Lennar (LEN) 10-Q 2 Jul 21 2021 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	6 Months Ended
	May 31, 2021shares
Class of Stock [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 31, 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	Q2
Amendment Flag	false
Common Class A
Class of Stock [Line Items]
Title of 12(b) Security	Class A Common Stock, par value $.10
Trading Symbol	LEN
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding	274,694,829
Common Class B
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		May 31, 2021	Nov. 30, 2020
ASSETS
Cash and cash equivalents		$ 2,737,580	$ 2,863,038
Restricted cash		45,365	69,692
Receivables, net		887,829	938,079
Inventories:
Total inventories		18,735,759	17,175,148
Investments in unconsolidated entities		2,080,822	2,064,921
Goodwill		3,632,058	3,632,058
Other assets		1,261,221	1,343,012
Total assets	[1]	31,223,227	29,935,177
LIABILITIES AND EQUITY
Senior notes and other debts payable, net		6,824,433	7,421,583
Total liabilities	[2]	11,521,129	11,835,776
Stockholders' equity:
Preferred stock	[2]	0	0
Additional paid-in capital	[2]	8,755,020	8,676,056
Retained earnings	[2]	12,241,400	10,564,994
Treasury stock, at cost; May 31, 2021 - 25,791,364 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]	(1,452,874)	(1,279,227)
Accumulated other comprehensive loss	[2]	(1,431)	(805)
Total stockholders’ equity	[2]	19,576,108	17,994,856
Noncontrolling interests	[2]	125,990	104,545
Total equity	[2]	19,702,098	18,099,401
Total liabilities and equity	[2]	31,223,227	29,935,177
Common Class A
Stockholders' equity:
Common stock	[2]	30,049	29,894
Common Class B
Stockholders' equity:
Common stock	[2]	3,944	3,944
Homebuilding
ASSETS
Cash and cash equivalents	[1]	2,581,583	2,703,986
Restricted cash	[1]	35,637	15,211
Receivables, net	[1]	353,910	298,671
Inventories:
Finished homes and construction in progress	[1]	10,418,116	8,593,399
Land and land under development	[1]	7,090,880	7,495,262
Consolidated inventory not owned	[1]	910,003	836,567
Total inventories	[1]	18,418,999	16,925,228
Investments in unconsolidated entities	[1]	1,010,256	953,177
Goodwill	[1]	3,442,359	3,442,359
Other assets	[1]	1,030,681	1,190,793
Total assets	[1]	26,873,425	25,529,425
LIABILITIES AND EQUITY
Accounts payable	[2]	1,171,358	1,037,338
Liabilities related to consolidated inventory not owned	[2]	769,225	706,691
Senior notes and other debts payable, net	[2]	5,894,342	5,955,758
Other liabilities	[2]	2,281,508	2,225,864
Total liabilities	[2]	10,116,433	9,925,651
Financial Services
ASSETS
Cash and cash equivalents		130,528	116,171
Restricted cash		9,728	54,481
Receivables, net		422,117	552,779
Inventories:
Total inventories		0	0
Investments in unconsolidated entities		0	0
Goodwill		189,699	189,699
Other assets		58,565	68,027
Total assets	[1]	2,066,674	2,708,118
LIABILITIES AND EQUITY
Senior notes and other debts payable, net		928,185	1,463,919
Total liabilities	[2]	1,084,838	1,644,248
Multifamily
ASSETS
Cash and cash equivalents		22,395	38,963
Restricted cash		0	0
Receivables, net		111,802	86,629
Inventories:
Total inventories		316,760	249,920
Investments in unconsolidated entities		691,330	724,647
Goodwill		0	0
Other assets		66,983	75,749
Total assets	[1]	1,209,270	1,175,908
LIABILITIES AND EQUITY
Senior notes and other debts payable, net		0	0
Total liabilities	[2]	255,327	252,911
Lennar Other
ASSETS
Cash and cash equivalents		3,074	3,918
Restricted cash		0	0
Receivables, net		0	0
Inventories:
Total inventories		0	0
Investments in unconsolidated entities		379,236	387,097
Goodwill		0	0
Other assets		104,992	8,443
Total assets	[1]	1,073,858	521,726
LIABILITIES AND EQUITY
Senior notes and other debts payable, net		1,906	1,906
Total liabilities	[2]	$ 64,531	$ 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 May 31, 2021, total assets include $940.6 million related to consolidated VIEs of which $39.0 million is included in Homebuilding cash and cash equivalents, $15.3 million in Homebuilding restricted cash, $14.3 million in Homebuilding finished homes and construction in progress, $564.7 million in Homebuilding land and land under development, $260.6 million in Homebuilding consolidated inventory not owned, $1.3 million in Homebuilding investments in unconsolidated entities, $27.2 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 May 31, 2021, total liabilities include $340.1 million related to consolidated VIEs as to which there was no recourse against the Company, of which $24.4 million is included in Homebuilding accounts payable, $218.9 million in Homebuilding liabilities related to consolidated inventory not owned, $85.7 million in Homebuilding senior notes and other debts payable and $11.1 million in Homebuilding other 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		May 31, 2021	Nov. 30, 2020
Total assets	[1]	$ 31,223,227	$ 29,935,177
Cash and cash equivalents		2,737,580	2,863,038
Restricted cash		45,365	69,692
Receivables, net		887,829	938,079
Investments in unconsolidated entities		2,080,822	2,064,921
Other assets		1,261,221	1,343,012
Total liabilities	[2]	11,521,129	11,835,776
Senior notes and other debts payable, net		$ 6,824,433	$ 7,421,583
Common Class A
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		300,486,193	298,942,836
Treasury stock, shares		25,791,364	23,864,589
Common Class B
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]	$ 26,873,425	$ 25,529,425
Cash and cash equivalents	[1]	2,581,583	2,703,986
Restricted cash	[1]	35,637	15,211
Receivables, net	[1]	353,910	298,671
Finished homes and construction in progress	[1]	10,418,116	8,593,399
Land and land under development	[1]	7,090,880	7,495,262
Consolidated inventory not owned	[1]	910,003	836,567
Investments in unconsolidated entities	[1]	1,010,256	953,177
Other assets	[1]	1,030,681	1,190,793
Total liabilities	[2]	10,116,433	9,925,651
Accounts payable	[2]	1,171,358	1,037,338
Liabilities related to consolidated inventory not owned	[2]	769,225	706,691
Senior notes and other debts payable, net	[2]	5,894,342	5,955,758
Other liabilities	[2]	2,281,508	2,225,864
Multifamily
Total assets	[1]	1,209,270	1,175,908
Cash and cash equivalents		22,395	38,963
Restricted cash		0	0
Receivables, net		111,802	86,629
Investments in unconsolidated entities		691,330	724,647
Other assets		66,983	75,749
Total liabilities	[2]	255,327	252,911
Senior notes and other debts payable, net		0	0
Variable Interest Entity, Primary Beneficiary
Total assets		940,600	1,100,000
Total liabilities		340,100	528,500
Variable Interest Entity, Primary Beneficiary | Homebuilding
Cash and cash equivalents		39,000	32,100
Restricted cash		15,300
Receivables, net			100
Finished homes and construction in progress		14,300	14,200
Land and land under development		564,700	486,800
Consolidated inventory not owned		260,600	426,300
Investments in unconsolidated entities		1,300	1,600
Other assets		27,200	120,600
Accounts payable		24,400	28,400
Liabilities related to consolidated inventory not owned		218,900	351,400
Senior notes and other debts payable, net		85,700	129,100
Other liabilities		11,100	9,900
Variable Interest Entity, Primary Beneficiary | Multifamily
Total assets		$ 17,800	39,900
Total liabilities			$ 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 May 31, 2021, total assets include $940.6 million related to consolidated VIEs of which $39.0 million is included in Homebuilding cash and cash equivalents, $15.3 million in Homebuilding restricted cash, $14.3 million in Homebuilding finished homes and construction in progress, $564.7 million in Homebuilding land and land under development, $260.6 million in Homebuilding consolidated inventory not owned, $1.3 million in Homebuilding investments in unconsolidated entities, $27.2 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 May 31, 2021, total liabilities include $340.1 million related to consolidated VIEs as to which there was no recourse against the Company, of which $24.4 million is included in Homebuilding accounts payable, $218.9 million in Homebuilding liabilities related to consolidated inventory not owned, $85.7 million in Homebuilding senior notes and other debts payable and $11.1 million in Homebuilding other 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		6 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020
Revenues [Abstract]
Revenues	$ 6,430,245	$ 5,287,373	$ 11,755,713	$ 9,792,710
Cost and expenses:
Corporate general and administrative	90,717	78,183	201,248	160,817
Charitable foundation contribution	14,493	5,268	26,807	9,481
Total costs and expenses	5,286,815	4,629,538	9,761,109	8,705,457
Homebuilding equity in loss from unconsolidated entities			67,618	(40,355)
Financial Services gain on deconsolidation			0	61,418
Earnings (loss) before income taxes	1,096,885	676,577	2,423,899	1,100,129
Provision for income taxes	(260,113)	(160,479)	(570,218)	(192,808)
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	836,772	516,098	1,853,681	907,321
Less: Net earnings (loss) attributable to noncontrolling interests	5,409	(1,308)	20,949	(8,537)
Net earnings attributable to Lennar	831,363	517,406	1,832,732	915,858
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on securities available-for-sale	316	(338)	(626)	(384)
Reclassification adjustments for loss included in earnings, net of tax	0	(452)	0	(452)
Total other comprehensive income (loss), net of tax	316	(790)	(626)	(836)
Total comprehensive income attributable to Lennar	831,679	516,616	1,832,106	915,022
Total comprehensive income (loss) attributable to noncontrolling interests	$ 5,409	$ (1,308)	$ 20,949	$ (8,537)
Basic earnings per share (in dollars per share)	$ 2.66	$ 1.66	$ 5.86	$ 2.92
Diluted earnings per share (in dollars per share)	$ 2.65	$ 1.65	$ 5.85	$ 2.91
Homebuilding
Revenues [Abstract]
Revenues	$ 6,028,041	$ 4,949,484	$ 10,971,097	$ 9,121,600
Operating Segments | Homebuilding
Revenues [Abstract]
Revenues	6,028,041	4,949,484	10,971,097	9,121,600
Cost and expenses:
Cost and expenses	4,909,516	4,313,331	9,027,802	8,011,137
Corporate general and administrative	0	0	0	0
Charitable foundation contribution	0	0	0	0
Homebuilding equity in loss from unconsolidated entities	(1,688)	(9,100)	(6,253)	(13,646)
Homebuilding other income (expense), net	(4,362)	4,308	8,613	(5,058)
Earnings (loss) before income taxes	1,112,475	631,361	1,945,655	1,091,759
Operating Segments | Financial Services
Revenues [Abstract]
Revenues	218,747	196,263	462,816	394,924
Cost and expenses:
Cost and expenses	97,427	110,355	195,289	261,699
Corporate general and administrative	0	0	0	0
Charitable foundation contribution	0	0	0	0
Financial Services gain on deconsolidation	0	61,418	0	61,418
Earnings (loss) before income taxes	121,320	147,326	267,527	194,643
Operating Segments | Multifamily
Revenues [Abstract]
Revenues	177,473	123,117	308,916	255,734
Cost and expenses:
Cost and expenses	168,930	123,473	299,979	260,821
Corporate general and administrative	0	0	0	0
Charitable foundation contribution	0	0	0	0
Multifamily equity in earnings (loss) from unconsolidated entities and other gain	13,854	(282)	12,586	6,234
Earnings (loss) before income taxes	22,397	(638)	21,523	1,147
Operating Segments | Lennar Other
Revenues [Abstract]
Revenues	5,984	18,509	12,884	20,452
Cost and expenses:
Cost and expenses	5,732	(1,072)	9,984	1,502
Corporate general and administrative	0	0	0	0
Charitable foundation contribution	0	0	0	0
Lennar Other realized and unrealized gain (loss)	(117,570)	0	352,175	0
Lennar Other equity in earnings (loss) from unconsolidated entities and other income (expense), net	63,221	(37,602)	62,174	(36,072)
Earnings (loss) before income taxes	(54,097)	(18,021)	417,249	(17,122)
Corporate and Unallocated
Revenues [Abstract]
Revenues	0	0	0	0
Cost and expenses:
Corporate general and administrative	90,717	78,183	201,248	160,817
Charitable foundation contribution	14,493	5,268	26,807	9,481
Earnings (loss) before income taxes	$ (105,210)	$ (83,451)	$ (228,055)	$ (170,298)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2021USD ($)		May 31, 2021USD ($)		May 31, 2020USD ($)
Cash flows from operating activities:
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	$ 836,772		$ 1,853,681		$ 907,321
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization			44,743		44,464
Amortization of discount/premium and accretion on debt, net			(4,718)		(13,839)
Equity in (earnings) loss from unconsolidated entities			(67,618)		40,355
Distributions of earnings from unconsolidated entities			15,594		38,000
Share-based compensation expense			80,635		55,141
Deferred income tax expense			136,636		79,738
Loans held-for-sale unrealized loss			30,352		2,223
Gain on sale of other assets and operating properties and equipment			(18,596)		(13,126)
Gain on deconsolidation of previously consolidated entity			0		(61,418)
Valuation adjustments and write-offs of option deposits and pre-acquisition costs			13,576		65,098
Changes in assets and liabilities:
Decrease (increase) in receivables			117,910		(7,758)
Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs			(1,576,420)		(159,138)
Increase in other assets			(180,914)		(148,087)
Decrease in loans held-for-sale			444,413		479,360
Increase in accounts payable and other liabilities			184,716		12,144
Net cash provided by operating activities			718,120		1,310,803
Cash flows from investing activities:
Net additions of operating properties and equipment			(24,362)		(25,731)
Proceeds from Sale of Property, Plant, and Equipment			32,002		29,727
Investments in and contributions to unconsolidated entities			(282,203)		(302,784)
Distributions of capital from unconsolidated entities			231,545		115,093
Proceeds from sale of investment in consolidated joint venture			15,950		0
Proceeds from sale of commercial mortgage-backed securities bonds			11,307		3,248
Proceeds from sale of Financial Services' portfolio/business			3,327		9,096
(Increase) decrease in Financial Services loans held-for-investment, net			(3,864)		143
Purchases of investment securities			(43,698)		(29,642)
Proceeds from maturities/sales of investment securities			9,916		25,138
Other receipts, net			8		1,670
Net cash used in investing activities			(50,072)		(174,042)
Cash flows from financing activities:
Redemption of senior notes			0		(300,000)
Principal payments on notes payable and other borrowings			(114,964)		(174,382)
Proceeds from other borrowings			13,973		59,139
Proceeds from liabilities related to consolidated inventory not owned			301,869		0
Payments related to consolidated inventory not owned			(149,686)		0
Proceeds related to other liabilities, net			0		3,567
Receipts related to noncontrolling interests			13,905		169,061
Payments related to noncontrolling interests			(17,226)		(21,501)
Common stock:
Repurchases			(173,644)		(296,093)
Dividends			(156,326)		(78,145)
Net cash used in financing activities			(817,833)		(948,570)
Net (decrease) increase in cash and cash equivalents and restricted cash			(149,785)		188,191
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	2,782,945		2,782,945		1,656,882
Cash and cash equivalents	2,737,580		2,737,580
Restricted cash	45,365		45,365
Total cash and cash equivalents and restricted cash	2,782,945		2,782,945		1,656,882
Homebuilding
Common stock:
Cash and cash equivalents	2,581,583	[1]	2,581,583	[1]
Restricted cash	35,637	[1]	35,637	[1]
Financial Services
Common stock:
Cash and cash equivalents	130,528		130,528
Restricted cash	9,728		9,728
Multifamily
Common stock:
Cash and cash equivalents	22,395		22,395
Restricted cash	0		0
Lennar Other
Common stock:
Cash and cash equivalents	3,074		3,074
Restricted cash	0		0
Operating Segments
Common stock:
Cash and cash equivalents and restricted cash at end of period	2,782,945		2,782,945		1,656,882
Total cash and cash equivalents and restricted cash	2,782,945		2,782,945		1,656,882
Operating Segments | Homebuilding
Adjustments to reconcile net earnings to net cash provided by operating activities:
Equity in (earnings) loss from unconsolidated entities	1,688		6,253		13,646
Common stock:
Cash and cash equivalents	2,581,583		2,581,583		1,398,682
Restricted cash	35,637		35,637		9,569
Operating Segments | Financial Services
Adjustments to reconcile net earnings to net cash provided by operating activities:
Gain on deconsolidation of previously consolidated entity	0		0		(61,418)
Gain on sale of Financial Services' portfolio/businesses			(2,528)		(5,014)
Common stock:
Cash and cash equivalents	130,528		130,528		224,229
Restricted cash	9,728		9,728		5,392
Consolidation/deconsolidation of unconsolidated/consolidated entities, net:
Assets			0		217,565
Liabilities			0		(115,175)
Noncontrolling interests			0		(102,390)
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			(1,167)		(4,661)
Common stock:
Cash and cash equivalents	22,395		22,395		13,061
Operating Segments | Lennar Other
Adjustments to reconcile net earnings to net cash provided by operating activities:
Lennar Other realized and unrealized gain (loss)	117,570		(352,175)		0
Common stock:
Cash and cash equivalents	$ 3,074		3,074		5,949
Lennar Other (non-cash impacts from sale of solar platform):
Non-cash increase in investment in equity securities			127,094		0
Non-cash increase in receivables			64,683		0
Non-cash increase in other liabilities			(40,302)		0
Operating Segments | Lennar Homebuilding and Lennar Multifamily
Homebuilding and Multifamily:
Purchases of inventories and other assets financed by sellers			138,963		102,982
Non-cash contributions to unconsolidated entities			20,423		13,859
Operating Segments | Segments Other Than Financial Services
Consolidation/deconsolidation of unconsolidated/consolidated entities, net:
Noncontrolling interests			0		29,402
Inventories			0		(35,959)
Operating properties and equipment and other assets			0		6,375
Other liabilities			0		182
Warehouse Repurchase Facility
Cash flows from financing activities:
Net repayments under warehouse facilities			$ (535,734)		$ (310,216)
[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 May 31, 2021, total assets include $940.6 million related to consolidated VIEs of which $39.0 million is included in Homebuilding cash and cash equivalents, $15.3 million in Homebuilding restricted cash, $14.3 million in Homebuilding finished homes and construction in progress, $564.7 million in Homebuilding land and land under development, $260.6 million in Homebuilding consolidated inventory not owned, $1.3 million in Homebuilding investments in unconsolidated entities, $27.2 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	6 Months Ended
	May 31, 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 and six months ended May 31, 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 May 31, 2021 and November 30, 2020 included $678.8 million and $314.3 million , respectively, of cash held in escrow. On average for the three months ended May 31, 2021, cash was held in escrow for approximately four days. Share-based Payments During both the three months ended May 31, 2021 and 2020, the Company granted employees an immaterial number of nonvested shares. During the six months ended May 31, 2021 and 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 adoption of ASU 2017-04 did not have a material impact on the Company's condensed 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, 2021. 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 quarter of 2019, from the Financial Services segment to the Lennar Other segment in the Condensed Consolidated Balance Sheets for all periods presented. This was reclassed to be included in our strategic technology investments as the entity has announced that it will merge with a publicly traded special purpose acquisition company. In addition, the Company reflected its contributions to its charitable foundation in a new line on its Condensed Consolidated Statements of Operations for all periods presented. This was previously reflected in the Corporate general and administrative line. These reclassifications had no impact on the Company's total assets, total equity, revenues or net earnings in its condensed consolidated financial statements.

