Lennar (LEN) 10-K 22 Jan 21 2020 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Nov. 30, 2020	Dec. 31, 2020	May 31, 2020
Document Type	10-K
Document Annual Report	true
Document Period End Date	Nov. 30, 2020
Current Fiscal Year End Date	--11-30
Document Transition Report	false
Entity File Number	1-11749
Entity Registrant Name	LENNAR CORP /NEW/
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-4337490
Entity Address, Address Line One	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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 16,947,808,831
Documents Incorporated by Reference	Related Section Documents III Definitive Proxy Statement to be filed pursuant to Regulation 14A on or before March 30, 2021.
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Central Index Key	0000920760
Class A Common Stock
Title of 12(b) Security	Class A Common Stock, par value 10¢
Trading Symbol	LEN
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		275,059,914
Class B Common Stock
Title of 12(b) Security	Class B Common Stock, par value 10¢
Trading Symbol	LEN.B
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		37,621,152

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Nov. 30, 2020		Nov. 30, 2019
ASSETS
Cash and cash equivalents		$ 2,863,038		$ 1,445,996
Restricted cash		69,692		22,695
Receivables, net		938,079		906,877
Inventories:
Total inventories		17,175,148		18,091,614
Investments in unconsolidated entities		2,133,692		1,973,913
Goodwill		3,632,058		3,657,875
Other assets		1,343,012		1,245,391
Total assets	[1]	29,935,177		29,359,511
LIABILITIES AND EQUITY
Senior notes and other debts payable, net		7,421,583		9,573,696
Total liabilities	[2]	11,835,776		13,325,681
Stockholders’ equity:
Preferred stock	[2]	0		0
Additional paid-in capital	[2]	8,676,056		8,578,219
Retained earnings	[2]	10,564,994		8,295,001
Treasury stock, at cost; 2020 - 23,864,589 shares of Class A common stock and 1,822,016 shares of Class B common stock; 2019 - 18,964,973 shares of Class A common stock and 1,704,630 shares of Class B common stock	[2]	(1,279,227)		(957,857)
Accumulated other comprehensive income (loss)	[2]	(805)		498
Total stockholders’ equity	[2]	17,994,856		15,949,517
Noncontrolling interests	[2]	104,545		84,313
Total equity	[2]	18,099,401		16,033,830
Total liabilities and equity	[2]	29,935,177		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]	2,703,986		1,200,832
Restricted cash	[1]	15,211		9,698
Receivables, net	[1]	298,671		329,124
Inventories:
Finished homes and construction in progress	[1]	8,593,399		9,195,721
Land and land under development	[1]	7,495,262		8,267,647
Consolidated inventory not owned	[1]	836,567		313,139
Total inventories	[1]	16,925,228		17,776,507
Investments in unconsolidated entities	[1]	953,177		1,009,035
Goodwill		3,442,359	[1]	3,442,359
Other assets	[1]	1,190,793		1,021,684
Total assets	[1]	25,529,425		24,789,239
LIABILITIES AND EQUITY
Accounts payable	[2]	1,037,338		1,069,179
Liabilities related to consolidated inventory not owned	[2]	706,691		260,266
Senior notes and other debts payable, net	[2]	5,955,758		7,776,638
Other liabilities	[2]	2,225,864		1,969,082
Total liabilities	[2]	9,925,651		11,075,165
Financial Services
ASSETS
Cash and cash equivalents		116,171		234,113
Restricted cash		54,481		12,022
Receivables, net		552,779		500,847
Inventories:
Total inventories		0		0
Investments in unconsolidated entities		68,869		0
Goodwill		189,699		215,516
Other assets		68,027		130,699
Total assets	[1]	2,776,987		3,006,024
LIABILITIES AND EQUITY
Senior notes and other debts payable, net		1,463,919		1,745,755
Total liabilities	[2]	1,644,248		1,988,323
Multifamily
ASSETS
Cash and cash equivalents		38,963		8,711
Restricted cash		0		0
Receivables, net		86,629		76,906
Inventories:
Total inventories		249,920		315,107
Investments in unconsolidated entities		724,647		561,190
Goodwill		0		0
Other assets		75,749		58,711
Total assets	[1]	1,175,908		1,068,831
LIABILITIES AND EQUITY
Senior notes and other debts payable, net		0		36,125
Total liabilities	[2]	252,911		232,155
Lennar Other
Inventories:
Total assets	[1]	$ 452,857		$ 495,417
[1]	Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of November 30, 2020, total assets include $1.1 billion related to consolidated VIEs of which $32.1 million is included in Homebuilding cash and cash equivalents, $0.1 million in Homebuilding receivables, net, $14.2 million in Homebuilding finished homes and construction in progress, $486.8 million in Homebuilding land and land under development, $426.3 million in Homebuilding consolidated inventory not owned, $1.6 million in Homebuilding investments in unconsolidated entities, $110.3 million in Homebuilding operating properties and equipment, $10.4 million in Homebuilding other assets and $39.9 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]	As of November 30, 2020, total liabilities include $528.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $28.4 million is included in Homebuilding accounts payable, $351.4 million in Homebuilding liabilities related to consolidated inventory not owned, $129.1 million in Homebuilding senior notes and other debts payable, $9.9 million in Homebuilding other liabilities and $9.8 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 debts payable, $8.9 million in Homebuilding other liabilities, $231.1 million in Financial Services liabilities and $1.4 million in Multifamily liabilities.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands		Nov. 30, 2020	Nov. 30, 2019
Total assets	[1]	$ 29,935,177	$ 29,359,511
Cash and cash equivalents		2,863,038	1,445,996
Receivables, net		938,079	906,877
Investments in unconsolidated entities		2,133,692	1,973,913
Operating properties and equipment, net		411,518	279,527
Other assets		1,343,012	1,245,391
Total liabilities	[2]	11,835,776	13,325,681
Senior notes and other debts payable, net		7,421,583	9,573,696
Variable Interest Entity, Primary Beneficiary
Total assets		1,100,000	980,200
Total liabilities		$ 528,500	$ 549,700
Class A Common Stock
Common stock, par value (in USD per share)		$ 0.10	$ 0.10
Common stock, shares authorized (in shares)		400,000,000	400,000,000
Common stock, shares issued (in shares)		298,942,836	297,119,153
Treasury stock, shares (in shares)		23,864,589	18,964,973
Class B Common Stock
Common stock, par value (in USD per share)		$ 0.10	$ 0.10
Common stock, shares authorized (in shares)		90,000,000	90,000,000
Common stock, shares issued (in shares)		39,443,168	39,443,064
Treasury stock, shares (in shares)		1,822,016	1,704,630
Homebuilding
Total assets	[1]	$ 25,529,425	$ 24,789,239
Cash and cash equivalents	[1]	2,703,986	1,200,832
Receivables, net	[1]	298,671	329,124
Finished homes and construction in progress	[1]	8,593,399	9,195,721
Land and land under development	[1]	7,495,262	8,267,647
Consolidated inventory not owned	[1]	836,567	313,139
Investments in unconsolidated entities	[1]	953,177	1,009,035
Other assets	[1]	1,190,793	1,021,684
Total liabilities	[2]	9,925,651	11,075,165
Accounts payable	[2]	1,037,338	1,069,179
Senior notes and other debts payable, net	[2]	5,955,758	7,776,638
Liabilities related to consolidated inventory not owned	[2]	706,691	260,266
Other liabilities	[2]	2,225,864	1,969,082
Homebuilding | Variable Interest Entity, Primary Beneficiary
Cash and cash equivalents		32,100	15,500
Receivables, net		100	200
Finished homes and construction in progress		14,200	97,500
Land and land under development		486,800	283,200
Consolidated inventory not owned		426,300	301,000
Investments in unconsolidated entities		1,600	2,500
Operating properties and equipment, net		110,300
Other assets		10,400	10,000
Accounts payable		28,400	13,700
Senior notes and other debts payable, net		129,100	47,100
Liabilities related to consolidated inventory not owned		351,400	247,500
Other liabilities		9,900	8,900
Lennar Other
Total assets		452,857	495,417
Cash and cash equivalents		3,918	2,340
Receivables, net		0	0
Investments in unconsolidated entities		386,999	403,688
Other assets		8,443	34,297
Total liabilities	[2]	12,966	30,038
Senior notes and other debts payable, net		1,906	15,178
Multifamily
Total assets	[1]	1,175,908	1,068,831
Cash and cash equivalents		38,963	8,711
Receivables, net		86,629	76,906
Investments in unconsolidated entities		724,647	561,190
Other assets		75,749	58,711
Total liabilities	[2]	252,911	232,155
Senior notes and other debts payable, net		0	36,125
Multifamily | Variable Interest Entity, Primary Beneficiary
Total assets		39,900	49,100
Total liabilities		9,800	1,400
Financial Services
Total assets	[1]	2,776,987	3,006,024
Cash and cash equivalents		116,171	234,113
Receivables, net		552,779	500,847
Investments in unconsolidated entities		68,869	0
Other assets		68,027	130,699
Total liabilities	[2]	1,644,248	1,988,323
Senior notes and other debts payable, net		$ 1,463,919	1,745,755
Financial Services | Variable Interest Entity, Primary Beneficiary
Other assets			221,200
Total liabilities			$ 231,100
[1]	Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of November 30, 2020, total assets include $1.1 billion related to consolidated VIEs of which $32.1 million is included in Homebuilding cash and cash equivalents, $0.1 million in Homebuilding receivables, net, $14.2 million in Homebuilding finished homes and construction in progress, $486.8 million in Homebuilding land and land under development, $426.3 million in Homebuilding consolidated inventory not owned, $1.6 million in Homebuilding investments in unconsolidated entities, $110.3 million in Homebuilding operating properties and equipment, $10.4 million in Homebuilding other assets and $39.9 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]	As of November 30, 2020, total liabilities include $528.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $28.4 million is included in Homebuilding accounts payable, $351.4 million in Homebuilding liabilities related to consolidated inventory not owned, $129.1 million in Homebuilding senior notes and other debts payable, $9.9 million in Homebuilding other liabilities and $9.8 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 debts payable, $8.9 million in Homebuilding other liabilities, $231.1 million in Financial Services liabilities and $1.4 million in Multifamily liabilities.

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Revenues:
Total revenues	$ 22,488,854	$ 22,259,561	$ 20,571,631
Costs and expenses:
Acquisition and integration costs related to CalAtlantic	0	0	152,980
Corporate general and administrative	358,418	341,114	343,934
Total costs and expenses	19,373,164	19,798,380	18,734,360
Equity in earnings (loss) from unconsolidated entities	(22,127)	2,528	(30,518)
Financial Services gain on deconsolidation	61,418	0	0
Multifamily equity in earnings from unconsolidated entities and other gain	(13,939)	13,393	(14,777)
Gain on sale of Rialto investment and asset management platform			296,407
Earnings before income taxes	3,123,788	2,434,292	2,262,684
Provision for income taxes	(656,235)	(592,173)	(545,171)
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	2,467,553	1,842,119	1,717,513
Less: Net earnings (loss) attributable to noncontrolling interests	2,517	(6,933)	21,682
Net earnings attributable to Lennar	2,465,036	1,849,052	1,695,831
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on securities available-for-sale	(851)	1,040	(1,634)
Reclassification adjustments for (gains) loss included in net earnings	(452)	(176)	234
Total other comprehensive income (loss), net of tax	(1,303)	864	(1,400)
Total comprehensive income attributable to Lennar	2,463,733	1,849,916	1,694,431
Total comprehensive income (loss) attributable to noncontrolling interests	$ 2,517	$ (6,933)	$ 21,682
Basic earnings per share (in USD per share)	$ 7.88	$ 5.76	$ 5.46
Diluted earnings per share (in USD per share)	$ 7.85	$ 5.74	$ 5.44
Homebuilding
Revenues:
Total revenues	$ 20,981,136	$ 20,793,216	$ 19,077,597
Costs and expenses:
Costs and expenses	17,961,644	18,245,700	16,936,803
Equity in earnings (loss) from unconsolidated entities	(836)	(13,273)	(90,209)
Other income (expense), net	(29,749)	(31,338)	203,902
Financial Services
Revenues:
Total revenues	890,311	824,810	954,631
Costs and expenses:
Costs and expenses	470,777	600,168	754,915
Financial Services gain on deconsolidation	61,418	0	0
Lennar Other
Revenues:
Total revenues	41,079	36,835	118,271
Costs and expenses:
Costs and expenses	6,744	11,794	115,969
Equity in earnings (loss) from unconsolidated entities	(35,037)	15,372	24,110
Other income (expense), net	(9,632)	(8,944)	(60,119)
Gain on sale of Rialto investment and asset management platform	0	0	296,407
Multifamily
Revenues:
Total revenues	576,328	604,700	421,132
Costs and expenses:
Costs and expenses	575,581	599,604	429,759
Multifamily equity in earnings from unconsolidated entities and other gain	$ 21,934	$ 11,294	$ 51,322

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Parenthetical) $ in Millions	12 Months Ended
	Nov. 30, 2018USD ($)
Income Statement [Abstract]
Write down of deferred tax assets results from Tax Cuts and Jobs Act	$ 68.6

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total		Class A Common Stock	Class B Common Stock	Common StockClass A Common Stock	Common StockClass B Common Stock	Additional Paid-In Capital	Retained Earnings	Retained EarningsClass A Common Stock	Retained EarningsClass B Common Stock	Treasury Stock	Accumulated Comprehensive Other Income (Loss)	Total Stockholders' Equity	Noncontrolling Interests
Statement of Equity [Roll Forward]
Cumulative-effect of accounting change								$ 0
Beginning balance at Nov. 30, 2017					$ 20,543	$ 3,769	$ 3,142,013	4,840,978			$ (136,020)	$ 1,034		$ 113,815
Statement of Equity [Roll Forward]
Employee stock and director plans					183		3,797				(49,939)
Stock issuance in connection with CalAtlantic acquisition					8,408	168	5,061,430
Amortization of restricted stock							72,655
Conversion of convertible senior notes to shares of common stock					365	7	216,782
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	$ 1,717,513							1,695,831						21,682
Cash dividends									$ (43,195)	$ (5,964)
Purchases of treasury stock											(249,910)
Total other comprehensive income (loss), net of tax												(1,400)
Receipts related to noncontrolling interests														18,126
Payments related to noncontrolling interests														(89,575)
Non-cash consolidations/deconsolidations, net														0
Non-cash purchase or activity of noncontrolling interests, net							0							37,374
Ending balance at Nov. 30, 2018	14,682,957				29,499	3,944	8,496,677	6,487,650			(435,869)	(366)	$ 14,581,535	101,422
Statement of Equity [Roll Forward]
Cumulative-effect of accounting change								9,753
Employee stock and director plans					213		415				(29,049)
Stock issuance in connection with CalAtlantic acquisition					0	0	0
Amortization of restricted stock							86,940
Conversion of convertible senior notes to shares of common stock					0	0	0
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	1,842,119							1,849,052						(6,933)
Cash dividends									(45,418)	(6,036)
Purchases of treasury stock			$ (492,938)	$ 0							(492,939)
Total other comprehensive income (loss), net of tax												864
Receipts related to noncontrolling interests														27,859
Payments related to noncontrolling interests														(43,734)
Non-cash consolidations/deconsolidations, net														8,894
Non-cash purchase or activity of noncontrolling interests, net							(5,813)							(3,195)
Ending balance at Nov. 30, 2019	16,033,830	[1]			29,712	3,944	8,578,219	8,295,001			(957,857)	498	15,949,517	84,313
Statement of Equity [Roll Forward]
Cumulative-effect of accounting change								0
Employee stock and director plans					182		576				(32,855)
Stock issuance in connection with CalAtlantic acquisition					0	0	0
Amortization of restricted stock							107,131
Conversion of convertible senior notes to shares of common stock					0	0	0
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	2,467,553							2,465,036						2,517
Cash dividends									$ (171,520)	$ (23,523)
Purchases of treasury stock			$ (282,274)	$ (6,155)							(288,515)
Total other comprehensive income (loss), net of tax												(1,303)
Receipts related to noncontrolling interests														176,617
Payments related to noncontrolling interests														(42,349)
Non-cash consolidations/deconsolidations, net														(114,712)
Non-cash purchase or activity of noncontrolling interests, net							(9,870)							(1,841)
Ending balance at Nov. 30, 2020	$ 18,099,401	[1]			$ 29,894	$ 3,944	$ 8,676,056	$ 10,564,994			$ (1,279,227)	$ (805)	$ 17,994,856	$ 104,545
[1]	As of November 30, 2020, total liabilities include $528.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $28.4 million is included in Homebuilding accounts payable, $351.4 million in Homebuilding liabilities related to consolidated inventory not owned, $129.1 million in Homebuilding senior notes and other debts payable, $9.9 million in Homebuilding other liabilities and $9.8 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 debts payable, $8.9 million in Homebuilding other liabilities, $231.1 million in Financial Services liabilities and $1.4 million in Multifamily liabilities.

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Class A Common Stock
Cash dividends (in USD per share)	$ 0.625	$ 0.16	$ 0.16
Class B Common Stock
Cash dividends (in USD per share)	$ 0.625	$ 0.16	$ 0.16

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020		Nov. 30, 2019		Nov. 30, 2018
Cash flows from operating activities:
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	$ 2,467,553		$ 1,842,119		$ 1,717,513
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	94,553		92,200		91,181
Amortization of discount/premium on debt, net	(24,775)		(26,210)		(23,544)
Equity in (earnings) loss from unconsolidated entities	22,127		(2,528)		30,518
Distributions of earnings from unconsolidated entities	62,073		12,753		113,096
Share-based compensation expense	107,131		86,940		72,655
Deferred income tax expense	92,082		235,493		268,037
Loss on retirement of senior notes and other debts payable	7,997		0		0
(Gain) loss on sale of other assets, operating properties and equipment, CMBS bonds, other liabilities and real estate owned	(8,626)		(23,124)		23,356
Loss on consolidation	4,824		48,874		0
Gain on deconsolidation of previously consolidated entity	(61,418)		0		0
Valuation adjustments and write-offs of option deposits and pre-acquisition costs, other receivables and other assets	117,825		56,125		49,338
Changes in assets and liabilities:
Decrease (increase) in receivables	25,868		312,255		(431,183)
Decrease (increase) in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs	781,362		(623,644)		(135,870)
Decrease (increase) in other assets	90,534		(69,699)		(24,923)
Decrease (increase) in loans held-for-sale	154,852		(431,339)		5,805
Increase (decrease) in accounts payable and other liabilities	266,488		(14,639)		412,796
Net cash provided by operating activities	4,190,819		1,482,343		1,691,747
Cash flows from investing activities:
Net additions to operating properties and equipment	(72,752)		(86,497)		(130,439)
Proceeds from the sale of operating properties and equipment, other assets, CMBS bonds and real estate owned	33,934		79,307		70,854
Proceeds from sale of investments in unconsolidated entities	0		17,790		225,267
Investments in and contributions to unconsolidated entities/deconsolidation of previously consolidated entity	(486,217)		(436,325)		(405,547)
Distributions of capital from unconsolidated and consolidated entities	220,713		405,677		362,516
Proceeds from sale of commercial mortgage-backed securities bonds	3,248		0		0
Receipts of principal payments on loans receivable and other	0		2,382		4,339
Purchases of CMBS bonds	0		0		(31,068)
Acquisitions, net of cash and restricted cash acquired	0		0		(1,078,282)
Increase in Financial Services loans held-for-investment, net	(3,122)		(3,516)		(3,603)
Purchases of investment securities	(45,548)		(36,261)		(47,305)
Proceeds from maturities/sales of investment securities	52,918		52,593		85,237
Other receipts (payments), net	1,643		0		(145)
Net cash (used in) provided by investing activities	(280,205)		19,596		(593,954)
Cash flows from financing activities:
Debt issuance costs	0		(25)		(14,661)
Redemption of senior notes	(1,499,999)		(1,100,000)		(1,100,000)
Conversions, exchanges and redemption of convertible senior notes	0		(1,288)		(59,145)
Proceeds from other borrowings	92,688		88,751		44,374
Proceeds from liabilities related to consolidated inventory not owned	346,406		0		0
Payments to other liabilities	(116,541)		(3,850)		(3,542)
Principal payments on notes payable and other borrowings	(604,995)		(189,454)		(104,751)
Receipts related to noncontrolling interests	176,617		27,859		18,126
Payments related to noncontrolling interests	(42,349)		(43,734)		(89,575)
Common stock:
Issuances	0		493		3,061
Repurchases	(321,524)		(523,074)		(299,833)
Dividends	(195,043)		(51,454)		(49,159)
Net cash used in financing activities	(2,446,575)		(1,629,224)		(2,195,901)
Net increase (decrease) in cash and cash equivalents	1,464,039		(127,285)		(1,098,108)
Summary of cash and cash equivalents and restricted cash:
Cash and cash equivalents and restricted cash at beginning of year	1,468,691		1,595,976		2,694,084
Cash and cash equivalents and restricted cash at end of year	2,932,730		1,468,691		1,595,976
Cash and cash equivalents	2,863,038		1,445,996
Restricted cash	69,692		22,695
Supplemental disclosures of cash flow information:
Cash paid for interest, net of amounts capitalized	97,336		49,870		128,877
Cash paid for income taxes, net	402,180		261,445		376,609
Supplemental disclosures of non-cash investing and financing activities:
Purchases of inventories, land under development and other assets financed by sellers	120,796		101,300		163,519
Net non-cash contributions to unconsolidated entities	97,281		156,075		162,281
Non-cash sale of operating properties and equipment and other assets	0		48,671		0
Non-cash right of use assets recognized due to adoption of ASU 2016-02	150,702		0		0
Non-cash lease liabilities recognized due to adoption of ASU 2016-02	159,717		0		0
Conversions of and exchanges on convertible senior notes to equity	0		0		217,154
Equity component of acquisition consideration	0		0		5,070,006
Homebuilding
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	95,094		86,199		71,975
Equity in (earnings) loss from unconsolidated entities	836		13,273		90,209
Summary of cash and cash equivalents and restricted cash:
Cash and cash equivalents	2,703,986	[1]	1,200,832	[1]	1,337,807
Restricted cash	15,211	[1]	9,698	[1]	12,399
Lennar Other
Adjustments to reconcile net earnings to net cash provided by operating activities:
Equity in (earnings) loss from unconsolidated entities	35,037		(15,372)		(24,110)
Gain on sale of businesses	0		0		(296,407)
Cash flows from investing activities:
Proceeds from sale of business	0		0		340,000
Cash flows from financing activities:
Principal payments on Rialto notes payable including structured notes	0		0		(359,016)
Summary of cash and cash equivalents and restricted cash:
Cash and cash equivalents	3,918		2,340		24,334
Restricted cash	0		975		7,175
Financial Services
Adjustments to reconcile net earnings to net cash provided by operating activities:
Gain on sale of businesses	(5,014)		(2,368)		0
Gain on deconsolidation of previously consolidated entity	(61,418)		0		0
Cash flows from investing activities:
Proceeds from sale of business	14,978		24,446		0
Summary of cash and cash equivalents and restricted cash:
Cash and cash equivalents	116,171		234,113		188,485
Restricted cash	54,481		12,022		17,944
Consolidation/deconsolidation of unconsolidated/consolidated entities, net:
Financial Services assets	(217,565)		0		0
Financial Services liabilities	115,175		0		0
Noncontrolling interests	102,390		0		0
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	(4,617)		(10,865)		(180,621)
Summary of cash and cash equivalents and restricted cash:
Cash and cash equivalents	38,963		8,711		7,832
Restricted cash	0		0
Segments Other Than Financial Services
Consolidation/deconsolidation of unconsolidated/consolidated entities, net:
Noncontrolling interests	12,323		(8,894)		0
Inventories	95,476		187,506		35,430
Receivables	0		102,959		7,198
Operating properties and equipment and other assets	6,870		53,412		0
Investments in unconsolidated entities	(68,290)		67,925		(25,614)
Notes payable	(44,924)		(383,212)		0
Other liabilities	(1,455)		(19,696)		(17,014)
Unsecured Revolving Credit Facility
Cash flows from financing activities:
Net (repayments) borrowings under lines of credit	0		0		(454,700)
Warehouse Repurchase Facility
Cash flows from financing activities:
Net (repayments) borrowings under lines of credit	$ (281,835)		$ 166,552		$ 272,920
[1]	Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of November 30, 2020, total assets include $1.1 billion related to consolidated VIEs of which $32.1 million is included in Homebuilding cash and cash equivalents, $0.1 million in Homebuilding receivables, net, $14.2 million in Homebuilding finished homes and construction in progress, $486.8 million in Homebuilding land and land under development, $426.3 million in Homebuilding consolidated inventory not owned, $1.6 million in Homebuilding investments in unconsolidated entities, $110.3 million in Homebuilding operating properties and equipment, $10.4 million in Homebuilding other assets and $39.9 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.

