Lennar (LEN) 10-Q 1 Apr 21 2021 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	3 Months Ended
	Feb. 28, 2021shares
Class of Stock [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Feb. 28, 2021
Document Transition Report	false
Entity File Number	1-11749
Entity Registrant Name	LENNAR CORP /NEW/
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-4337490
Entity Address, Address Line One	700 Northwest 107th Avenue
Entity Address, City or Town	Miami
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33172
City Area Code	305
Local Phone Number	559-4000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Current Fiscal Year End Date	--11-30
Entity Shell Company	false
Entity Central Index Key	0000920760
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A Common Stock
Class of Stock [Line Items]
Title of 12(b) Security	Class A Common Stock, par value $.10
Trading Symbol	LEN
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding	275,760,461
Class B Common Stock
Class of Stock [Line Items]
Title of 12(b) Security	Class B Common Stock, par value $.10
Trading Symbol	LEN.B
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding	37,621,152

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Feb. 28, 2021	Nov. 30, 2020
ASSETS
Cash and cash equivalents		$ 2,568,799	$ 2,863,038
Restricted cash		26,399	69,692
Receivables, net		892,460	938,079
Inventories:
Total inventories		17,982,473	17,175,148
Investments in unconsolidated entities		2,097,934	2,064,921
Goodwill		3,632,058	3,632,058
Other assets		1,315,791	1,343,012
Total assets	[1]	30,551,980	29,935,177
LIABILITIES AND EQUITY
Senior notes and other debts payable, net		6,941,144	7,421,583
Total liabilities	[2]	11,534,529	11,835,776
Stockholders' equity:
Preferred stock	[2]	0	0
Additional paid-in capital	[2]	8,724,192	8,676,056
Retained earnings	[2]	11,488,520	10,564,994
Treasury stock, at cost; February 28, 2021 - 24,711,432 shares of Class A common stock and 1,822,016 shares of Class B common stock; November 30, 2020 - 23,864,589 shares of Class A common stock and 1,822,016 shares of Class B common stock	[2]	(1,348,710)	(1,279,227)
Accumulated other comprehensive loss	[2]	(1,747)	(805)
Total stockholders’ equity	[2]	18,896,246	17,994,856
Noncontrolling interests	[2]	121,205	104,545
Total equity	[2]	19,017,451	18,099,401
Total liabilities and equity	[2]	30,551,980	29,935,177
Class A Common Stock
Stockholders' equity:
Common stock	[2]	30,047	29,894
Class B Common Stock
Stockholders' equity:
Common stock	[2]	3,944	3,944
Homebuilding
ASSETS
Cash and cash equivalents	[1]	2,421,411	2,703,986
Restricted cash	[1]	17,878	15,211
Receivables, net	[1]	300,134	298,671
Inventories:
Finished homes and construction in progress	[1]	9,320,283	8,593,399
Land and land under development	[1]	7,564,900	7,495,262
Consolidated inventory not owned	[1]	807,759	836,567
Total inventories	[1]	17,692,942	16,925,228
Investments in unconsolidated entities		1,077,353	953,177	[1]
Goodwill	[1]	3,442,359	3,442,359
Other assets		1,162,564	1,190,793	[1]
Total assets	[1]	26,114,641	25,529,425
LIABILITIES AND EQUITY
Accounts payable		1,037,266	1,037,338	[2]
Liabilities related to consolidated inventory not owned		671,235	706,691	[2]
Senior notes and other debts payable, net	[2]	5,976,168	5,955,758
Other liabilities	[2]	2,459,332	2,225,864
Total liabilities	[2]	10,144,001	9,925,651
Financial Services
ASSETS
Cash and cash equivalents		117,856	116,171
Restricted cash		8,521	54,481
Receivables, net		495,484	552,779
Inventories:
Total inventories		0	0
Investments in unconsolidated entities		0	0
Goodwill		189,699	189,699
Other assets		78,128	68,027
Total assets	[1]	2,217,551	2,708,118
LIABILITIES AND EQUITY
Senior notes and other debts payable, net		963,070	1,463,919
Total liabilities	[2]	1,113,083	1,644,248
Multifamily
ASSETS
Cash and cash equivalents		25,644	38,963
Restricted cash		0	0
Receivables, net		96,842	86,629
Inventories:
Total inventories		289,531	249,920
Investments in unconsolidated entities		704,964	724,647
Goodwill		0	0
Other assets		66,739	75,749
Total assets	[1]	1,183,720	1,175,908
LIABILITIES AND EQUITY
Senior notes and other debts payable, net		0	0
Total liabilities	[2]	235,651	252,911
Lennar Other
ASSETS
Cash and cash equivalents		3,888	3,918
Restricted cash		0	0
Receivables, net		0	0
Inventories:
Total inventories		0	0
Investments in unconsolidated entities		315,617	387,097
Goodwill		0	0
Other assets		8,360	8,443
Total assets	[1]	1,036,068	521,726
LIABILITIES AND EQUITY
Senior notes and other debts payable, net		1,906	1,906
Total liabilities	[2]	$ 41,794	$ 12,966
[1]	Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations ("ASC 810"), the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations. As of February 28, 2021, total assets include $1.0 billion related to consolidated VIEs of which $39.8 million is included in Homebuilding cash and cash equivalents, $14.2 million in Homebuilding finished homes and construction in progress, $516.9 million in Homebuilding land and land under development, $288.6 million in Homebuilding consolidated inventory not owned, $1.7 million in Homebuilding investments in unconsolidated entities, $145.8 million in Homebuilding other assets and $17.8 million in Multifamily assets. 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, $120.6 million in Homebuilding other assets and $39.9 million in Multifamily assets.
[2]	Under certain provisions of ASC 810, the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated VIEs and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations. As of February 28, 2021, total liabilities include $417.3 million related to consolidated VIEs as to which there was no recourse against the Company, of which $33.4 million is included in Homebuilding accounts payable, $227.2 million in Homebuilding liabilities related to consolidated inventory not owned, $146.6 million in Homebuilding senior notes and other debts payable, $9.9 million in Homebuilding other liabilities and $0.2 million in Multifamily liabilities. 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 debt payable, $9.9 million in Homebuilding other liabilities and $9.8 million in Multifamily liabilities.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands		Feb. 28, 2021	Nov. 30, 2020
Total assets	[1]	$ 30,551,980	$ 29,935,177
Cash and cash equivalents		2,568,799	2,863,038
Receivables, net		892,460	938,079
Investments in unconsolidated entities		2,097,934	2,064,921
Other assets		1,315,791	1,343,012
Total liabilities	[2]	11,534,529	11,835,776
Senior notes and other debts payable, net		$ 6,941,144	$ 7,421,583
Class A Common Stock
Common stock, par value (in dollars per share)		$ 0.10	$ 0.10
Common stock, shares authorized		400,000,000	400,000,000
Common stock, shares issued		300,471,893	298,942,836
Treasury stock, shares		24,711,432	23,864,589
Class B Common Stock
Common stock, par value (in dollars per share)		$ 0.10	$ 0.10
Common stock, shares authorized		90,000,000	90,000,000
Common stock, shares issued		39,443,168	39,443,168
Treasury stock, shares		1,822,016	1,822,016
Homebuilding
Total assets	[1]	$ 26,114,641	$ 25,529,425
Cash and cash equivalents	[1]	2,421,411	2,703,986
Receivables, net	[1]	300,134	298,671
Finished homes and construction in progress	[1]	9,320,283	8,593,399
Land and land under development	[1]	7,564,900	7,495,262
Consolidated inventory not owned	[1]	807,759	836,567
Investments in unconsolidated entities		1,077,353	953,177	[1]
Other assets		1,162,564	1,190,793	[1]
Total liabilities	[2]	10,144,001	9,925,651
Accounts payable		1,037,266	1,037,338	[2]
Liabilities related to consolidated inventory not owned		671,235	706,691	[2]
Senior notes and other debts payable, net	[2]	5,976,168	5,955,758
Other liabilities	[2]	2,459,332	2,225,864
Multifamily
Total assets	[1]	1,183,720	1,175,908
Cash and cash equivalents		25,644	38,963
Receivables, net		96,842	86,629
Investments in unconsolidated entities		704,964	724,647
Other assets		66,739	75,749
Total liabilities	[2]	235,651	252,911
Senior notes and other debts payable, net		0	0
Variable Interest Entity, Primary Beneficiary
Total assets		1,000,000	1,100,000
Total liabilities		417,300	528,500
Variable Interest Entity, Primary Beneficiary | Homebuilding
Cash and cash equivalents		39,800	32,100
Receivables, net			100
Finished homes and construction in progress		14,200	14,200
Land and land under development		516,900	486,800
Consolidated inventory not owned		288,600	426,300
Investments in unconsolidated entities		1,700	1,600
Other assets		145,800	120,600
Accounts payable		33,400	28,400
Liabilities related to consolidated inventory not owned		227,200	351,400
Senior notes and other debts payable, net	[2]	146,600	129,100
Other liabilities		9,900	9,900
Variable Interest Entity, Primary Beneficiary | Multifamily
Total assets		17,800	39,900
Total liabilities		$ 200	$ 9,800
[1]	Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations ("ASC 810"), the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations. As of February 28, 2021, total assets include $1.0 billion related to consolidated VIEs of which $39.8 million is included in Homebuilding cash and cash equivalents, $14.2 million in Homebuilding finished homes and construction in progress, $516.9 million in Homebuilding land and land under development, $288.6 million in Homebuilding consolidated inventory not owned, $1.7 million in Homebuilding investments in unconsolidated entities, $145.8 million in Homebuilding other assets and $17.8 million in Multifamily assets. 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, $120.6 million in Homebuilding other assets and $39.9 million in Multifamily assets.
[2]	Under certain provisions of ASC 810, the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated VIEs and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations. As of February 28, 2021, total liabilities include $417.3 million related to consolidated VIEs as to which there was no recourse against the Company, of which $33.4 million is included in Homebuilding accounts payable, $227.2 million in Homebuilding liabilities related to consolidated inventory not owned, $146.6 million in Homebuilding senior notes and other debts payable, $9.9 million in Homebuilding other liabilities and $0.2 million in Multifamily liabilities. 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 debt payable, $9.9 million in Homebuilding other liabilities and $9.8 million in Multifamily liabilities.

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Revenues:
Revenues	$ 5,325,468	$ 4,505,337
Cost and expenses:
Corporate general and administrative	110,531	82,634
Charitable foundation contribution	12,314	4,213
Total costs and expenses	4,474,294	4,075,919
Equity in loss from unconsolidated entities	(7,897)	(2,572)
Earnings (loss) before income taxes	1,327,014	423,552
Provision for income taxes	(310,105)	(32,329)
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	1,016,909	391,223
Less: Net earnings (loss) attributable to noncontrolling interests	15,540	(7,229)
Net earnings attributable to Lennar	1,001,369	398,452
Other comprehensive loss, net of tax:
Net unrealized loss on securities available-for-sale	(942)	(46)
Total other comprehensive loss, net of tax	(942)	(46)
Total comprehensive income attributable to Lennar	1,000,427	398,406
Total comprehensive income (loss) attributable to noncontrolling interests	$ 15,540	$ (7,229)
Basic earnings per share (in dollars per share)	$ 3.20	$ 1.27
Diluted earnings per share (in dollars per share)	$ 3.20	$ 1.27
Homebuilding
Revenues:
Revenues	$ 4,943,056	$ 4,172,116
Operating Segments | Homebuilding
Revenues:
Revenues	4,943,056	4,172,116
Cost and expenses:
Cost and expenses	4,118,286	3,697,806
Corporate general and administrative	0	0
Charitable foundation contribution	0	0
Equity in loss from unconsolidated entities	(4,565)	(4,546)
Homebuilding other income (expense), net	12,975	(9,366)
Earnings (loss) before income taxes	833,180	460,398
Operating Segments | Financial Services
Revenues:
Revenues	244,069	198,661
Cost and expenses:
Cost and expenses	97,862	151,344
Corporate general and administrative	0	0
Charitable foundation contribution	0	0
Earnings (loss) before income taxes	146,207	47,317
Operating Segments | Multifamily
Revenues:
Revenues	131,443	132,617
Cost and expenses:
Cost and expenses	131,049	137,348
Corporate general and administrative	0	0
Charitable foundation contribution	0	0
Multifamily equity in earnings (loss) from unconsolidated entities and other gain	(1,268)	6,516
Earnings (loss) before income taxes	(874)	1,785
Operating Segments | Lennar Other
Revenues:
Revenues	6,900	1,943
Cost and expenses:
Cost and expenses	4,252	2,574
Corporate general and administrative	0	0
Charitable foundation contribution	0	0
Lennar Other unrealized gain	469,745	0
Lennar Other equity in earnings (loss) from unconsolidated entities and other income (expense), net	(1,047)	1,530
Earnings (loss) before income taxes	471,346	899
Corporate and Unallocated
Revenues:
Revenues	0	0
Cost and expenses:
Corporate general and administrative	110,531	82,634
Charitable foundation contribution	12,314	4,213
Earnings (loss) before income taxes	$ (122,845)	$ (86,847)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands		3 Months Ended
		Feb. 28, 2021	Feb. 29, 2020	Feb. 28, 2021	Nov. 30, 2020
Cash flows from operating activities:
Net earnings (including net earnings (loss) attributable to noncontrolling interests)		$ 1,016,909	$ 391,223
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		22,325	20,414
Amortization of discount/premium and accretion on debt, net		(2,361)	(6,943)
Equity in loss from unconsolidated entities		7,897	2,572
Distributions of earnings from unconsolidated entities		4,234	36,922
Share-based compensation expense		48,818	31,855
Deferred income tax expense		114,917	57,006
Loans held-for-sale unrealized loss		35,021	7,493
Gain on sale of other assets, operating properties and equipment and real estate owned		(1,167)	(2,910)
Valuation adjustments and write-offs of option deposits and pre-acquisition costs		635	24,515
Changes in assets and liabilities:
Decrease in receivables		45,649	245,694
Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs		(862,120)	(777,012)
Increase in other assets		(100,486)	(121,506)
Decrease in loans held-for-sale		360,582	466,750
Increase in accounts payable and other liabilities		183,584	11,564
Net cash provided by operating activities		385,508	382,976
Cash flows from investing activities:
Net additions of operating properties and equipment		(9,245)	(17,909)
Proceeds from the sales of operating properties and equipment and other assets		32,002	13,067
Investments in and contributions to unconsolidated entities		(224,112)	(78,607)
Distributions of capital from unconsolidated entities		83,241	86,324
Proceeds from sale of commercial mortgage-backed securities bonds		11,307	3,248
Decrease in Financial Services loans held-for-investment, net		3,777	2,733
Purchases of investment securities		0	(8,107)
Proceeds from maturities/sales of investment securities		8,994	10,753
Other receipts, net		684	1,677
Net cash (used in) provided by investing activities		(93,352)	13,179
Cash flows from financing activities:
Principal payments on notes payable and other borrowings		(55,350)	(93,250)
Proceeds from liabilities related to consolidated inventory not owned		67,432	0
Proceeds from other borrowings		8,903	27,577
Payments related to other liabilities		0	(5,480)
Receipts related to noncontrolling interests		8,896	88,913
Payments related to noncontrolling interests		(11,397)	(16,734)
Common stock:
Repurchases		(69,480)	(295,988)
Dividends		(77,843)	(39,240)
Net cash used in financing activities		(629,688)	(789,804)
Net decrease in cash and cash equivalents and restricted cash		(337,532)	(393,649)
Cash and cash equivalents and restricted cash at beginning of period		2,932,730	1,468,691
Cash and cash equivalents and restricted cash at end of period		2,595,198	1,075,042
Cash and cash equivalents				$ 2,568,799	$ 2,863,038
Restricted cash				26,399	69,692
Total cash and cash equivalents and restricted cash		2,595,198	1,075,042	2,595,198	2,932,730
Homebuilding
Common stock:
Cash and cash equivalents	[1]			2,421,411	2,703,986
Restricted cash	[1]			17,878	15,211
Financial Services
Common stock:
Cash and cash equivalents				117,856	116,171
Restricted cash				8,521	54,481
Multifamily
Common stock:
Cash and cash equivalents				25,644	38,963
Restricted cash				0	0
Lennar Other
Common stock:
Cash and cash equivalents				3,888	3,918
Restricted cash				0	0
Operating Segments
Common stock:
Cash and cash equivalents and restricted cash at end of period		2,595,198	1,075,042
Total cash and cash equivalents and restricted cash		2,595,198	1,075,042	2,595,198
Operating Segments | Homebuilding
Adjustments to reconcile net earnings to net cash provided by operating activities:
Equity in loss from unconsolidated entities		4,565	4,546
Common stock:
Cash and cash equivalents				2,421,411
Restricted cash				17,878	8,666
Operating Segments | Financial Services
Common stock:
Cash and cash equivalents				117,856
Restricted cash				8,521	$ 13,894
Operating Segments | Multifamily
Adjustments to reconcile net earnings to net cash provided by operating activities:
Gain on sale of interest in unconsolidated entity and other Multifamily gain		(19,184)	(4,661)
Common stock:
Cash and cash equivalents				25,644
Operating Segments | Lennar Other
Adjustments to reconcile net earnings to net cash provided by operating activities:
Lennar Other unrealized gain		(469,745)	0
Common stock:
Cash and cash equivalents				$ 3,888
Operating Segments | Lennar Homebuilding and Lennar Multifamily
Homebuilding and Multifamily:
Purchases of inventories and other assets financed by sellers		68,978	75,365
Non-cash contributions to unconsolidated entities		0	13,859
Unsecured Revolving Credit Facility
Cash flows from financing activities:
Net borrowings (repayments) under credit facilities		0	300,000
Warehouse Repurchase Facility
Cash flows from financing activities:
Net borrowings (repayments) under credit facilities		$ (500,849)	$ (755,602)
[1]	Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations ("ASC 810"), the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations. As of February 28, 2021, total assets include $1.0 billion related to consolidated VIEs of which $39.8 million is included in Homebuilding cash and cash equivalents, $14.2 million in Homebuilding finished homes and construction in progress, $516.9 million in Homebuilding land and land under development, $288.6 million in Homebuilding consolidated inventory not owned, $1.7 million in Homebuilding investments in unconsolidated entities, $145.8 million in Homebuilding other assets and $17.8 million in Multifamily assets. 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, $120.6 million in Homebuilding other assets and $39.9 million in Multifamily assets.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Feb. 28, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Basis of Consolidation The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended November 30, 2020. The basis of consolidation is unchanged from the disclosure in the Company's Notes to Consolidated Financial Statements section in its Form 10-K for the year ended November 30, 2020. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the accompanying condensed consolidated financial statements have been made. The Company has historically experienced, and expects to continue to experience, variability in quarterly results. The condensed consolidated statements of operations for the three months ended February 28, 2021 are not necessarily indicative of the results to be expected for the full year. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Cash and Cash Equivalents Homebuilding cash and cash equivalents as of February 28, 2021 and November 30, 2020 included $752.5 million and $314.3 million , respectively, of cash held in escrow for approximately three days. Share-based Payments During the three months ended February 28, 2021 and February 29, 2020, the Company granted employees 1.4 million and 0.9 million nonvested shares, respectively. Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("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 requires immediate recognition of estimated credit losses expected to occur over the remaining life of many financial assets, which generally results in earlier recognition of allowances for credit losses on loans and other financial instruments. ASU 2016-13 was effective for the Company's fiscal year beginning December 1, 2020. The adoption of ASU 2016-13 did not have a material impact on the Company's condensed consolidated financial statements. 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 was effective for the Company’s fiscal year beginning December 1, 2020. The impact of the adoption of ASU 2017-04 did not have a material impact on the Company's consolidated financial statements. New Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 will be effective for the Company’s fiscal year beginning December 1, 2022. The Company is currently evaluating the impact the adoption of ASU 2019-12 will have on the Company's condensed consolidated financial statements. Reclassifications Certain prior year amounts in the condensed consolidated financial statements have been reclassified to conform with the 2021 presentation. The Company reclassed the balance of its investment in Doma, formerly States Title, to which the Company sold the majority of the Financial Services segment's retail title agency business and title insurance underwriter in the first