Operating and Reporting Segment

Operating and Reporting Segments	6 Months Ended
	May 31, 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) May 31, 2021 Assets: Homebuilding Financial Multifamily Lennar Total Cash and cash equivalents $ 2,581,583 130,528 22,395 3,074 2,737,580 Restricted cash 35,637 9,728 — — 45,365 Receivables, net (1) 353,910 422,117 111,802 — 887,829 Inventories 18,418,999 — 316,760 — 18,735,759 Loans held-for-sale (2) — 1,015,438 — — 1,015,438 Investments in equity securities (3) — — — 544,993 544,993 Investments available-for-sale (4) — — — 41,563 41,563 Loans held-for-investment, net — 77,680 — — 77,680 Investments held-to-maturity — 162,919 — — 162,919 Investments in unconsolidated entities 1,010,256 — 691,330 379,236 2,080,822 Goodwill 3,442,359 189,699 — — 3,632,058 Other assets 1,030,681 58,565 66,983 104,992 1,261,221 $ 26,873,425 2,066,674 1,209,270 1,073,858 31,223,227 Liabilities: Notes and other debts payable, net $ 5,894,342 928,185 — 1,906 6,824,433 Other liabilities 4,222,091 156,653 255,327 62,625 4,696,696 $ 10,116,433 1,084,838 255,327 64,531 11,521,129 (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. (2) Loans held-for-sale related to unsold residential and commercial loans carried at fair value. (3) Investments in equity securities include investments of $83.8 million and $61.6 million without readily available fair values as of May 31, 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 May 31, 2021 (In thousands) Homebuilding Financial Services Multifamily Lennar Other Corporate and Total Revenues $ 6,028,041 218,747 177,473 5,984 — 6,430,245 Operating earnings (loss) 1,112,475 121,320 22,397 (54,097) — 1,202,095 Corporate general and administrative expenses — — — — 90,717 90,717 Charitable foundation contribution — — — — 14,493 14,493 Earnings (loss) before income taxes 1,112,475 121,320 22,397 (54,097) (105,210) 1,096,885 Three Months Ended May 31, 2020 Revenues $ 4,949,484 196,263 123,117 18,509 — 5,287,373 Operating earnings (loss) 631,361 147,326 (638) (18,021) — 760,028 Corporate general and administrative expenses — — — — 78,183 78,183 Charitable foundation contribution — — — — 5,268 5,268 Earnings (loss) before income taxes 631,361 147,326 (638) (18,021) (83,451) 676,577 Six Months Ended May 31, 2021 (In thousands) Homebuilding Financial Services Multifamily Lennar Other Corporate and Total Revenues $ 10,971,097 462,816 308,916 12,884 — 11,755,713 Operating earnings 1,945,655 267,527 21,523 417,249 — 2,651,954 Corporate general and administrative expenses — — — — 201,248 201,248 Charitable foundation contribution — — — — 26,807 26,807 Earnings (loss) before income taxes 1,945,655 267,527 21,523 417,249 (228,055) 2,423,899 Six Months Ended May 31, 2020 Revenues $ 9,121,600 394,924 255,734 20,452 — 9,792,710 Operating earnings (loss) 1,091,759 194,643 1,147 (17,122) — 1,270,427 Corporate general and administrative expenses — — — — 160,817 160,817 Charitable foundation contribution — — — — 9,481 9,481 Earnings (loss) before income taxes 1,091,759 194,643 1,147 (17,122) (170,298) 1,100,129 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 May 31, 2021 $ 5,749,998 3,713,952 2,510,950 11,131,940 1,326,516 2,440,069 26,873,425 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 May 31, 2021 (In thousands) East Central Texas West Other Total Homebuilding Revenues $ 1,567,768 1,097,582 799,259 2,553,771 9,661 6,028,041 Operating earnings (loss) 309,827 159,048 176,057 492,811 (25,268) 1,112,475 Three Months Ended May 31, 2020 Revenues $ 1,277,431 986,284 712,756 1,959,823 13,190 4,949,484 Operating earnings (loss) 192,887 103,904 99,887 280,094 (45,411) 631,361 Six Months Ended May 31, 2021 (In thousands) East Central Texas West Other Total Homebuilding Revenues $ 2,923,710 2,026,024 1,443,337 4,563,350 14,676 10,971,097 Operating earnings (loss) 571,910 291,071 305,700 814,517 (37,543) 1,945,655 Six Months Ended May 31, 2020 Revenues $ 2,429,763 1,775,794 1,185,984 3,708,592 21,467 9,121,600 Operating earnings (loss) 341,641 159,627 152,960 505,001 (67,470) 1,091,759 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 May 31, 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: June 2021 (1) $ 600,000 July 2021 200,000 December 2021 500,000 April 2022 100,000 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 May 31, 2021, the maturity due date was extended to July 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) May 31, 2021 November 30, 2020 Borrowings under the residential facilities $ 671,541 1,185,797 Collateral under the residential facilities 695,275 1,231,619 Borrowings under the LMF Commercial facilities 104,247 124,617 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 Six Months Ended May 31, May 31, (In thousands) 2021 2020 2021 2020 Loan origination liabilities, beginning of period $ 8,433 9,996 7,569 9,364 Provision for losses 1,114 1,139 2,080 1,915 Payments/settlements (93) (255) (195) (399) Loan origination liabilities, end of period $ 9,454 10,880 9,454 10,880 LMF Commercial - loans held-for-sale LMF Commercial originated commercial loans as follows: Three Months Ended Six Months Ended May 31, May 31, (Dollars in thousands) 2021 2020 2021 2020 Originations (1) $ 196,498 5,400 415,998 417,650 Sold 155,740 142,938 438,705 457,377 Securitizations 1 1 3 3 (1) During both the three and six months ended May 31, 2021 and 2020 all the commercial loans originated were recorded as loans held-for-sale, which are held at fair value. Investments held-to-maturity At May 31, 2021 and November 30, 2020, the Financial Services segment 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 or six months ended May 31, 2021 or 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) May 31, 2021 November 30, 2020 Carrying value $ 162,919 164,230 Outstanding debt, net of debt issuance costs 152,396 153,505 Incurred interest rate 3.4 % 3.4 % May 31, 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 May 31, 2021, the Company completed the sale of the Company's residential solar business to Sunnova Energy International Inc. ("Sunnova") for shares in Sunnova. The Company recorded a gain of $151.5 million upon the closing of the sale. The calculation of the gain included the fair value of the 3.1 million shares in initial consideration received at closing and the fair value of potential shares to be received upon achievement of earnouts. The significant unobservable fair value assumptions used in the calculation were a terminal value multiple of 3 and a 15% discount rate. The fair value of the earnouts was also based on the probability of achieving full or partial earnouts. The investments in Opendoor Technologies, Inc ("Opendoor") and Sunnova are held at market and will therefore change depending on the value of the Company's share holdings on the last day of each quarter. During the three months ended May 31, 2021, the Company's Lennar Other segment recorded a loss of $234.3 million and $38.3 million related to the mark to market of the Company's share holdings in Opendoor and Sunnova, respectively. During the six months ended May 31, 2021 , Opendoor began trading on the Nasdaq stock market and the Company began to mark to market the Company's share holdings in the public entity. The mark to market recognition was 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.