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	12 Months Ended
	Nov. 30, 2020
Accounting Policies [Abstract]
Summary Of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Consolidation The accompanying consolidated financial statements include the accounts of Lennar Corporation and all subsidiaries, partnerships and other entities in which Lennar Corporation has a controlling interest and VIEs (see Note 8) in which Lennar Corporation is deemed the primary beneficiary (the "Company"). The Company’s investments in both unconsolidated entities in which a significant, but less than controlling, interest is held and in VIEs in which the Company is not deemed to be the primary beneficiary are accounted for by the equity method. All intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Revenue Recognition Homebuilding revenues and related profits from sales of homes are recognized at the time of the closing of a sale, when title to and possession of the property are transferred to the homebuyer. The Company’s performance obligation, to deliver the agreed-upon home, is generally satisfied in less than one year from the original contract date. Cash proceeds from home closings held in escrow for the Company’s benefit, typically for approximately three to four days, are included in Homebuilding cash and cash equivalents in the Company's consolidated balance sheets. Contract liabilities include customer deposits liabilities related to sold but undelivered homes that are included in other liabilities in the Company's consolidated balance sheets. The Company periodically elects to sell parcels of land to third parties. Cash consideration from land sales is typically due on the closing date, which is generally when performance obligations are satisfied and revenue is recognized as title to and possession of the property are transferred to the buyer. Advertising Costs The Company expenses advertising costs as incurred. Advertising costs were $72.6 million, $84.3 million and $72.1 million for the years ended November 30, 2020, 2019 and 2018, respectively. Share-Based Payments The Company has share-based awards outstanding under the 2016 Equity Incentive Plan (the "Plan"), which provides for the granting of stock options, stock appreciation rights, restricted common stock ("nonvested shares") and other share based awards to officers, associates and directors. The exercise prices of stock options may not be less than the market value of the common stock on the date of the grant. Exercises are permitted in installments determined when options are granted. Each stock option will expire on a date determined at the time of the grant, but not more than 10 years after the date of the grant. The Company accounts for stock option awards and nonvested share awards granted under the Plan based on the estimated grant date fair value. Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. Due to the short maturity period of cash equivalents, the carrying amounts of these instruments approximate their fair values. Homebuilding restricted cash consists of customer deposits on home sales held in restricted accounts until title transfers to the homebuyer, as required by the state and local governments in which the homes were sold, as well as funds on deposit to secure and support performance obligations. Financial Services restricted cash consisted of upfront deposits and application fees LMF Commercial receives before originating loans and is recognized as income once the loan has been originated, as well as cash held in escrow by the Company’s loan service provider on behalf of customers and lenders and is disbursed in accordance with agreements between the transacting parties. Lennar Other restricted cash primarily consisted of cash set aside for future investments on behalf of a real estate investment trust that Rialto Capital Management is a sub-advisor ( “Rialto” ). Homebuilding cash and cash equivalents as of November 30, 2020 and 2019 included $314.3 million and $565.8 million, respectively, of cash held in escrow for approximately four days and three days, respectively. Receivables At November 30, 2020 and 2019, Homebuilding accounts receivable related primarily to other receivables and rebates. The Company performs ongoing credit evaluations of its customers and generally does not require collateral for accounts receivable. Mortgages and notes receivable arising from the sale of homes and land are generally collateralized by the property sold to the buyer. Allowances are maintained for potential credit losses based on historical experience, present economic conditions and other factors considered relevant by the Company. Balances for the years ended November 30, 2020 and 2019 are noted below: November 30, (In thousands) 2020 2019 Accounts receivable $ 133,560 129,216 Mortgages and notes receivable 167,909 203,230 301,469 332,446 Allowance for doubtful accounts (2,798) (3,322) Receivables, net $ 298,671 329,124 Inventories Finished homes and construction in progress are included within inventories. Inventories are stated at cost unless the inventory within a community is determined to be impaired, in which case the impaired inventory is written down to fair value. Inventory costs include land, land development and home construction costs, real estate taxes, deposits on land purchase contracts and interest related to development and construction. Construction overhead and selling expenses are expensed as incurred. Homes held-for-sale are classified as inventories until delivered. Land, land development, amenities and other costs are accumulated by specific area and allocated to homes within the respective areas. The Company reviews its inventory for indicators of impairment by evaluating each community during each reporting period. The inventory within each community is categorized as finished homes and construction in progress or land under development based on the development state of the community. There were 1,173 and 1,278 active communities, excluding unconsolidated entities, as of November 30, 2020 and 2019, respectively. If the undiscounted cash flows expected to be generated by a community are less than its carrying amount, an impairment charge is recorded to write down the carrying amount of such community to its estimated fair value. In conducting its review for indicators of impairment on a community level, the Company evaluates, among other things, the margins on homes that have been delivered, margins on homes under sales contracts in backlog, projected margins with regard to future home sales over the life of the community, projected margins with regard to future land sales and the estimated fair value of the land itself. The Company pays particular attention to communities in which inventory is moving at a slower than anticipated absorption pace and communities whose average sales price and/or margins are trending downward and are anticipated to continue to trend downward. From this review, the Company identifies communities in which to assess if the carrying values exceed their undiscounted projected cash flows. The Company estimates the fair value of its communities using a discounted cash flow model. The projected cash flows for each community are significantly impacted by estimates related to market supply and demand, product type by community, homesite sizes, sales pace, sales prices, sales incentives, construction costs, sales and marketing expenses, the local economy, competitive conditions, labor costs, costs of materials and other factors for that particular community. Every division evaluates the historical performance of each of its communities as well as current trends in the market and economy impacting the community and its surrounding areas. These trends are analyzed for each of the estimates listed above. Each of the homebuilding markets in which the Company operates is unique, as homebuilding has historically been a local business driven by local market conditions and demographics. Each of the Company’s homebuilding markets has specific supply and demand relationships reflective of local economic conditions. The Company’s projected cash flows are impacted by many assumptions. Some of the most critical assumptions in the Company’s cash flow model are projected absorption pace for home sales, sales prices and costs to build and deliver homes on a community by community basis. In order to arrive at the assumed absorption pace for home sales and the assumed sales prices included in the Company’s cash flow model, the Company analyzes its historical absorption pace and historical sales prices in the community and in other comparable communities in the geographical area. In addition, the Company considers internal and external market studies and places greater emphasis on more current metrics and trends, which generally include, but are not limited to, statistics and forecasts on population demographics and on sales prices in neighboring communities, unemployment rates and availability and sales prices of competing product in the geographical area where the community is located as well as the absorption pace realized in its most recent quarters and the sales prices included in the Company's current backlog for such communities. Generally, if the Company notices a variation from historical results over a span of two fiscal quarters, the Company considers such variation to be the establishment of a trend and adjusts its historical information accordingly in order to develop assumptions on the projected absorption pace and sales prices in the cash flow model for a community. In order to arrive at the Company’s assumed costs to build and deliver homes, the Company generally assumes a cost structure reflecting contracts currently in place with its vendors adjusted for any anticipated cost reduction initiatives or increases in cost structure. Those costs assumed are used in the cash flow model for the Company’s communities. Since the estimates and assumptions included in the Company’s cash flow models are based upon historical results and projected trends, they do not anticipate unexpected changes in market conditions or strategies that may lead the Company to incur additional impairment charges in the future. The determination of fair value requires discounting the estimated cash flows at a rate the Company believes a market participant would determine to be commensurate with the inherent risks associated with the assets and related estimated cash flow streams. The discount rate used in determining each asset’s fair value depends on the community’s projected life and development stage. The Company estimates the fair value of inventory evaluated for impairment based on market conditions and assumptions made by management at the time the inventory is evaluated, which may differ materially from actual results if market conditions or assumptions change. For example, changes in market conditions and other specific developments or changes in assumptions may cause the Company to re-evaluate its strategy regarding previously impaired inventory, as well as inventory not currently impaired but for which indicators of impairment may arise if market deterioration occurs, and certain other assets that could result in further valuation adjustments and/or additional write-offs of option deposits and pre-acquisition costs due to abandonment of those options contracts. The table below summarizes communities reviewed for indicators of impairment and communities with valuation adjustments recorded: At November 30, Communities with valuation adjustments # of communities with potential indicator of impairment # of communities Fair Value Valuation Adjustments 2020 10 16 $ 79,734 $ 44,811 2019 40 3 7,910 2,582 The table below summarizes the most significant unobservable inputs used in the Company's discounted cash flow model to determine the fair value of its communities for which the Company recorded valuation adjustments during the years ended November 30, 2020 and 2019: Years Ended November 30, 2020 2019 Unobservable inputs Range Range Average selling price $201,000 - $970,000 $167,000 - $222,000 Absorption rate per quarter (homes) 3 - 15 4 - 12 Discount rate 20% 20% The Company also has access to land inventory through option contracts, which generally enables the Company to defer acquiring portions of properties owned by third parties and unconsolidated entities until it has determined whether to exercise its option. A majority of the Company’s option contracts require a non-refundable cash deposit or irrevocable letter of credit based on a percentage of the purchase price of the land. The Company’s option contracts sometimes include price adjustment provisions, which adjust the purchase price of the land to its approximate fair value at the time of acquisition or are based on the fair value at the time of takedown. In determining whether to walk away from an option contract, the Company evaluates the option primarily based upon its expected cash flows from the property under option. If the Company intends to walk away from an option contract, it records a charge to earnings in the period such decision is made for the deposit amount and any related pre-acquisition costs associated with the option contract. Some option contracts contain a predetermined take-down schedule for the optioned land parcels. However, in almost all instances, the Company is not required to purchase land in accordance with those take-down schedules. In substantially all instances, the Company has the right and ability to not exercise its option and forfeit its deposit without further penalty, other than termination of the option and loss of any unapplied portion of its deposit and pre-acquisition costs. Therefore, in substantially all instances, the Company does not consider the take-down price to be a firm contractual obligation. When the Company does not intend to exercise an option, it writes off any unapplied deposit and pre-acquisition costs associated with the option contract. Investments in Unconsolidated Entities The Company evaluates the long-lived assets in unconsolidated entities for indicators of impairment during each reporting period. If a valuation adjustment is recorded by an unconsolidated entity related to its assets, the Company generally uses a discount rate between 10% and 20%, subject to the perceived risks associated with the community’s cash flow streams relative to its inventory or operating assets. The Company’s proportionate share of a valuation adjustment is reflected in the Company's Homebuilding, Multifamily or Lennar Other equity in earnings (loss) from unconsolidated entities with a corresponding decrease to its Homebuilding, Multifamily or Lennar Other investment in unconsolidated entities. Additionally, the Company evaluates if a decrease in the value of an investment below its carrying value is other-than-temporary. This evaluation includes certain critical assumptions made by management: (1) projected future distributions from the unconsolidated entities, (2) discount rates applied to the future distributions and (3) various other factors, which include age of the venture, relationships with the other partners and banks, general economic market conditions, land status and liquidity needs of the unconsolidated entity. If the decline in the fair value of the investment is other-than-temporary, then these losses are included in Homebuilding other income, net, Multifamily other gain (loss) or Lennar Other other gain (loss). The Company tracks its share of cumulative earnings and distributions of its joint ventures ("JVs"). For purposes of classifying distributions received from JVs in the Company’s consolidated statements of cash flows, cumulative distributions are treated as returns on capital to the extent of cumulative earnings and included in the Company’s consolidated statements of cash flows as operating activities. Cumulative distributions in excess of the Company’s share of cumulative earnings are treated as returns of capital and included in the Company’s consolidated statements of cash flows as cash from investing activities. Variable Interest Entities GAAP requires the assessment of whether an entity is a VIE and, if so, if the Company is the primary beneficiary at the inception of the entity or at a reconsideration event. Additionally, GAAP requires the consolidation of VIEs in which an enterprise has a controlling financial interest. A controlling financial interest will have both of the following characteristics: (a) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and (b) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company’s variable interest in VIEs may be in the form of (1) equity ownership, (2) contracts to purchase assets, (3) management and development agreements between the Company and a VIE, (4) loans provided by the Company to a VIE or other partner and/or (5) guarantees provided by members to banks and other third parties. The Company examines specific criteria and uses its judgment when determining if it is the primary beneficiary of a VIE. Factors considered in determining whether the Company is the primary beneficiary include risk and reward sharing, experience and financial condition of other partner(s), voting rights, involvement in day-to-day capital and operating decisions, representation on a VIE’s executive committee, existence of unilateral kick-out rights or voting rights, level of economic disproportionality, if any, between the Company and the other partner(s) and contracts to purchase assets from VIEs. The determination whether an entity is a VIE and, if so, whether the Company is the primary beneficiary may require it to exercise significant judgment. Generally, all major decision making in the Company’s joint ventures is shared among all partners. In particular, business plans and budgets are generally required to be unanimously approved by all partners. Usually, management and other fees earned by the Company are nominal and believed to be at market and there is no significant economic disproportionality between the Company and other partners. Generally, the Company purchases less than a majority of the JV’s assets and the purchase prices under its option contracts are believed to be at market. Generally, Homebuilding and Multifamily unconsolidated entities become VIEs and consolidate when the other partner(s) lack the intent and financial wherewithal to remain in the entity. As a result, the Company continues to fund operations and debt paydowns through partner loans or substituted capital contributions. Goodwill Goodwill is recorded with acquisitions of businesses when the purchase price of the business exceeds the fair value of the net tangible and identifiable assets acquired. In accordance with ASC Topic 350, Intangibles-Goodwill and Other ("ASC 350"), the Company evaluates goodwill for potential impairment on at least an annual basis. Potential impairment is evaluated by comparing the carrying value of each of the Company's reporting units to their estimated fair values. The fair value estimate is derived through various valuation methods, including the use of discounted expected future cash flows of each reporting unit. The expected future cash flows for each segment are significantly impacted by current market conditions. If these market conditions and resulting expected future cash flows for each reporting unit decline significantly, the actual results for each segment could differ from the Company's estimate, which would cause goodwill to be impaired. Operating Properties and Equipment Operating properties and equipment are recorded at cost and are included in other assets in the consolidated balance sheets. The assets are depreciated over their estimated useful lives using the straight-line method. At the time operating properties and equipment are disposed of, the asset and related accumulated depreciation are removed from the accounts and any resulting gain or loss is credited or charged to earnings. The estimated useful life for operating properties is 30 years, for furniture, fixtures and equipment is two Operating properties and equipment are included in Homebuilding other assets in the consolidated balance sheets and were as follows: November 30, (In thousands) 2020 2019 Operating properties (1) $ 386,646 225,256 Leasehold improvements 57,084 63,846 Furniture, fixtures and equipment 145,307 159,007 589,037 448,109 Accumulated depreciation and amortization (177,519) (168,582) $ 411,518 279,527 (1) Operating properties primarily include solar systems, rental operations and commercial properties. Investment Securities The Company holds investment securities classified as available-for-sale or held-to-maturity. Available-for-sale securities are recorded at fair value. Any unrealized holding gains or losses on available-for-sale securities are reported as accumulated other comprehensive gain or loss, which is a separate component of stockholders’ equity, net of tax, until realized. Securities classified as held-to-maturity are carried at amortized cost because they are purchased with the intent and ability to hold to maturity. At November 30, 2020 and 2019, the Financial Services segment had investment securities classified as held-to-maturity totaling $164.2 million and $190.3 million, respectively, which consist mainly of commercial mortgage-backed securities ("CMBS"), corporate debt obligations, U.S. government agency obligations, certificates of deposit and U.S. treasury securities that mature at various dates, mainly within three years. Also, at November 30, 2019, the Financial Services segment had $3.7 million of available-for-sale securities, which consisted primarily of preferred stock and mutual funds. These investments available-for-sale were carried at fair value with changes recorded as a component of accumulated other comprehensive income (loss). In addition, at November 30, 2020, the Lennar Other segment had investment securities classified as held-for-sale totaling $53.5 million. The Lennar Other segment held-for-sale securities consist of CMBS. At November 30, 2019, these securities were held-to-maturity with a balance of $54.1 million. The CMBS in the Lennar Other segment were reclassed during the year ended November 30, 2020 due to a change in management's intent to hold. Interest and Real Estate Taxes Interest and real estate taxes attributable to land and homes are capitalized as inventory costs while they are being actively developed. Interest related to homebuilding and land, including interest costs relieved from inventories, is included in costs of homes sold and costs of land sold. Interest expense related to the Financial Services and Multifamily operations is included in its costs and expenses. During the years ended November 30, 2020, 2019 and 2018, interest incurred by the Company’s homebuilding operations related to homebuilding debt was $353.4 million, $422.7 million and $423.7 million, respectively; interest capitalized into inventories was $331.0 million, $405.1 million and $412.5 million, respectively. Interest expense was included in costs of homes sold, costs of land sold and other interest expense as follows: Years Ended November 30, (In thousands) 2020 2019 2018 Interest expense in costs of homes sold $ 349,109 371,821 301,339 Interest expense in costs of land sold 2,594 5,554 3,567 Other interest expense (1) 22,401 17,620 11,258 Total interest expense $ 374,104 394,995 316,164 (1) Included in Homebuilding other income (expense), net. Income Taxes The Company records income taxes under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and attributable to operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the years in which the temporary differences are expected to be recovered or paid. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period when the changes are enacted. Interest related to unrecognized tax benefits is recognized in the financial statements as a component of income tax expense. A reduction of the carrying amounts of deferred tax assets by a valuation allowance is required if, based on the available evidence, it is more likely than not that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed each reporting period by the Company based on the consideration of all available positive and negative evidence using a "more-likely-than-not" standard with respect to whether deferred tax assets will be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, actual earnings, forecasts of future profitability, the duration of statutory carryforward periods, the Company’s experience with loss carryforwards not expiring unused and tax planning alternatives. Based on the analysis of positive and negative evidence, the Company believed that there was enough positive evidence for the Company to conclude that it was more likely than not that the Company would realize the majority of its deferred tax assets. As of November 30, 2020 and 2019, the Company's net deferred tax assets included a valuation allowance of $4.4 million and $4.3 million, respectively. See Note 5 for additional information. Other Liabilities Reflected within the consolidated balance sheets, the other liabilities balance as of November 30, 2020 and 2019, included accrued interest payable, product warranty (as noted below), accrued bonuses, accrued wages and benefits, lease liabilities, deferred income, customer deposits, income taxes payable, and other accrued liabilities. Product Warranty Warranty and similar reserves for homes are established at an amount estimated to be adequate to cover potential costs for materials and labor with regard to warranty-type claims expected to be incurred subsequent to the delivery of a home. Reserves are determined based on historical data and trends with respect to similar product types and geographical areas. The Company regularly monitors the warranty reserve and makes adjustments to its pre-existing warranties in order to reflect changes in trends and historical data as information becomes available. Warranty reserves are included in Homebuilding other liabilities in the consolidated balance sheets. The activity in the Company’s warranty reserve was as follows: Years Ended November 30, (In thousands) 2020 2019 Warranty reserve, beginning of year $ 294,138 319,109 Warranties issued 191,311 189,105 Adjustments to pre-existing warranties from changes in estimates (1) 29,461 (8,156) Payments (173,145) (205,920) Warranty reserve, end of year $ 341,765 294,138 (1) The adjustments to pre-existing warranties from changes in estimates during the years ended November 30, 2020 and 2019 primarily related to specific claims in certain of the Company's homebuilding communities and other adjustments. Self-Insurance Certain insurable risks such as construction defects, general liability, medical and workers’ compensation are self-insured by the Company up to certain limits. Undiscounted accruals for claims under the Company’s self-insurance program are based on claims filed and estimates for claims incurred but not yet reported. The Company’s self-insurance reserve as of November 30, 2020 and 2019 was $125.4 million and $109.6 million which is included in Homebuilding other liabilities. Amounts incurred in excess of the Company's self-insurance occurrence or aggregate retention limits are covered by insurance up to the Company's purchased coverage levels. The Company's insurance policies are maintained with highly-rated underwriters for whom the Company believes counterparty default risk is not significant. Earnings per Share Basic earnings per share is computed by dividing net earnings attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in earnings of the Company. All outstanding nonvested shares that contain non-forfeitable rights to dividends or dividend equivalents that participate in undistributed earnings with common stock are considered participating securities and are included in computing earnings per share pursuant to the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating securities according to dividends or dividend equivalents and participation rights in undistributed earnings. The Company’s restricted common stock ("nonvested shares") are considered participating securities. Preferred Stock The Company is authorized to issue 500,000 shares of preferred stock with a par value of $10 per share and 100 million shares of participating preferred stock with a par value of $0.10 per share. No shares of preferred stock or participating preferred stock have been issued as of November 30, 2020 and 2019. Common Stock During the year ended November 30, 2020, the Company’s Class A and Class B common stockholders received a per share annual dividend of $0.625. During the years ended 2019 and 2018, the Company’s Class A and Class B common stockholders received a per share annual dividend of $0.16. The only significant difference between the Class A common stock and Class B common stock is that Class A common stock entitles holders to one vote per share and the Class B common stock entitles holders to ten votes per share. As of November 30, 2020, Stuart Miller, the Company’s Executive Chairman, directly owned, or controlled through family-owned entities, shares of Class A and Class B common stock, which represented approximately 34% voting power of the Company’s stock. In January 2019, the Company's Board of Directors authorized a stock repurchase program, which replaced a June 2001 stock repurchase program, under which the Company is authorized to purchase up to the lesser of $1 billion in value, or 25 million in shares, of the Company’s outstanding Class A or Class B common stock. The repurchase authority 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 year ended November 30, 2020 and 2019: Years Ended November 30, 2020 November 30, 2019 (Dollars in thousands, except price per share) Class A Class B Class A Class B Shares repurchased 4,250,000 115,000 9,774,729 — Principal $ 282,274 $ 6,155 $ 492,938 $ — Average price per share $ 66.42 $ 53.52 $ 50.41 $ — Restrictions on Payment of Dividends There are no restrictions on the payment of dividends on common stock by the Company. There are no agreements which restrict the payment of dividends by subsidiaries of the Company other than the need to maintain the financial ratios and net worth requirements under the Financial Services segment’s warehouse lines of credit, which restrict the payment of dividends from the Company’s mortgage subsidiaries following the occurrence and during the continuance of an event of default thereunder and limit dividends to 50% of net income in the absence of an event of default. 401(k) Plan Under the Company’s 401(k) Plan (the "Plan"), contributions made by associates can be invested in a variety of mutual funds or proprietary funds provided by the Plan trustee. The Company may also make contributions for the benefit of associates. The Company records as compensation expense its contribution to the Plan. F

Operating And Reporting Segment

Operating And Reporting Segments	12 Months Ended
	Nov. 30, 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) November 30, 2020 Assets: Homebuilding Financial Multifamily Lennar Total Cash and cash equivalents $ 2,703,986 116,171 38,963 3,918 2,863,038 Restricted cash 15,211 54,481 — — 69,692 Receivables, net (1) 298,671 552,779 86,629 — 938,079 Inventories 16,925,228 — 249,920 — 17,175,148 Loans held-for-sale (2) — 1,490,105 — — 1,490,105 Loans held-for-investments, net — 72,626 — — 72,626 Investments held-to-maturity — 164,230 — — 164,230 Investments available-for-sale (3) — — — 53,497 53,497 Investments in unconsolidated entities 953,177 68,869 724,647 386,999 2,133,692 Goodwill 3,442,359 189,699 — — 3,632,058 Other assets (4) 1,190,793 68,027 75,749 8,443 1,343,012 $ 25,529,425 2,776,987 1,175,908 452,857 29,935,177 Liabilities: Notes and other debts payable, net $ 5,955,758 1,463,919 — 1,906 7,421,583 Other liabilities 3,969,893 180,329 252,911 11,060 4,414,193 $ 9,925,651 1,644,248 252,911 12,966 11,835,776 (In thousands) November 30, 2019 Assets: Homebuilding Financial Multifamily Lennar Total Cash and cash equivalents $ 1,200,832 234,113 8,711 2,340 1,445,996 Restricted cash 9,698 12,022 — 975 22,695 Receivables, net (1) 329,124 500,847 76,906 — 906,877 Inventories 17,776,507 — 315,107 — 18,091,614 Loans held-for-sale (2) — 1,644,939 — — 1,644,939 Loans held-for-investments, net — 73,867 — — 73,867 Investments held-to-maturity — 190,289 — 54,117 244,406 Investments available-for-sale (3) — 3,732 48,206 — 51,938 Investments in unconsolidated entities 1,009,035 — 561,190 403,688 1,973,913 Goodwill 3,442,359 215,516 — — 3,657,875 Other assets (4) 1,021,684 130,699 58,711 34,297 1,245,391 $ 24,789,239 3,006,024 1,068,831 495,417 29,359,511 Liabilities: Notes and other debts payable, net $ 7,776,638 1,745,755 36,125 15,178 9,573,696 Other liabilities 3,298,527 242,568 196,030 14,860 3,751,985 $ 11,075,165 1,988,323 232,155 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 November 30, 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 consolidated balance sheets. (4) As of November 30, 2020 and November 30, 2019, Financial Services other assets included mortgage loan commitments carried at fair value of $29.1 million and $16.3 million, respectively, and mortgage servicing rights carried at fair value of $2.1 million and $24.7 million, respectively. Financial information relating to the Company’s segments was as follows: Year ended November 30, 2020 (In thousands) Homebuilding Financial Multifamily Lennar Corporate and Total Revenues $ 20,981,136 890,311 576,328 41,079 — 22,488,854 Operating earnings (loss) 2,988,907 480,952 22,681 (10,334) — 3,482,206 Corporate general and administrative expenses — — — — (358,418) (358,418) Earnings (loss) before income taxes 2,988,907 480,952 22,681 (10,334) (358,418) 3,123,788 Year ended November 30, 2019 (In thousands) Homebuilding Financial Multifamily Lennar Corporate and Total Revenues $ 20,793,216 824,810 604,700 36,835 — 22,259,561 Operating earnings 2,502,905 224,642 16,390 31,469 — 2,775,406 Corporate general and administrative expenses — — — — (341,114) (341,114) Earnings before income taxes 2,502,905 224,642 16,390 31,469 (341,114) 2,434,292 Year ended November 30, 2018 (In thousands) Homebuilding Financial Multifamily Lennar Corporate and Total Revenues $ 19,077,597 954,631 421,132 118,271 — 20,571,631 Operating earnings (loss) 2,254,487 199,716 42,695 (33,707) — 2,463,191 Gain on sale of Rialto investment and asset management platform — — — — 296,407 296,407 Acquisition and integration costs related to CalAtlantic — — — — (152,980) (152,980) Corporate general and administrative expenses — — — — (343,934) (343,934) Earnings (loss) before income taxes 2,254,487 199,716 42,695 (33,707) (200,507) 2,262,684 (1) Operating loss for Lennar Other for the year ended November 30, 2020 included a $25.0 million write-down of assets held by Rialto legacy funds because of the disruption in the capital markets as a result of COVID-19 and the economic shutdown. (2) Corporate and unallocated expenses primarily represent costs of operations at the Company's corporate headquarters in Miami. These operations include the Company's executive offices, information technology, treasury, corporate accounting and tax, legal, internal audit, human resources. Also included are property expenses related to the leases of corporate offices, data processing and general corporate expenses. 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, equity in earnings (loss) from unconsolidated entities and other income (expense), net, less the cost of homes sold and land sold, 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, Tennessee 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 Five Point Holdings, LLC ("FivePoint") The assets related to the Company's homebuilding segments were as follows: (In thousands) East Central Texas West Other Corporate and Total Balance at November 30, 2020 $ 5,308,114 3,438,600 2,150,916 10,504,374 1,301,618 2,825,803 25,529,425 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: Year ended November 30, 2020 (In thousands) East Central Texas West Other Total Revenues $ 5,715,028 4,093,693 2,709,681 8,437,167 25,567 20,981,136 Operating earnings (loss) 933,297 482,929 421,594 1,241,494 (90,407) 2,988,907 Interest expense 93,245 58,777 29,901 178,498 13,683 374,104 Depreciation and amortization 21,504 13,659 9,366 50,316 249 95,094 Net additions to (disposals of) operating properties and equipment 955 (11,370) 712 165,869 (32) 156,134 Year ended November 30, 2019 (In thousands) East Central Texas West Other Total Revenues $ 5,717,858 4,120,085 2,578,962 8,227,304 149,007 20,793,216 Operating earnings (loss) 830,619 431,372 285,874 1,050,850 (95,810) 2,502,905 Interest expense 96,569 64,104 37,144 183,906 13,272 394,995 Depreciation and amortization 20,623 11,356 8,395 45,456 369 86,199 Net additions to (disposals of) operating properties (31,338) 89 950 63,803 (1,214) 32,290 Year ended November 30, 2018 (In thousands) East Central Texas West Other Total Homebuilding Revenues $ 5,016,944 3,523,807 2,421,399 8,059,850 55,597 19,077,597 Operating earnings 621,724 320,105 172,449 1,082,302 57,907 2,254,487 Interest expense 82,024 44,925 32,930 151,823 4,462 316,164 Depreciation and amortization 17,995 7,904 9,041 36,013 1,022 71,975 Net additions to operating properties and equipment 26,387 14,692 200 42,525 15,549 99,353 Financial Services Operations of the Financial Services segment include primarily mortgage financing, title and closing services primarily for buyers of the Company’s homes. It also includes originating and selling into securitizations commercial mortgage loans through its LMF Commercial business. The Financial Services segment sells substantially all of the loans it originates within a short period of time in the secondary mortgage market, the majority of which are sold on a servicing released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that it breached certain limited industry standard representations and warranties in the loan sale agreements. Financial Services’ operating earnings consist of revenues generated primarily from mortgage financing, title and closing services, and property and casualty insurance, less the cost of such services and certain selling, general and administrative expenses incurred by the segment. The Financial Services segment operates generally in the same states as the Company’s homebuilding operations as well as in other states. At November 30, 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 (1) $ 500,000 March 2021 500,000 June 2021 600,000 July 2021 200,000 Total - Residential facilities $ 1,800,000 LMF Commercial facilities maturing: December 2020 (2) $ 500,000 November 2021 100,000 December 2021 200,000 Total - LMF Commercial facilities $ 800,000 Total $ 2,600,000 (1) Subsequent to November 30, 2020, the maturity date was extended to December 2021. (2) Includes $50 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 November 30, 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, which are guaranteed by Lennar Corporation, finance LMF Commercial loan originations and securitization activities and are secured by an up to 80% interest in the originated commercial loans financed. Borrowings and collateral under the facilities and their prior year predecessors were as follows: November 30, (In thousands) 2020 2019 Borrowings under the residential facilities $ 1,185,797 1,374,063 Collateral under the residential facilities 1,231,619 1,423,650 Borrowings under the LMF Commercial facilities 124,617 216,870 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 consolidated balance sheets. LMF Commercial - loans held-for-sale During the year ended November 30, 2020, LMF Commercial originated commercial loans with a total principal balance of $703.8 million, all of which were recorded as loans held-for-sale and sold $705.1 million of commercial loans into five separate securitizations. As of November 30, 2020, there were no unsettled transactions. During the year ended November 30, 2019, LMF Commercial originated commercial loans with a total principal balance of $1.6 billion, nearly all of which were recorded as loans held-for-sale except $15.3 million which were recorded as accrual loans receivables, net, and sold $1.4 billion of loans into 11 separate securitizations. As of November 30, 2019, originated loans with an unpaid balance of $158.4 million which were sold into a securitization trust but not settled and thus were included as receivables, net. Investments held-to-maturity At November 30, 2020 and 2019, the carrying value of Financial Services' commercial mortgage-backed securities ("CMBS") was $164.2 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 year ended November 30, 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 November 30, 2020 and 2019, the carrying amount, net of debt issuance costs, of outstanding debt in these agreements was $153.5 million and $154.7 million, respectively, and interest 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 land sales, revenue from construction activities and management fees generated from joint ventures, and equity in earnings from unconsolidated entities, less the cost of land sold, expenses related to construction activities and general and administrative expenses. Lennar Other Operations of the Lennar Other segment include 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. Each reportable segment follows the same accounting policies described in Note 1—"Summary of Significant Accounting Policies" to the consolidated financial statements. Operational results of each segment are not necessarily indicative of the results that would have occurred had the segment been an independent, stand-alone entity during the periods presented.

