Lennar (LEN) 10-Q 30 Jun 23 2023 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	6 Months Ended
	May 31, 2023 shares
Class of Stock [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 31, 2023
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	2023
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	252,525,505
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	34,897,241

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		May 31, 2023	Nov. 30, 2022
Inventories:
Total assets	[1]	$ 36,857,687	$ 37,984,295
Stockholders' equity:
Preferred stock	[2]	0	0
Additional paid-in capital	[2]	5,546,128	5,417,796
Retained earnings	[2]	20,111,368	18,861,417
Treasury stock at cost	[2]	(675,686)	(210,389)
Accumulated other comprehensive income	[2]	3,832	2,408
Total stockholders’ equity	[2]	25,015,145	24,100,500
Noncontrolling interests	[2]	145,974	139,867
Total equity	[2]	25,161,119	24,240,367
Total liabilities	[2]	11,696,568	13,743,928
Total liabilities and equity	[2]	36,857,687	37,984,295
Operating Segments
ASSETS
Cash and cash equivalents		4,287,731	4,778,720
Restricted cash		28,113	37,050
Receivables, net		1,090,133	1,614,277
Inventories:
Total inventories		22,166,632	21,862,453
Investments in unconsolidated entities		2,058,924	2,137,813
Goodwill		3,632,058	3,632,058
Other assets		1,791,240	1,530,218
Total assets		36,857,687	37,984,295
LIABILITIES AND EQUITY
Senior notes and other debts payable, net		5,026,210	6,199,136
Stockholders' equity:
Total liabilities		11,696,568	13,743,928
Common Class A
Stockholders' equity:
Common stock	[2]	25,843	25,608
Common Class B
Stockholders' equity:
Common stock	[2]	3,660	3,660
Homebuilding
Inventories:
Finished homes and construction in progress	[1]	12,190,243	11,718,507
Land and land under development	[1]	7,114,082	7,382,273
Consolidated inventory not owned	[1]	2,382,495	2,331,231
Total inventories	[1]	21,686,820	21,432,011
Investments in unconsolidated entities	[1]	1,137,189	1,173,164
Goodwill	[1]	3,442,359	3,442,359
Other assets	[1]	1,582,299	1,323,478
Total assets	[1]	32,492,066	32,684,162
LIABILITIES AND EQUITY
Accounts payable	[2]	1,700,895	1,616,128
Liabilities related to consolidated inventory not owned	[2]	2,014,506	1,967,551
Senior notes and other debts payable, net	[2]	3,852,258	4,047,294
Other liabilities	[2]	2,433,038	3,347,673
Stockholders' equity:
Total liabilities	[2]	10,000,697	10,978,646
Homebuilding | Operating Segments
ASSETS
Cash and cash equivalents	[1]	4,004,679	4,616,124
Restricted cash	[1]	19,000	23,046
Receivables, net	[1]	619,720	673,980
Inventories:
Total inventories		21,686,820	21,432,011
Investments in unconsolidated entities		1,137,189	1,173,164
Goodwill		3,442,359	3,442,359
Other assets		1,582,299	1,323,478
Total assets		32,492,066	32,684,162
LIABILITIES AND EQUITY
Senior notes and other debts payable, net		3,852,258	4,047,294
Stockholders' equity:
Total liabilities		10,000,697	10,978,646
Lennar Financial Services
Inventories:
Total assets	[1]	2,264,658	3,254,257
Stockholders' equity:
Total liabilities	[2]	1,311,928	2,353,904
Lennar Financial Services | Operating Segments
ASSETS
Cash and cash equivalents		259,738	139,378
Restricted cash		9,113	14,004
Receivables, net		354,548	826,163
Inventories:
Total inventories		0	0
Investments in unconsolidated entities		0	0
Goodwill		189,699	189,699
Other assets		98,203	119,815
Total assets		2,264,658	3,254,257
LIABILITIES AND EQUITY
Senior notes and other debts payable, net		1,157,040	2,135,093
Stockholders' equity:
Total liabilities		1,311,928	2,353,904
Lennar Multifamily [Member]
Inventories:
Total assets	[1]	1,309,548	1,257,337
Stockholders' equity:
Total liabilities	[2]	298,523	313,484
Lennar Multifamily [Member] | Operating Segments
ASSETS
Cash and cash equivalents		18,539	17,827
Restricted cash		0	0
Receivables, net		115,865	114,134
Inventories:
Total inventories		479,812	430,442
Investments in unconsolidated entities		629,649	648,126
Goodwill		0	0
Other assets		65,683	46,808
Total assets		1,309,548	1,257,337
LIABILITIES AND EQUITY
Senior notes and other debts payable, net		16,912	16,749
Stockholders' equity:
Total liabilities		298,523	313,484
Lennar Other
Inventories:
Total assets	[1]	791,415	788,539
Stockholders' equity:
Total liabilities	[2]	85,420	97,894
Lennar Other | Operating Segments
ASSETS
Cash and cash equivalents		4,775	5,391
Restricted cash		0	0
Receivables, net		0	0
Inventories:
Total inventories		0	0
Investments in unconsolidated entities		292,086	316,523
Goodwill		0	0
Other assets		45,055	40,117
Total assets		791,415	788,539
LIABILITIES AND EQUITY
Senior notes and other debts payable, net		0	0
Stockholders' equity:
Total liabilities		$ 85,420	$ 97,894
[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, 2023, total assets include $1.6 billion related to consolidated VIEs of which $30.6 million is included in Homebuilding cash and cash equivalents, $0.3 million in Homebuilding receivables, net, $59.0 million in Homebuilding finished homes and construction in progress, $779.1 million in Homebuilding land and land under development, $622.4 million in Homebuilding consolidated inventory not owned, $0.5 million in Homebuilding investments in unconsolidated entities, $23.5 million in Homebuilding other assets, $34.4 million in Multifamily assets and $6.9 million in Lennar Other assets. As of November 30, 2022, total assets include $1.4 billion related to consolidated VIEs of which $56.9 million is included in Homebuilding cash and cash equivalents, $0.3 million in Homebuilding receivables, net, $29.4 million in Homebuilding finished homes and construction in progress, $736.5 million in Homebuilding land and land under development, $533.8 million in Homebuilding consolidated inventory not owned, $1.0 million in Homebuilding investments in unconsolidated entities, $23.0 million in Homebuilding other assets, $33.2 million in Multifamily assets and $9.0 million in Lennar Other assets.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands		May 31, 2023	Nov. 30, 2022
Total assets	[1]	$ 36,857,687	$ 37,984,295
Total liabilities	[2]	$ 11,696,568	$ 13,743,928
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		258,433,210	256,084,147
Treasury stock, shares		5,907,705	2,455,387
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	36,601,215
Treasury stock, shares		1,703,974	419,860
Homebuilding
Total assets	[1]	$ 32,492,066	$ 32,684,162
Finished homes and construction in progress	[1]	12,190,243	11,718,507
Land and land under development	[1]	7,114,082	7,382,273
Consolidated inventory not owned	[1]	2,382,495	2,331,231
Investments in unconsolidated entities	[1]	1,137,189	1,173,164
Other assets	[1]	1,582,299	1,323,478
Total liabilities	[2]	10,000,697	10,978,646
Accounts payable	[2]	1,700,895	1,616,128
Liabilities related to consolidated inventory not owned	[2]	2,014,506	1,967,551
Senior notes and other debts payable, net	[2]	3,852,258	4,047,294
Other liabilities	[2]	2,433,038	3,347,673
Lennar Multifamily [Member]
Total assets	[1]	1,309,548	1,257,337
Total liabilities	[2]	298,523	313,484
Lennar Other
Total assets	[1]	791,415	788,539
Total liabilities	[2]	85,420	97,894
Variable Interest Entity, Primary Beneficiary
Total assets		1,600,000	1,400,000
Total liabilities		715,300	620,400
Variable Interest Entity, Primary Beneficiary | Homebuilding
Cash and cash equivalents		30,600	56,900
Receivables, net		300	300
Finished homes and construction in progress		59,000	29,400
Land and land under development		779,100	736,500
Consolidated inventory not owned		622,400	533,800
Investments in unconsolidated entities		500	1,000
Other assets		23,500	23,000
Accounts payable		85,600	66,900
Liabilities related to consolidated inventory not owned		597,900	510,900
Senior notes and other debts payable, net		25,900	29,400
Other liabilities			7,200
Variable Interest Entity, Primary Beneficiary | Lennar Multifamily [Member]
Total assets		34,400	33,200
Total liabilities		3,900	3,800
Variable Interest Entity, Primary Beneficiary | Lennar Other
Total assets		6,900	9,000
Total liabilities		$ 2,000	$ 2,200
[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, 2023, total assets include $1.6 billion related to consolidated VIEs of which $30.6 million is included in Homebuilding cash and cash equivalents, $0.3 million in Homebuilding receivables, net, $59.0 million in Homebuilding finished homes and construction in progress, $779.1 million in Homebuilding land and land under development, $622.4 million in Homebuilding consolidated inventory not owned, $0.5 million in Homebuilding investments in unconsolidated entities, $23.5 million in Homebuilding other assets, $34.4 million in Multifamily assets and $6.9 million in Lennar Other assets. As of November 30, 2022, total assets include $1.4 billion related to consolidated VIEs of which $56.9 million is included in Homebuilding cash and cash equivalents, $0.3 million in Homebuilding receivables, net, $29.4 million in Homebuilding finished homes and construction in progress, $736.5 million in Homebuilding land and land under development, $533.8 million in Homebuilding consolidated inventory not owned, $1.0 million in Homebuilding investments in unconsolidated entities, $23.0 million in Homebuilding other assets, $33.2 million in Multifamily assets and $9.0 million in Lennar Other assets.