Investments in Unconsolidated E

Investments in Unconsolidated Entities	6 Months Ended
	May 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities Homebuilding Unconsolidated Entities The investments in the Company's Homebuilding unconsolidated entities were as follows: (In thousands) May 31, 2021 November 30, 2020 Investments in unconsolidated entities (1) (2) $ 1,010,256 953,177 Underlying equity in unconsolidated entities' net assets (1) 1,320,015 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 May 31, 2021 and November 30, 2020, the carrying amount of the Company's investment was $387.0 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. In the first quarter of 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. 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. The details related to these are unchanged from the disclosure in the Company's Notes to the Financial Statements section in its Form 10-K for the year ended November 30, 2020. As of both May 31, 2021 and November 30, 2020, the fair value of the completion guarantees was immaterial. As of May 31, 2021 and November 30, 2020, Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $748.4 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 Six Months Ended May 31, May 31, (In thousands) 2021 2020 2021 2020 General contractor services, net of deferrals $ 148,891 104,471 264,290 198,365 General contractor costs 142,783 100,284 253,236 190,465 Management fee income 14,188 14,574 29,059 28,397 The Multifamily segment includes Multifamily Venture Fund I ("LMV I") and Multifamily Venture Fund II LP ("LMV II"), which are long-term multifamily development investment vehicles involved in the development, construction and property management of class-A multifamily assets. Details of each as of and during the six months ended May 31, 2021 are included below: May 31, 2021 (In thousands) LMV I LMV II Lennar's carrying value of investments $ 291,018 330,037 Equity commitments 2,204,016 1,257,700 Equity commitments called 2,142,446 1,168,546 Lennar's equity commitments 504,016 381,000 Lennar's equity commitments called 497,413 352,934 Lennar's remaining commitments 6,603 28,066 Distributions to Lennar during the six months ended May 31, 2021 40,581 1,165 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	6 Months Ended
	May 31, 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 and six months ended May 31, 2021 and 2020: Three Months Ended May 31, 2021 (In thousands) Total Class A Class B Additional Treasury Accumulated Other Comprehensive Income (loss) Retained Noncontrolling 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 Net earnings (including net earnings attributable to noncontrolling interests) 836,772 — — — — — 831,363 5,409 Employee stock and directors plans (4,537) 2 — 1,165 (5,704) — — — Purchases of treasury stock (98,460) — — — (98,460) — — — Amortization of restricted stock 32,276 — — 32,276 — — — — Cash dividends (78,483) — — — — — — (78,483) — Receipts related to noncontrolling interests 5,009 — — — — — — 5,009 Payments related to noncontrolling interests (5,829) — — — — — — (5,829) Non-cash purchase or activity of noncontrolling interests, net (2,417) — — (2,613) — — — 196 Total other comprehensive income, net of tax 316 — — — — 316 — — Balance at May 31, 2021 $ 19,702,098 30,049 3,944 8,755,020 (1,452,874) (1,431) 12,241,400 125,990 Three Months Ended May 31, 2020 (In thousands) Total Class A Class B Additional Treasury Accumulated Other Comprehensive Income (loss) Retained Noncontrolling Balance at February 29, 2020 $ 16,193,377 29,802 3,944 8,609,944 (1,253,756) 452 8,654,213 148,778 Net earnings (including net loss attributable to noncontrolling interests) 516,098 — — — — — 517,406 (1,308) Employee stock and directors plans 651 2 — 756 (107) — — — Amortization of restricted stock 23,286 — — 23,286 — — — — Cash dividends (38,905) — — — — — — (38,905) — Receipts related to noncontrolling interests 80,148 — — — — — — 80,148 Payments related to noncontrolling interests (4,767) — — — — — — (4,767) Non-cash consolidations/deconsolidations, net (131,306) — — — — — — (131,306) Non-cash purchase or activity of noncontrolling interests, net (5,168) — — (3,544) — — — (1,624) Total other comprehensive loss, net of tax (790) — — — — (790) — — Balance at May 31, 2020 $ 16,632,624 29,804 3,944 8,630,442 (1,253,863) (338) 9,132,714 89,921 Six Months Ended May 31, 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) 1,853,681 — — — — — 1,832,732 20,949 Employee stock and directors plans (30,816) 155 — 1,106 (32,077) — — — Purchases of treasury stock (141,570) — — — (141,570) — — — Amortization of restricted stock 81,094 — — 81,094 — — — — Cash dividends (156,326) — — — — — (156,326) — Receipts related to noncontrolling interests 13,905 — — — — — — 13,905 Payments related to noncontrolling interests (17,226) — — — — — — (17,226) Non-cash purchase or activity of noncontrolling interests, net 581 — — (3,236) — — — 3,817 Total other comprehensive loss, net of tax (626) — — — — (626) — — Balance at May 31, 2021 $ 19,702,098 30,049 3,944 8,755,020 (1,452,874) (1,431) 12,241,400 125,990 Six Months Ended May 31, 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) 907,321 — — — — — 915,858 (8,537) Employee stock and directors plans (6,773) 92 — 626 (7,491) — — — Purchases of treasury stock (288,515) — — — (288,515) — — — Amortization of restricted stock 55,141 — — 55,141 — — — — Cash dividends (78,145) — — — — — — (78,145) — Receipts related to noncontrolling interests 169,061 — — — — — — 169,061 Payments related to noncontrolling interests (21,501) — — — — — — (21,501) Non-cash consolidations/deconsolidations, net (131,791) — — — — — — (131,791) Non-cash purchase or activity of noncontrolling interests, net (5,168) — — (3,544) — — — (1,624) Total other comprehensive loss, net of tax (836) — — — — (836) — — Balance at May 31, 2020 $ 16,632,624 29,804 3,944 8,630,442 (1,253,863) (338) 9,132,714 89,921 On June 18, 2021, the Company's Board of Directors declared a quarterly cash dividend of $0.25 per share on both its Class A and Class B common stock, payable on July 19, 2021 to holders of record at the close of business on July 2, 2021. On May 5, 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 April 21, 2021, as declared by its Board of Directors on April 7, 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 and first two quarter of 2021 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 and six months ended May 31, 2021 and 2020: Three Months Ended Six Months Ended May 31, 2021 May 31, 2020 May 31, 2021 May 31, 2020 (Dollars in thousands, except price per share) Class A Class B Class A Class B Class A Class B Class A Class B Shares repurchased 1,000,000 — — — 1,510,000 — 4,250,000 115,000 Principal $ 98,440 $ — $ — $ — $ 141,540 $ — $ 282,274 $ 6,155 Average price per share $ 98.44 $ — $ — $ — $ 93.73 $ — $ 66.42 $ 53.52

Income Taxes

Income Taxes	6 Months Ended
	May 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The provision for income taxes and effective tax rate were as follows: Three Months Ended Six Months Ended May 31, May 31, (Dollars in thousands) 2021 2020 2021 2020 Provision for income taxes $260,113 160,479 570,218 192,808 Effective tax rate (1) 23.8 % 23.7 % 23.7 % 17.4 % (1) For the three and six months ended May 31, 2021 and 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 six months ended May 31, 2020 also included benefits related to the years ended November 30, 2018 and 2019, due to Congress retroactively extending the new energy efficient home tax credit in December 2019.

Earnings Per Share

Earnings Per Share	6 Months Ended
	May 31, 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 Six Months Ended May 31, May 31, (In thousands, except per share amounts) 2021 2020 2021 2020 Numerator: Net earnings attributable to Lennar $ 831,363 517,406 1,832,732 915,858 Less: distributed earnings allocated to nonvested shares 776 357 1,406 690 Less: undistributed earnings allocated to nonvested shares 10,308 5,931 22,026 9,962 Numerator for basic earnings per share 820,279 511,118 1,809,300 905,206 Less: net amount attributable to Rialto's Carried Interest Incentive Plan (1) 1,569 3,322 2,122 3,322 Numerator for diluted earnings per share $ 818,710 507,796 1,807,178 901,884 Denominator: Denominator for basic earnings per share - weighted average common shares outstanding 308,893 308,373 308,957 309,793 Effect of dilutive securities: Shared based payments — — — 1 Denominator for diluted earnings per share - weighted average common shares outstanding 308,893 308,373 308,957 309,794 Basic earnings per share $ 2.66 1.66 5.86 2.92 Diluted earnings per share $ 2.65 1.65 5.85 2.91 (1) The amounts presented relate to Rialto's Carried Interest Incentive Plan and represent the difference between the advanced tax distributions received from the Rialto funds included in the Lennar Other segment and the amount Lennar is assumed to own. For both the three and six months ended May 31, 2021 and May 31, 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	6 Months Ended
	May 31, 2021
Debt Disclosure [Abstract]
Homebuilding Senior Notes and Other Debts Payable	Homebuilding Senior Notes and Other Debts Payable (Dollars in thousands) May 31, 2021 November 30, 2020 6.25% senior notes due December 2021 (1) $ 302,705 305,221 4.125% senior notes due 2022 599,371 598,876 5.375% senior notes due 2022 253,914 255,342 4.750% senior notes due 2022 573,300 572,724 4.875% senior notes due December 2023 397,948 397,347 4.500% senior notes due 2024 647,890 647,528 5.875% senior notes due 2024 441,147 443,484 4.750% senior notes due 2025 498,224 498,002 5.25% senior notes due 2026 406,103 406,709 5.00% senior notes due 2027 352,316 352,508 4.75% senior notes due 2027 895,135 894,760 Mortgage notes on land and other debt 526,289 583,257 $ 5,894,342 5,955,758 (1) Subsequent to May 31, 2021, the Company retired these notes. The redemption price, which was paid in cash, was par plus accrued but unpaid interest. The carrying amounts of the senior notes in the table above are net of debt issuance costs of $13.6 million and $15.9 million as of May 31, 2021 and November 30, 2020, respectively. As of May 31, 2021 the maximum available borrowings on the Company's unsecured revolving credit facility (the "Credit Facility") were $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 performance letters of credit and surety bonds are described below: (In thousands) May 31, 2021 November 30, 2020 Performance letters of credit $ 817,831 752,096 Surety bonds 3,306,473 3,087,711 Anticipated future costs primarily for site improvements related to performance surety bonds 1,743,993 1,584,642