Operating and Reporting Segment

Operating and Reporting Segments	3 Months Ended
	Feb. 28, 2021
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: Homebuilding segments: (1) East (2) Central (3) Texas (4) West (5) Financial Services (6) Multifamily (7) Lennar Other The assets and liabilities related to the Company’s segments were as follows: (In thousands) February 28, 2021 Assets: Homebuilding Financial Multifamily Lennar Total Cash and cash equivalents $ 2,421,411 117,856 25,644 3,888 2,568,799 Restricted cash 17,878 8,521 — — 26,399 Receivables, net (1) 300,134 495,484 96,842 — 892,460 Inventories 17,692,942 — 289,531 — 17,982,473 Loans held-for-sale (2) — 1,094,600 — — 1,094,600 Investments in equity securities (3) — — — 666,956 666,956 Investments available-for-sale (4) — — — 41,247 41,247 Loans held-for-investment, net — 69,973 — — 69,973 Investments held-to-maturity — 163,290 — — 163,290 Investments in unconsolidated entities 1,077,353 — 704,964 315,617 2,097,934 Goodwill 3,442,359 189,699 — — 3,632,058 Other assets 1,162,564 78,128 66,739 8,360 1,315,791 $ 26,114,641 2,217,551 1,183,720 1,036,068 30,551,980 Liabilities: Notes and other debts payable, net $ 5,976,168 963,070 — 1,906 6,941,144 Other liabilities 4,167,833 150,013 235,651 39,888 4,593,385 $ 10,144,001 1,113,083 235,651 41,794 11,534,529 (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 Investments in equity securities (3) — — — 68,771 68,771 Investments available-for-sale (4) — — — 53,497 53,497 Loans held-for-investment, net — 72,626 — — 72,626 Investments held-to-maturity — 164,230 — — 164,230 Investments in unconsolidated entities 953,177 — 724,647 387,097 2,064,921 Goodwill 3,442,359 189,699 — — 3,632,058 Other assets 1,190,793 68,027 75,749 8,443 1,343,012 $ 25,529,425 2,708,118 1,175,908 521,726 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 (1) Receivables, net for Financial Services primarily related to loans sold to investors for which the Company had not yet been paid as of February 28, 2021 and November 30, 2020, respectively. (2) Loans held-for-sale related to unsold residential and commercial loans carried at fair value. (3) Investments in equity securities include investments of $85.1 million and $61.6 million without readily available fair values as of February 28, 2021 and November 30, 2020, respectively. (4) Investments available-for-sale are carried at fair value with changes in fair value recorded as a component of accumulated other comprehensive income (loss) on the condensed consolidated balance sheet. Financial information relating to the Company’s segments was as follows: Three Months Ended February 28, 2021 (In thousands) Homebuilding Financial Services Multifamily Lennar Other Corporate and Total Revenues $ 4,943,056 244,069 131,443 6,900 — 5,325,468 Operating earnings (loss) 833,180 146,207 (874) 471,346 — 1,449,859 Corporate general and administrative expenses — — — — 110,531 110,531 Charitable foundation contribution — — — — 12,314 12,314 Earnings (loss) before income taxes 833,180 146,207 (874) 471,346 (122,845) 1,327,014 Three Months Ended February 29, 2020 Revenues $ 4,172,116 198,661 132,617 1,943 — 4,505,337 Operating earnings 460,398 47,317 1,785 899 — 510,399 Corporate general and administrative expenses — — — — 82,634 82,634 Charitable foundation contribution — — — — 4,213 4,213 Earnings before income taxes 460,398 47,317 1,785 899 (86,847) 423,552 Homebuilding Segments Information about homebuilding activities in states which are not economically similar to other states in the same geographic area is grouped under "Homebuilding Other," which is not considered a reportable segment. Evaluation of segment performance is based primarily on operating earnings (loss) before income taxes. Operations of the Company’s Homebuilding segments primarily include the construction and sale of single-family attached and detached homes as well as the purchase, development and sale of residential land directly and through the Company’s unconsolidated entities. Operating earnings (loss) for the Homebuilding segments consist of revenues generated from the sales of homes and land, other revenues from management fees and forfeited deposits, equity in earnings (loss) from unconsolidated entities and other income (expense), net, less the cost of homes sold and land sold, and selling, general and administrative expenses incurred by the segment. The Company’s reportable Homebuilding segments and all other homebuilding operations not required to be reported separately have homebuilding divisions located in: East: Florida, New Jersey, Pennsylvania and South Carolina Central: Georgia, Illinois, Indiana, Maryland, Minnesota, North Carolina and Virginia Texas: Texas West: Arizona, California, Colorado, Idaho, Nevada, Oregon, Utah and Washington Other: Urban divisions and other homebuilding related investments primarily in California, including FivePoint Holdings, LLC ("FivePoint") The assets related to the Company’s homebuilding segments were as follows: (In thousands) East Central Texas West Other Corporate and Unallocated Total Homebuilding February 28, 2021 $ 5,540,055 3,561,065 2,353,652 11,101,983 1,314,990 2,242,896 26,114,641 November 30, 2020 5,308,114 3,438,600 2,150,916 10,504,374 1,301,618 2,825,803 25,529,425 Financial information relating to the Company’s homebuilding segments was as follows: Three Months Ended February 28, 2021 (In thousands) East Central Texas West Other Total Homebuilding Revenues $ 1,355,942 928,442 644,078 2,009,579 5,015 4,943,056 Operating earnings (loss) 262,083 132,023 129,643 321,706 (12,275) 833,180 Three Months Ended February 29, 2020 Revenues $ 1,152,332 789,510 473,228 1,748,769 8,277 4,172,116 Operating earnings (loss) 148,754 55,723 53,073 224,907 (22,059) 460,398 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. Financial Services’ operating earnings consist of revenues generated primarily from mortgage financing, title and closing services, and property and casualty insurance, less the cost of such services and certain selling, general and administrative expenses incurred by the segment. The Financial Services segment operates generally in the same states as the Company’s homebuilding operations. At February 28, 2021, 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: March 2021(1) $ 100,000 June 2021 600,000 July 2021 200,000 December 2021 500,000 Total - Residential facilities $ 1,400,000 LMF Commercial facilities maturing November 2021 $ 100,000 December 2021(2) 611,438 Total - LMF Commercial facilities $ 711,438 Total $ 2,111,438 (1) Subsequent to February 28, 2021, the maturity due date was extended to May 2021. (2) Includes $11.4 million warehouse repurchase facility used by LMF Commercial to finance the origination of floating rate accrual loans, which are reported as accrual loans within loans held-for-investment, net. The Financial Services segment uses the residential facilities to finance its residential lending activities until the mortgage loans are sold to investors and the proceeds are collected. The facilities are non-recourse to the Company and are expected to be renewed or replaced with other facilities when they mature. The LMF Commercial facilities finance LMF Commercial loan originations and securitization activities and were secured by up to an 80% interest in the originated commercial loans financed. Borrowings and collateral under the facilities and their prior year predecessors were as follows: (In thousands) February 28, 2021 November 30, 2020 Borrowings under the residential facilities $ 631,784 1,185,797 Collateral under the residential facilities 653,698 1,231,619 Borrowings under the LMF Commercial facilities 178,627 124,617 If the facilities are not renewed or replaced, the borrowings under the lines of credit will be repaid by selling the mortgage loans held-for-sale to investors and by collecting receivables on loans sold but not yet paid for. Without the facilities, the Financial Services segment would have to use cash from operations and other funding sources to finance its lending activities. Substantially all of the residential loans the Financial Services segment originates are sold within a short period in the secondary mortgage market on a servicing released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that it breached certain limited industry-standard representations and warranties in the loan sale agreements. Purchasers sometimes try to defray losses by purporting to have found inaccuracies related to sellers’ representations and warranties in particular loan sale agreements. Mortgage investors could seek to have the Company buy back mortgage loans or compensate them for losses incurred on mortgage loans that the Company has sold based on claims that the Company breached its limited representations or warranties. The Company’s mortgage operations have established accruals for possible losses associated with mortgage loans previously originated and sold to investors. The Company establishes accruals for such possible losses based upon, among other things, an analysis of repurchase requests received, an estimate of potential repurchase claims not yet received and actual past repurchases and losses through the disposition of affected loans as well as previous settlements. While the Company believes that it has adequately reserved for known losses and projected repurchase requests, given the volatility in the residential mortgage industry and the uncertainty regarding the ultimate resolution of these claims, if either actual repurchases or the losses incurred resolving those repurchases exceed the Company’s expectations, additional recourse expense may be incurred. Loan origination liabilities are included in Financial Services’ liabilities in the Company's condensed consolidated balance sheets. The activity in the Company’s loan origination liabilities was as follows: Three Months Ended (In thousands) February 28, 2021 February 29, 2020 Loan origination liabilities, beginning of period $ 7,569 9,364 Provision for losses 966 776 Payments/settlements (102) (144) Loan origination liabilities, end of period $ 8,433 9,996 LMF Commercial - loans held-for-sale LMF Commercial originated commercial loans as follows: Three Months Ended (Dollars in thousands) February 28, 2021 February 29, 2020 Originations (1) $ 219,500 412,250 Sold 282,965 314,439 Securitizations 2 2 (1) During both the three months ended February 28, 2021 and February 29, 2020 all the commercial loans originated were recorded as loans held-for-sale. Investments held-to-maturity At February 28, 2021 and November 30, 2020, the Financial Services' held commercial mortgage-backed securities ("CMBS"). These securities are classified as held-to-maturity based on its intent and ability to hold the securities until maturity and changes in estimated cash flows are reviewed periodically to determine if an other-than-temporary impairment has occurred. Based on the segment’s assessment, no impairment charges were recorded during either the three months ended February 28, 2021 or February 29, 2020. The Company has financing agreements to finance CMBS that have been purchased as investments by the Financial Services segment. Details related to Financial Services' CMBS were as follows: (Dollars in thousands) February 28, 2021 November 30, 2020 Carrying value $ 163,290 164,230 Outstanding debt, net of debt issuance costs 152,659 153,505 Incurred interest rate 3.4 % 3.4 % February 28, 2021 Discount rates at purchase 6% — 84% Coupon rates 2.0% — 5.3% Distribution dates October 2027 December 2028 Stated maturity dates October 2050 December 2051 Multifamily The Company is actively involved, primarily through unconsolidated entities, in the development, construction and property management of multifamily rental properties. The Multifamily segment focuses on developing a geographically diversified portfolio of institutional quality multifamily rental properties in select U.S. markets. Operations of the Multifamily segment include revenues generated from the sales of land, revenue from construction activities, and management and promote fees generated from joint ventures and equity in earnings (loss) from unconsolidated entities and other gains (which includes sales of buildings), less the cost of sales of land sold, expenses related to construction activities and general and administrative expenses. Lennar Other Lennar Other primarily includes strategic investments in technology companies, primarily managed by the Company's LEN X subsidiary, and fund interests the Company retained when it sold the Rialto asset and investment management platform. Operations of the Lennar Other segment include operating earnings (loss) consisting of revenues generated primarily from the Company's share of carried interests in the Rialto fund investments 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, gains (losses) from investments in equity securities and other income (expense), net from the remaining assets related to the Company's former Rialto segment. During the three months ended February 28, 2021, the Company recognized a gain of $469.7 million related to a strategic investment, Opendoor, which began trading on the Nasdaq stock market in December 2020. The gain relates to the mark to market of the Company's share holdings in the public entity net of carried interest. The gain was recognized due to the investment now being accounted for as an investment in equity securities which is held at fair value and the change in fair value is recognized through earnings. In addition to Opendoor, two other of the Company's strategic technology investments, Hippo Home Insurance and Doma, formerly States Title, have announced agreements to merge with publicly traded special purpose acquisition companies. During the three months ended February 28, 2021, the Company entered into a definitive agreement with Sunnova Energy International Inc. ("Sunnova") under which Sunnova will acquire the Company's residential solar platform, Sunstreet. Under the agreement, the Company would receive up to 7.22 million shares of Sunnova common stock, with 3.33 million shares in initial consideration payable at closing. The remaining shares would be payable upon achievement of two earnouts. The Company expects to record a significant gain upon the closing of the sale, which is anticipated to be in the second quarter of 2021.