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Revenues [Abstract]
Revenues	$ 8,045,151	$ 8,358,696	$ 14,535,580	$ 14,562,212
Cost and expenses:
Corporate general and administrative	124,752	105,207	250,858	218,868
Charitable foundation contribution	17,074	16,549	30,733	29,087
Total costs and expenses	6,852,312	6,506,528	12,526,467	11,629,679
Equity in loss from unconsolidated entities	(49,755)	(11,807)	(80,942)	(21,559)
Other income (expense), net and other gains (losses)	(9,960)	(7,562)	13,360	(6,270)
Earnings before income taxes	1,158,621	1,754,834	1,943,074	2,431,569
Provision for income taxes	(280,879)	(432,276)	(466,024)	(599,696)
Net earnings (including net earnings attributable to noncontrolling interests)	877,742	1,322,558	1,477,050	1,831,873
Less: Net earnings attributable to noncontrolling interests	6,048	1,802	8,822	7,536
Net earnings attributable to Lennar	871,694	1,320,756	1,468,228	1,824,337
Other comprehensive income, net of tax:
Net unrealized gain on securities available-for-sale	573	62	1,424	804
Reclassification adjustments for gain included in earnings, net of tax	0	0	0	2,285
Total other comprehensive income, net of tax	573	62	1,424	3,089
Total comprehensive income attributable to Lennar	872,267	1,320,818	1,469,652	1,827,426
Total comprehensive income attributable to noncontrolling interests	$ 6,048	$ 1,802	$ 8,822	$ 7,536
Basic earnings per share (in dollars per share)	$ 3.01	$ 4.50	$ 5.07	$ 6.17
Diluted earnings per share (in dollars per share)	$ 3.01	$ 4.49	$ 5.07	$ 6.16
Operating Segments
Revenues [Abstract]
Revenues	$ 8,045,151	$ 8,358,696	$ 14,535,580	$ 14,562,212
Homebuilding | Operating Segments
Revenues [Abstract]
Revenues	7,670,017	7,977,982	13,826,322	13,730,187
Cost and expenses:
Cost and expenses	6,438,957	6,105,153	11,713,671	10,747,051
Lennar Financial Services | Operating Segments
Revenues [Abstract]
Revenues	222,979	200,166	405,960	376,867
Cost and expenses:
Cost and expenses	110,380	96,231	214,624	182,141
Lennar Multifamily [Member] | Operating Segments
Revenues [Abstract]
Revenues	151,744	176,021	295,267	443,380
Cost and expenses:
Cost and expenses	154,354	175,152	303,310	438,889
Lennar Other | Operating Segments
Revenues [Abstract]
Revenues	411	4,527	8,031	11,778
Cost and expenses:
Cost and expenses	6,795	8,236	13,271	13,643
Lennar Other unrealized gains (losses) from technology investments	$ 25,497	$ (77,965)	$ 1,543	$ (473,135)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2023 USD ($)		May 31, 2023 USD ($)		May 31, 2022 USD ($)
Cash flows from operating activities:
Net earnings (including net earnings attributable to noncontrolling interests)	$ 877,742		$ 1,477,050		$ 1,831,873
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization			44,039		39,519
Amortization of discount/premium on debt, net			(1,691)		(959)
Equity in loss from unconsolidated entities			80,942		21,559
Distributions of earnings from unconsolidated entities			16,657		11,050
Share-based compensation expense			126,731		116,510
Deferred income tax benefit			(131,520)		(82,461)
Gain on repurchases of senior notes			(724)		0
Loans held-for-sale unrealized loss			23,563		27,037
Lennar Other unrealized (gains) losses from technology investments and other (gains) losses			1,000		482,829
Gain on sale of other assets and operating properties and equipment			(3,726)		(7,572)
Valuation adjustments and write-offs of option deposits, pre-acquisition costs and other assets			85,117		14,611
Changes in assets and liabilities:
Decrease in receivables			435,880		126,247
(Increase) decrease in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs			10,741		(3,114,358)
Increase in other assets			(111,955)		(26,053)
Decrease in loans held-for-sale			577,891		336,083
(Decrease) increase in accounts payable and other liabilities			(991,319)		276,695
Net cash provided by operating activities			1,638,676		52,610
Cash flows from investing activities:
Net additions of operating properties and equipment			(31,268)		(10,866)
Proceeds from the sale of operating properties and equipment and other assets			7,762		18,247
Investments in and contributions to unconsolidated entities			(108,306)		(261,372)
