Lennar (LEN) 10-Q 1 Jul 22 2022 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	6 Months Ended
	May 31, 2022 shares
Class of Stock [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 31, 2022
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	5505 Blue Lagoon Drive
Entity Address, City or Town	Miami
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33126
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	2022
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	254,987,236
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	36,399,152

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		May 31, 2022	Nov. 30, 2021
Inventories:
Total assets	[1]	$ 34,306,202	$ 33,207,778
Stockholders' equity:
Preferred stock	[2]	0	0
Additional paid-in capital	[2]	5,355,182	8,807,891
Retained earnings	[2]	16,288,698	14,685,329
Treasury stock at cost	[2]	(76,615)	(2,709,448)
Accumulated other comprehensive income (loss)	[2]	1,748	(1,341)
Total stockholders’ equity	[2]	21,598,255	20,816,425
Noncontrolling interests	[2]	191,519	179,857
Total equity	[2]	21,789,774	20,996,282
Total liabilities	[2]	12,516,428	12,211,496
Total liabilities and equity	[2]	34,306,202	33,207,778
Common Class A
Stockholders' equity:
Common stock	[2]	25,582	30,050
Common Class B
Stockholders' equity:
Common stock	[2]	3,660	3,944
Homebuilding
ASSETS
Cash and cash equivalents	[1]	1,314,741	2,735,213
Restricted cash	[1]	28,440	21,927
Receivables, net	[1]	508,638	490,278
Inventories:
Finished homes and construction in progress	[1]	12,811,985	10,446,139
Land and land under development	[1]	7,590,237	7,108,142
Consolidated inventory not owned	[1]	1,687,277	1,161,023
Total inventories	[1]	22,089,499	18,715,304
Investments in unconsolidated entities	[1]	1,083,813	972,084
Goodwill	[1]	3,442,359	3,442,359
Other assets	[1]	1,226,192	1,090,654
Total assets	[1]	29,693,682	27,467,819
LIABILITIES AND EQUITY
Accounts payable	[2]	1,555,283	1,321,247
Liabilities related to consolidated inventory not owned	[2]	1,414,663	976,602
Senior notes and other debts payable, net	[2]	4,645,791	4,652,338
Other liabilities	[2]	2,997,475	2,920,055
Stockholders' equity:
Total liabilities	[2]	10,613,212	9,870,242
Financial Services
Inventories:
Total assets	[1]	2,359,675	2,964,367
Stockholders' equity:
Total liabilities	[2]	1,470,688	1,906,343
Multifamily
Inventories:
Total assets	[1]	1,277,607	1,311,747
Stockholders' equity:
Total liabilities	[2]	323,799	288,930
Lennar Other
Inventories:
Total assets	[1]	975,238	1,463,845
Stockholders' equity:
Total liabilities	[2]	$ 108,729	$ 145,981
[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, 2022, total assets include $1.6 billion related to consolidated VIEs of which $73.9 million is included in Homebuilding cash and cash equivalents, $0.6 million in Homebuilding receivables, net, $37.2 million in Homebuilding finished homes and construction in progress, $837.6 million in Homebuilding land and land under development, $591.2 million in Homebuilding consolidated inventory not owned, $1.0 million in Homebuilding investments in unconsolidated entities, $22.9 million in Homebuilding other assets and $34.7 million in Multifamily assets. As of November 30, 2021, total assets include $1.1 billion related to consolidated VIEs of which $60.9 million is included in Homebuilding cash and cash equivalents, $4.4 million in Homebuilding receivables, net, $14.3 million in Homebuilding finished homes and construction in progress, $697.1 million in Homebuilding land and land under development, $239.2 million in Homebuilding consolidated inventory not owned, $1.1 million in Homebuilding investments in unconsolidated entities, $17.4 million in Homebuilding other assets and $80.6 million in Multifamily assets.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands		May 31, 2022	Nov. 30, 2021
Total assets	[1]	$ 34,306,202	$ 33,207,778
Total liabilities	[2]	$ 12,516,428	$ 12,211,496
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		255,820,840	300,500,075
Treasury stock, shares		833,604	38,586,961
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		36,601,215	39,443,168
Treasury stock, shares		202,063	1,922,016
Homebuilding
Total assets	[1]	$ 29,693,682	$ 27,467,819
Cash and cash equivalents	[1]	1,314,741	2,735,213
Restricted cash	[1]	28,440	21,927
Receivables, net	[1]	508,638	490,278
Finished homes and construction in progress	[1]	12,811,985	10,446,139
Land and land under development	[1]	7,590,237	7,108,142
Consolidated inventory not owned	[1]	1,687,277	1,161,023
Investments in unconsolidated entities	[1]	1,083,813	972,084
Other assets	[1]	1,226,192	1,090,654
Total liabilities	[2]	10,613,212	9,870,242
Accounts payable	[2]	1,555,283	1,321,247
Liabilities related to consolidated inventory not owned	[2]	1,414,663	976,602
Senior notes and other debts payable, net	[2]	4,645,791	4,652,338
Other liabilities	[2]	2,997,475	2,920,055
Multifamily
Total assets	[1]	1,277,607	1,311,747
Total liabilities	[2]	323,799	288,930
Variable Interest Entity, Primary Beneficiary
Total assets		1,600,000	1,100,000
Total liabilities		571,200	258,500
Variable Interest Entity, Primary Beneficiary | Homebuilding
Cash and cash equivalents		73,900	60,900
Receivables, net		600	4,400
Finished homes and construction in progress		37,200	14,300
Land and land under development		837,600	697,100
Consolidated inventory not owned		591,200	239,200
Investments in unconsolidated entities		1,000	1,100
Other assets		22,900	17,400
Accounts payable		24,200	26,600
Liabilities related to consolidated inventory not owned		507,400	196,600
Senior notes and other debts payable, net		29,300	20,100
Other liabilities		7,000	12,300
Variable Interest Entity, Primary Beneficiary | Multifamily
Total assets		34,700	80,600
Total liabilities		$ 3,400	$ 2,800
[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, 2022, total assets include $1.6 billion related to consolidated VIEs of which $73.9 million is included in Homebuilding cash and cash equivalents, $0.6 million in Homebuilding receivables, net, $37.2 million in Homebuilding finished homes and construction in progress, $837.6 million in Homebuilding land and land under development, $591.2 million in Homebuilding consolidated inventory not owned, $1.0 million in Homebuilding investments in unconsolidated entities, $22.9 million in Homebuilding other assets and $34.7 million in Multifamily assets. As of November 30, 2021, total assets include $1.1 billion related to consolidated VIEs of which $60.9 million is included in Homebuilding cash and cash equivalents, $4.4 million in Homebuilding receivables, net, $14.3 million in Homebuilding finished homes and construction in progress, $697.1 million in Homebuilding land and land under development, $239.2 million in Homebuilding consolidated inventory not owned, $1.1 million in Homebuilding investments in unconsolidated entities, $17.4 million in Homebuilding other assets and $80.6 million in Multifamily assets.

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021
Cost and expenses:
Corporate general and administrative	$ 105,207	$ 90,717	$ 218,868	$ 201,248
Charitable foundation contribution	16,549	14,493	29,087	26,807
Total costs and expenses	6,506,528	5,286,815	11,629,679	9,761,109
Earnings (loss) before income taxes	1,754,834	1,096,885	2,431,569	2,423,899
Provision for income taxes	(432,276)	(260,113)	(599,696)	(570,218)
Net earnings (including net earnings attributable to noncontrolling interests)	1,322,558	836,772	1,831,873	1,853,681
Less: Net earnings attributable to noncontrolling interests	1,802	5,409	7,536	20,949
Net earnings attributable to Lennar	1,320,756	831,363	1,824,337	1,832,732
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on securities available-for-sale	62	316	804	(626)
Reclassification adjustments for gain included in earnings, net of tax	0	0	2,285	0
Total other comprehensive income (loss), net of tax	62	316	3,089	(626)
Total comprehensive income attributable to Lennar	1,320,818	831,679	1,827,426	1,832,106
Total comprehensive income attributable to noncontrolling interests	$ 1,802	$ 5,409	$ 7,536	$ 20,949
Basic earnings per share (in dollars per share)	$ 4.50	$ 2.66	$ 6.17	$ 5.86
Diluted earnings per share (in dollars per share)	$ 4.49	$ 2.65	$ 6.16	$ 5.85
Operating Segments
Revenues [Abstract]
Revenues	$ 8,358,696	$ 6,430,245	$ 14,562,212	$ 11,755,713
Corporate and Unallocated
Cost and expenses:
Corporate general and administrative	105,207	90,717	218,868	201,248
Charitable foundation contribution	16,549	14,493	29,087	26,807
Earnings (loss) before income taxes	(121,756)	(105,210)	(247,955)	(228,055)
Homebuilding | Operating Segments
Revenues [Abstract]
Revenues	7,977,982	6,028,041	13,730,187	10,971,097
Cost and expenses:
Cost and expenses	6,105,153	4,909,516	10,747,051	9,027,802
Equity in earnings (loss) from unconsolidated entities, other income (expense), net, and other gain (loss)	4,862	(1,688)	4,576	(6,253)
Homebuilding other income (expense), net	2,720	(4,362)	2,549	8,613
Earnings (loss) before income taxes	1,880,411	1,112,475	2,990,261	1,945,655
Financial Services | Operating Segments
Revenues [Abstract]
Revenues	200,166	218,747	376,867	462,816
Cost and expenses:
Cost and expenses	96,231	97,427	182,141	195,289
Earnings (loss) before income taxes	103,935	121,320	194,726	267,527
Multifamily | Operating Segments
Revenues [Abstract]
Revenues	176,021	177,473	443,380	308,916
Cost and expenses:
Cost and expenses	175,152	168,930	438,889	299,979
Equity in earnings (loss) from unconsolidated entities, other income (expense), net, and other gain (loss)	(201)	13,854	1,604	12,586
Earnings (loss) before income taxes	668	22,397	6,095	21,523
Lennar Other | Operating Segments
Revenues [Abstract]
Revenues	4,527	5,984	11,778	12,884
Cost and expenses:
Cost and expenses	8,236	5,732	13,643	9,984
Equity in earnings (loss) from unconsolidated entities, other income (expense), net, and other gain (loss)	(26,750)	218,276	(36,558)	217,229
Lennar Other unrealized gains (losses) from technology investments	(77,965)	(272,625)	(473,135)	197,120
Earnings (loss) before income taxes	$ (108,424)	$ (54,097)	$ (511,558)	$ 417,249

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2022 USD ($)		May 31, 2022 USD ($)		May 31, 2021 USD ($)
Cash flows from operating activities:
Net earnings (including net earnings attributable to noncontrolling interests)	$ 1,322,558		$ 1,831,873		$ 1,853,681
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization			39,519		44,743
Amortization of discount/premium on debt, net			(959)		(4,718)
Equity in earnings (loss) from unconsolidated entities			21,559		(67,618)
Distributions of earnings from unconsolidated entities			11,050		15,594
Share-based compensation expense			116,510		80,635
Deferred income tax (benefit) expense			(82,461)		136,636
Loans held-for-sale unrealized loss			27,037		30,352
Lennar Other unrealized (gains) losses from technology investments and other gain (loss)			482,829		(352,175)
Gain on sale of other assets and operating properties and equipment			(7,572)		(18,596)
Gain on sale of interest in unconsolidated entity and other Multifamily gain			0		(1,167)
Gain on sale of Financial Services' portfolio/businesses			0		(2,528)
Valuation adjustments and write-offs of option deposits and pre-acquisition costs			14,611		13,576
Changes in assets and liabilities:
Decrease in receivables			126,247		117,910
Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs			(3,114,358)		(1,576,420)
Increase in other assets			(26,053)		(180,914)
Decrease in loans held-for-sale			336,083		444,413
Increase in accounts payable and other liabilities			276,695		184,716
Net cash provided by operating activities			52,610		718,120
Cash flows from investing activities:
Net additions of operating properties and equipment			(10,866)		(24,354)
Proceeds from the sale of operating properties and equipment, other assets			18,247		32,002
Investments in and contributions to unconsolidated entities			(261,372)		(282,203)
Distributions of capital from unconsolidated entities			239,123		231,545
Proceeds from sale of investment in consolidated joint venture			0		15,950
Proceeds from sale of commercial mortgage-backed securities bonds			9,191		11,307
Proceeds from sale of Financial Services portfolio/business			0		3,327
Decrease (increase) in Financial Services loans held-for-investment, net			16,576		(3,864)
Purchases of investment securities			(78,769)		(43,698)
Proceeds from maturities/sales of investment securities			3,102		9,916
Net cash used in investing activities			(64,768)		(50,072)
Cash flows from financing activities:
Net repayments under warehouse facilities			(404,060)		(535,734)
Principal payments on notes payable and other borrowings			(22,600)		(114,964)
Proceeds from other borrowings			0		13,973
Proceeds from liabilities related to consolidated inventory not owned			557,498		301,869
Payments related to consolidated inventory not owned			(347,017)		(149,686)
Receipts related to noncontrolling interests			18,095		13,905
Payments related to noncontrolling interests			(65,521)		(17,226)
Common stock:
Repurchases			(905,543)		(173,644)
Dividends			(220,968)		(156,326)
Net cash used in financing activities			(1,390,116)		(817,833)
Net decrease in cash and cash equivalents and restricted cash			(1,402,274)		(149,785)
Cash and cash equivalents and restricted cash at beginning of period			2,955,683		2,932,730
Cash and cash equivalents and restricted cash at end of period	1,553,409		1,553,409		2,782,945
Total cash and cash equivalents and restricted cash	1,553,409		1,553,409		2,782,945
Operating Segments
Common stock:
Cash and cash equivalents	1,516,744		1,516,744
Restricted cash	36,665		36,665
Homebuilding
Common stock:
Cash and cash equivalents	1,314,741	[1]	1,314,741	[1]
Restricted cash	28,440	[1]	28,440	[1]
Homebuilding | Operating Segments
Common stock:
Cash and cash equivalents	1,314,741		1,314,741		2,581,583
Restricted cash	28,440		28,440		35,637
Financial Services | Operating Segments
Common stock:
Cash and cash equivalents	138,662		138,662		130,528
Restricted cash	8,225		8,225		9,728
Multifamily | Operating Segments
Common stock:
Cash and cash equivalents	61,190		61,190		22,395
Restricted cash	0		0
Lennar Other | Operating Segments
Common stock:
Cash and cash equivalents	2,151		2,151		3,074
Restricted cash	$ 0		0
Lennar Other (non-cash impacts from sale of solar platform):
Non-cash increase in investment in equity securities			0		127,094
Non-cash increase in receivables			0		64,683
Non-cash increase in other liabilities			0		(40,302)
Lennar Homebuilding and Lennar Multifamily | Operating Segments
Homebuilding and Multifamily:
Purchases of inventories and other assets financed by sellers			33,643		138,963
Non-cash contributions to unconsolidated entities			141,297		20,423
Segments Other Than Financial Services | Operating Segments
Consolidation/deconsolidation of unconsolidated/consolidated entities, net:
Inventories			82,514		0
Other assets			43		0
Investments in unconsolidated entities			(69,056)		0
Other liabilities			(435)		0
Noncontrolling interests			$ (13,066)		$ 0
[1] Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations ("ASC 810"), the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations. As of May 31, 2022, total assets include $1.6 billion related to consolidated VIEs of which $73.9 million is included in Homebuilding cash and cash equivalents, $0.6 million in Homebuilding receivables, net, $37.2 million in Homebuilding finished homes and construction in progress, $837.6 million in Homebuilding land and land under development, $591.2 million in Homebuilding consolidated inventory not owned, $1.0 million in Homebuilding investments in unconsolidated entities, $22.9 million in Homebuilding other assets and $34.7 million in Multifamily assets. As of November 30, 2021, total assets include $1.1 billion related to consolidated VIEs of which $60.9 million is included in Homebuilding cash and cash equivalents, $4.4 million in Homebuilding receivables, net, $14.3 million in Homebuilding finished homes and construction in progress, $697.1 million in Homebuilding land and land under development, $239.2 million in Homebuilding consolidated inventory not owned, $1.1 million in Homebuilding investments in unconsolidated entities, $17.4 million in Homebuilding other assets and $80.6 million in Multifamily assets.

