) before income taxes (89,296 ) 828,448 119,861 — 859,013 Benefit (provision) for income taxes 20,823 (182,045 ) (28,468 ) — (189,690 ) Equity in earnings from subsidiaries 734,891 81,609 — (816,500 ) — Net earnings (including net earnings attributable to noncontrolling interests) 666,418 728,012 91,393 (816,500 ) 669,323 Less: Net earnings attributable to noncontrolling interests — — 2,905 — 2,905 Net earnings attributable to Lennar $ 666,418 728,012 88,488 (816,500 ) 666,418 Other comprehensive income, net of tax: Net unrealized gain on securities available-for-sale $ — — 175 — 175 Total other comprehensive income, net of tax $ — — 175 — 175 Total comprehensive income attributable to Lennar $ 666,418 728,012 88,663 (816,500 ) 666,593 Total comprehensive income attributable to noncontrolling interests $ — — 2,905 — 2,905 Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended August 31, 2019 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Homebuilding $ — 5,413,602 25,396 — 5,438,998 Financial Services — 36,409 192,960 (4,867 ) 224,502 Multifamily — — 183,958 — 183,958 Lennar Other — — 9,600 — 9,600 Total revenues — 5,450,011 411,914 (4,867 ) 5,857,058 Cost and expenses: Homebuilding — 4,758,852 24,009 (929 ) 4,781,932 Financial Services — 17,707 137,148 (5,051 ) 149,804 Multifamily — — 181,616 — 181,616 Lennar Other — — 2,734 — 2,734 Corporate general and administrative 86,846 4,503 — 1,266 92,615 Total costs and expenses 86,846 4,781,062 345,507 (4,714 ) 5,208,701 Homebuilding equity in loss from unconsolidated entities — (10,455 ) (4 ) — (10,459 ) Homebuilding other income (expense), net (153 ) 7,101 5,274 153 12,375 Multifamily equity in earnings from unconsolidated entities and other gain — — 7,883 — 7,883 Lennar Other equity in earnings from unconsolidated entities — 561 8,342 — 8,903 Lennar Other income, net — — 24 — 24 Earnings (loss) before income taxes (86,999 ) 666,156 87,926 — 667,083 Benefit (provision) for income taxes 19,816 (151,808 ) (22,448 ) — (154,440 ) Equity in earnings from subsidiaries 580,549 42,876 — (623,425 ) — Net earnings (including net loss attributable to noncontrolling interests) 513,366 557,224 65,478 (623,425 ) 512,643 Less: Net loss attributable to noncontrolling interests — — (723 ) — (723 ) Net earnings attributable to Lennar $ 513,366 557,224 66,201 (623,425 ) 513,366 Other comprehensive income, net of tax: Net unrealized gain on securities available-for-sale $ — — 180 — 180 Total other comprehensive income, net of tax $ — — 180 — 180 Total comprehensive income attributable to Lennar $ 513,366 557,224 66,381 (623,425 ) 513,546 Total comprehensive loss attributable to noncontrolling interests $ — — (723 ) — (723 ) Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Nine Months Ended August 31, 2020 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Homebuilding $ — 14,589,155 37,565 — 14,626,720 Financial Services — 104,691 545,247 (17,946 ) 631,992 Multifamily — — 370,904 — 370,904 Lennar Other — — 33,348 — 33,348 Total revenues — 14,693,846 987,064 (17,946 ) 15,662,964 Cost and expenses: Homebuilding — 12,647,627 44,071 (7,403 ) 12,684,295 Financial Services — 56,861 320,141 (13,314 ) 363,688 Multifamily — — 379,607 — 379,607 Lennar Other — 232 3,332 — 3,564 Corporate general and administrative 253,531 5,632 — 3,796 262,959 Total costs and expenses 253,531 12,710,352 747,151 (16,921 ) 13,694,113 Homebuilding equity in earnings (loss) from unconsolidated entities — (20,513 ) 436 — (20,077 ) Homebuilding other income (expense), net (1,025 ) (20,961 ) 4,116 1,025 (16,845 ) Financial Services gain on deconsolidation — 61,418 — — 61,418 Multifamily equity in earnings from unconsolidated entities and other gain — — 4,702 — 4,702 Lennar Other equity in loss from unconsolidated entities — (12,997 ) (15,715 ) — (28,712 ) Lennar Other income (expense), net — 443 (10,638 ) — (10,195 ) Earnings (loss) before income taxes (254,556 ) 1,990,884 222,814 — 1,959,142 Benefit (provision) for income taxes 49,562 (373,756 ) (58,304 ) — (382,498 ) Equity in earnings from subsidiaries 1,787,270 162,444 — (1,949,714 ) — Net earnings (including net earnings (loss) attributable to noncontrolling interests) 1,582,276 1,779,572 164,510 (1,949,714 ) 1,576,644 Less: Net earnings (loss) attributable to noncontrolling interests — — (5,632 ) — (5,632 ) Net earnings attributable to Lennar $ 1,582,276 1,779,572 170,142 (1,949,714 ) 1,582,276 Other comprehensive loss, net of tax: Net unrealized loss on securities available-for-sale $ — — (209 ) — (209 ) Reclassification adjustments for gain included in earnings, net of tax — — (452 ) — (452 ) Total other comprehensive loss, net of tax $ — — (661 ) — (661 ) Total comprehensive income attributable to Lennar $ 1,582,276 1,779,572 169,481 (1,949,714 ) 1,581,615 Total comprehensive loss attributable to noncontrolling interests $ — — (5,632 ) — (5,632 ) Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Nine Months Ended August 31, 2019 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Homebuilding $ — 14,202,932 55,386 — 14,258,318 Financial Services — 121,679 464,938 (14,588 ) 572,029 Multifamily — — 428,764 — 428,764 Lennar Other — — 28,919 — 28,919 Total revenues — 14,324,611 978,007 (14,588 ) 15,288,030 Cost and expenses: Homebuilding — 12,546,016 55,910 6,100 12,608,026 Financial Services — 76,914 368,926 (23,698 ) 422,142 Multifamily — — 431,510 — 431,510 Lennar Other — — 7,550 — 7,550 Corporate general and administrative 238,696 5,579 — 3,796 248,071 Total costs and expenses 238,696 12,628,509 863,896 (13,802 ) 13,717,299 Homebuilding equity in earnings (loss) from unconsolidated entities — (4,869 ) 268 — (4,601 ) Homebuilding other income (expense), net (783 ) (43,845 ) 8,517 786 (35,325 ) Multifamily equity in earnings from unconsolidated entities and other gain — — 15,446 — 15,446 Lennar Other equity in earnings (loss) from unconsolidated entities — (7,024 ) 19,279 — 12,255 Lennar Other expense, net — — (12,900 ) — (12,900 ) Earnings (loss) before income taxes (239,479 ) 1,640,364 144,721 — 1,545,606 Benefit (provision) for income taxes 57,906 (394,383 ) (38,193 ) — (374,670 ) Equity in earnings from subsidiaries 1,356,321 76,352 — (1,432,673 ) — Net earnings (including net loss attributable to noncontrolling interests) 1,174,748 1,322,333 106,528 (1,432,673 ) 1,170,936 Less: Net loss attributable to noncontrolling interests — — (3,812 ) — (3,812 ) Net earnings attributable to Lennar $ 1,174,748 1,322,333 110,340 (1,432,673 ) 1,174,748 Other comprehensive income, net of tax: Net unrealized gain on securities available-for-sale $ — — 949 — 949 Reclassification adjustments for loss included in earnings, net of tax — — (176 ) — (176 ) Total other comprehensive income, net of tax $ — — 773 — 773 Total comprehensive income attributable to Lennar $ 1,174,748 1,322,333 111,113 (1,432,673 ) 1,175,521 Total comprehensive loss attributable to noncontrolling interests $ — — (3,812 ) — (3,812 ) Condensed Consolidating Statement of Cash Flows Nine Months Ended August 31, 2020 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Cash flows from operating activities: Net earnings (including net loss attributable to noncontrolling interests) $ 1,582,276 1,779,572 164,510 (1,949,714 ) 1,576,644 Distributions of earnings from guarantor and non-guarantor subsidiaries 1,787,270 162,444 — (1,949,714 ) — Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by operating activities (1,757,490 ) 395,502 732,474 1,949,714 1,320,200 Net cash provided by operating activities 1,612,056 2,337,518 896,984 (1,949,714 ) 2,896,844 Cash flows from investing activities: Investments in and contributions to unconsolidated entities/deconsolidation of a previously consolidated entity, net of distributions of capital — (71,695 ) (205,102 ) — (276,797 ) Proceeds from the sales of operating properties and equipment and other assets — 33,096 — — 33,096 Other (3,414 ) 32,229 (52,581 ) — (23,766 ) Distributions of capital from guarantor and non-guarantor subsidiaries 100,000 50,000 — (150,000 ) — Intercompany (62,896 ) — — 62,896 — Net cash provided by (used in) investing activities 33,690 43,630 (257,683 ) (87,104 ) (267,467 ) Cash flows from financing activities: Net borrowings (repayments) under unsecured revolving credit facilities — 1,476 (790,815 ) — (789,339 ) Net borrowings (repayments) on senior notes, other borrowings, other liabilities, and other notes payable (280,630 ) (481,524 ) 121,604 — (640,550 ) Common stock: Repurchases (318,989 ) — — — (318,989 ) Dividends (117,112 ) (1,879,572 ) (220,142 ) 2,099,714 (117,112 ) Intercompany — (185,180 ) 248,076 (62,896 ) — Net cash used in financing activities (716,731 ) (2,544,800 ) (641,277 ) 2,036,818 (1,865,990 ) Net increase (decrease) in cash and cash equivalents and restricted cash 929,015 (163,652 ) (1,976 ) — 763,387 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 $ 1,642,843 368,652 220,583 — 2,232,078 Condensed Consolidating Statement of Cash Flows Nine Months Ended August 31, 2019 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Cash flows from operating activities: Net earnings (including net loss attributable to noncontrolling interests) $ 1,174,748 1,322,333 106,528 (1,432,673 ) 1,170,936 Distributions of earnings from guarantor and non-guarantor subsidiaries 1,356,321 76,352 — (1,432,673 ) — Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by operating activities (1,261,601 ) (1,342,672 ) 298,957 1,432,673 (872,643 ) Net cash provided by operating activities 1,269,468 56,013 405,485 (1,432,673 ) 298,293 Cash flows from investing activities: Investments in and contributions to unconsolidated entities and consolidated entities, net of distributions of capital — (135,395 ) 55,802 — (79,593 ) Proceeds from sales of real estate owned — — 8,560 — 8,560 Proceeds from sale of investment in unconsolidated entities — — 17,790 — 17,790 Proceeds from sales of Financial Services' business — 21,517 2,929 — 24,446 Other (2,164 ) 34,935 (43,331 ) — (10,560 ) Intercompany (1,256,112 ) — — 1,256,112 — Net cash provided by (used in) investing activities (1,258,276 ) (78,943 ) 41,750 1,256,112 (39,357 ) Cash flows from financing activities: Net borrowings under unsecured revolving credit facilities 700,000 — — — 700,000 Net repayments under warehouse facilities — (9 ) (423,114 ) — (423,123 ) Net borrowings (repayments) on convertible senior notes, other borrowings, other liabilities, and other notes payable (500,000 ) (117,444 ) 21,521 — (595,923 ) Net repayments related to noncontrolling interests — — (8,294 ) — (8,294 ) Common stock: Issuances 388 — — — 388 Repurchases (419,322 ) — — — (419,322 ) Dividends (38,776 ) (1,322,333 ) (110,340 ) 1,432,673 (38,776 ) Intercompany — 1,181,304 74,808 (1,256,112 ) — Net cash used in financing activities (257,710 ) (258,482 ) (445,419 ) 176,561 (785,050 ) Net increase (decrease) in cash and cash equivalents and restricted cash (246,518 ) (281,412 ) 1,816 — (526,114 ) 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 $ 378,176 440,191 251,497 — 1,069,864

Basis of Presentation (Policy)

Basis of Presentation (Policy)	9 Months Ended
	Aug. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Consolidation	Basis of Consolidation
Basis of Accounting	The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended November 30, 2019 . In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the accompanying condensed consolidated financial statements have been made. The Company has historically experienced, and expects to continue to experience, variability in quarterly results. The condensed consolidated statements of operations for the three and nine months ended August 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 implemented internal controls and key system functionality to enable the preparation of financial information. The standard did not have a material impact on our condensed consolidated statements of operations and comprehensive income (loss) or our condensed consolidated statements of cash flows. As a result of the adoption, as of December 1, 2019, the Company has recorded $150.7 million of ROU assets and $159.7 million of lease liabilities on its condensed consolidated balance sheets within other assets and accounts payable or other liabilities of the respective segments. New Accounting Pronouncements
Reclassifications	Reclassifications Certain prior year amounts in the condensed consolidated financial statements have been reclassified to conform with the 2020 presentation. The Company's segments were adjusted, effective December 1, 2019, to reflect the North Carolina divisions within the Central segment, which were previously part of the East segment. This was due to a change in operations. This reclassification was between segments and had no impact on the Company's total assets, total equity, revenue or net income in the condensed consolidated financial statements.