Distributions of capital from unconsolidated entities			46,499		239,123
Proceeds from sale of commercial mortgage-backed securities bonds			0		9,191
Decrease in Financial Services loans held-for-investment			8,882		16,576
Purchases of investment securities			(7,000)		(78,769)
Proceeds from maturities/sales of investment securities			2,859		3,102
Net cash used in investing activities			(80,572)		(64,768)
Cash flows from financing activities:
Net repayments under warehouse facilities			(978,053)		(404,060)
Repurchases of senior notes			(157,764)		0
Principal payments on notes payable and other borrowings			(34,515)		(22,600)
Proceeds from liabilities related to consolidated inventory not owned			186,889		557,498
Payments related to consolidated inventory not owned			(372,687)		(347,017)
Payments related to other liabilities, net			(2,621)		0
Receipts related to noncontrolling interests			4,918		18,095
Payments related to noncontrolling interests			(20,623)		(65,521)
Common stock:
Repurchases			(465,297)		(905,543)
Dividends			(218,277)		(220,968)
Net cash used in financing activities			(2,058,030)		(1,390,116)
Net decrease in cash and cash equivalents and restricted cash			(499,926)		(1,402,274)
Cash and cash equivalents and restricted cash at beginning of period			4,815,770		2,955,683
Cash and cash equivalents and restricted cash at end of period	4,315,844		4,315,844		1,553,409
Total cash and cash equivalents and restricted cash	4,315,844		4,315,844		1,553,409
Operating Segments
Common stock:
Cash and cash equivalents and restricted cash at end of period	4,315,844		4,315,844		1,553,409
Cash and cash equivalents	4,287,731		4,287,731
Restricted cash	28,113		28,113
Total cash and cash equivalents and restricted cash	4,315,844		4,315,844		1,553,409
Homebuilding | Operating Segments
Common stock:
Cash and cash equivalents	4,004,679	[1]	4,004,679	[1]	1,314,741
Restricted cash	19,000	[1]	19,000	[1]	28,440
Lennar Financial Services | Operating Segments
Common stock:
Cash and cash equivalents	259,738		259,738		138,662
Restricted cash	9,113		9,113		8,225
Lennar Multifamily [Member] | Operating Segments
Common stock:
Cash and cash equivalents	18,539		18,539		61,190
Restricted cash	0		0
Lennar Other | Operating Segments
Common stock:
Cash and cash equivalents	4,775		4,775		2,151
Restricted cash	$ 0		0
Lennar Homebuilding and Lennar Multifamily | Operating Segments
Homebuilding and Multifamily:
Purchases of inventories financed by sellers			0		33,643
Non-cash contributions to unconsolidated entities			120		141,297
Segments Other Than Financial Services | Operating Segments
Consolidation/deconsolidation of unconsolidated/consolidated entities, net:
Inventories			0		82,514
Other assets			0		43
Investments in unconsolidated entities			0		(69,056)
Other liabilities			0		(435)
Noncontrolling interests			$ 0		$ (13,066)
[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, 2023, total assets include $1.6 billion related to consolidated VIEs of which $30.6 million is included in Homebuilding cash and cash equivalents, $0.3 million in Homebuilding receivables, net, $59.0 million in Homebuilding finished homes and construction in progress, $779.1 million in Homebuilding land and land under development, $622.4 million in Homebuilding consolidated inventory not owned, $0.5 million in Homebuilding investments in unconsolidated entities, $23.5 million in Homebuilding other assets, $34.4 million in Multifamily assets and $6.9 million in Lennar Other assets. As of November 30, 2022, total assets include $1.4 billion related to consolidated VIEs of which $56.9 million is included in Homebuilding cash and cash equivalents, $0.3 million in Homebuilding receivables, net, $29.4 million in Homebuilding finished homes and construction in progress, $736.5 million in Homebuilding land and land under development, $533.8 million in Homebuilding consolidated inventory not owned, $1.0 million in Homebuilding investments in unconsolidated entities, $23.0 million in Homebuilding other assets, $33.2 million in Multifamily assets and $9.0 million in Lennar Other assets.