Basis of Presentation

Basis of Presentation	6 Months Ended
	May 31, 2022
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 and pursuant to the rules and regulations of the Securities and Exchange Commission. 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, 2021. 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, 2021. 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 both the three and six months ended May 31, 2022 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, 2022 and November 30, 2021 included $859.8 million and $940.4 million, respectively, of cash held in escrow. On average for the three months ended May 31, 2022, cash was held in escrow for approximately two days. Homebuilding Revenue Recognition Homebuilding revenues and related profits from sales of homes are recognized at the time of the closing of a sale, when title to and possession of the property are transferred to the homebuyer. In order to promote sales of the homes, the Company may offer sales incentives to homebuyers. The types of incentives vary on a community-by-community basis and home-by-home basis. They include primarily price discounts on individual homes and financing incentives, all of which are reflected as a reduction of home sales revenues. For the three months ended May 31, 2022 and 2021, sales incentives offered to homebuyers averaged $7,200 per home, or 1.5% as a percentage of home sales revenues, and $9,000 per home, or 2.1% as a percentage of home sales revenues, respectively. For the six months ended May 31, 2022 and 2021, sales incentives offered to homebuyers averaged $7,800 per home, or 1.6% as a percentage of home sales revenues, and $10,500 per home, or 2.5% as a percentage of home sales revenues, respectively. Share-based Payments During both the three months ended May 31, 2022 and 2021, the Company granted employees an immaterial number of nonvested shares. During both the six months ended May 31, 2022 and 2021, the Company granted employees 1.4 million nonvested shares, respectively. Recently Adopted 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 was effective for the Company’s fiscal year beginning December 1, 2021. The adoption of ASU 2019-12 did not have a material impact on the Company's condensed consolidated financial statements.

Operating and Reporting Segment

Operating and Reporting Segments	6 Months Ended
	May 31, 2022
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, 2022 Assets: Homebuilding Financial Multifamily Lennar Total Cash and cash equivalents $ 1,314,741 138,662 61,190 2,151 1,516,744 Restricted cash 28,440 8,225 — — 36,665 Receivables, net (1) 508,638 492,268 111,109 — 1,112,015 Inventories 22,089,499 — 400,422 — 22,489,921 Loans held-for-sale (2) — 1,272,111 — — 1,272,111 Investments in equity securities (3) — — — 576,649 576,649 Investments available-for-sale (4) — — — 34,822 34,822 Loans held-for-investment, net — 28,231 — — 28,231 Investments held-to-maturity — 155,820 — — 155,820 Investments in unconsolidated entities 1,083,813 — 638,559 325,310 2,047,682 Goodwill 3,442,359 189,699 — — 3,632,058 Other assets 1,226,192 74,659 66,327 36,306 1,403,484 $ 29,693,682 2,359,675 1,277,607 975,238 34,306,202 Liabilities: Notes and other debts payable, net $ 4,645,791 1,321,965 16,631 — 5,984,387 Accounts payable and other liabilities 5,967,421 148,723 307,168 108,729 6,532,041 $ 10,613,212 1,470,688 323,799 108,729 12,516,428 (In thousands) November 30, 2021 Assets: Homebuilding Financial Multifamily Lennar Total Cash and cash equivalents $ 2,735,213 167,021 16,850 2,660 2,921,744 Restricted cash 21,927 12,012 — — 33,939 Receivables, net (1) 490,278 708,165 98,405 — 1,296,848 Inventories 18,715,304 — 454,093 — 19,169,397 Loans held-for-sale (2) — 1,636,351 — — 1,636,351 Investments in equity securities (3) — — — 1,006,599 1,006,599 Investments available-for-sale (4) — — — 41,654 41,654 Loans held-for-investment, net — 44,582 — — 44,582 Investments held-to-maturity — 157,808 — — 157,808 Investments in unconsolidated entities 972,084 — 654,029 346,270 1,972,383 Goodwill 3,442,359 189,699 — — 3,632,058 Other assets 1,090,654 48,729 88,370 66,662 1,294,415 $ 27,467,819 2,964,367 1,311,747 1,463,845 33,207,778 Liabilities: Notes and other debts payable, net $ 4,652,338 1,726,026 — — 6,378,364 Accounts payable and other liabilities 5,217,904 180,317 288,930 145,981 5,833,132 $ 9,870,242 1,906,343 288,930 145,981 12,211,496 (1) Receivables, net for Financial Services primarily related to loans sold to investors for which the Company had not yet been paid as of May 31, 2022 and November 30, 2021, respectively. (2) Loans held-for-sale related to unsold residential and commercial loans carried at fair value. (3) Investments in equity securities include investments of $176.2 million and $100.1 million without readily available fair values as of May 31, 2022 and November 30, 2021, 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, 2022 (In thousands) Homebuilding Financial Services Multifamily Lennar Other Corporate and Total Revenue $ 7,977,982 200,166 176,021 4,527 — 8,358,696 Operating earnings (loss) 1,880,411 103,935 668 (108,424) — 1,876,590 Corporate general and administrative expenses — — — — 105,207 105,207 Charitable foundation contribution — — — — 16,549 16,549 Earnings (loss) before income taxes 1,880,411 103,935 668 (108,424) (121,756) 1,754,834 Three Months Ended May 31, 2021 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 Six Months Ended May 31, 2022 (In thousands) Homebuilding Financial Services Multifamily Lennar Other Corporate and Total Revenues (1) $ 13,730,187 376,867 443,380 11,778 — 14,562,212 Operating earnings (loss) 2,990,261 194,726 6,095 (511,558) — 2,679,524 Corporate general and administrative expenses — — — — 218,868 218,868 Charitable foundation contribution — — — — 29,087 29,087 Earnings (loss) before income taxes 2,990,261 194,726 6,095 (511,558) (247,955) 2,431,569 Six Months Ended May 31, 2021 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 (1) Revenues for Multifamily for the six months ended May 31, 2022 includes $147.8 million of land sales to unconsolidated entities. 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. Homebuilding Other also includes management of a fund that acquires single-family homes and holds them as rental properties. The Company’s reportable Homebuilding segments and all other homebuilding operations not required to be reported separately have homebuilding divisions located in: East: Alabama, Florida, New Jersey, Pennsylvania and South Carolina Central: Georgia, Illinois, Indiana, Maryland, Minnesota, North Carolina, Tennessee 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, 2022 $ 6,968,448 4,266,709 3,576,083 12,276,620 1,486,178 1,119,644 29,693,682 November 30, 2021 5,854,057 3,782,847 2,801,192 11,171,741 1,443,163 2,414,819 27,467,819 Financial information relating to the Company’s homebuilding segments was as follows: Three Months Ended May 31, 2022 (In thousands) East Central Texas West Other Total Homebuilding Revenues $ 2,214,451 1,283,990 1,095,500 3,370,462 13,579 7,977,982 Operating earnings (loss) 553,819 206,795 272,857 847,849 (909) 1,880,411 Three Months Ended May 31, 2021 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 Six Months Ended May 31, 2022 (In thousands) East Central Texas West Other Total Homebuilding Revenues $ 3,884,637 2,393,262 1,908,119 5,521,260 22,909 13,730,187 Operating earnings (loss) 905,814 358,873 444,169 1,289,297 (7,892) 2,990,261 Six Months Ended May 31, 2021 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 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, 2022, 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: July 2022 $ 400,000 October 2022 200,000 December 2022 700,000 May 2023 200,000 Total - Residential facilities $ 1,500,000 LMF Commercial facilities maturing November 2022 $ 100,000 December 2022 400,000 July 2023 50,000 Total - LMF Commercial facilities $ 550,000 Total $ 2,050,000 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, 2022 November 30, 2021 Borrowings under the residential facilities $ 1,112,431 1,482,258 Collateral under the residential facilities 1,161,654 1,539,641 Borrowings under the LMF Commercial facilities 63,902 96,294 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) 2022 2021 2022 2021 Loan origination liabilities, beginning of period $ 12,471 8,433 11,670 7,569 Provision for losses — 1,114 966 2,080 Payments/settlements (187) (93) (352) (195) Loan origination liabilities, end of period $ 12,284 9,454 12,284 9,454 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) 2022 2021 2022 2021 Originations (1) $ 143,650 196,498 408,495 415,998 Sold 145,385 155,740 323,467 438,705 Securitizations 1 1 2 3 (1) During both the three and six months ended May 31, 2022 and 2021 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, 2022 and November 30, 2021, 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, 2022 or 2021. 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, 2022 November 30, 2021 Carrying value $ 155,820 157,808 Outstanding debt, net of debt issuance costs 145,633 147,474 Incurred interest rate 3.4 % 3.4 % May 31, 2022 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 funds and joint ventures, 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. The Multifamily Segment (i) manages, and owns interests in, funds that are engaged in the development of multifamily residential communities with the intention of holding the newly constructed and occupied properties as income and fee generating assets, and (ii) manages, and owns interests in, joint ventures that are engaged in the development of multifamily residential communities, in most instances with the intention of selling them when they are built and substantially occupied. Our multifamily business is a vertically integrated platform with capabilities spanning development, construction, property management, asset management, and capital markets. Revenues are generated from the sales of land, from construction activities, and management and promote fees generated from joint ventures 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. Operations of the Multifamily Segment also include equity in earnings (loss) from unconsolidated entities. 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 Capital Management ( "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, along with equity in earnings (loss) from the Rialto fund investments and technology investments, realized and unrealized gains (losses) from investments in equity securities and other income (expense), net from the remaining assets related to the Company's former Rialto segment. The Company has investments in Blend Labs, Inc. ("Blend"), Hippo Holdings, Inc. ("Hippo"), Opendoor, Inc. ("Opendoor"), SmartRent, Inc. ("SmartRent"), Sonder Holdings, Inc. ("Sonder") and Sunnova Energy International, Inc. ("Sunnova"), which are held at market and will therefore change depending on the value of the Company's share holdings in those entities on the last day of each quarter. All the investments are accounted for as investments in equity securities which are held at fair value and the changes in fair values are recognized through earnings. The following is a detail of Lennar Other unrealized gains (losses) from the Company's technology investments: Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2022 2021 2022 2021 Blend Labs (BLND) mark-to-market $ (13,550) — (20,992) — Hippo (HIPO) mark-to-market (37,946) — (162,403) — Opendoor (OPEN) mark-to-market (20,999) (234,290) (164,360) 235,455 SmartRent (SMRT) mark-to-market (3,950) — (48,313) — Sonder (SOND) mark-to-market (1,626) — (2,132) — Sunnova (NOVA) mark-to-market 106 (38,335) (74,935) (38,335) Lennar Other unrealized gains (losses) from technology investments $ (77,965) (272,625) (473,135) 197,120 Doma Holdings, Inc. ("Doma") went public during the year ended November 30, 2021. However, Doma is a public company that is an investment accounted for under the equity method due to the Company's significant ownership interest which allows the Company to exercise significant influence. As of May 31, 2022, the Company owned approximately 25% of Doma and the carrying amount of the Company's investment was $32.0 million.

Investments in Unconsolidated E

Investments in Unconsolidated Entities	6 Months Ended
	May 31, 2022
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, 2022 November 30, 2021 Investments in unconsolidated entities (1) (2) $ 1,083,813 972,084 Underlying equity in unconsolidated entities' net assets (1) 1,424,322 1,301,719 (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, 2022 and November 30, 2021, the carrying amount of the Company's investment was $389.8 million and $381.6 million, respectively. As of May 31, 2022 and November 30, 2021, the Homebuilding segment's unconsolidated entities had non-recourse debt with completion guarantees of $184.1 million and $241.0 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. As of both May 31, 2022 and November 30, 2021, the fair values of the repayment guarantees, maintenance guarantees, and completion guarantees were not material. The Company believes that as of May 31, 2022, in the event it becomes legally obligated to perform under a guarantee of the obligation of a Homebuilding unconsolidated entity due to a triggering event under a guarantee, the collateral would be sufficient to repay at least a significant portion of the obligation or the Company and its partners would contribute additional capital into the venture. In certain instances, the Company has placed performance letters of credit and surety bonds with municipalities with regard to obligations of its joint ventures (see Note 7 of the Notes to Condensed Consolidated Financial Statements). In 2021, the Company formed the Upward America Venture LP ("Upward America"), and is managing and participating in Upward America. Upward America is an investment fund that acquires new single-family homes in high growth markets across the United States and rents them to people who will live in them. Upward America has raised equity commitments totaling $1.6 billion, including $350 million of equity commitments raised during the first quarter of 2022. The commitments are primarily from institutional investors, including $125 million committed by Lennar. As of May 31, 2022 and November 30, 2021, the carrying amount of the Company's investment in Upward America was $33.3 million and $13.3 million, respectively. Multifamily Unconsolidated Entities The unconsolidated joint ventures 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 joint ventures, 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, 2021. As of both May 31, 2022 and November 30, 2021, the fair value of the completion guarantees was immaterial. As of May 31, 2022 and November 30, 2021, Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $1.0 billion and $855.2 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) 2022 2021 2022 2021 General contractor services, net of deferrals $ 125,606 148,891 242,869 264,290 General contractor costs 118,802 142,783 232,035 253,236 Management fee income 16,327 14,188 29,454 29,059 The Multifamily segment includes Multifamily Venture Fund I ("LMV I"), Multifamily Venture Fund II LP ("LMV II") and Canada Pension Plan Investments Fund (the "Fund"), which are long-term multifamily development investment vehicles involved in the development, construction and property management of class-A multifamily assets. During the first quarter of 2022, the Multifamily segment completed the initial closing of the Fund. The Multifamily segment expects the Fund to have almost $1 billion in equity and Lennar's ownership percentage in the Fund is expected to be 4%. During the three months ended May 31, 2022, the Company received a return of capital of $11.4 million from the Fund. This resulted in the negative investment balance of $0.6 million as of May 31, 2022. Details of LMV I and LMV II as of and during the six months ended May 31, 2022 are included below: May 31, 2022 (In thousands) LMV I LMV II Lennar's carrying value of investments $ 230,599 308,540 Equity commitments 2,204,016 1,257,700 Equity commitments called 2,151,149 1,206,115 Lennar's equity commitments 504,016 381,000 Lennar's equity commitments called 499,630 364,348 Lennar's remaining commitments 4,386 16,652 Distributions to Lennar during the six months ended May 31, 2022 18,934 6,279 Other Unconsolidated Entities