Product Warranty

Product Warranty	6 Months Ended
	May 31, 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 Six Months Ended May 31, May 31, (In thousands) 2021 2020 2021 2020 Warranty reserve, beginning of the period $ 348,100 287,413 341,765 294,138 Warranties issued 51,690 46,272 94,618 84,543 Adjustments to pre-existing warranties from changes in estimates (1) 13,119 7,707 18,760 13,611 Payments (51,168) (39,930) (93,402) (90,830) Warranty reserve, end of period $ 361,741 301,462 361,741 301,462 (1) The adjustments to pre-existing warranties from changes in estimates during the three and six months ended May 31, 2021 and May 31, 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	6 Months Ended
	May 31, 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 or issued by the Company at May 31, 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. May 31, 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 $ 77,680 77,780 72,626 70,808 Investments held-to-maturity Level 3 162,919 193,781 164,230 196,047 LIABILITIES Homebuilding senior notes and other debts payable, net Level 2 $ 5,894,342 6,414,267 5,955,758 6,581,798 Financial Services notes and other debts payable, net Level 2 928,185 929,051 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) May 31, 2021 November 30, 2020 Financial Services Assets: Residential loans held-for-sale Level 2 $ 851,518 1,296,517 LMF Commercial loans held-for-sale Level 3 163,920 193,588 Mortgage servicing rights Level 3 2,602 2,113 Lennar Other: Investments in equity securities Level 1 $ 461,238 — Investments available-for-sale Level 3 41,563 53,497 Residential and LMF Commercial loans held-for-sale in the table above include: May 31, 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 $ 817,901 33,617 1,232,548 63,969 LMF Commercial loans held-for-sale 167,948 (4,028) 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 May 31, 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 May 31, 2021 As of November 30, 2020 Mortgage prepayment rate 13% 18% Discount rate 14% 12% Delinquency rate 3% 4% Lennar Other investments in equity securities - The fair value of investments in equity securities was calculated based on independent quoted market prices. The Company’s investments in equity securities were recorded at fair value with all changes in fair value recorded to Lennar Other unrealized gain of the Company’s condensed consolidated statements of operations and comprehensive income (loss). Lennar Other investments available-for-sale - The fair value of investments available-for-sale is calculated from model-based techniques that use discounted cash flow assumptions and the Company’s own estimates of CMBS spreads, market interest rate movements and the underlying loan credit quality. Loan values are calculated by allocating the change in value of an assumed CMBS capital structure to each loan. The value of an assumed CMBS capital structure is calculated, generally, by discounting the cash flows associated with each CMBS class at market interest rates and at the Company’s own estimate of CMBS spreads. The changes in fair values for Level 1 and Level 2 financial instruments measured on a recurring basis are shown below by financial instrument and financial statement line item: Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2021 2020 2021 2020 Changes in fair value included in Financial Services revenues: Loans held-for-sale $ 4,669 5,270 (30,352) (2,223) Mortgage loan commitments 5,057 13,816 142 28,711 Forward contracts (23,953) 8,478 10,285 (883) Changes in fair value included in Lennar Other realized and unrealized gain (loss): Investments in equity securities $ (272,625) — 197,120 — Changes in fair value included in other comprehensive loss, net of tax: Lennar Other investments available-for-sale $ 316 (338) (626) (384) Interest on Financial Services loans held-for-sale and LMF Commercial loans held-for-sale measured at fair value is calculated based on the interest rate of the loans and recorded as revenues in the Financial Services’ statement of operations. The following table represents the reconciliation of the beginning and ending balance for the Level 3 recurring fair value measurements in the Company's Financial Services segment: Three Months Ended May 31, 2021 May 31, 2020 (In thousands) Mortgage servicing rights LMF Commercial loans held-for-sale Mortgage servicing rights LMF Commercial loans held-for-sale Beginning balance $ 1,499 123,148 12,576 300,402 Purchases/loan originations 20 201,296 607 5,400 Sales/loan originations sold, including those not settled — (155,740) — (143,285) Disposals/settlements (1) (58) (7,300) (8,908) — Changes in fair value (2) 1,141 2,825 (3,037) (2,334) Interest and principal paydowns — (309) — (298) Ending balance $ 2,602 163,920 1,238 159,885 Six Months Ended May 31, 2021 May 31, 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 443 420,796 1,354 417,650 Sales/loan originations sold, including those not settled — (438,705) — (457,724) Disposals/settlements (1) (1,095) (7,300) (10,197) — Changes in fair value (2) 1,141 (3,942) (14,598) 3,267 Interest and principal paydowns — (517) — (532) Ending balance $ 2,602 163,920 1,238 159,885 (1) The three and six months ended May 31, 2020 include $7.5 million related to the sale of a servicing portfolio. (2) Changes in fair value for LMF Commercial loans held-for-sale and Financial Services mortgage servicing rights are included in Financial Services' revenues. The Company’s assets measured at fair value on a nonrecurring basis are those assets for which the Company has recorded valuation adjustments and write-offs. The fair values included in the table below represent only those assets whose carrying values were adjusted to fair value during the respective periods disclosed. The assets measured at fair value on a nonrecurring basis are summarized below: Three Months Ended May 31, 2021 May 31, 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 $ 19,240 6,378 (12,862) 68,802 61,119 (7,683) Land and land under development (1) Level 3 78 — (78) 42,609 9,709 (32,900) Six Months Ended May 31, 2021 May 31, 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 $ 21,784 8,728 (13,056) 141,809 120,404 (21,405) Land and land under development (1) Level 3 520 — (520) 65,062 21,369 (43,693) (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 Six Months Ended May 31, 2021 1,221 10 1 $ 17,117 $ 11,849 May 31, 2020 1,241 41 9 69,137 32,072 The table below summarizes the most significant unobservable inputs used in the Company's discounted cash flow model to determine the fair value of its communities for which the Company recorded valuation adjustments: Six Months Ended May 31, 2021 2020 Unobservable inputs Range Average selling price $635,000 201,000 - 970,000 Absorption rate per quarter (homes) 11 3 - 15 Discount rate 20% 20%

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	May 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest EntitiesThe Company evaluated the joint venture ("JV") agreements of its JV's that were formed or that had reconsideration events, such as changes in the governing documents or to debt arrangements during the six months ended May 31, 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: May 31, 2021 November 30, 2020 (In thousands) Investments in Lennar’s Maximum Investments in Lennar’s Maximum Homebuilding (1) $ 94,264 214,014 89,654 89,828 Multifamily (2) 624,440 681,992 619,540 717,271 Financial Services 162,919 162,919 164,230 164,230 Lennar Other (3) 46,223 46,223 76,023 130,177 $ 927,846 1,105,148 949,447 1,101,506 (1) As of May 31, 2021 and November 30, 2020, the maximum exposure to loss of Homebuilding's investments in unconsolidated VIEs was limited to its investments in unconsolidated VIEs, except as of May 31, 2021, with regard to the Company's remaining commitment to fund capital in the Upward America Venture, a single family for rent platform. (2) As of May 31, 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 $34.7 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 May 31, 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 six months ended May 31, 2021, consolidated inventory not owned increased by $73.4 million with a corresponding increase to liabilities related to consolidated inventory not owned in the accompanying condensed consolidated balance sheet as of May 31, 2021. The increase was primarily due to additions in the six months ended May 31, 2021 as the Company focused on increasing its controlled homesites. 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 May 31, 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) May 31, 2021 November 30, 2020 Non-refundable option deposits and pre-acquisition costs $ 891,910 414,154 Letters of credit in lieu of cash deposits under certain land and option contracts 138,244 87,537

Commitments and Contingent Liab

Commitments and Contingent Liabilities	6 Months Ended
	May 31, 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) May 31, 2021 November 30, 2020 Right-of-use assets $ 157,444 113,390 Lease liabilities 165,761 122,836 Weighted-average remaining lease term (in years) 8.4 2.9 Weighted-average discount rate 3.0 % 3.1 % Future minimum payments under the noncancellable leases in effect at May 31, 2021 were as follows: (In thousands) Lease Payments 2021 $ 17,932 2022 32,834 2023 26,699 2024 21,552 2025 17,530 2026 and thereafter 71,177 Total future minimum lease payments (1) $ 187,724 Less: Interest (2) 21,963 Present value of lease liabilities (2) $ 165,761 (1) Total future minimum lease payments exclude variable lease costs of $12.9 million and short-term lease costs of $1.7 million. This also does not include minimum lease payments for executed and legally enforceable leases that have not yet commenced. As of May 31, 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 May 31, 2021, the weighted average remaining lease term and weighted average discount rate used in calculating the lease liabilities were 8.4 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. The Company's rental expense and payments on lease liabilities were as follows: Six months ended (In thousands) May 31, 2021 May 31, 2020 Rental expense $ 41,662 41,131 Payment on lease liabilities 18,122 28,958

Basis of Presentation (Policy)

Basis of Presentation (Policy)	6 Months Ended
	May 31, 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 adoption of ASU 2017-04 did not have a material impact on the Company's condensed 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, 2021. 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 quarter of 2019, from the Financial Services segment to the Lennar Other segment in the Condensed Consolidated Balance Sheets for all periods presented. This was reclassed to be included in our strategic technology investments as the entity has announced that it will merge with a publicly traded special purpose acquisition company. In addition, the Company reflected its contributions to its charitable foundation in a new line on its Condensed Consolidated Statements of Operations for all periods presented. This was previously reflected in the Corporate general and administrative line. These reclassifications had no impact on the Company's total assets, total equity, revenues or net earnings in its condensed consolidated financial statements.

Operating and Reporting Segme_2

Operating and Reporting Segments (Tables)	6 Months Ended
	May 31, 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) May 31, 2021 Assets: Homebuilding Financial Multifamily Lennar Total Cash and cash equivalents $ 2,581,583 130,528 22,395 3,074 2,737,580 Restricted cash 35,637 9,728 — — 45,365 Receivables, net (1) 353,910 422,117 111,802 — 887,829 Inventories 18,418,999 — 316,760 — 18,735,759 Loans held-for-sale (2) — 1,015,438 — — 1,015,438 Investments in equity securities (3) — — — 544,993 544,993 Investments available-for-sale (4) — — — 41,563 41,563 Loans held-for-investment, net — 77,680 — — 77,680 Investments held-to-maturity — 162,919 — — 162,919 Investments in unconsolidated entities 1,010,256 — 691,330 379,236 2,080,822 Goodwill 3,442,359 189,699 — — 3,632,058 Other assets 1,030,681 58,565 66,983 104,992 1,261,221 $ 26,873,425 2,066,674 1,209,270 1,073,858 31,223,227 Liabilities: Notes and other debts payable, net $ 5,894,342 928,185 — 1,906 6,824,433 Other liabilities 4,222,091 156,653 255,327 62,625 4,696,696 $ 10,116,433 1,084,838 255,327 64,531 11,521,129 (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. (2) Loans held-for-sale related to unsold residential and commercial loans carried at fair value. (3) Investments in equity securities include investments of $83.8 million and $61.6 million without readily available fair values as of May 31, 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 May 31, 2021 (In thousands) Homebuilding Financial Services Multifamily Lennar Other Corporate and Total Revenues $ 6,028,041 218,747 177,473 5,984 — 6,430,245 Operating earnings (loss) 1,112,475 121,320 22,397 (54,097) — 1,202,095 Corporate general and administrative expenses — — — — 90,717 90,717 Charitable foundation contribution — — — — 14,493 14,493 Earnings (loss) before income taxes 1,112,475 121,320 22,397 (54,097) (105,210) 1,096,885 Three Months Ended May 31, 2020 Revenues $ 4,949,484 196,263 123,117 18,509 — 5,287,373 Operating earnings (loss) 631,361 147,326 (638) (18,021) — 760,028 Corporate general and administrative expenses — — — — 78,183 78,183 Charitable foundation contribution — — — — 5,268 5,268 Earnings (loss) before income taxes 631,361 147,326 (638) (18,021) (83,451) 676,577 Six Months Ended May 31, 2021 (In thousands) Homebuilding Financial Services Multifamily Lennar Other Corporate and Total Revenues $ 10,971,097 462,816 308,916 12,884 — 11,755,713 Operating earnings 1,945,655 267,527 21,523 417,249 — 2,651,954 Corporate general and administrative expenses — — — — 201,248 201,248 Charitable foundation contribution — — — — 26,807 26,807 Earnings (loss) before income taxes 1,945,655 267,527 21,523 417,249 (228,055) 2,423,899 Six Months Ended May 31, 2020 Revenues $ 9,121,600 394,924 255,734 20,452 — 9,792,710 Operating earnings (loss) 1,091,759 194,643 1,147 (17,122) — 1,270,427 Corporate general and administrative expenses — — — — 160,817 160,817 Charitable foundation contribution — — — — 9,481 9,481 Earnings (loss) before income taxes 1,091,759 194,643 1,147 (17,122) (170,298) 1,100,129 The assets related to the Company’s homebuilding segments were as follows: (In thousands) East Central Texas West Other Corporate and Unallocated Total Homebuilding May 31, 2021 $ 5,749,998 3,713,952 2,510,950 11,131,940 1,326,516 2,440,069 26,873,425 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 May 31, 2021 (In thousands) East Central Texas West Other Total Homebuilding Revenues $ 1,567,768 1,097,582 799,259 2,553,771 9,661 6,028,041 Operating earnings (loss) 309,827 159,048 176,057 492,811 (25,268) 1,112,475 Three Months Ended May 31, 2020 Revenues $ 1,277,431 986,284 712,756 1,959,823 13,190 4,949,484 Operating earnings (loss) 192,887 103,904 99,887 280,094 (45,411) 631,361 Six Months Ended May 31, 2021 (In thousands) East Central Texas West Other Total Homebuilding Revenues $ 2,923,710 2,026,024 1,443,337 4,563,350 14,676 10,971,097 Operating earnings (loss) 571,910 291,071 305,700 814,517 (37,543) 1,945,655 Six Months Ended May 31, 2020 Revenues $ 2,429,763 1,775,794 1,185,984 3,708,592 21,467 9,121,600 Operating earnings (loss) 341,641 159,627 152,960 505,001 (67,470) 1,091,759
Schedule of Line of Credit Facilities	At May 31, 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: June 2021 (1) $ 600,000 July 2021 200,000 December 2021 500,000 April 2022 100,000 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 May 31, 2021, the maturity due date was extended to July 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) May 31, 2021 November 30, 2020 Borrowings under the residential facilities $ 671,541 1,185,797 Collateral under the residential facilities 695,275 1,231,619 Borrowings under the LMF Commercial facilities 104,247 124,617 (In thousands) May 31, 2021 November 30, 2020 Performance letters of credit $ 817,831 752,096 Surety bonds 3,306,473 3,087,711 Anticipated future costs primarily for site improvements related to performance surety bonds 1,743,993 1,584,642
Schedule of Loan Origination Liabilities	The activity in the Company’s loan origination liabilities was as follows: Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2021 2020 2021 2020 Loan origination liabilities, beginning of period $ 8,433 9,996 7,569 9,364 Provision for losses 1,114 1,139 2,080 1,915 Payments/settlements (93) (255) (195) (399) Loan origination liabilities, end of period $ 9,454 10,880 9,454 10,880
Schedule of Loans Held for Sale	LMF Commercial originated commercial loans as follows: Three Months Ended Six Months Ended May 31, May 31, (Dollars in thousands) 2021 2020 2021 2020 Originations (1) $ 196,498 5,400 415,998 417,650 Sold 155,740 142,938 438,705 457,377 Securitizations 1 1 3 3 (1) During both the three and six months ended May 31, 2021 and 2020 all the commercial loans originated were recorded as loans held-for-sale, which are held at fair value.
Schedule of Commercial Mortgage-Backed Securities	Details related to Financial Services' CMBS were as follows: (Dollars in thousands) May 31, 2021 November 30, 2020 Carrying value $ 162,919 164,230 Outstanding debt, net of debt issuance costs 152,396 153,505 Incurred interest rate 3.4 % 3.4 %
Schedule of Fair Value Inputs for Commercial Mortgage-Backed Securities	May 31, 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 May 31, 2021 As of November 30, 2020 Mortgage prepayment rate 13% 18% Discount rate 14% 12% Delinquency rate 3% 4% The table below summarizes the most significant unobservable inputs used in the Company's discounted cash flow model to determine the fair value of its communities for which the Company recorded valuation adjustments: Six Months Ended May 31, 2021 2020 Unobservable inputs Range Average selling price $635,000 201,000 - 970,000 Absorption rate per quarter (homes) 11 3 - 15 Discount rate 20% 20%