Operating and Reporting Segme_2

Operating and Reporting Segments (Tables)	9 Months Ended
	Aug. 31, 2020
Segment Reporting [Abstract]
Disclosure Of Financial Information Relating To Company's Operations	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 August 31, 2020 $ 5,586,328 3,494,566 2,204,192 10,800,281 1,257,126 2,123,673 25,466,166 Balance at November 30, 2019 5,804,764 3,636,694 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 August 31, 2020 (In thousands) East Central Texas West Other Total Homebuilding Revenues $ 1,478,659 1,063,621 747,934 2,212,211 2,695 5,505,120 Operating earnings (loss) 244,189 132,678 116,111 342,834 (22,068 ) 813,744 Three Months Ended August 31, 2019 Revenues $ 1,502,004 1,066,418 713,376 2,063,324 93,876 5,438,998 Operating earnings (loss) 219,335 116,589 78,298 259,424 (14,664 ) 658,982 Nine Months Ended August 31, 2020 (In thousands) East Central Texas West Other Total Homebuilding Revenues $ 3,908,421 2,839,415 1,933,918 5,920,804 24,162 14,626,720 Operating earnings (loss) 586,104 292,031 269,071 847,835 (89,538 ) 1,905,503 Nine Months Ended August 31, 2019 Revenues $ 3,837,673 2,743,757 1,825,105 5,747,243 104,540 14,258,318 Operating earnings (loss) 503,803 264,238 185,950 722,989 (66,614 ) 1,610,366 The assets and liabilities related to the Company’s segments were as follows: (In thousands) August 31, 2020 Assets: Homebuilding Financial Services Multifamily Lennar Other Total Cash and cash equivalents $ 1,966,796 217,442 21,591 3,302 2,209,131 Restricted cash 11,959 10,988 — — 22,947 Receivables, net (1) 295,958 316,717 86,725 — 699,400 Inventories 17,671,262 — 336,493 — 18,007,755 Loans held-for-sale (2) — 1,087,182 — — 1,087,182 Loans held-for-investment, net — 67,219 — 1,419 68,638 Investments held-to-maturity — 164,588 — — 164,588 Investments available-for-sale (3) — — — 53,770 53,770 Investments in unconsolidated entities (4) 940,695 70,218 656,012 386,247 2,053,172 Goodwill 3,442,359 189,699 — — 3,632,058 Other assets (5) 1,137,137 85,496 83,265 10,746 1,316,644 $ 25,466,166 2,209,549 1,184,086 455,484 29,315,285 Liabilities: Notes and other debts payable, net $ 7,180,274 956,414 — 1,906 8,138,594 Other liabilities (6) 3,409,132 241,433 236,059 9,722 3,896,346 $ 10,589,406 1,197,847 236,059 11,628 12,034,940 (In thousands) November 30, 2019 Assets: Homebuilding Financial Services Multifamily Lennar Other Total Cash and cash equivalents $ 1,200,832 234,113 8,711 2,340 1,445,996 Restricted cash 9,698 12,022 — 975 22,695 Receivables, net (1) 329,124 500,847 76,906 — 906,877 Inventories 17,776,507 — 315,107 — 18,091,614 Loans held-for-sale (2) — 1,644,939 — — 1,644,939 Loans held-for-investment, net — 73,867 — — 73,867 Investments held-to-maturity — 190,289 — 54,117 244,406 Investments available-for-sale (3) — 3,732 48,206 — 51,938 Investments in unconsolidated entities (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 August 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 the disruption in the capital markets as a result of the coronavirus pandemic ("COVID-19") and the economic shutdown. (5) As of August 31, 2020 and November 30, 2019 , Financial Services other assets included mortgage loan commitments carried at fair value of $40.5 million and $16.3 million , respectively, and mortgage servicing rights carried at fair value of $1.4 million and $24.7 million , respectively. (6) As of August 31, 2020 and November 30, 2019 , Financial Services other liabilities included $67.3 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 August 31, 2020 and November 30, 2019 , Financial Services other liabilities also included forward contracts carried at fair value of $4.9 million and $3.9 million , respectively. Financial information relating to the Company’s segments was as follows: Three Months Ended August 31, 2020 (In thousands) Homebuilding Financial Services Multifamily Lennar Other Corporate and unallocated Total Revenues $ 5,505,120 237,068 115,170 12,896 — 5,870,254 Operating earnings (loss) 813,744 135,079 (5,148 ) 7,999 — 951,674 Corporate general and administrative expenses — — — — 92,661 92,661 Earnings (loss) before income taxes 813,744 135,079 (5,148 ) 7,999 (92,661 ) 859,013 Three Months Ended August 31, 2019 Revenues $ 5,438,998 224,502 183,958 9,600 — 5,857,058 Operating earnings 658,982 74,698 10,225 15,793 — 759,698 Corporate general and administrative expenses — — — — 92,615 92,615 Earnings before income taxes 658,982 74,698 10,225 15,793 (92,615 ) 667,083 Nine Months Ended August 31, 2020 (In thousands) Homebuilding Financial Services Multifamily Lennar Other Corporate and unallocated Total Revenues $ 14,626,720 631,992 370,904 33,348 — 15,662,964 Operating earnings (loss) (1) 1,905,503 329,722 (4,001 ) (9,123 ) — 2,222,101 Corporate general and administrative expenses — — — — 262,959 262,959 Earnings (loss) before income taxes 1,905,503 329,722 (4,001 ) (9,123 ) (262,959 ) 1,959,142 Nine Months Ended August 31, 2019 Revenues $ 14,258,318 572,029 428,764 28,919 — 15,288,030 Operating earnings 1,610,366 149,887 12,700 20,724 — 1,793,677 Corporate general and administrative expenses — — — — 248,071 248,071 Earnings before income taxes 1,610,366 149,887 12,700 20,724 (248,071 ) 1,545,606 (1) Operating loss for Lennar Other for the nine months ended August 31, 2020 included a $25.0 million write-down of assets held by Rialto legacy funds because of the disruption in the capital markets as a result of COVID-19 and the economic shutdown.
Schedule of Line of Credit Facilities	Borrowings and collateral under the facilities and their prior year predecessors were as follows: (In thousands) August 31, 2020 November 30, 2019 Borrowings under the residential facilities $ 699,016 1,374,063 Collateral under the residential facilities 727,319 1,423,650 Borrowings under the LMF Commercial facilities 103,667 216,870 At August 31, 2020 , the Financial Services warehouse facilities were all 364 -day repurchase facilities and were used to fund residential mortgages or commercial mortgages for LMF Commercial as follows: (In thousands) Maximum Aggregate Commitment Residential facilities maturing: January 2021 $ 500,000 March 2021 300,000 June 2021 600,000 July 2021 200,000 Total - Residential facilities $ 1,600,000 LMF Commercial facilities maturing November 2020 $ 200,000 December 2020 (1) 700,000 Total - LMF Commercial facilities $ 900,000 Total $ 2,500,000 (1) 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 August 31, 2020 . The Company's outstanding letters of credit and surety bonds are described below: (In thousands) August 31, November 30, Performance letters of credit $ 770,527 715,793 Financial letters of credit 258,703 184,075 Surety bonds 3,041,946 2,946,167 Anticipated future costs primarily for site improvements related to performance surety bonds 1,498,173 1,427,145
Schedule of Loan Origination Liabilities	The activity in the Company’s loan origination liabilities was as follows: Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2020 2019 2020 2019 Loan origination liabilities, beginning of period $ 10,880 7,424 9,364 48,584 Provision for losses 1,234 1,006 3,149 2,593 Payments/settlements (24 ) (109 ) (423 ) (42,856 ) Loan origination liabilities, end of period $ 12,090 8,321 12,090 8,321

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	9 Months Ended
	Aug. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Entities	The Multifamily segment includes Multifamily Venture Fund I (the "LMV I") and Multifamily Venture Fund II LP (the "LMV II"), which are long-term multifamily development investment vehicles involved in the development, construction and property management of class-A multifamily assets. Details of each as of and during the nine months ended August 31, 2020 are included below: August 31, 2020 (In thousands) LMV I LMV II Lennar's carrying value of investments $ 348,561 250,777 Equity commitments 2,204,016 1,257,700 Equity commitments called 2,137,746 861,508 Lennar's equity commitments 504,016 381,000 Lennar's equity commitments called 496,082 259,886 Lennar's remaining commitments 7,934 121,114 Distributions to Lennar during the nine months ended August 31, 2020 23,822 —

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Aug. 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 nine months ended August 31, 2020 and 2019 : Three Months Ended August 31, 2020 (In thousands) Total Equity Class A Class B Additional Treasury Stock Accumulated Other Comprehensive Income (Loss) Retained Earnings Noncontrolling Interests Balance at May 31, 2020 $ 16,632,624 29,804 3,944 8,630,442 (1,253,863 ) (338 ) 9,132,714 89,921 Net earnings (including net earnings attributable to noncontrolling interests) 669,323 — — — — — 666,418 2,905 Employee stock and directors plans (22,843 ) 90 — (105 ) (22,828 ) — — — Amortization of restricted stock 28,658 — — 28,658 — — — — Cash dividends (38,967 ) — — — — — (38,967 ) — Receipts related to noncontrolling interests 6,504 — — — — — — 6,504 Payments related to noncontrolling interests (7,949 ) — — — — — — (7,949 ) Non-cash purchase or activity of noncontrolling interests, net (4,259 ) — — (4,041 ) — — — (218 ) Non-cash consolidations/deconsolidations, net 17,079 — — — — — — 17,079 Total other comprehensive income, net of tax 175 — — — — 175 — — Balance at August 31, 2020 $ 17,280,345 29,894 3,944 8,654,954 (1,276,691 ) (163 ) 9,760,165 108,242 Three Months Ended August 31, 2019 (In thousands) Total Equity Class A Class B Additional Treasury Stock Accumulated Other Comprehensive Income) Retained Earnings Noncontrolling Interests Balance at May 31, 2019 $ 15,246,535 29,503 3,944 8,529,828 (537,106 ) 227 7,132,908 87,231 Net earnings (including net loss attributable to noncontrolling interests) 512,643 — — — — — 513,366 (723 ) Employee stock and directors plans (22,359 ) 206 — (400 ) (22,165 ) — — — Purchases of treasury stock (295,930 ) — — — (295,930 ) — — — Amortization of restricted stock 34,048 — — 34,048 — — — — Cash dividends (12,899 ) — — — — — — (12,899 ) — Receipts related to noncontrolling interests 18,458 — — — — — — 18,458 Payments related to noncontrolling interests (12,372 ) — — — — — — (12,372 ) Non-cash activity related to noncontrolling interests (2,357 ) — — (3,772 ) — — — 1,415 Total other comprehensive income, net of tax 180 — — — — 180 — — Balance at August 31, 2019 $ 15,465,947 29,709 3,944 8,559,704 (855,201 ) 407 7,633,375 94,009 Nine Months Ended August 31, 2020 (In thousands) Total Equity Class A Class B Additional Treasury Stock Accumulated Other Comprehensive Income (Loss) Retained Earnings Noncontrolling Interests Balance at November 30, 2019 $ 16,033,830 29,712 3,944 8,578,219 (957,857 ) 498 8,295,001 84,313 Net earnings (including net loss attributable to noncontrolling interests) 1,576,644 — — — — — 1,582,276 (5,632 ) Employee stock and directors plans (29,616 ) 182 — 521 (30,319 ) — — — Purchases of treasury stock (288,515 ) — — — (288,515 ) — — — Amortization of restricted stock 83,799 — — 83,799 — — — — Cash dividends (117,112 ) — — — — — — (117,112 ) — Receipts related to noncontrolling interests 175,565 — — — — — — 175,565 Payments related to noncontrolling interests (29,450 ) — — — — — — (29,450 ) Non-cash purchase or activity of noncontrolling interests, net (9,427 ) — — (7,585 ) — — — (1,842 ) Non-cash consolidations/deconsolidations, net (114,712 ) — — — — — — (114,712 ) Total other comprehensive loss, net of tax (661 ) — — — — (661 ) — — Balance at August 31, 2020 $ 17,280,345 29,894 3,944 8,654,954 (1,276,691 ) (163 ) 9,760,165 108,242 Nine Months Ended August 31, 2019 (In thousands) Total Equity Class A Class B Additional Treasury Stock Accumulated Other Comprehensive Income (Loss) Retained Earnings Noncontrolling Interests Balance at November 30, 2018 $ 14,682,957 29,499 3,944 8,496,677 (435,869 ) (366 ) 6,487,650 101,422 Net earnings (including net loss attributable to noncontrolling interests) 1,170,936 — — — — — 1,174,748 (3,812 ) Employee stock and directors plans (23,050 ) 210 — 1,361 (24,621 ) — — — Purchases of treasury stock (394,711 ) — — — (394,711 ) — — — Amortization of restricted stock 65,438 — — 65,438 — — — — Cash dividends (38,776 ) — — — — — — (38,776 ) — Receipts related to noncontrolling interests 27,395 — — — — — — 27,395 Payments related to noncontrolling interests (35,689 ) — — — — — — (35,689 ) Non-cash consolidations, net 8,894 — — — — — — 8,894 Cumulative-effect of accounting change 9,753 — — — — — 9,753 — Non cash activity related to noncontrolling interests (7,973 ) — — (3,772 ) — — — (4,201 ) Total other comprehensive income, net of tax 773 — — — — 773 — — Balance at August 31, 2019 $ 15,465,947 29,709 3,944 8,559,704 (855,201 ) 407 7,633,375 94,009 nine months ended August 31, 2020 and 2019 : Three Months Ended Nine Months Ended August 31, 2020 August 31, 2019 August 31, 2020 August 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 — — 6,110,000 — 4,250,000 115,000 8,110,000 — Principal $ — $ — $ 295,930 $ — $ 282,274 $ 6,155 $ 394,710 $ — Average price per share $ — $ — $ 48.41 $ — $ 66.42 $ 53.52 $ 48.65 $ —

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Aug. 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 Nine Months Ended August 31, August 31, (Dollars in thousands) 2020 2019 2020 2019 Provision for income taxes $189,690 154,440 382,498 374,670 Effective tax rate (1) 22.2 % 23.1 % 19.5 % 24.2 % (1) For both the three and nine months ended August 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, as well as 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)	9 Months Ended
	Aug. 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 Nine Months Ended August 31, August 31, (In thousands, except per share amounts) 2020 2019 2020 2019 Numerator: Net earnings attributable to Lennar $ 666,418 513,366 1,582,276 1,174,748 Less: distributed earnings allocated to nonvested shares 324 119 1,014 312 Less: undistributed earnings allocated to nonvested shares 7,474 4,401 17,433 9,271 Numerator for basic earnings per share 658,620 508,846 1,563,829 1,165,165 Less: net amount attributable to Rialto's Carried Interest Incentive Plan (1) 3,606 1,498 6,928 4,655 Numerator for diluted earnings per share $ 655,014 507,348 1,556,901 1,160,510 Denominator: Denominator for basic earnings per share - weighted average common shares outstanding 308,889 318,103 309,492 319,924 Effect of dilutive securities: Shared based payments 1 1 1 3 Denominator for diluted earnings per share - weighted average common shares outstanding 308,890 318,104 309,493 319,927 Basic earnings per share $ 2.13 1.60 5.05 3.64 Diluted earnings per share $ 2.12 1.59 5.03 3.63 (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)	9 Months Ended
	Aug. 31, 2020
Debt Disclosure [Abstract]
Schedule of Senior Notes and Other Debts Payable	(Dollars in thousands) August 31, November 30, 2.95% senior notes due 2020 $ 299,857 299,421 8.375% senior notes due 2021 393,135 418,860 4.750% senior notes due 2021 499,479 498,893 6.25% senior notes due December 2021 306,479 310,252 4.125% senior notes due 2022 598,628 597,885 5.375% senior notes due 2022 256,056 258,198 4.750% senior notes due 2022 572,345 571,644 4.875% senior notes due December 2023 397,250 396,553 4.500% senior notes due 2024 647,347 646,802 5.875% senior notes due 2024 444,653 448,158 4.750% senior notes due 2025 497,891 497,558 5.25% senior notes due 2026 407,012 407,921 5.00% senior notes due 2027 352,604 352,892 4.75% senior notes due 2027 894,573 893,046 6.625% senior notes due 2020 — 303,668 Mortgage notes on land and other debt 612,965 874,887 $ 7,180,274 7,776,638
Schedule of Letter of Credit Facilities	Borrowings and collateral under the facilities and their prior year predecessors were as follows: (In thousands) August 31, 2020 November 30, 2019 Borrowings under the residential facilities $ 699,016 1,374,063 Collateral under the residential facilities 727,319 1,423,650 Borrowings under the LMF Commercial facilities 103,667 216,870 At August 31, 2020 , the Financial Services warehouse facilities were all 364 -day repurchase facilities and were used to fund residential mortgages or commercial mortgages for LMF Commercial as follows: (In thousands) Maximum Aggregate Commitment Residential facilities maturing: January 2021 $ 500,000 March 2021 300,000 June 2021 600,000 July 2021 200,000 Total - Residential facilities $ 1,600,000 LMF Commercial facilities maturing November 2020 $ 200,000 December 2020 (1) 700,000 Total - LMF Commercial facilities $ 900,000 Total $ 2,500,000 (1) 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 August 31, 2020 . The Company's outstanding letters of credit and surety bonds are described below: (In thousands) August 31, November 30, Performance letters of credit $ 770,527 715,793 Financial letters of credit 258,703 184,075 Surety bonds 3,041,946 2,946,167 Anticipated future costs primarily for site improvements related to performance surety bonds 1,498,173 1,427,145

Product Warranty (Tables)

Product Warranty (Tables)	9 Months Ended
	Aug. 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 Nine Months Ended August 31, August 31, (In thousands) 2020 2019 2020 2019 Warranty reserve, beginning of the period $ 301,462 291,624 294,138 319,109 Warranties issued 50,324 49,603 134,867 131,429 Adjustments to pre-existing warranties from changes in estimates (1) 3,640 1,097 17,251 (6,426 ) Payments (36,677 ) (51,808 ) (127,507 ) (153,596 ) Warranty reserve, end of period $ 318,749 290,516 318,749 290,516 (1) The adjustments to pre-existing warranties from changes in estimates during the three and nine months ended August 31, 2020 and 2019 primarily related to specific claims in certain of the Company's homebuilding communities and other adjustments.