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	May 31, 2022
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, 2022 and 2021: Three Months Ended May 31, 2022 (In thousands) Total Class A Class B Additional Treasury Accumulated Other Comprehensive Income Retained Noncontrolling Balance at February 28, 2022 $ 20,847,432 30,243 3,944 8,855,151 (3,290,748) 1,686 15,078,788 168,368 Net earnings (including net earnings attributable to noncontrolling interests) 1,322,558 — — — — — 1,320,756 1,802 Employee stock and directors plans (2,533) 6 — 994 (3,533) — — — Retirement of treasury stock — (4,667) (284) (3,533,425) 3,538,376 — — — Purchases of treasury stock (320,710) — — — (320,710) — — — Amortization of restricted stock 35,053 — — 35,053 — — — — Cash dividends (110,846) — — — — — (110,846) — Receipts related to noncontrolling interests 11,111 — — — — — — 11,111 Payments related to noncontrolling interests (3,708) — — — — — — (3,708) Non-cash purchase or activity of noncontrolling interests, net 11,355 — — (2,591) — — — 13,946 Total other comprehensive income, net of tax 62 — — — — 62 — — Balance at May 31, 2022 $ 21,789,774 25,582 3,660 5,355,182 (76,615) 1,748 16,288,698 191,519 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 Six Months Ended May 31, 2022 (In thousands) Total Class A Class B Additional Treasury Accumulated Other Comprehensive Income (Loss) Retained Noncontrolling Balance at November 30, 2021 $ 20,996,282 30,050 3,944 8,807,891 (2,709,448) (1,341) 14,685,329 179,857 Net earnings (including net earnings attributable to noncontrolling interests) 1,831,873 — — — — — 1,824,337 7,536 Employee stock and directors plans (57,419) 199 — 854 (58,472) — — — Retirement of treasury stock — (4,667) (284) (3,533,425) 3,538,376 — — — Purchases of treasury stock (847,071) — — — (847,071) — — — Amortization of restricted stock 116,510 — — 116,510 — — — — Cash dividends (220,968) — — — — — — (220,968) — Receipts related to noncontrolling interests 18,095 — — — — — — 18,095 Payments related to noncontrolling interests (65,521) — — — — — — (65,521) Non-cash purchase or activity of noncontrolling interests, net 14,904 — — (36,648) — — — 51,552 Total other comprehensive income, net of tax 3,089 — — — — 3,089 — — Balance at May 31, 2022 $ 21,789,774 25,582 3,660 5,355,182 (76,615) 1,748 16,288,698 191,519 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 On June 22, 2022, the Company's Board of Directors declared a quarterly cash dividend of $0.375 per share on both its Class A and Class B common stock, payable on July 21, 2022 to holders of record at the close of business on July 7, 2022 . On May 10, 2022, the Company paid cash dividends of $0.375 per share on both its Class A and Class B common stock to holders of record at the close of business on April 26, 2022, as declared by its Board of Directors on April 12, 2022. The Company approved and paid cash dividends of $0.250 per share for each of the four quarters of 2021 on both its Class A and Class B common stock. During the three months ended May 31, 2022, the Company retired 46.7 million and 2.8 million treasury shares of Class A and Class B common stock, respectively, as authorized by the Company's Board of Directors. The retirement of Class A and Class B common stock in treasury resulted in a reclass between treasury stock and additional paid-in capital within stockholders' equity. In October 2021, the Company's Board of Directors authorized an increase to the Company's stock repurchase program to enable the Company to repurchase up to the lesser of an additional $1 billion in value or 25 million in shares, of its outstanding Class A or Class B common stock. As a result of prior authorizations being almost exhausted, in March 2022, the Company's Board of Directors approved an additional authorization for the Company to repurchase up to the lesser of $2 billion in value, or 30 million in shares, of its outstanding Class A or Class B common stock. The repurchase authorization has no expiration date. The following table represents the repurchases of the Company's Class A and Class B common stocks under the authorized repurchase programs for the three and six months ended May 31, 2022 and 2021: Three Months Ended Six Months Ended May 31, May 31 2022 2021 2022 2021 (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 3,630,000 470,000 1,000,000 — 8,246,000 1,122,000 1,510,000 — Total purchase price $ 289,358 $ 31,270 $ 98,440 $ — $ 762,282 $ 84,601 $ 141,540 $ — Average price per share $ 79.71 $ 66.53 $ 98.44 $ — $ 92.44 $ 75.40 $ 93.73 $ —

Income Taxes

Income Taxes	6 Months Ended
	May 31, 2022
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) 2022 2021 2022 2021 Provision for income taxes $432,276 260,113 599,696 570,218 Effective tax rate (1) 24.7 % 23.8 % 24.7 % 23.7 % (1) For both the three and six months ended May 31, 2022 and 2021, the effective tax rate included state income tax expense and non-deductible executive compensation, partially offset by energy efficient home and solar tax credits.

Earnings Per Share

Earnings Per Share	6 Months Ended
	May 31, 2022
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) 2022 2021 2022 2021 Numerator: Net earnings attributable to Lennar $ 1,320,756 831,363 1,824,337 1,832,732 Less: distributed earnings allocated to nonvested shares 2,395 776 3,175 1,406 Less: undistributed earnings allocated to nonvested shares 14,980 10,308 19,189 22,026 Numerator for basic earnings per share 1,303,381 820,279 1,801,973 1,809,300 Less: net amount attributable to Rialto's Carried Interest Incentive Plan (1) 1,045 1,569 2,843 2,122 Numerator for diluted earnings per share $ 1,302,336 818,710 1,799,130 1,807,178 Denominator: Denominator for basic earnings per share - weighted average common shares outstanding 289,895 308,893 291,913 308,957 Denominator for diluted earnings per share - weighted average common shares outstanding 289,895 308,893 291,913 308,957 Basic earnings per share $ 4.50 2.66 6.17 5.86 Diluted earnings per share $ 4.49 2.65 6.16 5.85 (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, 2022 and 2021, 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, 2022
Debt Disclosure [Abstract]
Homebuilding Senior Notes and Other Debts Payable	Homebuilding Senior Notes and Other Debts Payable (Dollars in thousands) May 31, 2022 November 30, 2021 4.75% senior notes due 2022 $ 574,503 573,840 4.875% senior notes due December 2023 398,769 398,345 4.50% senior notes due 2024 648,613 648,253 5.875% senior notes due 2024 436,463 438,810 4.75% senior notes due 2025 498,670 498,446 5.25% senior notes due 2026 404,865 405,497 5.00% senior notes due 2027 351,933 352,124 4.75% senior notes due 2027 895,884 895,510 Mortgage notes on land and other debt 436,091 441,513 $ 4,645,791 4,652,338 The carrying amounts of the senior notes in the table above are net of debt issuance costs of $9.2 million and $11.0 million as of May 31, 2022 and November 30, 2021, respectively. In May 2022, the Company amended the credit agreement governing its unsecured revolving credit facility (the “Credit Facility") to increase the commitment from $2.5 billion to $2.575 billion and extended the maturity to May 2027, except for $350 million which matures in April 2024. The Credit Facility has a $425 million accordion feature, subject to additional commitments, thus the maximum borrowings are $3.0 billion. The proceeds available under the Credit Facility, which are subject to specified conditions for borrowing, may be used for working capital and general corporate purposes. The credit agreement also provides that up to $500 million in commitments may be used for letters of credit. Under the Credit Facility agreement, the Company is required to maintain a minimum consolidated tangible net worth, a maximum leverage ratio and either a liquidity or an interest coverage ratio. These ratios are calculated per the Credit Facility agreement, which involves adjustments to GAAP financial measures. In addition to the Credit Facility, the Company has other letter of credit facilities with different financial institutions. The Company's processes for posting performance and 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, 2021. The Company's outstanding performance letters of credit and surety bonds are described below: (In thousands) May 31, 2022 November 30, 2021 Performance letters of credit $ 1,035,057 924,584 Financial letters of credit 580,342 425,843 Surety bonds 3,844,507 3,553,047 Anticipated future costs primarily for site improvements related to performance surety bonds 1,981,973 1,690,861

Product Warranty

Product Warranty	6 Months Ended
	May 31, 2022
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 is included in Homebuilding other liabilities, was as follows: Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2022 2021 2022 2021 Warranty reserve, beginning of the period $ 374,146 348,100 377,021 341,765 Warranties issued 67,815 51,690 117,007 94,618 Adjustments to pre-existing warranties from changes in estimates (1) 998 13,119 5,722 18,760 Payments (64,969) (51,168) (121,760) (93,402) Warranty reserve, end of period $ 377,990 361,741 377,990 361,741 (1) The adjustments to pre-existing warranties from changes in estimates during the three or six months ended May 31, 2022 and 2021 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, 2022
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, 2022 and November 30, 2021, 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, 2022 November 30, 2021 (In thousands) Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value ASSETS Financial Services: Loans held-for-investment, net Level 3 $ 28,231 28,242 44,582 44,594 Investments held-to-maturity Level 3 155,820 164,389 157,808 184,495 LIABILITIES Homebuilding senior notes and other debts payable, net Level 2 $ 4,645,791 4,716,607 4,652,338 5,046,721 Financial Services notes and other debts payable, net Level 2 1,321,965 1,321,429 1,726,026 1,726,860 Multifamily note payable, net Level 2 16,631 16,631 — — The following methods and assumptions are used by the Company in estimating fair values: Financial Services —The fair values above are based on quoted market prices, if available. The fair values for instruments that do not have quoted market prices are estimated by the Company on the basis of discounted cash flows or other financial information. For notes and other debts payable, the fair values approximate their carrying value due to variable interest pricing terms and the short-term nature of the majority of the borrowings. Homebuilding —For senior notes and other debts payable, the fair value of fixed-rate borrowings is primarily based on quoted market prices and the fair value of variable-rate borrowings is based on expected future cash flows calculated using current market forward rates. Multifamily —For notes payable, the fair values approximate their carrying value due to variable interest pricing terms and the short-term nature of the borrowings. 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, 2022 November 30, 2021 Financial Services Assets: Residential loans held-for-sale Level 2 $ 1,187,906 1,636,283 LMF Commercial loans held-for-sale Level 3 84,205 68 Mortgage servicing rights Level 3 3,221 2,492 Lennar Other: Investments in equity securities Level 1 $ 400,401 906,539 Investments available-for-sale Level 3 34,822 41,654 Residential and LMF Commercial loans held-for-sale in the table above include: May 31, 2022 November 30, 2021 (In thousands) Aggregate Principal Balance Change in Fair Value Aggregate Principal Balance Change in Fair Value Residential loans held-for-sale $ 1,165,423 22,483 1,586,764 49,519 LMF Commercial loans held-for-sale 84,650 (445) — 68 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, 2022 and November 30, 2021. 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, 2021. 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, 2022 As of November 30, 2021 Mortgage prepayment rate 8% 13% Discount rate 13% 13% Delinquency rate 6% 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 (loss) from technology investments on the Company’s condensed consolidated statements of operations and comprehensive income. 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) 2022 2021 2022 2021 Changes in fair value included in Financial Services revenues: Loans held-for-sale $ 350 4,669 (27,037) (30,352) Mortgage loan commitments 12,758 5,057 26,555 142 Forward contracts (18,480) (23,953) (8,490) 10,285 Changes in fair value included in Lennar Other unrealized gain (loss) from technology investments: Investments in equity securities $ (77,965) (272,625) (473,135) 197,120 Changes in fair value included in other comprehensive gain (loss), net of tax: Lennar Other investments available-for-sale $ 62 316 804 (626) 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, 2022 2021 (In thousands) Mortgage servicing rights LMF Commercial loans held-for-sale Mortgage servicing rights LMF Commercial loans held-for-sale Beginning balance $ 2,793 85,795 1,499 123,148 Purchases/loan originations 99 143,650 20 201,296 Sales/loan originations sold, including those not settled — (145,385) — (155,740) Disposals/settlements (106) — (58) (7,300) Changes in fair value (1) 435 145 1,141 2,825 Interest and principal paydowns — — — (309) Ending balance $ 3,221 84,205 2,602 163,920 Six Months Ended May31, 2022 2021 (In thousands) Mortgage servicing rights LMF Commercial loans held-for-sale Mortgage servicing rights LMF Commercial loans held-for-sale Beginning balance 2,492 68 2,113 193,588 Purchases/loan originations 181 408,495 443 420,796 Sales/loan originations sold, including those not settled — (323,467) — (438,705) Disposals/settlements (265) — (1,095) (7,300) Changes in fair value (1) 813 (445) 1,141 (3,942) Interest and principal paydowns — (446) — (517) Ending balance $ 3,221 84,205 2,602 163,920 (1) Changes in fair value for LMF Commercial loans held-for-sale and Financial Services mortgage servicing rights are included in Financial Services' revenues. The Company’s assets measured at fair value on a nonrecurring basis are those assets for which the Company has recorded valuation adjustments and write-offs. The fair values included in the table below represent only those assets whose carrying values were adjusted to fair value during the respective periods disclosed. The assets measured at fair value on a nonrecurring basis are summarized below: Three Months Ended May 31, 2022 2021 (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 Level 3 $ 18,665 17,200 (1,465) 19,240 6,378 (12,862) Land and land under development Level 3 8,785 7,149 (1,636) 78 — (78) Six Months Ended May 31, 2022 2021 (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 Level 3 $ 34,023 31,041 (2,982) 21,784 8,728 (13,056) Land and land under development Level 3 29,538 17,909 (11,629) 520 — (520) (1) Valuation adjustments were included in Homebuilding costs and expenses in the Company's condensed consolidated statements of operations and comprehensive income. 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, 2021. 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. 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 At or for the Six Months Ended # of active communities # of communities with potential indicator of impairment # of communities Fair Value (in thousands) Valuation Adjustments (in thousands) May 31, 2022 1,218 6 — $ — $ — May 31, 2021 1,221 10 1 17,117 11,849