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	6 Months Ended
	May 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Entities	The investments in the Company's Homebuilding unconsolidated entities were as follows: (In thousands) May 31, 2021 November 30, 2020 Investments in unconsolidated entities (1) (2) $ 1,010,256 953,177 Underlying equity in unconsolidated entities' net assets (1) 1,320,015 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 May 31, 2021 and November 30, 2020, the carrying amount of the Company's investment was $387.0 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 Six Months Ended May 31, May 31, (In thousands) 2021 2020 2021 2020 General contractor services, net of deferrals $ 148,891 104,471 264,290 198,365 General contractor costs 142,783 100,284 253,236 190,465 Management fee income 14,188 14,574 29,059 28,397 The Multifamily segment includes Multifamily Venture Fund I ("LMV I") and Multifamily Venture Fund II LP ("LMV II"), which are long-term multifamily development investment vehicles involved in the development, construction and property management of class-A multifamily assets. Details of each as of and during the six months ended May 31, 2021 are included below: May 31, 2021 (In thousands) LMV I LMV II Lennar's carrying value of investments $ 291,018 330,037 Equity commitments 2,204,016 1,257,700 Equity commitments called 2,142,446 1,168,546 Lennar's equity commitments 504,016 381,000 Lennar's equity commitments called 497,413 352,934 Lennar's remaining commitments 6,603 28,066 Distributions to Lennar during the six months ended May 31, 2021 40,581 1,165

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	May 31, 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 and six months ended May 31, 2021 and 2020: Three Months Ended May 31, 2021 (In thousands) Total Class A Class B Additional Treasury Accumulated Other Comprehensive Income (loss) Retained Noncontrolling 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 Net earnings (including net earnings attributable to noncontrolling interests) 836,772 — — — — — 831,363 5,409 Employee stock and directors plans (4,537) 2 — 1,165 (5,704) — — — Purchases of treasury stock (98,460) — — — (98,460) — — — Amortization of restricted stock 32,276 — — 32,276 — — — — Cash dividends (78,483) — — — — — — (78,483) — Receipts related to noncontrolling interests 5,009 — — — — — — 5,009 Payments related to noncontrolling interests (5,829) — — — — — — (5,829) Non-cash purchase or activity of noncontrolling interests, net (2,417) — — (2,613) — — — 196 Total other comprehensive income, net of tax 316 — — — — 316 — — Balance at May 31, 2021 $ 19,702,098 30,049 3,944 8,755,020 (1,452,874) (1,431) 12,241,400 125,990 Three Months Ended May 31, 2020 (In thousands) Total Class A Class B Additional Treasury Accumulated Other Comprehensive Income (loss) Retained Noncontrolling Balance at February 29, 2020 $ 16,193,377 29,802 3,944 8,609,944 (1,253,756) 452 8,654,213 148,778 Net earnings (including net loss attributable to noncontrolling interests) 516,098 — — — — — 517,406 (1,308) Employee stock and directors plans 651 2 — 756 (107) — — — Amortization of restricted stock 23,286 — — 23,286 — — — — Cash dividends (38,905) — — — — — — (38,905) — Receipts related to noncontrolling interests 80,148 — — — — — — 80,148 Payments related to noncontrolling interests (4,767) — — — — — — (4,767) Non-cash consolidations/deconsolidations, net (131,306) — — — — — — (131,306) Non-cash purchase or activity of noncontrolling interests, net (5,168) — — (3,544) — — — (1,624) Total other comprehensive loss, net of tax (790) — — — — (790) — — Balance at May 31, 2020 $ 16,632,624 29,804 3,944 8,630,442 (1,253,863) (338) 9,132,714 89,921 Six Months Ended May 31, 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) 1,853,681 — — — — — 1,832,732 20,949 Employee stock and directors plans (30,816) 155 — 1,106 (32,077) — — — Purchases of treasury stock (141,570) — — — (141,570) — — — Amortization of restricted stock 81,094 — — 81,094 — — — — Cash dividends (156,326) — — — — — (156,326) — Receipts related to noncontrolling interests 13,905 — — — — — — 13,905 Payments related to noncontrolling interests (17,226) — — — — — — (17,226) Non-cash purchase or activity of noncontrolling interests, net 581 — — (3,236) — — — 3,817 Total other comprehensive loss, net of tax (626) — — — — (626) — — Balance at May 31, 2021 $ 19,702,098 30,049 3,944 8,755,020 (1,452,874) (1,431) 12,241,400 125,990 Six Months Ended May 31, 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) 907,321 — — — — — 915,858 (8,537) Employee stock and directors plans (6,773) 92 — 626 (7,491) — — — Purchases of treasury stock (288,515) — — — (288,515) — — — Amortization of restricted stock 55,141 — — 55,141 — — — — Cash dividends (78,145) — — — — — — (78,145) — Receipts related to noncontrolling interests 169,061 — — — — — — 169,061 Payments related to noncontrolling interests (21,501) — — — — — — (21,501) Non-cash consolidations/deconsolidations, net (131,791) — — — — — — (131,791) Non-cash purchase or activity of noncontrolling interests, net (5,168) — — (3,544) — — — (1,624) Total other comprehensive loss, net of tax (836) — — — — (836) — — Balance at May 31, 2020 $ 16,632,624 29,804 3,944 8,630,442 (1,253,863) (338) 9,132,714 89,921 Three Months Ended Six Months Ended May 31, 2021 May 31, 2020 May 31, 2021 May 31, 2020 (Dollars in thousands, except price per share) Class A Class B Class A Class B Class A Class B Class A Class B Shares repurchased 1,000,000 — — — 1,510,000 — 4,250,000 115,000 Principal $ 98,440 $ — $ — $ — $ 141,540 $ — $ 282,274 $ 6,155 Average price per share $ 98.44 $ — $ — $ — $ 93.73 $ — $ 66.42 $ 53.52

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	May 31, 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 Six Months Ended May 31, May 31, (Dollars in thousands) 2021 2020 2021 2020 Provision for income taxes $260,113 160,479 570,218 192,808 Effective tax rate (1) 23.8 % 23.7 % 23.7 % 17.4 % (1) For the three and six months ended May 31, 2021 and 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 six months ended May 31, 2020 also included benefits related to the years ended November 30, 2018 and 2019, due to Congress retroactively extending the new energy efficient home tax credit in December 2019.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	May 31, 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 Six Months Ended May 31, May 31, (In thousands, except per share amounts) 2021 2020 2021 2020 Numerator: Net earnings attributable to Lennar $ 831,363 517,406 1,832,732 915,858 Less: distributed earnings allocated to nonvested shares 776 357 1,406 690 Less: undistributed earnings allocated to nonvested shares 10,308 5,931 22,026 9,962 Numerator for basic earnings per share 820,279 511,118 1,809,300 905,206 Less: net amount attributable to Rialto's Carried Interest Incentive Plan (1) 1,569 3,322 2,122 3,322 Numerator for diluted earnings per share $ 818,710 507,796 1,807,178 901,884 Denominator: Denominator for basic earnings per share - weighted average common shares outstanding 308,893 308,373 308,957 309,793 Effect of dilutive securities: Shared based payments — — — 1 Denominator for diluted earnings per share - weighted average common shares outstanding 308,893 308,373 308,957 309,794 Basic earnings per share $ 2.66 1.66 5.86 2.92 Diluted earnings per share $ 2.65 1.65 5.85 2.91 (1) The amounts presented relate to Rialto's Carried Interest Incentive Plan and represent the difference between the advanced tax distributions received from the Rialto funds included in the Lennar Other segment and the amount Lennar is assumed to own.

Homebuilding Senior Notes and_2

Homebuilding Senior Notes and Other Debts Payable (Tables)	6 Months Ended
	May 31, 2021
Debt Disclosure [Abstract]
Schedule of Senior Notes and Other Debts Payable	(Dollars in thousands) May 31, 2021 November 30, 2020 6.25% senior notes due December 2021 (1) $ 302,705 305,221 4.125% senior notes due 2022 599,371 598,876 5.375% senior notes due 2022 253,914 255,342 4.750% senior notes due 2022 573,300 572,724 4.875% senior notes due December 2023 397,948 397,347 4.500% senior notes due 2024 647,890 647,528 5.875% senior notes due 2024 441,147 443,484 4.750% senior notes due 2025 498,224 498,002 5.25% senior notes due 2026 406,103 406,709 5.00% senior notes due 2027 352,316 352,508 4.75% senior notes due 2027 895,135 894,760 Mortgage notes on land and other debt 526,289 583,257 $ 5,894,342 5,955,758 (1) Subsequent to May 31, 2021, the Company retired these notes. The redemption price, which was paid in cash, was par plus accrued but unpaid interest.
Schedule of Letter of Credit Facilities	At May 31, 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: June 2021 (1) $ 600,000 July 2021 200,000 December 2021 500,000 April 2022 100,000 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 May 31, 2021, the maturity due date was extended to July 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) May 31, 2021 November 30, 2020 Borrowings under the residential facilities $ 671,541 1,185,797 Collateral under the residential facilities 695,275 1,231,619 Borrowings under the LMF Commercial facilities 104,247 124,617 (In thousands) May 31, 2021 November 30, 2020 Performance letters of credit $ 817,831 752,096 Surety bonds 3,306,473 3,087,711 Anticipated future costs primarily for site improvements related to performance surety bonds 1,743,993 1,584,642

Product Warranty (Tables)

Product Warranty (Tables)	6 Months Ended
	May 31, 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 Six Months Ended May 31, May 31, (In thousands) 2021 2020 2021 2020 Warranty reserve, beginning of the period $ 348,100 287,413 341,765 294,138 Warranties issued 51,690 46,272 94,618 84,543 Adjustments to pre-existing warranties from changes in estimates (1) 13,119 7,707 18,760 13,611 Payments (51,168) (39,930) (93,402) (90,830) Warranty reserve, end of period $ 361,741 301,462 361,741 301,462 (1) The adjustments to pre-existing warranties from changes in estimates during the three and six months ended May 31, 2021 and May 31, 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)	6 Months Ended
	May 31, 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 or issued by the Company at May 31, 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. May 31, 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 $ 77,680 77,780 72,626 70,808 Investments held-to-maturity Level 3 162,919 193,781 164,230 196,047 LIABILITIES Homebuilding senior notes and other debts payable, net Level 2 $ 5,894,342 6,414,267 5,955,758 6,581,798 Financial Services notes and other debts payable, net Level 2 928,185 929,051 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) May 31, 2021 November 30, 2020 Financial Services Assets: Residential loans held-for-sale Level 2 $ 851,518 1,296,517 LMF Commercial loans held-for-sale Level 3 163,920 193,588 Mortgage servicing rights Level 3 2,602 2,113 Lennar Other: Investments in equity securities Level 1 $ 461,238 — Investments available-for-sale Level 3 41,563 53,497 Residential and LMF Commercial loans held-for-sale in the table above include: May 31, 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 $ 817,901 33,617 1,232,548 63,969 LMF Commercial loans held-for-sale 167,948 (4,028) 194,362 (774)
Schedule of Unobservable Inputs Used in Discounted Cash Flow Model to Determine the Fair Value of Communities	May 31, 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 May 31, 2021 As of November 30, 2020 Mortgage prepayment rate 13% 18% Discount rate 14% 12% Delinquency rate 3% 4% The table below summarizes the most significant unobservable inputs used in the Company's discounted cash flow model to determine the fair value of its communities for which the Company recorded valuation adjustments: Six Months Ended May 31, 2021 2020 Unobservable inputs Range Average selling price $635,000 201,000 - 970,000 Absorption rate per quarter (homes) 11 3 - 15 Discount rate 20% 20%
Schedule Of Gains And Losses Of Financial Instruments Measured on a Recurring Basis	The changes in fair values for Level 1 and Level 2 financial instruments measured on a recurring basis are shown below by financial instrument and financial statement line item: Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2021 2020 2021 2020 Changes in fair value included in Financial Services revenues: Loans held-for-sale $ 4,669 5,270 (30,352) (2,223) Mortgage loan commitments 5,057 13,816 142 28,711 Forward contracts (23,953) 8,478 10,285 (883) Changes in fair value included in Lennar Other realized and unrealized gain (loss): Investments in equity securities $ (272,625) — 197,120 — Changes in fair value included in other comprehensive loss, net of tax: Lennar Other investments available-for-sale $ 316 (338) (626) (384)
Reconciliation Of Beginning And Ending Balance For The Company's Level 3 Recurring Fair Value Measurements	The following table represents the reconciliation of the beginning and ending balance for the Level 3 recurring fair value measurements in the Company's Financial Services segment: Three Months Ended May 31, 2021 May 31, 2020 (In thousands) Mortgage servicing rights LMF Commercial loans held-for-sale Mortgage servicing rights LMF Commercial loans held-for-sale Beginning balance $ 1,499 123,148 12,576 300,402 Purchases/loan originations 20 201,296 607 5,400 Sales/loan originations sold, including those not settled — (155,740) — (143,285) Disposals/settlements (1) (58) (7,300) (8,908) — Changes in fair value (2) 1,141 2,825 (3,037) (2,334) Interest and principal paydowns — (309) — (298) Ending balance $ 2,602 163,920 1,238 159,885 Six Months Ended May 31, 2021 May 31, 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 443 420,796 1,354 417,650 Sales/loan originations sold, including those not settled — (438,705) — (457,724) Disposals/settlements (1) (1,095) (7,300) (10,197) — Changes in fair value (2) 1,141 (3,942) (14,598) 3,267 Interest and principal paydowns — (517) — (532) Ending balance $ 2,602 163,920 1,238 159,885 (1) The three and six months ended May 31, 2020 include $7.5 million related to the sale of a servicing portfolio. (2) Changes in fair value for LMF Commercial loans held-for-sale and Financial Services mortgage servicing rights are included in Financial Services' revenues.
Fair Value Measurements, Nonrecurring	The assets measured at fair value on a nonrecurring basis are summarized below: Three Months Ended May 31, 2021 May 31, 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 $ 19,240 6,378 (12,862) 68,802 61,119 (7,683) Land and land under development (1) Level 3 78 — (78) 42,609 9,709 (32,900) Six Months Ended May 31, 2021 May 31, 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 $ 21,784 8,728 (13,056) 141,809 120,404 (21,405) Land and land under development (1) Level 3 520 — (520) 65,062 21,369 (43,693) (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 Six Months Ended May 31, 2021 1,221 10 1 $ 17,117 $ 11,849 May 31, 2020 1,241 41 9 69,137 32,072