Investments in Unconsolidated E

Investments in Unconsolidated Entities	3 Months Ended
	Feb. 28, 2021
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: (In thousands) February 28, 2021 November 30, 2020 Investments in unconsolidated entities (1) (2) $ 1,077,353 953,177 Underlying equity in unconsolidated entities' net assets (1) 1,395,393 1,269,701 (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 February 28, 2021 and November 30, 2020, the carrying amount of the Company's investment was $390.3 million and $392.1 million, respectively. The Company has an immaterial amount of recourse exposure to debt of the Homebuilding unconsolidated entities in which it has investments. While the Company sometimes guarantees debt of unconsolidated entities, in most instances the Company’s partners have also guaranteed that debt and are required to contribute their shares of any payments. In most instances the amount of guaranteed debt of an unconsolidated entity is less than the value of the collateral securing it. During the three months ended February 28, 2021, the Company formed the Upward America Venture ("the Venture"). The Venture will acquire single family homes for rent in high growth markets across the United States. Subsequent to February 28, 2021, the Venture raised equity to get to a total commitment of $1.25 billion led by institutional investors. Including leverage, the Venture will be positioned to acquire over $4.0 billion of new single family homes and townhomes from Lennar and potentially other homebuilders. 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 bank loans to Multifamily unconsolidated entities, the Company (or entities related to them) has been required to give guarantees of completion and cost over-runs to the lenders and partners. Those completion guarantees may require that the guarantors complete the construction of the improvements for which the financing was obtained. Additionally, the Company guarantees the construction costs of the project as construction cost over-runs would be paid by the Company. Generally, these payments would increase the Company's investment in the entities and would increase its share of funds the entities distribute after the achievement of certain thresholds. As of both February 28, 2021 and November 30, 2020, the fair value of the completion guarantees was immaterial. As of February 28, 2021 and November 30, 2020, Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $660.0 million and $722.9 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: Three Months Ended (In thousands) February 28, 2021 February 29, 2020 General contractor services, net of deferrals $ 115,399 93,894 General contractor costs 110,453 90,181 Management fee income 14,871 13,823 The Multifamily segment includes Multifamily Venture Fund I ("LMV I") and Multifamily Venture Fund II LP ("LMV II"), which are long-term multifamily development investment vehicles involved in the development, construction and property management of class-A multifamily assets. Details of each as of and during the three months ended February 28, 2021 are included below: February 28, 2021 (In thousands) LMV I LMV II Lennar's carrying value of investments $ 321,262 318,578 Equity commitments 2,204,016 1,257,700 Equity commitments called 2,140,646 1,105,170 Lennar's equity commitments 504,016 381,000 Lennar's equity commitments called 496,804 333,706 Lennar's remaining commitments 7,212 47,294 Distributions to Lennar during the three months ended February 28, 2021 4,393 — Lennar Other Unconsolidated Entities Lennar Other's unconsolidated entities includes fund investments the Company retained when it sold the Rialto assets and investment management platform, as well as strategic investments in technology companies, primarily managed by the Company's LEN X

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Feb. 28, 2021
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity The following tables reflect the changes in equity attributable to both Lennar Corporation and the noncontrolling interests of its consolidated subsidiaries in which it has less than a 100% ownership interest for the three months ended February 28, 2021 and February 29, 2020: Three Months Ended February 28, 2021 (In thousands) Total Class A Class B Additional Treasury Accumulated Other Comprehensive Loss Retained Noncontrolling Balance at November 30, 2020 $ 18,099,401 29,894 3,944 8,676,056 (1,279,227) (805) 10,564,994 104,545 Net earnings (including net earnings attributable to noncontrolling interests) 1,016,909 — — — — — 1,001,369 15,540 Employee stock and directors plans (26,279) 153 — (59) (26,373) — — — Purchases of treasury stock (43,110) — — — (43,110) — — — Amortization of restricted stock 48,818 — — 48,818 — — — — Cash dividends (77,843) — — — — — (77,843) — Receipts related to noncontrolling interests 8,896 — — — — — — 8,896 Payments related to noncontrolling interests (11,397) — — — — — — (11,397) Non-cash purchase or activity of noncontrolling interests, net 2,998 — — (623) — — — 3,621 Total other comprehensive loss, net of tax (942) — — — — (942) — — Balance at February 28, 2021 $ 19,017,451 30,047 3,944 8,724,192 (1,348,710) (1,747) 11,488,520 121,205 Three Months Ended February 29, 2020 (In thousands) Total Class A Class B Additional Treasury Accumulated Other Comprehensive Income (loss) Retained Noncontrolling Balance at November 30, 2019 $ 16,033,830 29,712 3,944 8,578,219 (957,857) 498 8,295,001 84,313 Net earnings (including net loss attributable to noncontrolling interests) 391,223 — — — — — 398,452 (7,229) Employee stock and directors plans (7,424) 90 — (130) (7,384) — — — Purchases of treasury stock (288,515) — — — (288,515) — — — Amortization of restricted stock 31,855 — — 31,855 — — — — Cash dividends (39,240) — — — — — — (39,240) — Receipts related to noncontrolling interests 88,913 — — — — — — 88,913 Payments related to noncontrolling interests (16,734) — — — — — — (16,734) Non-cash consolidations, net (485) — — — — — — (485) Total other comprehensive loss, net of tax (46) — — — — (46) — — Balance at February 29, 2020 $ 16,193,377 29,802 3,944 8,609,944 (1,253,756) 452 8,654,213 148,778 On February 12, 2021, the Company paid cash dividends of $0.25 per share on both its Class A and Class B common stock to holders of record at the close of business on January 29, 2021, as declared by its Board of Directors on January 14, 2021. The Company approved and paid cash dividends of $0.125 per share for each of the first three quarters of 2020 and $0.25 per share in the fourth quarter of 2020 on both its Class A and Class B common stock. In January 2021, the Company's Board of Directors authorized the repurchase of up to the lesser of $1 billion in value, excluding commissions, or 25 million in shares, of the Company's outstanding Class A and Class B common stock. The repurchase has no expiration date. The following table represents the repurchase of the Company's Class A and Class B common stocks under this program and its predecessor for the three months ended February 28, 2021 and February 29, 2020: Three Months Ended February 28, 2021 February 29, 2020 (Dollars in thousands, except price per share) Class A Class B Class A Class B Shares repurchased 510,000 — 4,250,000 115,000 Principal $ 43,100 $ — $ 282,274 $ 6,155 Average price per share $ 84.51 $ — $ 66.42 $ 53.52

Income Taxes

Income Taxes	3 Months Ended
	Feb. 28, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The provision for income taxes and effective tax rate were as follows: Three Months Ended (Dollars in thousands) February 28, 2021 February 29, 2020 Provision for income taxes $310,105 32,329 Effective tax rate (1) 23.6 % 7.5 % (1) For the three months ended February 28, 2021 and February 29, 2020, the effective tax rate included state income tax expense and non-deductible executive compensation, partially offset by new energy efficient home and solar tax credits. The three months ended February 29, 2020 also included benefits related to the years ended November 30, 2018, 2019 and 2020, due to Congress retroactively extending the new energy efficient home tax credit in December 2019.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Feb. 28, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share is computed by dividing net earnings attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. All outstanding nonvested shares that contain non-forfeitable rights to dividends or dividend equivalents that participate in undistributed earnings with common stock are considered participating securities and are included in computing earnings per share pursuant to the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating securities according to dividends or dividend equivalents and participation rights in undistributed earnings. The Company’s restricted common stock ("nonvested shares") is considered participating securities. Basic and diluted earnings per share were calculated as follows: Three Months Ended (In thousands, except per share amounts) February 28, 2021 February 29, 2020 Numerator: Net earnings attributable to Lennar $ 1,001,369 398,452 Less: distributed earnings allocated to nonvested shares 630 334 Less: undistributed earnings allocated to nonvested shares 11,624 4,092 Numerator for basic earnings per share 989,115 394,026 Less: net amount attributable to Rialto's Carried Interest Incentive Plan (1) 553 — Numerator for diluted earnings per share $ 988,562 394,026 Denominator: Denominator for basic earnings per share - weighted average common shares outstanding 309,020 311,213 Effect of dilutive securities: Shared based payments — 2 Denominator for diluted earnings per share - weighted average common shares outstanding 309,020 311,215 Basic earnings per share $ 3.20 1.27 Diluted earnings per share $ 3.20 1.27 (1) The amounts presented relate to Rialto's Carried Interest Incentive Plan and represent the difference between the advanced tax distributions received from the Rialto funds included in the Lennar Other segment and the amount Lennar is assumed to own. For both the three months ended February 28, 2021 and February 29, 2020, there were no options to purchase shares of common stock that were outstanding and anti-dilutive.

Homebuilding Senior Notes and O

Homebuilding Senior Notes and Other Debts Payable	3 Months Ended
	Feb. 28, 2021
Debt Disclosure [Abstract]
Homebuilding Senior Notes and Other Debts Payable	Homebuilding Senior Notes and Other Debts Payable (Dollars in thousands) February 28, 2021 November 30, 2020 6.25% senior notes due December 2021 $ 303,963 305,221 4.125% senior notes due 2022 599,123 598,876 5.375% senior notes due 2022 254,628 255,342 4.750% senior notes due 2022 573,030 572,724 4.875% senior notes due December 2023 397,749 397,347 4.500% senior notes due 2024 647,709 647,528 5.875% senior notes due 2024 442,315 443,484 4.750% senior notes due 2025 498,113 498,002 5.25% senior notes due 2026 406,406 406,709 5.00% senior notes due 2027 352,412 352,508 4.75% senior notes due 2027 894,948 894,760 Mortgage notes on land and other debt 605,772 583,257 $ 5,976,168 5,955,758 The carrying amounts of the senior notes in the table above are net of debt issuance costs of $14.8 million and $15.9 million as of February 28, 2021 and November 30, 2020, respectively. During three months ended February 28, 2021, the maximum borrowings on the Company's unsecured revolving credit facility (the "Credit Facility") were increased by $100 million from $2.4 billion to $2.5 billion and included a $300 million accordion feature, subject to additional commitments, thus the maximum borrowings could be $2.8 billion maturing in 2024. The Credit Facility agreement (the "Credit Agreement") provides that up to $500 million in commitments may be used for letters of credit . The maturity, debt covenants and details of the Credit Facility are unchanged from the disclosure in the Company's Financial Condition and Capital Resources section in its Form 10-K for the year ended November 30, 2020. In addition to the Credit Facility, the Company has other letter of credit facilities with different financial institutions. Procedures related to performance letters of credit, financial letters of credit and surety bonds are unchanged from the disclosure in the Company's Financial Condition and Capital Resources section in its Form 10-K for the year ended November 30, 2020. The Company's outstanding letters of credit and surety bonds are described below: (In thousands) February 28, 2021 November 30, 2020 Performance letters of credit $ 803,950 752,096 Surety bonds 3,114,002 3,087,711 Anticipated future costs primarily for site improvements related to performance surety bonds 1,675,503 1,584,642

Product Warranty

Product Warranty	3 Months Ended
	Feb. 28, 2021
Product Warranties Disclosures [Abstract]
Product Warranty	Product Warranty Warranty and similar reserves for homes are established at an amount estimated to be adequate to cover potential costs for materials and labor with regard to warranty-type claims expected to be incurred subsequent to the delivery of a home. Reserves are determined based on historical data and trends with respect to similar product types and geographical areas. The activity in the Company’s warranty reserve, which are included in Homebuilding other liabilities, was as follows: Three Months Ended (In thousands) February 28, 2021 February 29, 2020 Warranty reserve, beginning of the period $ 341,765 294,138 Warranties issued 42,928 38,271 Adjustments to pre-existing warranties from changes in estimates (1) 5,641 5,904 Payments (42,234) (50,900) Warranty reserve, end of period $ 348,100 287,413 (1) The adjustments to pre-existing warranties from changes in estimates during the three months ended February 28, 2021 and February 29, 2020 primarily related to specific claims in certain of the Company's homebuilding communities and other adjustments.