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	May 31, 2022
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, 2022 and based on the Company's evaluation, there were three entities that consolidated with total combined assets of $111.4 million and an immaterial amount of liabilities. During the six months ended May 31, 2022, there was a VIE that deconsolidated that had a total assets of $22.8 million and an immaterial amount of liabilities. 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, 2022 November 30, 2021 (In thousands) Investments in Lennar’s Maximum Investments in Lennar’s Maximum Homebuilding (1) $ 209,189 340,544 107,323 301,619 Multifamily (2) 566,622 597,657 579,388 611,937 Financial Services (3) 155,820 155,820 157,808 157,808 Lennar Other (4) 16,189 16,189 12,680 12,680 $ 947,820 1,110,210 857,199 1,084,044 (1) As of May 31, 2022 and November 30, 2021, the maximum exposure to loss of Homebuilding's investments in unconsolidated VIEs was limited to its investments in unconsolidated VIEs, except with regard to the Company's remaining $98.5 million commitment to fund capital in Upward America, and a $32.7 million of receivable relating to a short-term loan and management fee owed to the Company by Upward America. (2) As of May 31, 2022 and November 30, 2021, the maximum exposure to loss of Multifamily's investments in unconsolidated VIEs was primarily limited to its investments in the unconsolidated VIEs. The maximum exposure for LMV 1 and LMV II in addition to the investment also included to the remaining equity commitment of $21.0 million and $23.1 million as of May 31, 2022 and November 30, 2021, respectively, for future expenditures related to the construction and development of its projects. The decrease was due to the funding of capital for LMV I and LMV II. (3) As of May 31, 2022 and November 30, 2021, the maximum exposure to loss of the Financial Services segment was limited to its investment in the unconsolidated VIEs and related to the Financial Services' CMBS investments held-to-maturity. (4) As of May 31, 2022, the maximum recourse exposure to loss of the Lennar Other segment was limited to its investments in the unconsolidated VIEs. 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, 2022, consolidated inventory not owned increased by $526.3 million with a corresponding increase to liabilities related to consolidated inventory not owned in the accompanying condensed consolidated balance sheet as of May 31, 2022. The increase was primarily due to additions in the six months ended May 31, 2022 as the Company focused on increasing its controlled homesites, partially offset by takedowns. 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 finished homes and construction in progress in the accompanying consolidated balance sheet as of May 31, 2022. 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, 2022 November 30, 2021 Non-refundable option deposits and pre-acquisition costs $ 1,757,845 1,228,057 Letters of credit in lieu of cash deposits under certain land and option contracts 207,946 175,937

Commitments and Contingent Liab

Commitments and Contingent Liabilities	6 Months Ended
	May 31, 2022
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 often 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. Right-of-use ("ROU") assets and lease liabilities are recorded on the balance sheet for all leases, except leases with an initial term of 12 months or less. Many of the Company's leases include options to renew. The exercise of lease renewal options is at the Company's option and therefore renewal option payments have not been included in the ROU assets or lease liabilities. The following table includes additional information about the Company's leases: (Dollars in thousands) May 31, 2022 November 30, 2021 Right-of-use assets $ 149,772 155,616 Lease liabilities 158,573 163,513 Weighted-average remaining lease term (in years) 8.2 8.2 Weighted-average discount rate 2.9 % 2.8 % Future minimum payments under the noncancellable leases in effect at May 31, 2022 were as follows: (In thousands) Lease Payments 2022 $ 17,586 2023 30,964 2024 25,374 2025 21,181 2026 16,416 2027 and thereafter 66,826 Total future minimum lease payments (1) $ 178,347 Less: Interest (2) 19,774 Present value of lease liabilities (2) $ 158,573 (1) Total future minimum lease payments exclude variable lease costs of $17.0 million and short-term lease costs of $2.3 million. (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, 2022, the weighted average remaining lease term and weighted average discount rate used in calculating the lease liabilities were 8.2 years and 2.9%, 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, 2022 May 31, 2021 Rental expense $ 50,698 41,662 Payment on lease liabilities 17,196 18,122 On occasion, the Company may sublease rented space which is no longer used for the Company's operations. For both the six months ended May 31, 2022 and 2021, the Company had an immaterial amount of sublease income.

Basis of Presentation (Policy)

Basis of Presentation (Policy)	6 Months Ended
	May 31, 2022
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 and pursuant to the rules and regulations of the Securities and Exchange Commission. 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, 2021. 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, 2021. 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 December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 was effective for the Company’s fiscal year beginning December 1, 2021. The adoption of ASU 2019-12 did not have a material impact on the Company's condensed consolidated financial statements.

Operating and Reporting Segme_2

Operating and Reporting Segments (Tables)	6 Months Ended
	May 31, 2022
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, 2022 Assets: Homebuilding Financial Multifamily Lennar Total Cash and cash equivalents $ 1,314,741 138,662 61,190 2,151 1,516,744 Restricted cash 28,440 8,225 — — 36,665 Receivables, net (1) 508,638 492,268 111,109 — 1,112,015 Inventories 22,089,499 — 400,422 — 22,489,921 Loans held-for-sale (2) — 1,272,111 — — 1,272,111 Investments in equity securities (3) — — — 576,649 576,649 Investments available-for-sale (4) — — — 34,822 34,822 Loans held-for-investment, net — 28,231 — — 28,231 Investments held-to-maturity — 155,820 — — 155,820 Investments in unconsolidated entities 1,083,813 — 638,559 325,310 2,047,682 Goodwill 3,442,359 189,699 — — 3,632,058 Other assets 1,226,192 74,659 66,327 36,306 1,403,484 $ 29,693,682 2,359,675 1,277,607 975,238 34,306,202 Liabilities: Notes and other debts payable, net $ 4,645,791 1,321,965 16,631 — 5,984,387 Accounts payable and other liabilities 5,967,421 148,723 307,168 108,729 6,532,041 $ 10,613,212 1,470,688 323,799 108,729 12,516,428 (In thousands) November 30, 2021 Assets: Homebuilding Financial Multifamily Lennar Total Cash and cash equivalents $ 2,735,213 167,021 16,850 2,660 2,921,744 Restricted cash 21,927 12,012 — — 33,939 Receivables, net (1) 490,278 708,165 98,405 — 1,296,848 Inventories 18,715,304 — 454,093 — 19,169,397 Loans held-for-sale (2) — 1,636,351 — — 1,636,351 Investments in equity securities (3) — — — 1,006,599 1,006,599 Investments available-for-sale (4) — — — 41,654 41,654 Loans held-for-investment, net — 44,582 — — 44,582 Investments held-to-maturity — 157,808 — — 157,808 Investments in unconsolidated entities 972,084 — 654,029 346,270 1,972,383 Goodwill 3,442,359 189,699 — — 3,632,058 Other assets 1,090,654 48,729 88,370 66,662 1,294,415 $ 27,467,819 2,964,367 1,311,747 1,463,845 33,207,778 Liabilities: Notes and other debts payable, net $ 4,652,338 1,726,026 — — 6,378,364 Accounts payable and other liabilities 5,217,904 180,317 288,930 145,981 5,833,132 $ 9,870,242 1,906,343 288,930 145,981 12,211,496 (1) Receivables, net for Financial Services primarily related to loans sold to investors for which the Company had not yet been paid as of May 31, 2022 and November 30, 2021, respectively. (2) Loans held-for-sale related to unsold residential and commercial loans carried at fair value. (3) Investments in equity securities include investments of $176.2 million and $100.1 million without readily available fair values as of May 31, 2022 and November 30, 2021, 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, 2022 (In thousands) Homebuilding Financial Services Multifamily Lennar Other Corporate and Total Revenue $ 7,977,982 200,166 176,021 4,527 — 8,358,696 Operating earnings (loss) 1,880,411 103,935 668 (108,424) — 1,876,590 Corporate general and administrative expenses — — — — 105,207 105,207 Charitable foundation contribution — — — — 16,549 16,549 Earnings (loss) before income taxes 1,880,411 103,935 668 (108,424) (121,756) 1,754,834 Three Months Ended May 31, 2021 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 Six Months Ended May 31, 2022 (In thousands) Homebuilding Financial Services Multifamily Lennar Other Corporate and Total Revenues (1) $ 13,730,187 376,867 443,380 11,778 — 14,562,212 Operating earnings (loss) 2,990,261 194,726 6,095 (511,558) — 2,679,524 Corporate general and administrative expenses — — — — 218,868 218,868 Charitable foundation contribution — — — — 29,087 29,087 Earnings (loss) before income taxes 2,990,261 194,726 6,095 (511,558) (247,955) 2,431,569 Six Months Ended May 31, 2021 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 (1) Revenues for Multifamily for the six months ended May 31, 2022 includes $147.8 million of land sales to unconsolidated entities. 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, 2022 $ 6,968,448 4,266,709 3,576,083 12,276,620 1,486,178 1,119,644 29,693,682 November 30, 2021 5,854,057 3,782,847 2,801,192 11,171,741 1,443,163 2,414,819 27,467,819 Financial information relating to the Company’s homebuilding segments was as follows: Three Months Ended May 31, 2022 (In thousands) East Central Texas West Other Total Homebuilding Revenues $ 2,214,451 1,283,990 1,095,500 3,370,462 13,579 7,977,982 Operating earnings (loss) 553,819 206,795 272,857 847,849 (909) 1,880,411 Three Months Ended May 31, 2021 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 Six Months Ended May 31, 2022 (In thousands) East Central Texas West Other Total Homebuilding Revenues $ 3,884,637 2,393,262 1,908,119 5,521,260 22,909 13,730,187 Operating earnings (loss) 905,814 358,873 444,169 1,289,297 (7,892) 2,990,261 Six Months Ended May 31, 2021 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
Schedule of Line of Credit Facilities	At May 31, 2022, 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: July 2022 $ 400,000 October 2022 200,000 December 2022 700,000 May 2023 200,000 Total - Residential facilities $ 1,500,000 LMF Commercial facilities maturing November 2022 $ 100,000 December 2022 400,000 July 2023 50,000 Total - LMF Commercial facilities $ 550,000 Total $ 2,050,000 Borrowings and collateral under the facilities and their prior year predecessors were as follows: (In thousands) May 31, 2022 November 30, 2021 Borrowings under the residential facilities $ 1,112,431 1,482,258 Collateral under the residential facilities 1,161,654 1,539,641 Borrowings under the LMF Commercial facilities 63,902 96,294 (In thousands) May 31, 2022 November 30, 2021 Performance letters of credit $ 1,035,057 924,584 Financial letters of credit 580,342 425,843 Surety bonds 3,844,507 3,553,047 Anticipated future costs primarily for site improvements related to performance surety bonds 1,981,973 1,690,861
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) 2022 2021 2022 2021 Loan origination liabilities, beginning of period $ 12,471 8,433 11,670 7,569 Provision for losses — 1,114 966 2,080 Payments/settlements (187) (93) (352) (195) Loan origination liabilities, end of period $ 12,284 9,454 12,284 9,454
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) 2022 2021 2022 2021 Originations (1) $ 143,650 196,498 408,495 415,998 Sold 145,385 155,740 323,467 438,705 Securitizations 1 1 2 3 (1) During both the three and six months ended May 31, 2022 and 2021 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, 2022 November 30, 2021 Carrying value $ 155,820 157,808 Outstanding debt, net of debt issuance costs 145,633 147,474 Incurred interest rate 3.4 % 3.4 %
Schedule of Fair Value Inputs for Commercial Mortgage-Backed Securities	May 31, 2022 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, 2022 As of November 30, 2021 Mortgage prepayment rate 8% 13% Discount rate 13% 13% Delinquency rate 6% 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 Unobservable inputs Average selling price $635,000 Absorption rate per quarter (homes) 11 Discount rate 20%
Unrealized Gain (Loss) on Investments	The following is a detail of Lennar Other unrealized gains (losses) from the Company's technology investments: Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2022 2021 2022 2021 Blend Labs (BLND) mark-to-market $ (13,550) — (20,992) — Hippo (HIPO) mark-to-market (37,946) — (162,403) — Opendoor (OPEN) mark-to-market (20,999) (234,290) (164,360) 235,455 SmartRent (SMRT) mark-to-market (3,950) — (48,313) — Sonder (SOND) mark-to-market (1,626) — (2,132) — Sunnova (NOVA) mark-to-market 106 (38,335) (74,935) (38,335) Lennar Other unrealized gains (losses) from technology investments $ (77,965) (272,625) (473,135) 197,120

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	6 Months Ended
	May 31, 2022
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, 2022 November 30, 2021 Investments in unconsolidated entities (1) (2) $ 1,083,813 972,084 Underlying equity in unconsolidated entities' net assets (1) 1,424,322 1,301,719 (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, 2022 and November 30, 2021, the carrying amount of the Company's investment was $389.8 million and $381.6 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) 2022 2021 2022 2021 General contractor services, net of deferrals $ 125,606 148,891 242,869 264,290 General contractor costs 118,802 142,783 232,035 253,236 Management fee income 16,327 14,188 29,454 29,059 The Multifamily segment includes Multifamily Venture Fund I ("LMV I"), Multifamily Venture Fund II LP ("LMV II") and Canada Pension Plan Investments Fund (the "Fund"), which are long-term multifamily development investment vehicles involved in the development, construction and property management of class-A multifamily assets. During the first quarter of 2022, the Multifamily segment completed the initial closing of the Fund. The Multifamily segment expects the Fund to have almost $1 billion in equity and Lennar's ownership percentage in the Fund is expected to be 4%. During the three months ended May 31, 2022, the Company received a return of capital of $11.4 million from the Fund. This resulted in the negative investment balance of $0.6 million as of May 31, 2022. Details of LMV I and LMV II as of and during the six months ended May 31, 2022 are included below: May 31, 2022 (In thousands) LMV I LMV II Lennar's carrying value of investments $ 230,599 308,540 Equity commitments 2,204,016 1,257,700 Equity commitments called 2,151,149 1,206,115 Lennar's equity commitments 504,016 381,000 Lennar's equity commitments called 499,630 364,348 Lennar's remaining commitments 4,386 16,652 Distributions to Lennar during the six months ended May 31, 2022 18,934 6,279