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	May 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Estimated Maximum Exposure To Loss	The Company’s recorded investments in VIEs that are unconsolidated and its estimated maximum exposure to loss were as follows: May 31, 2021 November 30, 2020 (In thousands) Investments in Lennar’s Maximum Investments in Lennar’s Maximum Homebuilding (1) $ 94,264 214,014 89,654 89,828 Multifamily (2) 624,440 681,992 619,540 717,271 Financial Services 162,919 162,919 164,230 164,230 Lennar Other (3) 46,223 46,223 76,023 130,177 $ 927,846 1,105,148 949,447 1,101,506 (1) As of May 31, 2021 and November 30, 2020, the maximum exposure to loss of Homebuilding's investments in unconsolidated VIEs was limited to its investments in unconsolidated VIEs, except as of May 31, 2021, with regard to the Company's remaining commitment to fund capital in the Upward America Venture, a single family for rent platform. (2) As of May 31, 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 $34.7 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 May 31, 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) May 31, 2021 November 30, 2020 Non-refundable option deposits and pre-acquisition costs $ 891,910 414,154 Letters of credit in lieu of cash deposits under certain land and option contracts 138,244 87,537

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	May 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Additional Information About Leases	The following table includes additional information about the Company's leases: (Dollars in thousands) May 31, 2021 November 30, 2020 Right-of-use assets $ 157,444 113,390 Lease liabilities 165,761 122,836 Weighted-average remaining lease term (in years) 8.4 2.9 Weighted-average discount rate 3.0 % 3.1 %
Future Minimum Payments Under Noncancellable Leases	Future minimum payments under the noncancellable leases in effect at May 31, 2021 were as follows: (In thousands) Lease Payments 2021 $ 17,932 2022 32,834 2023 26,699 2024 21,552 2025 17,530 2026 and thereafter 71,177 Total future minimum lease payments (1) $ 187,724 Less: Interest (2) 21,963 Present value of lease liabilities (2) $ 165,761 (1) Total future minimum lease payments exclude variable lease costs of $12.9 million and short-term lease costs of $1.7 million. This also does not include minimum lease payments for executed and legally enforceable leases that have not yet commenced. As of May 31, 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 May 31, 2021, the weighted average remaining lease term and weighted average discount rate used in calculating the lease liabilities were 8.4 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	The Company's rental expense and payments on lease liabilities were as follows: Six months ended (In thousands) May 31, 2021 May 31, 2020 Rental expense $ 41,662 41,131 Payment on lease liabilities 18,122 28,958

Basis of Presentation - Narrati

Basis of Presentation - Narrative (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended	6 Months Ended
	May 31, 2021	May 31, 2021	May 31, 2020	Nov. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash and cash equivalents held in escrow, deposit period	4 days
Cash and cash equivalents held in escrow	$ 678.8	$ 678.8		$ 314.3
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		May 31, 2021	Nov. 30, 2020
Segment Reporting Information [Line Items]
Cash and cash equivalents		$ 2,737,580	$ 2,863,038
Restricted cash		45,365	69,692
Receivables, net		887,829	938,079
Inventories		18,735,759	17,175,148
Loans held-for-sale		1,015,438	1,490,105
Investments in equity securities		544,993	68,771
Investments available-for-sale		41,563	53,497
Loans and Leases Receivable, Net Amount		77,680	72,626
Debt Securities, Held-to-maturity		162,919	164,230
Investments in unconsolidated entities		2,080,822	2,064,921
Goodwill		3,632,058	3,632,058
Other assets		1,261,221	1,343,012
Total assets	[1]	31,223,227	29,935,177
Senior notes and other debts payable, net		6,824,433	7,421,583
Other liabilities		4,696,696	4,414,193
Total liabilities	[2]	11,521,129	11,835,776
Equity securities without readily determinable fair values		83,800	61,600
Homebuilding
Segment Reporting Information [Line Items]
Cash and cash equivalents	[1]	2,581,583	2,703,986
Restricted cash	[1]	35,637	15,211
Receivables, net	[1]	353,910	298,671
Inventories	[1]	18,418,999	16,925,228
Loans held-for-sale		0	0
Investments in equity securities		0	0
Investments available-for-sale		0	0
Loans and Leases Receivable, Net Amount		0	0
Debt Securities, Held-to-maturity		0	0
Investments in unconsolidated entities	[1]	1,010,256	953,177
Goodwill	[1]	3,442,359	3,442,359
Other assets	[1]	1,030,681	1,190,793
Total assets	[1]	26,873,425	25,529,425
Senior notes and other debts payable, net	[2]	5,894,342	5,955,758
Other liabilities		4,222,091	3,969,893
Total liabilities	[2]	10,116,433	9,925,651
Financial Services
Segment Reporting Information [Line Items]
Cash and cash equivalents		130,528	116,171
Restricted cash		9,728	54,481
Receivables, net		422,117	552,779
Inventories		0	0
Loans held-for-sale		1,015,438	1,490,105
Investments in equity securities		0	0
Investments available-for-sale		0	0
Loans and Leases Receivable, Net Amount		77,680	72,626
Debt Securities, Held-to-maturity		162,919	164,230
Investments in unconsolidated entities		0	0
Goodwill		189,699	189,699
Other assets		58,565	68,027
Total assets	[1]	2,066,674	2,708,118
Senior notes and other debts payable, net		928,185	1,463,919
Other liabilities		156,653	180,329
Total liabilities	[2]	1,084,838	1,644,248
Multifamily
Segment Reporting Information [Line Items]
Cash and cash equivalents		22,395	38,963
Restricted cash		0	0
Receivables, net		111,802	86,629
Inventories		316,760	249,920
Loans held-for-sale		0	0
Investments in equity securities		0	0
Investments available-for-sale		0	0
Loans and Leases Receivable, Net Amount		0	0
Debt Securities, Held-to-maturity		0	0
Investments in unconsolidated entities		691,330	724,647
Goodwill		0	0
Other assets		66,983	75,749
Total assets	[1]	1,209,270	1,175,908
Senior notes and other debts payable, net		0	0
Other liabilities		255,327	252,911
Total liabilities	[2]	255,327	252,911
Lennar Other
Segment Reporting Information [Line Items]
Cash and cash equivalents		3,074	3,918
Restricted cash		0	0
Receivables, net		0	0
Inventories		0	0
Loans held-for-sale		0	0
Investments in equity securities		544,993	68,771
Investments available-for-sale		41,563	53,497
Loans and Leases Receivable, Net Amount		0	0
Debt Securities, Held-to-maturity		0	0
Investments in unconsolidated entities		379,236	387,097
Goodwill		0	0
Other assets		104,992	8,443
Total assets	[1]	1,073,858	521,726
Senior notes and other debts payable, net		1,906	1,906
Other liabilities		62,625	11,060
Total liabilities	[2]	$ 64,531	$ 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 May 31, 2021, total assets include $940.6 million related to consolidated VIEs of which $39.0 million is included in Homebuilding cash and cash equivalents, $15.3 million in Homebuilding restricted cash, $14.3 million in Homebuilding finished homes and construction in progress, $564.7 million in Homebuilding land and land under development, $260.6 million in Homebuilding consolidated inventory not owned, $1.3 million in Homebuilding investments in unconsolidated entities, $27.2 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 May 31, 2021, total liabilities include $340.1 million related to consolidated VIEs as to which there was no recourse against the Company, of which $24.4 million is included in Homebuilding accounts payable, $218.9 million in Homebuilding liabilities related to consolidated inventory not owned, $85.7 million in Homebuilding senior notes and other debts payable and $11.1 million in Homebuilding other 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		6 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020
Segment Reporting Information [Line Items]
Revenues	$ 6,430,245	$ 5,287,373	$ 11,755,713	$ 9,792,710
Operating earnings (loss)	1,202,095	760,028	2,651,954	1,270,427
Corporate general and administrative expenses	90,717	78,183	201,248	160,817
Charitable foundation contribution	14,493	5,268	26,807	9,481
Earnings (loss) before income taxes	1,096,885	676,577	2,423,899	1,100,129
Homebuilding
Segment Reporting Information [Line Items]
Revenues	6,028,041	4,949,484	10,971,097	9,121,600
Operating earnings (loss)	1,112,475	631,361	1,945,655	1,091,759
Operating Segments | Homebuilding
Segment Reporting Information [Line Items]
Revenues	6,028,041	4,949,484	10,971,097	9,121,600
Operating earnings (loss)	1,112,475	631,361	1,945,655	1,091,759
Corporate general and administrative expenses	0	0	0	0
Charitable foundation contribution	0	0	0	0
Earnings (loss) before income taxes	1,112,475	631,361	1,945,655	1,091,759
Operating Segments | Financial Services
Segment Reporting Information [Line Items]
Revenues	218,747	196,263	462,816	394,924
Operating earnings (loss)	121,320	147,326	267,527	194,643
Corporate general and administrative expenses	0	0	0	0
Charitable foundation contribution	0	0	0	0
Earnings (loss) before income taxes	121,320	147,326	267,527	194,643
Operating Segments | Multifamily
Segment Reporting Information [Line Items]
Revenues	177,473	123,117	308,916	255,734
Operating earnings (loss)	22,397	(638)	21,523	1,147
Corporate general and administrative expenses	0	0	0	0
Charitable foundation contribution	0	0	0	0
Earnings (loss) before income taxes	22,397	(638)	21,523	1,147
Operating Segments | Lennar Other
Segment Reporting Information [Line Items]
Revenues	5,984	18,509	12,884	20,452
Operating earnings (loss)	(54,097)	(18,021)	417,249	(17,122)
Corporate general and administrative expenses	0	0	0	0
Charitable foundation contribution	0	0	0	0
Earnings (loss) before income taxes	(54,097)	(18,021)	417,249	(17,122)
Corporate and Unallocated
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Operating earnings (loss)	0	0	0	0
Corporate general and administrative expenses	90,717	78,183	201,248	160,817
Charitable foundation contribution	14,493	5,268	26,807	9,481
Earnings (loss) before income taxes	$ (105,210)	$ (83,451)	$ (228,055)	$ (170,298)