Basis of Presentation

Basis of Presentation	6 Months Ended
	May 31, 2023
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 ("SEC"). 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, 2022. The basis of consolidation is unchanged from the disclosure in the Company's Notes to Consolidated Financial Statements section in its Annual Report on Form 10-K for the year ended November 30, 2022. 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. Seasonality The Company has historically experienced, and expects to continue to experience, variability in quarterly results. The condensed consolidated statements of operations for the three and six months ended May 31, 2023 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, 2023 and November 30, 2022 included $231.4 million and $1.0 billion, respectively, of cash held in escrow for approximately two days. Share-based Payments During both the three months ended May 31, 2023 and 2022, the Company granted employees an immaterial number of nonvested shares. During the six months ended May 31, 2023 and 2022, the Company granted employees 2.0 million and 1.4 million of nonvested shares, respectively. Recently Adopted Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (FASB) issued ASU 2020-04, “Reference Rate Reform,” which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (LIBOR) or by another reference rate expected to be discontinued. The guidance was effective beginning March 12, 2020 and can be applied prospectively through December 31, 2024, with earlier adoption permitted. In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform - Scope, ” which clarified the scope and application of the original guidance. In December 2022, the FASB issued ASU 2022-06, "Reference Rate Reform - Deferral of the Sunset Date of Topic 848," which defers the sunset date from December 31, 2022 to December 31, 2024. The adoption of ASU 2020-04 did not have a material impact on the Company's condensed consolidated financial statements. Reclassifications Certain amounts in the Company's condensed consolidated statement of operations of prior year have been reclassified to conform to the fiscal 2023 presentation.

Operating and Reporting Segment

Operating and Reporting Segments	6 Months Ended
	May 31, 2023
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, 2023 Assets: Homebuilding Financial Multifamily Lennar Total Cash and cash equivalents $ 4,004,679 259,738 18,539 4,775 4,287,731 Restricted cash 19,000 9,113 — — 28,113 Receivables, net (1) 619,720 354,548 115,865 — 1,090,133 Inventories 21,686,820 — 479,812 — 22,166,632 Loans held-for-sale (2) — 1,175,280 — — 1,175,280 Investments in equity securities (3) — — — 412,593 412,593 Investments available-for-sale (4) — — — 36,906 36,906 Loans held-for-investment, net — 36,717 — — 36,717 Investments held-to-maturity — 141,360 — — 141,360 Investments in unconsolidated entities 1,137,189 — 629,649 292,086 2,058,924 Goodwill 3,442,359 189,699 — — 3,632,058 Other assets 1,582,299 98,203 65,683 45,055 1,791,240 $ 32,492,066 2,264,658 1,309,548 791,415 36,857,687 Liabilities: Notes and other debts payable, net $ 3,852,258 1,157,040 16,912 — 5,026,210 Accounts payable and other liabilities 6,148,439 154,888 281,611 85,420 6,670,358 $ 10,000,697 1,311,928 298,523 85,420 11,696,568 (In thousands) November 30, 2022 Assets: Homebuilding Financial Multifamily Lennar Total Cash and cash equivalents $ 4,616,124 139,378 17,827 5,391 4,778,720 Restricted cash 23,046 14,004 — — 37,050 Receivables, net (1) 673,980 826,163 114,134 — 1,614,277 Inventories 21,432,011 — 430,442 — 21,862,453 Loans held-for-sale (2) — 1,776,311 — — 1,776,311 Investments in equity securities (3) — — — 391,026 391,026 Investments available-for-sale (4) — — — 35,482 35,482 Loans held-for-investment, net — 45,636 — — 45,636 Investments held-to-maturity — 143,251 — — 143,251 Investments in unconsolidated entities 1,173,164 — 648,126 316,523 2,137,813 Goodwill 3,442,359 189,699 — — 3,632,058 Other assets 1,323,478 119,815 46,808 40,117 1,530,218 $ 32,684,162 3,254,257 1,257,337 788,539 37,984,295 Liabilities: Notes and other debts payable, net $ 4,047,294 2,135,093 16,749 — 6,199,136 Accounts payable and other liabilities 6,931,352 218,811 296,735 97,894 7,544,792 $ 10,978,646 2,353,904 313,484 97,894 13,743,928 (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, 2023 and November 30, 2022, 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 $185.0 million and $178.0 million without readily available fair values as of both May 31, 2023 and November 30, 2022, 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 Six Months Ended May 31, May 31, (In thousands) 2023 2022 2023 2022 Revenues: Homebuilding $ 7,670,017 7,977,982 13,826,322 13,730,187 Financial Services 222,979 200,166 405,960 376,867 Multifamily (1) 151,744 176,021 295,267 443,380 Lennar Other 411 4,527 8,031 11,778 $ 8,045,151 8,358,696 14,535,580 14,562,212 Earnings (loss) before income taxes: Homebuilding $ 1,214,409 1,880,411 2,121,248 2,990,261 Financial Services 112,599 103,935 191,336 194,726 Multifamily (8,162) 668 (29,763) 6,095 Lennar Other (18,399) (108,424) (58,156) (511,558) Corporate