Investments In Unconsolidated E

Investments In Unconsolidated Entities	12 Months Ended
	Nov. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Investments In Unconsolidated Entities	Investments in Unconsolidated Entities Homebuilding Unconsolidated Entities The investments in Company's Homebuilding unconsolidated entities were as follows: November 30, (In thousands) 2020 2019 Investments in unconsolidated entities (1) (2) $ 953,177 1,009,035 Underlying equity in unconsolidated entities' net assets (1) 1,269,701 1,313,892 (1) The basis difference was primarily as a result of the Company contributing its investment in three strategic joint ventures with a higher fair value than book value for an investment in the FivePoint entity and deferring equity in earnings on land sales to the Company. (2) Included in the Company's recorded investments in Homebuilding unconsolidated entities is the Company's 40% ownership of FivePoint. As of November 30, 2020 and 2019, the carrying amount of the Company's investment was $392.1 million and $374.0 million, respectively. The Company’s partners generally are unrelated homebuilders, land owners/developers and financial or other strategic partners. The unconsolidated entities follow accounting principles that are in all material respects the same as those used by the Company. The Company shares in the profits and losses of these unconsolidated entities generally in accordance with its ownership interests. In many instances, the Company is appointed as the day-to-day manager under the direction of a management committee that has shared powers among the partners of the unconsolidated entities and the Company receives management fees and/or reimbursement of expenses for performing this function. The Company and/or its partners sometimes obtain options or enter into other arrangements under which the Company can purchase portions of the land held by the unconsolidated entities. Option prices are generally negotiated prices that approximate fair value when the Company receives the options. The details of the activity was as follows: Years Ended November 30, (In thousands) 2020 2019 2018 Land sales revenues (1) $ 99,935 82,966 169,521 Management fees and reimbursement of expenses, net of deferrals 2,363 2,716 7,026 (1) The Company does not include in its Homebuilding equity in loss from unconsolidated entities its pro-rata share of unconsolidated entities’ earnings resulting from land sales to its homebuilding divisions. Instead, the Company accounts for those earnings as a reduction of the cost of purchasing the land from the unconsolidated entities. This in effect defers recognition of the Company’s share of the unconsolidated entities’ earnings related to these sales until the Company delivers a home and title passes to a third-party homebuyer. The total debt of the Homebuilding unconsolidated entities in which the Company has investments was $1.1 billion as of both November 30, 2020 and 2019, respectively, of which the Company's maximum recourse exposure was $4.9 million and $10.8 million as of November 30, 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 generally constitute a capital contribution or loan to the Homebuilding unconsolidated entity and increase the Company's investment in the unconsolidated entity and its share of any funds the entity distributes. As of both November 30, 2020 and 2019, the fair values of the repayment, maintenance guarantees and completion guarantees were not material. The Company believes that as of November 30, 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 should 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 for its joint ventures (see Note 4). Financial Services Unconsolidated Entity In connection with the sale of the majority of its retail title agency business and title insurance underwriter in the first quarter of 2019, the Company provided seller financing and received a substantial minority equity ownership stake in the buyer. The combination of both the equity and debt components of this transaction caused the transaction not to meet the accounting requirements for sale treatment and, therefore, the Company was required to consolidate the buyer’s results at that time. During the year ended November 30, 2020, there was a significant equity raise that was completed, which resulted in the entity’s deconsolidation. Upon deconsolidation, the Company recorded a gain of $61.4 million. 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 November 30, 2020 and November 30, 2019, the fair value of the completion guarantees was immaterial. As of November 30, 2020 and November 30, 2019, Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $722.9 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. The Multifamily segment also provides general contractor services for construction of some of the rental properties owned by unconsolidated entities in which the Company has investments. The details of the activity was as follows: Years Ended November 30, (In thousands) 2020 2019 2018 General contractor services, net of deferrals $ 400,808 355,388 353,194 General contractor costs 383,649 340,081 338,717 Management fee income 56,253 53,597 48,801 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 year ended November 30, 2020 are included below: November 30, 2020 (In thousands) LMV I LMV II Lennar's carrying value of investments $ 328,365 288,476 Equity commitments 2,204,016 1,257,700 Equity commitments called 2,139,322 995,206 Lennar's equity commitments 504,016 381,000 Lennar's equity commitments called 496,483 300,393 Lennar's remaining commitments 7,533 80,607 Distributions to Lennar during the year ended November 30, 2020 39,988 — Lennar Other Lennar Other primarily includes fund investments the Company retained when it sold the Rialto asset and investment management platform, as well as strategic investments in technology companies. Condensed Financial Information of Unconsolidated Entities Summarized condensed financial information on a combined 100% basis related to the Company's unconsolidated entities that are accounted for under the equity method was as follows: (In thousands) November 30, 2020 Assets: Homebuilding Financial Services Multifamily Lennar Total Cash and cash equivalents $ 546,013 111,109 94,801 173,408 814,222 Loans receivable — — — 95,281 95,281 Real estate owned — — — 295,391 295,391 Investment securities — 75,714 — 2,093,766 2,093,766 Investments in partnerships — — — 260,721 260,721 Inventories 4,527,371 — — — 4,527,371 Operating properties and equipment 148,020 — 5,392,681 23,968 5,564,669 Other assets 862,875 164,782 115,968 1,099,099 2,077,942 $ 6,084,279 351,605 5,603,450 4,041,634 15,729,363 Liabilities and equity: Accounts payable and other liabilities $ 866,812 159,271 219,522 31,113 1,117,447 Debt (1) 1,085,639 — 2,519,567 292,313 3,897,519 Equity 4,131,828 192,334 2,864,361 3,718,208 10,714,397 $ 6,084,279 351,605 5,603,450 4,041,634 15,729,363 Investments in unconsolidated entities $ 953,177 68,869 724,647 386,999 2,133,692 (In thousands) November 30, 2019 Assets: Homebuilding Financial Services Multifamily Lennar Total Cash and cash equivalents $ 602,480 — 74,726 122,089 799,295 Loans receivable — — — 690,270 690,270 Real estate owned — — — 282,832 282,832 Investment securities — — — 2,404,987 2,404,987 Investments in partnerships — — — 768,219 768,219 Inventories 4,514,885 — — — 4,514,885 Operating properties and equipment — — 4,618,518 — 4,618,518 Other assets 1,007,698 — 66,960 204,009 1,278,667 $ 6,125,063 — 4,760,204 4,472,406 15,357,673 Liabilities and equity: Accounts payable and other liabilities $ 816,719 — 212,706 38,770 1,068,195 Debt (1) 1,094,588 — 2,113,696 775,648 3,983,932 Equity 4,213,756 — 2,433,802 3,657,988 10,305,546 $ 6,125,063 — 4,760,204 4,472,406 15,357,673 Investments in unconsolidated entities $ 1,009,035 — 561,190 403,688 1,973,913 (1) Debt noted above is net of debt issuance costs. As of November 30, 2020 and 2019 this includes $11.8 million and $13.0 million, respectively, for Homebuilding, $31.1 million and $26.8 million, respectively, for Multifamily and an immaterial amount of debt issuance costs for Lennar Other. (In thousands) Statement of Operations Revenues Cost and expenses Other income (1) Net earnings (loss) of unconsolidated entities Equity in earnings (loss) from unconsolidated entities November 30, 2020 $ 1,362,686 1,221,873 (244,680) (103,867) (13,939) November 30, 2019 782,712 774,550 347,018 355,180 13,393 November 30, 2018 1,017,271 1,004,927 222,003 234,347 (14,777) (1) Other income, net included realized and unrealized gains (losses) on investments.

Lennar Homebuilding Senior Note

Lennar Homebuilding Senior Notes And Other Debts Payable	12 Months Ended
	Nov. 30, 2020
Debt Disclosure [Abstract]
Lennar Homebuilding Senior Notes And Other Debts Payable	Homebuilding Senior Notes and Other Debts Payable November 30, (Dollars in thousands) 2020 2019 6.25% senior notes due December 2021 $ 305,221 310,252 4.125% senior notes due 2022 598,876 597,885 5.375% senior notes due 2022 255,342 258,198 4.750% senior notes due 2022 572,724 571,644 4.875% senior notes due December 2023 397,347 396,553 4.500% senior notes due 2024 647,528 646,802 5.875% senior notes due 2024 443,484 448,158 4.750% senior notes due 2025 498,002 497,558 5.25% senior notes due 2026 406,709 407,921 5.00% senior notes due 2027 352,508 352,892 4.75% senior notes due 2027 894,760 893,046 6.625% senior notes due 2020 — 303,668 2.95% senior notes due 2020 — 299,421 8.375% senior notes due 2021 — 418,860 4.750% senior notes due 2021 — 498,893 Mortgage notes on land and other debt 583,257 874,887 $ 5,955,758 7,776,638 The carrying amounts of the senior notes listed above are net of debt issuance costs of $15.9 million and $22.9 million, as of November 30, 2020 and 2019, respectively. At November 30, 2020, the Company had an unsecured revolving credit facility (the "Credit Facility") with maximum borrowings of $2.4 billion maturing in 2024. The credit agreement also provides that up to $500 million in commitments may be used for letters of credit. As of both November 30, 2020 and 2019, the Company had no outstanding borrowings under the Credit Facility. Subsequent to November 30, 2020, the maximum borrowings were increased by $100 million to $2.5 billion and included a $300 million accordion feature, subject to additional commitments, thus the maximum borrowings could be $2.8 billion. Under the Credit Facility agreement, the Company is required to maintain a minimum consolidated tangible net worth, a maximum leverage ratio and either a liquidity or an interest coverage ratio. These ratios are calculated per the Credit Facility agreement, which involves adjustments to GAAP financial measures. The Company believes it was in compliance with its debt covenants at November 30, 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 November 30, 2020, the Company had outstanding surety bonds including performance surety bonds related to site improvements at various projects (including certain projects of the Company’s joint ventures) and financial surety bonds. Although significant development and construction activities have been completed related to these site improvements, these bonds are generally not released until all development and construction activities are completed. The Company does not presently anticipate any draws upon these bonds or letters of credit, but if any such draws occur, the Company does not believe they would have a material effect on its financial position, results of operations or cash flows. The Company's outstanding letters of credit and surety bonds are described below: (In thousands) November 30, 2020 2019 Performance letters of credit $ 752,096 715,793 Surety bonds 3,087,711 2,946,167 Anticipated future costs primarily for site improvements related to performance surety bonds 1,584,642 1,427,145 The terms of each of the Company's senior notes outstanding at November 30, 2020 were as follows: Senior Notes Outstanding (1) Principal Amount Net Proceeds (2) Price Dates Issued (Dollars in thousands) 6.25% senior notes due December 2021 $ 300,000 (3) (3) (3) 4.125% senior notes due 2022 600,000 595,160 100 % January 2017 5.375% senior notes due 2022 250,000 (3) (3) (3) 4.750% senior notes due 2022 575,000 567,585 (4) October 2012, February 2013, April 2013 4.875% senior notes due December 2023 400,000 393,622 99.169 % November 2015 4.500% senior notes due 2024 650,000 644,838 100 % April 2017 5.875% senior notes due 2024 425,000 (3) (3) (3) 4.750% senior notes due 2025 500,000 495,528 100 % April 2015 5.25% senior notes due 2026 400,000 (3) (3) (3) 5.00% senior notes due 2027 350,000 (3) (3) (3) 4.75% senior notes due 2027 900,000 894,650 100 % November 2017 (1) Interest is payable semi-annually for each of the series of senior notes. The senior notes are unsecured and unsubordinated, but are guaranteed by substantially all of the Company's 100% owned homebuilding subsidiaries. (2) The Company generally uses the net proceeds for working capital and general corporate purposes, which can include the repayment or repurchase of other outstanding senior notes. (3) These notes were obligations of CalAtlantic when it was acquired, and were subsequently exchanged in part for notes of the Company. As part of purchase accounting, the senior notes have been recorded at their fair value as of the date of acquisition (February 12, 2018). (4) The Company issued $350 million aggregate principal amount at a price of 100%, $175 million aggregate principal amount at a price of 98.073% and $50 million aggregate principal amount at a price of 98.250%. 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 have its guarantee suspended at any time when it is not directly or indirectly guaranteeing at least $75 million of debt of Lennar Corporation (the parent company) other than senior notes, and (ii) a subsidiary will be released from its guarantee and any other obligations it may have regarding the senior notes if all or substantially all its assets, or all of its capital stock, are sold or otherwise disposed of. At November 30, 2020, the Company had mortgage notes on land and other debt due at various dates through 2036 bearing interest at rates up to 11.0% with an average interest rate of 4.8%. At November 30, 2020 and 2019, the carrying amount of the mortgage notes on land and other debt was $583.3 million and $874.9 million, respectively. During the years ended November 30, 2020 and 2019, the Company retired $555.6 million and $172.5 million, respectively, of mortgage notes on land and other debt. The minimum aggregate principal maturities of Homebuilding senior notes and other debts payable during the five years subsequent to November 30, 2020 and thereafter are as follows: (In thousands) Debt 2021 $ 293,177 2022 1,805,848 2023 58,850 2024 1,518,748 2025 583,800 Thereafter 1,672,839 The Company expects to pay its near-term maturities as they come due through cash generated from operations, the issuance of additional debt or equity offerings as well as borrowings under the Company's Credit Facility.

Income Taxes

Income Taxes	12 Months Ended
	Nov. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The provision for income taxes consisted of the following: Years Ended November 30, (In thousands) 2020 2019 2018 Current: Federal $ 428,907 298,701 246,604 State 135,246 53,400 30,530 $ 564,153 352,101 277,134 Deferred: Federal $ 59,065 165,080 189,096 State 33,017 74,992 78,941 92,082 240,072 268,037 $ 656,235 592,173 545,171 A reconciliation of the statutory rate and the effective tax rate was as follows: Percentage of Pretax Income 2020 2019 2018 Statutory rate 21.00 % 21.00 % 22.22 % State income taxes, net of federal income tax benefit 4.00 4.17 3.81 Tax credits (1) (4.46) (1.49) (1.60) Nondeductible compensation 0.57 0.45 — Domestic production activities deduction — — (1.71) Tax reserves and interest expense, net — (0.03) (0.39) Deferred tax asset valuation allowance, net — (0.02) (0.03) Accounting method changes — — (1.47) Changes in tax law (2) — — 3.06 Other (0.09) 0.18 0.44 Effective rate 21.02 % 24.26 % 24.33 % (1) In December 2019, the Congress retroactively extended the new energy efficient home tax credit for homes delivered in 2018 to 2020. (2) In December 2017, the Tax Cuts and Jobs Act was enacted which reduced the maximum federal corporate income tax rate to 21%, which reduced the value of the Company's deferred tax assets. As a result, the Company recorded a non-cash one-time write down of deferred tax assets that resulted in income tax expense of $68.6 million in fiscal year 2018. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of the assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The tax effects of significant temporary differences that give rise to the net deferred tax assets were as follows: November 30, (In thousands) 2020 2019 Deferred tax assets: Inventory valuation adjustments $ 136,868 201,408 Reserves and accruals 161,984 148,477 Net operating loss carryforwards 88,021 108,250 Capitalized expenses 130,910 72,054 Investments in unconsolidated entities 67,405 55,306 Other assets 76,715 84,454 Total deferred tax assets 661,903 669,949 Valuation allowance (4,411) (4,341) Total deferred tax assets after valuation allowance 657,492 665,608 Deferred tax liabilities: Capitalized expenses 181,729 152,208 Deferred income 240,903 198,503 Other liabilities 47,478 35,432 Total deferred tax liabilities 470,110 386,143 Net deferred tax assets $ 187,382 279,465 The detail of the Company's net deferred tax assets was as follows: November 30, (In thousands) 2020 2019 Net deferred tax assets: (1) Homebuilding $ 119,467 224,859 Financial Services 1,024 17,551 Multifamily 38,155 34,291 Lennar Other 28,736 2,764 Net deferred tax assets $ 187,382 279,465 (1) Net deferred tax assets and net deferred tax liabilities detailed above are included within other assets and other liabilities in the respective segments. A reduction of the carrying amounts of deferred tax assets by a valuation allowance is required if, based on the available evidence, it is more likely than not that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed each reporting period by the Company based on the consideration of all available positive and negative evidence using a "more-likely-than-not" standard with respect to whether deferred tax assets will be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, actual earnings, forecasts of future profitability, the duration of statutory carryforward periods, the Company’s experience with loss carryforwards not expiring unused and tax planning alternatives. November 30, (In thousands) 2020 2019 Valuation allowance (1) $ (4,411) (4,341) Federal tax effected NOL carryforwards (2) 36,264 39,080 State tax effected NOL carryforwards (3) 51,757 69,170 (1) As of November 30, 2020 and 2019, the net deferred tax assets included valuation allowances primarily related to state net operating loss ("NOL") carryforwards that are not more likely than not to be utilized due to an inability to carry back these losses in most states and short carryforward periods that exist in certain states. (2) At November 30, 2020 and 2019, the Company had federal tax effected NOL carryforwards that may be carried forward to offset future taxable income and begin to expire in 2029. (3) At November 30, 2020 and 2019, the Company had state tax effected NOL carryforwards that may be carried forward from 5 to 20 years, depending on the tax jurisdiction, with losses expiring between 2021 and 2039. The following table summarizes the changes in gross unrecognized tax benefits: Years Ended November 30, (In thousands) 2020 2019 2018 Gross unrecognized tax benefits, beginning of year $ 12,856 14,667 12,285 Lapse of statute of limitations (349) (1,811) (2,052) Decreases due to tax positions taken during prior period — — (2,805) Decreases due to settlements with tax authorities (222) — (6,493) Increases due to the CalAtlantic acquisition — — 13,510 Increases due to tax positions taken during prior period — — 222 Gross unrecognized tax benefits, end of year $ 12,285 12,856 14,667 If the Company were to recognize its gross unrecognized tax benefits as of November 30, 2020, $9.7 million would affect the Company’s effective tax rate. The Company does not expect the total amount of unrecognized tax benefits to increase or decrease by a material amount within the following twelve months. The following summarizes the changes in interest and penalties accrued with respect to gross unrecognized tax benefits: November 30, (In thousands) 2020 2019 Accrued interest and penalties, beginning of the year $ 55,333 52,942 Accrual of interest and penalties (primarily related to state audits) 2,802 3,029 Reduction of interest and penalties (371) (638) Accrued interest and penalties, end of the year $ 57,764 55,333 The IRS is currently examining the Company's federal tax income tax returns for fiscal year 2019, and certain state taxing authorities are examining various fiscal years. The final outcome of these examinations is not yet determinable. The statute of limitations for the Company's major tax jurisdictions remains open for examination for fiscal year 2005 and subsequent years. The Company participates in an IRS examination program, Compliance Assurance Process, "CAP". This program operates as a contemporaneous exam throughout the year in order to keep exam cycles current and achieve a higher level of compliance.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Nov. 30, 2020
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic and diluted earnings per share were calculated as follows: Years Ended November 30, (In thousands, except per share amounts) 2020 2019 2018 Numerator: Net earnings attributable to Lennar $ 2,465,036 1,849,052 1,695,831 Less: distributed earnings allocated to nonvested shares 1,658 420 429 Less: undistributed earnings allocated to nonvested shares 26,731 15,722 14,438 Numerator for basic earnings per share 2,436,647 1,832,910 1,680,964 Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan (1) 8,971 4,204 3,320 Plus: interest on convertible senior notes — — 80 Plus: undistributed earnings allocated to convertible shares — — 2,904 Less: undistributed earnings reallocated to convertible shares — — 2,899 Numerator for diluted earnings per share $ 2,427,676 1,828,706 1,677,729 Denominator: Denominator for basic earnings per share - weighted average common shares outstanding 309,406 318,419 307,968 Effect of dilutive securities: Share-based payments 1 3 48 Convertible senior notes — — 549 Denominator for diluted earnings per share - weighted average common shares outstanding 309,407 318,422 308,565 Basic earnings per share $ 7.88 5.76 5.46 Diluted earnings per share $ 7.85 5.74 5.44 (1) The amounts presented above relate to Rialto's Carried Interest Incentive Plan and represent the difference between the advanced tax distributions received by Lennar Other segment and the amount Lennar, as the parent company, is assumed to own. For the years ended November 30, 2020, 2019 and 2018, there were no options to purchase shares of common stock that were outstanding and anti-dilutive.

Financial Instruments and Fair

Financial Instruments and Fair Value Disclosure	12 Months Ended
	Nov. 30, 2020
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value Disclosure	Financial Instruments and Fair Value DisclosuresThe following table presents the carrying amounts and estimated fair values of financial instruments held by the Company at November 30, 2020 and 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. November 30, 2020 2019 Fair Value Carrying Fair Carrying Fair (In thousands) Hierarchy Amount Value Amount Value ASSETS Financial Services: Loans held-for-investment, net Level 3 $ 72,626 70,808 73,867 69,708 Investments held-to-maturity Level 3 164,230 196,047 166,012 195,962 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 Level 2 $ 5,955,758 6,581,798 7,776,638 8,144,632 Financial Services notes and other debts payable Level 2 1,463,919 1,464,850 1,745,755 1,745,782 Multifamily note payable Level 2 — — 36,125 36,125 Lennar Other notes and other debts payable 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 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 the note payable, the fair value approximates the carrying value due to variable interest pricing terms and the short-term nature of the borrowing. Lennar Other —The fair value for investments held-to-maturity is based on discounted cash flows. For notes and other debts payable, the fair value is calculated based on discounted cash flows using quoted interest rates and for the warehouse repurchase financing agreements fair values approximate their carrying value due to their short-term maturities. Fair Value Measurements GAAP provides a framework for measuring fair value, expands disclosures about fair value measurements and establishes a fair value hierarchy which prioritizes the inputs used in measuring fair value summarized as follows: Level 1: Fair value determined based on quoted prices in active markets for identical assets. Level 2: Fair value determined using significant other observable inputs. Level 3: Fair value determined using significant unobservable inputs. The Company’s financial instruments measured at fair value on a recurring basis are summarized below: Fair Value at November 30, (In thousands) Fair 2020 2019 Financial Services Assets: Residential loans held-for-sale Level 2 $ 1,296,517 1,447,715 LMF Commercial loans held-for-sale Level 3 193,588 197,224 Mortgage servicing rights Level 3 2,113 24,679 Lennar Other: Investments available-for-sale Level 3 53,497 — Residential and LMF Commercial loans held-for-sale in the table above include: November 30, 2020 2019 (In thousands) Aggregate Principal Balance Change in Fair Value Aggregate Principal Balance Change in Fair Value Residential loans held-for-sale $ 1,232,548 63,969 1,405,511 42,204 LMF Commercial loans held-for-sale 194,362 (774) 196,275 949 The estimated fair values of the Company’s financial instruments have been determined by using available market information and what the Company believes to be appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions and/or estimation methodologies might have a material effect on the estimated fair value amounts. The following methods and assumptions are used by the Company in estimating fair values: Financial Services residential loans held-for-sale — Fair value is based on independent quoted market prices, where available, or the prices for other mortgage whole loans with similar characteristics. 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 November 30, 2020 and 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. Financial Services mortgage servicing rights — Financial Services records mortgage servicing rights when it sells loans on a servicing-retained basis or through the acquisition or assumption of the right to service a financial asset. The fair value of the mortgage servicing rights is calculated using third-party valuations. The key assumptions, which are generally unobservable inputs, used in the valuation of the mortgage servicing rights include mortgage prepayment rates, discount rates and delinquency rates and are noted below: November 30, 2020 Unobservable inputs Mortgage prepayment rate 18 % Discount rate 12 % Delinquency rate 4 % Lennar Other investments available-for-sale — The fair value of these investments is based on the quoted market prices for similar financial instruments. Lennar Other investments available-for-sale - The fair value of investments available-for-sale is calculated from model-based techniques that use discounted cash flow assumptions and the Company’s own estimates of CMBS spreads, market interest rate movements and the underlying loan credit quality. Loan values are calculated by allocating the change in value of an assumed CMBS capital structure to each loan. The value of an assumed CMBS capital structure is calculated, generally, by discounting the cash flows associated with each CMBS class at market interest rates and at the Company’s own estimate of CMBS spreads. The changes in fair values for Level 1 and Level 2 financial instruments measured on a recurring basis are shown below by financial instrument and financial statement line item: Years Ended November 30, (In thousands) 2020 2019 2018 Changes in fair value included in Financial Services revenues: Loans held-for-sale $ 21,765 4,891 8,621 Mortgage loan commitments 12,774 (85) 6,500 Forward contracts (9,805) 6,504 (12,041) Changes in fair value included in other comprehensive income (loss), net of tax: Lennar Other investments available-for-sale (805) — — Financial Services investments available-for-sale (46) 1,040 (1,634) 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 loan and recorded as revenues in the Financial Services’ statement of operations and LMF Commercial's statement of operations, respectively. The following table represents the reconciliation of the beginning and ending balance for the Level 3 recurring fair value measurements: Years Ended November 30, 2020 2019 (In thousands) Mortgage servicing rights LMF Commercial loans held-for-sale Mortgage servicing rights LMF Commercial loans held-for-sale Beginning of year $ 24,679 197,224 37,206 61,691 Purchases/loan originations 2,378 703,777 3,417 1,593,655 Sales/loan originations sold, including those not settled — (705,089) — (1,447,818) Disposals/settlements (1) (10,322) — (5,326) (9,920) Changes in fair value (2) (14,622) (25) (10,618) 430 Interest and principal paydowns — (2,299) — (814) End of year $ 2,113 193,588 24,679 197,224 (1) Includes $7.5 million related to the sale of a servicing portfolio for the year ended November 30, 2020. (2) Changes in fair value for LMF Commercial loans held-for-sale and Financial Services mortgage servicing rights are included in Financial Services' revenues. The Company’s assets measured at fair value on a nonrecurring basis are those assets for which the Company has recorded valuation adjustments and write-offs. The fair values included in the tables below represent only those assets whose carrying values were adjusted to fair value during the respective periods disclosed. The assets measured at fair value on a nonrecurring basis are summarized below: Years Ended November 30, 2020 2019 2018 (In thousands) Fair Carrying Value Fair Value Total Carrying Value Fair Value Total Losses, Net (1) Carrying Value Fair Value Total Losses, Net (1) Non-financial assets Homebuilding: Finished homes and construction in progress (2) Level 3 $ 176,637 148,684 (27,953) 218,942 205,201 (13,741) 4,019 3,473 (546) Land and land under development (2) Level 3 182,227 92,355 (89,872) 121,564 82,816 (38,748) 96,093 62,850 (33,243) Other assets (2) Level 3 — — — 60,363 56,727 (3,636) — — — Lennar Other: REO, net Upon management periodic valuations Level 3 — — — — — — 58,721 25,632 (33,089) (1) Represents losses due to valuation adjustments, write-offs, gains (losses) from transfers or acquisitions of real estate through foreclosure and REO impairments recorded during the year. (2) Valuation adjustments were included in Homebuilding costs and expenses in the Company's consolidated statements of operations for the years ended November 30, 2020, 2019 and 2018. See Note 1 for a detailed description of the Company’s process for identifying and recording valuation adjustments related to Homebuilding inventory.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Nov. 30, 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 year ended November 30, 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 the Company's consolidated VIE's assets and non-recourse liabilities are disclosed in the footnote to the consolidated balance sheets. A VIE’s assets can only be used to settle obligations of that VIE. The VIEs are not guarantors of the Company’s senior notes and other debts payable. The assets held by a VIE usually are collateral for that VIE’s debt. The Company and other partners do not generally have an obligation to make capital contributions to a VIE unless the Company and/or the other partner(s) have entered into debt guarantees with the VIE’s banks. Other than debt guarantee agreements with a VIE’s banks, there are no liquidity arrangements or agreements to fund capital or purchase assets that could require the Company to provide financial support to a VIE. While the Company has option contracts to purchase land from certain of its VIEs, the Company is not required to purchase the assets and could walk away from the contracts. Unconsolidated VIEs At November 30, 2020 and 2019, the Company’s recorded investments in VIEs that are unconsolidated and its estimated maximum exposure to loss were as follows: November 30, 2020 2019 (In thousands) Investments in Unconsolidated VIEs Lennar’s Maximum Exposure to Loss (1) Investments in Lennar’s Maximum Exposure to Loss (1) Homebuilding $ 89,654 89,828 80,939 81,118 Multifamily (2) 619,540 717,271 533,018 768,651 Financial Services (3) 233,099 287,253 166,012 166,012 Lennar Other 7,154 7,154 60,882 60,882 $ 949,447 1,101,506 840,851 1,076,663 (1) Limited to investments in unconsolidated VIEs, except as noted below. (2) As of November 30, 2020 and 2019, the maximum exposure to loss of Multifamily's investments in unconsolidated VIEs was generally limited to its investments in the unconsolidated VIEs, except with regard to the remaining equity commitment of $88.1 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) At November 30, 2020, the maximum exposure to loss of Financial Services' investments in unconsolidated VIEs 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 year ended November 30, 2020, consolidated inventory not owned increased by $523.4 million with a corresponding increase to liabilities related to consolidated inventory not owned in the accompanying consolidated balance sheet as of November 30, 2020. The increase was primarily due to homesites sold to an investor group. This strategic relationship is a continuation of the Company's land light strategy and allows the Company to offer the investor group the opportunity to acquire the property and give the Company an option to purchase all or a portion of it in the future. 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 loss related to its option contracts with third parties and unconsolidated entities consisted of its non-refundable option deposits and pre-acquisition costs totaling $414.2 million and $320.5 million at November 30, 2020 and 2019, respectively. Additionally, the Company had posted $87.5 million and $75.0 million of letters of credit in lieu of cash deposits under certain land and option contracts as of November 30, 2020 and 2019, respectively.