Financial Instruments and Fair

Financial Instruments and Fair Value Disclosures	3 Months Ended
	Feb. 28, 2021
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value Disclosures	Financial Instruments and Fair Value Disclosures The following table presents the carrying amounts and estimated fair values of financial instruments held by the Company at February 28, 2021 and November 30, 2020, using available market information and what the Company believes to be appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions and/or estimation methodologies might have a material effect on the estimated fair value amounts. The table excludes cash and cash equivalents, restricted cash, receivables, net and accounts payable, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments. February 28, 2021 November 30, 2020 (In thousands) Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value ASSETS Financial Services: Loans held-for-investment, net Level 3 $ 69,973 70,112 72,626 70,808 Investments held-to-maturity Level 3 163,290 194,485 164,230 196,047 LIABILITIES Homebuilding senior notes and other debts payable, net Level 2 $ 5,976,168 6,529,969 5,955,758 6,581,798 Financial Services notes and other debts payable, net Level 2 963,070 963,960 1,463,919 1,464,850 Lennar Other notes and other debts payable, net Level 2 1,906 1,906 1,906 1,906 The following methods and assumptions are used by the Company in estimating fair values: Financial Services —The fair values above are based on quoted market prices, if available. The fair values for instruments that do not have quoted market prices are estimated by the Company on the basis of discounted cash flows or other financial information. For notes and other debts payable, the fair values approximate their carrying value due to variable interest pricing terms and the short-term nature of the majority of the borrowings. Homebuilding —For senior notes and other debts payable, the fair value of fixed-rate borrowings is primarily based on quoted market prices and the fair value of variable-rate borrowings is based on expected future cash flows calculated using current market forward rates. Lennar Other —The fair value for notes payable approximate their carrying value due to variable interest pricing terms and the short-term nature of the borrowings. Fair Value Measurements: GAAP provides a framework for measuring fair value, expands disclosures about fair value measurements and establishes a fair value hierarchy which prioritizes the inputs used in measuring fair value summarized as follows: Level 1: Fair value determined based on quoted prices in active markets for identical assets. Level 2: Fair value determined using significant other observable inputs. Level 3: Fair value determined using significant unobservable inputs. The Company’s financial instruments measured at fair value on a recurring basis are summarized below: Fair Value Hierarchy Fair Value at (In thousands) February 28, 2021 November 30, 2020 Financial Services Assets: Residential loans held-for-sale Level 2 $ 971,452 1,296,517 LMF Commercial loans held-for-sale Level 3 123,148 193,588 Mortgage servicing rights Level 3 1,499 2,113 Lennar Other: Investments available-for-sale Level 3 $ 41,247 53,497 Residential and LMF Commercial loans held-for-sale in the table above include: February 28, 2021 November 30, 2020 (In thousands) Aggregate Principal Balance Change in Fair Value Aggregate Principal Balance Change in Fair Value Residential loans held-for-sale $ 942,504 28,948 1,232,548 63,969 LMF Commercial loans held-for-sale 129,810 (6,662) 194,362 (774) Financial Services residential loans held-for-sale - Fair value is based on independent quoted market prices, where available, or the prices for other mortgage whole loans with similar characteristics. The Company recognizes the fair value of its rights to service a mortgage loan as revenue upon entering into an interest rate lock loan commitment with a borrower. The fair value of these are included in Financial Services’ loans held-for-sale as of February 28, 2021 and November 30, 2020. 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. The details and methods of the calculation are unchanged from the fair value disclosure in the Company's Notes to the Financial Statements section in its Form 10-K for the year ended November 30, 2020. These methods use unobservable inputs in estimating a discount rate that is used to assign a value to each loan. While the cash payments on the loans are contractual, the discount rate used and assumptions regarding the relative size of each class in the CMBS capital structure can significantly impact the valuation. Therefore, the estimates used could differ materially from the fair value determined when the loans are sold to a securitization trust. Mortgage servicing rights - Financial Services records mortgage servicing rights when it sells loans on a servicing-retained basis or through the acquisition or assumption of the right to service a financial asset. The fair value of the mortgage servicing rights is calculated using third-party valuations. The key assumptions, which are generally unobservable inputs, used in the valuation of the mortgage servicing rights include mortgage prepayment rates, discount rates and delinquency rates and are noted below: Unobservable inputs As of February 28, 2021 Mortgage prepayment rate 12% Discount rate 14% Delinquency rate 3% Lennar Other investments available-for-sale - The fair value of investments available-for-sale is calculated from model-based techniques that use discounted cash flow assumptions and the Company’s own estimates of CMBS spreads, market interest rate movements and the underlying loan credit quality. Loan values are calculated by allocating the change in value of an assumed CMBS capital structure to each loan. The value of an assumed CMBS capital structure is calculated, generally, by discounting the cash flows associated with each CMBS class at market interest rates and at the Company’s own estimate of CMBS spreads. The changes in fair values for Level 1 and Level 2 financial instruments measured on a recurring basis are shown below by financial instrument and financial statement line item: Three Months Ended (In thousands) February 28, 2021 February 29, 2020 Changes in fair value included in Financial Services revenues: Loans held-for-sale $ (35,021) (7,493) Mortgage loan commitments (4,915) 14,895 Forward contracts 34,238 (9,361) Changes in fair value included in Lennar Other unrealized gain: Investments in equity securities $ 469,745 — Changes in fair value included in other comprehensive loss, net of tax: Lennar Other investments available-for-sale $ (942) — Financial Services investments available-for-sale — (46) Interest on Financial Services loans held-for-sale and LMF Commercial loans held-for-sale measured at fair value is calculated based on the interest rate of the loans and recorded as revenues in the Financial Services’ statement of operations. The following table represents the reconciliation of the beginning and ending balance for the Level 3 recurring fair value measurements in the Company's Financial Services segment: Three Months Ended February 28, 2021 February 29, 2020 (In thousands) Mortgage servicing rights LMF Commercial loans held-for-sale Mortgage servicing rights LMF Commercial loans held-for-sale Beginning balance $ 2,113 193,588 24,679 197,224 Purchases/loan originations 424 219,500 746 412,250 Sales/loan originations sold, including those not settled — (282,965) — (314,439) Disposals/settlements (1,038) — (1,289) — Changes in fair value (1) — (6,767) (11,560) 5,601 Interest and principal paydowns — (208) — (234) Ending balance $ 1,499 123,148 12,576 300,402 (1) Changes in fair value for LMF Commercial loans held-for-sale and Financial Services mortgage servicing rights are included in Financial Services' revenues. The Company’s assets measured at fair value on a nonrecurring basis are those assets for which the Company has recorded valuation adjustments and write-offs. The fair values included in the table below represent only those assets whose carrying values were adjusted to fair value during the respective periods disclosed. The assets measured at fair value on a nonrecurring basis are summarized below: Three Months Ended February 28, 2021 February 29, 2020 (In thousands) Fair Value Carrying Value Fair Value Total Losses, Net (1) Carrying Value Fair Value Total Losses, Net (1) Non-financial assets - Homebuilding: Finished homes and construction in progress (1) Level 3 $ 442 — (442) 73,006 59,284 (13,722) Land and land under development (1) Level 3 2,543 2,350 (193) 22,453 11,660 (10,793) (1) Valuation adjustments were included in Homebuilding costs and expenses in the Company's condensed consolidated statements of operations and comprehensive income (loss). Finished homes and construction in progress are included within inventories. Inventories are stated at cost unless the inventory within a community is determined to be impaired, in which case the impaired inventory is written down to fair value. The Company disclosed its accounting policy related to inventories and its review for indicators of impairment in the Summary of Significant Accounting Policies in its Form 10-K for the year ended November 30, 2020. The Company estimates the fair value of inventory evaluated for impairment based on market conditions and assumptions made by management at the time the inventory is evaluated, which may differ materially from actual results if market conditions or assumptions change. For example, changes in market conditions and other specific developments or changes in assumptions may cause the Company to re-evaluate its strategy regarding previously impaired inventory, as well as inventory not currently impaired but for which indicators of impairment may arise if market deterioration occurs, and certain other assets that could result in further valuation adjustments and/or additional write-offs of option deposits and pre-acquisition costs due to abandonment of those options contracts. The Company disclosed its accounting policy related to inventories and its review for indicators of impairment in the Summary of Significant Accounting Policies in its Form 10-K for the year ended November 30, 2020. On a quarterly basis, the Company reviews its active communities for indicators of potential impairments. The table below summarizes communities reviewed for indicators of impairment and communities with valuation adjustments recorded: Communities with valuation adjustments # of active communities # of communities with potential indicator of impairment # of communities Fair Value (in thousands) Valuation Adjustments (in thousands) At or for the Three Months Ended February 28, 2021 1,158 10 — $ — $ — February 29, 2020 1,253 33 6 45,123 19,944 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: Three Months Ended February 29, 2020 Unobservable inputs Range Average selling price $ 201,000 - 970,000 Absorption rate per quarter (homes) 3 - 15 Discount rate 20%

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Feb. 28, 2021
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 three months ended February 28, 2021 and based on the Company's evaluation, there were no VIEs that were consolidated or deconsolidated. The carrying amount of the Company's consolidated VIE's assets and non-recourse liabilities are disclosed in the footnote to the condensed consolidated balance sheets. A VIE’s assets can only be used to settle obligations of that VIE. The VIEs are not guarantors of the Company’s senior notes or other debts payable. The assets held by a VIE usually are collateral for that VIE’s debt. The Company and other partners do not generally have an obligation to make capital contributions to a VIE unless the Company and/or the other partner(s) have entered into debt guarantees with a VIE’s lenders. Other than debt guarantee agreements with a VIE’s lenders, there are no liquidity arrangements or agreements to fund capital or purchase assets that could require the Company to provide financial support to a VIE. While the Company has option contracts to purchase land from certain of its VIEs, the Company is not required to purchase the assets and could walk away from the contracts. Unconsolidated VIEs The Company’s recorded investments in VIEs that are unconsolidated and its estimated maximum exposure to loss were as follows: February 28, 2021 November 30, 2020 (In thousands) Investments in Lennar’s Maximum Investments in Lennar’s Maximum Homebuilding (1) $ 104,527 306,117 89,654 89,828 Multifamily (2) 642,792 706,442 619,540 717,271 Financial Services 163,290 163,290 164,230 164,230 Lennar Other (3) 7,154 7,154 76,023 130,177 $ 917,763 1,183,003 949,447 1,101,506 (1) As of February 28, 2021, the increase in the maximum exposure to loss was related the Company's commitment to fund capital in the Upward America Venture, a single family for rent platform. (2) As of February 28, 2021 and November 30, 2020, the maximum exposure to loss of Multifamily's investments in unconsolidated VIEs was primarily limited to its investments in the unconsolidated VIEs, except with regard to the remaining equity commitment of $54.5 million and $88.1 million, respectively, to fund LMV I and LMV II for future expenditures related to the construction and development of its projects. (3) As of February 28, 2021, the decrease in investments in unconsolidated VIEs and maximum exposure to loss was related to an entity which had a reconsideration event due to the payoff of a note receivable which caused the entity to no longer be considered a VIE. While these entities are VIEs, the Company has determined that the power to direct the activities of the VIEs that most significantly impact the VIEs’ economic performance is generally shared and the Company and its partners are not de-facto agents. While the Company generally manages the day-to-day operations of the VIEs, each of these VIEs has an executive committee made up of representatives from each partner. The members of the executive committee have equal votes and major decisions require unanimous consent and approval from all members. The Company does not have the unilateral ability to exercise participating voting rights without partner consent. There are no liquidity arrangements or agreements to fund capital or purchase assets that could require the Company to provide financial support to the VIEs. Except for the unconsolidated VIEs discussed above, the Company and the other partners did not guarantee any debt of the other unconsolidated VIEs. While the Company has option contracts to purchase land from certain of its unconsolidated VIEs, the Company is not required to purchase the assets and could walk away from the contracts. Option Contracts The Company has access to land through option contracts, which generally enable it to control portions of properties owned by third parties (including land funds) and unconsolidated entities until the Company has determined whether to exercise the options. The Company evaluates all option contracts for land to determine whether they are VIEs and, if so, whether the Company is the primary beneficiary of certain of these option contracts. Although the Company does not have legal title to the optioned land, if the Company is deemed to be the primary beneficiary or makes a significant deposit for optioned land, it may need to consolidate the land under option at the purchase price of the optioned land. During the three months ended February 28, 2021, consolidated inventory not owned decreased by $28.8 million with a corresponding decrease to liabilities related to consolidated inventory not owned in the accompanying condensed consolidated balance sheet as of February 28, 2021. The decrease was primarily due to increases in homesite takedowns in the quarter. To reflect the purchase price of the homesite takedowns, the Company had a net reclass related to option deposits from consolidated inventory not owned to land under development in the accompanying condensed consolidated balance sheet as of February 28, 2021. The liabilities related to consolidated inventory not owned primarily represent the difference between the option exercise prices for the optioned land and the Company’s cash deposits. The Company's exposure to losses on its option contracts with third parties and unconsolidated entities were as follows: (Dollars in thousands) February 28, 2021 November 30, 2020 Non-refundable option deposits and pre-acquisition costs $ 711,218 414,154 Letters of credit in lieu of cash deposits under certain land and option contracts 117,974 87,537

Commitments and Contingent Liab

Commitments and Contingent Liabilities	3 Months Ended
	Feb. 28, 2021
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. Leases The Company has entered into agreements to lease certain office facilities and equipment under operating leases. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. ROU assets and right-of-use lease liabilities are recorded on the balance sheet for all leases, except leases with an initial term of 12 months or less. Many of the Company's leases include options to renew. The exercise of lease renewal options is at the Company's option and therefore renewal option payments have not been included in the ROU assets or lease liabilities. The following table includes additional information about the Company's leases: (Dollars in thousands) February 28, 2021 November 30, 2020 Right-of-use assets $ 164,604 113,390 Lease liabilities 173,728 122,836 Weighted-average remaining lease term (in years) 2.5 2.6 Weighted-average discount rate 3.0 % 3.1 % Future minimum payments under the noncancellable leases in effect at February 28, 2021 were as follows: (Dollars in thousands) Lease Payments 2021 $ 27,789 2022 32,762 2023 26,681 2024 21,188 2025 17,425 2026 and thereafter 71,131 Total future minimum lease payments (1) $ 196,976 Less: Interest (2) 23,248 Present value of lease liabilities (2) $ 173,728 (1) Total future minimum lease payments exclude variable lease costs of $14.3 million and short-term lease costs of $2.2 million. This also does not include minimum lease payments for executed and legally enforceable leases that have not yet commenced. As of February 28, 2021, the minimum lease payments for these leases that have not yet commenced were immaterial. (2) The Company's leases do not include a readily determinable implicit rate. As such, the Company has estimated the discount rate for these leases to determine the present value of lease payments at the lease commencement date or as of December 1, 2019, which was the effective date of ASU 2016-02. As of February 28, 2021, the weighted average remaining lease term and weighted average discount rate used in calculating the lease liabilities were 2.5 years and 3.0%, respectively. The Company recognized the lease liabilities on its condensed consolidated balance sheets within accounts payable or other liabilities of the respective segments. During the three months ended February 28, 2021 and February 29, 2020, the Company's rental expense and payments on lease liabilities were as follows: (Dollars in thousands) February 28, 2021 February 29, 2020 Rental expense $ 20,707 20,706 Payment on lease liabilities 9,906 17,426 On occasion, the Company may sublease rented space which is no longer used for the Company's operations. For both the three months ended February 28, 2021 and February 29, 2020, the Company had an immaterial amount of sublease income.