Financial Instruments and Fai_2

Financial Instruments and Fair Value Disclosures (Tables)	9 Months Ended
	Aug. 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 August 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. August 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 $ 67,219 64,377 73,867 69,708 Investments held-to-maturity Level 3 $ 164,588 196,246 166,012 195,962 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 $ 7,180,274 7,670,550 7,776,638 8,144,632 Financial Services notes and other debts payable, net Level 2 $ 956,414 957,832 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 $ 1,906 1,906 15,178 15,178
Fair Value Measured On Recurring Basis	The Company’s financial instruments measured at fair value on a recurring basis are summarized below: (In thousands) Fair Value Hierarchy Fair Value at Fair Value at Financial Services Assets: Residential loans held-for-sale (1) Level 2 $ 930,151 1,447,715 LMF Commercial loans held-for-sale (2) Level 3 $ 157,031 197,224 Mortgage servicing rights Level 3 $ 1,356 24,679 Lennar Other: Investments available-for-sale Level 3 $ 53,770 — (1) The aggregate fair value of residential loans held-for-sale of $930.2 million at August 31, 2020 exceeded their aggregate principal balance of $887.9 million by $42.2 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 $157.0 million at August 31, 2020 exceeded their aggregate principal balance of $155.5 million by $1.6 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 August 31, 2020 Unobservable inputs Mortgage prepayment rate 17% Discount rate 12% 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: Nine Months Ended August 31, 2020 August 31, 2019 Unobservable inputs Range Average selling price $ 201,000 - $ 970,000 $ 167,000 Absorption rate per quarter (homes) 3 - 15 12 Discount rate 20% 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 Nine Months Ended August 31, August 31, (In thousands) 2020 2019 2020 2019 Changes in fair value included in Financial Services revenues: Loans held-for-sale $ 2,229 (2,490 ) 6 397 Mortgage loan commitments (4,534 ) 646 24,177 9,498 Forward contracts (205 ) 1,646 (1,088 ) 734 Changes in fair value included in other comprehensive income (loss), net of tax: Lennar Other investments available-for-sale 175 — (163 ) — Financial Services investments available-for-sale — 180 (46 ) 949
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 August 31, 2020 August 31, 2019 (In thousands) Mortgage servicing rights LMF Commercial loans held-for-sale Mortgage servicing rights LMF Commercial loans held-for-sale Beginning balance $ 1,238 159,885 29,419 259,599 Purchases/loan originations 563 164,380 449 263,888 Sales/loan originations sold, including those not settled — (164,527 ) — (347,713 ) Disposals/settlements (34 ) — (1,544 ) — Changes in fair value (1) (411 ) (1,165 ) (5,252 ) 3,502 Interest and principal paydowns — (1,542 ) — (572 ) Ending balance $ 1,356 157,031 23,072 178,704 Nine Months Ended August 31, 2020 August 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 1,917 582,030 2,707 969,200 Sales/loan originations sold, including those not settled — (622,251 ) — (848,262 ) Disposals/settlements (2) (10,231 ) — (3,830 ) (9,920 ) Changes in fair value (1) (15,009 ) 2,102 (13,011 ) 6,825 Interest and principal paydowns — (2,074 ) — (830 ) Ending balance $ 1,356 157,031 23,072 178,704 (1) Changes in fair value for LMF Commercial loans held-for-sale and Financial Services mortgage servicing rights are included in Financial Services' revenues. (2) Includes $7.5 million related to the sale of a servicing portfolio.
Fair Value Measurements, Nonrecurring	The assets measured at fair value on a nonrecurring basis are summarized below: Three Months Ended August 31, 2020 August 31, 2019 (In thousands) Fair Value Hierarchy Carrying Value Fair Value Total Losses, Net (1) Carrying Value Fair Value Total Losses, Net (1) Non-financial assets Homebuilding: Finished homes and construction in progress (1) Level 3 $ 20,650 18,089 (2,561 ) 4,922 4,142 (780 ) Land and land under development (1) Level 3 $ 21,621 12,650 (8,971 ) 1,300 85 (1,215 ) Nine Months Ended August 31, 2020 August 31, 2019 (In thousands) Fair Value Hierarchy Carrying Value Fair Value Total Losses, Net (1) Carrying Value Fair Value Total Losses, Net (1) Non-financial assets Homebuilding: Finished homes and construction in progress (1) Level 3 $ 162,459 138,493 (23,966 ) 4,922 4,142 (780 ) Land and land under development (1) Level 3 $ 86,683 34,019 (52,664 ) 8,253 3,085 (5,168 ) (1) Valuation adjustments were included in Homebuilding costs and expenses in the Company's condensed consolidated statements of operations and comprehensive income (loss). Communities with valuation adjustments # of communities with potential indicator of impairment # of communities Fair Value (in thousands) Valuation Adjustments (in thousands) At or for the Nine Months Ended August 31, 2020 28 14 $ 76,115 $ 40,364 August 31, 2019 47 1 4,226 1,995

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Aug. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Estimated Maximum Exposure To Loss	At August 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: August 31, 2020 November 30, 2019 (In thousands) Investments in Unconsolidated VIEs Lennar’s Maximum Exposure to Loss (1) Investments in Lennar’s Maximum Homebuilding $ 85,733 85,914 80,939 81,118 Multifamily (2) 608,911 755,394 533,018 768,651 Financial Services (3) 234,806 287,614 166,012 166,012 Lennar Other 7,152 7,152 60,882 60,882 $ 936,602 1,136,074 840,851 1,076,663 (1) Limited to investments in unconsolidated VIEs, except as noted below. (2) As of August 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 $129.0 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 August 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)	9 Months Ended
	Aug. 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) August 31, 2020 Right-of-use assets $ 121,728 Lease liabilities $ 131,325 Weighted-average remaining lease term (in years) 2.7 Weighted-average discount rate 3.1 %
Future Minimum Payments Under Noncancellable Leases	The Company has entered into agreements to lease certain office facilities and equipment under operating leases. Future minimum payments under the noncancellable leases in effect at August 31, 2020 were as follows: (Dollars in thousands) Lease Payments 2020 $ 8,897 2021 36,049 2022 28,843 2023 21,804 2024 15,853 2025 and thereafter 30,861 Total future minimum lease payments (1) $ 142,307 Less: Interest (2) 10,982 Present value of lease liabilities (2) $ 131,325 (1) Total future minimum lease payments exclude variable lease costs of $12.7 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 August 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. As of August 31, 2020 , the weighted average remaining lease term and weighted average discount rate used in calculating the lease liabilities were 2.7 years and 3.1% , respectively. The Company recognized the lease liabilities on its condensed consolidated balance sheets within accounts payable or other liabilities of the respective segments.