Commitments And Contingent Liab

Commitments And Contingent Liabilities	12 Months Ended
	Nov. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments And Contingent Liabilities	Commitments and Contingent Liabilities The Company is party to various claims, legal actions and complaints arising in the ordinary course of business. In the opinion of management, the disposition of these matters will not have a material adverse effect on the Company’s consolidated financial statements. From time to time, the Company is also a party to various lawsuits involving purchases and sales of real property. These lawsuits include claims regarding representations and warranties made in connection with the transfer of properties and disputes regarding the obligation to purchase or sell properties. The Company does not believe that the ultimate resolution of these claims or lawsuits will have a material adverse effect on its business or financial position. However, the financial effect of litigation concerning purchases and sales of property may depend upon the value of the subject property, which may have changed from the time the agreement for purchase or sale was entered into. The Company is subject to the usual obligations associated with entering into contracts (including option contracts) for the purchase, development and sale of real estate, which it does in the routine conduct of its business. Option contracts generally enable the Company to control portions of properties owned by third parties (including land funds) and unconsolidated entities until the Company determines whether to exercise the option. The use of option contracts allows the Company to reduce the financial risks associated with long-term land holdings. At November 30, 2020, the Company had $414.2 million of non-refundable option deposits and pre-acquisition costs related to certain of these homesites, which were included in inventories in the consolidated balance sheet. Leases The Company has entered into agreements to lease certain office facilities and equipment under operating leases. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. ROU assets and lease liabilities are recorded on the balance sheet for all leases, except leases with an initial term of 12 months or less. Many of the Company's leases include options to renew. The exercise of lease renewal options is at the Company's option and therefore renewal option payments have not been included in the ROU assets or lease liabilities. The following table includes additional information about the Company's leases: (Dollars in thousands) November 30, 2020 Right-of-use assets $ 113,390 Lease liabilities $ 122,836 Weighted-average remaining lease term (in years) 2.6 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 November 30, 2020 were as follows: (Dollars in thousands) Lease Payments 2021 $ 33,616 2022 27,525 2023 21,601 2024 15,982 2025 and thereafter 34,775 Total future minimum lease payments (1) $ 133,499 Less: Interest (2) 10,663 Present value of lease liabilities (2) $ 122,836 (1) Future minimum lease payments exclude variable lease costs and short-term lease costs, which were $16.1 million and $2.6 million, respectively, for the year ended November 30, 2020. This also does not include minimum lease payments for executed and legally enforceable leases that have not yet commenced. As of November 30, 2020, the minimum lease payments for these leases that have not yet commenced were immaterial. (2) The Company's leases do not include a readily determinable implicit rate. As such, the Company has estimated the discount rate for these leases to determine the present value of lease payments at the lease commencement date or as of December 1, 2019, which was the effective date of ASU 2016-02. The Company recognized the lease liabilities on its balance sheets within other liabilities Rental expense for the years ended November 30, 2020, 2019 and 2018 was $82.1 million, $92.2 million and $98.4 million, respectively. Payments on lease liabilities during the year ended November 30, 2020 totaled $48.8 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 ended November 30, 2020, the Company had an immaterial amount of sublease income. The Company is committed, under various letters of credit, to perform certain development and construction activities and provide certain guarantees in the normal course of business. Outstanding letters of credit under these arrangements totaled $1.0 billion at November 30, 2020. Additionally, at November 30, 2020, the Company had outstanding surety bonds of $3.1 billion including performance surety bonds related to site improvements at various projects (including certain projects in the Company’s joint ventures) and financial surety bonds. Although significant development and construction activities have been completed related to these site improvements, these bonds are generally not released until all development and construction activities are completed. As of November 30, 2020, there were approximately $1.6 billion, or 51%, of anticipated future costs to complete related to these site improvements. The Company does not presently anticipate any draws upon these bonds that would have a material effect on its consolidated financial statements. Substantially all of the loans the Financial Services segment originates are sold within a short period in the secondary mortgage market on a servicing released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that it breached certain limited industry-standard representations and warranties in the loan sale agreements. Over the last decade there has been an industry-wide effort by purchasers to defray their losses by purporting to have found inaccuracies related to sellers’ representations and warranties in particular loan sale agreements. Mortgage investors or others could seek to have the Company buy back mortgage loans or compensate them for losses incurred on mortgage loans that the Company has sold based on claims that the Company breached its limited representations or warranties. The Company’s mortgage operations have established accruals for possible losses associated with mortgage loans previously originated and sold to investors. The Company establishes accruals for such possible losses based upon, among other things, an analysis of repurchase requests received, an estimate of potential repurchase claims not yet received and actual past repurchases and losses through the disposition of affected loans as well as previous settlements. While the Company believes that it has adequately reserved for known losses and projected repurchase requests, given the volatility in the mortgage industry and the uncertainty regarding the ultimate resolution of these claims, if either actual repurchases or the losses incurred resolving those repurchases exceed the Company’s expectations, additional recourse expense may be incurred. Loan origination liabilities are included in Financial Services’ liabilities in the Company's consolidated balance sheets.

Quarterly Data (unaudited)

Quarterly Data (unaudited)	12 Months Ended
	Nov. 30, 2020
Quarterly Financial Information Disclosure [Abstract]
Quarterly Data (unaudited)	Quarterly Data (unaudited) First Second Third Fourth (In thousands, except per share amounts) 2020 Revenues $ 4,505,337 5,287,373 5,870,254 6,825,890 Gross profit from sales of homes 848,988 1,062,310 1,262,550 1,574,242 Earnings before income taxes 423,552 676,577 859,013 1,164,646 Net earnings attributable to Lennar 398,452 517,406 666,418 882,760 Earnings per share: Basic 1.27 1.66 2.13 2.82 Diluted 1.27 1.65 2.12 2.82 2019 Revenues $ 3,868,082 5,562,890 5,857,058 6,971,531 Gross profit from sales of homes 726,079 1,038,587 1,085,633 1,385,859 Earnings before income taxes 319,124 559,399 667,083 888,686 Net earnings attributable to Lennar 239,910 421,472 513,366 674,304 Earnings per share: Basic 0.74 1.31 1.60 2.13 Diluted 0.74 1.30 1.59 2.13 Quarterly and year-to-date computations of per share amounts are made independently. Therefore, the sum of per share amounts for the quarters may not agree with per share amounts for the year.

Schedule II-Valuation And Quali

Schedule II-Valuation And Qualifying Accounts	12 Months Ended
	Nov. 30, 2020
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Schedule II-Valuation And Qualifying Accounts	Schedule II—Valuation and Qualifying Accounts Years Ended November 30, 2020, 2019 and 2018 Additions (In thousands) Beginning Charged to costs and expenses Charged (credited) to other accounts Deductions Ending Year ended November 30, 2020 Allowances deducted from assets to which they apply: Allowances for doubtful accounts and notes and other receivables $ 3,379 661 (568) (1,078) 2,394 Allowance for loan losses and loans receivable $ 4,122 795 17 (922) 4,012 Allowance against net deferred tax assets $ 4,341 70 — — 4,411 Year ended November 30, 2019 Allowances deducted from assets to which they apply: Allowances for doubtful accounts and notes and other receivables $ 2,793 1,404 (344) (474) 3,379 Allowance for loan losses and loans receivable $ 6,154 485 — (2,517) 4,122 Allowance against net deferred tax assets $ 7,219 — — (2,878) 4,341 Year ended November 30, 2018 Allowances deducted from assets to which they apply: Allowances for doubtful accounts and notes and other receivables $ 2,849 246 (156) (146) 2,793 Allowance for loan losses and loans receivable $ 3,192 2,177 3,890 (3,105) 6,154 Allowance against net deferred tax assets $ 6,423 796 — — 7,219

Summary Of Significant Accoun_2

Summary Of Significant Accounting Policies (Policy)	12 Months Ended
	Nov. 30, 2020
Accounting Policies [Abstract]
Basis Of Consolidation	The accompanying consolidated financial statements include the accounts of Lennar Corporation and all subsidiaries, partnerships and other entities in which Lennar Corporation has a controlling interest and VIEs (see Note 8) in which Lennar Corporation is deemed the primary beneficiary (the "Company"). The Company’s investments in both unconsolidated entities in which a significant, but less than controlling, interest is held and in VIEs in which the Company is not deemed to be the primary beneficiary are accounted for by the equity method. All intercompany transactions and balances have been eliminated in consolidation.
Use Of Estimates	The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Revenue Recognition	Homebuilding revenues and related profits from sales of homes are recognized at the time of the closing of a sale, when title to and possession of the property are transferred to the homebuyer. The Company’s performance obligation, to deliver the agreed-upon home, is generally satisfied in less than one year from the original contract date. Cash proceeds from home closings held in escrow for the Company’s benefit, typically for approximately three to four days, are included in Homebuilding cash and cash equivalents in the Company's consolidated balance sheets. Contract liabilities include customer deposits liabilities related to sold but undelivered homes that are included in other liabilities in the Company's consolidated balance sheets. The Company periodically elects to sell parcels of land to third parties. Cash consideration from land sales is typically due on the closing date, which is generally when performance obligations are satisfied and revenue is recognized as title to and possession of the property are transferred to the buyer.Title premiums on policies issued directly by the Company are recognized as revenue on the effective date of the title policies. Escrow fees and loan origination revenues are recognized at the time the related real estate transactions are completed, usually upon the close of escrow. Revenues from title policies issued by independent agents are recognized as revenue when notice of issuance is received from the agent, which is generally when cash payment is received by the Company. Expected gains and losses from the sale of loans and their related servicing rights are included in the measurement of all written loan commitments that are accounted for at fair value through earnings at the time of commitment. Interest income on loans held-for-sale and loans held-for-investment is recognized as earned over the terms of the mortgage loans based on the contractual interest rates. Management Fees and General Contractor Revenue The Multifamily segment provides management services with respect to the development, construction and property management of rental projects in joint ventures in which the Company has investments. As a result, the Multifamily segment earns and receives fees, which are generally based upon a stated percentage of development and construction costs and a percentage of gross rental collections. In addition, the Multifamily segment provides general contractor services for the construction of some of its rental projects. Both management fees and general contractor revenue are recognized over the period in which the services are performed using an input method, which properly depicts the level of effort required to complete the management or construction services. These customer contracts require the Company to provide management and general contractor services which represents a performance obligation that the Company satisfies over time. Management fees and general contractor services in the Multifamily segment are included in Multifamily revenue.
Advertising Costs	The Company expenses advertising costs as incurred.
Share-Based Payments	The Company has share-based awards outstanding under the 2016 Equity Incentive Plan (the "Plan"), which provides for the granting of stock options, stock appreciation rights, restricted common stock ("nonvested shares") and other share based awards to officers, associates and directors. The exercise prices of stock options may not be less than the market value of the common stock on the date of the grant. Exercises are permitted in installments determined when options are granted. Each stock option will expire on a date determined at the time of the grant, but not more than 10 years after the date of the grant. The Company accounts for stock option awards and nonvested share awards granted under the Plan based on the estimated grant date fair value.
Cash And Cash Equivalents	The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. Due to the short maturity period of cash equivalents, the carrying amounts of these instruments approximate their fair values. Homebuilding restricted cash consists of customer deposits on home sales held in restricted accounts until title transfers to the homebuyer, as required by the state and local governments in which the homes were sold, as well as funds on deposit to secure and support performance obligations. Financial Services restricted cash consisted of upfront deposits and application fees LMF Commercial receives before originating loans and is recognized as income once the loan has been originated, as well as cash held in escrow by the Company’s loan service provider on behalf of customers and lenders and is disbursed in accordance with agreements between the transacting parties. Lennar Other restricted cash primarily consisted of cash set aside for future investments on behalf of a real estate investment trust that Rialto Capital Management is a sub-advisor ( “Rialto” ).
Restricted Cash	The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. Due to the short maturity period of cash equivalents, the carrying amounts of these instruments approximate their fair values. Homebuilding restricted cash consists of customer deposits on home sales held in restricted accounts until title transfers to the homebuyer, as required by the state and local governments in which the homes were sold, as well as funds on deposit to secure and support performance obligations. Financial Services restricted cash consisted of upfront deposits and application fees LMF Commercial receives before originating loans and is recognized as income once the loan has been originated, as well as cash held in escrow by the Company’s loan service provider on behalf of customers and lenders and is disbursed in accordance with agreements between the transacting parties. Lennar Other restricted cash primarily consisted of cash set aside for future investments on behalf of a real estate investment trust that Rialto Capital Management is a sub-advisor ( “Rialto” ).
Receivables	At November 30, 2020 and 2019, Homebuilding accounts receivable related primarily to other receivables and rebates. The Company performs ongoing credit evaluations of its customers and generally does not require collateral for accounts receivable. Mortgages and notes receivable arising from the sale of homes and land are generally collateralized by the property sold to the buyer. Allowances are maintained for potential credit losses based on historical experience, present economic conditions and other factors considered relevant by the Company.
Inventories	Finished homes and construction in progress are included within inventories. Inventories are stated at cost unless the inventory within a community is determined to be impaired, in which case the impaired inventory is written down to fair value. Inventory costs include land, land development and home construction costs, real estate taxes, deposits on land purchase contracts and interest related to development and construction. Construction overhead and selling expenses are expensed as incurred. Homes held-for-sale are classified as inventories until delivered. Land, land development, amenities and other costs are accumulated by specific area and allocated to homes within the respective areas. The Company reviews its inventory for indicators of impairment by evaluating each community during each reporting period. The inventory within each community is categorized as finished homes and construction in progress or land under development based on the development state of the community. There were 1,173 and 1,278 active communities, excluding unconsolidated entities, as of November 30, 2020 and 2019, respectively. If the undiscounted cash flows expected to be generated by a community are less than its carrying amount, an impairment charge is recorded to write down the carrying amount of such community to its estimated fair value. In conducting its review for indicators of impairment on a community level, the Company evaluates, among other things, the margins on homes that have been delivered, margins on homes under sales contracts in backlog, projected margins with regard to future home sales over the life of the community, projected margins with regard to future land sales and the estimated fair value of the land itself. The Company pays particular attention to communities in which inventory is moving at a slower than anticipated absorption pace and communities whose average sales price and/or margins are trending downward and are anticipated to continue to trend downward. From this review, the Company identifies communities in which to assess if the carrying values exceed their undiscounted projected cash flows. The Company estimates the fair value of its communities using a discounted cash flow model. The projected cash flows for each community are significantly impacted by estimates related to market supply and demand, product type by community, homesite sizes, sales pace, sales prices, sales incentives, construction costs, sales and marketing expenses, the local economy, competitive conditions, labor costs, costs of materials and other factors for that particular community. Every division evaluates the historical performance of each of its communities as well as current trends in the market and economy impacting the community and its surrounding areas. These trends are analyzed for each of the estimates listed above. Each of the homebuilding markets in which the Company operates is unique, as homebuilding has historically been a local business driven by local market conditions and demographics. Each of the Company’s homebuilding markets has specific supply and demand relationships reflective of local economic conditions. The Company’s projected cash flows are impacted by many assumptions. Some of the most critical assumptions in the Company’s cash flow model are projected absorption pace for home sales, sales prices and costs to build and deliver homes on a community by community basis. In order to arrive at the assumed absorption pace for home sales and the assumed sales prices included in the Company’s cash flow model, the Company analyzes its historical absorption pace and historical sales prices in the community and in other comparable communities in the geographical area. In addition, the Company considers internal and external market studies and places greater emphasis on more current metrics and trends, which generally include, but are not limited to, statistics and forecasts on population demographics and on sales prices in neighboring communities, unemployment rates and availability and sales prices of competing product in the geographical area where the community is located as well as the absorption pace realized in its most recent quarters and the sales prices included in the Company's current backlog for such communities. Generally, if the Company notices a variation from historical results over a span of two fiscal quarters, the Company considers such variation to be the establishment of a trend and adjusts its historical information accordingly in order to develop assumptions on the projected absorption pace and sales prices in the cash flow model for a community. In order to arrive at the Company’s assumed costs to build and deliver homes, the Company generally assumes a cost structure reflecting contracts currently in place with its vendors adjusted for any anticipated cost reduction initiatives or increases in cost structure. Those costs assumed are used in the cash flow model for the Company’s communities. Since the estimates and assumptions included in the Company’s cash flow models are based upon historical results and projected trends, they do not anticipate unexpected changes in market conditions or strategies that may lead the Company to incur additional impairment charges in the future. The determination of fair value requires discounting the estimated cash flows at a rate the Company believes a market participant would determine to be commensurate with the inherent risks associated with the assets and related estimated cash flow streams. The discount rate used in determining each asset’s fair value depends on the community’s projected life and development stage. The Company estimates the fair value of inventory evaluated for impairment based on market conditions and assumptions made by management at the time the inventory is evaluated, which may differ materially from actual results if market conditions or assumptions change. For example, changes in market conditions and other specific developments or changes in assumptions may cause the Company to re-evaluate its strategy regarding previously impaired inventory, as well as inventory not currently impaired but for which indicators of impairment may arise if market deterioration occurs, and certain other assets that could result in further valuation adjustments and/or additional write-offs of option deposits and pre-acquisition costs due to abandonment of those options contracts.
Inventories, Land Under Option Contracts	The Company also has access to land inventory through option contracts, which generally enables the Company to defer acquiring portions of properties owned by third parties and unconsolidated entities until it has determined whether to exercise its option. A majority of the Company’s option contracts require a non-refundable cash deposit or irrevocable letter of credit based on a percentage of the purchase price of the land. The Company’s option contracts sometimes include price adjustment provisions, which adjust the purchase price of the land to its approximate fair value at the time of acquisition or are based on the fair value at the time of takedown. In determining whether to walk away from an option contract, the Company evaluates the option primarily based upon its expected cash flows from the property under option. If the Company intends to walk away from an option contract, it records a charge to earnings in the period such decision is made for the deposit amount and any related pre-acquisition costs associated with the option contract. Some option contracts contain a predetermined take-down schedule for the optioned land parcels. However, in almost all instances, the Company is not required to purchase land in accordance with those take-down schedules. In substantially all instances, the Company has the right and ability to not exercise its option and forfeit its deposit without further penalty, other than termination of the option and loss of any unapplied portion of its deposit and pre-acquisition costs. Therefore, in substantially all instances, the Company does not consider the take-down price to be a firm contractual obligation. When the Company does not intend to exercise an option, it writes off any unapplied deposit and pre-acquisition costs associated with the option contract.
Investments in Unconsolidated Entities	The Company evaluates the long-lived assets in unconsolidated entities for indicators of impairment during each reporting period. If a valuation adjustment is recorded by an unconsolidated entity related to its assets, the Company generally uses a discount rate between 10% and 20%, subject to the perceived risks associated with the community’s cash flow streams relative to its inventory or operating assets. The Company’s proportionate share of a valuation adjustment is reflected in the Company's Homebuilding, Multifamily or Lennar Other equity in earnings (loss) from unconsolidated entities with a corresponding decrease to its Homebuilding, Multifamily or Lennar Other investment in unconsolidated entities. Additionally, the Company evaluates if a decrease in the value of an investment below its carrying value is other-than-temporary. This evaluation includes certain critical assumptions made by management: (1) projected future distributions from the unconsolidated entities, (2) discount rates applied to the future distributions and (3) various other factors, which include age of the venture, relationships with the other partners and banks, general economic market conditions, land status and liquidity needs of the unconsolidated entity. If the decline in the fair value of the investment is other-than-temporary, then these losses are included in Homebuilding other income, net, Multifamily other gain (loss) or Lennar Other other gain (loss). The Company tracks its share of cumulative earnings and distributions of its joint ventures ("JVs"). For purposes of classifying distributions received from JVs in the Company’s consolidated statements of cash flows, cumulative distributions are treated as returns on capital to the extent of cumulative earnings and included in the Company’s consolidated statements of cash flows as operating activities. Cumulative distributions in excess of the Company’s share of cumulative earnings are treated as returns of capital and included in the Company’s consolidated statements of cash flows as cash from investing activities.
Variable Interest Entities	GAAP requires the assessment of whether an entity is a VIE and, if so, if the Company is the primary beneficiary at the inception of the entity or at a reconsideration event. Additionally, GAAP requires the consolidation of VIEs in which an enterprise has a controlling financial interest. A controlling financial interest will have both of the following characteristics: (a) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and (b) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company’s variable interest in VIEs may be in the form of (1) equity ownership, (2) contracts to purchase assets, (3) management and development agreements between the Company and a VIE, (4) loans provided by the Company to a VIE or other partner and/or (5) guarantees provided by members to banks and other third parties. The Company examines specific criteria and uses its judgment when determining if it is the primary beneficiary of a VIE. Factors considered in determining whether the Company is the primary beneficiary include risk and reward sharing, experience and financial condition of other partner(s), voting rights, involvement in day-to-day capital and operating decisions, representation on a VIE’s executive committee, existence of unilateral kick-out rights or voting rights, level of economic disproportionality, if any, between the Company and the other partner(s) and contracts to purchase assets from VIEs. The determination whether an entity is a VIE and, if so, whether the Company is the primary beneficiary may require it to exercise significant judgment. Generally, all major decision making in the Company’s joint ventures is shared among all partners. In particular, business plans and budgets are generally required to be unanimously approved by all partners. Usually, management and other fees earned by the Company are nominal and believed to be at market and there is no significant economic disproportionality between the Company and other partners. Generally, the Company purchases less than a majority of the JV’s assets and the purchase prices under its option contracts are believed to be at market. Generally, Homebuilding and Multifamily unconsolidated entities become VIEs and consolidate when the other partner(s) lack the intent and financial wherewithal to remain in the entity. As a result, the Company continues to fund operations and debt paydowns through partner loans or substituted capital contributions.
Operating Properties And Equipment	Operating properties and equipment are recorded at cost and are included in other assets in the consolidated balance sheets. The assets are depreciated over their estimated useful lives using the straight-line method. At the time operating properties and equipment are disposed of, the asset and related accumulated depreciation are removed from the accounts and any resulting gain or loss is credited or charged to earnings. The estimated useful life for operating properties is 30 years, for furniture, fixtures and equipment is two
Investment Securities	The Company holds investment securities classified as available-for-sale or held-to-maturity. Available-for-sale securities are recorded at fair value. Any unrealized holding gains or losses on available-for-sale securities are reported as accumulated other comprehensive gain or loss, which is a separate component of stockholders’ equity, net of tax, until realized. Securities classified as held-to-maturity are carried at amortized cost because they are purchased with the intent and ability to hold to maturity.
Income Taxes	The Company records income taxes under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and attributable to operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the years in which the temporary differences are expected to be recovered or paid. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period when the changes are enacted. Interest related to unrecognized tax benefits is recognized in the financial statements as a component of income tax expense. A reduction of the carrying amounts of deferred tax assets by a valuation allowance is required if, based on the available evidence, it is more likely than not that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed each reporting period by the Company based on the consideration of all available positive and negative evidence using a "more-likely-than-not" standard with respect to whether deferred tax assets will be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, actual earnings, forecasts of future profitability, the duration of statutory carryforward periods, the Company’s experience with loss carryforwards not expiring unused and tax planning alternatives.
Other Liabilities	Reflected within the consolidated balance sheets, the other liabilities balance as of November 30, 2020 and 2019, included accrued interest payable, product warranty (as noted below), accrued bonuses, accrued wages and benefits, lease liabilities, deferred income, customer deposits, income taxes payable, and other accrued liabilities.
Product Warranty	Warranty and similar reserves for homes are established at an amount estimated to be adequate to cover potential costs for materials and labor with regard to warranty-type claims expected to be incurred subsequent to the delivery of a home. Reserves are determined based on historical data and trends with respect to similar product types and geographical areas. The Company regularly monitors the warranty reserve and makes adjustments to its pre-existing warranties in order to reflect changes in trends and historical data as information becomes available. Warranty reserves are included in Homebuilding other liabilities in the consolidated balance sheets.
Self-Insurance	Certain insurable risks such as construction defects, general liability, medical and workers’ compensation are self-insured by the Company up to certain limits. Undiscounted accruals for claims under the Company’s self-insurance program are based on claims filed and estimates for claims incurred but not yet reported. The Company’s self-insurance reserve as of November 30, 2020 and 2019 was $125.4 million and $109.6 million which is included in Homebuilding other liabilities. Amounts incurred in excess of the Company's self-insurance occurrence or aggregate retention limits are covered by insurance up to the Company's purchased coverage levels. The Company's insurance policies are maintained with highly-rated underwriters for whom the Company believes counterparty default risk is not significant.
Earnings Per Share	Basic earnings per share is computed by dividing net earnings attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in earnings of the Company.All outstanding nonvested shares that contain non-forfeitable rights to dividends or dividend equivalents that participate in undistributed earnings with common stock are considered participating securities and are included in computing earnings per share pursuant to the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating securities according to dividends or dividend equivalents and participation rights in undistributed earnings. The Company’s restricted common stock ("nonvested shares") are considered participating securities.
Restrictions on Payment of Dividends	There are no restrictions on the payment of dividends on common stock by the Company. There are no agreements which restrict the payment of dividends by subsidiaries of the Company other than the need to maintain the financial ratios and net worth requirements under the Financial Services segment’s warehouse lines of credit, which restrict the payment of dividends from the Company’s mortgage subsidiaries following the occurrence and during the continuance of an event of default thereunder and limit dividends to 50% of net income in the absence of an event of default.
401 (k) Plan	Under the Company’s 401(k) Plan (the "Plan"), contributions made by associates can be invested in a variety of mutual funds or proprietary funds provided by the Plan trustee. The Company may also make contributions for the benefit of associates. The Company records as compensation expense its contribution to the Plan.
Loans Held-for-Sale	Loans held-for-sale by the Financial Services segment, including the rights to service the mortgage loans, are carried at fair value and changes in fair value are reflected in earnings. Premiums and discounts recorded on these loans are presented as an adjustment to the carrying amount of the loans and are not amortized. Management believes carrying loans held-for-sale at fair value improves financial reporting by mitigating volatility in reported earnings caused by measuring the fair value of the loans and the derivative instruments used to economically hedge them without having to apply complex hedge accounting provisions. In addition, the Financial Services segment recognizes the fair value of its rights to service a mortgage loan as revenue upon entering into an interest rate lock loan commitment with a borrower. The fair value of these servicing rights is included in Financial Services' other assets as of November 30, 2020 and 2019. Fair value of the servicing rights is determined based on values in the Company’s servicing sales contracts. The originated mortgage loans are classified as loans held-for-sale and are recorded at fair value. The Company elected the fair value option for LMF Commercial's loans held-for-sale in accordance with Accounting Standards Codification ("ASC") 825, Financial Instruments
Provision for Losses	The Company establishes reserves for possible losses associated with mortgage loans previously originated and sold to investors based upon, among other things, an analysis of repurchase requests received, an estimate of potential repurchase claims not yet received and actual past repurchases and losses through the disposition of affected loans, as well as previous settlements. Loan origination liabilities are included in Financial Services’ liabilities in the consolidated balance sheets.
Loans Held-for-Investment, Net	Loans for which the Company has the positive intent and ability to hold to maturity consist of mortgage loans carried at the principal amount outstanding, net of unamortized discounts and allowance for loan losses. Discounts are amortized over the estimated lives of the loans using the interest method. The Financial Services segment also provides an allowance for loan losses. The provision recorded and the adequacy of the related allowance is determined by management’s continuing evaluation of the loan portfolio in light of past loan loss experience, credit worthiness and nature of underlying collateral, present economic conditions and other factors considered relevant by the Company’s management. Anticipated changes in economic factors, which may influence the level of the allowance, are considered in the evaluation by the Company’s management when the likelihood of the changes can be reasonably determined. While the Company’s management uses the best information available to make such evaluations, future adjustments to the allowance may be necessary as a result of future economic and other conditions that may be beyond management’s control.
Derivative Financial Instruments	The Financial Services segment, in the normal course of business, uses derivative financial instruments to reduce its exposure to fluctuations in mortgage-related interest rates. The segment uses mortgage-backed securities ("MBS") forward commitments, option contracts, future contracts and investor commitments to protect the value of fixed rate-locked loan commitments and loans held-for-sale from fluctuations in mortgage-related interest rates. These derivative financial instruments are carried at fair value with the changes in fair value included in Financial Services revenues.
New Accounting Pronouncements	Recently Adopted Accounting Pronouncements In March 2016, 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 adopted using the modified retrospective approach and 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 the Company's consolidated statements of operations and comprehensive income (loss) or the Company's 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 consolidated balance sheets within other assets and other liabilities of the respective segments. New Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). ASU 2016-13 significantly changes the impairment model for most financial assets and certain other instruments. ASU 2016-13 will require immediate recognition of estimated credit losses expected to occur over the remaining life of many financial assets, which will generally result in earlier recognition of allowances for credit losses on loans and other financial instruments. ASU 2016-13 is effective for the Company's fiscal year beginning December 1, 2020 and subsequent interim periods. 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 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 does not anticipate the impact of the adoption of ASU 2017-04 will have a material impact on the Company's 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 consolidated financial statements . Reclassifications Certain prior year amounts in the consolidated financial statements have been reclassified to conform with the 2020 presentation. The Company's segments were adjusted 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. Additionally, the Company's self insurance subsidiary which was previously within the Financial Services segment is now within Homebuilding. This was to better align the self insurance reserve related to homebuilding warranty, construction defect and liability claims within the Homebuilding segments. Both changes are effective December 1, 2018 for the Company's balance sheets. The Homebuilding segments' statements of operations were adjusted effective December 1, 2017 for the reclass of the North Carolina divisions. The statements of operations were not adjusted for previous periods for the self-insurance subsidiary reclass due to immateriality. These reclassifications were between segments and had no impact on the Company's total assets, total equity, revenues or net earnings in the consolidated financial statements.