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	May 31, 2022
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, 2022 and 2021: Three Months Ended May 31, 2022 (In thousands) Total Class A Class B Additional Treasury Accumulated Other Comprehensive Income Retained Noncontrolling Balance at February 28, 2022 $ 20,847,432 30,243 3,944 8,855,151 (3,290,748) 1,686 15,078,788 168,368 Net earnings (including net earnings attributable to noncontrolling interests) 1,322,558 — — — — — 1,320,756 1,802 Employee stock and directors plans (2,533) 6 — 994 (3,533) — — — Retirement of treasury stock — (4,667) (284) (3,533,425) 3,538,376 — — — Purchases of treasury stock (320,710) — — — (320,710) — — — Amortization of restricted stock 35,053 — — 35,053 — — — — Cash dividends (110,846) — — — — — (110,846) — Receipts related to noncontrolling interests 11,111 — — — — — — 11,111 Payments related to noncontrolling interests (3,708) — — — — — — (3,708) Non-cash purchase or activity of noncontrolling interests, net 11,355 — — (2,591) — — — 13,946 Total other comprehensive income, net of tax 62 — — — — 62 — — Balance at May 31, 2022 $ 21,789,774 25,582 3,660 5,355,182 (76,615) 1,748 16,288,698 191,519 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 Six Months Ended May 31, 2022 (In thousands) Total Class A Class B Additional Treasury Accumulated Other Comprehensive Income (Loss) Retained Noncontrolling Balance at November 30, 2021 $ 20,996,282 30,050 3,944 8,807,891 (2,709,448) (1,341) 14,685,329 179,857 Net earnings (including net earnings attributable to noncontrolling interests) 1,831,873 — — — — — 1,824,337 7,536 Employee stock and directors plans (57,419) 199 — 854 (58,472) — — — Retirement of treasury stock — (4,667) (284) (3,533,425) 3,538,376 — — — Purchases of treasury stock (847,071) — — — (847,071) — — — Amortization of restricted stock 116,510 — — 116,510 — — — — Cash dividends (220,968) — — — — — — (220,968) — Receipts related to noncontrolling interests 18,095 — — — — — — 18,095 Payments related to noncontrolling interests (65,521) — — — — — — (65,521) Non-cash purchase or activity of noncontrolling interests, net 14,904 — — (36,648) — — — 51,552 Total other comprehensive income, net of tax 3,089 — — — — 3,089 — — Balance at May 31, 2022 $ 21,789,774 25,582 3,660 5,355,182 (76,615) 1,748 16,288,698 191,519 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 Three Months Ended Six Months Ended May 31, May 31 2022 2021 2022 2021 (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 3,630,000 470,000 1,000,000 — 8,246,000 1,122,000 1,510,000 — Total purchase price $ 289,358 $ 31,270 $ 98,440 $ — $ 762,282 $ 84,601 $ 141,540 $ — Average price per share $ 79.71 $ 66.53 $ 98.44 $ — $ 92.44 $ 75.40 $ 93.73 $ —

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	May 31, 2022
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) 2022 2021 2022 2021 Provision for income taxes $432,276 260,113 599,696 570,218 Effective tax rate (1) 24.7 % 23.8 % 24.7 % 23.7 % (1) For both the three and six months ended May 31, 2022 and 2021, the effective tax rate included state income tax expense and non-deductible executive compensation, partially offset by energy efficient home and solar tax credits.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	May 31, 2022
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) 2022 2021 2022 2021 Numerator: Net earnings attributable to Lennar $ 1,320,756 831,363 1,824,337 1,832,732 Less: distributed earnings allocated to nonvested shares 2,395 776 3,175 1,406 Less: undistributed earnings allocated to nonvested shares 14,980 10,308 19,189 22,026 Numerator for basic earnings per share 1,303,381 820,279 1,801,973 1,809,300 Less: net amount attributable to Rialto's Carried Interest Incentive Plan (1) 1,045 1,569 2,843 2,122 Numerator for diluted earnings per share $ 1,302,336 818,710 1,799,130 1,807,178 Denominator: Denominator for basic earnings per share - weighted average common shares outstanding 289,895 308,893 291,913 308,957 Denominator for diluted earnings per share - weighted average common shares outstanding 289,895 308,893 291,913 308,957 Basic earnings per share $ 4.50 2.66 6.17 5.86 Diluted earnings per share $ 4.49 2.65 6.16 5.85 (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, 2022
Debt Disclosure [Abstract]
Schedule of Senior Notes and Other Debts Payable	(Dollars in thousands) May 31, 2022 November 30, 2021 4.75% senior notes due 2022 $ 574,503 573,840 4.875% senior notes due December 2023 398,769 398,345 4.50% senior notes due 2024 648,613 648,253 5.875% senior notes due 2024 436,463 438,810 4.75% senior notes due 2025 498,670 498,446 5.25% senior notes due 2026 404,865 405,497 5.00% senior notes due 2027 351,933 352,124 4.75% senior notes due 2027 895,884 895,510 Mortgage notes on land and other debt 436,091 441,513 $ 4,645,791 4,652,338
Schedule of Letter of Credit Facilities	At May 31, 2022, 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: July 2022 $ 400,000 October 2022 200,000 December 2022 700,000 May 2023 200,000 Total - Residential facilities $ 1,500,000 LMF Commercial facilities maturing November 2022 $ 100,000 December 2022 400,000 July 2023 50,000 Total - LMF Commercial facilities $ 550,000 Total $ 2,050,000 Borrowings and collateral under the facilities and their prior year predecessors were as follows: (In thousands) May 31, 2022 November 30, 2021 Borrowings under the residential facilities $ 1,112,431 1,482,258 Collateral under the residential facilities 1,161,654 1,539,641 Borrowings under the LMF Commercial facilities 63,902 96,294 (In thousands) May 31, 2022 November 30, 2021 Performance letters of credit $ 1,035,057 924,584 Financial letters of credit 580,342 425,843 Surety bonds 3,844,507 3,553,047 Anticipated future costs primarily for site improvements related to performance surety bonds 1,981,973 1,690,861

Product Warranty (Tables)

Product Warranty (Tables)	6 Months Ended
	May 31, 2022
Product Warranties Disclosures [Abstract]
Schedule of Product Warranty Reserve	The activity in the Company’s warranty reserve, which is included in Homebuilding other liabilities, was as follows: Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2022 2021 2022 2021 Warranty reserve, beginning of the period $ 374,146 348,100 377,021 341,765 Warranties issued 67,815 51,690 117,007 94,618 Adjustments to pre-existing warranties from changes in estimates (1) 998 13,119 5,722 18,760 Payments (64,969) (51,168) (121,760) (93,402) Warranty reserve, end of period $ 377,990 361,741 377,990 361,741 (1) The adjustments to pre-existing warranties from changes in estimates during the three or six months ended May 31, 2022 and 2021 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, 2022
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, 2022 and November 30, 2021, 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, 2022 November 30, 2021 (In thousands) Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value ASSETS Financial Services: Loans held-for-investment, net Level 3 $ 28,231 28,242 44,582 44,594 Investments held-to-maturity Level 3 155,820 164,389 157,808 184,495 LIABILITIES Homebuilding senior notes and other debts payable, net Level 2 $ 4,645,791 4,716,607 4,652,338 5,046,721 Financial Services notes and other debts payable, net Level 2 1,321,965 1,321,429 1,726,026 1,726,860 Multifamily note payable, net Level 2 16,631 16,631 — —
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, 2022 November 30, 2021 Financial Services Assets: Residential loans held-for-sale Level 2 $ 1,187,906 1,636,283 LMF Commercial loans held-for-sale Level 3 84,205 68 Mortgage servicing rights Level 3 3,221 2,492 Lennar Other: Investments in equity securities Level 1 $ 400,401 906,539 Investments available-for-sale Level 3 34,822 41,654 Residential and LMF Commercial loans held-for-sale in the table above include: May 31, 2022 November 30, 2021 (In thousands) Aggregate Principal Balance Change in Fair Value Aggregate Principal Balance Change in Fair Value Residential loans held-for-sale $ 1,165,423 22,483 1,586,764 49,519 LMF Commercial loans held-for-sale 84,650 (445) — 68
Schedule of Unobservable Inputs Used in Discounted Cash Flow Model to Determine the Fair Value of Communities	May 31, 2022 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, 2022 As of November 30, 2021 Mortgage prepayment rate 8% 13% Discount rate 13% 13% Delinquency rate 6% 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 Unobservable inputs Average selling price $635,000 Absorption rate per quarter (homes) 11 Discount rate 20%
Schedule Of Gains And Losses Of Financial Instruments Measured on a Recurring Basis	The changes in fair values for Level 1 and Level 2 financial instruments measured on a recurring basis are shown below by financial instrument and financial statement line item: Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2022 2021 2022 2021 Changes in fair value included in Financial Services revenues: Loans held-for-sale $ 350 4,669 (27,037) (30,352) Mortgage loan commitments 12,758 5,057 26,555 142 Forward contracts (18,480) (23,953) (8,490) 10,285 Changes in fair value included in Lennar Other unrealized gain (loss) from technology investments: Investments in equity securities $ (77,965) (272,625) (473,135) 197,120 Changes in fair value included in other comprehensive gain (loss), net of tax: Lennar Other investments available-for-sale $ 62 316 804 (626)
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, 2022 2021 (In thousands) Mortgage servicing rights LMF Commercial loans held-for-sale Mortgage servicing rights LMF Commercial loans held-for-sale Beginning balance $ 2,793 85,795 1,499 123,148 Purchases/loan originations 99 143,650 20 201,296 Sales/loan originations sold, including those not settled — (145,385) — (155,740) Disposals/settlements (106) — (58) (7,300) Changes in fair value (1) 435 145 1,141 2,825 Interest and principal paydowns — — — (309) Ending balance $ 3,221 84,205 2,602 163,920 Six Months Ended May31, 2022 2021 (In thousands) Mortgage servicing rights LMF Commercial loans held-for-sale Mortgage servicing rights LMF Commercial loans held-for-sale Beginning balance 2,492 68 2,113 193,588 Purchases/loan originations 181 408,495 443 420,796 Sales/loan originations sold, including those not settled — (323,467) — (438,705) Disposals/settlements (265) — (1,095) (7,300) Changes in fair value (1) 813 (445) 1,141 (3,942) Interest and principal paydowns — (446) — (517) Ending balance $ 3,221 84,205 2,602 163,920 (1) Changes in fair value for LMF Commercial loans held-for-sale and Financial Services mortgage servicing rights are included in Financial Services' revenues.
Fair Value Measurements, Nonrecurring	The assets measured at fair value on a nonrecurring basis are summarized below: Three Months Ended May 31, 2022 2021 (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 Level 3 $ 18,665 17,200 (1,465) 19,240 6,378 (12,862) Land and land under development Level 3 8,785 7,149 (1,636) 78 — (78) Six Months Ended May 31, 2022 2021 (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 Level 3 $ 34,023 31,041 (2,982) 21,784 8,728 (13,056) Land and land under development Level 3 29,538 17,909 (11,629) 520 — (520) (1) Valuation adjustments were included in Homebuilding costs and expenses in the Company's condensed consolidated statements of operations and comprehensive income. Communities with valuation adjustments At or for the Six Months Ended # of active communities # of communities with potential indicator of impairment # of communities Fair Value (in thousands) Valuation Adjustments (in thousands) May 31, 2022 1,218 6 — $ — $ — May 31, 2021 1,221 10 1 17,117 11,849

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	May 31, 2022
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, 2022 November 30, 2021 (In thousands) Investments in Lennar’s Maximum Investments in Lennar’s Maximum Homebuilding (1) $ 209,189 340,544 107,323 301,619 Multifamily (2) 566,622 597,657 579,388 611,937 Financial Services (3) 155,820 155,820 157,808 157,808 Lennar Other (4) 16,189 16,189 12,680 12,680 $ 947,820 1,110,210 857,199 1,084,044 (1) As of May 31, 2022 and November 30, 2021, the maximum exposure to loss of Homebuilding's investments in unconsolidated VIEs was limited to its investments in unconsolidated VIEs, except with regard to the Company's remaining $98.5 million commitment to fund capital in Upward America, and a $32.7 million of receivable relating to a short-term loan and management fee owed to the Company by Upward America. (2) As of May 31, 2022 and November 30, 2021, the maximum exposure to loss of Multifamily's investments in unconsolidated VIEs was primarily limited to its investments in the unconsolidated VIEs. The maximum exposure for LMV 1 and LMV II in addition to the investment also included to the remaining equity commitment of $21.0 million and $23.1 million as of May 31, 2022 and November 30, 2021, respectively, for future expenditures related to the construction and development of its projects. The decrease was due to the funding of capital for LMV I and LMV II. (3) As of May 31, 2022 and November 30, 2021, the maximum exposure to loss of the Financial Services segment was limited to its investment in the unconsolidated VIEs and related to the Financial Services' CMBS investments held-to-maturity. (4) As of May 31, 2022, the maximum recourse exposure to loss of the Lennar Other segment was limited to its investments in the unconsolidated VIEs. The Company's exposure to losses on its option contracts with third parties and unconsolidated entities were as follows: (Dollars in thousands) May 31, 2022 November 30, 2021 Non-refundable option deposits and pre-acquisition costs $ 1,757,845 1,228,057 Letters of credit in lieu of cash deposits under certain land and option contracts 207,946 175,937

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	May 31, 2022
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, 2022 November 30, 2021 Right-of-use assets $ 149,772 155,616 Lease liabilities 158,573 163,513 Weighted-average remaining lease term (in years) 8.2 8.2 Weighted-average discount rate 2.9 % 2.8 %
Future Minimum Payments Under Noncancellable Leases	Future minimum payments under the noncancellable leases in effect at May 31, 2022 were as follows: (In thousands) Lease Payments 2022 $ 17,586 2023 30,964 2024 25,374 2025 21,181 2026 16,416 2027 and thereafter 66,826 Total future minimum lease payments (1) $ 178,347 Less: Interest (2) 19,774 Present value of lease liabilities (2) $ 158,573 (1) Total future minimum lease payments exclude variable lease costs of $17.0 million and short-term lease costs of $2.3 million. (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, 2022, the weighted average remaining lease term and weighted average discount rate used in calculating the lease liabilities were 8.2 years and 2.9%, 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, 2022 May 31, 2021 Rental expense $ 50,698 41,662 Payment on lease liabilities 17,196 18,122

Basis of Presentation - Narrati

Basis of Presentation - Narrative (Details) - USD ($) shares in Millions	3 Months Ended		6 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021	Nov. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash and cash equivalents held in escrow	$ 859,800,000		$ 859,800,000		$ 940,400,000
Cash and cash equivalents held in escrow, deposit period	2 days
Homebuilding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sales incentive per home	$ 7,200	$ 9,000	$ 7,800	$ 10,500
Sales incentive per home, percent of sales revenue	1.50%	2.10%	1.60%	2.50%
Nonvested shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares granted (in shares)			1.4	1.4