Operating and Reporting Segme_5

Operating and Reporting Segments (Homebuilding Assets) (Details) - USD ($) $ in Thousands		May 31, 2021	Nov. 30, 2020
Segment Reporting Information [Line Items]
Assets	[1]	$ 31,223,227	$ 29,935,177
Homebuilding
Segment Reporting Information [Line Items]
Assets	[1]	26,873,425	25,529,425
Operating Segments | East
Segment Reporting Information [Line Items]
Assets		5,749,998	5,308,114
Operating Segments | Central
Segment Reporting Information [Line Items]
Assets		3,713,952	3,438,600
Operating Segments | Texas
Segment Reporting Information [Line Items]
Assets		2,510,950	2,150,916
Operating Segments | West
Segment Reporting Information [Line Items]
Assets		11,131,940	10,504,374
Operating Segments | Other
Segment Reporting Information [Line Items]
Assets		1,326,516	1,301,618
Corporate and Unallocated
Segment Reporting Information [Line Items]
Assets		2,440,069	2,825,803
Operating Segments And Corporate | Homebuilding
Segment Reporting Information [Line Items]
Assets		$ 26,873,425	$ 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 May 31, 2021, total assets include $940.6 million related to consolidated VIEs of which $39.0 million is included in Homebuilding cash and cash equivalents, $15.3 million in Homebuilding restricted cash, $14.3 million in Homebuilding finished homes and construction in progress, $564.7 million in Homebuilding land and land under development, $260.6 million in Homebuilding consolidated inventory not owned, $1.3 million in Homebuilding investments in unconsolidated entities, $27.2 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		6 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020
Segment Reporting Information [Line Items]
Revenues	$ 6,430,245	$ 5,287,373	$ 11,755,713	$ 9,792,710
Operating earnings (loss)	1,202,095	760,028	2,651,954	1,270,427
East
Segment Reporting Information [Line Items]
Revenues	1,567,768	1,277,431	2,923,710	2,429,763
Operating earnings (loss)	309,827	192,887	571,910	341,641
Central
Segment Reporting Information [Line Items]
Revenues	1,097,582	986,284	2,026,024	1,775,794
Operating earnings (loss)	159,048	103,904	291,071	159,627
Texas
Segment Reporting Information [Line Items]
Revenues	799,259	712,756	1,443,337	1,185,984
Operating earnings (loss)	176,057	99,887	305,700	152,960
West
Segment Reporting Information [Line Items]
Revenues	2,553,771	1,959,823	4,563,350	3,708,592
Operating earnings (loss)	492,811	280,094	814,517	505,001
Other
Segment Reporting Information [Line Items]
Revenues	9,661	13,190	14,676	21,467
Operating earnings (loss)	(25,268)	(45,411)	(37,543)	(67,470)
Homebuilding
Segment Reporting Information [Line Items]
Revenues	6,028,041	4,949,484	10,971,097	9,121,600
Operating earnings (loss)	$ 1,112,475	$ 631,361	$ 1,945,655	$ 1,091,759

Operating and Reporting Segme_7

Operating and Reporting Segments (Disclosure of Facilities) (Details) - Financial Services - USD ($) $ in Thousands	6 Months Ended
	May 31, 2021	Nov. 30, 2020
Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 2,111,438
Residential facilities maturing March 2021 | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	100,000
Residential facilities maturing June 2021 | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	600,000
Residential facilities maturing July 2021 | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	200,000
Residential facilities maturing December 2021 | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	500,000
Residential facilities | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	1,400,000
Borrowings under facility	671,541	$ 1,185,797
Collateral under facilities	695,275	1,231,619
Commercial facilities maturing November 2021 | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	100,000
Commercial facilities maturing December 2021 | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	611,438
Commercial facilities | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	711,438
Commercial facilities maturing December 2020, used to finance origination of accrual loans | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 11,400
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	$ 104,247	$ 124,617

Operating and Reporting Segme_8

Operating and Reporting Segments (Narrative) (Details) - USD ($) shares in Millions	3 Months Ended		6 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020
Financial Services | Warehouse Repurchase Facility
Segment Reporting Information [Line Items]
Collateral percentage	80.00%		80.00%
Lennar Other | Level 3 | Discount rate
Segment Reporting Information [Line Items]
Discontinued operation, equity consideration, measurement input	0.15		0.15
Lennar Other | Opendoor
Segment Reporting Information [Line Items]
Lennar Other realized and unrealized gain (loss)	$ (234,300,000)
Lennar Other | Sunnova Energy International Inc.
Segment Reporting Information [Line Items]
Lennar Other realized and unrealized gain (loss)	(38,300,000)
Lennar Other | Sunnova Energy International Inc. | Disposal Group, Held-for-sale, Not Discontinued Operations
Segment Reporting Information [Line Items]
Gain on sale	$ 151,500,000
Number of shares received upon closing (in shares)	3.1
CMBS | Financial Services
Segment Reporting Information [Line Items]
Impairment charges for CMBS securities	$ 0	$ 0	$ 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		6 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020
Loss Contingency Accrual [Roll Forward]
Loan origination liabilities, beginning of period	$ 8,433	$ 9,996	$ 7,569	$ 9,364
Provision for losses	1,114	1,139	2,080	1,915
Payments/settlements	(93)	(255)	(195)	(399)
Loan origination liabilities, end of period	$ 9,454	$ 10,880	$ 9,454	$ 10,880

Operating and Reporting Segm_10

Operating and Reporting Segments (Loans Held-for-Sale) (Details) - Financial Services $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2021USD ($)transaction	May 31, 2020USD ($)transaction	May 31, 2021USD ($)transaction	May 31, 2020USD ($)transaction
Segment Reporting Information [Line Items]
Originations	$ 196,498	$ 5,400	$ 415,998	$ 417,650
Sold	$ 155,740	$ 142,938	$ 438,705	$ 457,377
Securitizations | transaction	1	1	3	3

Operating and Reporting Segm_11

Operating and Reporting Segments (Commercial Mortgage-Backed Securities) (Details) - USD ($) $ in Thousands	May 31, 2021	Nov. 30, 2020
Segment Reporting Information [Line Items]
Debt Securities, Held-to-maturity	$ 162,919	$ 164,230
Outstanding debt, net of debt issuance costs	6,824,433	7,421,583
Financial Services
Segment Reporting Information [Line Items]
Debt Securities, Held-to-maturity	162,919	164,230
Outstanding debt, net of debt issuance costs	928,185	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	$ 152,396	$ 153,505
Incurred interest rate	3.40%	3.40%
CMBS | Financial Services
Segment Reporting Information [Line Items]
Debt Securities, Held-to-maturity	$ 162,919	$ 164,230

Operating and Reporting Segm_12

Operating and Reporting Segments (Fair Value Inputs for Commercial Mortgage-Backed Securities) (Details) - CMBS - Financial Services	6 Months Ended
	May 31, 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		May 31, 2021	Nov. 30, 2020
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities		$ 2,080,822	$ 2,064,921
FivePoint Unconsolidated Entity
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities		$ 387,000	392,100
Unconsolidated entities ownership percentage		40.00%
Homebuilding
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	[1]	$ 1,010,256	953,177
Underlying equity in unconsolidated partners' net assets		$ 1,320,015	$ 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 May 31, 2021, total assets include $940.6 million related to consolidated VIEs of which $39.0 million is included in Homebuilding cash and cash equivalents, $15.3 million in Homebuilding restricted cash, $14.3 million in Homebuilding finished homes and construction in progress, $564.7 million in Homebuilding land and land under development, $260.6 million in Homebuilding consolidated inventory not owned, $1.3 million in Homebuilding investments in unconsolidated entities, $27.2 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	May 31, 2021	Feb. 28, 2021	Nov. 30, 2020
Upward America Venture
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	$ 748.4		$ 722.9

Investments in Unconsolidated_5

Investments in Unconsolidated Entities (Multifamily Income and Costs) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020
Schedule of Equity Method Investments [Line Items]
Revenues	$ 6,430,245	$ 5,287,373	$ 11,755,713	$ 9,792,710
General Contractor Services | Multifamily
Schedule of Equity Method Investments [Line Items]
Revenues	148,891	104,471	264,290	198,365
Cost of revenue	142,783	100,284	253,236	190,465
Management Fee | Multifamily
Schedule of Equity Method Investments [Line Items]
Revenues	$ 14,188	$ 14,574	$ 29,059	$ 28,397

Investments in Unconsolidated_6

Investments in Unconsolidated Entities (Details of Multifamily Unconsolidated Entities) (Details) - USD ($) $ in Thousands	6 Months Ended
	May 31, 2021	May 31, 2020	Nov. 30, 2020
Schedule of Equity Method Investments [Line Items]
Lennar's carrying value of investments	$ 2,080,822		$ 2,064,921
Distributions to Lennar during the six months ended May 31, 2021	15,594	$ 38,000
Multifamily
Schedule of Equity Method Investments [Line Items]
Lennar's carrying value of investments	691,330		$ 724,647
Multifamily | LMV I
Schedule of Equity Method Investments [Line Items]
Lennar's carrying value of investments	291,018
Equity commitments	2,204,016
Equity commitments called	2,142,446
Lennar's equity commitments	504,016
Lennar's equity commitments called	497,413
Lennar's remaining commitments	6,603
Distributions to Lennar during the six months ended May 31, 2021	40,581
Multifamily | LMV II
Schedule of Equity Method Investments [Line Items]
Lennar's carrying value of investments	330,037
Equity commitments	1,257,700
Equity commitments called	1,168,546
Lennar's equity commitments	381,000
Lennar's equity commitments called	352,934
Lennar's remaining commitments	28,066
Distributions to Lennar during the six months ended May 31, 2021	$ 1,165

Stockholders' Equity (Schedule

Stockholders' Equity (Schedule Of Changes In Equity) (Details) - USD ($)	Jun. 18, 2021	May 05, 2021	May 31, 2021		Nov. 30, 2020		May 31, 2020	May 31, 2021		May 31, 2020	Aug. 31, 2020	Jan. 31, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			$ 19,017,451,000				$ 16,193,377,000	$ 18,099,401,000	[1]	$ 16,033,830,000	$ 16,033,830,000
Net earnings (including net earnings attributable to noncontrolling interests)			836,772,000				516,098,000	1,853,681,000		907,321,000
Employee stock and directors plans			(4,537,000)				651,000	(30,816,000)		(6,773,000)
Purchases of treasury stock			(98,460,000)					(141,570,000)		(288,515,000)
Amortization of restricted stock			32,276,000				23,286,000	81,094,000		55,141,000
Cash dividends			(78,483,000)				(38,905,000)	(156,326,000)		(78,145,000)
Receipts related to noncontrolling interests			5,009,000				80,148,000	13,905,000		169,061,000
Payments related to noncontrolling interests			(5,829,000)				(4,767,000)	(17,226,000)		(21,501,000)
Non-cash purchase or activity of noncontrolling interests, net			(2,417,000)				(5,168,000)	581,000		(5,168,000)
Non-cash consolidations/deconsolidations, net							(131,306,000)			(131,791,000)
Total other comprehensive income, net of tax			316,000				(790,000)	(626,000)		(836,000)
Balance, ending			19,702,098,000	[1]	$ 18,099,401,000	[1]	16,632,624,000	19,702,098,000	[1]	16,632,624,000
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			8,724,192,000				8,609,944,000	8,676,056,000		8,578,219,000	$ 8,578,219,000
Employee stock and directors plans			1,165,000				756,000	1,106,000		626,000
Amortization of restricted stock			32,276,000				23,286,000	81,094,000		55,141,000
Non-cash purchase or activity of noncontrolling interests, net			(2,613,000)				(3,544,000)	(3,236,000)		(3,544,000)
Balance, ending			8,755,020,000		$ 8,676,056,000		8,630,442,000	8,755,020,000		8,630,442,000
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			(1,348,710,000)				(1,253,756,000)	(1,279,227,000)		(957,857,000)	(957,857,000)
Employee stock and directors plans			(5,704,000)				(107,000)	(32,077,000)		(7,491,000)
Purchases of treasury stock			(98,460,000)					(141,570,000)		(288,515,000)
Balance, ending			(1,452,874,000)		(1,279,227,000)		(1,253,863,000)	(1,452,874,000)		(1,253,863,000)
Accumulated Other Comprehensive Income (loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			(1,747,000)				452,000	(805,000)		498,000	498,000
Total other comprehensive income, net of tax			316,000				(790,000)	(626,000)		(836,000)
Balance, ending			(1,431,000)		(805,000)		(338,000)	(1,431,000)		(338,000)
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			11,488,520,000				8,654,213,000	10,564,994,000		8,295,001,000	8,295,001,000
Net earnings (including net earnings attributable to noncontrolling interests)			831,363,000				517,406,000	1,832,732,000		915,858,000
Cash dividends			(78,483,000)				(38,905,000)	(156,326,000)		(78,145,000)
Balance, ending			12,241,400,000		10,564,994,000		9,132,714,000	12,241,400,000		9,132,714,000
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			121,205,000				148,778,000	104,545,000		84,313,000	84,313,000
Net earnings (including net earnings attributable to noncontrolling interests)			5,409,000				(1,308,000)	20,949,000		(8,537,000)
Receipts related to noncontrolling interests			5,009,000				80,148,000	13,905,000		169,061,000
Payments related to noncontrolling interests			(5,829,000)				(4,767,000)	(17,226,000)		(21,501,000)
Non-cash purchase or activity of noncontrolling interests, net			196,000				(1,624,000)	3,817,000		(1,624,000)
Non-cash consolidations/deconsolidations, net							(131,306,000)			(131,791,000)
Balance, ending			$ 125,990,000		104,545,000		$ 89,921,000	$ 125,990,000		$ 89,921,000
Common Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased during period (in shares)			1,000,000				0	1,510,000		4,250,000
Principal			$ 98,440,000				$ 0	$ 141,540,000		$ 282,274,000
Average share price of shares repurchased (in dollars per share)			$ 98.44				$ 0	$ 93.73		$ 66.42
Common Class A | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			$ 30,047,000				$ 29,802,000	$ 29,894,000		$ 29,712,000	29,712,000
Employee stock and directors plans			2,000				2,000	155,000		92,000
Balance, ending			$ 30,049,000		29,894,000		$ 29,804,000	$ 30,049,000		$ 29,804,000
Common Class B
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased during period (in shares)			0				0	0		115,000
Principal			$ 0				$ 0	$ 0		$ 6,155,000
Average share price of shares repurchased (in dollars per share)			$ 0				$ 0	$ 0		$ 53.52
Common Class B | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			$ 3,944,000				$ 3,944,000	$ 3,944,000		$ 3,944,000	$ 3,944,000
Balance, ending			$ 3,944,000		$ 3,944,000		$ 3,944,000	$ 3,944,000		$ 3,944,000
Subsequent Event
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends (in dollars per share)	$ 0.25
[1]	Under certain provisions of ASC 810, the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated VIEs and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations. As of May 31, 2021, total liabilities include $340.1 million related to consolidated VIEs as to which there was no recourse against the Company, of which $24.4 million is included in Homebuilding accounts payable, $218.9 million in Homebuilding liabilities related to consolidated inventory not owned, $85.7 million in Homebuilding senior notes and other debts payable and $11.1 million in Homebuilding other 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		6 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 260,113	$ 160,479	$ 570,218	$ 192,808
Effective tax rate	23.80%	23.70%	23.70%	17.40%