Summary Of Significant Accoun_3

Summary Of Significant Accounting Policies (Tables)	12 Months Ended
	Nov. 30, 2020
Accounting Policies [Abstract]
Schedule Of Lennar Homebuilding Receivables	Balances for the years ended November 30, 2020 and 2019 are noted below: November 30, (In thousands) 2020 2019 Accounts receivable $ 133,560 129,216 Mortgages and notes receivable 167,909 203,230 301,469 332,446 Allowance for doubtful accounts (2,798) (3,322) Receivables, net $ 298,671 329,124
Communities Reviewed for Indicators of Impairment and Communities with Valuation Adjustments Needed	The table below summarizes communities reviewed for indicators of impairment and communities with valuation adjustments recorded: At November 30, Communities with valuation adjustments # of communities with potential indicator of impairment # of communities Fair Value Valuation Adjustments 2020 10 16 $ 79,734 $ 44,811 2019 40 3 7,910 2,582 Years Ended November 30, 2020 2019 2018 (In thousands) Fair Carrying Value Fair Value Total Carrying Value Fair Value Total Losses, Net (1) Carrying Value Fair Value Total Losses, Net (1) Non-financial assets Homebuilding: Finished homes and construction in progress (2) Level 3 $ 176,637 148,684 (27,953) 218,942 205,201 (13,741) 4,019 3,473 (546) Land and land under development (2) Level 3 182,227 92,355 (89,872) 121,564 82,816 (38,748) 96,093 62,850 (33,243) Other assets (2) Level 3 — — — 60,363 56,727 (3,636) — — — Lennar Other: REO, net Upon management periodic valuations Level 3 — — — — — — 58,721 25,632 (33,089) (1) Represents losses due to valuation adjustments, write-offs, gains (losses) from transfers or acquisitions of real estate through foreclosure and REO impairments recorded during the year. (2) Valuation adjustments were included in Homebuilding costs and expenses in the Company's consolidated statements of operations for the years ended November 30, 2020, 2019 and 2018.
Schedule of Significant Unobservable Inputs Used to Determine Fair Value of Communities	The table below summarizes the most significant unobservable inputs used in the Company's discounted cash flow model to determine the fair value of its communities for which the Company recorded valuation adjustments during the years ended November 30, 2020 and 2019: Years Ended November 30, 2020 2019 Unobservable inputs Range Range Average selling price $201,000 - $970,000 $167,000 - $222,000 Absorption rate per quarter (homes) 3 - 15 4 - 12 Discount rate 20% 20% November 30, 2020 Unobservable inputs Mortgage prepayment rate 18 % Discount rate 12 % Delinquency rate 4 %
Schedule Of Operating Properties And Equipment	Operating properties and equipment are included in Homebuilding other assets in the consolidated balance sheets and were as follows: November 30, (In thousands) 2020 2019 Operating properties (1) $ 386,646 225,256 Leasehold improvements 57,084 63,846 Furniture, fixtures and equipment 145,307 159,007 589,037 448,109 Accumulated depreciation and amortization (177,519) (168,582) $ 411,518 279,527 (1) Operating properties primarily include solar systems, rental operations and commercial properties.
Schedule Of Interest Expense	Interest expense was included in costs of homes sold, costs of land sold and other interest expense as follows: Years Ended November 30, (In thousands) 2020 2019 2018 Interest expense in costs of homes sold $ 349,109 371,821 301,339 Interest expense in costs of land sold 2,594 5,554 3,567 Other interest expense (1) 22,401 17,620 11,258 Total interest expense $ 374,104 394,995 316,164 (1) Included in Homebuilding other income (expense), net.
Schedule Of Warranty Reserve	The activity in the Company’s warranty reserve was as follows: Years Ended November 30, (In thousands) 2020 2019 Warranty reserve, beginning of year $ 294,138 319,109 Warranties issued 191,311 189,105 Adjustments to pre-existing warranties from changes in estimates (1) 29,461 (8,156) Payments (173,145) (205,920) Warranty reserve, end of year $ 341,765 294,138 (1) The adjustments to pre-existing warranties from changes in estimates during the years ended November 30, 2020 and 2019 primarily related to specific claims in certain of the Company's homebuilding communities and other adjustments.
Repurchase of Company's Common Stock	The following table represents the repurchase of the Company's Class A and Class B common stocks under this program for the year ended November 30, 2020 and 2019: Years Ended November 30, 2020 November 30, 2019 (Dollars in thousands, except price per share) Class A Class B Class A Class B Shares repurchased 4,250,000 115,000 9,774,729 — Principal $ 282,274 $ 6,155 $ 492,938 $ — Average price per share $ 66.42 $ 53.52 $ 50.41 $ —
Compensation Expense Related to Company's Share-based Awards	Compensation expense related to the Company’s share-based awards was as follows: Years Ended November 30, (In thousands) 2020 2019 2018 Total compensation expense for nonvested share-based awards $ 107,131 86,940 72,655
Schedule of Nonvested Shares Activity	A summary of the Company’s nonvested shares activity for the year ended November 30, 2020 was as follows: Shares Weighted Average Grant Date Fair Value Nonvested shares at November 30, 2019 3,290,863 $ 50.64 Grants 1,801,630 $ 60.10 Vested (1,425,049) $ 51.71 Forfeited (120,868) $ 50.61 Nonvested shares at November 30, 2020 3,546,576 $ 55.01
Loan Origination Liabilities	The activity in the Company’s loan origination liabilities was as follows: Years Ended November 30, (In thousands) 2020 2019 Loan origination liabilities, beginning of year $ 9,364 48,584 Provision for losses 11,924 3,813 Payments/settlements (13,719) (43,033) Loan origination liabilities, end of year $ 7,569 9,364

Operating And Reporting Segme_2

Operating And Reporting Segments (Tables)	12 Months Ended
	Nov. 30, 2020
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	The assets and liabilities related to the Company’s segments were as follows: (In thousands) November 30, 2020 Assets: Homebuilding Financial Multifamily Lennar Total Cash and cash equivalents $ 2,703,986 116,171 38,963 3,918 2,863,038 Restricted cash 15,211 54,481 — — 69,692 Receivables, net (1) 298,671 552,779 86,629 — 938,079 Inventories 16,925,228 — 249,920 — 17,175,148 Loans held-for-sale (2) — 1,490,105 — — 1,490,105 Loans held-for-investments, net — 72,626 — — 72,626 Investments held-to-maturity — 164,230 — — 164,230 Investments available-for-sale (3) — — — 53,497 53,497 Investments in unconsolidated entities 953,177 68,869 724,647 386,999 2,133,692 Goodwill 3,442,359 189,699 — — 3,632,058 Other assets (4) 1,190,793 68,027 75,749 8,443 1,343,012 $ 25,529,425 2,776,987 1,175,908 452,857 29,935,177 Liabilities: Notes and other debts payable, net $ 5,955,758 1,463,919 — 1,906 7,421,583 Other liabilities 3,969,893 180,329 252,911 11,060 4,414,193 $ 9,925,651 1,644,248 252,911 12,966 11,835,776 (In thousands) November 30, 2019 Assets: Homebuilding Financial Multifamily Lennar Total Cash and cash equivalents $ 1,200,832 234,113 8,711 2,340 1,445,996 Restricted cash 9,698 12,022 — 975 22,695 Receivables, net (1) 329,124 500,847 76,906 — 906,877 Inventories 17,776,507 — 315,107 — 18,091,614 Loans held-for-sale (2) — 1,644,939 — — 1,644,939 Loans held-for-investments, net — 73,867 — — 73,867 Investments held-to-maturity — 190,289 — 54,117 244,406 Investments available-for-sale (3) — 3,732 48,206 — 51,938 Investments in unconsolidated entities 1,009,035 — 561,190 403,688 1,973,913 Goodwill 3,442,359 215,516 — — 3,657,875 Other assets (4) 1,021,684 130,699 58,711 34,297 1,245,391 $ 24,789,239 3,006,024 1,068,831 495,417 29,359,511 Liabilities: Notes and other debts payable, net $ 7,776,638 1,745,755 36,125 15,178 9,573,696 Other liabilities 3,298,527 242,568 196,030 14,860 3,751,985 $ 11,075,165 1,988,323 232,155 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 November 30, 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 consolidated balance sheets. (4) As of November 30, 2020 and November 30, 2019, Financial Services other assets included mortgage loan commitments carried at fair value of $29.1 million and $16.3 million, respectively, and mortgage servicing rights carried at fair value of $2.1 million and $24.7 million, respectively. Financial information relating to the Company’s segments was as follows: Year ended November 30, 2020 (In thousands) Homebuilding Financial Multifamily Lennar Corporate and Total Revenues $ 20,981,136 890,311 576,328 41,079 — 22,488,854 Operating earnings (loss) 2,988,907 480,952 22,681 (10,334) — 3,482,206 Corporate general and administrative expenses — — — — (358,418) (358,418) Earnings (loss) before income taxes 2,988,907 480,952 22,681 (10,334) (358,418) 3,123,788 Year ended November 30, 2019 (In thousands) Homebuilding Financial Multifamily Lennar Corporate and Total Revenues $ 20,793,216 824,810 604,700 36,835 — 22,259,561 Operating earnings 2,502,905 224,642 16,390 31,469 — 2,775,406 Corporate general and administrative expenses — — — — (341,114) (341,114) Earnings before income taxes 2,502,905 224,642 16,390 31,469 (341,114) 2,434,292 Year ended November 30, 2018 (In thousands) Homebuilding Financial Multifamily Lennar Corporate and Total Revenues $ 19,077,597 954,631 421,132 118,271 — 20,571,631 Operating earnings (loss) 2,254,487 199,716 42,695 (33,707) — 2,463,191 Gain on sale of Rialto investment and asset management platform — — — — 296,407 296,407 Acquisition and integration costs related to CalAtlantic — — — — (152,980) (152,980) Corporate general and administrative expenses — — — — (343,934) (343,934) Earnings (loss) before income taxes 2,254,487 199,716 42,695 (33,707) (200,507) 2,262,684 (1) Operating loss for Lennar Other for the year ended November 30, 2020 included a $25.0 million write-down of assets held by Rialto legacy funds because of the disruption in the capital markets as a result of COVID-19 and the economic shutdown. (2) Corporate and unallocated expenses primarily represent costs of operations at the Company's corporate headquarters in Miami. These operations include the Company's executive offices, information technology, treasury, corporate accounting and tax, legal, internal audit, human resources. Also included are property expenses related to the leases of corporate offices, data processing and general corporate expenses. The assets related to the Company's homebuilding segments were as follows: (In thousands) East Central Texas West Other Corporate and Total Balance at November 30, 2020 $ 5,308,114 3,438,600 2,150,916 10,504,374 1,301,618 2,825,803 25,529,425 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: Year ended November 30, 2020 (In thousands) East Central Texas West Other Total Revenues $ 5,715,028 4,093,693 2,709,681 8,437,167 25,567 20,981,136 Operating earnings (loss) 933,297 482,929 421,594 1,241,494 (90,407) 2,988,907 Interest expense 93,245 58,777 29,901 178,498 13,683 374,104 Depreciation and amortization 21,504 13,659 9,366 50,316 249 95,094 Net additions to (disposals of) operating properties and equipment 955 (11,370) 712 165,869 (32) 156,134 Year ended November 30, 2019 (In thousands) East Central Texas West Other Total Revenues $ 5,717,858 4,120,085 2,578,962 8,227,304 149,007 20,793,216 Operating earnings (loss) 830,619 431,372 285,874 1,050,850 (95,810) 2,502,905 Interest expense 96,569 64,104 37,144 183,906 13,272 394,995 Depreciation and amortization 20,623 11,356 8,395 45,456 369 86,199 Net additions to (disposals of) operating properties (31,338) 89 950 63,803 (1,214) 32,290 Year ended November 30, 2018 (In thousands) East Central Texas West Other Total Homebuilding Revenues $ 5,016,944 3,523,807 2,421,399 8,059,850 55,597 19,077,597 Operating earnings 621,724 320,105 172,449 1,082,302 57,907 2,254,487 Interest expense 82,024 44,925 32,930 151,823 4,462 316,164 Depreciation and amortization 17,995 7,904 9,041 36,013 1,022 71,975 Net additions to operating properties and equipment 26,387 14,692 200 42,525 15,549 99,353
Schedule of Line of Credit Facilities	At November 30, 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 (1) $ 500,000 March 2021 500,000 June 2021 600,000 July 2021 200,000 Total - Residential facilities $ 1,800,000 LMF Commercial facilities maturing: December 2020 (2) $ 500,000 November 2021 100,000 December 2021 200,000 Total - LMF Commercial facilities $ 800,000 Total $ 2,600,000 (1) Subsequent to November 30, 2020, the maturity date was extended to December 2021. (2) Includes $50 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 November 30, 2020. Borrowings and collateral under the facilities and their prior year predecessors were as follows: November 30, (In thousands) 2020 2019 Borrowings under the residential facilities $ 1,185,797 1,374,063 Collateral under the residential facilities 1,231,619 1,423,650 Borrowings under the LMF Commercial facilities 124,617 216,870 The Company's outstanding letters of credit and surety bonds are described below: (In thousands) November 30, 2020 2019 Performance letters of credit $ 752,096 715,793 Surety bonds 3,087,711 2,946,167 Anticipated future costs primarily for site improvements related to performance surety bonds 1,584,642 1,427,145

Lennar Homebuilding Investments

Lennar Homebuilding Investments In Unconsolidated Entities (Tables)	12 Months Ended
	Nov. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Unconsolidated Entities	The investments in Company's Homebuilding unconsolidated entities were as follows: November 30, (In thousands) 2020 2019 Investments in unconsolidated entities (1) (2) $ 953,177 1,009,035 Underlying equity in unconsolidated entities' net assets (1) 1,269,701 1,313,892 (1) The basis difference was primarily as a result of the Company contributing its investment in three strategic joint ventures with a higher fair value than book value for an investment in the FivePoint entity and deferring equity in earnings on land sales to the Company. (2) Included in the Company's recorded investments in Homebuilding unconsolidated entities is the Company's 40% ownership of FivePoint. As of November 30, 2020 and 2019, the carrying amount of the Company's investment was $392.1 million and $374.0 million, respectively. Years Ended November 30, (In thousands) 2020 2019 2018 Land sales revenues (1) $ 99,935 82,966 169,521 Management fees and reimbursement of expenses, net of deferrals 2,363 2,716 7,026 (1) The Company does not include in its Homebuilding equity in loss from unconsolidated entities its pro-rata share of unconsolidated entities’ earnings resulting from land sales to its homebuilding divisions. Instead, the Company accounts for those earnings as a reduction of the cost of purchasing the land from the unconsolidated entities. This in effect defers recognition of the Company’s share of the unconsolidated entities’ earnings related to these sales until the Company delivers a home and title passes to a third-party homebuyer. Years Ended November 30, (In thousands) 2020 2019 2018 General contractor services, net of deferrals $ 400,808 355,388 353,194 General contractor costs 383,649 340,081 338,717 Management fee income 56,253 53,597 48,801 November 30, 2020 (In thousands) LMV I LMV II Lennar's carrying value of investments $ 328,365 288,476 Equity commitments 2,204,016 1,257,700 Equity commitments called 2,139,322 995,206 Lennar's equity commitments 504,016 381,000 Lennar's equity commitments called 496,483 300,393 Lennar's remaining commitments 7,533 80,607 Distributions to Lennar during the year ended November 30, 2020 39,988 — Summarized condensed financial information on a combined 100% basis related to the Company's unconsolidated entities that are accounted for under the equity method was as follows: (In thousands) November 30, 2020 Assets: Homebuilding Financial Services Multifamily Lennar Total Cash and cash equivalents $ 546,013 111,109 94,801 173,408 814,222 Loans receivable — — — 95,281 95,281 Real estate owned — — — 295,391 295,391 Investment securities — 75,714 — 2,093,766 2,093,766 Investments in partnerships — — — 260,721 260,721 Inventories 4,527,371 — — — 4,527,371 Operating properties and equipment 148,020 — 5,392,681 23,968 5,564,669 Other assets 862,875 164,782 115,968 1,099,099 2,077,942 $ 6,084,279 351,605 5,603,450 4,041,634 15,729,363 Liabilities and equity: Accounts payable and other liabilities $ 866,812 159,271 219,522 31,113 1,117,447 Debt (1) 1,085,639 — 2,519,567 292,313 3,897,519 Equity 4,131,828 192,334 2,864,361 3,718,208 10,714,397 $ 6,084,279 351,605 5,603,450 4,041,634 15,729,363 Investments in unconsolidated entities $ 953,177 68,869 724,647 386,999 2,133,692 (In thousands) November 30, 2019 Assets: Homebuilding Financial Services Multifamily Lennar Total Cash and cash equivalents $ 602,480 — 74,726 122,089 799,295 Loans receivable — — — 690,270 690,270 Real estate owned — — — 282,832 282,832 Investment securities — — — 2,404,987 2,404,987 Investments in partnerships — — — 768,219 768,219 Inventories 4,514,885 — — — 4,514,885 Operating properties and equipment — — 4,618,518 — 4,618,518 Other assets 1,007,698 — 66,960 204,009 1,278,667 $ 6,125,063 — 4,760,204 4,472,406 15,357,673 Liabilities and equity: Accounts payable and other liabilities $ 816,719 — 212,706 38,770 1,068,195 Debt (1) 1,094,588 — 2,113,696 775,648 3,983,932 Equity 4,213,756 — 2,433,802 3,657,988 10,305,546 $ 6,125,063 — 4,760,204 4,472,406 15,357,673 Investments in unconsolidated entities $ 1,009,035 — 561,190 403,688 1,973,913 (1) Debt noted above is net of debt issuance costs. As of November 30, 2020 and 2019 this includes $11.8 million and $13.0 million, respectively, for Homebuilding, $31.1 million and $26.8 million, respectively, for Multifamily and an immaterial amount of debt issuance costs for Lennar Other. (In thousands) Statement of Operations Revenues Cost and expenses Other income (1) Net earnings (loss) of unconsolidated entities Equity in earnings (loss) from unconsolidated entities November 30, 2020 $ 1,362,686 1,221,873 (244,680) (103,867) (13,939) November 30, 2019 782,712 774,550 347,018 355,180 13,393 November 30, 2018 1,017,271 1,004,927 222,003 234,347 (14,777) (1) Other income, net included realized and unrealized gains (losses) on investments.

Lennar Homebuilding Senior No_2

Lennar Homebuilding Senior Notes And Other Debts Payable (Tables)	12 Months Ended
	Nov. 30, 2020
Debt Disclosure [Abstract]
Schedule Of Senior Notes And Other Debts Payable	November 30, (Dollars in thousands) 2020 2019 6.25% senior notes due December 2021 $ 305,221 310,252 4.125% senior notes due 2022 598,876 597,885 5.375% senior notes due 2022 255,342 258,198 4.750% senior notes due 2022 572,724 571,644 4.875% senior notes due December 2023 397,347 396,553 4.500% senior notes due 2024 647,528 646,802 5.875% senior notes due 2024 443,484 448,158 4.750% senior notes due 2025 498,002 497,558 5.25% senior notes due 2026 406,709 407,921 5.00% senior notes due 2027 352,508 352,892 4.75% senior notes due 2027 894,760 893,046 6.625% senior notes due 2020 — 303,668 2.95% senior notes due 2020 — 299,421 8.375% senior notes due 2021 — 418,860 4.750% senior notes due 2021 — 498,893 Mortgage notes on land and other debt 583,257 874,887 $ 5,955,758 7,776,638 The terms of each of the Company's senior notes outstanding at November 30, 2020 were as follows: Senior Notes Outstanding (1) Principal Amount Net Proceeds (2) Price Dates Issued (Dollars in thousands) 6.25% senior notes due December 2021 $ 300,000 (3) (3) (3) 4.125% senior notes due 2022 600,000 595,160 100 % January 2017 5.375% senior notes due 2022 250,000 (3) (3) (3) 4.750% senior notes due 2022 575,000 567,585 (4) October 2012, February 2013, April 2013 4.875% senior notes due December 2023 400,000 393,622 99.169 % November 2015 4.500% senior notes due 2024 650,000 644,838 100 % April 2017 5.875% senior notes due 2024 425,000 (3) (3) (3) 4.750% senior notes due 2025 500,000 495,528 100 % April 2015 5.25% senior notes due 2026 400,000 (3) (3) (3) 5.00% senior notes due 2027 350,000 (3) (3) (3) 4.75% senior notes due 2027 900,000 894,650 100 % November 2017 (1) Interest is payable semi-annually for each of the series of senior notes. The senior notes are unsecured and unsubordinated, but are guaranteed by substantially all of the Company's 100% owned homebuilding subsidiaries. (2) The Company generally uses the net proceeds for working capital and general corporate purposes, which can include the repayment or repurchase of other outstanding senior notes. (3) These notes were obligations of CalAtlantic when it was acquired, and were subsequently exchanged in part for notes of the Company. As part of purchase accounting, the senior notes have been recorded at their fair value as of the date of acquisition (February 12, 2018). (4) The Company issued $350 million aggregate principal amount at a price of 100%, $175 million aggregate principal amount at a price of 98.073% and $50 million aggregate principal amount at a price of 98.250%.
Schedule of Line of Credit Facilities	At November 30, 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 (1) $ 500,000 March 2021 500,000 June 2021 600,000 July 2021 200,000 Total - Residential facilities $ 1,800,000 LMF Commercial facilities maturing: December 2020 (2) $ 500,000 November 2021 100,000 December 2021 200,000 Total - LMF Commercial facilities $ 800,000 Total $ 2,600,000 (1) Subsequent to November 30, 2020, the maturity date was extended to December 2021. (2) Includes $50 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 November 30, 2020. Borrowings and collateral under the facilities and their prior year predecessors were as follows: November 30, (In thousands) 2020 2019 Borrowings under the residential facilities $ 1,185,797 1,374,063 Collateral under the residential facilities 1,231,619 1,423,650 Borrowings under the LMF Commercial facilities 124,617 216,870 The Company's outstanding letters of credit and surety bonds are described below: (In thousands) November 30, 2020 2019 Performance letters of credit $ 752,096 715,793 Surety bonds 3,087,711 2,946,167 Anticipated future costs primarily for site improvements related to performance surety bonds 1,584,642 1,427,145
Schedule Of Maturities Of Senior Notes And Other Debts Payable	The minimum aggregate principal maturities of Homebuilding senior notes and other debts payable during the five years subsequent to November 30, 2020 and thereafter are as follows: (In thousands) Debt 2021 $ 293,177 2022 1,805,848 2023 58,850 2024 1,518,748 2025 583,800 Thereafter 1,672,839