Operating and Reporting Segme_3

Operating and Reporting Segments (Disclosure Of Assets and Liabilities) (Details) - USD ($) $ in Thousands		May 31, 2022	Nov. 30, 2021	May 31, 2021
Segment Reporting Information [Line Items]
Total assets	[1]	$ 34,306,202	$ 33,207,778
Total liabilities	[2]	12,516,428	12,211,496
Equity securities without readily determinable fair values		176,200	100,100
Operating Segments
Segment Reporting Information [Line Items]
Cash and cash equivalents		1,516,744	2,921,744
Restricted cash		36,665	33,939
Receivables, net		1,112,015	1,296,848
Inventories		22,489,921	19,169,397
Loans held-for-sale		1,272,111	1,636,351
Investments in equity securities		576,649	1,006,599
Investments available-for-sale		34,822	41,654
Loans and Leases Receivable, Net Amount		28,231	44,582
Debt Securities, Held-to-maturity		155,820	157,808
Investments in unconsolidated entities		2,047,682	1,972,383
Goodwill		3,632,058	3,632,058
Other assets		1,403,484	1,294,415
Total assets		34,306,202	33,207,778
Senior notes and other debts payable, net		5,984,387	6,378,364
Accounts payable and other liabilities		6,532,041	5,833,132
Total liabilities		12,516,428	12,211,496
Homebuilding
Segment Reporting Information [Line Items]
Cash and cash equivalents	[1]	1,314,741	2,735,213
Restricted cash	[1]	28,440	21,927
Receivables, net	[1]	508,638	490,278
Inventories	[1]	22,089,499	18,715,304
Investments in unconsolidated entities	[1]	1,083,813	972,084
Goodwill	[1]	3,442,359	3,442,359
Other assets	[1]	1,226,192	1,090,654
Total assets	[1]	29,693,682	27,467,819
Senior notes and other debts payable, net	[2]	4,645,791	4,652,338
Total liabilities	[2]	10,613,212	9,870,242
Homebuilding | Operating Segments
Segment Reporting Information [Line Items]
Cash and cash equivalents		1,314,741	2,735,213	$ 2,581,583
Restricted cash		28,440	21,927	35,637
Receivables, net		508,638	490,278
Inventories		22,089,499	18,715,304
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		1,083,813	972,084
Goodwill		3,442,359	3,442,359
Other assets		1,226,192	1,090,654
Total assets		29,693,682	27,467,819
Senior notes and other debts payable, net		4,645,791	4,652,338
Accounts payable and other liabilities		5,967,421	5,217,904
Total liabilities		10,613,212	9,870,242
Financial Services
Segment Reporting Information [Line Items]
Total assets	[1]	2,359,675	2,964,367
Total liabilities	[2]	1,470,688	1,906,343
Financial Services | Operating Segments
Segment Reporting Information [Line Items]
Cash and cash equivalents		138,662	167,021	130,528
Restricted cash		8,225	12,012	9,728
Receivables, net		492,268	708,165
Inventories		0	0
Loans held-for-sale		1,272,111	1,636,351
Investments in equity securities		0	0
Investments available-for-sale		0	0
Loans and Leases Receivable, Net Amount		28,231	44,582
Debt Securities, Held-to-maturity		155,820	157,808
Investments in unconsolidated entities		0	0
Goodwill		189,699	189,699
Other assets		74,659	48,729
Total assets		2,359,675	2,964,367
Senior notes and other debts payable, net		1,321,965	1,726,026
Accounts payable and other liabilities		148,723	180,317
Total liabilities		1,470,688	1,906,343
Multifamily
Segment Reporting Information [Line Items]
Total assets	[1]	1,277,607	1,311,747
Total liabilities	[2]	323,799	288,930
Multifamily | Operating Segments
Segment Reporting Information [Line Items]
Cash and cash equivalents		61,190	16,850	22,395
Restricted cash		0	0
Receivables, net		111,109	98,405
Inventories		400,422	454,093
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		638,559	654,029
Goodwill		0	0
Other assets		66,327	88,370
Total assets		1,277,607	1,311,747
Senior notes and other debts payable, net		16,631	0
Accounts payable and other liabilities		307,168	288,930
Total liabilities		323,799	288,930
Lennar Other
Segment Reporting Information [Line Items]
Total assets	[1]	975,238	1,463,845
Total liabilities	[2]	108,729	145,981
Lennar Other | Operating Segments
Segment Reporting Information [Line Items]
Cash and cash equivalents		2,151	2,660	$ 3,074
Restricted cash		0	0
Receivables, net		0	0
Inventories		0	0
Loans held-for-sale		0	0
Investments in equity securities		576,649	1,006,599
Investments available-for-sale		34,822	41,654
Loans and Leases Receivable, Net Amount		0	0
Debt Securities, Held-to-maturity		0	0
Investments in unconsolidated entities		325,310	346,270
Goodwill		0	0
Other assets		36,306	66,662
Total assets		975,238	1,463,845
Senior notes and other debts payable, net		0	0
Accounts payable and other liabilities		108,729	145,981
Total liabilities		$ 108,729	$ 145,981
[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, 2022, total assets include $1.6 billion related to consolidated VIEs of which $73.9 million is included in Homebuilding cash and cash equivalents, $0.6 million in Homebuilding receivables, net, $37.2 million in Homebuilding finished homes and construction in progress, $837.6 million in Homebuilding land and land under development, $591.2 million in Homebuilding consolidated inventory not owned, $1.0 million in Homebuilding investments in unconsolidated entities, $22.9 million in Homebuilding other assets and $34.7 million in Multifamily assets. As of November 30, 2021, total assets include $1.1 billion related to consolidated VIEs of which $60.9 million is included in Homebuilding cash and cash equivalents, $4.4 million in Homebuilding receivables, net, $14.3 million in Homebuilding finished homes and construction in progress, $697.1 million in Homebuilding land and land under development, $239.2 million in Homebuilding consolidated inventory not owned, $1.1 million in Homebuilding investments in unconsolidated entities, $17.4 million in Homebuilding other assets and $80.6 million in Multifamily assets.

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, 2022	May 31, 2021	May 31, 2022	May 31, 2021
Segment Reporting Information [Line Items]
Corporate general and administrative expenses	$ 105,207	$ 90,717	$ 218,868	$ 201,248
Charitable foundation contribution	16,549	14,493	29,087	26,807
Earnings (loss) before income taxes	1,754,834	1,096,885	2,431,569	2,423,899
Operating Segments
Segment Reporting Information [Line Items]
Revenues	8,358,696	6,430,245	14,562,212	11,755,713
Operating earnings (loss)	1,876,590	1,202,095	2,679,524	2,651,954
Operating Segments | Homebuilding
Segment Reporting Information [Line Items]
Revenues	7,977,982	6,028,041	13,730,187	10,971,097
Operating earnings (loss)	1,880,411	1,112,475	2,990,261	1,945,655
Earnings (loss) before income taxes	1,880,411	1,112,475	2,990,261	1,945,655
Operating Segments | Financial Services
Segment Reporting Information [Line Items]
Revenues	200,166	218,747	376,867	462,816
Operating earnings (loss)	103,935	121,320	194,726	267,527
Earnings (loss) before income taxes	103,935	121,320	194,726	267,527
Operating Segments | Multifamily
Segment Reporting Information [Line Items]
Revenues	176,021	177,473	443,380	308,916
Operating earnings (loss)	668	22,397	6,095	21,523
Earnings (loss) before income taxes	668	22,397	6,095	21,523
Operating Segments | Multifamily | Land
Segment Reporting Information [Line Items]
Revenues			147,800
Operating Segments | Lennar Other
Segment Reporting Information [Line Items]
Revenues	4,527	5,984	11,778	12,884
Operating earnings (loss)	(108,424)	(54,097)	(511,558)	417,249
Earnings (loss) before income taxes	(108,424)	(54,097)	(511,558)	417,249
Corporate and Unallocated
Segment Reporting Information [Line Items]
Corporate general and administrative expenses	105,207	90,717	218,868	201,248
Charitable foundation contribution	16,549	14,493	29,087	26,807
Earnings (loss) before income taxes	$ (121,756)	$ (105,210)	$ (247,955)	$ (228,055)

Operating and Reporting Segme_5

Operating and Reporting Segments (Homebuilding Assets) (Details) - USD ($) $ in Thousands		May 31, 2022	Nov. 30, 2021
Segment Reporting Information [Line Items]
Assets	[1]	$ 34,306,202	$ 33,207,778
Homebuilding
Segment Reporting Information [Line Items]
Assets	[1]	29,693,682	27,467,819
Operating Segments
Segment Reporting Information [Line Items]
Assets		34,306,202	33,207,778
Operating Segments | East
Segment Reporting Information [Line Items]
Assets		6,968,448	5,854,057
Operating Segments | Central
Segment Reporting Information [Line Items]
Assets		4,266,709	3,782,847
Operating Segments | Texas
Segment Reporting Information [Line Items]
Assets		3,576,083	2,801,192
Operating Segments | West
Segment Reporting Information [Line Items]
Assets		12,276,620	11,171,741
Operating Segments | Other
Segment Reporting Information [Line Items]
Assets		1,486,178	1,443,163
Operating Segments | Homebuilding
Segment Reporting Information [Line Items]
Assets		29,693,682	27,467,819
Corporate and Unallocated
Segment Reporting Information [Line Items]
Assets		1,119,644	2,414,819
Operating Segments And Corporate | Homebuilding
Segment Reporting Information [Line Items]
Assets		$ 29,693,682	$ 27,467,819
[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, 2022, total assets include $1.6 billion related to consolidated VIEs of which $73.9 million is included in Homebuilding cash and cash equivalents, $0.6 million in Homebuilding receivables, net, $37.2 million in Homebuilding finished homes and construction in progress, $837.6 million in Homebuilding land and land under development, $591.2 million in Homebuilding consolidated inventory not owned, $1.0 million in Homebuilding investments in unconsolidated entities, $22.9 million in Homebuilding other assets and $34.7 million in Multifamily assets. As of November 30, 2021, total assets include $1.1 billion related to consolidated VIEs of which $60.9 million is included in Homebuilding cash and cash equivalents, $4.4 million in Homebuilding receivables, net, $14.3 million in Homebuilding finished homes and construction in progress, $697.1 million in Homebuilding land and land under development, $239.2 million in Homebuilding consolidated inventory not owned, $1.1 million in Homebuilding investments in unconsolidated entities, $17.4 million in Homebuilding other assets and $80.6 million in Multifamily assets.

Operating and Reporting Segme_6

Operating and Reporting Segments (Homebuilding Financial Information) (Details) - Operating Segments - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021
Segment Reporting Information [Line Items]
Revenues	$ 8,358,696	$ 6,430,245	$ 14,562,212	$ 11,755,713
Operating earnings (loss)	1,876,590	1,202,095	2,679,524	2,651,954
Homebuilding
Segment Reporting Information [Line Items]
Revenues	7,977,982	6,028,041	13,730,187	10,971,097
Operating earnings (loss)	1,880,411	1,112,475	2,990,261	1,945,655
East
Segment Reporting Information [Line Items]
Revenues	2,214,451	1,567,768	3,884,637	2,923,710
Operating earnings (loss)	553,819	309,827	905,814	571,910
Central
Segment Reporting Information [Line Items]
Revenues	1,283,990	1,097,582	2,393,262	2,026,024
Operating earnings (loss)	206,795	159,048	358,873	291,071
Texas
Segment Reporting Information [Line Items]
Revenues	1,095,500	799,259	1,908,119	1,443,337
Operating earnings (loss)	272,857	176,057	444,169	305,700
West
Segment Reporting Information [Line Items]
Revenues	3,370,462	2,553,771	5,521,260	4,563,350
Operating earnings (loss)	847,849	492,811	1,289,297	814,517
Other
Segment Reporting Information [Line Items]
Revenues	13,579	9,661	22,909	14,676
Operating earnings (loss)	$ (909)	$ (25,268)	$ (7,892)	$ (37,543)

Operating and Reporting Segme_7

Operating and Reporting Segments (Disclosure of Facilities) (Details) - Financial Services - USD ($) $ in Thousands	6 Months Ended
	May 31, 2022	Nov. 30, 2021
Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 2,050,000
Residential facilities maturing July 2022 | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	400,000
Residential facilities maturing October 2022 | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	200,000
Residential facilities maturing December 2022 | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	700,000
Residential facilities maturing May 2023 | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	200,000
Residential facilities | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	1,500,000
Borrowings under facility	1,112,431	$ 1,482,258
Collateral under facilities	1,161,654	1,539,641
Commercial facilities maturing November 2022 | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	100,000
Commercial facilities maturing December 2022 | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	400,000
Commercial Warehouse Repurchase Facility Due in July 2023 | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	50,000
Commercial facilities | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 550,000
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	$ 63,902	$ 96,294

Operating and Reporting Segme_8

Operating and Reporting Segments (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021
Doma Holdings, Inc
Segment Reporting Information [Line Items]
Unconsolidated entities ownership percentage	25%		25%
Lennar's carrying value of investments	$ 32,000,000		$ 32,000,000
Financial Services | Warehouse Repurchase Facility
Segment Reporting Information [Line Items]
Collateral percentage	80%		80%
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, 2022	May 31, 2021	May 31, 2022	May 31, 2021
Loss Contingency Accrual [Roll Forward]
Loan origination liabilities, beginning of period	$ 12,471	$ 8,433	$ 11,670	$ 7,569
Provision for losses	0	1,114	966	2,080
Payments/settlements	(187)	(93)	(352)	(195)
Loan origination liabilities, end of period	$ 12,284	$ 9,454	$ 12,284	$ 9,454

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, 2022 USD ($) transaction	May 31, 2021 USD ($) transaction	May 31, 2022 USD ($) transaction	May 31, 2021 USD ($) transaction
Segment Reporting Information [Line Items]
Originations	$ 143,650	$ 196,498	$ 408,495	$ 415,998
Sold	$ 145,385	$ 155,740	$ 323,467	$ 438,705
Securitizations | transaction	1	1	2	3

Operating and Reporting Segm_11

Operating and Reporting Segments (Commercial Mortgage-Backed Securities) (Details) - Financial Services - USD ($) $ in Thousands	May 31, 2022	Nov. 30, 2021
Financing Agreement to Purchase Commercial Mortgage Backed Securities | Secured Debt
Segment Reporting Information [Line Items]
Outstanding debt, net of debt issuance costs	$ 145,633	$ 147,474
Incurred interest rate	3.40%	3.40%
CMBS
Segment Reporting Information [Line Items]
Debt Securities, Held-to-maturity	$ 155,820	$ 157,808

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, 2022
Minimum
Segment Reporting Information [Line Items]
Discount rates at purchase	6%
Coupon rates	2%
Maximum
Segment Reporting Information [Line Items]
Discount rates at purchase	84%
Coupon rates	5.30%