Supplemental Financial Inform_2

Supplemental Financial Information (Tables)	9 Months Ended
	Aug. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidating Balance Sheet	Condensed Consolidating Balance Sheet August 31, 2020 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total ASSETS Homebuilding: Cash and cash equivalents, restricted cash and receivables, net $ 1,645,161 602,845 26,707 — 2,274,713 Inventories — 17,174,841 496,421 — 17,671,262 Investments in unconsolidated entities — 938,584 2,111 — 940,695 Goodwill — 3,442,359 — — 3,442,359 Other assets 397,033 413,928 362,541 (36,365 ) 1,137,137 Investments in subsidiaries 10,166,689 43,534 — (10,210,223 ) — Intercompany 12,272,981 — — (12,272,981 ) — 24,481,864 22,616,091 887,780 (22,519,569 ) 25,466,166 Financial Services — 287,907 1,923,928 (2,286 ) 2,209,549 Multifamily — — 1,184,086 — 1,184,086 Lennar Other — 193,874 282,728 (21,118 ) 455,484 Total assets $ 24,481,864 23,097,872 4,278,522 (22,542,973 ) 29,315,285 LIABILITIES AND EQUITY Homebuilding: Accounts payable and other liabilities $ 773,363 2,033,906 337,088 (59,769 ) 3,084,588 Liabilities related to consolidated inventory not owned — 324,544 — 324,544 Senior notes and other debts payable 6,536,398 525,482 118,394 7,180,274 Intercompany — 9,924,870 2,348,111 (12,272,981 ) — 7,309,761 12,808,802 2,803,593 (12,332,750 ) 10,589,406 Financial Services — 30,921 1,166,926 — 1,197,847 Multifamily — — 236,059 — 236,059 Lennar Other — — 11,628 — 11,628 Total liabilities 7,309,761 12,839,723 4,218,206 (12,332,750 ) 12,034,940 Total stockholders’ equity 17,172,103 10,258,149 (47,926 ) (10,210,223 ) 17,172,103 Noncontrolling interests — — 108,242 — 108,242 Total equity 17,172,103 10,258,149 60,316 (10,210,223 ) 17,280,345 Total liabilities and equity $ 24,481,864 23,097,872 4,278,522 (22,542,973 ) 29,315,285 Condensed Consolidating Balance Sheet November 30, 2019 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total ASSETS Homebuilding: Cash and cash equivalents, restricted cash and receivables, net $ 722,172 794,588 22,894 — 1,539,654 Inventories — 17,396,139 380,368 — 17,776,507 Investments in unconsolidated entities — 1,006,541 2,494 — 1,009,035 Goodwill — 3,442,359 — — 3,442,359 Other assets 344,941 500,356 217,607 (41,220 ) 1,021,684 Investments in subsidiaries 10,453,165 26,773 — (10,479,938 ) — Intercompany 12,027,996 — — (12,027,996 ) — 23,548,274 23,166,756 623,363 (22,549,154 ) 24,789,239 Financial Services — 275,812 2,731,285 (1,073 ) 3,006,024 Multifamily — — 1,068,831 — 1,068,831 Lennar Other — 158,194 339,988 (2,765 ) 495,417 Total assets $ 23,548,274 23,600,762 4,763,467 (22,552,992 ) 29,359,511 LIABILITIES AND EQUITY Homebuilding: Accounts payable and other liabilities $ 760,981 1,935,366 318,845 (45,058 ) 2,970,134 Liabilities related to consolidated inventory not owned — 260,266 — — 260,266 Senior notes and other debts payable 6,837,776 885,783 53,079 — 7,776,638 Intercompany — 10,122,374 1,905,622 (12,027,996 ) — 7,598,757 13,203,789 2,277,546 (12,073,054 ) 11,007,038 Financial Services — 40,235 2,016,215 — 2,056,450 Multifamily — — 232,155 — 232,155 Lennar Other — — 30,038 — 30,038 Total liabilities 7,598,757 13,244,024 4,555,954 (12,073,054 ) 13,325,681 Total stockholders’ equity 15,949,517 10,356,738 123,200 (10,479,938 ) 15,949,517 Noncontrolling interests — — 84,313 — 84,313 Total equity 15,949,517 10,356,738 207,513 (10,479,938 ) 16,033,830 Total liabilities and equity $ 23,548,274 23,600,762 4,763,467 (22,552,992 ) 29,359,511
Condensed Consolidating Statement of Operations and Comprehensive Income	Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended August 31, 2020 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Homebuilding $ — 5,493,155 11,965 — 5,505,120 Financial Services — 40,163 202,882 (5,977 ) 237,068 Multifamily — — 115,170 — 115,170 Lennar Other — — 12,896 — 12,896 Total revenues — 5,533,318 342,913 (5,977 ) 5,870,254 Cost and expenses: Homebuilding — 4,659,970 13,424 (236 ) 4,673,158 Financial Services — 19,262 89,414 (6,687 ) 101,989 Multifamily — — 118,786 — 118,786 Lennar Other — 232 1,830 — 2,062 Corporate general and administrative 88,977 2,419 — 1,265 92,661 Total costs and expenses 88,977 4,681,883 223,454 (5,658 ) 4,988,656 Homebuilding equity in earnings (loss) from unconsolidated entities — (6,557 ) 126 — (6,431 ) Homebuilding other income (expense), net (319 ) (12,722 ) 935 319 (11,787 ) Multifamily equity in loss from unconsolidated entities and other gain — — (1,532 ) — (1,532 ) Lennar Other equity in earnings (loss) from unconsolidated entities — (4,145 ) 1,956 — (2,189 ) Lennar Other income (expense), net — 437 (1,083 ) — (646 ) Earnings (loss) before income taxes (89,296 ) 828,448 119,861 — 859,013 Benefit (provision) for income taxes 20,823 (182,045 ) (28,468 ) — (189,690 ) Equity in earnings from subsidiaries 734,891 81,609 — (816,500 ) — Net earnings (including net earnings attributable to noncontrolling interests) 666,418 728,012 91,393 (816,500 ) 669,323 Less: Net earnings attributable to noncontrolling interests — — 2,905 — 2,905 Net earnings attributable to Lennar $ 666,418 728,012 88,488 (816,500 ) 666,418 Other comprehensive income, net of tax: Net unrealized gain on securities available-for-sale $ — — 175 — 175 Total other comprehensive income, net of tax $ — — 175 — 175 Total comprehensive income attributable to Lennar $ 666,418 728,012 88,663 (816,500 ) 666,593 Total comprehensive income attributable to noncontrolling interests $ — — 2,905 — 2,905 Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended August 31, 2019 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Homebuilding $ — 5,413,602 25,396 — 5,438,998 Financial Services — 36,409 192,960 (4,867 ) 224,502 Multifamily — — 183,958 — 183,958 Lennar Other — — 9,600 — 9,600 Total revenues — 5,450,011 411,914 (4,867 ) 5,857,058 Cost and expenses: Homebuilding — 4,758,852 24,009 (929 ) 4,781,932 Financial Services — 17,707 137,148 (5,051 ) 149,804 Multifamily — — 181,616 — 181,616 Lennar Other — — 2,734 — 2,734 Corporate general and administrative 86,846 4,503 — 1,266 92,615 Total costs and expenses 86,846 4,781,062 345,507 (4,714 ) 5,208,701 Homebuilding equity in loss from unconsolidated entities — (10,455 ) (4 ) — (10,459 ) Homebuilding other income (expense), net (153 ) 7,101 5,274 153 12,375 Multifamily equity in earnings from unconsolidated entities and other gain — — 7,883 — 7,883 Lennar Other equity in earnings from unconsolidated entities — 561 8,342 — 8,903 Lennar Other income, net — — 24 — 24 Earnings (loss) before income taxes (86,999 ) 666,156 87,926 — 667,083 Benefit (provision) for income taxes 19,816 (151,808 ) (22,448 ) — (154,440 ) Equity in earnings from subsidiaries 580,549 42,876 — (623,425 ) — Net earnings (including net loss attributable to noncontrolling interests) 513,366 557,224 65,478 (623,425 ) 512,643 Less: Net loss attributable to noncontrolling interests — — (723 ) — (723 ) Net earnings attributable to Lennar $ 513,366 557,224 66,201 (623,425 ) 513,366 Other comprehensive income, net of tax: Net unrealized gain on securities available-for-sale $ — — 180 — 180 Total other comprehensive income, net of tax $ — — 180 — 180 Total comprehensive income attributable to Lennar $ 513,366 557,224 66,381 (623,425 ) 513,546 Total comprehensive loss attributable to noncontrolling interests $ — — (723 ) — (723 ) Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Nine Months Ended August 31, 2020 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Homebuilding $ — 14,589,155 37,565 — 14,626,720 Financial Services — 104,691 545,247 (17,946 ) 631,992 Multifamily — — 370,904 — 370,904 Lennar Other — — 33,348 — 33,348 Total revenues — 14,693,846 987,064 (17,946 ) 15,662,964 Cost and expenses: Homebuilding — 12,647,627 44,071 (7,403 ) 12,684,295 Financial Services — 56,861 320,141 (13,314 ) 363,688 Multifamily — — 379,607 — 379,607 Lennar Other — 232 3,332 — 3,564 Corporate general and administrative 253,531 5,632 — 3,796 262,959 Total costs and expenses 253,531 12,710,352 747,151 (16,921 ) 13,694,113 Homebuilding equity in earnings (loss) from unconsolidated entities — (20,513 ) 436 — (20,077 ) Homebuilding other income (expense), net (1,025 ) (20,961 ) 4,116 1,025 (16,845 ) Financial Services gain on deconsolidation — 61,418 — — 61,418 Multifamily equity in earnings from unconsolidated entities and other gain — — 4,702 — 4,702 Lennar Other equity in loss from unconsolidated entities — (12,997 ) (15,715 ) — (28,712 ) Lennar Other income (expense), net — 443 (10,638 ) — (10,195 ) Earnings (loss) before income taxes (254,556 ) 1,990,884 222,814 — 1,959,142 Benefit (provision) for income taxes 49,562 (373,756 ) (58,304 ) — (382,498 ) Equity in earnings from subsidiaries 1,787,270 162,444 — (1,949,714 ) — Net earnings (including net earnings (loss) attributable to noncontrolling interests) 1,582,276 1,779,572 164,510 (1,949,714 ) 1,576,644 Less: Net earnings (loss) attributable to noncontrolling interests — — (5,632 ) — (5,632 ) Net earnings attributable to Lennar $ 1,582,276 1,779,572 170,142 (1,949,714 ) 1,582,276 Other comprehensive loss, net of tax: Net unrealized loss on securities available-for-sale $ — — (209 ) — (209 ) Reclassification adjustments for gain included in earnings, net of tax — — (452 ) — (452 ) Total other comprehensive loss, net of tax $ — — (661 ) — (661 ) Total comprehensive income attributable to Lennar $ 1,582,276 1,779,572 169,481 (1,949,714 ) 1,581,615 Total comprehensive loss attributable to noncontrolling interests $ — — (5,632 ) — (5,632 ) Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Nine Months Ended August 31, 2019 (In thousands) Lennar Guarantor Non-Guarantor Consolidating Adjustments Total Revenues: Homebuilding $ — 14,202,932 55,386 — 14,258,318 Financial Services — 121,679 464,938 (14,588 ) 572,029 Multifamily — — 428,764 — 428,764 Lennar Other — — 28,919 — 28,919 Total revenues — 14,324,611 978,007 (14,588 ) 15,288,030 Cost and expenses: Homebuilding — 12,546,016 55,910 6,100 12,608,026 Financial Services — 76,914 368,926 (23,698 ) 422,142 Multifamily — — 431,510 — 431,510 Lennar Other — — 7,550 — 7,550 Corporate general and administrative 238,696 5,579 — 3,796 248,071 Total costs and expenses 238,696 12,628,509 863,896 (13,802 ) 13,717,299 Homebuilding equity in earnings (loss) from unconsolidated entities — (4,869 ) 268 — (4,601 ) Homebuilding other income (expense), net (783 ) (43,845 ) 8,517 786 (35,325 ) Multifamily equity in earnings from unconsolidated entities and other gain — — 15,446 — 15,446 Lennar Other equity in earnings (loss) from unconsolidated entities — (7,024 ) 19,279 — 12,255 Lennar Other expense, net — — (12,900 ) — (12,900 ) Earnings (loss) before income taxes (239,479 ) 1,640,364 144,721 — 1,545,606 Benefit (provision) for income taxes 57,906 (394,383 ) (38,193 ) — (374,670 ) Equity in earnings from subsidiaries 1,356,321 76,352 — (1,432,673 ) — Net earnings (including net loss attributable to noncontrolling interests) 1,174,748 1,322,333 106,528 (1,432,673 ) 1,170,936 Less: Net loss attributable to noncontrolling interests — — (3,812 ) — (3,812 ) Net earnings attributable to Lennar $ 1,174,748 1,322,333 110,340 (1,432,673 ) 1,174,748 Other comprehensive income, net of tax: Net unrealized gain on securities available-for-sale $ — — 949 — 949 Reclassification adjustments for loss included in earnings, net of tax — — (176 ) — (176 ) Total other comprehensive income, net of tax $ — — 773 — 773 Total comprehensive income attributable to Lennar $ 1,174,748 1,322,333 111,113 (1,432,673 ) 1,175,521 Total comprehensive loss attributable to noncontrolling interests $ — — (3,812 ) — (3,812 )
Condensed Consolidating Statement of Cash Flows	Condensed Consolidating Statement of Cash Flows Nine Months Ended August 31, 2020 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Cash flows from operating activities: Net earnings (including net loss attributable to noncontrolling interests) $ 1,582,276 1,779,572 164,510 (1,949,714 ) 1,576,644 Distributions of earnings from guarantor and non-guarantor subsidiaries 1,787,270 162,444 — (1,949,714 ) — Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by operating activities (1,757,490 ) 395,502 732,474 1,949,714 1,320,200 Net cash provided by operating activities 1,612,056 2,337,518 896,984 (1,949,714 ) 2,896,844 Cash flows from investing activities: Investments in and contributions to unconsolidated entities/deconsolidation of a previously consolidated entity, net of distributions of capital — (71,695 ) (205,102 ) — (276,797 ) Proceeds from the sales of operating properties and equipment and other assets — 33,096 — — 33,096 Other (3,414 ) 32,229 (52,581 ) — (23,766 ) Distributions of capital from guarantor and non-guarantor subsidiaries 100,000 50,000 — (150,000 ) — Intercompany (62,896 ) — — 62,896 — Net cash provided by (used in) investing activities 33,690 43,630 (257,683 ) (87,104 ) (267,467 ) Cash flows from financing activities: Net borrowings (repayments) under unsecured revolving credit facilities — 1,476 (790,815 ) — (789,339 ) Net borrowings (repayments) on senior notes, other borrowings, other liabilities, and other notes payable (280,630 ) (481,524 ) 121,604 — (640,550 ) Common stock: Repurchases (318,989 ) — — — (318,989 ) Dividends (117,112 ) (1,879,572 ) (220,142 ) 2,099,714 (117,112 ) Intercompany — (185,180 ) 248,076 (62,896 ) — Net cash used in financing activities (716,731 ) (2,544,800 ) (641,277 ) 2,036,818 (1,865,990 ) Net increase (decrease) in cash and cash equivalents and restricted cash 929,015 (163,652 ) (1,976 ) — 763,387 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 $ 1,642,843 368,652 220,583 — 2,232,078 Condensed Consolidating Statement of Cash Flows Nine Months Ended August 31, 2019 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Cash flows from operating activities: Net earnings (including net loss attributable to noncontrolling interests) $ 1,174,748 1,322,333 106,528 (1,432,673 ) 1,170,936 Distributions of earnings from guarantor and non-guarantor subsidiaries 1,356,321 76,352 — (1,432,673 ) — Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by operating activities (1,261,601 ) (1,342,672 ) 298,957 1,432,673 (872,643 ) Net cash provided by operating activities 1,269,468 56,013 405,485 (1,432,673 ) 298,293 Cash flows from investing activities: Investments in and contributions to unconsolidated entities and consolidated entities, net of distributions of capital — (135,395 ) 55,802 — (79,593 ) Proceeds from sales of real estate owned — — 8,560 — 8,560 Proceeds from sale of investment in unconsolidated entities — — 17,790 — 17,790 Proceeds from sales of Financial Services' business — 21,517 2,929 — 24,446 Other (2,164 ) 34,935 (43,331 ) — (10,560 ) Intercompany (1,256,112 ) — — 1,256,112 — Net cash provided by (used in) investing activities (1,258,276 ) (78,943 ) 41,750 1,256,112 (39,357 ) Cash flows from financing activities: Net borrowings under unsecured revolving credit facilities 700,000 — — — 700,000 Net repayments under warehouse facilities — (9 ) (423,114 ) — (423,123 ) Net borrowings (repayments) on convertible senior notes, other borrowings, other liabilities, and other notes payable (500,000 ) (117,444 ) 21,521 — (595,923 ) Net repayments related to noncontrolling interests — — (8,294 ) — (8,294 ) Common stock: Issuances 388 — — — 388 Repurchases (419,322 ) — — — (419,322 ) Dividends (38,776 ) (1,322,333 ) (110,340 ) 1,432,673 (38,776 ) Intercompany — 1,181,304 74,808 (1,256,112 ) — Net cash used in financing activities (257,710 ) (258,482 ) (445,419 ) 176,561 (785,050 ) Net increase (decrease) in cash and cash equivalents and restricted cash (246,518 ) (281,412 ) 1,816 — (526,114 ) 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 $ 378,176 440,191 251,497 — 1,069,864

Basis of Presentation - Narrat

Basis of Presentation - Narrative (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019	Dec. 01, 2019	Nov. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash and cash equivalents held in escrow	$ 396,900		$ 396,900			$ 565,800
Cash and cash equivalents held in escrow, deposit period			3 days
Right-of-use assets	121,728		$ 121,728		$ 150,700
Lease liabilities	$ 131,325		$ 131,325		$ 159,700
Nonvested shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares granted (in shares)	0.9	2.1	1.8	2.1