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Nov. 30, 2020
Income Tax Disclosure [Abstract]
Schedule of Benefit (Provision) for Income Taxes	The provision for income taxes consisted of the following: Years Ended November 30, (In thousands) 2020 2019 2018 Current: Federal $ 428,907 298,701 246,604 State 135,246 53,400 30,530 $ 564,153 352,101 277,134 Deferred: Federal $ 59,065 165,080 189,096 State 33,017 74,992 78,941 92,082 240,072 268,037 $ 656,235 592,173 545,171
Reconciliation Of Statutory Rate And Effective Tax Rate	A reconciliation of the statutory rate and the effective tax rate was as follows: Percentage of Pretax Income 2020 2019 2018 Statutory rate 21.00 % 21.00 % 22.22 % State income taxes, net of federal income tax benefit 4.00 4.17 3.81 Tax credits (1) (4.46) (1.49) (1.60) Nondeductible compensation 0.57 0.45 — Domestic production activities deduction — — (1.71) Tax reserves and interest expense, net — (0.03) (0.39) Deferred tax asset valuation allowance, net — (0.02) (0.03) Accounting method changes — — (1.47) Changes in tax law (2) — — 3.06 Other (0.09) 0.18 0.44 Effective rate 21.02 % 24.26 % 24.33 %
Schedule of Deferred Income Taxes Assets And Liabilities	The tax effects of significant temporary differences that give rise to the net deferred tax assets were as follows: November 30, (In thousands) 2020 2019 Deferred tax assets: Inventory valuation adjustments $ 136,868 201,408 Reserves and accruals 161,984 148,477 Net operating loss carryforwards 88,021 108,250 Capitalized expenses 130,910 72,054 Investments in unconsolidated entities 67,405 55,306 Other assets 76,715 84,454 Total deferred tax assets 661,903 669,949 Valuation allowance (4,411) (4,341) Total deferred tax assets after valuation allowance 657,492 665,608 Deferred tax liabilities: Capitalized expenses 181,729 152,208 Deferred income 240,903 198,503 Other liabilities 47,478 35,432 Total deferred tax liabilities 470,110 386,143 Net deferred tax assets $ 187,382 279,465 The detail of the Company's net deferred tax assets was as follows: November 30, (In thousands) 2020 2019 Net deferred tax assets: (1) Homebuilding $ 119,467 224,859 Financial Services 1,024 17,551 Multifamily 38,155 34,291 Lennar Other 28,736 2,764 Net deferred tax assets $ 187,382 279,465 (1) Net deferred tax assets and net deferred tax liabilities detailed above are included within other assets and other liabilities in the respective segments. November 30, (In thousands) 2020 2019 Valuation allowance (1) $ (4,411) (4,341) Federal tax effected NOL carryforwards (2) 36,264 39,080 State tax effected NOL carryforwards (3) 51,757 69,170 (1) As of November 30, 2020 and 2019, the net deferred tax assets included valuation allowances primarily related to state net operating loss ("NOL") carryforwards that are not more likely than not to be utilized due to an inability to carry back these losses in most states and short carryforward periods that exist in certain states. (2) At November 30, 2020 and 2019, the Company had federal tax effected NOL carryforwards that may be carried forward to offset future taxable income and begin to expire in 2029. (3) At November 30, 2020 and 2019, the Company had state tax effected NOL carryforwards that may be carried forward from 5 to 20 years, depending on the tax jurisdiction, with losses expiring between 2021 and 2039.
Summary Of Changes In Gross Unrecognized Tax Benefits	The following table summarizes the changes in gross unrecognized tax benefits: Years Ended November 30, (In thousands) 2020 2019 2018 Gross unrecognized tax benefits, beginning of year $ 12,856 14,667 12,285 Lapse of statute of limitations (349) (1,811) (2,052) Decreases due to tax positions taken during prior period — — (2,805) Decreases due to settlements with tax authorities (222) — (6,493) Increases due to the CalAtlantic acquisition — — 13,510 Increases due to tax positions taken during prior period — — 222 Gross unrecognized tax benefits, end of year $ 12,285 12,856 14,667 The following summarizes the changes in interest and penalties accrued with respect to gross unrecognized tax benefits: November 30, (In thousands) 2020 2019 Accrued interest and penalties, beginning of the year $ 55,333 52,942 Accrual of interest and penalties (primarily related to state audits) 2,802 3,029 Reduction of interest and penalties (371) (638) Accrued interest and penalties, end of the year $ 57,764 55,333

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Nov. 30, 2020
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share	Basic and diluted earnings per share were calculated as follows: Years Ended November 30, (In thousands, except per share amounts) 2020 2019 2018 Numerator: Net earnings attributable to Lennar $ 2,465,036 1,849,052 1,695,831 Less: distributed earnings allocated to nonvested shares 1,658 420 429 Less: undistributed earnings allocated to nonvested shares 26,731 15,722 14,438 Numerator for basic earnings per share 2,436,647 1,832,910 1,680,964 Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan (1) 8,971 4,204 3,320 Plus: interest on convertible senior notes — — 80 Plus: undistributed earnings allocated to convertible shares — — 2,904 Less: undistributed earnings reallocated to convertible shares — — 2,899 Numerator for diluted earnings per share $ 2,427,676 1,828,706 1,677,729 Denominator: Denominator for basic earnings per share - weighted average common shares outstanding 309,406 318,419 307,968 Effect of dilutive securities: Share-based payments 1 3 48 Convertible senior notes — — 549 Denominator for diluted earnings per share - weighted average common shares outstanding 309,407 318,422 308,565 Basic earnings per share $ 7.88 5.76 5.46 Diluted earnings per share $ 7.85 5.74 5.44 (1) The amounts presented above relate to Rialto's Carried Interest Incentive Plan and represent the difference between the advanced tax distributions received by Lennar Other segment and the amount Lennar, as the parent company, is assumed to own.

Financial Instruments and Fai_2

Financial Instruments and Fair Value Disclosure (Tables)	12 Months Ended
	Nov. 30, 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 November 30, 2020 and 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. November 30, 2020 2019 Fair Value Carrying Fair Carrying Fair (In thousands) Hierarchy Amount Value Amount Value ASSETS Financial Services: Loans held-for-investment, net Level 3 $ 72,626 70,808 73,867 69,708 Investments held-to-maturity Level 3 164,230 196,047 166,012 195,962 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 Level 2 $ 5,955,758 6,581,798 7,776,638 8,144,632 Financial Services notes and other debts payable Level 2 1,463,919 1,464,850 1,745,755 1,745,782 Multifamily note payable Level 2 — — 36,125 36,125 Lennar Other notes and other debts payable Level 2 1,906 1,906 15,178 15,178
Fair Value Measured on a Recurring Basis	The Company’s financial instruments measured at fair value on a recurring basis are summarized below: Fair Value at November 30, (In thousands) Fair 2020 2019 Financial Services Assets: Residential loans held-for-sale Level 2 $ 1,296,517 1,447,715 LMF Commercial loans held-for-sale Level 3 193,588 197,224 Mortgage servicing rights Level 3 2,113 24,679 Lennar Other: Investments available-for-sale Level 3 53,497 — Residential and LMF Commercial loans held-for-sale in the table above include: November 30, 2020 2019 (In thousands) Aggregate Principal Balance Change in Fair Value Aggregate Principal Balance Change in Fair Value Residential loans held-for-sale $ 1,232,548 63,969 1,405,511 42,204 LMF Commercial loans held-for-sale 194,362 (774) 196,275 949
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: Years Ended November 30, 2020 2019 (In thousands) Mortgage servicing rights LMF Commercial loans held-for-sale Mortgage servicing rights LMF Commercial loans held-for-sale Beginning of year $ 24,679 197,224 37,206 61,691 Purchases/loan originations 2,378 703,777 3,417 1,593,655 Sales/loan originations sold, including those not settled — (705,089) — (1,447,818) Disposals/settlements (1) (10,322) — (5,326) (9,920) Changes in fair value (2) (14,622) (25) (10,618) 430 Interest and principal paydowns — (2,299) — (814) End of year $ 2,113 193,588 24,679 197,224 (1) Includes $7.5 million related to the sale of a servicing portfolio for the year ended November 30, 2020. (2) Changes in fair value for LMF Commercial loans held-for-sale and Financial Services mortgage servicing rights are included in Financial Services' revenues.
Schedule of Gains and Losses of Financial Instruments Measured on a Recurring Basis	The changes in fair values for Level 1 and Level 2 financial instruments measured on a recurring basis are shown below by financial instrument and financial statement line item: Years Ended November 30, (In thousands) 2020 2019 2018 Changes in fair value included in Financial Services revenues: Loans held-for-sale $ 21,765 4,891 8,621 Mortgage loan commitments 12,774 (85) 6,500 Forward contracts (9,805) 6,504 (12,041) Changes in fair value included in other comprehensive income (loss), net of tax: Lennar Other investments available-for-sale (805) — — Financial Services investments available-for-sale (46) 1,040 (1,634)
Schedule of Significant Unobservable Inputs Used to Determine Fair Value of Communities	The table below summarizes the most significant unobservable inputs used in the Company's discounted cash flow model to determine the fair value of its communities for which the Company recorded valuation adjustments during the years ended November 30, 2020 and 2019: Years Ended November 30, 2020 2019 Unobservable inputs Range Range Average selling price $201,000 - $970,000 $167,000 - $222,000 Absorption rate per quarter (homes) 3 - 15 4 - 12 Discount rate 20% 20% November 30, 2020 Unobservable inputs Mortgage prepayment rate 18 % Discount rate 12 % Delinquency rate 4 %
Communities Reviewed for Indicators of Impairment and Communities with Valuation Adjustments Needed	The table below summarizes communities reviewed for indicators of impairment and communities with valuation adjustments recorded: At November 30, Communities with valuation adjustments # of communities with potential indicator of impairment # of communities Fair Value Valuation Adjustments 2020 10 16 $ 79,734 $ 44,811 2019 40 3 7,910 2,582 Years Ended November 30, 2020 2019 2018 (In thousands) Fair Carrying Value Fair Value Total Carrying Value Fair Value Total Losses, Net (1) Carrying Value Fair Value Total Losses, Net (1) Non-financial assets Homebuilding: Finished homes and construction in progress (2) Level 3 $ 176,637 148,684 (27,953) 218,942 205,201 (13,741) 4,019 3,473 (546) Land and land under development (2) Level 3 182,227 92,355 (89,872) 121,564 82,816 (38,748) 96,093 62,850 (33,243) Other assets (2) Level 3 — — — 60,363 56,727 (3,636) — — — Lennar Other: REO, net Upon management periodic valuations Level 3 — — — — — — 58,721 25,632 (33,089) (1) Represents losses due to valuation adjustments, write-offs, gains (losses) from transfers or acquisitions of real estate through foreclosure and REO impairments recorded during the year. (2) Valuation adjustments were included in Homebuilding costs and expenses in the Company's consolidated statements of operations for the years ended November 30, 2020, 2019 and 2018.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Nov. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Unconsolidated Entities	The investments in Company's Homebuilding unconsolidated entities were as follows: November 30, (In thousands) 2020 2019 Investments in unconsolidated entities (1) (2) $ 953,177 1,009,035 Underlying equity in unconsolidated entities' net assets (1) 1,269,701 1,313,892 (1) The basis difference was primarily as a result of the Company contributing its investment in three strategic joint ventures with a higher fair value than book value for an investment in the FivePoint entity and deferring equity in earnings on land sales to the Company. (2) Included in the Company's recorded investments in Homebuilding unconsolidated entities is the Company's 40% ownership of FivePoint. As of November 30, 2020 and 2019, the carrying amount of the Company's investment was $392.1 million and $374.0 million, respectively. Years Ended November 30, (In thousands) 2020 2019 2018 Land sales revenues (1) $ 99,935 82,966 169,521 Management fees and reimbursement of expenses, net of deferrals 2,363 2,716 7,026 (1) The Company does not include in its Homebuilding equity in loss from unconsolidated entities its pro-rata share of unconsolidated entities’ earnings resulting from land sales to its homebuilding divisions. Instead, the Company accounts for those earnings as a reduction of the cost of purchasing the land from the unconsolidated entities. This in effect defers recognition of the Company’s share of the unconsolidated entities’ earnings related to these sales until the Company delivers a home and title passes to a third-party homebuyer. Years Ended November 30, (In thousands) 2020 2019 2018 General contractor services, net of deferrals $ 400,808 355,388 353,194 General contractor costs 383,649 340,081 338,717 Management fee income 56,253 53,597 48,801 November 30, 2020 (In thousands) LMV I LMV II Lennar's carrying value of investments $ 328,365 288,476 Equity commitments 2,204,016 1,257,700 Equity commitments called 2,139,322 995,206 Lennar's equity commitments 504,016 381,000 Lennar's equity commitments called 496,483 300,393 Lennar's remaining commitments 7,533 80,607 Distributions to Lennar during the year ended November 30, 2020 39,988 — Summarized condensed financial information on a combined 100% basis related to the Company's unconsolidated entities that are accounted for under the equity method was as follows: (In thousands) November 30, 2020 Assets: Homebuilding Financial Services Multifamily Lennar Total Cash and cash equivalents $ 546,013 111,109 94,801 173,408 814,222 Loans receivable — — — 95,281 95,281 Real estate owned — — — 295,391 295,391 Investment securities — 75,714 — 2,093,766 2,093,766 Investments in partnerships — — — 260,721 260,721 Inventories 4,527,371 — — — 4,527,371 Operating properties and equipment 148,020 — 5,392,681 23,968 5,564,669 Other assets 862,875 164,782 115,968 1,099,099 2,077,942 $ 6,084,279 351,605 5,603,450 4,041,634 15,729,363 Liabilities and equity: Accounts payable and other liabilities $ 866,812 159,271 219,522 31,113 1,117,447 Debt (1) 1,085,639 — 2,519,567 292,313 3,897,519 Equity 4,131,828 192,334 2,864,361 3,718,208 10,714,397 $ 6,084,279 351,605 5,603,450 4,041,634 15,729,363 Investments in unconsolidated entities $ 953,177 68,869 724,647 386,999 2,133,692 (In thousands) November 30, 2019 Assets: Homebuilding Financial Services Multifamily Lennar Total Cash and cash equivalents $ 602,480 — 74,726 122,089 799,295 Loans receivable — — — 690,270 690,270 Real estate owned — — — 282,832 282,832 Investment securities — — — 2,404,987 2,404,987 Investments in partnerships — — — 768,219 768,219 Inventories 4,514,885 — — — 4,514,885 Operating properties and equipment — — 4,618,518 — 4,618,518 Other assets 1,007,698 — 66,960 204,009 1,278,667 $ 6,125,063 — 4,760,204 4,472,406 15,357,673 Liabilities and equity: Accounts payable and other liabilities $ 816,719 — 212,706 38,770 1,068,195 Debt (1) 1,094,588 — 2,113,696 775,648 3,983,932 Equity 4,213,756 — 2,433,802 3,657,988 10,305,546 $ 6,125,063 — 4,760,204 4,472,406 15,357,673 Investments in unconsolidated entities $ 1,009,035 — 561,190 403,688 1,973,913 (1) Debt noted above is net of debt issuance costs. As of November 30, 2020 and 2019 this includes $11.8 million and $13.0 million, respectively, for Homebuilding, $31.1 million and $26.8 million, respectively, for Multifamily and an immaterial amount of debt issuance costs for Lennar Other. (In thousands) Statement of Operations Revenues Cost and expenses Other income (1) Net earnings (loss) of unconsolidated entities Equity in earnings (loss) from unconsolidated entities November 30, 2020 $ 1,362,686 1,221,873 (244,680) (103,867) (13,939) November 30, 2019 782,712 774,550 347,018 355,180 13,393 November 30, 2018 1,017,271 1,004,927 222,003 234,347 (14,777) (1) Other income, net included realized and unrealized gains (losses) on investments.
Schedule of Estimated Maximum Exposure To Loss	At November 30, 2020 and 2019, the Company’s recorded investments in VIEs that are unconsolidated and its estimated maximum exposure to loss were as follows: November 30, 2020 2019 (In thousands) Investments in Unconsolidated VIEs Lennar’s Maximum Exposure to Loss (1) Investments in Lennar’s Maximum Exposure to Loss (1) Homebuilding $ 89,654 89,828 80,939 81,118 Multifamily (2) 619,540 717,271 533,018 768,651 Financial Services (3) 233,099 287,253 166,012 166,012 Lennar Other 7,154 7,154 60,882 60,882 $ 949,447 1,101,506 840,851 1,076,663 (1) Limited to investments in unconsolidated VIEs, except as noted below. (2) As of November 30, 2020 and 2019, the maximum exposure to loss of Multifamily's investments in unconsolidated VIEs was generally limited to its investments in the unconsolidated VIEs, except with regard to the remaining equity commitment of $88.1 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) At November 30, 2020, the maximum exposure to loss of Financial Services' investments in unconsolidated VIEs included a note receivable.

Commitments And Contingent Li_2

Commitments And Contingent Liabilities (Tables)	12 Months Ended
	Nov. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Assets And Liabilities, Lessee	The following table includes additional information about the Company's leases: (Dollars in thousands) November 30, 2020 Right-of-use assets $ 113,390 Lease liabilities $ 122,836 Weighted-average remaining lease term (in years) 2.6 Weighted-average discount rate 3.1%
Lessee, Operating Lease, Liability, Maturity	The Company has entered into agreements to lease certain office facilities and equipment under operating leases. Future minimum payments under the noncancellable leases in effect at November 30, 2020 were as follows: (Dollars in thousands) Lease Payments 2021 $ 33,616 2022 27,525 2023 21,601 2024 15,982 2025 and thereafter 34,775 Total future minimum lease payments (1) $ 133,499 Less: Interest (2) 10,663 Present value of lease liabilities (2) $ 122,836

Quarterly Data (unaudited) (Tab

Quarterly Data (unaudited) (Tables)	12 Months Ended
	Nov. 30, 2020
Quarterly Financial Information Disclosure [Abstract]
Schedule Of Quarterly Financial Information	First Second Third Fourth (In thousands, except per share amounts) 2020 Revenues $ 4,505,337 5,287,373 5,870,254 6,825,890 Gross profit from sales of homes 848,988 1,062,310 1,262,550 1,574,242 Earnings before income taxes 423,552 676,577 859,013 1,164,646 Net earnings attributable to Lennar 398,452 517,406 666,418 882,760 Earnings per share: Basic 1.27 1.66 2.13 2.82 Diluted 1.27 1.65 2.12 2.82 2019 Revenues $ 3,868,082 5,562,890 5,857,058 6,971,531 Gross profit from sales of homes 726,079 1,038,587 1,085,633 1,385,859 Earnings before income taxes 319,124 559,399 667,083 888,686 Net earnings attributable to Lennar 239,910 421,472 513,366 674,304 Earnings per share: Basic 0.74 1.31 1.60 2.13 Diluted 0.74 1.30 1.59 2.13

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Narrative) (Details)	12 Months Ended
	Nov. 30, 2020USD ($)votecommunities$ / sharesshares	Nov. 30, 2019USD ($)communities$ / sharesshares	Nov. 30, 2018USD ($)$ / sharesshares	Dec. 01, 2019USD ($)	Jan. 31, 2019USD ($)shares
Segment Reporting Information [Line Items]
Advertising costs	$ 72,600,000	$ 84,300,000	$ 72,100,000
Cash held in escrow	$ 314,300,000	$ 565,800,000
Escrow deposit period	4 days
Number of active communities | communities	1,173	1,278
Available-for-sale securities	$ 53,497,000	$ 51,938,000
Held-to-maturity securities	$ 164,230,000	244,406,000
Held-to-maturity securities, term	3 years
Deferred tax assets, valuation allowance	$ 4,411,000	4,341,000
Self-insurance reserve	$ 125,400,000	109,600,000
Authorized amount under stock repurchase program					$ 1,000,000,000
Originally authorized shares under the stock repurchase program (in shares) | shares					25,000,000
Maximum dividend rate as a percentage of net income in the event of default	50.00%
Compensation expense	$ 27,300,000	$ 24,500,000	$ 25,300,000
Right-of-use assets	113,390,000
Operating lease liability	$ 122,836,000
Chief Executive Officer
Segment Reporting Information [Line Items]
Voting power	34.00%
Preferred Stock
Segment Reporting Information [Line Items]
Preferred stock, shares authorized (in shares) | shares	500,000
Preferred stock, par value (in usd per share) | $ / shares	$ 10
Participating Preferred Stock
Segment Reporting Information [Line Items]
Preferred stock, shares authorized (in shares) | shares	100,000,000
Preferred stock, par value (in usd per share) | $ / shares	$ 0.10
Preferred stock, shares issued (in shares) | shares	0
Class A Common Stock
Segment Reporting Information [Line Items]
Cash dividends (in USD per share) | $ / shares	$ 0.625	$ 0.16	$ 0.16
Votes per share | vote	1
Class B Common Stock
Segment Reporting Information [Line Items]
Cash dividends (in USD per share) | $ / shares	$ 0.625	$ 0.16	$ 0.16
Votes per share | vote	10
Financial Services
Segment Reporting Information [Line Items]
Available-for-sale securities	$ 0	$ 3,732,000
Held-to-maturity securities	164,230,000	190,289,000
Lennar Other
Segment Reporting Information [Line Items]
Available-for-sale securities	53,497,000	0
Held-to-maturity securities	0	54,117,000
Homebuilding
Segment Reporting Information [Line Items]
Available-for-sale securities	0	0
Held-to-maturity securities	0	0
Interest incurred	353,400,000	422,700,000	$ 423,700,000
Interest capitalized	$ 331,000,000	$ 405,100,000	$ 412,500,000
Stock Option Awards
Segment Reporting Information [Line Items]
Expiration period	10 years
Nonvested shares
Segment Reporting Information [Line Items]
Unrecognized compensation expense related to unvested share-based awards granted	$ 114,300,000
Weighted average remaining contractual life of unrecognized compensation expense related to unvested share-based awards	1 year 9 months 18 days
Nonvested shares vested (in shares) | shares	1,425,049	1,400,000	2,200,000
Discount rate | Minimum
Segment Reporting Information [Line Items]
Communities, unobservable inputs	0.10
Discount rate | Maximum
Segment Reporting Information [Line Items]
Communities, unobservable inputs	0.20
Operating properties
Segment Reporting Information [Line Items]
Estimated useful life	30 years
Furniture, fixtures and equipment | Minimum
Segment Reporting Information [Line Items]
Estimated useful life	2 years
Furniture, fixtures and equipment | Maximum
Segment Reporting Information [Line Items]
Estimated useful life	10 years
Leasehold improvements
Segment Reporting Information [Line Items]
Estimated useful life	5 years
Accounting Standards Update 2016-02
Segment Reporting Information [Line Items]
Right-of-use assets				$ 150,700,000
Operating lease liability				$ 159,700,000

Summary Of Significant Accoun_5

Summary Of Significant Accounting Policies (Receivables, Net) (Details) - USD ($) $ in Thousands	Nov. 30, 2020	Nov. 30, 2019
Segment Reporting Information [Line Items]
Receivables, gross	$ 301,469	$ 332,446
Receivables, net	298,671	329,124
Homebuilding
Segment Reporting Information [Line Items]
Accounts receivable	133,560	129,216
Mortgages and notes receivable	167,909	203,230
Allowance for doubtful accounts	$ (2,798)	$ (3,322)

Summary Of Significant Accoun_6

Summary Of Significant Accounting Policies Summary of Significant Accounting Policies (Communities with Indicators of Impairment and Communities with Valuation Adjustments Recorded) (Details) $ in Thousands	12 Months Ended
	Nov. 30, 2020USD ($)community	Nov. 30, 2019USD ($)community
Accounting Policies [Abstract]
# of communities with potential indicator of impairment | community	10	40
Communities with valuation adjustments, # of communities | community	16	3
Communities with valuation adjustments, Fair Value | $	$ 79,734	$ 7,910
Communities with valuation adjustments, Valuation Adjustments | $	$ 44,811	$ 2,582

Summary Of Significant Accoun_7

Summary Of Significant Accounting Policies (Unobservable inputs) (Details) $ in Thousands	Nov. 30, 2020USD ($)home	Nov. 30, 2019USD ($)home
Average selling price | Level 3 | Discounted Cash Flow Model | Fair Value, Measurements, Nonrecurring | Minimum
Segment Reporting Information [Line Items]
Communities, unobservable inputs | $	201	167
Average selling price | Level 3 | Discounted Cash Flow Model | Fair Value, Measurements, Nonrecurring | Maximum
Segment Reporting Information [Line Items]
Communities, unobservable inputs | $	970	222
Absorption rate per quarter (homes) | Level 3 | Discounted Cash Flow Model | Fair Value, Measurements, Nonrecurring | Minimum
Segment Reporting Information [Line Items]
Communities, unobservable inputs | home	3	4
Absorption rate per quarter (homes) | Level 3 | Discounted Cash Flow Model | Fair Value, Measurements, Nonrecurring | Maximum
Segment Reporting Information [Line Items]
Communities, unobservable inputs | home	15	12
Discount rate | Minimum
Segment Reporting Information [Line Items]
Communities, unobservable inputs	0.10
Discount rate | Maximum
Segment Reporting Information [Line Items]
Communities, unobservable inputs	0.20
Discount rate | Level 3 | Discounted Cash Flow Model | Fair Value, Measurements, Nonrecurring | Minimum
Segment Reporting Information [Line Items]
Communities, unobservable inputs	0.20	0.20

Summary Of Significant Accoun_8

Summary Of Significant Accounting Policies (Operating Properties and Equipment) (Details) - USD ($) $ in Thousands	Nov. 30, 2020	Nov. 30, 2019
Property, Plant and Equipment [Line Items]
Operating properties and equipment, gross	$ 589,037	$ 448,109
Accumulated depreciation and amortization	(177,519)	(168,582)
Operating properties and equipment, net	411,518	279,527
Operating properties
Property, Plant and Equipment [Line Items]
Operating properties and equipment, gross	386,646	225,256
Leasehold improvements
Property, Plant and Equipment [Line Items]
Operating properties and equipment, gross	57,084	63,846
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Operating properties and equipment, gross	$ 145,307	$ 159,007

Summary Of Significant Accoun_9

Summary Of Significant Accounting Policies (Schedule Of Interest Expense) (Details) - Homebuilding - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Segment Reporting Information [Line Items]
Other interest expense	$ 22,401	$ 17,620	$ 11,258
Total interest expense	374,104	394,995	316,164
Inventory, Homes
Segment Reporting Information [Line Items]
Interest expense	349,109	371,821	301,339
Inventory, Land
Segment Reporting Information [Line Items]
Interest expense	$ 2,594	$ 5,554	$ 3,567

Summary Of Significant Accou_10

Summary Of Significant Accounting Policies (Schedule Of Warranty Reserve) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty reserve, beginning of year	$ 294,138	$ 319,109
Warranties issued	191,311	189,105
Adjustments to pre-existing warranties from changes in estimates	29,461	(8,156)
Payments	(173,145)	(205,920)
Warranty reserve, end of year	$ 341,765	$ 294,138

Summary Of Significant Accou_11

Summary Of Significant Accounting Policies (Repurchase of Company's Common Stock) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Class A Common Stock
Class of Stock [Line Items]
Shares repurchased (in shares)	4,250,000	9,774,729
Principal	$ 282,274	$ 492,938
Average price per share (in usd per share)	$ 66.42	$ 50.41
Class B Common Stock
Class of Stock [Line Items]
Shares repurchased (in shares)	115,000	0
Principal	$ 6,155	$ 0
Average price per share (in usd per share)	$ 53.52	$ 0

Summary Of Significant Accou_12

Summary Of Significant Accounting Policies (Compensation Expense Related to the Company's Share-based Awards) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Accounting Policies [Abstract]
Total compensation expense for nonvested share-based awards	$ 107,131	$ 86,940	$ 72,655

Summary Of Significant Accou_13

Summary Of Significant Accounting Policies (Schedule Of Nonvested Shares Activity) (Details) - Nonvested shares - $ / shares	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Shares
Beginning balance (in shares)	3,290,863
Grants (in shares)	1,801,630
Vested (in shares)	(1,425,049)	(1,400,000)	(2,200,000)
Forfeited (in shares)	(120,868)
Ending balance (in shares)	3,546,576	3,290,863
Weighted Average Grant Date Fair Value
Beginning balance (in USD per share)	$ 50.64
Grants (in USD per share)	60.10	$ 48.26	$ 55.84
Vested (in USD per share)	51.71
Forfeited (in USD per share)	50.61
Ending balance (in USD per share)	$ 55.01	$ 50.64