and Unallocated (2) (141,826) (121,756) (281,591) (247,955) $ 1,158,621 1,754,834 1,943,074 2,431,569 (1) Revenues for Multifamily for the six months ended May 31, 2022, included $147.8 million of land sales to unconsolidated entities. (2) Corporate and unallocated consists primarily of corporate general and administrative expenses and charitable foundation contributions. Homebuilding Segments Information about homebuilding activities in states which are not economically similar to other states in the same geographic area is grouped under "Homebuilding Other," which is not considered a reportable segment. Evaluation of segment performance is based primarily on operating earnings (loss) before income taxes. Operations of the Company’s Homebuilding segments primarily include the construction and sale of single-family attached and detached homes as well as the purchase, development and sale of residential land directly and through the Company’s unconsolidated entities. Operating earnings (loss) for the Homebuilding segments consist of revenues generated from the sales of homes and land, other revenues from management fees and forfeited deposits, equity in earnings (loss) from unconsolidated entities and other income (expense), net, less the cost of homes sold and land sold, and selling, general and administrative expenses incurred by the segment. 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: May 31, November 30, 2023 2022 (In thousands) East $ 7,027,996 6,877,581 Central 4,115,812 4,010,610 Texas 3,522,252 3,742,663 West 11,854,686 12,182,709 Other 1,391,807 1,382,864 Corporate and Unallocated 4,579,513 4,487,735 Total Homebuilding $ 32,492,066 32,684,162 Financial information relating to the Company’s homebuilding segments was as follows: Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2023 2022 2023 2022 Revenues East $ 2,323,281 2,214,451 4,199,258 3,884,637 Central 1,412,408 1,283,990 2,460,415 2,393,262 Texas 1,141,612 1,095,500 2,163,664 1,908,119 West 2,781,097 3,370,462 4,986,158 5,521,260 Other 11,619 13,579 16,827 22,909 $ 7,670,017 7,977,982 13,826,322 13,730,187 Operating earnings (loss) East $ 505,923 553,819 930,119 905,814 Central 215,076 206,795 345,598 358,873 Texas 183,041 272,857 308,360 444,169 West 355,472 847,849 585,972 1,289,297 Other (45,103) (909) (48,801) (7,892) $ 1,214,409 1,880,411 2,121,248 2,990,261 Financial Services Operations of the Financial Services segment include mortgage financing, title and closing services primarily for buyers of the Company’s homes. They also include 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, 2023, the Financial Services warehouse facilities were all 364-day repurchase facilities and were used to fund residential mortgages or commercial mortgages for LMF Commercial as follows: (In thousands) Maximum Aggregate Commitment Residential facilities maturing: June 2023 (1) $ 200,000 December 2023 500,000 April 2024 500,000 May 2024 600,000 Total residential facilities $ 1,800,000 LMF Commercial facilities maturing: July 2023 $ 50,000 November 2023 100,000 December 2023 400,000 Total LMF commercial facilities $ 550,000 Total $ 2,350,000 (1) Subsequent to May 31, 2023, the maturity date was extended to June 2024. The Financial Services segment uses residential mortgage loan warehouse 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 80% interests in the originated commercial loans financed. Borrowings and collateral under the facilities were as follows: (In thousands) May 31, 2023 November 30, 2022 Borrowings under the residential facilities $ 1,020,958 1,877,411 Collateral under the residential facilities 1,054,138 1,950,155 Borrowings under the LMF Commercial facilities 4,425 124,399 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. The provision for loan losses was immaterial for both the three and six months ended May 31, 2023 and 2022. Loan origination liabilities were $14.0 million and $11.8 million as of May 31, 2023 and November 30, 2022, respectively, and included in Financial Services’ liabilities in the Company's condensed consolidated balance sheets. 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) 2023 2022 2023 2022 Originations (1) $ 84,590 143,650 164,070 408,495 Sold 88,102 145,385 165,302 323,467 Securitizations 2 1 3 2 (1) During both the three and six months ended May 31, 2023 and 2022, the commercial loans originated were recorded as loans held-for-sale, which are held at fair value. Investments held-to-maturity At May 31, 2023 and November 30, 2022, the Financial Services segment held commercial mortgage-backed securities ("CMBS"). These securities are classified as held-to-maturity based on the segment's 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, 2023 or 2022. 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, 2023 November 30, 2022 Carrying value $ 141,360 143,251 Outstanding debt, net of debt issuance costs 131,656 133,283 Incurred interest rate 3.4% 3.4% May 31, 2023 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. The 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 Labs"), 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 shareholdings 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 mark-to-market adjustments on the Company's technology investments: Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2023 2022 2023 2022 Blend Labs (BLND) $ (1,332) (13,550) (746) (20,992) Hippo (HIPO) (4,399) (37,946) 2,233 (162,403) Opendoor (OPEN) 22,512 (20,999) 14,821 (164,360) SmartRent (SMRT) 8,621 (3,950) 9,926 (48,313) Sonder (SOND) (138) (1,626) (458) (2,132) Sunnova (NOVA) 233 106 (24,233) (74,935) Lennar Other unrealized gains (losses) from technology investments $ 25,497 (77,965) 1,543 (473,135)