Operating and Reporting Segme_3

Operating and Reporting Segments (Disclosure Of Assets and Liabilities) (Details) - USD ($) $ in Thousands		9 Months Ended
		Aug. 31, 2020	Nov. 30, 2019
Segment Reporting Information [Line Items]
Cash and cash equivalents		$ 2,209,131	$ 1,445,996
Restricted cash		22,947	22,695
Receivables, net		699,400	906,877
Inventories		18,007,755	18,091,614
Loans held-for-sale		1,087,182	1,644,939
Loans held-for-investment, net		68,638	73,867
Investments held-to-maturity		164,588	244,406
Investments available-for-sale		53,770	51,938
Investments in unconsolidated entities		2,053,172	1,973,913
Goodwill		3,632,058	3,657,875
Other assets		1,316,644	1,245,391
Total assets	[1]	29,315,285	29,359,511
Senior notes and other debts payable, net		8,138,594	9,573,696
Other liabilities		3,896,346	3,751,985
Total liabilities	[2]	12,034,940	13,325,681
Self-insurance reserves		67,300	60,700
Homebuilding
Segment Reporting Information [Line Items]
Cash and cash equivalents	[1]	1,966,796	1,200,832
Restricted cash	[1]	11,959	9,698
Receivables, net	[1]	295,958	329,124
Inventories	[1]	17,671,262	17,776,507
Investments in unconsolidated entities	[1]	940,695	1,009,035
Goodwill	[1]	3,442,359	3,442,359
Other assets	[1]	1,137,137	1,021,684
Total assets	[1]	25,466,166	24,789,239
Senior notes and other debts payable, net	[2]	7,180,274	7,776,638
Other liabilities	[2]	1,944,247	1,900,955
Total liabilities	[2]	10,589,406	11,007,038
Financial Services
Segment Reporting Information [Line Items]
Total assets	[1]	2,209,549	3,006,024
Total liabilities	[2]	1,197,847	2,056,450
Mortgage servicing rights		1,400	24,700
Multifamily
Segment Reporting Information [Line Items]
Total assets	[1]	1,184,086	1,068,831
Total liabilities	[2]	236,059	232,155
Lennar Other
Segment Reporting Information [Line Items]
Total assets	[1]	455,484	495,417
Total liabilities	[2]	11,628	30,038
Operating Segments | Financial Services
Segment Reporting Information [Line Items]
Cash and cash equivalents		217,442	234,113
Restricted cash		10,988	12,022
Receivables, net		316,717	500,847
Inventories		0	0
Loans held-for-sale		1,087,182	1,644,939
Loans held-for-investment, net		67,219	73,867
Investments held-to-maturity		164,588	190,289
Investments available-for-sale		0	3,732
Investments in unconsolidated entities		70,218	0
Goodwill		189,699	215,516
Other assets		85,496	130,699
Total assets		2,209,549	3,006,024
Senior notes and other debts payable, net		956,414	1,745,755
Other liabilities		241,433	310,695
Total liabilities		1,197,847	2,056,450
Operating Segments | Multifamily
Segment Reporting Information [Line Items]
Cash and cash equivalents		21,591	8,711
Restricted cash		0	0
Receivables, net		86,725	76,906
Inventories		336,493	315,107
Loans held-for-sale		0	0
Loans held-for-investment, net		0	0
Investments held-to-maturity		0	0
Investments available-for-sale		0	48,206
Investments in unconsolidated entities		656,012	561,190
Goodwill		0	0
Other assets		83,265	58,711
Total assets		1,184,086	1,068,831
Senior notes and other debts payable, net		0	36,125
Other liabilities		236,059	196,030
Total liabilities		236,059	232,155
Operating Segments | Lennar Other
Segment Reporting Information [Line Items]
Cash and cash equivalents		3,302	2,340
Restricted cash		0	975
Receivables, net		0	0
Inventories		0	0
Loans held-for-sale		0	0
Loans held-for-investment, net		1,419	0
Investments held-to-maturity		0	54,117
Investments available-for-sale		53,770	0
Investments in unconsolidated entities		386,247	403,688
Goodwill		0	0
Other assets		10,746	34,297
Total assets		455,484	495,417
Senior notes and other debts payable, net		1,906	15,178
Other liabilities		9,722	14,860
Total liabilities		11,628	30,038
Write-down of investments in unconsolidated entities		25,000
Operating Segments And Corporate | Homebuilding
Segment Reporting Information [Line Items]
Cash and cash equivalents		1,966,796	1,200,832
Restricted cash		11,959	9,698
Receivables, net		295,958	329,124
Inventories		17,671,262	17,776,507
Loans held-for-sale		0	0
Loans held-for-investment, net		0	0
Investments held-to-maturity		0	0
Investments available-for-sale		0	0
Investments in unconsolidated entities		940,695	1,009,035
Goodwill		3,442,359	3,442,359
Other assets		1,137,137	1,021,684
Total assets		25,466,166	24,789,239
Senior notes and other debts payable, net		7,180,274	7,776,638
Other liabilities		3,409,132	3,230,400
Total liabilities		10,589,406	11,007,038
Mortgage loan commitments | Financial Services
Segment Reporting Information [Line Items]
Derivative asset		40,500	16,300
Forward contracts | Financial Services
Segment Reporting Information [Line Items]
Derivative asset		$ 4,900	$ 3,900
[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, nor any of its subsidiaries, has any obligations. As of August 31, 2020 , total assets include $960.5 million related to consolidated VIEs of which $21.3 million is included in Homebuilding cash and cash equivalents, $0.1 million in Homebuilding receivables, net, $15.8 million in Homebuilding finished homes and construction in progress, $481.0 million in Homebuilding land and land under development, $386.6 million in Homebuilding consolidated inventory not owned, $2.1 million in Homebuilding investments in unconsolidated entities, $8.9 million in Homebuilding other assets and $44.7 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, nor any of its subsidiaries, has any obligations. As of August 31, 2020 , total liabilities include $473.8 million related to consolidated VIEs as to which there was no recourse against the Company, of which $20.0 million is included in Homebuilding accounts payable, $315.4 million in Homebuilding liabilities related to consolidated inventory not owned, $118.4 million in Homebuilding senior notes and other debts payable, $9.3 million in Homebuilding other liabilities and $10.7 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		9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Segment Reporting Information [Line Items]
Revenues	$ 5,870,254	$ 5,857,058	$ 15,662,964	$ 15,288,030
Operating earnings (loss)	951,674	759,698	2,222,101	1,793,677
Corporate general and administrative expenses	92,661	92,615	262,959	248,071
Earnings (loss) before income taxes	859,013	667,083	1,959,142	1,545,606
Homebuilding
Segment Reporting Information [Line Items]
Revenues	5,505,120	5,438,998	14,626,720	14,258,318
Financial Services
Segment Reporting Information [Line Items]
Revenues	237,068	224,502	631,992	572,029
Multifamily
Segment Reporting Information [Line Items]
Revenues	115,170	183,958	370,904	428,764
Lennar Other
Segment Reporting Information [Line Items]
Revenues	12,896	9,600	33,348	28,919
Operating Segments | Homebuilding
Segment Reporting Information [Line Items]
Revenues	5,505,120	5,438,998	14,626,720	14,258,318
Operating earnings (loss)	813,744	658,982	1,905,503	1,610,366
Corporate general and administrative expenses	0	0	0	0
Earnings (loss) before income taxes	813,744	658,982	1,905,503	1,610,366
Operating Segments | Financial Services
Segment Reporting Information [Line Items]
Revenues	237,068	224,502	631,992	572,029
Operating earnings (loss)	135,079	74,698	329,722	149,887
Corporate general and administrative expenses	0	0	0	0
Earnings (loss) before income taxes	135,079	74,698	329,722	149,887
Operating Segments | Multifamily
Segment Reporting Information [Line Items]
Revenues	115,170	183,958	370,904	428,764
Operating earnings (loss)	(5,148)	10,225	(4,001)	12,700
Corporate general and administrative expenses	0	0	0	0
Earnings (loss) before income taxes	(5,148)	10,225	(4,001)	12,700
Operating Segments | Lennar Other
Segment Reporting Information [Line Items]
Revenues	12,896	9,600	33,348	28,919
Operating earnings (loss)	7,999	15,793	(9,123)	20,724
Corporate general and administrative expenses	0	0	0	0
Earnings (loss) before income taxes	7,999	15,793	(9,123)	20,724
Write-down of investments in unconsolidated entities			25,000
Corporate and Unallocated
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Operating earnings (loss)	0	0	0	0
Corporate general and administrative expenses	92,661	92,615	262,959
Earnings (loss) before income taxes	$ (92,661)	$ (92,615)	$ (262,959)	$ (248,071)

Operating and Reporting Segme_5

Operating and Reporting Segments (Homebuilding Assets) (Details) - USD ($) $ in Thousands		Aug. 31, 2020	Nov. 30, 2019
Segment Reporting Information [Line Items]
Assets	[1]	$ 29,315,285	$ 29,359,511
Homebuilding
Segment Reporting Information [Line Items]
Assets	[1]	25,466,166	24,789,239
Operating Segments | East
Segment Reporting Information [Line Items]
Assets		5,586,328	5,804,764
Operating Segments | Central
Segment Reporting Information [Line Items]
Assets		3,494,566	3,636,694
Operating Segments | Texas
Segment Reporting Information [Line Items]
Assets		2,204,192	2,246,893
Operating Segments | West
Segment Reporting Information [Line Items]
Assets		10,800,281	10,663,666
Operating Segments | Other
Segment Reporting Information [Line Items]
Assets		1,257,126	1,173,163
Corporate and Unallocated
Segment Reporting Information [Line Items]
Assets		2,123,673	1,264,059
Operating Segments And Corporate | Homebuilding
Segment Reporting Information [Line Items]
Assets		$ 25,466,166	$ 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, nor any of its subsidiaries, has any obligations. As of August 31, 2020 , total assets include $960.5 million related to consolidated VIEs of which $21.3 million is included in Homebuilding cash and cash equivalents, $0.1 million in Homebuilding receivables, net, $15.8 million in Homebuilding finished homes and construction in progress, $481.0 million in Homebuilding land and land under development, $386.6 million in Homebuilding consolidated inventory not owned, $2.1 million in Homebuilding investments in unconsolidated entities, $8.9 million in Homebuilding other assets and $44.7 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		9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Segment Reporting Information [Line Items]
Revenues	$ 5,870,254	$ 5,857,058	$ 15,662,964	$ 15,288,030
Operating earnings (loss)	951,674	759,698	2,222,101	1,793,677
Homebuilding
Segment Reporting Information [Line Items]
Revenues	5,505,120	5,438,998	14,626,720	14,258,318
Operating Segments | East
Segment Reporting Information [Line Items]
Revenues	1,478,659	1,502,004	3,908,421	3,837,673
Operating earnings (loss)	244,189	219,335	586,104	503,803
Operating Segments | Central
Segment Reporting Information [Line Items]
Revenues	1,063,621	1,066,418	2,839,415	2,743,757
Operating earnings (loss)	132,678	116,589	292,031	264,238
Operating Segments | Texas
Segment Reporting Information [Line Items]
Revenues	747,934	713,376	1,933,918	1,825,105
Operating earnings (loss)	116,111	78,298	269,071	185,950
Operating Segments | West
Segment Reporting Information [Line Items]
Revenues	2,212,211	2,063,324	5,920,804	5,747,243
Operating earnings (loss)	342,834	259,424	847,835	722,989
Operating Segments | Other
Segment Reporting Information [Line Items]
Revenues	2,695	93,876	24,162	104,540
Operating earnings (loss)	(22,068)	(14,664)	(89,538)	(66,614)
Operating Segments | Homebuilding
Segment Reporting Information [Line Items]
Revenues	5,505,120	5,438,998	14,626,720	14,258,318
Operating earnings (loss)	813,744	658,982	1,905,503	1,610,366
Operating Segments And Corporate | Homebuilding
Segment Reporting Information [Line Items]
Revenues	5,505,120	5,438,998	14,626,720	14,258,318
Operating earnings (loss)	$ 813,744	$ 658,982	$ 1,905,503	$ 1,610,366

Operating and Reporting Segme_7

Operating and Reporting Segments (Disclosure of Facilities) (Details) - Financial Services - USD ($)	9 Months Ended
	Aug. 31, 2020	Nov. 30, 2019
Line of Credit Facility [Line Items]
Collateral under facilities	$ 727,319,000	$ 1,423,650,000
Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	2,500,000,000
Borrowings under facility	699,016,000	1,374,063,000
Residential facilities maturing January 2021 | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	500,000,000
Residential facilities maturing March 2021 | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	300,000,000
Residential facilities maturing June 2021 | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	600,000,000
Residential facilities maturing July 2021 | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	200,000,000
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 facilities maturing 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 maturing December 2020, 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	$ 103,667,000	$ 216,870,000
Warehouse Repurchase Facility | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Facility, term	364 days

Operating and Reporting Segme_8

Operating and Reporting Segments (Narrative) (Details)	9 Months Ended
	Aug. 31, 2020USD ($)transaction	Aug. 31, 2019USD ($)transaction	Nov. 30, 2019USD ($)
Segment Reporting Information [Line Items]
Investments held-to-maturity	$ 164,588,000		$ 244,406,000
Senior notes and other debts payable, net	8,138,594,000		9,573,696,000
Financial Services
Segment Reporting Information [Line Items]
Origination of loans receivable	582,000,000	$ 984,500,000
Sale of loans held-for-sale	$ 622,300,000	$ 848,300,000
Number of securitization transactions | transaction	4	7
Unsettled transactions	$ 0
Origination of loans receivable, held-for-sale		$ 969,200,000
Origination of loans receivable, held-for-investment		15,300,000
CMBS | Financial Services
Segment Reporting Information [Line Items]
Investments held-to-maturity	164,600,000		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]
Senior notes and other debts payable, net	$ 153,700,000		$ 154,700,000
Secured Debt | Minimum | Financing Agreement to Purchase Commercial Mortgage Backed Securities | Financial Services
Segment Reporting Information [Line Items]
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		9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Loss Contingency Accrual [Roll Forward]
Loan origination liabilities, beginning of period	$ 10,880	$ 7,424	$ 9,364	$ 48,584
Provision for losses	1,234	1,006	3,149	2,593
Payments/settlements	(24)	(109)	(423)	(42,856)
Loan origination liabilities, end of period	$ 12,090	$ 8,321	$ 12,090	$ 8,321

Investments in Unconsolidated_3

Investments in Unconsolidated Entities (Narrative) (Details) $ in Thousands		3 Months Ended		9 Months Ended
		Aug. 31, 2020USD ($)investment	Aug. 31, 2019USD ($)	Aug. 31, 2020USD ($)investment	Aug. 31, 2019USD ($)	Nov. 30, 2019USD ($)
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities		$ 2,053,172		$ 2,053,172		$ 1,973,913
Revenues		5,870,254	$ 5,857,058	15,662,964	$ 15,288,030
FivePoint Unconsolidated Entity
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities		$ 376,400		$ 376,400		374,000
Unconsolidated entities ownership percentage		40.00%		40.00%
Homebuilding
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	[1]	$ 940,695		$ 940,695		1,009,035
Underlying equity in unconsolidated partners' net assets		1,200,000		1,200,000		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		$ 5,505,120	5,438,998	$ 14,626,720	14,258,318
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		$ 933,200		$ 933,200		$ 867,300
Revenues		115,170	183,958	370,904	428,764
General Contractor Services | Multifamily
Schedule of Equity Method Investments [Line Items]
Revenues		101,100	83,200	299,500	264,800
Cost of revenue		97,200	79,900	287,600	254,500
Unconsolidated Entities | Management Fee | Multifamily
Schedule of Equity Method Investments [Line Items]
Revenues		$ 14,100	$ 14,300	$ 42,500	$ 40,700
[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, nor any of its subsidiaries, has any obligations. As of August 31, 2020 , total assets include $960.5 million related to consolidated VIEs of which $21.3 million is included in Homebuilding cash and cash equivalents, $0.1 million in Homebuilding receivables, net, $15.8 million in Homebuilding finished homes and construction in progress, $481.0 million in Homebuilding land and land under development, $386.6 million in Homebuilding consolidated inventory not owned, $2.1 million in Homebuilding investments in unconsolidated entities, $8.9 million in Homebuilding other assets and $44.7 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	9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Nov. 30, 2019
Schedule of Equity Method Investments [Line Items]
Lennar's carrying value of investments	$ 2,053,172		$ 1,973,913
Distributions to Lennar during the nine months ended August 31, 2020	39,036	$ 9,175
Multifamily | LMV I
Schedule of Equity Method Investments [Line Items]
Lennar's carrying value of investments	348,561
Equity commitments	2,204,016
Equity commitments called	2,137,746
Lennar's equity commitments	504,016
Lennar's equity commitments called	496,082
Lennar's remaining commitments	7,934
Distributions to Lennar during the nine months ended August 31, 2020	23,822
Multifamily | LMV II
Schedule of Equity Method Investments [Line Items]
Lennar's carrying value of investments	250,777
Equity commitments	1,257,700
Equity commitments called	861,508
Lennar's equity commitments	381,000
Lennar's equity commitments called	259,886
Lennar's remaining commitments	121,114
Distributions to Lennar during the nine months ended August 31, 2020	$ 0