Operating and Reporting Segm_13

Operating and Reporting Segments - Unrealized Gain (Loss) on Investments (Details) - Lennar Other - Operating Segments - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021
Segment Reporting Information [Line Items]
Lennar Other unrealized gains (losses) from technology investments	$ (77,965)	$ (272,625)	$ (473,135)	$ 197,120
Blend Labs
Segment Reporting Information [Line Items]
Lennar Other unrealized gains (losses) from technology investments	(13,550)	0	(20,992)	0
Hippo
Segment Reporting Information [Line Items]
Lennar Other unrealized gains (losses) from technology investments	(37,946)	0	(162,403)	0
Opendoor
Segment Reporting Information [Line Items]
Lennar Other unrealized gains (losses) from technology investments	(20,999)	(234,290)	(164,360)	235,455
SmartRent
Segment Reporting Information [Line Items]
Lennar Other unrealized gains (losses) from technology investments	(3,950)	0	(48,313)	0
Sonder
Segment Reporting Information [Line Items]
Lennar Other unrealized gains (losses) from technology investments	(1,626)	0	(2,132)	0
Sunnova
Segment Reporting Information [Line Items]
Lennar Other unrealized gains (losses) from technology investments	$ 106	$ (38,335)	$ (74,935)	$ (38,335)

Investments in Unconsolidated_3

Investments in Unconsolidated Entities (Homebuilding Unconsolidated Entities) (Details) - USD ($) $ in Thousands		May 31, 2022	Nov. 30, 2021
FivePoint Unconsolidated Entity
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities		$ 389,800	$ 381,600
Unconsolidated entities ownership percentage		40%
Homebuilding
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	[1]	$ 1,083,813	972,084
Underlying equity in unconsolidated partners' net assets		$ 1,424,322	$ 1,301,719
[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, 2022, total assets include $1.6 billion related to consolidated VIEs of which $73.9 million is included in Homebuilding cash and cash equivalents, $0.6 million in Homebuilding receivables, net, $37.2 million in Homebuilding finished homes and construction in progress, $837.6 million in Homebuilding land and land under development, $591.2 million in Homebuilding consolidated inventory not owned, $1.0 million in Homebuilding investments in unconsolidated entities, $22.9 million in Homebuilding other assets and $34.7 million in Multifamily assets. As of November 30, 2021, total assets include $1.1 billion related to consolidated VIEs of which $60.9 million is included in Homebuilding cash and cash equivalents, $4.4 million in Homebuilding receivables, net, $14.3 million in Homebuilding finished homes and construction in progress, $697.1 million in Homebuilding land and land under development, $239.2 million in Homebuilding consolidated inventory not owned, $1.1 million in Homebuilding investments in unconsolidated entities, $17.4 million in Homebuilding other assets and $80.6 million in Multifamily assets.

Investments in Unconsolidated_4

Investments in Unconsolidated Entities (Narrative) (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
		May 31, 2022	May 31, 2022	May 31, 2021	Nov. 30, 2021
Schedule of Equity Method Investments [Line Items]
Distributions of capital from unconsolidated entities			$ 239,123	$ 231,545
Operating Segments
Schedule of Equity Method Investments [Line Items]
Lennar's carrying value of investments		$ 2,047,682	2,047,682		$ 1,972,383
Upward America Venture
Schedule of Equity Method Investments [Line Items]
Total equity commitments		1,600,000	1,600,000
Equity commitments raised during period		350,000
Upward America Venture
Schedule of Equity Method Investments [Line Items]
Total equity commitments		125,000	125,000
Lennar's carrying value of investments		33,300	33,300		13,300
Homebuilding
Schedule of Equity Method Investments [Line Items]
Non-recourse debt with completion guarantees		184,100	184,100		241,000
Lennar's carrying value of investments	[1]	1,083,813	1,083,813		972,084
Homebuilding | Operating Segments
Schedule of Equity Method Investments [Line Items]
Lennar's carrying value of investments		1,083,813	1,083,813		972,084
Multifamily
Schedule of Equity Method Investments [Line Items]
Non-recourse debt with completion guarantees		1,000,000	1,000,000		855,200
Multifamily | Operating Segments
Schedule of Equity Method Investments [Line Items]
Lennar's carrying value of investments		638,559	638,559		654,029
Multifamily | Lennar Multifamily Fund
Schedule of Equity Method Investments [Line Items]
Total equity commitments		1,000,000	1,000,000
Lennar's carrying value of investments		$ (600)	$ (600)
Fund ownership percentage		4%	4%
Distributions of capital from unconsolidated entities		$ 11,400
Lennar Other | Operating Segments
Schedule of Equity Method Investments [Line Items]
Lennar's carrying value of investments		325,310	$ 325,310		346,270
Lennar Other | Rialto Funds and Investment Vehicles | Operating Segments
Schedule of Equity Method Investments [Line Items]
Lennar's carrying value of investments		$ 201,600	$ 201,600		$ 200,600
[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, 2022, total assets include $1.6 billion related to consolidated VIEs of which $73.9 million is included in Homebuilding cash and cash equivalents, $0.6 million in Homebuilding receivables, net, $37.2 million in Homebuilding finished homes and construction in progress, $837.6 million in Homebuilding land and land under development, $591.2 million in Homebuilding consolidated inventory not owned, $1.0 million in Homebuilding investments in unconsolidated entities, $22.9 million in Homebuilding other assets and $34.7 million in Multifamily assets. As of November 30, 2021, total assets include $1.1 billion related to consolidated VIEs of which $60.9 million is included in Homebuilding cash and cash equivalents, $4.4 million in Homebuilding receivables, net, $14.3 million in Homebuilding finished homes and construction in progress, $697.1 million in Homebuilding land and land under development, $239.2 million in Homebuilding consolidated inventory not owned, $1.1 million in Homebuilding investments in unconsolidated entities, $17.4 million in Homebuilding other assets and $80.6 million in Multifamily assets.

Investments in Unconsolidated_5

Investments in Unconsolidated Entities (Multifamily Income and Costs) (Details) - Multifamily - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021
General Contractor Services
Schedule of Equity Method Investments [Line Items]
Revenues	$ 125,606	$ 148,891	$ 242,869	$ 264,290
Cost of revenue	118,802	142,783	232,035	253,236
Management Fee
Schedule of Equity Method Investments [Line Items]
Revenues	$ 16,327	$ 14,188	$ 29,454	$ 29,059

Investments in Unconsolidated_6

Investments in Unconsolidated Entities (Details of Multifamily Unconsolidated Entities) (Details) - USD ($) $ in Thousands	6 Months Ended
	May 31, 2022	May 31, 2021
Schedule of Equity Method Investments [Line Items]
Distributions of earnings from unconsolidated entities	$ 11,050	$ 15,594
Multifamily | LMV I
Schedule of Equity Method Investments [Line Items]
Lennar's carrying value of investments	230,599
Equity commitments	2,204,016
Equity commitments called	2,151,149
Lennar's equity commitments	504,016
Lennar's equity commitments called	499,630
Lennar's remaining commitments	4,386
Distributions of earnings from unconsolidated entities	18,934
Multifamily | LMV II
Schedule of Equity Method Investments [Line Items]
Lennar's carrying value of investments	308,540
Equity commitments	1,257,700
Equity commitments called	1,206,115
Lennar's equity commitments	381,000
Lennar's equity commitments called	364,348
Lennar's remaining commitments	16,652
Distributions of earnings from unconsolidated entities	$ 6,279

Stockholders' Equity (Schedule

Stockholders' Equity (Schedule Of Changes In Equity) (Details) - USD ($)			3 Months Ended			6 Months Ended
	Jun. 22, 2022	Jun. 18, 2021	May 31, 2022		May 31, 2021	May 31, 2022		May 31, 2021	Mar. 31, 2022	Oct. 31, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			$ 20,847,432,000		$ 19,017,451,000	$ 20,996,282,000	[1]	$ 18,099,401,000
Net earnings (including net earnings attributable to noncontrolling interests)			1,322,558,000		836,772,000	1,831,873,000		1,853,681,000
Employee stock and directors plans			(2,533,000)		(4,537,000)	(57,419,000)		(30,816,000)
Retirement of treasury stock			0			0
Purchases of treasury stock			(320,710,000)		(98,460,000)	(847,071,000)		(141,570,000)
Amortization of restricted stock			35,053,000		32,276,000	116,510,000		81,094,000
Cash dividends			(110,846,000)		(78,483,000)	(220,968,000)		(156,326,000)
Receipts related to noncontrolling interests			11,111,000		5,009,000	18,095,000		13,905,000
Payments related to noncontrolling interests			(3,708,000)		(5,829,000)	(65,521,000)		(17,226,000)
Non-cash purchase or activity of noncontrolling interests, net			11,355,000		(2,417,000)	14,904,000		581,000
Total other comprehensive income, net of tax			62,000		316,000	3,089,000		(626,000)
Balance, ending			21,789,774,000	[1]	19,702,098,000	21,789,774,000	[1]	$ 19,702,098,000
Cash dividend paid (in dollars per share)		$ 0.375						$ 0.250
Stock repurchase program, authorized value									$ 2,000,000,000	$ 1,000,000,000
Stock repurchase program, authorized shares (in shares)									30,000,000	25,000,000
Additional Paid - in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			8,855,151,000		8,724,192,000	8,807,891,000		$ 8,676,056,000
Employee stock and directors plans			994,000		1,165,000	854,000		1,106,000
Retirement of treasury stock			(3,533,425,000)			(3,533,425,000)
Amortization of restricted stock			35,053,000		32,276,000	116,510,000		81,094,000
Non-cash purchase or activity of noncontrolling interests, net			(2,591,000)		(2,613,000)	(36,648,000)		(3,236,000)
Balance, ending			5,355,182,000		8,755,020,000	5,355,182,000		8,755,020,000
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			(3,290,748,000)		(1,348,710,000)	(2,709,448,000)		(1,279,227,000)
Employee stock and directors plans			(3,533,000)		(5,704,000)	(58,472,000)		(32,077,000)
Retirement of treasury stock			3,538,376,000			3,538,376,000
Purchases of treasury stock			(320,710,000)		(98,460,000)	(847,071,000)		(141,570,000)
Balance, ending			(76,615,000)		(1,452,874,000)	(76,615,000)		(1,452,874,000)
Accumulated Other Comprehensive Income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			1,686,000		(1,747,000)	(1,341,000)		(805,000)
Total other comprehensive income, net of tax			62,000		316,000	3,089,000		(626,000)
Balance, ending			1,748,000		(1,431,000)	1,748,000		(1,431,000)
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			15,078,788,000		11,488,520,000	14,685,329,000		10,564,994,000
Net earnings (including net earnings attributable to noncontrolling interests)			1,320,756,000		831,363,000	1,824,337,000		1,832,732,000
Cash dividends			(110,846,000)		(78,483,000)	(220,968,000)		(156,326,000)
Balance, ending			16,288,698,000		12,241,400,000	16,288,698,000		12,241,400,000
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			168,368,000		121,205,000	179,857,000		104,545,000
Net earnings (including net earnings attributable to noncontrolling interests)			1,802,000		5,409,000	7,536,000		20,949,000
Receipts related to noncontrolling interests			11,111,000		5,009,000	18,095,000		13,905,000
Payments related to noncontrolling interests			(3,708,000)		(5,829,000)	(65,521,000)		(17,226,000)
Non-cash purchase or activity of noncontrolling interests, net			13,946,000		196,000	51,552,000		3,817,000
Balance, ending			$ 191,519,000		$ 125,990,000	$ 191,519,000		$ 125,990,000
Common Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased during period (in shares)			3,630,000		1,000,000	8,246,000		1,510,000
Total purchase price			$ 289,358,000		$ 98,440,000	$ 762,282,000		$ 141,540,000
Average share price of shares repurchased (in dollars per share)			$ 79.71		$ 98.44	$ 92.44		$ 93.73
Common Class A | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			$ 30,243,000		$ 30,047,000	$ 30,050,000		$ 29,894,000
Employee stock and directors plans			6,000		2,000	199,000		155,000
Retirement of treasury stock			(4,667,000)			(4,667,000)
Balance, ending			$ 25,582,000		$ 30,049,000	$ 25,582,000		$ 30,049,000
Retirement of treasury stock (in shares)			46,700,000			46,700,000
Common Class B
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased during period (in shares)			470,000		0	1,122,000		0
Total purchase price			$ 31,270,000		$ 0	$ 84,601,000		$ 0
Average share price of shares repurchased (in dollars per share)			$ 66.53		$ 0	$ 75.40		$ 0
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
Retirement of treasury stock			(284,000)			(284,000)
Balance, ending			$ 3,660,000		$ 3,944,000	$ 3,660,000		$ 3,944,000
Retirement of treasury stock (in shares)			2,800,000			2,800,000
Subsequent Event
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividend declared (in dollars per share)	$ 0.375
[1]As of May 31, 2022, total liabilities include $571.2 million related to consolidated VIEs as to which there was no recourse against the Company, of which $24.2 million is included in Homebuilding accounts payable, $507.4 million in Homebuilding liabilities related to consolidated inventory not owned, $29.3 million in Homebuilding senior notes and other debts payable, $7.0 million in Homebuilding other liabilities and $3.4 million in Multifamily liabilities.As of November 30, 2021, total liabilities include $258.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $26.6 million is included in Homebuilding accounts payable, $196.6 million in Homebuilding liabilities related to consolidated inventory not owned, $20.1 million in Homebuilding senior notes and other debt payable, $12.3 million in Homebuilding other liabilities and $2.8 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, 2022	May 31, 2021	May 31, 2022	May 31, 2021
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 432,276	$ 260,113	$ 599,696	$ 570,218
Effective tax rate	24.70%	23.80%	24.70%	23.70%

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, 2022	May 31, 2021	May 31, 2022	May 31, 2021
Numerator:
Net earnings attributable to Lennar	$ 1,320,756	$ 831,363	$ 1,824,337	$ 1,832,732
Less: distributed earnings allocated to nonvested shares	2,395	776	3,175	1,406
Less: undistributed earnings allocated to nonvested shares	14,980	10,308	19,189	22,026
Numerator for basic earnings per share	1,303,381	820,279	1,801,973	1,809,300
Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan	1,045	1,569	2,843	2,122
Numerator for diluted earnings per share	$ 1,302,336	$ 818,710	$ 1,799,130	$ 1,807,178
Denominator:
Denominator for basic earnings per share-weighted average common shares outstanding (shares)	289,895	308,893	291,913	308,957
Denominator for diluted earnings per share-weighted average common shares outstanding (shares)	289,895	308,893	291,913	308,957
Basic earnings per share (in dollars per share)	$ 4.50	$ 2.66	$ 6.17	$ 5.86
Diluted earnings per share (in dollars per share)	$ 4.49	$ 2.65	$ 6.16	$ 5.85