Investments in Unconsolidated E

Investments in Unconsolidated Entities	6 Months Ended
	May 31, 2023
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, 2023 November 30, 2022 Investments in unconsolidated entities (1) (2) $ 1,137,189 1,173,164 Underlying equity in unconsolidated entities' net assets (1) 1,501,303 1,504,315 (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. (2) Included in the Company's recorded investments in Homebuilding unconsolidated entities is the Company's 40% ownership of FivePoint. As of May 31, 2023 and November 30, 2022, the carrying amount of the Company's investment was $391.4 million and $382.9 million, respectively. As of May 31, 2023 and November 30, 2022, the Homebuilding segment's unconsolidated entities had non-recourse debt with completion guarantees of $312.8 million and $333.6 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, 2023 and November 30, 2022, the fair values of the repayment guarantees, maintenance guarantees, and completion guarantees were not material. The Company believes that as of May 31, 2023, 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). The details related to these are unchanged from the disclosure in the Company's Notes to the Financial Statements section in its Annual Report on Form 10-K for the year ended November 30, 2022. 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. The commitments are primarily from institutional investors, including $125 million committed by Lennar. As of May 31, 2023 and November 30, 2022, the carrying amount of the Company's investment in Upward America was $22.6 million and $37.7 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 Annual Report on Form 10-K for the year ended November 30, 2022. As of both May 31, 2023 and November 30, 2022, the fair value of the completion guarantees was immaterial. As of May 31, 2023 and November 30, 2022, Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $1.3 billion and $1.0 billion, 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. Each Multifamily real estate investment trust has unilateral decision making rights related to development activities through its board of directors. 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 were as follows: Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2023 2022 2023 2022 General contractor services, net of deferrals $ 128,371 125,606 253,773 242,869 General contractor costs 122,064 118,802 242,797 232,035 Land sales to joint ventures — 16,207 — 147,760 Management fee income, net of deferrals 17,494 16,327 35,615 29,454 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. 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 4%. As of May 31, 2023, the Company has a $28.2 million investment in the Fund. Additional dollars will be committed as opportunities are identified by the Fund. Details of LMV I and LMV II as of and during the six months ended May 31, 2023 are included below: May 31, 2023 (In thousands) LMV I LMV II Lennar's carrying value of investments $ 204,631 282,347 Equity commitments 2,204,016 1,257,700 Equity commitments called 2,154,328 1,218,619 Lennar's equity commitments 504,016 381,000 Lennar's equity commitments called 500,381 368,170 Lennar's remaining commitments (1) 3,635 12,830 Distributions to Lennar during the six months ended May 31, 2023 — — (1) While there are remaining commitments with LMV I, there are no plans for additional capital calls. Other Unconsolidated Entities Lennar Other's unconsolidated entities includes fund investments the Company retained when it sold the Rialto assets and investment management platform in 2018, as well as strategic investments in technology companies and investment funds. The Company's investment in the Rialto funds totaled $170.8 million and $185.1 million as of May 31, 2023 and November 30, 2022, respectively. In addition, the Company is entitled to a portion of the carried interest distributions by those funds. The Company also had strategic technology investments in unconsolidated entities and investment funds of $121.3 million and $131.5 million, as of May 31, 2023 and November 30, 2022, respectively.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	May 31, 2023