Stockholders' Equity (Schedule

Stockholders' Equity (Schedule Of Changes In Equity) (Details) - USD ($)	Oct. 01, 2020	Jul. 24, 2020	Aug. 31, 2020		Nov. 30, 2019		Aug. 31, 2019	May 31, 2019	Feb. 28, 2019	Aug. 31, 2020		Aug. 31, 2019	Dec. 01, 2019	Jan. 31, 2019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			$ 16,632,624,000		$ 15,465,947,000		$ 15,246,535,000		$ 14,682,957,000	$ 16,033,830,000	[1]	$ 14,682,957,000
Net earnings (including net earnings attributable to noncontrolling interests)			669,323,000				512,643,000			1,576,644,000		1,170,936,000
Employee stock and directors plans			(22,843,000)				(22,359,000)			(29,616,000)		(23,050,000)
Purchases of treasury stock							(295,930,000)			(288,515,000)		(394,711,000)
Amortization of restricted stock			28,658,000				34,048,000			83,799,000		65,438,000
Cash dividends			(38,967,000)				(12,899,000)			(117,112,000)		(38,776,000)
Receipts related to noncontrolling interests			6,504,000				18,458,000			175,565,000		27,395,000
Payments related to noncontrolling interests			(7,949,000)				(12,372,000)			(29,450,000)		(35,689,000)
Non-cash activity related to noncontrolling interests			(4,259,000)				(2,357,000)			(9,427,000)		(7,973,000)
Non-cash consolidations/deconsolidations, net			17,079,000							(114,712,000)		8,894,000
Cumulative-effect of accounting change													$ 9,753,000
Total other comprehensive income, net of tax			175,000				180,000			(661,000)		773,000
Balance, ending			17,280,345,000	[1]	$ 16,033,830,000	[1]	$ 15,465,947,000	$ 15,246,535,000		17,280,345,000	[1]	15,465,947,000
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			8,630,442,000		$ 8,559,704,000		$ 8,529,828,000		$ 8,496,677,000	8,578,219,000		8,496,677,000
Employee stock and directors plans			(105,000)				(400,000)			521,000		1,361,000
Amortization of restricted stock			28,658,000				34,048,000			83,799,000		65,438,000
Non-cash activity related to noncontrolling interests			(4,041,000)				(3,772,000)			(7,585,000)		(3,772,000)
Cumulative-effect of accounting change													0
Balance, ending			8,654,954,000		8,578,219,000		8,559,704,000	$ 8,529,828,000		8,654,954,000		8,559,704,000
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			(1,253,863,000)		(855,201,000)		(537,106,000)		(435,869,000)	(957,857,000)		(435,869,000)
Employee stock and directors plans			(22,828,000)				(22,165,000)			(30,319,000)		(24,621,000)
Purchases of treasury stock							(295,930,000)			(288,515,000)		(394,711,000)
Cumulative-effect of accounting change													0
Balance, ending			(1,276,691,000)		(957,857,000)		(855,201,000)	(537,106,000)		(1,276,691,000)		(855,201,000)
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			(338,000)		407,000		227,000		(366,000)	498,000		(366,000)
Cumulative-effect of accounting change													0
Total other comprehensive income, net of tax			175,000				180,000			(661,000)		773,000
Balance, ending			(163,000)		498,000		407,000	227,000		(163,000)		407,000
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			9,132,714,000		7,633,375,000		7,132,908,000		6,487,650,000	8,295,001,000		6,487,650,000
Net earnings (including net earnings attributable to noncontrolling interests)			666,418,000				513,366,000			1,582,276,000		1,174,748,000
Cash dividends			(38,967,000)				(12,899,000)			(117,112,000)		(38,776,000)
Cumulative-effect of accounting change													9,753,000
Balance, ending			9,760,165,000		8,295,001,000		7,633,375,000	7,132,908,000		9,760,165,000		7,633,375,000
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			89,921,000		94,009,000		87,231,000		101,422,000	84,313,000		101,422,000
Net earnings (including net earnings attributable to noncontrolling interests)			2,905,000				(723,000)			(5,632,000)		(3,812,000)
Receipts related to noncontrolling interests			6,504,000				18,458,000			175,565,000		27,395,000
Payments related to noncontrolling interests			(7,949,000)				(12,372,000)			(29,450,000)		(35,689,000)
Non-cash activity related to noncontrolling interests			(218,000)				1,415,000			(1,842,000)		(4,201,000)
Non-cash consolidations/deconsolidations, net			17,079,000							(114,712,000)		8,894,000
Cumulative-effect of accounting change													0
Balance, ending			$ 108,242,000		84,313,000		$ 94,009,000	87,231,000		$ 108,242,000		$ 94,009,000
Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased during period (in shares)			0				6,110,000			4,250,000		8,110,000
Shares repurchased during period, value			$ 0				$ 295,930,000			$ 282,274,000		$ 394,710,000
Average share price of shares repurchased (in dollars per share)			$ 0				$ 48.41			$ 66.42		$ 48.65
Class A Common Stock | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			$ 29,804,000		29,709,000		$ 29,503,000		29,499,000	$ 29,712,000		$ 29,499,000
Employee stock and directors plans			90,000				206,000			182,000		210,000
Cumulative-effect of accounting change													0
Balance, ending			$ 29,894,000		29,712,000		$ 29,709,000	29,503,000		$ 29,894,000		$ 29,709,000
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 accounting change													$ 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)	$ 0.25
[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, nor any of its subsidiaries, has any obligations. As of August 31, 2020 , total liabilities include $473.8 million related to consolidated VIEs as to which there was no recourse against the Company, of which $20.0 million is included in Homebuilding accounts payable, $315.4 million in Homebuilding liabilities related to consolidated inventory not owned, $118.4 million in Homebuilding senior notes and other debts payable, $9.3 million in Homebuilding other liabilities and $10.7 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		9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 189,690	$ 154,440	$ 382,498	$ 374,670
Effective tax rate	22.20%	23.10%	19.50%	24.20%

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		9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Numerator:
Net earnings attributable to Lennar	$ 666,418	$ 513,366	$ 1,582,276	$ 1,174,748
Less: distributed earnings allocated to nonvested shares	324	119	1,014	312
Less: undistributed earnings allocated to nonvested shares	7,474	4,401	17,433	9,271
Numerator for basic earnings per share	658,620	508,846	1,563,829	1,165,165
Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan	3,606	1,498	6,928	4,655
Numerator for diluted earnings per share	$ 655,014	$ 507,348	$ 1,556,901	$ 1,160,510
Denominator:
Denominator for basic earnings per share-weighted average common shares outstanding (shares)	308,889	318,103	309,492	319,924
Effect of dilutive securities:
Share-based payments (shares)	1	1	1	3
Denominator for diluted earnings per share-weighted average common shares outstanding (shares)	308,890	318,104	309,493	319,927
Basic earnings per share (in dollars per share)	$ 2.13	$ 1.60	$ 5.05	$ 3.64
Diluted earnings per share (in dollars per share)	$ 2.12	$ 1.59	$ 5.03	$ 3.63

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares	3 Months Ended		9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase outstanding and anti-dilutive shares (in 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		Aug. 31, 2020	Nov. 30, 2019
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 8,138,594	$ 9,573,696
Homebuilding
Debt Instrument [Line Items]
Senior notes and other debts payable, net	[1]	7,180,274	7,776,638
Homebuilding | Senior Notes | 2.95% senior notes due 2020
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 299,857	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		$ 393,135	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		$ 499,479	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		$ 306,479	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		$ 598,628	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		$ 256,056	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		$ 572,345	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		$ 397,250	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		$ 647,347	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		$ 444,653	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		$ 497,891	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		$ 407,012	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		$ 352,604	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		$ 894,573	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		$ 612,965	$ 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, nor any of its subsidiaries, has any obligations. As of August 31, 2020 , total liabilities include $473.8 million related to consolidated VIEs as to which there was no recourse against the Company, of which $20.0 million is included in Homebuilding accounts payable, $315.4 million in Homebuilding liabilities related to consolidated inventory not owned, $118.4 million in Homebuilding senior notes and other debts payable, $9.3 million in Homebuilding other liabilities and $10.7 million in Multifamily liabilities. As of November 30, 2019 , total liabilities include $549.7 million related to consolidated VIEs as to which there was no recourse against the Company, of which $13.7 million is included in Homebuilding accounts payable, $247.5 million in Homebuilding liabilities related to consolidated inventory not owned, $47.1 million in Homebuilding senior notes and other debt payable, $8.9 million in Homebuilding other liabilities, $231.1 million in Financial Services liabilities and $1.4 million in Multifamily liabilities.

Homebuilding Senior Notes and_4

Homebuilding Senior Notes and Other Debts Payable (Narrative) (Details) - Homebuilding - USD ($)	9 Months Ended
	Aug. 31, 2020	Nov. 30, 2019
Debt Instrument [Line Items]
Guarantee by subsidiaries	$ 75,000,000
Unsecured revolving credit facility | Credit Agreement
Debt Instrument [Line Items]
Maximum borrowings	2,400,000,000
Letter of Credit | Credit Agreement
Debt Instrument [Line Items]
Maximum borrowings	500,000,000
Senior Notes
Debt Instrument [Line Items]
Debt issuance cost	$ 17,900,000	$ 22,900,000

Homebuilding Senior Notes and_5

Homebuilding Senior Notes and Other Debts Payable (Letter of Credit Facilities) (Details) - USD ($) $ in Thousands	Aug. 31, 2020	Nov. 30, 2019
Performance letters of credit
Line of Credit Facility [Line Items]
Letters of credit outstanding	$ 770,527	$ 715,793
Financial letters of credit
Line of Credit Facility [Line Items]
Letters of credit outstanding	258,703	184,075
Surety bonds
Line of Credit Facility [Line Items]
Letters of credit outstanding	3,041,946	2,946,167
Anticipated future costs primarily for site improvements related to performance surety bonds
Line of Credit Facility [Line Items]
Letters of credit outstanding	$ 1,498,173	$ 1,427,145

Product Warranty (Schedule of P

Product Warranty (Schedule of Product Warranty Reserve) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty reserve, beginning of the period	$ 301,462	$ 291,624	$ 294,138	$ 319,109
Warranties issued	50,324	49,603	134,867	131,429
Adjustments to pre-existing warranties from changes in estimates	3,640	1,097	17,251	(6,426)
Payments	(36,677)	(51,808)	(127,507)	(153,596)
Warranty reserve, end of period	$ 318,749	$ 290,516	$ 318,749	$ 290,516

Financial Instruments and Fai_3

Financial Instruments and Fair Value Disclosures - (Carrying Amounts And Estimated Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands	Aug. 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	$ 67,219	$ 73,867
Investments held-to-maturity	164,588	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	64,377	69,708
Investments held-to-maturity	196,246	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	956,414	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	957,832	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	7,180,274	7,776,638
Homebuilding | Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	7,670,550	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	1,906	15,178
Lennar Other | Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	$ 1,906	$ 15,178

Financial Instruments and Fai_4

Financial Instruments and Fair Value Disclosures - (Fair Value Measured On Recurring Basis) (Details) - USD ($) $ in Thousands	Aug. 31, 2020	Nov. 30, 2019
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Investments available-for-sale	$ 53,770	$ 51,938
Financial Services
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Mortgage servicing rights	1,400	24,700
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	1,356	24,679
Lennar Other | Level 3
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Investments available-for-sale	53,770	0
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	887,900	1,400,000
Aggregate fair value of loans (below) in excess of principal balance	42,200	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	930,151	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	155,500	196,300
Aggregate fair value of loans (below) in excess of principal balance	1,600	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	$ 157,031	$ 197,224

Financial Instruments and Fai_5

Financial Instruments and Fair Value Disclosures - (Mortgage Servicing Rights Unobservable Inputs) (Details) - Financial Services - Level 3	Aug. 31, 2020
Mortgage prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for valuation of mortgage servicing rights	0.17
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for valuation of mortgage servicing rights	0.12
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		9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 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	$ 175	$ 180	$ (209)	$ 949
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	175	0	(163)	0
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	180	(46)	949
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	2,229	(2,490)	6	397
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	(4,534)	646	24,177	9,498
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	$ (205)	$ 1,646	$ (1,088)	$ 734

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		9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Mortgage servicing rights
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 1,238	$ 29,419	$ 24,679	$ 37,206
Purchases/loan originations	563	449	1,917	2,707
Sales/loan originations sold, including those not settled	0	0	0	0
Disposals/settlements	(34)	(1,544)	(10,231)	(3,830)
Changes in fair value	(411)	(5,252)	(15,009)	(13,011)
Interest and principal paydowns	0	0	0	0
Ending balance	1,356	23,072	1,356	23,072
RMF loans held-for-sale
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	159,885	259,599	197,224	61,691
Purchases/loan originations	164,380	263,888	582,030	969,200
Sales/loan originations sold, including those not settled	(164,527)	(347,713)	(622,251)	(848,262)
Disposals/settlements	0	0	0	(9,920)
Changes in fair value	(1,165)	3,502	2,102	6,825
Interest and principal paydowns	(1,542)	(572)	(2,074)	(830)
Ending balance	$ 157,031	$ 178,704	$ 157,031	$ 178,704

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		9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Finished homes and construction in progress, carrying value	$ 20,650	$ 4,922	$ 162,459	$ 4,922
Finished homes and construction in progress, fair value	18,089	4,142	138,493	4,142
Finished homes and construction in progress, total losses, net	(2,561)	(780)	(23,966)	(780)
Land and land under development, carrying value	21,621	1,300	86,683	8,253
Land and land under development, fair value	12,650	85	34,019	3,085
Land and land under development, total losses, net	$ (8,971)	$ (1,215)	$ (52,664)	$ (5,168)

Financial Instruments and Fai_9

Financial Instruments and Fair Value Disclosures - (Narrative) (Details) - community	Aug. 31, 2020	Aug. 31, 2019
Fair Value Disclosures [Abstract]
Active communities	1,194	1,295

Financial Instruments and Fa_10

Financial Instruments and Fair Value Disclosures - (Communities with Indicators for Impairment) (Details) $ in Thousands	9 Months Ended
	Aug. 31, 2020USD ($)community	Aug. 31, 2019USD ($)community
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Number of Communities with potential indicator of impairment | community	28	47
Number of communities with valuation adjustments | community	14	1
Valuation adjustments | $	$ 40,364	$ 1,995
Level 3
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Fair value of communities with valuation adjustments | $	$ 76,115	$ 4,226