Basis of Presentation (Policy)

Basis of Presentation (Policy)	3 Months Ended
	Feb. 28, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting	The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements.
Basis of Consolidation	These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended November 30, 2020. The basis of consolidation is unchanged from the disclosure in the Company's Notes to Consolidated Financial Statements section in its Form 10-K for the year ended November 30, 2020. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the accompanying condensed consolidated financial statements have been made.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("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 requires immediate recognition of estimated credit losses expected to occur over the remaining life of many financial assets, which generally results in earlier recognition of allowances for credit losses on loans and other financial instruments. ASU 2016-13 was effective for the Company's fiscal year beginning December 1, 2020. The adoption of ASU 2016-13 did not have a material impact on the Company's condensed consolidated financial statements. 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 was effective for the Company’s fiscal year beginning December 1, 2020. The impact of the adoption of ASU 2017-04 did not have a material impact on the Company's consolidated financial statements. New Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 will be effective for the Company’s fiscal year beginning December 1, 2022. The Company is currently evaluating the impact the adoption of ASU 2019-12 will have on the Company's condensed consolidated financial statements.
Reclassifications	Reclassifications Certain prior year amounts in the condensed consolidated financial statements have been reclassified to conform with the 2021 presentation. The Company reclassed the balance of its investment in Doma, formerly States Title, to which the Company sold the majority of the Financial Services segment's retail title agency business and title insurance underwriter in the first

Operating and Reporting Segme_2

Operating and Reporting Segments (Tables)	3 Months Ended
	Feb. 28, 2021
Segment Reporting [Abstract]
Disclosure Of Financial Information Relating To Company's Operations	The assets and liabilities related to the Company’s segments were as follows: (In thousands) February 28, 2021 Assets: Homebuilding Financial Multifamily Lennar Total Cash and cash equivalents $ 2,421,411 117,856 25,644 3,888 2,568,799 Restricted cash 17,878 8,521 — — 26,399 Receivables, net (1) 300,134 495,484 96,842 — 892,460 Inventories 17,692,942 — 289,531 — 17,982,473 Loans held-for-sale (2) — 1,094,600 — — 1,094,600 Investments in equity securities (3) — — — 666,956 666,956 Investments available-for-sale (4) — — — 41,247 41,247 Loans held-for-investment, net — 69,973 — — 69,973 Investments held-to-maturity — 163,290 — — 163,290 Investments in unconsolidated entities 1,077,353 — 704,964 315,617 2,097,934 Goodwill 3,442,359 189,699 — — 3,632,058 Other assets 1,162,564 78,128 66,739 8,360 1,315,791 $ 26,114,641 2,217,551 1,183,720 1,036,068 30,551,980 Liabilities: Notes and other debts payable, net $ 5,976,168 963,070 — 1,906 6,941,144 Other liabilities 4,167,833 150,013 235,651 39,888 4,593,385 $ 10,144,001 1,113,083 235,651 41,794 11,534,529 (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 Investments in equity securities (3) — — — 68,771 68,771 Investments available-for-sale (4) — — — 53,497 53,497 Loans held-for-investment, net — 72,626 — — 72,626 Investments held-to-maturity — 164,230 — — 164,230 Investments in unconsolidated entities 953,177 — 724,647 387,097 2,064,921 Goodwill 3,442,359 189,699 — — 3,632,058 Other assets 1,190,793 68,027 75,749 8,443 1,343,012 $ 25,529,425 2,708,118 1,175,908 521,726 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 (1) Receivables, net for Financial Services primarily related to loans sold to investors for which the Company had not yet been paid as of February 28, 2021 and November 30, 2020, respectively. (2) Loans held-for-sale related to unsold residential and commercial loans carried at fair value. (3) Investments in equity securities include investments of $85.1 million and $61.6 million without readily available fair values as of February 28, 2021 and November 30, 2020, respectively. (4) Investments available-for-sale are carried at fair value with changes in fair value recorded as a component of accumulated other comprehensive income (loss) on the condensed consolidated balance sheet. Financial information relating to the Company’s segments was as follows: Three Months Ended February 28, 2021 (In thousands) Homebuilding Financial Services Multifamily Lennar Other Corporate and Total Revenues $ 4,943,056 244,069 131,443 6,900 — 5,325,468 Operating earnings (loss) 833,180 146,207 (874) 471,346 — 1,449,859 Corporate general and administrative expenses — — — — 110,531 110,531 Charitable foundation contribution — — — — 12,314 12,314 Earnings (loss) before income taxes 833,180 146,207 (874) 471,346 (122,845) 1,327,014 Three Months Ended February 29, 2020 Revenues $ 4,172,116 198,661 132,617 1,943 — 4,505,337 Operating earnings 460,398 47,317 1,785 899 — 510,399 Corporate general and administrative expenses — — — — 82,634 82,634 Charitable foundation contribution — — — — 4,213 4,213 Earnings before income taxes 460,398 47,317 1,785 899 (86,847) 423,552 The assets related to the Company’s homebuilding segments were as follows: (In thousands) East Central Texas West Other Corporate and Unallocated Total Homebuilding February 28, 2021 $ 5,540,055 3,561,065 2,353,652 11,101,983 1,314,990 2,242,896 26,114,641 November 30, 2020 5,308,114 3,438,600 2,150,916 10,504,374 1,301,618 2,825,803 25,529,425 Financial information relating to the Company’s homebuilding segments was as follows: Three Months Ended February 28, 2021 (In thousands) East Central Texas West Other Total Homebuilding Revenues $ 1,355,942 928,442 644,078 2,009,579 5,015 4,943,056 Operating earnings (loss) 262,083 132,023 129,643 321,706 (12,275) 833,180 Three Months Ended February 29, 2020 Revenues $ 1,152,332 789,510 473,228 1,748,769 8,277 4,172,116 Operating earnings (loss) 148,754 55,723 53,073 224,907 (22,059) 460,398
Schedule of Line of Credit Facilities	At February 28, 2021, 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: March 2021(1) $ 100,000 June 2021 600,000 July 2021 200,000 December 2021 500,000 Total - Residential facilities $ 1,400,000 LMF Commercial facilities maturing November 2021 $ 100,000 December 2021(2) 611,438 Total - LMF Commercial facilities $ 711,438 Total $ 2,111,438 (1) Subsequent to February 28, 2021, the maturity due date was extended to May 2021. (2) Includes $11.4 million warehouse repurchase facility used by LMF Commercial to finance the origination of floating rate accrual loans, which are reported as accrual loans within loans held-for-investment, net. Borrowings and collateral under the facilities and their prior year predecessors were as follows: (In thousands) February 28, 2021 November 30, 2020 Borrowings under the residential facilities $ 631,784 1,185,797 Collateral under the residential facilities 653,698 1,231,619 Borrowings under the LMF Commercial facilities 178,627 124,617 (In thousands) February 28, 2021 November 30, 2020 Performance letters of credit $ 803,950 752,096 Surety bonds 3,114,002 3,087,711 Anticipated future costs primarily for site improvements related to performance surety bonds 1,675,503 1,584,642
Schedule of Loan Origination Liabilities	The activity in the Company’s loan origination liabilities was as follows: Three Months Ended (In thousands) February 28, 2021 February 29, 2020 Loan origination liabilities, beginning of period $ 7,569 9,364 Provision for losses 966 776 Payments/settlements (102) (144) Loan origination liabilities, end of period $ 8,433 9,996
Schedule of Loans Held for Sale	LMF Commercial originated commercial loans as follows: Three Months Ended (Dollars in thousands) February 28, 2021 February 29, 2020 Originations (1) $ 219,500 412,250 Sold 282,965 314,439 Securitizations 2 2 (1) During both the three months ended February 28, 2021 and February 29, 2020 all the commercial loans originated were recorded as loans held-for-sale.
Schedule of Commercial Mortgage-Backed Securities	Details related to Financial Services' CMBS were as follows: (Dollars in thousands) February 28, 2021 November 30, 2020 Carrying value $ 163,290 164,230 Outstanding debt, net of debt issuance costs 152,659 153,505 Incurred interest rate 3.4 % 3.4 %
Schedule of Fair Value Inputs for Commercial Mortgage-Backed Securities	February 28, 2021 Discount rates at purchase 6% — 84% Coupon rates 2.0% — 5.3% Distribution dates October 2027 December 2028 Stated maturity dates October 2050 December 2051 Unobservable inputs As of February 28, 2021 Mortgage prepayment rate 12% Discount rate 14% Delinquency rate 3% 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: Three Months Ended February 29, 2020 Unobservable inputs Range Average selling price $ 201,000 - 970,000 Absorption rate per quarter (homes) 3 - 15 Discount rate 20%

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	3 Months Ended
	Feb. 28, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Entities	The investments in Company's Homebuilding unconsolidated entities were as follows: (In thousands) February 28, 2021 November 30, 2020 Investments in unconsolidated entities (1) (2) $ 1,077,353 953,177 Underlying equity in unconsolidated entities' net assets (1) 1,395,393 1,269,701 (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 February 28, 2021 and November 30, 2020, the carrying amount of the Company's investment was $390.3 million and $392.1 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: Three Months Ended (In thousands) February 28, 2021 February 29, 2020 General contractor services, net of deferrals $ 115,399 93,894 General contractor costs 110,453 90,181 Management fee income 14,871 13,823 The Multifamily segment includes Multifamily Venture Fund I ("LMV I") and Multifamily Venture Fund II LP ("LMV II"), which are long-term multifamily development investment vehicles involved in the development, construction and property management of class-A multifamily assets. Details of each as of and during the three months ended February 28, 2021 are included below: February 28, 2021 (In thousands) LMV I LMV II Lennar's carrying value of investments $ 321,262 318,578 Equity commitments 2,204,016 1,257,700 Equity commitments called 2,140,646 1,105,170 Lennar's equity commitments 504,016 381,000 Lennar's equity commitments called 496,804 333,706 Lennar's remaining commitments 7,212 47,294 Distributions to Lennar during the three months ended February 28, 2021 4,393 —

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Feb. 28, 2021
Equity [Abstract]
Schedule of Changes in Equity	The following tables reflect the changes in equity attributable to both Lennar Corporation and the noncontrolling interests of its consolidated subsidiaries in which it has less than a 100% ownership interest for the three months ended February 28, 2021 and February 29, 2020: Three Months Ended February 28, 2021 (In thousands) Total Class A Class B Additional Treasury Accumulated Other Comprehensive Loss Retained Noncontrolling Balance at November 30, 2020 $ 18,099,401 29,894 3,944 8,676,056 (1,279,227) (805) 10,564,994 104,545 Net earnings (including net earnings attributable to noncontrolling interests) 1,016,909 — — — — — 1,001,369 15,540 Employee stock and directors plans (26,279) 153 — (59) (26,373) — — — Purchases of treasury stock (43,110) — — — (43,110) — — — Amortization of restricted stock 48,818 — — 48,818 — — — — Cash dividends (77,843) — — — — — (77,843) — Receipts related to noncontrolling interests 8,896 — — — — — — 8,896 Payments related to noncontrolling interests (11,397) — — — — — — (11,397) Non-cash purchase or activity of noncontrolling interests, net 2,998 — — (623) — — — 3,621 Total other comprehensive loss, net of tax (942) — — — — (942) — — Balance at February 28, 2021 $ 19,017,451 30,047 3,944 8,724,192 (1,348,710) (1,747) 11,488,520 121,205 Three Months Ended February 29, 2020 (In thousands) Total Class A Class B Additional Treasury Accumulated Other Comprehensive Income (loss) Retained Noncontrolling Balance at November 30, 2019 $ 16,033,830 29,712 3,944 8,578,219 (957,857) 498 8,295,001 84,313 Net earnings (including net loss attributable to noncontrolling interests) 391,223 — — — — — 398,452 (7,229) Employee stock and directors plans (7,424) 90 — (130) (7,384) — — — Purchases of treasury stock (288,515) — — — (288,515) — — — Amortization of restricted stock 31,855 — — 31,855 — — — — Cash dividends (39,240) — — — — — — (39,240) — Receipts related to noncontrolling interests 88,913 — — — — — — 88,913 Payments related to noncontrolling interests (16,734) — — — — — — (16,734) Non-cash consolidations, net (485) — — — — — — (485) Total other comprehensive loss, net of tax (46) — — — — (46) — — Balance at February 29, 2020 $ 16,193,377 29,802 3,944 8,609,944 (1,253,756) 452 8,654,213 148,778 Three Months Ended February 28, 2021 February 29, 2020 (Dollars in thousands, except price per share) Class A Class B Class A Class B Shares repurchased 510,000 — 4,250,000 115,000 Principal $ 43,100 $ — $ 282,274 $ 6,155 Average price per share $ 84.51 $ — $ 66.42 $ 53.52

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Feb. 28, 2021
Income Tax Disclosure [Abstract]
Schedule of Income Tax Benefit (Provision) and Effective Tax Rate	The provision for income taxes and effective tax rate were as follows: Three Months Ended (Dollars in thousands) February 28, 2021 February 29, 2020 Provision for income taxes $310,105 32,329 Effective tax rate (1) 23.6 % 7.5 % (1) For the three months ended February 28, 2021 and February 29, 2020, the effective tax rate included state income tax expense and non-deductible executive compensation, partially offset by new energy efficient home and solar tax credits. The three months ended February 29, 2020 also included benefits related to the years ended November 30, 2018, 2019 and 2020, due to Congress retroactively extending the new energy efficient home tax credit in December 2019.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Feb. 28, 2021
Earnings Per Share [Abstract]
Schedule of Calculation of Numerator and Denominator In Earnings Per Share	Basic and diluted earnings per share were calculated as follows: Three Months Ended (In thousands, except per share amounts) February 28, 2021 February 29, 2020 Numerator: Net earnings attributable to Lennar $ 1,001,369 398,452 Less: distributed earnings allocated to nonvested shares 630 334 Less: undistributed earnings allocated to nonvested shares 11,624 4,092 Numerator for basic earnings per share 989,115 394,026 Less: net amount attributable to Rialto's Carried Interest Incentive Plan (1) 553 — Numerator for diluted earnings per share $ 988,562 394,026 Denominator: Denominator for basic earnings per share - weighted average common shares outstanding 309,020 311,213 Effect of dilutive securities: Shared based payments — 2 Denominator for diluted earnings per share - weighted average common shares outstanding 309,020 311,215 Basic earnings per share $ 3.20 1.27 Diluted earnings per share $ 3.20 1.27 (1) The amounts presented relate to Rialto's Carried Interest Incentive Plan and represent the difference between the advanced tax distributions received from the Rialto funds included in the Lennar Other segment and the amount Lennar is assumed to own.

Homebuilding Senior Notes and_2

Homebuilding Senior Notes and Other Debts Payable (Tables)	3 Months Ended
	Feb. 28, 2021
Debt Disclosure [Abstract]
Schedule of Senior Notes and Other Debts Payable	(Dollars in thousands) February 28, 2021 November 30, 2020 6.25% senior notes due December 2021 $ 303,963 305,221 4.125% senior notes due 2022 599,123 598,876 5.375% senior notes due 2022 254,628 255,342 4.750% senior notes due 2022 573,030 572,724 4.875% senior notes due December 2023 397,749 397,347 4.500% senior notes due 2024 647,709 647,528 5.875% senior notes due 2024 442,315 443,484 4.750% senior notes due 2025 498,113 498,002 5.25% senior notes due 2026 406,406 406,709 5.00% senior notes due 2027 352,412 352,508 4.75% senior notes due 2027 894,948 894,760 Mortgage notes on land and other debt 605,772 583,257 $ 5,976,168 5,955,758
Schedule of Letter of Credit Facilities	At February 28, 2021, 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: March 2021(1) $ 100,000 June 2021 600,000 July 2021 200,000 December 2021 500,000 Total - Residential facilities $ 1,400,000 LMF Commercial facilities maturing November 2021 $ 100,000 December 2021(2) 611,438 Total - LMF Commercial facilities $ 711,438 Total $ 2,111,438 (1) Subsequent to February 28, 2021, the maturity due date was extended to May 2021. (2) Includes $11.4 million warehouse repurchase facility used by LMF Commercial to finance the origination of floating rate accrual loans, which are reported as accrual loans within loans held-for-investment, net. Borrowings and collateral under the facilities and their prior year predecessors were as follows: (In thousands) February 28, 2021 November 30, 2020 Borrowings under the residential facilities $ 631,784 1,185,797 Collateral under the residential facilities 653,698 1,231,619 Borrowings under the LMF Commercial facilities 178,627 124,617 (In thousands) February 28, 2021 November 30, 2020 Performance letters of credit $ 803,950 752,096 Surety bonds 3,114,002 3,087,711 Anticipated future costs primarily for site improvements related to performance surety bonds 1,675,503 1,584,642

Product Warranty (Tables)

Product Warranty (Tables)	3 Months Ended
	Feb. 28, 2021
Product Warranties Disclosures [Abstract]
Schedule of Product Warranty Reserve	The activity in the Company’s warranty reserve, which are included in Homebuilding other liabilities, was as follows: Three Months Ended (In thousands) February 28, 2021 February 29, 2020 Warranty reserve, beginning of the period $ 341,765 294,138 Warranties issued 42,928 38,271 Adjustments to pre-existing warranties from changes in estimates (1) 5,641 5,904 Payments (42,234) (50,900) Warranty reserve, end of period $ 348,100 287,413 (1) The adjustments to pre-existing warranties from changes in estimates during the three months ended February 28, 2021 and February 29, 2020 primarily related to specific claims in certain of the Company's homebuilding communities and other adjustments.