Summary Of Significant Accou_14

Summary Of Significant Accounting Policies (Loan Origination Liabilities) (Details) - Financial Services - Loan Origination Liabilities - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Loan Origination Liabilities [Roll Forward]
Loan origination liabilities, beginning of year	$ 9,364	$ 48,584
Provision for losses	11,924	3,813
Payments/settlements	(13,719)	(43,033)
Loan origination liabilities, end of year	$ 7,569	$ 9,364

Operating And Reporting Segme_3

Operating And Reporting Segments (Schedule of Segment Assets and Liabilities) (Details) - USD ($) $ in Thousands		Nov. 30, 2020		Nov. 30, 2019		Nov. 30, 2018
Segment Reporting Information [Line Items]
Cash and cash equivalents		$ 2,863,038		$ 1,445,996
Restricted cash		69,692		22,695
Receivables, net		938,079		906,877
Inventories		17,175,148		18,091,614
Loans held-for-sale		1,490,105		1,644,939
Loans held-for-investment, net		72,626		73,867
Investments held-to-maturity		164,230		244,406
Investments available-for-sale		53,497		51,938
Investments in unconsolidated entities		2,133,692		1,973,913
Goodwill		3,632,058		3,657,875
Other assets		1,343,012		1,245,391
Total assets	[1]	29,935,177		29,359,511
Notes and other debts payable, net		7,421,583		9,573,696
Other liabilities		4,414,193		3,751,985
Total liabilities	[2]	11,835,776		13,325,681
Homebuilding
Segment Reporting Information [Line Items]
Cash and cash equivalents		2,703,986	[1]	1,200,832	[1]	$ 1,337,807
Restricted cash		15,211	[1]	9,698	[1]	12,399
Receivables, net	[1]	298,671		329,124
Inventories	[1]	16,925,228		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	[1]	953,177		1,009,035
Goodwill		3,442,359	[1]	3,442,359
Other assets	[1]	1,190,793		1,021,684
Total assets	[1]	25,529,425		24,789,239
Notes and other debts payable, net	[2]	5,955,758		7,776,638
Other liabilities		3,969,893		3,298,527
Total liabilities	[2]	9,925,651		11,075,165
Financial Services
Segment Reporting Information [Line Items]
Cash and cash equivalents		116,171		234,113		188,485
Restricted cash		54,481		12,022		17,944
Receivables, net		552,779		500,847
Inventories		0		0
Loans held-for-sale		1,490,105		1,644,939
Loans held-for-investment, net		72,626		73,867
Investments held-to-maturity		164,230		190,289
Investments available-for-sale		0		3,732
Investments in unconsolidated entities		68,869		0
Goodwill		189,699		215,516
Other assets		68,027		130,699
Total assets	[1]	2,776,987		3,006,024
Notes and other debts payable, net		1,463,919		1,745,755
Other liabilities		180,329		242,568
Total liabilities	[2]	1,644,248		1,988,323
Mortgage servicing rights		2,100		24,700
Financial Services | Mortgage loan commitments
Segment Reporting Information [Line Items]
Mortgage loan commitments		29,100		16,300
Multifamily
Segment Reporting Information [Line Items]
Cash and cash equivalents		38,963		8,711		7,832
Restricted cash		0		0
Receivables, net		86,629		76,906
Inventories		249,920		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		724,647		561,190
Goodwill		0		0
Other assets		75,749		58,711
Total assets	[1]	1,175,908		1,068,831
Notes and other debts payable, net		0		36,125
Other liabilities		252,911		196,030
Total liabilities	[2]	252,911		232,155
Lennar Other
Segment Reporting Information [Line Items]
Cash and cash equivalents		3,918		2,340		24,334
Restricted cash		0		975		$ 7,175
Receivables, net		0		0
Inventories		0		0
Loans held-for-sale		0		0
Loans held-for-investment, net		0		0
Investments held-to-maturity		0		54,117
Investments available-for-sale		53,497		0
Investments in unconsolidated entities		386,999		403,688
Goodwill		0		0
Other assets		8,443		34,297
Total assets		452,857		495,417
Notes and other debts payable, net		1,906		15,178
Other liabilities		11,060		14,860
Total liabilities	[2]	$ 12,966		$ 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 consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of November 30, 2020, total assets include $1.1 billion related to consolidated VIEs of which $32.1 million is included in Homebuilding cash and cash equivalents, $0.1 million in Homebuilding receivables, net, $14.2 million in Homebuilding finished homes and construction in progress, $486.8 million in Homebuilding land and land under development, $426.3 million in Homebuilding consolidated inventory not owned, $1.6 million in Homebuilding investments in unconsolidated entities, $110.3 million in Homebuilding operating properties and equipment, $10.4 million in Homebuilding other assets and $39.9 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]	As of November 30, 2020, total liabilities include $528.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $28.4 million is included in Homebuilding accounts payable, $351.4 million in Homebuilding liabilities related to consolidated inventory not owned, $129.1 million in Homebuilding senior notes and other debts payable, $9.9 million in Homebuilding other liabilities and $9.8 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 debts 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 Relating to Company's Segments) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Nov. 30, 2020	Aug. 31, 2020	May 31, 2020	Feb. 29, 2020	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Feb. 28, 2019	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Segment Reporting Information [Line Items]
Total revenues	$ 6,825,890	$ 5,870,254	$ 5,287,373	$ 4,505,337	$ 6,971,531	$ 5,857,058	$ 5,562,890	$ 3,868,082	$ 22,488,854	$ 22,259,561	$ 20,571,631
Operating earnings (loss)									3,482,206	2,775,406	2,463,191
Gain on sale of Rialto investment and asset management platform											296,407
Acquisition and integration costs related to CalAtlantic									0	0	(152,980)
Corporate general and administrative expenses									(358,418)	(341,114)	(343,934)
Earnings (loss) before income taxes	$ 1,164,646	$ 859,013	$ 676,577	$ 423,552	$ 888,686	$ 667,083	$ 559,399	$ 319,124	3,123,788	2,434,292	2,262,684
Homebuilding
Segment Reporting Information [Line Items]
Total revenues									20,981,136	20,793,216	19,077,597
Operating earnings (loss)									2,988,907	2,502,905	2,254,487
Financial Services
Segment Reporting Information [Line Items]
Total revenues									890,311	824,810	954,631
Multifamily
Segment Reporting Information [Line Items]
Total revenues									576,328	604,700	421,132
Lennar Other
Segment Reporting Information [Line Items]
Total revenues									41,079	36,835	118,271
Gain on sale of Rialto investment and asset management platform									0	0	296,407
Operating Segments | Homebuilding
Segment Reporting Information [Line Items]
Total revenues									20,981,136	20,793,216	19,077,597
Operating earnings (loss)									2,988,907	2,502,905	2,254,487
Gain on sale of Rialto investment and asset management platform											0
Acquisition and integration costs related to CalAtlantic											0
Corporate general and administrative expenses									0	0	0
Earnings (loss) before income taxes									2,988,907	2,502,905	2,254,487
Operating Segments | Financial Services
Segment Reporting Information [Line Items]
Total revenues									890,311	824,810	954,631
Operating earnings (loss)									480,952	224,642	199,716
Gain on sale of Rialto investment and asset management platform											0
Acquisition and integration costs related to CalAtlantic											0
Corporate general and administrative expenses									0	0	0
Earnings (loss) before income taxes									480,952	224,642	199,716
Operating Segments | Multifamily
Segment Reporting Information [Line Items]
Total revenues									576,328	604,700	421,132
Operating earnings (loss)									22,681	16,390	42,695
Gain on sale of Rialto investment and asset management platform											0
Acquisition and integration costs related to CalAtlantic											0
Corporate general and administrative expenses									0	0	0
Earnings (loss) before income taxes									22,681	16,390	42,695
Operating Segments | Lennar Other
Segment Reporting Information [Line Items]
Total revenues									41,079	36,835	118,271
Operating earnings (loss)									(10,334)	31,469	(33,707)
Gain on sale of Rialto investment and asset management platform											0
Acquisition and integration costs related to CalAtlantic											0
Corporate general and administrative expenses									0	0	0
Earnings (loss) before income taxes									(10,334)	31,469	(33,707)
Write-down of assets in unconsolidated entities									25,000
Corporate and unallocated
Segment Reporting Information [Line Items]
Total revenues									0	0	0
Operating earnings (loss)									0	0	0
Gain on sale of Rialto investment and asset management platform											296,407
Acquisition and integration costs related to CalAtlantic											(152,980)
Corporate general and administrative expenses									(358,418)	(341,114)	(343,934)
Earnings (loss) before income taxes									$ (358,418)	$ (341,114)	$ (200,507)

Operating And Reporting Segme_5

Operating And Reporting Segments (Homebuilding Assets) (Details) - USD ($) $ in Thousands		Nov. 30, 2020	Nov. 30, 2019
Segment Reporting Information [Line Items]
Assets	[1]	$ 29,935,177	$ 29,359,511
Corporate and unallocated
Segment Reporting Information [Line Items]
Assets		2,825,803	1,264,059
East | Operating Segments
Segment Reporting Information [Line Items]
Assets		5,308,114	5,804,764
Central | Operating Segments
Segment Reporting Information [Line Items]
Assets		3,438,600	3,636,694
Texas | Operating Segments
Segment Reporting Information [Line Items]
Assets		2,150,916	2,246,893
West | Operating Segments
Segment Reporting Information [Line Items]
Assets		10,504,374	10,663,666
Other | Operating Segments
Segment Reporting Information [Line Items]
Assets		1,301,618	1,173,163
Homebuilding
Segment Reporting Information [Line Items]
Assets	[1]	25,529,425	24,789,239
Homebuilding | Operating Segments And Corporate Non Segment
Segment Reporting Information [Line Items]
Assets		$ 25,529,425	$ 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 consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of November 30, 2020, total assets include $1.1 billion related to consolidated VIEs of which $32.1 million is included in Homebuilding cash and cash equivalents, $0.1 million in Homebuilding receivables, net, $14.2 million in Homebuilding finished homes and construction in progress, $486.8 million in Homebuilding land and land under development, $426.3 million in Homebuilding consolidated inventory not owned, $1.6 million in Homebuilding investments in unconsolidated entities, $110.3 million in Homebuilding operating properties and equipment, $10.4 million in Homebuilding other assets and $39.9 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								12 Months Ended
	Nov. 30, 2020	Aug. 31, 2020	May 31, 2020	Feb. 29, 2020	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Feb. 28, 2019	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Segment Reporting Information [Line Items]
Revenues	$ 6,825,890	$ 5,870,254	$ 5,287,373	$ 4,505,337	$ 6,971,531	$ 5,857,058	$ 5,562,890	$ 3,868,082	$ 22,488,854	$ 22,259,561	$ 20,571,631
Operating earnings (loss)									3,482,206	2,775,406	2,463,191
Depreciation and amortization									94,553	92,200	91,181
Homebuilding
Segment Reporting Information [Line Items]
Revenues									20,981,136	20,793,216	19,077,597
Operating earnings (loss)									2,988,907	2,502,905	2,254,487
Interest expense									374,104	394,995	316,164
Depreciation and amortization									95,094	86,199	71,975
Net additions to (disposals of) operating properties and equipment									156,134	32,290	99,353
East
Segment Reporting Information [Line Items]
Revenues									5,715,028	5,717,858	5,016,944
Operating earnings (loss)									933,297	830,619	621,724
Interest expense									93,245	96,569	82,024
Depreciation and amortization									21,504	20,623	17,995
Net additions to (disposals of) operating properties and equipment									955	(31,338)	26,387
Central
Segment Reporting Information [Line Items]
Revenues									4,093,693	4,120,085	3,523,807
Operating earnings (loss)									482,929	431,372	320,105
Interest expense									58,777	64,104	44,925
Depreciation and amortization									13,659	11,356	7,904
Net additions to (disposals of) operating properties and equipment									(11,370)	89	14,692
Texas
Segment Reporting Information [Line Items]
Revenues									2,709,681	2,578,962	2,421,399
Operating earnings (loss)									421,594	285,874	172,449
Interest expense									29,901	37,144	32,930
Depreciation and amortization									9,366	8,395	9,041
Net additions to (disposals of) operating properties and equipment									712	950	200
West
Segment Reporting Information [Line Items]
Revenues									8,437,167	8,227,304	8,059,850
Operating earnings (loss)									1,241,494	1,050,850	1,082,302
Interest expense									178,498	183,906	151,823
Depreciation and amortization									50,316	45,456	36,013
Net additions to (disposals of) operating properties and equipment									165,869	63,803	42,525
Other
Segment Reporting Information [Line Items]
Revenues									25,567	149,007	55,597
Operating earnings (loss)									(90,407)	(95,810)	57,907
Interest expense									13,683	13,272	4,462
Depreciation and amortization									249	369	1,022
Net additions to (disposals of) operating properties and equipment									$ (32)	$ (1,214)	$ 15,549

Operating And Reporting Segme_7

Operating And Reporting Segments (Financial Services Warehouse Facilities) (Details) - USD ($)	3 Months Ended								12 Months Ended
	Nov. 30, 2020	Aug. 31, 2020	May 31, 2020	Feb. 29, 2020	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Feb. 28, 2019	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Short-term Debt [Line Items]
Total revenues	$ 6,825,890,000	$ 5,870,254,000	$ 5,287,373,000	$ 4,505,337,000	$ 6,971,531,000	$ 5,857,058,000	$ 5,562,890,000	$ 3,868,082,000	$ 22,488,854,000	$ 22,259,561,000	$ 20,571,631,000
Financial Services
Short-term Debt [Line Items]
Total revenues									890,311,000	824,810,000	$ 954,631,000
Warehouse Repurchase Facility | Financial Services
Short-term Debt [Line Items]
Maximum Aggregate Commitment	2,600,000,000								$ 2,600,000,000
Warehouse repurchase facility term									364 days
Residential Warehouse Repurchase Facility Due in January 2021 | Warehouse Repurchase Facility | Financial Services
Short-term Debt [Line Items]
Maximum Aggregate Commitment	500,000,000								$ 500,000,000
Residential Warehouse Repurchase Facility Due in March 2021 | Warehouse Repurchase Facility | Financial Services
Short-term Debt [Line Items]
Maximum Aggregate Commitment	500,000,000								500,000,000
Residential Warehouse Repurchase Facility Due in June 2021 | Warehouse Repurchase Facility | Financial Services
Short-term Debt [Line Items]
Maximum Aggregate Commitment	600,000,000								600,000,000
Residential Warehouse Repurchase Facility Due in July 2021 | Warehouse Repurchase Facility | Financial Services
Short-term Debt [Line Items]
Maximum Aggregate Commitment	200,000,000								200,000,000
Residential Warehouse Repurchase Facility | Warehouse Repurchase Facility | Financial Services
Short-term Debt [Line Items]
Maximum Aggregate Commitment	1,800,000,000								1,800,000,000
Borrowings under facilities	1,185,797,000				1,374,063,000				1,185,797,000	1,374,063,000
Commercial Warehouse Repurchase Facility Due in December 2020 | Warehouse Repurchase Facility | Financial Services
Short-term Debt [Line Items]
Maximum Aggregate Commitment	500,000,000								500,000,000
Commercial Warehouse Repurchase Facility Due in November 2021 | Warehouse Repurchase Facility | Financial Services
Short-term Debt [Line Items]
Maximum Aggregate Commitment	100,000,000								100,000,000
Commercial Warehouse Repurchase Facility Due in December 2021 | Warehouse Repurchase Facility | Financial Services
Short-term Debt [Line Items]
Maximum Aggregate Commitment	200,000,000								200,000,000
Commercial Warehouse Repurchase Facility | Warehouse Repurchase Facility | Financial Services
Short-term Debt [Line Items]
Maximum Aggregate Commitment	800,000,000								800,000,000
Borrowings under facilities	124,617,000				$ 216,870,000				124,617,000	$ 216,870,000
Commercial Warehouse Repurchase Facility Due in December 2020 Used to Finance Origination of Accrual Loans | Warehouse Repurchase Facility | Financial Services
Short-term Debt [Line Items]
Maximum Aggregate Commitment	50,000,000								50,000,000
Borrowings under facilities	$ 11,400,000								$ 11,400,000

Operating And Reporting Segme_8

Operating And Reporting Segments (Narrative) (Details) $ in Thousands	12 Months Ended
	Nov. 30, 2020USD ($)transaction	Nov. 30, 2019USD ($)transaction
Segment Reporting Information [Line Items]
Investments held-to-maturity	$ 164,230	$ 244,406
Senior notes and other debts payable, net	7,421,583	9,573,696
Financial Services
Segment Reporting Information [Line Items]
Investments held-to-maturity	164,230	190,289
Senior notes and other debts payable, net	1,463,919	1,745,755
Financial Services | Commercial Portfolio Segment
Segment Reporting Information [Line Items]
Origination of loans	703,800	1,600,000
Origination of loans, recorded as accrual loans		15,300
Loans sold	$ 705,100	$ 1,400,000
Number of securitizations | transaction	5	11
Receivables from securitization		$ 158,400
Financial Services | Commercial Mortgage-Backed Securities
Segment Reporting Information [Line Items]
Investments held-to-maturity	$ 164,200	166,000
Financial Services | Commercial Mortgage-Backed Securities | Minimum
Segment Reporting Information [Line Items]
Discount rate	6.00%
Coupon rate	2.00%
Financial Services | Commercial Mortgage-Backed Securities | Maximum
Segment Reporting Information [Line Items]
Discount rate	84.00%
Coupon rate	5.30%
Financial Services | Financing Agreement to Purchase Commercial Mortgage Backed Securities | Secured Debt
Segment Reporting Information [Line Items]
Senior notes and other debts payable, net	$ 153,500	$ 154,700
Interest rate	3.40%
Financial Services | Warehouse Repurchase Facility
Segment Reporting Information [Line Items]
Percentage of loan collateralized	80.00%

Operating And Reporting Segme_9

Operating And Reporting Segments (Financial Services Warehouse Facilities Outstanding) (Details) - Financial Services - Warehouse Repurchase Facility - USD ($) $ in Thousands	Nov. 30, 2020	Nov. 30, 2019
Residential Warehouse Repurchase Facility
Short-term Debt [Line Items]
Borrowings under facilities	$ 1,185,797	$ 1,374,063
Collateral under the residential facilities	1,231,619	1,423,650
Commercial Warehouse Repurchase Facility
Short-term Debt [Line Items]
Borrowings under facilities	$ 124,617	$ 216,870

Investments In Unconsolidated_2

Investments In Unconsolidated Entities (Homebuilding Unconsolidated Entities) (Details) $ in Thousands		Nov. 30, 2020USD ($)investment	Nov. 30, 2019USD ($)
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities		$ 2,133,692	$ 1,973,913
Underlying equity in unconsolidated entities' net assets		1,269,701	1,313,892
Homebuilding
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	[1]	953,177	1,009,035
Homebuilding | FivePoint Unconsolidated Entity
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities		$ 392,100	$ 374,000
Strategic joint ventures contributed | investment		3
Ownership percentage		40.00%
[1]	Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of November 30, 2020, total assets include $1.1 billion related to consolidated VIEs of which $32.1 million is included in Homebuilding cash and cash equivalents, $0.1 million in Homebuilding receivables, net, $14.2 million in Homebuilding finished homes and construction in progress, $486.8 million in Homebuilding land and land under development, $426.3 million in Homebuilding consolidated inventory not owned, $1.6 million in Homebuilding investments in unconsolidated entities, $110.3 million in Homebuilding operating properties and equipment, $10.4 million in Homebuilding other assets and $39.9 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_3

Investments In Unconsolidated Entities (Homebuilding Unconsolidated Entities Activity) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Nov. 30, 2020	Aug. 31, 2020	May 31, 2020	Feb. 29, 2020	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Feb. 28, 2019	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Schedule of Equity Method Investments [Line Items]
Total revenues	$ 6,825,890	$ 5,870,254	$ 5,287,373	$ 4,505,337	$ 6,971,531	$ 5,857,058	$ 5,562,890	$ 3,868,082	$ 22,488,854	$ 22,259,561	$ 20,571,631
Homebuilding
Schedule of Equity Method Investments [Line Items]
Total revenues									20,981,136	20,793,216	19,077,597
Land sales revenues | Unconsolidated Entities | Homebuilding
Schedule of Equity Method Investments [Line Items]
Total revenues									99,935	82,966	169,521
Management fees and reimbursement of expenses, net of deferrals | Unconsolidated Entities | Homebuilding
Schedule of Equity Method Investments [Line Items]
Total revenues									$ 2,363	$ 2,716	$ 7,026

Investments In Unconsolidated_4

Investments In Unconsolidated Entities (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Schedule of Equity Method Investments [Line Items]
Financial Services gain on deconsolidation	$ 61,418	$ 0	$ 0
Homebuilding
Schedule of Equity Method Investments [Line Items]
Debt	1,100,000	1,100,000
Maximum recourse exposure	4,900	10,800
Financial Services
Schedule of Equity Method Investments [Line Items]
Financial Services gain on deconsolidation	61,418	0	$ 0
Multifamily
Schedule of Equity Method Investments [Line Items]
Unconsolidated entities non-recourse debt with completion guarantees	$ 722,900	$ 867,300

Investments In Unconsolidated_5

Investments In Unconsolidated Entities (Multifamily Services Provided to Unconsolidated Entities) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Nov. 30, 2020	Aug. 31, 2020	May 31, 2020	Feb. 29, 2020	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Feb. 28, 2019	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Schedule of Equity Method Investments [Line Items]
Total revenues	$ 6,825,890	$ 5,870,254	$ 5,287,373	$ 4,505,337	$ 6,971,531	$ 5,857,058	$ 5,562,890	$ 3,868,082	$ 22,488,854	$ 22,259,561	$ 20,571,631
Multifamily
Schedule of Equity Method Investments [Line Items]
Total revenues									576,328	604,700	421,132
Management fees and reimbursement of expenses, net of deferrals | Unconsolidated Entities | Multifamily
Schedule of Equity Method Investments [Line Items]
Total revenues									56,253	53,597	48,801
General Contractor | Unconsolidated Entities | Multifamily
Schedule of Equity Method Investments [Line Items]
Total revenues									400,808	355,388	353,194
Costs									$ 383,649	$ 340,081	$ 338,717

Investments In Unconsolidated_6

Investments In Unconsolidated Entities (Multifamily Venture Funds) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 2,133,692	$ 1,973,913
Distributions to Lennar during the year ended November 30, 2020	62,073	12,753	$ 113,096
Multifamily
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	724,647	$ 561,190
Multifamily | LMV I
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	328,365
Equity commitments	2,204,016
Equity commitments called	2,139,322
Lennar's equity commitments	504,016
Lennar's equity commitments called	496,483
Lennar's remaining commitments	7,533
Distributions to Lennar during the year ended November 30, 2020	39,988
Multifamily | LMV II
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	288,476
Equity commitments	1,257,700
Equity commitments called	995,206
Lennar's equity commitments	381,000
Lennar's equity commitments called	300,393
Lennar's remaining commitments	80,607
Distributions to Lennar during the year ended November 30, 2020	$ 0

Investments In Unconsolidated_7

Investments In Unconsolidated Entities (Summarized Financial Information of Unconsolidated Entities) (Details) - USD ($) $ in Thousands		12 Months Ended
		Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Assets:
Cash and cash equivalents		$ 814,222	$ 799,295
Loans receivable		95,281	690,270
Real estate owned		295,391	282,832
Investment securities		2,093,766	2,404,987
Investments in partnerships		260,721	768,219
Inventories		4,527,371	4,514,885
Operating properties and equipment		5,564,669	4,618,518
Other assets		2,077,942	1,278,667
Assets		15,729,363	15,357,673
Liabilities and equity:
Accounts payable and other liabilities		1,117,447	1,068,195
Debt		3,897,519	3,983,932
Equity		10,714,397	10,305,546
Liabilities and equity		15,729,363	15,357,673
Investments in unconsolidated entities		2,133,692	1,973,913
Statement of Operations Years Ended:
Revenues		1,362,686	782,712	$ 1,017,271
Costs and expenses		1,221,873	774,550	1,004,927
Other income		(244,680)	347,018	222,003
Net earnings (loss) of unconsolidated entities		(103,867)	355,180	234,347
Equity in earnings (loss) from unconsolidated entities		(13,939)	13,393	(14,777)
Homebuilding
Assets:
Cash and cash equivalents		546,013	602,480
Loans receivable		0	0
Real estate owned		0	0
Investment securities		0	0
Investments in partnerships		0	0
Inventories		4,527,371	4,514,885
Operating properties and equipment		148,020	0
Other assets		862,875	1,007,698
Assets		6,084,279	6,125,063
Liabilities and equity:
Accounts payable and other liabilities		866,812	816,719
Debt		1,085,639	1,094,588
Equity		4,131,828	4,213,756
Liabilities and equity		6,084,279	6,125,063
Investments in unconsolidated entities	[1]	953,177	1,009,035
Debt issuance costs		11,800	13,000
Financial Services
Assets:
Cash and cash equivalents		111,109	0
Loans receivable		0	0
Real estate owned		0	0
Investment securities		75,714	0
Investments in partnerships		0	0
Inventories		0	0
Operating properties and equipment		0	0
Other assets		164,782	0
Assets		351,605	0
Liabilities and equity:
Accounts payable and other liabilities		159,271	0
Debt		0	0
Equity		192,334	0
Liabilities and equity		351,605	0
Investments in unconsolidated entities		68,869	0
Multifamily
Assets:
Cash and cash equivalents		94,801	74,726
Loans receivable		0	0
Real estate owned		0	0
Investment securities		0	0
Investments in partnerships		0	0
Inventories		0	0
Operating properties and equipment		5,392,681	4,618,518
Other assets		115,968	66,960
Assets		5,603,450	4,760,204
Liabilities and equity:
Accounts payable and other liabilities		219,522	212,706
Debt		2,519,567	2,113,696
Equity		2,864,361	2,433,802
Liabilities and equity		5,603,450	4,760,204
Investments in unconsolidated entities		724,647	561,190
Debt issuance costs		31,100	26,800
Statement of Operations Years Ended:
Equity in earnings (loss) from unconsolidated entities		21,934	11,294	$ 51,322
Lennar Other
Assets:
Cash and cash equivalents		173,408	122,089
Loans receivable		95,281	690,270
Real estate owned		295,391	282,832
Investment securities		2,093,766	2,404,987
Investments in partnerships		260,721	768,219
Inventories		0	0
Operating properties and equipment		23,968	0
Other assets		1,099,099	204,009
Assets		4,041,634	4,472,406
Liabilities and equity:
Accounts payable and other liabilities		31,113	38,770
Debt		292,313	775,648
Equity		3,718,208	3,657,988
Liabilities and equity		4,041,634	4,472,406
Investments in unconsolidated entities		$ 386,999	$ 403,688
[1]	Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of November 30, 2020, total assets include $1.1 billion related to consolidated VIEs of which $32.1 million is included in Homebuilding cash and cash equivalents, $0.1 million in Homebuilding receivables, net, $14.2 million in Homebuilding finished homes and construction in progress, $486.8 million in Homebuilding land and land under development, $426.3 million in Homebuilding consolidated inventory not owned, $1.6 million in Homebuilding investments in unconsolidated entities, $110.3 million in Homebuilding operating properties and equipment, $10.4 million in Homebuilding other assets and $39.9 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.