Schedule of Basic and Diluted E

Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020
Numerator:
Net earnings attributable to Lennar	$ 831,363	$ 517,406	$ 1,832,732	$ 915,858
Less: distributed earnings allocated to nonvested shares	776	357	1,406	690
Less: undistributed earnings allocated to nonvested shares	10,308	5,931	22,026	9,962
Numerator for basic earnings per share	820,279	511,118	1,809,300	905,206
Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan	1,569	3,322	2,122	3,322
Numerator for diluted earnings per share	$ 818,710	$ 507,796	$ 1,807,178	$ 901,884
Denominator:
Denominator for basic earnings per share-weighted average common shares outstanding (shares)	308,893	308,373	308,957	309,793
Effect of dilutive securities:
Share-based payments (shares)	0	0	0	1
Denominator for diluted earnings per share-weighted average common shares outstanding (shares)	308,893	308,373	308,957	309,794
Basic earnings per share (in dollars per share)	$ 2.66	$ 1.66	$ 5.86	$ 2.92
Diluted earnings per share (in dollars per share)	$ 2.65	$ 1.65	$ 5.85	$ 2.91

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares	3 Months Ended
	May 31, 2021	May 31, 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		May 31, 2021	Nov. 30, 2020
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 6,824,433	$ 7,421,583
Homebuilding
Debt Instrument [Line Items]
Senior notes and other debts payable, net	[1]	5,894,342	5,955,758
Homebuilding | Senior Notes | 6.25% senior notes due December 2021
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 302,705	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		$ 599,371	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		$ 253,914	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		$ 573,300	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		$ 397,948	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		$ 647,890	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		$ 441,147	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		$ 498,224	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		$ 406,103	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		$ 352,316	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		$ 895,135	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		$ 526,289	$ 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 May 31, 2021, total liabilities include $340.1 million related to consolidated VIEs as to which there was no recourse against the Company, of which $24.4 million is included in Homebuilding accounts payable, $218.9 million in Homebuilding liabilities related to consolidated inventory not owned, $85.7 million in Homebuilding senior notes and other debts payable and $11.1 million in Homebuilding other 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 ($)	May 31, 2021	Nov. 30, 2020
Unsecured revolving credit facility | Credit Agreement
Debt Instrument [Line Items]
Maximum borrowings	$ 2,500,000,000
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	$ 13,600,000	$ 15,900,000

Homebuilding Senior Notes and_5

Homebuilding Senior Notes and Other Debts Payable (Letter of Credit Facilities) (Details) - USD ($) $ in Thousands	May 31, 2021	Nov. 30, 2020
Performance letters of credit
Line of Credit Facility [Line Items]
Letters of credit	$ 817,831	$ 752,096
Surety bonds
Line of Credit Facility [Line Items]
Letters of credit	3,306,473	3,087,711
Anticipated future costs primarily for site improvements related to performance surety bonds
Line of Credit Facility [Line Items]
Letters of credit	$ 1,743,993	$ 1,584,642

Product Warranty (Schedule of P

Product Warranty (Schedule of Product Warranty Reserve) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty reserve, beginning of the period	$ 348,100	$ 287,413	$ 341,765	$ 294,138
Warranties issued	51,690	46,272	94,618	84,543
Adjustments to pre-existing warranties from changes in estimates	13,119	7,707	18,760	13,611
Payments	(51,168)	(39,930)	(93,402)	(90,830)
Warranty reserve, end of period	$ 361,741	$ 301,462	$ 361,741	$ 301,462

Financial Instruments and Fai_3

Financial Instruments and Fair Value Disclosures - (Carrying Amounts And Estimated Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands	May 31, 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	$ 77,680	$ 72,626
Investments held-to-maturity	162,919	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	77,780	70,808
Investments held-to-maturity	193,781	196,047
Financial Services | Level 2 | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	928,185	1,463,919
Financial Services | Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	929,051	1,464,850
Homebuilding | Level 2 | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	5,894,342	5,955,758
Homebuilding | Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	6,414,267	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	May 31, 2021	Nov. 30, 2020
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Investments available-for-sale	$ 41,563	$ 53,497
Lennar Other
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Investments available-for-sale	41,563	53,497
Financial Services
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Investments available-for-sale	0	0
Fair Value, Measurements, Recurring | Level 1 | Lennar Other
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Investments in equity securities	461,238	0
Fair Value, Measurements, Recurring | Level 3 | Lennar Other
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Investments available-for-sale	41,563	53,497
Fair Value, Measurements, Recurring | Level 3 | Financial Services
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Mortgage servicing rights	2,602	2,113
Residential | Fair Value, Measurements, Recurring | Loans held-for-sale | Financial Services
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Aggregate principal balance	817,901	1,232,548
Aggregate fair value of loans (below) in excess of principal balance	33,617	63,969
Residential | Fair Value, Measurements, Recurring | Level 2 | Financial Services
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Loans held for sale	851,518	1,296,517
Commercial | Fair Value, Measurements, Recurring | Loans held-for-sale | Financial Services
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Aggregate principal balance	167,948	194,362
Aggregate fair value of loans (below) in excess of principal balance	(4,028)	(774)
Commercial | Fair Value, Measurements, Recurring | Level 3 | Financial Services
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Loans held for sale	$ 163,920	$ 193,588

Financial Instruments and Fai_5

Financial Instruments and Fair Value Disclosures - (Mortgage Servicing Rights Unobservable Inputs) (Details) - Financial Services - Level 3	May 31, 2021	Nov. 30, 2020
Mortgage prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for valuation of mortgage servicing rights	0.13	0.18
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for valuation of mortgage servicing rights	0.14	0.12
Delinquency rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for valuation of mortgage servicing rights	0.03	0.04

Financial Instruments and Fai_6

Financial Instruments and Fair Value Disclosures - (Schedule Of Gains And Losses Of Financial Instruments) (Details) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 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	$ 316	$ (338)	$ (626)	$ (384)
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	316	(338)	(626)	(384)
Fair Value, Measurements, Recurring | Lennar Other | Forward contracts
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Lennar Other realized and unrealized gain (loss)	(272,625)	0	197,120	0
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 realized and unrealized gain (loss)	4,669	5,270	(30,352)	(2,223)
Fair Value, Measurements, Recurring | Financial Services | Mortgage loan commitments
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Lennar Other realized and unrealized gain (loss)	5,057	13,816	142	28,711
Fair Value, Measurements, Recurring | Financial Services | Forward contracts
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Lennar Other realized and unrealized gain (loss)	$ (23,953)	$ 8,478	$ 10,285	$ (883)

Financial Instruments and Fai_7

Financial Instruments and Fair Value Disclosures - (Reconciliation Of Beginning And Ending Balance For The Company's Level 3 Recurring Fair Value Measurements) (Details) - Financial Services - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020
Mortgage servicing rights
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 1,499	$ 12,576	$ 2,113	$ 24,679
Purchases/loan originations	20	607	443	1,354
Sales/loan originations sold, including those not settled	0	0	0	0
Disposals/settlements	(58)	(8,908)	(1,095)	(10,197)
Changes in fair value	1,141	(3,037)	1,141	(14,598)
Interest and principal paydowns	0	0	0	0
Ending balance	2,602	1,238	2,602	1,238
LMF Commercial loans held-for-sale
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	123,148	300,402	193,588	197,224
Purchases/loan originations	201,296	5,400	420,796	417,650
Sales/loan originations sold, including those not settled	(155,740)	(143,285)	(438,705)	(457,724)
Disposals/settlements	(7,300)	0	(7,300)	0
Changes in fair value	2,825	(2,334)	(3,942)	3,267
Interest and principal paydowns	(309)	(298)	(517)	(532)
Ending balance	$ 163,920	159,885	$ 163,920	159,885
Mortgage Servicing Rights Servicing Portfolio
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Disposals/settlements		$ (7,500)		$ (7,500)

Financial Instruments and Fai_8

Financial Instruments and Fair Value Disclosures - (Fair Value Assets Measured On Nonrecurring Basis) (Details) - Fair Value, Measurements, Nonrecurring - Level 3 - Homebuilding - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Finished homes and construction in progress, carrying value	$ 19,240	$ 68,802	$ 21,784	$ 141,809
Finished homes and construction in progress, fair value	6,378	61,119	8,728	120,404
Finished homes and construction in progress, total losses, net	(12,862)	(7,683)	(13,056)	(21,405)
Land and land under development, carrying value	78	42,609	520	65,062
Land and land under development, fair value	0	9,709	0	21,369
Land and land under development, total losses, net	$ (78)	$ (32,900)	$ (520)	$ (43,693)

Financial Instruments and Fai_9

Financial Instruments and Fair Value Disclosures - (Narrative) (Details) - community	May 31, 2021	May 31, 2020
Fair Value Disclosures [Abstract]
Active communities	1,221	1,241

Financial Instruments and Fa_10

Financial Instruments and Fair Value Disclosures - (Communities with Indicators for Impairment) (Details) $ in Thousands	6 Months Ended
	May 31, 2021USD ($)community	May 31, 2020USD ($)community
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Active communities	1,221	1,241
Number of Communities with potential indicator of impairment	10	41
Number of communities with valuation adjustments	1	9
Valuation adjustments | $	$ 11,849	$ 32,072
Level 3
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Fair value of communities with valuation adjustments | $	$ 17,117	$ 69,137

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	May 31, 2021$ / homes	May 31, 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	635,000	201,000
Minimum | Absorption rate per quarter (homes)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs	11	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	May 31, 2021	Nov. 30, 2020
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	$ 927,846	$ 949,447
Lennar’s Maximum Exposure to Loss	1,105,148	1,101,506
Homebuilding
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	94,264	89,654
Lennar’s Maximum Exposure to Loss	214,014	89,828
Multifamily
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	624,440	619,540
Lennar’s Maximum Exposure to Loss	681,992	717,271
Multifamily | Equity Commitments
Variable Interest Entity [Line Items]
Obligations related to VIEs	34,700	88,100
Financial Services
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	162,919	164,230
Lennar’s Maximum Exposure to Loss	162,919	164,230
Lennar Other
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	46,223	76,023
Lennar’s Maximum Exposure to Loss	$ 46,223	$ 130,177

Variable Interest Entities (Nar

Variable Interest Entities (Narrative) (Details) $ in Millions	6 Months Ended
	May 31, 2021USD ($)
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Decrease in consolidated inventory	$ 73.4

Variable Interest Entities (Exp

Variable Interest Entities (Exposure to Losses) (Details) - Variable Interest Entity, Not Primary Beneficiary Including Third Parties - USD ($) $ in Thousands	May 31, 2021	Nov. 30, 2020
Variable Interest Entity [Line Items]
Non-refundable option deposits and pre-acquisition costs	$ 891,910	$ 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	$ 138,244	$ 87,537

Commitments and Contingent Li_2

Commitments and Contingent Liabilities - (Additional Information About Leases) (Details) - USD ($) $ in Thousands	May 31, 2021	Nov. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Right-of-use assets	$ 157,444	$ 113,390
Lease liabilities	$ 165,761	$ 122,836
Weighted-average remaining lease term (in years)	8 years 4 months 24 days	2 years 10 months 24 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	May 31, 2021	Nov. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
2021	$ 17,932
2022	32,834
2023	26,699
2024	21,552
2025	17,530
2026 and thereafter	71,177
Total future minimum lease payments	187,724
Less: Interest	21,963
Present value of lease liabilities	165,761	$ 122,836
Variable lease costs	12,900
Short-term lease costs	$ 1,700
Weighted-average remaining lease term (in years)	8 years 4 months 24 days	2 years 10 months 24 days
Weighted-average discount rate	3.00%	3.10%

Commitments and Contingent Li_4

Commitments and Contingent Liabilities - (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended
	May 31, 2021	May 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Rental expense	$ 41,662	$ 41,131
Payments on lease liabilities	$ 18,122	$ 28,958