Financial Instruments and Fai_2

Financial Instruments and Fair Value Disclosures (Tables)	3 Months Ended
	Feb. 28, 2021
Fair Value Disclosures [Abstract]
Carrying Amounts And Estimated Fair Value Of Financial Instruments	The following table presents the carrying amounts and estimated fair values of financial instruments held by the Company at February 28, 2021 and November 30, 2020, using available market information and what the Company believes to be appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions and/or estimation methodologies might have a material effect on the estimated fair value amounts. The table excludes cash and cash equivalents, restricted cash, receivables, net and accounts payable, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments. February 28, 2021 November 30, 2020 (In thousands) Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value ASSETS Financial Services: Loans held-for-investment, net Level 3 $ 69,973 70,112 72,626 70,808 Investments held-to-maturity Level 3 163,290 194,485 164,230 196,047 LIABILITIES Homebuilding senior notes and other debts payable, net Level 2 $ 5,976,168 6,529,969 5,955,758 6,581,798 Financial Services notes and other debts payable, net Level 2 963,070 963,960 1,463,919 1,464,850 Lennar Other notes and other debts payable, net Level 2 1,906 1,906 1,906 1,906
Fair Value Measured On Recurring Basis	The Company’s financial instruments measured at fair value on a recurring basis are summarized below: Fair Value Hierarchy Fair Value at (In thousands) February 28, 2021 November 30, 2020 Financial Services Assets: Residential loans held-for-sale Level 2 $ 971,452 1,296,517 LMF Commercial loans held-for-sale Level 3 123,148 193,588 Mortgage servicing rights Level 3 1,499 2,113 Lennar Other: Investments available-for-sale Level 3 $ 41,247 53,497 Residential and LMF Commercial loans held-for-sale in the table above include: February 28, 2021 November 30, 2020 (In thousands) Aggregate Principal Balance Change in Fair Value Aggregate Principal Balance Change in Fair Value Residential loans held-for-sale $ 942,504 28,948 1,232,548 63,969 LMF Commercial loans held-for-sale 129,810 (6,662) 194,362 (774)
Schedule of Unobservable Inputs Used in Discounted Cash Flow Model to Determine the Fair Value of Communities	February 28, 2021 Discount rates at purchase 6% — 84% Coupon rates 2.0% — 5.3% Distribution dates October 2027 December 2028 Stated maturity dates October 2050 December 2051 Unobservable inputs As of February 28, 2021 Mortgage prepayment rate 12% Discount rate 14% Delinquency rate 3% 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: Three Months Ended February 29, 2020 Unobservable inputs Range Average selling price $ 201,000 - 970,000 Absorption rate per quarter (homes) 3 - 15 Discount rate 20%
Schedule Of Gains And Losses Of Financial Instruments Measured on a Recurring Basis	The changes in fair values for Level 1 and Level 2 financial instruments measured on a recurring basis are shown below by financial instrument and financial statement line item: Three Months Ended (In thousands) February 28, 2021 February 29, 2020 Changes in fair value included in Financial Services revenues: Loans held-for-sale $ (35,021) (7,493) Mortgage loan commitments (4,915) 14,895 Forward contracts 34,238 (9,361) Changes in fair value included in Lennar Other unrealized gain: Investments in equity securities $ 469,745 — Changes in fair value included in other comprehensive loss, net of tax: Lennar Other investments available-for-sale $ (942) — Financial Services investments available-for-sale — (46)
Reconciliation Of Beginning And Ending Balance For The Company's Level 3 Recurring Fair Value Measurements	The following table represents the reconciliation of the beginning and ending balance for the Level 3 recurring fair value measurements in the Company's Financial Services segment: Three Months Ended February 28, 2021 February 29, 2020 (In thousands) Mortgage servicing rights LMF Commercial loans held-for-sale Mortgage servicing rights LMF Commercial loans held-for-sale Beginning balance $ 2,113 193,588 24,679 197,224 Purchases/loan originations 424 219,500 746 412,250 Sales/loan originations sold, including those not settled — (282,965) — (314,439) Disposals/settlements (1,038) — (1,289) — Changes in fair value (1) — (6,767) (11,560) 5,601 Interest and principal paydowns — (208) — (234) Ending balance $ 1,499 123,148 12,576 300,402 (1) Changes in fair value for LMF Commercial loans held-for-sale and Financial Services mortgage servicing rights are included in Financial Services' revenues.
Fair Value Measurements, Nonrecurring	The assets measured at fair value on a nonrecurring basis are summarized below: Three Months Ended February 28, 2021 February 29, 2020 (In thousands) Fair Value Carrying Value Fair Value Total Losses, Net (1) Carrying Value Fair Value Total Losses, Net (1) Non-financial assets - Homebuilding: Finished homes and construction in progress (1) Level 3 $ 442 — (442) 73,006 59,284 (13,722) Land and land under development (1) Level 3 2,543 2,350 (193) 22,453 11,660 (10,793) (1) Valuation adjustments were included in Homebuilding costs and expenses in the Company's condensed consolidated statements of operations and comprehensive income (loss). Communities with valuation adjustments # of active communities # of communities with potential indicator of impairment # of communities Fair Value (in thousands) Valuation Adjustments (in thousands) At or for the Three Months Ended February 28, 2021 1,158 10 — $ — $ — February 29, 2020 1,253 33 6 45,123 19,944

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Feb. 28, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Estimated Maximum Exposure To Loss	he Company’s recorded investments in VIEs that are unconsolidated and its estimated maximum exposure to loss were as follows: February 28, 2021 November 30, 2020 (In thousands) Investments in Lennar’s Maximum Investments in Lennar’s Maximum Homebuilding (1) $ 104,527 306,117 89,654 89,828 Multifamily (2) 642,792 706,442 619,540 717,271 Financial Services 163,290 163,290 164,230 164,230 Lennar Other (3) 7,154 7,154 76,023 130,177 $ 917,763 1,183,003 949,447 1,101,506 (1) As of February 28, 2021, the increase in the maximum exposure to loss was related the Company's commitment to fund capital in the Upward America Venture, a single family for rent platform. (2) As of February 28, 2021 and November 30, 2020, the maximum exposure to loss of Multifamily's investments in unconsolidated VIEs was primarily limited to its investments in the unconsolidated VIEs, except with regard to the remaining equity commitment of $54.5 million and $88.1 million, respectively, to fund LMV I and LMV II for future expenditures related to the construction and development of its projects. (3) As of February 28, 2021, the decrease in investments in unconsolidated VIEs and maximum exposure to loss was related to an entity which had a reconsideration event due to the payoff of a note receivable which caused the entity to no longer be considered a VIE. The Company's exposure to losses on its option contracts with third parties and unconsolidated entities were as follows: (Dollars in thousands) February 28, 2021 November 30, 2020 Non-refundable option deposits and pre-acquisition costs $ 711,218 414,154 Letters of credit in lieu of cash deposits under certain land and option contracts 117,974 87,537

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Feb. 28, 2021
Commitments and Contingencies Disclosure [Abstract]
Additional Information About Leases	The following table includes additional information about the Company's leases: (Dollars in thousands) February 28, 2021 November 30, 2020 Right-of-use assets $ 164,604 113,390 Lease liabilities 173,728 122,836 Weighted-average remaining lease term (in years) 2.5 2.6 Weighted-average discount rate 3.0 % 3.1 %
Future Minimum Payments Under Noncancellable Leases	Future minimum payments under the noncancellable leases in effect at February 28, 2021 were as follows: (Dollars in thousands) Lease Payments 2021 $ 27,789 2022 32,762 2023 26,681 2024 21,188 2025 17,425 2026 and thereafter 71,131 Total future minimum lease payments (1) $ 196,976 Less: Interest (2) 23,248 Present value of lease liabilities (2) $ 173,728 (1) Total future minimum lease payments exclude variable lease costs of $14.3 million and short-term lease costs of $2.2 million. This also does not include minimum lease payments for executed and legally enforceable leases that have not yet commenced. As of February 28, 2021, the minimum lease payments for these leases that have not yet commenced were immaterial. (2) The Company's leases do not include a readily determinable implicit rate. As such, the Company has estimated the discount rate for these leases to determine the present value of lease payments at the lease commencement date or as of December 1, 2019, which was the effective date of ASU 2016-02. As of February 28, 2021, the weighted average remaining lease term and weighted average discount rate used in calculating the lease liabilities were 2.5 years and 3.0%, respectively. The Company recognized the lease liabilities on its condensed consolidated balance sheets within accounts payable or other liabilities of the respective segments.
Lease, Cost	During the three months ended February 28, 2021 and February 29, 2020, the Company's rental expense and payments on lease liabilities were as follows: (Dollars in thousands) February 28, 2021 February 29, 2020 Rental expense $ 20,707 20,706 Payment on lease liabilities 9,906 17,426

Basis of Presentation - Narrati

Basis of Presentation - Narrative (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020	Nov. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash and cash equivalents held in escrow	$ 752.5		$ 314.3
Cash and cash equivalents held in escrow, deposit period	3 days
Nonvested shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares granted (in shares)	1.4	0.9

Operating and Reporting Segme_3

Operating and Reporting Segments (Disclosure Of Assets and Liabilities) (Details) - USD ($) $ in Thousands		Feb. 28, 2021	Nov. 30, 2020
Segment Reporting Information [Line Items]
Cash and cash equivalents		$ 2,568,799	$ 2,863,038
Restricted cash		26,399	69,692
Receivables, net		892,460	938,079
Inventories		17,982,473	17,175,148
Loans held-for-sale		1,094,600	1,490,105
Investments in equity securities		666,956	68,771
Investments available-for-sale		41,247	53,497
Loans held-for-investment, net		69,973	72,626
Investments held-to-maturity		163,290	164,230
Investments in unconsolidated entities		2,097,934	2,064,921
Goodwill		3,632,058	3,632,058
Other assets		1,315,791	1,343,012
Total assets	[1]	30,551,980	29,935,177
Senior notes and other debts payable, net		6,941,144	7,421,583
Other liabilities		4,593,385	4,414,193
Total liabilities	[2]	11,534,529	11,835,776
Equity securities without readily determinable fair values		85,100	61,600
Homebuilding
Segment Reporting Information [Line Items]
Cash and cash equivalents	[1]	2,421,411	2,703,986
Restricted cash	[1]	17,878	15,211
Receivables, net	[1]	300,134	298,671
Inventories	[1]	17,692,942	16,925,228
Loans held-for-sale		0	0
Investments in equity securities		0	0
Investments available-for-sale		0	0
Loans held-for-investment, net		0	0
Investments held-to-maturity		0	0
Investments in unconsolidated entities		1,077,353	953,177	[1]
Goodwill	[1]	3,442,359	3,442,359
Other assets		1,162,564	1,190,793	[1]
Total assets	[1]	26,114,641	25,529,425
Senior notes and other debts payable, net	[2]	5,976,168	5,955,758
Other liabilities		4,167,833	3,969,893
Total liabilities	[2]	10,144,001	9,925,651
Financial Services
Segment Reporting Information [Line Items]
Cash and cash equivalents		117,856	116,171
Restricted cash		8,521	54,481
Receivables, net		495,484	552,779
Inventories		0	0
Loans held-for-sale		1,094,600	1,490,105
Investments in equity securities		0	0
Investments available-for-sale		0	0
Loans held-for-investment, net		69,973	72,626
Investments held-to-maturity		163,290	164,230
Investments in unconsolidated entities		0	0
Goodwill		189,699	189,699
Other assets		78,128	68,027
Total assets	[1]	2,217,551	2,708,118
Senior notes and other debts payable, net		963,070	1,463,919
Other liabilities		150,013	180,329
Total liabilities	[2]	1,113,083	1,644,248
Multifamily
Segment Reporting Information [Line Items]
Cash and cash equivalents		25,644	38,963
Restricted cash		0	0
Receivables, net		96,842	86,629
Inventories		289,531	249,920
Loans held-for-sale		0	0
Investments in equity securities		0	0
Investments available-for-sale		0	0
Loans held-for-investment, net		0	0
Investments held-to-maturity		0	0
Investments in unconsolidated entities		704,964	724,647
Goodwill		0	0
Other assets		66,739	75,749
Total assets	[1]	1,183,720	1,175,908
Senior notes and other debts payable, net		0	0
Other liabilities		235,651	252,911
Total liabilities	[2]	235,651	252,911
Lennar Other
Segment Reporting Information [Line Items]
Cash and cash equivalents		3,888	3,918
Restricted cash		0	0
Receivables, net		0	0
Inventories		0	0
Loans held-for-sale		0	0
Investments in equity securities		666,956	68,771
Investments available-for-sale		41,247	53,497
Loans held-for-investment, net		0	0
Investments held-to-maturity		0	0
Investments in unconsolidated entities		315,617	387,097
Goodwill		0	0
Other assets		8,360	8,443
Total assets	[1]	1,036,068	521,726
Senior notes and other debts payable, net		1,906	1,906
Other liabilities		39,888	11,060
Total liabilities	[2]	$ 41,794	$ 12,966
[1]	Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations ("ASC 810"), the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations. As of February 28, 2021, total assets include $1.0 billion related to consolidated VIEs of which $39.8 million is included in Homebuilding cash and cash equivalents, $14.2 million in Homebuilding finished homes and construction in progress, $516.9 million in Homebuilding land and land under development, $288.6 million in Homebuilding consolidated inventory not owned, $1.7 million in Homebuilding investments in unconsolidated entities, $145.8 million in Homebuilding other assets and $17.8 million in Multifamily assets. 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, $120.6 million in Homebuilding other assets and $39.9 million in Multifamily assets.
[2]	Under certain provisions of ASC 810, the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated VIEs and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations. As of February 28, 2021, total liabilities include $417.3 million related to consolidated VIEs as to which there was no recourse against the Company, of which $33.4 million is included in Homebuilding accounts payable, $227.2 million in Homebuilding liabilities related to consolidated inventory not owned, $146.6 million in Homebuilding senior notes and other debts payable, $9.9 million in Homebuilding other liabilities and $0.2 million in Multifamily liabilities. 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 debt payable, $9.9 million in Homebuilding other liabilities and $9.8 million in Multifamily liabilities.