Lennar Homebuilding Senior No_3

Lennar Homebuilding Senior Notes And Other Debts Payable (Schedule Of Senior Notes And Other Debts Payable) (Details) - USD ($) $ in Thousands		Nov. 30, 2020	Nov. 30, 2019
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 7,421,583	$ 9,573,696
Homebuilding
Debt Instrument [Line Items]
Senior notes and other debts payable, net	[1]	$ 5,955,758	7,776,638
Interest rate		11.00%
Senior Notes | Homebuilding | 6.25% senior notes due December 2021
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 305,221	310,252
Interest rate		6.25%
Senior Notes | Homebuilding | 4.125% senior notes due 2022
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 598,876	597,885
Interest rate		4.125%
Senior Notes | Homebuilding | 5.375% senior notes due 2022
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 255,342	258,198
Interest rate		5.375%
Senior Notes | Homebuilding | 4.750% senior notes due 2022
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 572,724	571,644
Interest rate		4.75%
Senior Notes | Homebuilding | 4.875% senior notes due December 2023
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 397,347	396,553
Interest rate		4.875%
Senior Notes | Homebuilding | 4.500% senior notes due 2024
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 647,528	646,802
Interest rate		4.50%
Senior Notes | Homebuilding | 5.875% senior notes due 2024
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 443,484	448,158
Interest rate		5.875%
Senior Notes | Homebuilding | 4.750% senior notes due 2025
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 498,002	497,558
Interest rate		4.75%
Senior Notes | Homebuilding | 5.25% senior notes due 2026
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 406,709	407,921
Interest rate		5.25%
Senior Notes | Homebuilding | 5.00% senior notes due 2027
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 352,508	352,892
Interest rate		5.00%
Senior Notes | Homebuilding | 4.75% senior notes due 2027
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 894,760	893,046
Interest rate		4.75%
Senior Notes | Homebuilding | 6.625% senior notes due 2020
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 0	303,668
Interest rate		6.625%
Senior Notes | Homebuilding | 2.95% senior notes due 2020
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 0	299,421
Interest rate		2.95%
Senior Notes | Homebuilding | 8.375% senior notes due 2021
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 0	418,860
Interest rate		8.375%
Senior Notes | Homebuilding | 4.750% senior notes due 2021
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 0	498,893
Interest rate		4.75%
Mortgage notes on land and other debt | Homebuilding
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 583,257	$ 874,887
[1]	As of November 30, 2020, total liabilities include $528.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $28.4 million is included in Homebuilding accounts payable, $351.4 million in Homebuilding liabilities related to consolidated inventory not owned, $129.1 million in Homebuilding senior notes and other debts payable, $9.9 million in Homebuilding other liabilities and $9.8 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 debts payable, $8.9 million in Homebuilding other liabilities, $231.1 million in Financial Services liabilities and $1.4 million in Multifamily liabilities.

Lennar Homebuilding Senior No_4

Lennar Homebuilding Senior Notes And Other Debts Payable (Narrative) (Details) - USD ($)		2 Months Ended	12 Months Ended
		Jan. 22, 2021	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018	Apr. 30, 2019
Debt Instrument [Line Items]
Senior notes and other debts payable, net			$ 7,421,583,000	$ 9,573,696,000
Mortgages notes on land and other debt retired			604,995,000	189,454,000	$ 104,751,000
Homebuilding
Debt Instrument [Line Items]
Senior notes and other debts payable, net	[1]		5,955,758,000	7,776,638,000
Minimum required guarantee of debt by subsidiaries to be a guarantor			$ 75,000,000
Interest rate			11.00%
Weighted average interest rate			4.80%
Homebuilding | Mortgage notes on land and other debt
Debt Instrument [Line Items]
Senior notes and other debts payable, net			$ 583,257,000	874,887,000
Mortgages notes on land and other debt retired			555,600,000	172,500,000
Homebuilding | Senior Notes
Debt Instrument [Line Items]
Debt issuance costs			15,900,000	$ 22,900,000
Homebuilding | Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowings						$ 2,400,000,000
Senior notes and other debts payable, net			0
Homebuilding | Unsecured Revolving Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Maximum borrowings		$ 2,500,000,000
Change in maximum borrowings		100,000,000
Accordion feature		300,000,000
Maximum borrowings after accordion feature		$ 2,800,000,000
Homebuilding | Letters of Credit
Debt Instrument [Line Items]
Maximum borrowings			$ 500,000,000
[1]	As of November 30, 2020, total liabilities include $528.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $28.4 million is included in Homebuilding accounts payable, $351.4 million in Homebuilding liabilities related to consolidated inventory not owned, $129.1 million in Homebuilding senior notes and other debts payable, $9.9 million in Homebuilding other liabilities and $9.8 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 debts payable, $8.9 million in Homebuilding other liabilities, $231.1 million in Financial Services liabilities and $1.4 million in Multifamily liabilities.

Lennar Homebuilding Senior No_5

Lennar Homebuilding Senior Notes And Other Debts Payable (Schedule of Letter of Credit Facilities) (Details) - USD ($) $ in Thousands	Nov. 30, 2020	Nov. 30, 2019
Line of Credit Facility [Line Items]
Letters of credit outstanding	$ 1,000,000
Performance letters of credit
Line of Credit Facility [Line Items]
Letters of credit outstanding	752,096	$ 715,793
Surety bonds
Line of Credit Facility [Line Items]
Letters of credit outstanding	3,087,711	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	$ 1,584,642	$ 1,427,145

Lennar Homebuilding Senior No_6

Lennar Homebuilding Senior Notes And Other Debts Payable (Schedule of Senior and Convertible Senior Notes) (Details) - Homebuilding - USD ($)	1 Months Ended					7 Months Ended
	Nov. 30, 2017	Apr. 30, 2017	Jan. 31, 2017	Nov. 30, 2015	Apr. 30, 2015	Apr. 30, 2013	Nov. 30, 2020	Nov. 30, 2018	Feb. 12, 2018
Debt Instrument [Line Items]
Interest rate							11.00%
Senior Notes | 6.25% senior notes due December 2021
Debt Instrument [Line Items]
Principal Amount									$ 300,000,000
Interest rate							6.25%
Senior Notes | 4.125% senior notes due 2022
Debt Instrument [Line Items]
Principal Amount			$ 600,000,000
Net Proceeds			$ 595,160,000
Price			100.00%
Interest rate							4.125%
Senior Notes | 5.375% senior notes due 2022
Debt Instrument [Line Items]
Principal Amount									250,000,000
Interest rate							5.375%
Senior Notes | 4.750% senior notes due 2022
Debt Instrument [Line Items]
Principal Amount						$ 575,000,000
Net Proceeds						567,585,000
Interest rate							4.75%
Senior Notes | 4.875% senior notes due December 2023
Debt Instrument [Line Items]
Principal Amount				$ 400,000,000
Net Proceeds				$ 393,622,000
Price				99.169%
Interest rate							4.875%
Senior Notes | 4.500% senior notes due 2024
Debt Instrument [Line Items]
Principal Amount		$ 650,000,000
Net Proceeds		$ 644,838,000
Price		100.00%
Interest rate							4.50%
Senior Notes | 5.875% senior notes due 2024
Debt Instrument [Line Items]
Principal Amount									425,000,000
Interest rate							5.875%
Senior Notes | 4.750% senior notes due 2025
Debt Instrument [Line Items]
Principal Amount					$ 500,000,000
Net Proceeds					$ 495,528,000
Price					100.00%
Interest rate							4.75%
Senior Notes | 5.25% senior notes due 2026
Debt Instrument [Line Items]
Principal Amount									400,000,000
Interest rate							5.25%
Senior Notes | 5.00% senior notes due 2027
Debt Instrument [Line Items]
Principal Amount									$ 350,000,000
Interest rate							5.00%
Senior Notes | 4.75% senior notes due 2027
Debt Instrument [Line Items]
Principal Amount								$ 900,000,000
Net Proceeds	$ 894,650,000
Price								100.00%
Interest rate							4.75%
Senior Notes | 4.750% Senior Notes Due 2022, Issued at 100%
Debt Instrument [Line Items]
Principal Amount						$ 350,000,000
Price						100.00%
Senior Notes | 4.750% Senior Notes Due 2022, Issued at 98.073%
Debt Instrument [Line Items]
Principal Amount						$ 175,000,000
Price						98.073%
Senior Notes | 4.750% Senior Notes Due 2022, Issued at 98.250%
Debt Instrument [Line Items]
Principal Amount						$ 50,000,000
Price						98.25%

Lennar Homebuilding Senior No_7

Lennar Homebuilding Senior Notes And Other Debts Payable (Schedule Of Maturities Of Senior Notes And Other Debts Payable) (Details) - Homebuilding $ in Thousands	Nov. 30, 2020USD ($)
Segment Reporting Information [Line Items]
2021	$ 293,177
2022	1,805,848
2023	58,850
2024	1,518,748
2025	583,800
Thereafter	$ 1,672,839

Income Taxes (Component Of Inco

Income Taxes (Component Of Income Taxes Benefit (Provision) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Current:
Federal	$ 428,907	$ 298,701	$ 246,604
State	135,246	53,400	30,530
Current income tax benefit (expense)	564,153	352,101	277,134
Deferred:
Federal	59,065	165,080	189,096
State	33,017	74,992	78,941
Deferred income tax benefit (expense)	92,082	240,072	268,037
Income tax benefit (expense)	$ 656,235	$ 592,173	$ 545,171

Income Taxes (Reconciliation Of

Income Taxes (Reconciliation Of Statutory Rate And Effective Tax Rate) (Details) - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Income Tax Disclosure [Abstract]
Statutory rate	21.00%	21.00%	22.22%
State income taxes, net of federal income tax benefit	4.00%	4.17%	3.81%
Tax credits	(4.46%)	(1.49%)	(1.60%)
Nondeductible compensation	0.57%	0.45%	0.00%
Domestic production activities deduction	0.00%	0.00%	(1.71%)
Tax reserves and interest expense, net	0.00%	(0.03%)	(0.39%)
Deferred tax asset valuation allowance, net	0.00%	(0.02%)	(0.03%)
Accounting method changes	0.00%	0.00%	(1.47%)
Changes in tax law	0.00%	0.00%	3.06%
Other	(0.09%)	0.18%	0.44%
Effective rate	21.02%	24.26%	24.33%
Impairment of deferred tax asset			$ 68.6

Income Taxes (Deferred Income T

Income Taxes (Deferred Income Taxes Assets And Liabilities, Carrying Amount) (Details) - USD ($) $ in Thousands	Nov. 30, 2020	Nov. 30, 2019
Deferred tax assets:
Inventory valuation adjustments	$ 136,868	$ 201,408
Reserves and accruals	161,984	148,477
Net operating loss carryforwards	88,021	108,250
Capitalized expenses	130,910	72,054
Investments in unconsolidated entities	67,405	55,306
Other assets	76,715	84,454
Total deferred tax assets	661,903	669,949
Valuation allowance	(4,411)	(4,341)
Total deferred tax assets after valuation allowance	657,492	665,608
Deferred tax liabilities:
Capitalized expenses	181,729	152,208
Deferred income	240,903	198,503
Other liabilities	47,478	35,432
Total deferred tax liabilities	470,110	386,143
Net deferred tax assets	$ 187,382	$ 279,465

Income Taxes (Net Deferred Tax

Income Taxes (Net Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Nov. 30, 2020	Nov. 30, 2019
Segment Reporting Information [Line Items]
Net deferred tax assets	$ 187,382	$ 279,465
Homebuilding
Segment Reporting Information [Line Items]
Net deferred tax assets	119,467	224,859
Financial Services
Segment Reporting Information [Line Items]
Net deferred tax assets	1,024	17,551
Multifamily
Segment Reporting Information [Line Items]
Net deferred tax assets	38,155	34,291
Lennar Other
Segment Reporting Information [Line Items]
Net deferred tax assets	$ 28,736	$ 2,764

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Operating Loss Carryforwards [Line Items]
Deferred tax assets, valuation allowance	$ 4,411	$ 4,341
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	36,264	39,080
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 51,757	$ 69,170
State | Minimum
Operating Loss Carryforwards [Line Items]
Net operating loss carryforward, term	5 years
State | Maximum
Operating Loss Carryforwards [Line Items]
Net operating loss carryforward, term	20 years

Income Taxes (Summary Of Change

Income Taxes (Summary Of Changes In Gross Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Gross Unrecognized Tax Benefits [Roll Forward]
Gross unrecognized tax benefits, beginning of year	$ 12,856	$ 14,667	$ 12,285
Lapse of statute of limitations	(349)	(1,811)	(2,052)
Decreases due to tax positions taken during prior period	0	0	(2,805)
Decreases due to settlements with tax authorities	(222)	0	(6,493)
Increases due to the CalAtlantic acquisition	0	0	13,510
Increases due to tax positions taken during prior period	0	0	222
Gross unrecognized tax benefits, end of year	12,285	$ 12,856	$ 14,667
Unrecognized tax benefits that would impact effective tax rate if recognized	$ 9,700

Income Taxes (Accrued Interests

Income Taxes (Accrued Interests and Penalties) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Accrued Interests and Penalties [Roll Forward]
Accrued interest and penalties, beginning of the year	$ 55,333	$ 52,942
Accrual of interest and penalties (primarily related to state audits)	2,802	3,029
Reduction of interest and penalties	(371)	(638)
Accrued interest and penalties, end of the year	$ 57,764	$ 55,333

Earnings Per Share (Schedule of

Earnings Per Share (Schedule of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Nov. 30, 2020	Aug. 31, 2020	May 31, 2020	Feb. 29, 2020	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Feb. 28, 2019	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Numerator:
Net earnings attributable to Lennar	$ 882,760	$ 666,418	$ 517,406	$ 398,452	$ 674,304	$ 513,366	$ 421,472	$ 239,910	$ 2,465,036	$ 1,849,052	$ 1,695,831
Less: distributed earnings allocated to nonvested shares									1,658	420	429
Less: undistributed earnings allocated to nonvested shares									26,731	15,722	14,438
Numerator for basic earnings per share									2,436,647	1,832,910	1,680,964
Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan									8,971	4,204	3,320
Plus: interest on convertible senior notes									0	0	80
Plus: undistributed earnings allocated to convertible shares									0	0	2,904
Less: undistributed earnings reallocated to convertible shares									0	0	2,899
Numerator for diluted earnings per share									$ 2,427,676	$ 1,828,706	$ 1,677,729
Denominator:
Denominator for basic earnings per share - weighted average common shares outstanding (in shares)									309,406	318,419	307,968
Effect of dilutive securities:
Share-based payments (in shares)									1	3	48
Convertible senior notes (in shares)									0	0	549
Denominator for diluted earnings per share - weighted average common shares outstanding (in shares)									309,407	318,422	308,565
Basic earnings per share (in USD per share)	$ 2.82	$ 2.13	$ 1.66	$ 1.27	$ 2.13	$ 1.60	$ 1.31	$ 0.74	$ 7.88	$ 5.76	$ 5.46
Diluted earnings per share (in USD per share)	$ 2.82	$ 2.12	$ 1.65	$ 1.27	$ 2.13	$ 1.59	$ 1.30	$ 0.74	$ 7.85	$ 5.74	$ 5.44

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Stock Option Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase outstanding and anti-dilutive shares (in shares)	0	0	0

Financial Instruments and Fai_3

Financial Instruments and Fair Value Disclosure (Carrying Amounts And Estimated Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands	Nov. 30, 2020	Nov. 30, 2019
Level 3 | Financial Services | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans held-for-investment, net	$ 72,626	$ 73,867
Investments held-to-maturity	164,230	166,012
Level 3 | Financial Services | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans held-for-investment, net	70,808	69,708
Investments held-to-maturity	196,047	195,962
Level 3 | Lennar Other | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments held-to-maturity	0	54,117
Level 3 | Lennar Other | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments held-to-maturity	0	56,415
Level 2 | Homebuilding | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	5,955,758	7,776,638
Level 2 | Homebuilding | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	6,581,798	8,144,632
Level 2 | Financial Services | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments held-to-maturity	0	24,277
Notes and other debts payable	1,463,919	1,745,755
Level 2 | Financial Services | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments held-to-maturity	0	24,257
Notes and other debts payable	1,464,850	1,745,782
Level 2 | Multifamily | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	0	36,125
Level 2 | Multifamily | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	0	36,125
Level 2 | Lennar Other | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	1,906	15,178
Level 2 | Lennar Other | 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 Disclosure (Fair Value Measured On Recurring Basis) (Details) - USD ($) $ in Thousands	Nov. 30, 2020	Nov. 30, 2019
Financial Instruments [Line Items]
Investments available-for-sale	$ 53,497	$ 51,938
Residential Portfolio Segment
Financial Instruments [Line Items]
Aggregate principal balance of loans held-for-sale	1,232,548	1,405,511
Aggregate fair value of loans held-for-sale in excess of principal balance	63,969	42,204
Commercial Portfolio Segment
Financial Instruments [Line Items]
Aggregate principal balance of loans held-for-sale	194,362	196,275
Aggregate fair value of loans held-for-sale in excess of principal balance	(774)	949
Financial Services
Financial Instruments [Line Items]
Mortgage servicing rights	2,100	24,700
Investments available-for-sale	0	3,732
Lennar Other
Financial Instruments [Line Items]
Investments available-for-sale	53,497	0
Fair Value, Measurements, Recurring | Financial Services | Level 2 | Residential Portfolio Segment
Financial Instruments [Line Items]
Loans held-for-sale	1,296,517	1,447,715
Fair Value, Measurements, Recurring | Financial Services | Level 3
Financial Instruments [Line Items]
Mortgage servicing rights	2,113	24,679
Fair Value, Measurements, Recurring | Financial Services | Level 3 | Commercial Portfolio Segment
Financial Instruments [Line Items]
Loans held-for-sale	193,588	197,224
Fair Value, Measurements, Recurring | Lennar Other | Level 3
Financial Instruments [Line Items]
Investments available-for-sale	$ 53,497	$ 0

Financial Instruments and Fai_5

Financial Instruments and Fair Value Disclosure (Narrative) (Details) - Financial Services - Mortgage servicing rights - Level 3	Nov. 30, 2020
Mortgage prepayment rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage servicing rights, key assumptions	0.18
Discount rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage servicing rights, key assumptions	0.04
Delinquency rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage servicing rights, key assumptions	0.12

Financial Instruments and Fai_6

Financial Instruments and Fair Value Disclosure (Schedule Of Gains And Losses Of Financial Instruments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Debt and Equity Securities, FV-NI [Line Items]
Changes in fair value included in other comprehensive income	$ (851)	$ 1,040	$ (1,634)
Fair Value, Measurements, Recurring | Loans held-for-sale | Financial Services
Debt and Equity Securities, FV-NI [Line Items]
Changes in fair value included in revenue	21,765	4,891	8,621
Fair Value, Measurements, Recurring | Mortgage loan commitments | Financial Services
Debt and Equity Securities, FV-NI [Line Items]
Changes in fair value included in revenue	12,774	(85)	6,500
Fair Value, Measurements, Recurring | Forward contracts | Financial Services
Debt and Equity Securities, FV-NI [Line Items]
Changes in fair value included in revenue	(9,805)	6,504	(12,041)
Fair Value, Measurements, Recurring | Investments available-for-sale | Financial Services
Debt and Equity Securities, FV-NI [Line Items]
Changes in fair value included in other comprehensive income	(46)	1,040	(1,634)
Fair Value, Measurements, Recurring | Investments available-for-sale | Lennar Other
Debt and Equity Securities, FV-NI [Line Items]
Changes in fair value included in other comprehensive income	$ (805)	$ 0	$ 0

Financial Instruments and Fai_7

Financial Instruments and Fair Value Disclosure (Reconciliation of Beginning and Ending Balance of the Company's Level 3 Recurring Fair Value Measurements (Details) - Financial Services - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Mortgage servicing rights
Fair Value Assets Measures on Recurring Basis, Unobservable Inputs [Roll Forward]
Beginning of year	$ 24,679	$ 37,206
Purchases/loan originations	2,378	3,417
Sales/loan originations sold, including those not settled	0	0
Disposals/settlements	(10,322)	(5,326)
Changes in fair value	(14,622)	(10,618)
Interest and principal paydowns	0	0
End of year	2,113	24,679
Loans held-for-sale
Fair Value Assets Measures on Recurring Basis, Unobservable Inputs [Roll Forward]
Beginning of year	197,224	61,691
Purchases/loan originations	703,777	1,593,655
Sales/loan originations sold, including those not settled	(705,089)	(1,447,818)
Disposals/settlements	0	(9,920)
Changes in fair value	(25)	430
Interest and principal paydowns	(2,299)	(814)
End of year	193,588	$ 197,224
Mortgage servicing rights, servicing portfolio
Fair Value Assets Measures on Recurring Basis, Unobservable Inputs [Roll Forward]
Disposals/settlements	$ (7,500)

Financial Instruments and Fai_8

Financial Instruments and Fair Value Disclosure (Fair Value Assets Measured On Nonrecurring Basis) (Details) - Fair Value, Measurements, Nonrecurring - Level 3 - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Homebuilding
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Finished homes and construction in progress, carrying value	$ 176,637	$ 218,942	$ 4,019
Finished homes and construction in progress, fair value	148,684	205,201	3,473
Finished homes and construction in progress, total gains and losses	(27,953)	(13,741)	(546)
Land and land under development, carrying value	182,227	121,564	96,093
Land and land under development, fair value	92,355	82,816	62,850
Land and land under development, total gains (losses)	(89,872)	(38,748)	(33,243)
Other assets, carrying value	0	60,363	0
Other assets, fair value	0	56,727	0
Other assets, total gains (loss)	0	(3,636)	0
Lennar Other
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
REO - held-for-sale upon management periodic valuations, carrying value	0	0	58,721
REO - held-for-sale upon management periodic valuations, fair value	0	0	25,632
REO - held-for-sale upon management periodic valuations, total gains (losses)	$ 0	$ 0	$ (33,089)

Variable Interest Entities (Nar

Variable Interest Entities (Narrative) (Details) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Jan. 31, 2019	May 31, 2020	Nov. 30, 2020USD ($)entity	Nov. 30, 2019USD ($)	Nov. 30, 2018USD ($)
Variable Interest Entity [Line Items]
Gain on deconsolidation			$ 61,418	$ 0	$ 0
Letters of credit outstanding			1,000,000
Variable Interest Entity, Not Primary Beneficiary Including Third Parties
Variable Interest Entity [Line Items]
Increase in consolidated inventory not owned			523,400
Non-refundable option deposits and pre-acquisition costs			414,200	320,500
Letters of Credit | Variable Interest Entity, Not Primary Beneficiary Including Third Parties
Variable Interest Entity [Line Items]
Letters of credit outstanding			$ 87,500	75,000
Homebuilding | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Number of entities consolidated during period | entity			1
VIE assets consolidated during period			$ 140,000
VIE liabilities consolidated during period			$ 51,200
Multifamily | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Number of entities consolidated during period | entity			1
VIE assets consolidated during period			$ 49,400
VIE liabilities consolidated during period			$ 900
Number of entities deconsolidated during period | entity			2
VIE assets deconsolidated during period			$ 37,200
Financial Services
Variable Interest Entity [Line Items]
Gain on deconsolidation			$ 61,418	$ 0	$ 0
Financial Services | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Number of entities deconsolidated during period | entity			1
VIE assets deconsolidated during period			$ 291,200
VIE liabilities deconsolidated during period			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%
Financial Services | Variable Interest Entity, Not Primary Beneficiary
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
Discount rate | Valuation Technique, Discounted Cash Flow | Minimum | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Measurement input			0.16
Discount rate | Financial Services | Valuation Technique, Discounted Cash Flow | Maximum | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
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	Nov. 30, 2020	Nov. 30, 2019
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	$ 949,447	$ 840,851
Lennar's Maximum Exposure to Loss	1,101,506	1,076,663
Homebuilding
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	89,654	80,939
Lennar's Maximum Exposure to Loss	89,828	81,118
Multifamily
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	619,540	533,018
Lennar's Maximum Exposure to Loss	717,271	768,651
Multifamily | Equity Commitments
Variable Interest Entity [Line Items]
Obligations related to VIEs	88,100	224,200
Financial Services
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	233,099	166,012
Lennar's Maximum Exposure to Loss	287,253	166,012
Lennar Other
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	7,154	60,882
Lennar's Maximum Exposure to Loss	$ 7,154	$ 60,882

Commitments And Contingent Li_3

Commitments And Contingent Liabilities (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Other Commitments [Line Items]
Non-refundable option deposits and pre-acquisition costs	$ 414,200
Rental Expense	82,100	$ 92,200
Rental expense			$ 98,400
Payments on lease liabilities	48,800
Letters of credit outstanding	1,000,000
Costs to Complete Related to Site Improvements
Other Commitments [Line Items]
Costs to complete related to site improvements	$ 1,600,000
Costs to complete related to site improvements as a percent	51.00%
Surety bonds
Other Commitments [Line Items]
Outstanding surety bonds	$ 3,100,000

Commitment and Contingencies (A

Commitment and Contingencies (Additional Information about Leases) (Details) $ in Thousands	Nov. 30, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Right-of-use assets	$ 113,390
Operating lease liability	$ 122,836
Operating Lease, Weighted Average Remaining Lease Term	2 years 7 months 6 days
Lessee, Operating Lease, Discount Rate	3.10%

Commitments And Contingent Li_4

Commitments And Contingent Liabilities (Future Minimum Payments Under Noncancellable Leases) (Details) $ in Thousands	Nov. 30, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months	$ 33,616
Lessee, Operating Lease, Liability, Payments, Due Year Two	27,525
Lessee, Operating Lease, Liability, Payments, Due Year Three	21,601
Lessee, Operating Lease, Liability, Payments, Due Year Four	15,982
Lessee, Operating Lease, Liability, Payments, Due after Year Four	34,775
Lessee, Operating Lease, Liability, Payments, Due	133,499
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	10,663
Operating lease liability	122,836
Variable lease costs	16,100
Short-term lease costs	$ 2,600
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilities

Quarterly Data (unaudited) (Sch

Quarterly Data (unaudited) (Schedule Of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Nov. 30, 2020	Aug. 31, 2020	May 31, 2020	Feb. 29, 2020	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Feb. 28, 2019	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 6,825,890	$ 5,870,254	$ 5,287,373	$ 4,505,337	$ 6,971,531	$ 5,857,058	$ 5,562,890	$ 3,868,082	$ 22,488,854	$ 22,259,561	$ 20,571,631
Gross profit from sales of homes	1,574,242	1,262,550	1,062,310	848,988	1,385,859	1,085,633	1,038,587	726,079
Earnings (loss) before income taxes	1,164,646	859,013	676,577	423,552	888,686	667,083	559,399	319,124	3,123,788	2,434,292	2,262,684
Net earnings attributable to Lennar	$ 882,760	$ 666,418	$ 517,406	$ 398,452	$ 674,304	$ 513,366	$ 421,472	$ 239,910	$ 2,465,036	$ 1,849,052	$ 1,695,831
Earnings per share:
Basic (in USD per share)	$ 2.82	$ 2.13	$ 1.66	$ 1.27	$ 2.13	$ 1.60	$ 1.31	$ 0.74	$ 7.88	$ 5.76	$ 5.46
Diluted (in USD per share)	$ 2.82	$ 2.12	$ 1.65	$ 1.27	$ 2.13	$ 1.59	$ 1.30	$ 0.74	$ 7.85	$ 5.74	$ 5.44

Schedule II-Valuation And Qua_2

Schedule II-Valuation And Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Allowances for doubtful accounts and notes and other receivables
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	$ 3,379	$ 2,793	$ 2,849
Additions, Charged to costs and expenses	661	1,404	246
Additions, Charged (credited) to other accounts	(568)	(344)	(156)
Deductions	(1,078)	(474)	(146)
Ending balance	2,394	3,379	2,793
Allowance for loan losses and loans receivable
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	4,122	6,154	3,192
Additions, Charged to costs and expenses	795	485	2,177
Additions, Charged (credited) to other accounts	17	0	3,890
Deductions	(922)	(2,517)	(3,105)
Ending balance	4,012	4,122	6,154
Allowance against net deferred tax assets
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	4,341	7,219	6,423
Additions, Charged to costs and expenses	70	0	796
Additions, Charged (credited) to other accounts	0	0	0
Deductions	0	(2,878)	0
Ending balance	$ 4,411	$ 4,341	$ 7,219