Financial Instruments and Fa_11

Financial Instruments and Fair Value Disclosures - (Unobservable Inputs Used in Discounted Cash Flow Model to Determine the Fair Value of Communities) (Details) $ / homes in Thousands	Aug. 31, 2020$ / homes	Aug. 31, 2019$ / homes
Average selling price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs		167,000
Absorption rate per quarter (homes)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs		12
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	9 Months Ended
	Jan. 31, 2019	Aug. 31, 2020USD ($)entity	Aug. 31, 2019USD ($)	Nov. 30, 2019USD ($)
Variable Interest Entity [Line Items]
Gain on deconsolidation		$ 61,418	$ 0
Financial Services
Variable Interest Entity [Line Items]
Gain on deconsolidation		61,418
Variable Interest Entity, Primary Beneficiary | Homebuilding
Variable Interest Entity [Line Items]
VIE assets consolidated		140,000
VIE liabilities consolidated		$ 51,200
Variable Interest Entity, Primary Beneficiary | Multifamily
Variable Interest Entity [Line Items]
Number of entities consolidated | entity		1
VIE assets consolidated		$ 49,400
VIE liabilities consolidated		$ 900
Number of entities deconsolidated | entity		2
VIE assets deconsolidated		$ 37,200
Variable Interest Entity, Primary Beneficiary | Financial Services
Variable Interest Entity [Line Items]
Number of entities deconsolidated | entity		1
VIE assets deconsolidated		$ 291,200
VIE liabilities deconsolidated		204,100
Percentage of stock owned	20.00%
Reduction in principal amount of debt owed to the company	43.00%
Reduction in ownership percentage	20.00%
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Increase in consolidated inventory		82,400
Variable Interest Entity, Not Primary Beneficiary | Financial Services
Variable Interest Entity [Line Items]
Fair value of equity investment and note receivable		123,400
Fair value of equity investment		70,800
Gain on deconsolidation		61,400
Variable Interest Entity, Not Primary Beneficiary Including Third Parties
Variable Interest Entity [Line Items]
Non-refundable option deposits and pre-acquisition costs		325,400		$ 320,500
Variable Interest Entity, Not Primary Beneficiary Including Third Parties | Financial Standby Letters of Credit
Variable Interest Entity [Line Items]
Letters of credit outstanding		$ 76,800		$ 75,000
Valuation Technique, Discounted Cash Flow | Minimum | Discount rate | Variable Interest Entity, Not Primary Beneficiary | Financial Services
Variable Interest Entity [Line Items]
Equity investment and note receivable, measurement input		0.16
Valuation Technique, Discounted Cash Flow | Maximum | Discount rate | Variable Interest Entity, Not Primary Beneficiary | Financial Services
Variable Interest Entity [Line Items]
Equity investment and note receivable, measurement input		0.30

Variable Interest Entities (Est

Variable Interest Entities (Estimated Maximum Exposure To Loss) (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Thousands	Aug. 31, 2020	Nov. 30, 2019
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	$ 936,602	$ 840,851
Lennar’s Maximum Exposure to Loss	1,136,074	1,076,663
Homebuilding
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	85,733	80,939
Lennar’s Maximum Exposure to Loss	85,914	81,118
Multifamily
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	608,911	533,018
Lennar’s Maximum Exposure to Loss	755,394	768,651
Multifamily | Equity Commitments
Variable Interest Entity [Line Items]
Obligations related to VIEs	129,000	224,200
Financial Services
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	234,806	166,012
Lennar’s Maximum Exposure to Loss	287,614	166,012
Lennar Other
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	7,152	60,882
Lennar’s Maximum Exposure to Loss	$ 7,152	$ 60,882

Commitments and Contingent Li_2

Commitments and Contingent Liabilities - (Additional Information About Leases) (Details) - USD ($) $ in Thousands	Aug. 31, 2020	Dec. 01, 2019
Commitments and Contingencies Disclosure [Abstract]
Right-of-use assets	$ 121,728	$ 150,700
Lease liabilities	$ 131,325	$ 159,700
Weighted-average remaining lease term (in years)	2 years 8 months 12 days
Weighted-average discount rate	3.10%

Commitments and Contingent Li_3

Commitments and Contingent Liabilities - (Future MInimum Payments Under Noncancellable Leases) (Details) - USD ($) $ in Thousands	Aug. 31, 2020	Dec. 01, 2019
Commitments and Contingencies Disclosure [Abstract]
2020	$ 8,897
2021	36,049
2022	28,843
2022	21,804
2023	15,853
2025 and thereafter	30,861
Total future minimum lease payments	142,307
Less: Interest	10,982
Present value of lease liabilities	131,325	$ 159,700
Variable lease costs	12,700
Short-term lease costs	$ 2,300
Weighted-average remaining lease term (in years)	2 years 8 months 12 days
Weighted-average discount rate	3.10%

Commitments and Contingent Li_4

Commitments and Contingent Liabilities - (Narrative) (Details) $ in Millions	9 Months Ended
	Aug. 31, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Rental expense	$ 62.6
Payments on lease liabilities	$ 40.4