Operating and Reporting Segme_4

Operating and Reporting Segments (Financial Information Related to Segments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Segment Reporting Information [Line Items]
Revenues	$ 5,325,468	$ 4,505,337
Operating earnings (loss)	1,449,859	510,399
Corporate general and administrative expenses	110,531	82,634
Charitable foundation contribution	12,314	4,213
Homebuilding
Segment Reporting Information [Line Items]
Revenues	4,943,056	4,172,116
Operating earnings (loss)	833,180	460,398
Operating Segments | Homebuilding
Segment Reporting Information [Line Items]
Revenues	4,943,056	4,172,116
Operating earnings (loss)	833,180	460,398
Corporate general and administrative expenses	0	0
Charitable foundation contribution	0	0
Operating Segments | Financial Services
Segment Reporting Information [Line Items]
Revenues	244,069	198,661
Operating earnings (loss)	146,207	47,317
Corporate general and administrative expenses	0	0
Charitable foundation contribution	0	0
Operating Segments | Multifamily
Segment Reporting Information [Line Items]
Revenues	131,443	132,617
Operating earnings (loss)	(874)	1,785
Corporate general and administrative expenses	0	0
Charitable foundation contribution	0	0
Operating Segments | Lennar Other
Segment Reporting Information [Line Items]
Revenues	6,900	1,943
Operating earnings (loss)	471,346	899
Corporate general and administrative expenses	0	0
Charitable foundation contribution	0	0
Corporate and Unallocated
Segment Reporting Information [Line Items]
Revenues	0	0
Operating earnings (loss)	0	0
Corporate general and administrative expenses	110,531	82,634
Charitable foundation contribution	$ 12,314	$ 4,213

Operating and Reporting Segme_5

Operating and Reporting Segments (Homebuilding Assets) (Details) - USD ($) $ in Thousands		Feb. 28, 2021	Nov. 30, 2020
Segment Reporting Information [Line Items]
Assets	[1]	$ 30,551,980	$ 29,935,177
Homebuilding
Segment Reporting Information [Line Items]
Assets	[1]	26,114,641	25,529,425
Operating Segments | East
Segment Reporting Information [Line Items]
Assets		5,540,055	5,308,114
Operating Segments | Central
Segment Reporting Information [Line Items]
Assets		3,561,065	3,438,600
Operating Segments | Texas
Segment Reporting Information [Line Items]
Assets		2,353,652	2,150,916
Operating Segments | West
Segment Reporting Information [Line Items]
Assets		11,101,983	10,504,374
Operating Segments | Other
Segment Reporting Information [Line Items]
Assets		1,314,990	1,301,618
Corporate and Unallocated
Segment Reporting Information [Line Items]
Assets		2,242,896	2,825,803
Operating Segments And Corporate | Homebuilding
Segment Reporting Information [Line Items]
Assets		$ 26,114,641	$ 25,529,425
[1]	Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations ("ASC 810"), the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations. As of February 28, 2021, total assets include $1.0 billion related to consolidated VIEs of which $39.8 million is included in Homebuilding cash and cash equivalents, $14.2 million in Homebuilding finished homes and construction in progress, $516.9 million in Homebuilding land and land under development, $288.6 million in Homebuilding consolidated inventory not owned, $1.7 million in Homebuilding investments in unconsolidated entities, $145.8 million in Homebuilding other assets and $17.8 million in Multifamily assets. 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, $120.6 million in Homebuilding other assets and $39.9 million in Multifamily assets.

Operating and Reporting Segme_6

Operating and Reporting Segments (Homebuilding Financial Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Segment Reporting Information [Line Items]
Revenues	$ 5,325,468	$ 4,505,337
Operating earnings (loss)	1,449,859	510,399
East
Segment Reporting Information [Line Items]
Revenues	1,355,942	1,152,332
Operating earnings (loss)	262,083	148,754
Central
Segment Reporting Information [Line Items]
Revenues	928,442	789,510
Operating earnings (loss)	132,023	55,723
Texas
Segment Reporting Information [Line Items]
Revenues	644,078	473,228
Operating earnings (loss)	129,643	53,073
West
Segment Reporting Information [Line Items]
Revenues	2,009,579	1,748,769
Operating earnings (loss)	321,706	224,907
Other
Segment Reporting Information [Line Items]
Revenues	5,015	8,277
Operating earnings (loss)	(12,275)	(22,059)
Homebuilding
Segment Reporting Information [Line Items]
Revenues	4,943,056	4,172,116
Operating earnings (loss)	$ 833,180	$ 460,398

Operating and Reporting Segme_7

Operating and Reporting Segments (Disclosure of Facilities) (Details) - Financial Services - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2021	Nov. 30, 2020
Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	$ 2,111,438
Residential facilities maturing March 2021 | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	100,000
Residential facilities maturing June 2021 | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	600,000
Residential facilities maturing July 2021 | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	200,000
Residential facilities maturing December 2021 | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	500,000
Residential facilities | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	1,400,000
Borrowings under facility	631,784	$ 1,185,797
Collateral under facilities	653,698	1,231,619
Commercial facilities maturing November 2021 | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	100,000
Commercial facilities maturing December 2021 | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	611,438
Commercial facilities | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum Aggregate Commitment	$ 711,438
Warehouse Repurchase Facility | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Facility, term	364 days
Warehouse Repurchase Facility | Commercial facilities
Line of Credit Facility [Line Items]
Borrowings under facility	$ 178,627	$ 124,617

Operating and Reporting Segme_8

Operating and Reporting Segments (Narrative) (Details) shares in Thousands	3 Months Ended
	Feb. 28, 2021USD ($)earnoutshares	Feb. 29, 2020USD ($)
Disposal Group, Held-for-sale, Not Discontinued Operations | Sunnova Energy International Inc.
Segment Reporting Information [Line Items]
Number of shares to be received (in shares) | shares	7,220
Number of shares to be received upon closing (in shares) | shares	3,330
Number of earnout agreements | earnout	2
Financial Services | Warehouse Repurchase Facility
Segment Reporting Information [Line Items]
Collateral percentage	80.00%
Lennar Other
Segment Reporting Information [Line Items]
Lennar Other unrealized gain | $	$ 469,700,000
CMBS | Financial Services
Segment Reporting Information [Line Items]
Impairment charges for CMBS securities | $	$ 0	$ 0

Operating and Reporting Segme_9

Operating and Reporting Segments Operating and Reporting Segments (Activity in Loan Origination Liabilities) (Details) - Loss origination liability - Financial Services - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Loss Contingency Accrual [Roll Forward]
Loan origination liabilities, beginning of period	$ 7,569	$ 9,364
Provision for losses	966	776
Payments/settlements	(102)	(144)
Loan origination liabilities, end of period	$ 8,433	$ 9,996

Operating and Reporting Segm_10

Operating and Reporting Segments (Loans Held-for-Sale) (Details) - Financial Services $ in Thousands	3 Months Ended
	Feb. 28, 2021USD ($)transaction	Feb. 29, 2020USD ($)transaction
Segment Reporting Information [Line Items]
Originations	$ 219,500	$ 412,250
Sold	$ 282,965	$ 314,439
Securitizations | transaction	2	2

Operating and Reporting Segm_11

Operating and Reporting Segments (Commercial Mortgage-Backed Securities) (Details) - USD ($) $ in Thousands	Feb. 28, 2021	Nov. 30, 2020
Segment Reporting Information [Line Items]
Investments held-to-maturity	$ 163,290	$ 164,230
Outstanding debt, net of debt issuance costs	6,941,144	7,421,583
Financial Services
Segment Reporting Information [Line Items]
Investments held-to-maturity	163,290	164,230
Outstanding debt, net of debt issuance costs	963,070	1,463,919
Financial Services | Financing Agreement to Purchase Commercial Mortgage Backed Securities | Secured Debt
Segment Reporting Information [Line Items]
Outstanding debt, net of debt issuance costs	$ 152,659	$ 153,505
Incurred interest rate	3.40%	3.40%
CMBS | Financial Services
Segment Reporting Information [Line Items]
Investments held-to-maturity	$ 163,290	$ 164,230

Operating and Reporting Segm_12

Operating and Reporting Segments (Fair Value Inputs for Commercial Mortgage-Backed Securities) (Details) - CMBS - Financial Services	3 Months Ended
	Feb. 28, 2021
Minimum
Segment Reporting Information [Line Items]
Discount rates at purchase	6.00%
Coupon rates	2.00%
Maximum
Segment Reporting Information [Line Items]
Discount rates at purchase	84.00%
Coupon rates	5.30%

Investments in Unconsolidated_3

Investments in Unconsolidated Entities (Homebuilding Unconsolidated Entities) (Details) - USD ($) $ in Thousands	Feb. 28, 2021	Nov. 30, 2020
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 2,097,934	$ 2,064,921
FivePoint Unconsolidated Entity
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 390,300	392,100
Unconsolidated entities ownership percentage	40.00%
Homebuilding
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 1,077,353	953,177	[1]
Underlying equity in unconsolidated partners' net assets	$ 1,395,393	$ 1,269,701
[1]	Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations ("ASC 810"), the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations. As of February 28, 2021, total assets include $1.0 billion related to consolidated VIEs of which $39.8 million is included in Homebuilding cash and cash equivalents, $14.2 million in Homebuilding finished homes and construction in progress, $516.9 million in Homebuilding land and land under development, $288.6 million in Homebuilding consolidated inventory not owned, $1.7 million in Homebuilding investments in unconsolidated entities, $145.8 million in Homebuilding other assets and $17.8 million in Multifamily assets. 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, $120.6 million in Homebuilding other assets and $39.9 million in Multifamily assets.

Investments in Unconsolidated_4

Investments in Unconsolidated Entities (Narrative) (Details) - USD ($) $ in Millions	Apr. 01, 2021	Feb. 28, 2021	Nov. 30, 2020
Upward America Venture | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Total equity commitments	$ 1,250
Total acquisition funding	$ 4,000
Multifamily
Schedule of Equity Method Investments [Line Items]
Non-recourse debt with completion guarantees		$ 660	$ 722.9

Investments in Unconsolidated_5

Investments in Unconsolidated Entities (Multifamily Income and Costs) (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Schedule of Equity Method Investments [Line Items]
Revenues	$ 5,325,468	$ 4,505,337
General Contractor Services | Multifamily | Unconsolidated Entities
Schedule of Equity Method Investments [Line Items]
Revenues	115,399	93,894
Cost of revenue	110,453	90,181
Management Fee | Multifamily | Unconsolidated Entities
Schedule of Equity Method Investments [Line Items]
Revenues	$ 14,871	$ 13,823

Investments in Unconsolidated_6

Investments in Unconsolidated Entities (Details of Multifamily Unconsolidated Entities) (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020	Nov. 30, 2020
Schedule of Equity Method Investments [Line Items]
Lennar's carrying value of investments	$ 2,097,934		$ 2,064,921
Distributions to Lennar during the three months ended February 28, 2021	4,234	$ 36,922
Multifamily
Schedule of Equity Method Investments [Line Items]
Lennar's carrying value of investments	704,964		$ 724,647
Multifamily | LMV I
Schedule of Equity Method Investments [Line Items]
Lennar's carrying value of investments	321,262
Equity commitments	2,204,016
Equity commitments called	2,140,646
Lennar's equity commitments	504,016
Lennar's equity commitments called	496,804
Lennar's remaining commitments	7,212
Distributions to Lennar during the three months ended February 28, 2021	4,393
Multifamily | LMV II
Schedule of Equity Method Investments [Line Items]
Lennar's carrying value of investments	318,578
Equity commitments	1,257,700
Equity commitments called	1,105,170
Lennar's equity commitments	381,000
Lennar's equity commitments called	333,706
Lennar's remaining commitments	47,294
Distributions to Lennar during the three months ended February 28, 2021	$ 0

Stockholders' Equity (Schedule

Stockholders' Equity (Schedule Of Changes In Equity) (Details) - USD ($)	Feb. 12, 2021	Feb. 28, 2021		Nov. 30, 2020		Aug. 31, 2020	Feb. 29, 2020	Jan. 31, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning		$ 18,099,401,000	[1]				$ 16,033,830,000
Net earnings (including net earnings attributable to noncontrolling interests)		1,016,909,000					391,223,000
Employee stock and directors plans		(26,279,000)					(7,424,000)
Purchases of treasury stock		(43,110,000)					(288,515,000)
Amortization of restricted stock		48,818,000					31,855,000
Cash dividends		(77,843,000)					(39,240,000)
Receipts related to noncontrolling interests		8,896,000					88,913,000
Payments related to noncontrolling interests		(11,397,000)					(16,734,000)
Non-cash activity related to noncontrolling interests		2,998,000
Non-cash consolidations/deconsolidations, net							(485,000)
Total other comprehensive loss, net of tax		(942,000)					(46,000)
Balance, ending		19,017,451,000	[1]	$ 18,099,401,000	[1]		16,193,377,000
Cash dividends (in dollars per share)	$ 0.25			$ 0.25		$ 0.125
Stock repurchase program, authorized value								$ 1,000,000,000
Stock repurchase program, authorized shares (in shares)								25,000,000
Additional Paid - in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning		8,676,056,000					8,578,219,000
Employee stock and directors plans		(59,000)					(130,000)
Amortization of restricted stock		48,818,000					31,855,000
Non-cash activity related to noncontrolling interests		(623,000)
Balance, ending		8,724,192,000		$ 8,676,056,000			8,609,944,000
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning		(1,279,227,000)					(957,857,000)
Employee stock and directors plans		(26,373,000)					(7,384,000)
Purchases of treasury stock		(43,110,000)					(288,515,000)
Balance, ending		(1,348,710,000)		(1,279,227,000)			(1,253,756,000)
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning		(805,000)					498,000
Total other comprehensive loss, net of tax		(942,000)					(46,000)
Balance, ending		(1,747,000)		(805,000)			452,000
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning		10,564,994,000					8,295,001,000
Net earnings (including net earnings attributable to noncontrolling interests)		1,001,369,000					398,452,000
Cash dividends		(77,843,000)					(39,240,000)
Balance, ending		11,488,520,000		10,564,994,000			8,654,213,000
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning		104,545,000					84,313,000
Net earnings (including net earnings attributable to noncontrolling interests)		15,540,000					(7,229,000)
Receipts related to noncontrolling interests		8,896,000					88,913,000
Payments related to noncontrolling interests		(11,397,000)					(16,734,000)
Non-cash activity related to noncontrolling interests		3,621,000
Non-cash consolidations/deconsolidations, net							(485,000)
Balance, ending		$ 121,205,000		104,545,000			$ 148,778,000
Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased during period (in shares)		510,000					4,250,000
Principal		$ 43,100,000					$ 282,274,000
Average share price of shares repurchased (in dollars per share)		$ 84.51					$ 66.42
Class A Common Stock | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning		$ 29,894,000					$ 29,712,000
Employee stock and directors plans		153,000					90,000
Balance, ending		$ 30,047,000		29,894,000			$ 29,802,000
Class B Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased during period (in shares)		0					115,000
Principal		$ 0					$ 6,155,000
Average share price of shares repurchased (in dollars per share)		$ 0					$ 53.52
Class B Common Stock | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning		$ 3,944,000					$ 3,944,000
Balance, ending		$ 3,944,000		$ 3,944,000			$ 3,944,000
[1]	Under certain provisions of ASC 810, the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated VIEs and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations. As of February 28, 2021, total liabilities include $417.3 million related to consolidated VIEs as to which there was no recourse against the Company, of which $33.4 million is included in Homebuilding accounts payable, $227.2 million in Homebuilding liabilities related to consolidated inventory not owned, $146.6 million in Homebuilding senior notes and other debts payable, $9.9 million in Homebuilding other liabilities and $0.2 million in Multifamily liabilities. 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 debt payable, $9.9 million in Homebuilding other liabilities and $9.8 million in Multifamily liabilities.