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares	3 Months Ended
	May 31, 2022	May 31, 2021
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) - Homebuilding - USD ($) $ in Thousands		May 31, 2022	Nov. 30, 2021
Debt Instrument [Line Items]
Senior notes and other debts payable, net	[1]	$ 4,645,791	$ 4,652,338
Senior Notes | 4.75% senior notes due 2022
Debt Instrument [Line Items]
Interest rate		4.75%
Senior notes and other debts payable, net		$ 574,503	573,840
Senior Notes | 4.875% senior notes due December 2023
Debt Instrument [Line Items]
Interest rate		4.875%
Senior notes and other debts payable, net		$ 398,769	398,345
Senior Notes | 4.50% senior notes due 2024
Debt Instrument [Line Items]
Interest rate		4.50%
Senior notes and other debts payable, net		$ 648,613	648,253
Senior Notes | 5.875% senior notes due 2024
Debt Instrument [Line Items]
Interest rate		5.875%
Senior notes and other debts payable, net		$ 436,463	438,810
Senior Notes | 4.75% senior notes due 2025
Debt Instrument [Line Items]
Interest rate		4.75%
Senior notes and other debts payable, net		$ 498,670	498,446
Senior Notes | 5.25% senior notes due 2026
Debt Instrument [Line Items]
Interest rate		5.25%
Senior notes and other debts payable, net		$ 404,865	405,497
Senior Notes | 5.00% senior notes due 2027
Debt Instrument [Line Items]
Interest rate		5%
Senior notes and other debts payable, net		$ 351,933	352,124
Senior Notes | 4.75% senior notes due 2027
Debt Instrument [Line Items]
Interest rate		4.75%
Senior notes and other debts payable, net		$ 895,884	895,510
Mortgage notes on land and other debt
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 436,091	$ 441,513
[1]As of May 31, 2022, total liabilities include $571.2 million related to consolidated VIEs as to which there was no recourse against the Company, of which $24.2 million is included in Homebuilding accounts payable, $507.4 million in Homebuilding liabilities related to consolidated inventory not owned, $29.3 million in Homebuilding senior notes and other debts payable, $7.0 million in Homebuilding other liabilities and $3.4 million in Multifamily liabilities.As of November 30, 2021, total liabilities include $258.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $26.6 million is included in Homebuilding accounts payable, $196.6 million in Homebuilding liabilities related to consolidated inventory not owned, $20.1 million in Homebuilding senior notes and other debt payable, $12.3 million in Homebuilding other liabilities and $2.8 million in Multifamily liabilities.

Homebuilding Senior Notes and_4

Homebuilding Senior Notes and Other Debts Payable (Narrative) (Details) - Homebuilding - USD ($)		May 31, 2022	Apr. 30, 2022	Nov. 30, 2021
Debt Instrument [Line Items]
Senior notes and other debts payable, net	[1]	$ 4,645,791,000		$ 4,652,338,000
Unsecured revolving credit facility | Credit Agreement
Debt Instrument [Line Items]
Maximum borrowings		2,575,000,000	$ 2,500,000,000
Accordion feature		425,000,000
Maximum borrowing capacity after accordion feature		3,000,000,000
Unsecured revolving credit facility | Credit Facility, Maturing April 2024
Debt Instrument [Line Items]
Maximum borrowings		350,000,000
Letter of Credit | Credit Agreement
Debt Instrument [Line Items]
Maximum borrowings		500,000,000
Senior Notes
Debt Instrument [Line Items]
Debt issuance cost		$ 9,200,000		$ 11,000,000
[1]As of May 31, 2022, total liabilities include $571.2 million related to consolidated VIEs as to which there was no recourse against the Company, of which $24.2 million is included in Homebuilding accounts payable, $507.4 million in Homebuilding liabilities related to consolidated inventory not owned, $29.3 million in Homebuilding senior notes and other debts payable, $7.0 million in Homebuilding other liabilities and $3.4 million in Multifamily liabilities.As of November 30, 2021, total liabilities include $258.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $26.6 million is included in Homebuilding accounts payable, $196.6 million in Homebuilding liabilities related to consolidated inventory not owned, $20.1 million in Homebuilding senior notes and other debt payable, $12.3 million in Homebuilding other liabilities and $2.8 million in Multifamily liabilities.

Homebuilding Senior Notes and_5

Homebuilding Senior Notes and Other Debts Payable (Letter of Credit Facilities) (Details) - USD ($) $ in Thousands	May 31, 2022	Nov. 30, 2021
Performance letters of credit
Line of Credit Facility [Line Items]
Letters of credit	$ 1,035,057	$ 924,584
Financial letters of credit
Line of Credit Facility [Line Items]
Letters of credit	580,342	425,843
Surety bonds
Line of Credit Facility [Line Items]
Letters of credit	3,844,507	3,553,047
Anticipated future costs primarily for site improvements related to performance surety bonds
Line of Credit Facility [Line Items]
Letters of credit	$ 1,981,973	$ 1,690,861

Product Warranty (Schedule of P

Product Warranty (Schedule of Product Warranty Reserve) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty reserve, beginning of the period	$ 374,146	$ 348,100	$ 377,021	$ 341,765
Warranties issued	67,815	51,690	117,007	94,618
Adjustments to pre-existing warranties from changes in estimates	998	13,119	5,722	18,760
Payments	(64,969)	(51,168)	(121,760)	(93,402)
Warranty reserve, end of period	$ 377,990	$ 361,741	$ 377,990	$ 361,741

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, 2022	Nov. 30, 2021
Financial Services | Level 3 | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable and loans held-for-investment	$ 28,231	$ 44,582
Investments held-to-maturity	155,820	157,808
Financial Services | Level 3 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable and loans held-for-investment	28,242	44,594
Investments held-to-maturity	164,389	184,495
Financial Services | Level 2 | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	1,321,965	1,726,026
Financial Services | Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	1,321,429	1,726,860
Homebuilding | Level 2 | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	4,645,791	4,652,338
Homebuilding | Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	4,716,607	5,046,721
Multifamily | Level 2 | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	16,631	0
Multifamily | Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	$ 16,631	$ 0

Financial Instruments and Fai_4

Financial Instruments and Fair Value Disclosures - (Fair Value Measured On Recurring Basis) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	May 31, 2022	Nov. 30, 2021
Level 1 | Lennar Other
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Investments in equity securities	$ 400,401	$ 906,539
Level 3 | Financial Services
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Mortgage servicing rights	3,221	2,492
Level 3 | Lennar Other
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Investments available-for-sale	34,822	41,654
Residential | Loans held-for-sale | Financial Services
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Aggregate principal balance	1,165,423	1,586,764
Aggregate fair value of loans (below) in excess of principal balance	22,483	49,519
Residential | Level 2 | Financial Services
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Loans held for sale	1,187,906	1,636,283
Commercial | Loans held-for-sale | Financial Services
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Aggregate principal balance	84,650	0
Aggregate fair value of loans (below) in excess of principal balance	(445)	68
Commercial | Level 3 | Financial Services
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Loans held for sale	$ 84,205	$ 68

Financial Instruments and Fai_5

Financial Instruments and Fair Value Disclosures - (Mortgage Servicing Rights Unobservable Inputs) (Details) - Financial Services - Level 3	May 31, 2022	Nov. 30, 2021
Mortgage prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for valuation of mortgage servicing rights	0.08	0.13
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for valuation of mortgage servicing rights	0.13	0.13
Delinquency rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for valuation of mortgage servicing rights	0.06	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, 2022	May 31, 2021	May 31, 2022	May 31, 2021
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	$ 62	$ 316	$ 804	$ (626)
Fair Value, Measurements, Recurring | Financial Services | Loans held-for-sale
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Lennar Other unrealized gains (losses) from technology investments	350	4,669	(27,037)	(30,352)
Fair Value, Measurements, Recurring | Financial Services | Mortgage loan commitments
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Lennar Other unrealized gains (losses) from technology investments	12,758	5,057	26,555	142
Fair Value, Measurements, Recurring | Financial Services | Forward contracts
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Lennar Other unrealized gains (losses) from technology investments	(18,480)	(23,953)	(8,490)	10,285
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	62	316	804	(626)
Fair Value, Measurements, Recurring | Lennar Other | Forward contracts
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Lennar Other unrealized gains (losses) from technology investments	$ (77,965)	$ (272,625)	$ (473,135)	$ 197,120

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, 2022	May 31, 2021	May 31, 2022	May 31, 2021
Mortgage servicing rights
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 2,793	$ 1,499	$ 2,492	$ 2,113
Purchases/loan originations	99	20	181	443
Sales/loan originations sold, including those not settled	0	0	0	0
Disposals/settlements	(106)	(58)	(265)	(1,095)
Changes in fair value	435	1,141	813	1,141
Interest and principal paydowns	0	0	0	0
Ending balance	3,221	2,602	3,221	2,602
LMF Commercial loans held-for-sale
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	85,795	123,148	68	193,588
Purchases/loan originations	143,650	201,296	408,495	420,796
Sales/loan originations sold, including those not settled	(145,385)	(155,740)	(323,467)	(438,705)
Disposals/settlements	0	(7,300)	0	(7,300)
Changes in fair value	145	2,825	(445)	(3,942)
Interest and principal paydowns	0	(309)	(446)	(517)
Ending balance	$ 84,205	$ 163,920	$ 84,205	$ 163,920

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, 2022	May 31, 2021	May 31, 2022	May 31, 2021
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Finished homes and construction in progress, carrying value	$ 18,665	$ 19,240	$ 34,023	$ 21,784
Finished homes and construction in progress, fair value	17,200	6,378	31,041	8,728
Finished homes and construction in progress, total losses, net	(1,465)	(12,862)	(2,982)	(13,056)
Land and land under development, carrying value	8,785	78	29,538	520
Land and land under development, fair value	7,149	0	17,909	0
Land and land under development, total losses, net	$ (1,636)	$ (78)	$ (11,629)	$ (520)

Financial Instruments and Fai_9

Financial Instruments and Fair Value Disclosures - (Narrative) (Details) - community	May 31, 2022	May 31, 2021
Fair Value Disclosures [Abstract]
Active communities	1,218	1,221

Financial Instruments and Fa_10

Financial Instruments and Fair Value Disclosures - (Communities with Indicators for Impairment) (Details) $ in Thousands	6 Months Ended
	May 31, 2022 USD ($) community	May 31, 2021 USD ($) community
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Active communities	1,218	1,221
Number of Communities with potential indicator of impairment	6	10
Number of communities with valuation adjustments	0	1
Valuation adjustments | $	$ 0	$ 11,849
Level 3
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Fair value of communities with valuation adjustments | $	$ 0	$ 17,117

Financial Instruments and Fa_11

Financial Instruments and Fair Value Disclosures - (Unobservable Inputs Used in Discounted Cash Flow Model to Determine the Fair Value of Communities) (Details)	May 31, 2022
Average selling price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs	635,000
Absorption rate per quarter (homes)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs	11
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs	0.20

Variable Interest Entities (Nar

Variable Interest Entities (Narrative) (Details) - USD ($) $ in Thousands		6 Months Ended
		May 31, 2022	Nov. 30, 2021
Variable Interest Entity [Line Items]
Assets	[1]	$ 34,306,202	$ 33,207,778
Total liabilities	[2]	12,516,428	$ 12,211,496
VIE, Three Entities Consolidated
Variable Interest Entity [Line Items]
Assets		111,400
VIE, One Entity Deconsolidated
Variable Interest Entity [Line Items]
Assets		22,800
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Increase in consolidated inventory		$ 526,300
[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, 2022, total assets include $1.6 billion related to consolidated VIEs of which $73.9 million is included in Homebuilding cash and cash equivalents, $0.6 million in Homebuilding receivables, net, $37.2 million in Homebuilding finished homes and construction in progress, $837.6 million in Homebuilding land and land under development, $591.2 million in Homebuilding consolidated inventory not owned, $1.0 million in Homebuilding investments in unconsolidated entities, $22.9 million in Homebuilding other assets and $34.7 million in Multifamily assets. As of November 30, 2021, total assets include $1.1 billion related to consolidated VIEs of which $60.9 million is included in Homebuilding cash and cash equivalents, $4.4 million in Homebuilding receivables, net, $14.3 million in Homebuilding finished homes and construction in progress, $697.1 million in Homebuilding land and land under development, $239.2 million in Homebuilding consolidated inventory not owned, $1.1 million in Homebuilding investments in unconsolidated entities, $17.4 million in Homebuilding other assets and $80.6 million in Multifamily assets.

Variable Interest Entities (Est

Variable Interest Entities (Estimated Maximum Exposure To Loss) (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Thousands	May 31, 2022	Nov. 30, 2021
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	$ 947,820	$ 857,199
Lennar’s Maximum Exposure to Loss	1,110,210	1,084,044
Homebuilding
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	209,189	107,323
Lennar’s Maximum Exposure to Loss	340,544	301,619
Homebuilding | Upward America Venture
Variable Interest Entity [Line Items]
Obligations related to VIEs	98,500	32,700
Multifamily
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	566,622	579,388
Lennar’s Maximum Exposure to Loss	597,657	611,937
Multifamily | Equity Commitments
Variable Interest Entity [Line Items]
Obligations related to VIEs	21,000	23,100
Financial Services
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	155,820	157,808
Lennar’s Maximum Exposure to Loss	155,820	157,808
Lennar Other
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	16,189	12,680
Lennar’s Maximum Exposure to Loss	$ 16,189	$ 12,680

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, 2022	Nov. 30, 2021
Variable Interest Entity [Line Items]
Non-refundable option deposits and pre-acquisition costs	$ 1,757,845	$ 1,228,057
Financial Standby Letters of Credit
Variable Interest Entity [Line Items]
Letters of credit in lieu of cash deposits under certain land and option contracts	$ 207,946	$ 175,937

Commitments and Contingent Li_2

Commitments and Contingent Liabilities - (Additional Information About Leases) (Details) - USD ($) $ in Thousands	6 Months Ended
	May 31, 2022	May 31, 2021	Nov. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Right-of-use assets	$ 149,772		$ 155,616
Lease liabilities	$ 158,573		$ 163,513
Weighted-average remaining lease term (in years)	8 years 2 months 12 days		8 years 2 months 12 days
Weighted-average discount rate	2.90%		2.80%
Rental expense	$ 50,698	$ 41,662
Payments on lease liabilities	$ 17,196	$ 18,122

Commitments and Contingent Li_3

Commitments and Contingent Liabilities - (Future MInimum Payments Under Noncancellable Leases) (Details) - USD ($) $ in Thousands	May 31, 2022	Nov. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
2022	$ 17,586
2023	30,964
2024	25,374
2025	21,181
2026	16,416
2027 and thereafter	66,826
Total future minimum lease payments	178,347
Less: Interest	19,774
Present value of lease liabilities	158,573	$ 163,513
Variable lease costs	17,000
Short-term lease costs	$ 2,300
Weighted-average remaining lease term (in years)	8 years 2 months 12 days	8 years 2 months 12 days
Weighted-average discount rate	2.90%	2.80%