Supplemental Financial Inform_3

Supplemental Financial Information (Narrative) (Details)	9 Months Ended
	Aug. 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		Aug. 31, 2020		May 31, 2020	Nov. 30, 2019		Aug. 31, 2019	May 31, 2019	Nov. 30, 2018
Assets:
Investments in unconsolidated entities		$ 2,053,172			$ 1,973,913
Goodwill		3,632,058			3,657,875
Other assets		1,316,644			1,245,391
Total assets	[1]	29,315,285			29,359,511
LIABILITIES AND EQUITY
Senior notes and other debts payable, net		8,138,594			9,573,696
Total liabilities	[2]	12,034,940			13,325,681
Total stockholders’ equity	[2]	17,172,103			15,949,517
Noncontrolling interests	[2]	108,242			84,313
Total equity		17,280,345	[2]	$ 16,632,624	16,033,830	[2]	$ 15,465,947	$ 15,246,535	$ 14,682,957
Total liabilities and equity	[2]	29,315,285			29,359,511
Homebuilding
Assets:
Cash and cash equivalents, restricted cash and receivables, net		2,274,713			1,539,654
Inventories		17,671,262			17,776,507
Investments in unconsolidated entities	[1]	940,695			1,009,035
Goodwill	[1]	3,442,359			3,442,359
Other assets	[1]	1,137,137			1,021,684
Investments in subsidiaries		0			0
Intercompany		0			0
Total assets	[1]	25,466,166			24,789,239
LIABILITIES AND EQUITY
Accounts payable and other liabilities		3,084,588			2,970,134
Liabilities related to consolidated inventory not owned	[2]	324,544			260,266
Senior notes and other debts payable, net	[2]	7,180,274			7,776,638
Intercompany		0			0
Total liabilities	[2]	10,589,406			11,007,038
Financial Services
Assets:
Total assets	[1]	2,209,549			3,006,024
LIABILITIES AND EQUITY
Total liabilities	[2]	1,197,847			2,056,450
Multifamily
Assets:
Total assets	[1]	1,184,086			1,068,831
LIABILITIES AND EQUITY
Total liabilities	[2]	236,059			232,155
Lennar Other
Assets:
Total assets	[1]	455,484			495,417
LIABILITIES AND EQUITY
Total liabilities	[2]	11,628			30,038
Reportable Legal Entities | Lennar Corporation
Assets:
Total assets		24,481,864			23,548,274
LIABILITIES AND EQUITY
Total liabilities		7,309,761			7,598,757
Total stockholders’ equity		17,172,103			15,949,517
Noncontrolling interests		0			0
Total equity		17,172,103			15,949,517
Total liabilities and equity		24,481,864			23,548,274
Reportable Legal Entities | Lennar Corporation | Homebuilding
Assets:
Cash and cash equivalents, restricted cash and receivables, net		1,645,161			722,172
Inventories		0			0
Investments in unconsolidated entities		0			0
Goodwill		0			0
Other assets		397,033			344,941
Investments in subsidiaries		10,166,689			10,453,165
Intercompany		12,272,981			12,027,996
Total assets		24,481,864			23,548,274
LIABILITIES AND EQUITY
Accounts payable and other liabilities		773,363			760,981
Liabilities related to consolidated inventory not owned		0			0
Senior notes and other debts payable, net		6,536,398			6,837,776
Intercompany		0			0
Total liabilities		7,309,761			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		23,097,872			23,600,762
LIABILITIES AND EQUITY
Total liabilities		12,839,723			13,244,024
Total stockholders’ equity		10,258,149			10,356,738
Noncontrolling interests		0			0
Total equity		10,258,149			10,356,738
Total liabilities and equity		23,097,872			23,600,762
Reportable Legal Entities | Guarantor Subsidiaries | Homebuilding
Assets:
Cash and cash equivalents, restricted cash and receivables, net		602,845			794,588
Inventories		17,174,841			17,396,139
Investments in unconsolidated entities		938,584			1,006,541
Goodwill		3,442,359			3,442,359
Other assets		413,928			500,356
Investments in subsidiaries		43,534			26,773
Intercompany		0			0
Total assets		22,616,091			23,166,756
LIABILITIES AND EQUITY
Accounts payable and other liabilities		2,033,906			1,935,366
Liabilities related to consolidated inventory not owned		324,544			260,266
Senior notes and other debts payable, net		525,482			885,783
Intercompany		9,924,870			10,122,374
Total liabilities		12,808,802			13,203,789
Reportable Legal Entities | Guarantor Subsidiaries | Financial Services
Assets:
Total assets		287,907			275,812
LIABILITIES AND EQUITY
Total liabilities		30,921			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		193,874			158,194
LIABILITIES AND EQUITY
Total liabilities		0			0
Reportable Legal Entities | Non-Guarantor Subsidiaries
Assets:
Total assets		4,278,522			4,763,467
LIABILITIES AND EQUITY
Total liabilities		4,218,206			4,555,954
Total stockholders’ equity		(47,926)			123,200
Noncontrolling interests		108,242			84,313
Total equity		60,316			207,513
Total liabilities and equity		4,278,522			4,763,467
Reportable Legal Entities | Non-Guarantor Subsidiaries | Homebuilding
Assets:
Cash and cash equivalents, restricted cash and receivables, net		26,707			22,894
Inventories		496,421			380,368
Investments in unconsolidated entities		2,111			2,494
Other assets		362,541			217,607
Investments in subsidiaries		0			0
Intercompany		0			0
Total assets		887,780			623,363
LIABILITIES AND EQUITY
Accounts payable and other liabilities		337,088			318,845
Liabilities related to consolidated inventory not owned					0
Senior notes and other debts payable, net		118,394			53,079
Intercompany		2,348,111			1,905,622
Total liabilities		2,803,593			2,277,546
Reportable Legal Entities | Non-Guarantor Subsidiaries | Financial Services
Assets:
Total assets		1,923,928			2,731,285
LIABILITIES AND EQUITY
Total liabilities		1,166,926			2,016,215
Reportable Legal Entities | Non-Guarantor Subsidiaries | Multifamily
Assets:
Total assets		1,184,086			1,068,831
LIABILITIES AND EQUITY
Total liabilities		236,059			232,155
Reportable Legal Entities | Non-Guarantor Subsidiaries | Lennar Other
Assets:
Total assets		282,728			339,988
LIABILITIES AND EQUITY
Total liabilities		11,628			30,038
Consolidating Adjustments
Assets:
Total assets		(22,542,973)			(22,552,992)
LIABILITIES AND EQUITY
Total liabilities		(12,332,750)			(12,073,054)
Total stockholders’ equity		(10,210,223)			(10,479,938)
Noncontrolling interests		0			0
Total equity		(10,210,223)			(10,479,938)
Total liabilities and equity		(22,542,973)			(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		(36,365)			(41,220)
Investments in subsidiaries		(10,210,223)			(10,479,938)
Intercompany		(12,272,981)			(12,027,996)
Total assets		(22,519,569)			(22,549,154)
LIABILITIES AND EQUITY
Accounts payable and other liabilities		(59,769)			(45,058)
Liabilities related to consolidated inventory not owned					0
Senior notes and other debts payable, net					0
Intercompany		(12,272,981)			(12,027,996)
Total liabilities		(12,332,750)			(12,073,054)
Consolidating Adjustments | Financial Services
Assets:
Total assets		(2,286)			(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		(21,118)			(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, nor any of its subsidiaries, has any obligations. As of August 31, 2020 , total assets include $960.5 million related to consolidated VIEs of which $21.3 million is included in Homebuilding cash and cash equivalents, $0.1 million in Homebuilding receivables, net, $15.8 million in Homebuilding finished homes and construction in progress, $481.0 million in Homebuilding land and land under development, $386.6 million in Homebuilding consolidated inventory not owned, $2.1 million in Homebuilding investments in unconsolidated entities, $8.9 million in Homebuilding other assets and $44.7 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, nor any of its subsidiaries, has any obligations. As of August 31, 2020 , total liabilities include $473.8 million related to consolidated VIEs as to which there was no recourse against the Company, of which $20.0 million is included in Homebuilding accounts payable, $315.4 million in Homebuilding liabilities related to consolidated inventory not owned, $118.4 million in Homebuilding senior notes and other debts payable, $9.3 million in Homebuilding other liabilities and $10.7 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		9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Revenues:
Revenues	$ 5,870,254	$ 5,857,058	$ 15,662,964	$ 15,288,030
Cost and expenses:
Corporate general and administrative	92,661	92,615	262,959	248,071
Total costs and expenses	4,988,656	5,208,701	13,694,113	13,717,299
Equity in earnings (loss) from unconsolidated entities			(50,971)	12,235
Financial Services gain on deconsolidation			61,418	0
Earnings before income taxes	859,013	667,083	1,959,142	1,545,606
Benefit (provision) for income taxes	(189,690)	(154,440)	(382,498)	(374,670)
Equity in earnings from subsidiaries		0	0	0
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	669,323	512,643	1,576,644	1,170,936
Less: Net earnings (loss) attributable to noncontrolling interests	2,905	(723)	(5,632)	(3,812)
Net earnings attributable to Lennar	666,418	513,366	1,582,276	1,174,748
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on securities available-for-sale	175	180	(209)	949
Reclassification adjustments for gain included in earnings, net of tax	0	0	(452)	(176)
Total other comprehensive income (loss), net of tax	175	180	(661)	773
Total comprehensive income attributable to Lennar	666,593	513,546	1,581,615	1,175,521
Total comprehensive income (loss) attributable to noncontrolling interests	2,905	(723)	(5,632)	(3,812)
Homebuilding
Revenues:
Revenues	5,505,120	5,438,998	14,626,720	14,258,318
Cost and expenses:
Cost and expenses	4,673,158	4,781,932	12,684,295	12,608,026
Equity in earnings (loss) from unconsolidated entities	(6,431)	(10,459)	(20,077)	(4,601)
Other income (expense), net	(11,787)	12,375	(16,845)	(35,325)
Financial Services
Revenues:
Revenues	237,068	224,502	631,992	572,029
Cost and expenses:
Cost and expenses	101,989	149,804	363,688	422,142
Financial Services gain on deconsolidation			61,418
Multifamily
Revenues:
Revenues	115,170	183,958	370,904	428,764
Cost and expenses:
Cost and expenses	118,786	181,616	379,607	431,510
Equity in earnings (loss) from unconsolidated entities	(1,532)	7,883	4,702	15,446
Lennar Other
Revenues:
Revenues	12,896	9,600	33,348	28,919
Cost and expenses:
Cost and expenses	2,062	2,734	3,564	7,550
Equity in earnings (loss) from unconsolidated entities	(2,189)	8,903	(28,712)	12,255
Other income (expense), net	(646)	24	(10,195)	(12,900)
Reportable Legal Entities | Lennar Corporation
Revenues:
Revenues	0	0	0	0
Cost and expenses:
Corporate general and administrative	88,977	86,846	253,531	238,696
Total costs and expenses	88,977	86,846	253,531	238,696
Earnings before income taxes	(89,296)	(86,999)	(254,556)	(239,479)
Benefit (provision) for income taxes	20,823	19,816	49,562	57,906
Equity in earnings from subsidiaries	734,891	580,549	1,787,270	1,356,321
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	666,418	513,366	1,582,276	1,174,748
Less: Net earnings (loss) attributable to noncontrolling interests	0	0	0	0
Net earnings attributable to Lennar	666,418	513,366	1,582,276	1,174,748
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on securities available-for-sale	0	0	0	0
Reclassification adjustments for gain included in earnings, net of tax			0	0
Total other comprehensive income (loss), net of tax	0	0	0	0
Total comprehensive income attributable to Lennar	666,418	513,366	1,582,276	1,174,748
Total comprehensive income (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	(319)	(153)	(1,025)	(783)
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
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	5,533,318	5,450,011	14,693,846	14,324,611
Cost and expenses:
Corporate general and administrative	2,419	4,503	5,632	5,579
Total costs and expenses	4,681,883	4,781,062	12,710,352	12,628,509
Earnings before income taxes	828,448	666,156	1,990,884	1,640,364
Benefit (provision) for income taxes	(182,045)	(151,808)	(373,756)	(394,383)
Equity in earnings from subsidiaries	81,609	42,876	162,444	76,352
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	728,012	557,224	1,779,572	1,322,333
Less: Net earnings (loss) attributable to noncontrolling interests	0	0	0	0
Net earnings attributable to Lennar	728,012	557,224	1,779,572	1,322,333
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on securities available-for-sale	0	0	0	0
Reclassification adjustments for gain included in earnings, net of tax			0	0
Total other comprehensive income (loss), net of tax	0	0	0	0
Total comprehensive income attributable to Lennar	728,012	557,224	1,779,572	1,322,333
Total comprehensive income (loss) attributable to noncontrolling interests	0	0	0	0
Reportable Legal Entities | Guarantor Subsidiaries | Homebuilding
Revenues:
Revenues	5,493,155	5,413,602	14,589,155	14,202,932
Cost and expenses:
Cost and expenses	4,659,970	4,758,852	12,647,627	12,546,016
Equity in earnings (loss) from unconsolidated entities	(6,557)	(10,455)	(20,513)	(4,869)
Other income (expense), net	(12,722)	7,101	(20,961)	(43,845)
Reportable Legal Entities | Guarantor Subsidiaries | Financial Services
Revenues:
Revenues	40,163	36,409	104,691	121,679
Cost and expenses:
Cost and expenses	19,262	17,707	56,861	76,914
Financial Services gain on deconsolidation			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	232	0	232	0
Equity in earnings (loss) from unconsolidated entities	(4,145)	561	(12,997)	(7,024)
Other income (expense), net	437	0	443	0
Reportable Legal Entities | Non-Guarantor Subsidiaries
Revenues:
Revenues	342,913	411,914	987,064	978,007
Cost and expenses:
Corporate general and administrative	0	0	0	0
Total costs and expenses	223,454	345,507	747,151	863,896
Earnings before income taxes	119,861	87,926	222,814	144,721
Benefit (provision) for income taxes	(28,468)	(22,448)	(58,304)	(38,193)
Equity in earnings from subsidiaries		0	0	0
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	91,393	65,478	164,510	106,528
Less: Net earnings (loss) attributable to noncontrolling interests	2,905	(723)	(5,632)	(3,812)
Net earnings attributable to Lennar	88,488	66,201	170,142	110,340
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on securities available-for-sale	175	180	(209)	949
Reclassification adjustments for gain included in earnings, net of tax			(452)	(176)
Total other comprehensive income (loss), net of tax	175	180	(661)	773
Total comprehensive income attributable to Lennar	88,663	66,381	169,481	111,113
Total comprehensive income (loss) attributable to noncontrolling interests	2,905	(723)	(5,632)	(3,812)
Reportable Legal Entities | Non-Guarantor Subsidiaries | Homebuilding
Revenues:
Revenues	11,965	25,396	37,565	55,386
Cost and expenses:
Cost and expenses	13,424	24,009	44,071	55,910
Equity in earnings (loss) from unconsolidated entities	126	(4)	436	268
Other income (expense), net	935	5,274	4,116	8,517
Reportable Legal Entities | Non-Guarantor Subsidiaries | Financial Services
Revenues:
Revenues	202,882	192,960	545,247	464,938
Cost and expenses:
Cost and expenses	89,414	137,148	320,141	368,926
Financial Services gain on deconsolidation			0
Reportable Legal Entities | Non-Guarantor Subsidiaries | Multifamily
Revenues:
Revenues	115,170	183,958	370,904	428,764
Cost and expenses:
Cost and expenses	118,786	181,616	379,607	431,510
Equity in earnings (loss) from unconsolidated entities	(1,532)	7,883	4,702	15,446
Reportable Legal Entities | Non-Guarantor Subsidiaries | Lennar Other
Revenues:
Revenues	12,896	9,600	33,348	28,919
Cost and expenses:
Cost and expenses	1,830	2,734	3,332	7,550
Equity in earnings (loss) from unconsolidated entities	1,956	8,342	(15,715)	19,279
Other income (expense), net	(1,083)	24	(10,638)	(12,900)
Consolidating Adjustments
Revenues:
Revenues	(5,977)	(4,867)	(17,946)	(14,588)
Cost and expenses:
Corporate general and administrative	1,265	1,266	3,796	3,796
Total costs and expenses	(5,658)	(4,714)	(16,921)	(13,802)
Earnings before income taxes	0	0	0	0
Benefit (provision) for income taxes	0	0	0	0
Equity in earnings from subsidiaries	(816,500)	(623,425)	(1,949,714)	(1,432,673)
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	(816,500)	(623,425)	(1,949,714)	(1,432,673)
Less: Net earnings (loss) attributable to noncontrolling interests	0	0	0	0
Net earnings attributable to Lennar	(816,500)	(623,425)	(1,949,714)	(1,432,673)
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on securities available-for-sale	0	0	0	0
Reclassification adjustments for gain included in earnings, net of tax			0	0
Total other comprehensive income (loss), net of tax	0	0	0	0
Total comprehensive income attributable to Lennar	(816,500)	(623,425)	(1,949,714)	(1,432,673)
Total comprehensive income (loss) attributable to noncontrolling interests	0	0	0	0
Consolidating Adjustments | Homebuilding
Revenues:
Revenues	0	0	0	0
Cost and expenses:
Cost and expenses	(236)	(929)	(7,403)	6,100
Equity in earnings (loss) from unconsolidated entities	0	0	0	0
Other income (expense), net	319	153	1,025	786
Consolidating Adjustments | Financial Services
Revenues:
Revenues	(5,977)	(4,867)	(17,946)	(14,588)
Cost and expenses:
Cost and expenses	(6,687)	(5,051)	(13,314)	(23,698)
Financial Services gain on deconsolidation			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		9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Cash flows from operating activities:
Net earnings (including net loss attributable to noncontrolling interests)	$ 669,323	$ 512,643	$ 1,576,644	$ 1,170,936
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			1,320,200	(872,643)
Net cash provided by operating activities			2,896,844	298,293
Cash flows from investing activities:
Investments in and contributions to unconsolidated entities/deconsolidation of a previously consolidated entity, net of distributions of capital			(276,797)	(79,593)
Proceeds from sales of real estate owned				8,560
Proceeds from sale of investment in unconsolidated entity			0	17,790
Proceeds from the sales of operating properties and equipment and other assets			33,096	58,578
Proceeds from sale of Financial Services' portfolio/businesses			14,978	24,446
Other			(23,766)	(10,560)
Distributions of capital from guarantor and non-guarantor subsidiaries			0
Intercompany			0	0
Net cash used in investing activities			(267,467)	(39,357)
Cash flows from financing activities:
Net borrowings (repayments) under credit facilities			(789,339)
Net borrowings (repayments) on senior notes, other borrowings, other liabilities, and other notes payable			(640,550)	(595,923)
Net receipts related to noncontrolling interests				(8,294)
Common stock:
Issuances			0	388
Repurchases			(318,989)	(419,322)
Dividends			(117,112)	(38,776)
Intercompany			0	0
Net cash used in financing activities			(1,865,990)	(785,050)
Net increase (decrease) in cash and cash equivalents and restricted cash			763,387	(526,114)
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	2,232,078	1,069,864	2,232,078	1,069,864
Unsecured Revolving Credit Facility
Cash flows from financing activities:
Net borrowings (repayments) under credit facilities			0	700,000
Warehouse Repurchase Facility
Cash flows from financing activities:
Net borrowings (repayments) under credit facilities			(789,339)	(423,123)
Reportable Legal Entities | Lennar Corporation
Cash flows from operating activities:
Net earnings (including net loss attributable to noncontrolling interests)	666,418	513,366	1,582,276	1,174,748
Distributions of earnings from guarantor and non-guarantor subsidiaries			1,787,270	1,356,321
Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by operating activities			(1,757,490)	(1,261,601)
Net cash provided by operating activities			1,612,056	1,269,468
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' portfolio/businesses				0
Other			(3,414)	(2,164)
Distributions of capital from guarantor and non-guarantor subsidiaries			100,000
Intercompany			(62,896)	(1,256,112)
Net cash used in investing activities			33,690	(1,258,276)
Cash flows from financing activities:
Net borrowings (repayments) on senior notes, other borrowings, other liabilities, and other notes payable			(280,630)	(500,000)
Net receipts related to noncontrolling interests				0
Common stock:
Issuances				388
Repurchases			(318,989)	(419,322)
Dividends			(117,112)	(38,776)
Intercompany			0	0
Net cash used in financing activities			(716,731)	(257,710)
Net increase (decrease) in cash and cash equivalents and restricted cash			929,015	(246,518)
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	1,642,843	378,176	1,642,843	378,176
Reportable Legal Entities | Lennar Corporation | Unsecured Revolving Credit Facility
Cash flows from financing activities:
Net borrowings (repayments) under credit facilities				700,000
Reportable Legal Entities | Lennar Corporation | Warehouse Repurchase Facility
Cash flows from financing activities:
Net borrowings (repayments) under credit facilities				0
Reportable Legal Entities | Guarantor Subsidiaries
Cash flows from operating activities:
Net earnings (including net loss attributable to noncontrolling interests)	728,012	557,224	1,779,572	1,322,333
Distributions of earnings from guarantor and non-guarantor subsidiaries			162,444	76,352
Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by operating activities			395,502	(1,342,672)
Net cash provided by operating activities			2,337,518	56,013
Cash flows from investing activities:
Investments in and contributions to unconsolidated entities/deconsolidation of a previously consolidated entity, net of distributions of capital			(71,695)	(135,395)
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			33,096
Proceeds from sale of Financial Services' portfolio/businesses				21,517
Other			32,229	34,935
Distributions of capital from guarantor and non-guarantor subsidiaries			50,000
Intercompany			0	0
Net cash used in investing activities			43,630	(78,943)
Cash flows from financing activities:
Net borrowings (repayments) under credit facilities			1,476
Net borrowings (repayments) on senior notes, other borrowings, other liabilities, and other notes payable			(481,524)	(117,444)
Net receipts related to noncontrolling interests				0
Common stock:
Issuances				0
Repurchases			0	0
Dividends			(1,879,572)	(1,322,333)
Intercompany			(185,180)	1,181,304
Net cash used in financing activities			(2,544,800)	(258,482)
Net increase (decrease) in cash and cash equivalents and restricted cash			(163,652)	(281,412)
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	368,652	440,191	368,652	440,191
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				(9)
Reportable Legal Entities | Non-Guarantor Subsidiaries
Cash flows from operating activities:
Net earnings (including net loss attributable to noncontrolling interests)	91,393	65,478	164,510	106,528
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			732,474	298,957
Net cash provided by operating activities			896,984	405,485
Cash flows from investing activities:
Investments in and contributions to unconsolidated entities/deconsolidation of a previously consolidated entity, net of distributions of capital			(205,102)	55,802
Proceeds from sales of real estate owned				8,560
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' portfolio/businesses				2,929
Other			(52,581)	(43,331)
Distributions of capital from guarantor and non-guarantor subsidiaries			0
Intercompany			0	0
Net cash used in investing activities			(257,683)	41,750
Cash flows from financing activities:
Net borrowings (repayments) under credit facilities			(790,815)
Net borrowings (repayments) on senior notes, other borrowings, other liabilities, and other notes payable			121,604	21,521
Net receipts related to noncontrolling interests				(8,294)
Common stock:
Issuances				0
Repurchases			0	0
Dividends			(220,142)	(110,340)
Intercompany			248,076	74,808
Net cash used in financing activities			(641,277)	(445,419)
Net increase (decrease) in cash and cash equivalents and restricted cash			(1,976)	1,816
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	220,583	251,497	220,583	251,497
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				(423,114)
Consolidating Adjustments
Cash flows from operating activities:
Net earnings (including net loss attributable to noncontrolling interests)	(816,500)	(623,425)	(1,949,714)	(1,432,673)
Distributions of earnings from guarantor and non-guarantor subsidiaries			(1,949,714)	(1,432,673)
Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by operating activities			1,949,714	1,432,673
Net cash provided by operating activities			(1,949,714)	(1,432,673)
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' portfolio/businesses				0
Other			0	0
Distributions of capital from guarantor and non-guarantor subsidiaries			(150,000)
Intercompany			62,896	1,256,112
Net cash used in investing activities			(87,104)	1,256,112
Cash flows from financing activities:
Net borrowings (repayments) under credit facilities			0
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			2,099,714	1,432,673
Intercompany			(62,896)	(1,256,112)
Net cash used in financing activities			2,036,818	176,561
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