Income Taxes (Income Tax Benefi

Income Taxes (Income Tax Benefit (Provision) (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 310,105	$ 32,329
Effective tax rate	23.60%	7.50%

Schedule of Basic and Diluted E

Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Numerator:
Net earnings attributable to Lennar	$ 1,001,369	$ 398,452
Less: distributed earnings allocated to nonvested shares	630	334
Less: undistributed earnings allocated to nonvested shares	11,624	4,092
Numerator for basic earnings per share	989,115	394,026
Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan	553	0
Numerator for diluted earnings per share	$ 988,562	$ 394,026
Denominator:
Denominator for basic earnings per share-weighted average common shares outstanding (shares)	309,020	311,213
Effect of dilutive securities:
Share-based payments (shares)	0	2
Denominator for diluted earnings per share-weighted average common shares outstanding (shares)	309,020	311,215
Basic earnings per share (in dollars per share)	$ 3.20	$ 1.27
Diluted earnings per share (in dollars per share)	$ 3.20	$ 1.27

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase outstanding and anti-dilutive shares (in shares)	0	0

Homebuilding Senior Notes and_3

Homebuilding Senior Notes and Other Debts Payable (Schedule of Senior Notes and Other Debts Payable) (Details) - USD ($) $ in Thousands		Feb. 28, 2021	Nov. 30, 2020
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 6,941,144	$ 7,421,583
Homebuilding
Debt Instrument [Line Items]
Senior notes and other debts payable, net	[1]	5,976,168	5,955,758
Homebuilding | Senior Notes | 6.25% senior notes due December 2021
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 303,963	305,221
Interest rate		6.25%
Homebuilding | Senior Notes | 4.125% senior notes due 2022
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 599,123	598,876
Interest rate		4.125%
Homebuilding | Senior Notes | 5.375% senior notes due 2022
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 254,628	255,342
Interest rate		5.375%
Homebuilding | Senior Notes | 4.750% senior notes due 2022
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 573,030	572,724
Interest rate		4.75%
Homebuilding | Senior Notes | 4.875% senior notes due December 2023
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 397,749	397,347
Interest rate		4.875%
Homebuilding | Senior Notes | 4.500% senior notes due 2024
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 647,709	647,528
Interest rate		4.50%
Homebuilding | Senior Notes | 5.875% senior notes due 2024
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 442,315	443,484
Interest rate		5.875%
Homebuilding | Senior Notes | 4.750% senior notes due 2025
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 498,113	498,002
Interest rate		4.75%
Homebuilding | Senior Notes | 5.25% senior notes due 2026
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 406,406	406,709
Interest rate		5.25%
Homebuilding | Senior Notes | 5.00% senior notes due 2027
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 352,412	352,508
Interest rate		5.00%
Homebuilding | Senior Notes | 4.75% senior notes due 2027
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 894,948	894,760
Interest rate		4.75%
Homebuilding | Mortgage notes on land and other debt
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 605,772	$ 583,257
[1]	Under certain provisions of ASC 810, the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated VIEs and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations. As of February 28, 2021, total liabilities include $417.3 million related to consolidated VIEs as to which there was no recourse against the Company, of which $33.4 million is included in Homebuilding accounts payable, $227.2 million in Homebuilding liabilities related to consolidated inventory not owned, $146.6 million in Homebuilding senior notes and other debts payable, $9.9 million in Homebuilding other liabilities and $0.2 million in Multifamily liabilities. 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 debt payable, $9.9 million in Homebuilding other liabilities and $9.8 million in Multifamily liabilities.

Homebuilding Senior Notes and_4

Homebuilding Senior Notes and Other Debts Payable (Narrative) (Details) - Homebuilding - USD ($)	3 Months Ended
	Feb. 28, 2021	Nov. 30, 2020
Unsecured revolving credit facility | Credit Agreement
Debt Instrument [Line Items]
Maximum borrowings	$ 2,500,000,000	$ 2,400,000,000
Increase in maximum borrowings	100,000,000
Accordion feature	300,000,000
Maximum borrowing capacity after accordion feature	2,800,000,000
Letter of Credit | Credit Agreement
Debt Instrument [Line Items]
Maximum borrowings	500,000,000
Senior Notes
Debt Instrument [Line Items]
Debt issuance cost	$ 14,800,000	$ 15,900,000

Homebuilding Senior Notes and_5

Homebuilding Senior Notes and Other Debts Payable (Letter of Credit Facilities) (Details) - USD ($) $ in Thousands	Feb. 28, 2021	Nov. 30, 2020
Performance letters of credit
Line of Credit Facility [Line Items]
Letters of credit	$ 803,950	$ 752,096
Surety bonds
Line of Credit Facility [Line Items]
Letters of credit	3,114,002	3,087,711
Anticipated future costs primarily for site improvements related to performance surety bonds
Line of Credit Facility [Line Items]
Letters of credit	$ 1,675,503	$ 1,584,642

Product Warranty (Schedule of P

Product Warranty (Schedule of Product Warranty Reserve) (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty reserve, beginning of the period	$ 341,765	$ 294,138
Warranties issued	42,928	38,271
Adjustments to pre-existing warranties from changes in estimates	5,641	5,904
Payments	(42,234)	(50,900)
Warranty reserve, end of period	$ 348,100	$ 287,413

Financial Instruments and Fai_3

Financial Instruments and Fair Value Disclosures - (Carrying Amounts And Estimated Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands	Feb. 28, 2021	Nov. 30, 2020
Financial Services | Level 3 | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable and loans held-for-investment	$ 69,973	$ 72,626
Investments held-to-maturity	163,290	164,230
Financial Services | Level 3 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable and loans held-for-investment	70,112	70,808
Investments held-to-maturity	194,485	196,047
Financial Services | Level 2 | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	963,070	1,463,919
Financial Services | Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	963,960	1,464,850
Homebuilding | Level 2 | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	5,976,168	5,955,758
Homebuilding | Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	6,529,969	6,581,798
Lennar Other | Level 2 | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	1,906	1,906
Lennar Other | Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	$ 1,906	$ 1,906

Financial Instruments and Fai_4

Financial Instruments and Fair Value Disclosures - (Fair Value Measured On Recurring Basis) (Details) - USD ($) $ in Thousands	Feb. 28, 2021	Nov. 30, 2020
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Investments available-for-sale	$ 41,247	$ 53,497
Financial Services
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Investments available-for-sale	0	0
Financial Services | Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Mortgage servicing rights	1,499	2,113
Lennar Other
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Investments available-for-sale	41,247	53,497
Lennar Other | Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Investments available-for-sale	41,247	53,497
Residential | Financial Services | Fair Value, Measurements, Recurring | Loans held-for-sale
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Aggregate principal balance	942,504	1,232,548
Aggregate fair value of loans (below) in excess of principal balance	28,948	63,969
Residential | Financial Services | Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Loans held for sale	971,452	1,296,517
Commercial | Financial Services | Fair Value, Measurements, Recurring | Loans held-for-sale
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Aggregate principal balance	129,810	194,362
Aggregate fair value of loans (below) in excess of principal balance	(6,662)	(774)
Commercial | Financial Services | Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Loans held for sale	$ 123,148	$ 193,588

Financial Instruments and Fai_5

Financial Instruments and Fair Value Disclosures - (Mortgage Servicing Rights Unobservable Inputs) (Details) - Financial Services - Level 3	Feb. 28, 2021
Mortgage prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for valuation of mortgage servicing rights	0.12
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for valuation of mortgage servicing rights	0.14
Delinquency rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for valuation of mortgage servicing rights	0.03

Financial Instruments and Fai_6

Financial Instruments and Fair Value Disclosures - (Schedule Of Gains And Losses Of Financial Instruments) (Details) (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Changes in fair value included in other comprehensive income (loss), net of tax	$ (942)	$ (46)
Fair Value, Measurements, Recurring | Lennar Other
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Changes in fair value included in other comprehensive income (loss), net of tax	(942)	0
Fair Value, Measurements, Recurring | Lennar Other | Forward contracts
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Lennar Other unrealized gain	469,745	0
Fair Value, Measurements, Recurring | Financial Services
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Changes in fair value included in other comprehensive income (loss), net of tax	0	(46)
Fair Value, Measurements, Recurring | Financial Services | Loans held-for-sale
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Lennar Other unrealized gain	(35,021)	(7,493)
Fair Value, Measurements, Recurring | Financial Services | Mortgage loan commitments
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Lennar Other unrealized gain	(4,915)	14,895
Fair Value, Measurements, Recurring | Financial Services | Forward contracts
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Lennar Other unrealized gain	$ 34,238	$ (9,361)

Financial Instruments and Fai_7

Financial Instruments and Fair Value Disclosures - (Reconciliation Of Beginning And Ending Balance For The Company's Level 3 Recurring Fair Value Measurements) (Details) - Financial Services - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Mortgage servicing rights
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 2,113	$ 24,679
Purchases/loan originations	424	746
Sales/loan originations sold, including those not settled	0	0
Disposals/settlements	(1,038)	(1,289)
Changes in fair value	0	(11,560)
Interest and principal paydowns	0	0
Ending balance	1,499	12,576
LMF Commercial loans held-for-sale
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	193,588	197,224
Purchases/loan originations	219,500	412,250
Sales/loan originations sold, including those not settled	(282,965)	(314,439)
Disposals/settlements	0	0
Changes in fair value	(6,767)	5,601
Interest and principal paydowns	(208)	(234)
Ending balance	$ 123,148	$ 300,402

Financial Instruments and Fai_8

Financial Instruments and Fair Value Disclosures - (Fair Value Assets Measured On Nonrecurring Basis) (Details) - Fair Value, Measurements, Nonrecurring - Level 3 - Homebuilding - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Finished homes and construction in progress, carrying value	$ 442	$ 73,006
Finished homes and construction in progress, fair value	0	59,284
Finished homes and construction in progress, total losses, net	(442)	(13,722)
Land and land under development, carrying value	2,543	22,453
Land and land under development, fair value	2,350	11,660
Land and land under development, total losses, net	$ (193)	$ (10,793)

Financial Instruments and Fai_9

Financial Instruments and Fair Value Disclosures - (Narrative) (Details) - community	Feb. 28, 2021	Feb. 29, 2020
Fair Value Disclosures [Abstract]
Active communities	1,158	1,253

Financial Instruments and Fa_10

Financial Instruments and Fair Value Disclosures - (Communities with Indicators for Impairment) (Details) $ in Thousands	3 Months Ended
	Feb. 28, 2021USD ($)community	Feb. 29, 2020USD ($)community
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Active communities	1,158	1,253
Number of Communities with potential indicator of impairment	10	33
Number of communities with valuation adjustments	0	6
Valuation adjustments | $	$ 0	$ 19,944
Level 3
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Fair value of communities with valuation adjustments | $	$ 0	$ 45,123

Financial Instruments and Fa_11

Financial Instruments and Fair Value Disclosures - (Unobservable Inputs Used in Discounted Cash Flow Model to Determine the Fair Value of Communities) (Details) $ / homes in Thousands	Feb. 28, 2021	Feb. 29, 2020$ / homes
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs	0.20
Minimum | Average selling price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs		201,000
Minimum | Absorption rate per quarter (homes)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs		3
Maximum | Average selling price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs		970,000
Maximum | Absorption rate per quarter (homes)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs		15

Variable Interest Entities (Est

Variable Interest Entities (Estimated Maximum Exposure To Loss) (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Thousands	Feb. 28, 2021	Nov. 30, 2020
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	$ 917,763	$ 949,447
Lennar’s Maximum Exposure to Loss	1,183,003	1,101,506
Homebuilding
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	104,527	89,654
Lennar’s Maximum Exposure to Loss	306,117	89,828
Multifamily
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	642,792	619,540
Lennar’s Maximum Exposure to Loss	706,442	717,271
Multifamily | Equity Commitments
Variable Interest Entity [Line Items]
Obligations related to VIEs	54,500	88,100
Financial Services
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	163,290	164,230
Lennar’s Maximum Exposure to Loss	163,290	164,230
Lennar Other
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	7,154	76,023
Lennar’s Maximum Exposure to Loss	$ 7,154	$ 130,177

Variable Interest Entities (Nar

Variable Interest Entities (Narrative) (Details) $ in Millions	3 Months Ended
	Feb. 28, 2021USD ($)
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Decrease in consolidated inventory	$ 28.8

Variable Interest Entities (Exp

Variable Interest Entities (Exposure to Losses) (Details) - Variable Interest Entity, Not Primary Beneficiary Including Third Parties - USD ($) $ in Thousands	Feb. 28, 2021	Nov. 30, 2020
Variable Interest Entity [Line Items]
Non-refundable option deposits and pre-acquisition costs	$ 711,218	$ 414,154
Financial Standby Letters of Credit
Variable Interest Entity [Line Items]
Letters of credit in lieu of cash deposits under certain land and option contracts	$ 117,974	$ 87,537

Commitments and Contingent Li_2

Commitments and Contingent Liabilities - (Additional Information About Leases) (Details) - USD ($) $ in Thousands	Feb. 28, 2021	Nov. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Right-of-use assets	$ 164,604	$ 113,390
Lease liabilities	$ 173,728	$ 122,836
Weighted-average remaining lease term (in years)	2 years 6 months	2 years 7 months 6 days
Weighted-average discount rate	3.00%	3.10%

Commitments and Contingent Li_3

Commitments and Contingent Liabilities - (Future MInimum Payments Under Noncancellable Leases) (Details) - USD ($) $ in Thousands	Feb. 28, 2021	Nov. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
2021	$ 27,789
2022	32,762
2023	26,681
2024	21,188
2025	17,425
2026 and thereafter	71,131
Total future minimum lease payments	196,976
Less: Interest	23,248
Present value of lease liabilities	173,728	$ 122,836
Variable lease costs	14,300
Short-term lease costs	$ 2,200
Weighted-average remaining lease term (in years)	2 years 6 months	2 years 7 months 6 days
Weighted-average discount rate	3.00%	3.10%

Commitments and Contingent Li_4

Commitments and Contingent Liabilities - (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Commitments and Contingencies Disclosure [Abstract]
Rental expense	$ 20,707	$ 20,706
Payments on lease liabilities	$ 9,906	$ 17,426

Uncategorized Items - len-20210

Label	Element	Value
Operating Segments [Member] | Lennar Homebuilding East, Central, West, Houston, and Other [Member]
Cash and Cash Equivalents, at Carrying Value	us-gaap_CashAndCashEquivalentsAtCarryingValue	$ 784,950,000
Operating Segments [Member] | Lennar Financial Services [Member]
Cash and Cash Equivalents, at Carrying Value	us-gaap_CashAndCashEquivalentsAtCarryingValue	246,712,000
Operating Segments [Member] | Other Segments [Member]
Cash and Cash Equivalents, at Carrying Value	us-gaap_CashAndCashEquivalentsAtCarryingValue	5,030,000
Operating Segments [Member] | Lennar Multifamily [Member]
Cash and Cash Equivalents, at Carrying Value	us-gaap_CashAndCashEquivalentsAtCarryingValue	$ 15,790,000