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, 2023 and 2022: Three Months Ended May 31, 2023 (In thousands) Total Class A Class B Additional Treasury Accumulated Other Comprehensive Income Retained Noncontrolling Balance at February 28, 2023 $ 24,555,287 25,834 3,660 5,503,789 (468,347) 3,259 19,350,060 137,032 Net earnings (including net earnings attributable to noncontrolling interests) 877,742 — — — — — 871,694 6,048 Employee stock and directors plans 4,229 9 — 1,631 2,589 — — — Purchases of treasury stock (209,928) — — — (209,928) — — — Amortization of restricted stock 40,173 — — 40,173 — — — — Cash dividends (110,386) — — — — — (110,386) — Receipts related to noncontrolling interests 2,421 — — — — — — 2,421 Non-cash purchase or activity of noncontrolling interests, net 1,008 — — 535 — — — 473 Total other comprehensive income, net of tax 573 — — — — 573 — — Balance at May 31, 2023 $ 25,161,119 25,843 3,660 5,546,128 (675,686) 3,832 20,111,368 145,974 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 Six Months Ended May 31, 2023 (In thousands) Total Class A Class B Additional Treasury Accumulated Other Comprehensive Income Retained Noncontrolling Balance at November 30, 2022 $ 24,240,367 25,608 3,660 5,417,796 (210,389) 2,408 18,861,417 139,867 Net earnings (including net earnings attributable to noncontrolling interests) 1,477,050 — — — — — 1,468,228 8,822 Employee stock and directors plans (62,761) 235 — 1,442 (64,438) — — — Purchases of treasury stock (400,859) — — — (400,859) — — — Amortization of restricted stock 126,731 — — 126,731 — — — — Cash dividends (218,277) — — — — — — (218,277) — Receipts related to noncontrolling interests 4,918 — — — — — — 4,918 Payments related to noncontrolling interests (20,623) — — — — — — (20,623) Non-cash purchase or activity of noncontrolling interests, net 13,149 — — 159 — — — 12,990 Total other comprehensive income, net of tax 1,424 — — — — 1,424 — — Balance at May 31, 2023 $ 25,161,119 25,843 3,660 5,546,128 (675,686) 3,832 20,111,368 145,974 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 loss, 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 On June 22, 2023, the Company's Board of Directors declared a quarterly cash dividend of $0.375 per share of both its Class A and Class B common stock, payable on July 21, 2023 to holders of record at the close of business on July 7, 2023. On May 10, 2023, 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, 2023, as declared by its Board of Directors on April 12, 2023. The Company approved and paid cash dividends of $0.375 per share for each of the four quarters of 2022 on both its Class A and Class B common stock. In March 2022, the Company's Board of Directors approved an 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 authorization was in addition to what was remaining of the October 2021 stock repurchase program. The following table sets forth the repurchases of the Company's Class A and Class B common stock under the authorized repurchase programs: Three Months Ended Six Months Ended May 31, May 31 2023 2022 2023 2022 (Dollars in thousands, except price per share) Class A Class B Class A Class B Class A Class B Class A Class B Shares repurchased 1,269,681 730,319 3,630,000 470,000 2,715,886 1,284,114 8,246,000 1,122,000 Total purchase price $ 138,800 $ 69,010 $ 289,358 $ 31,270 $ 281,868 $ 115,116 $ 762,282 $ 84,601 Average price per share $ 109.32 $ 94.49 $ 79.71 $ 66.53 $ 103.78 $ 89.65 $ 92.44 $ 75.40

Income Taxes

Income Taxes	6 Months Ended
	May 31, 2023
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) 2023 2022 2023 2022 Provision for income taxes $280,879 432,276 466,024 599,696 Effective tax rate (1) 24.4% 24.7% 24.1 % 24.7 %

Earnings Per Share

Earnings Per Share	6 Months Ended
	May 31, 2023
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) 2023 2022 2023 2022 Numerator: Net earnings attributable to Lennar $ 871,694 1,320,756 1,468,228 1,824,337 Less: distributed earnings allocated to nonvested shares 3,572 2,395 4,296 3,175 Less: undistributed earnings allocated to nonvested shares 9,935 14,980 15,695 19,189 Numerator for basic earnings per share 858,187 1,303,381 1,448,237 1,801,973 Less: net amount attributable to Rialto's Carried Interest Incentive Plan (1) — 1,045 — 2,843 Numerator for diluted earnings per share $ 858,187 1,302,336 1,448,237 1,799,130 Denominator: Denominator for basic earnings per share - weighted average common shares outstanding 284,910 289,895 285,492 291,913 Denominator for diluted earnings per share - weighted average common shares outstanding 284,910 289,895 285,492 291,913 Basic earnings per share $ 3.01 4.50 5.07 6.17 Diluted earnings per share $ 3.01 4.49 5.07 6.16 (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, 2023 and 2022, 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, 2023
Debt Disclosure [Abstract]
Homebuilding Senior Notes and Other Debts Payable	Homebuilding Senior Notes and Other Debts Payable (Dollars in thousands) May 31, 2023 November 30, 2022 4.875% senior notes due December 2023 (1) $ 397,615 399,169 4.50% senior notes due 2024 (1) 493,690 648,975 5.875% senior notes due 2024 431,794 434,128 4.75% senior notes due 2025 499,114 498,892 5.25% senior notes due 2026 403,648 404,257 5.00% senior notes due 2027 351,549 351,741 4.75% senior notes due 2027 896,633 896,259 Mortgage notes on land and other debt 378,215 413,873 $ 3,852,258 4,047,294 (1) During the three and six months ended May 31, 2023, the Company repurchased $2.0 million and $155.8 million aggregate principal amount of 4.875% senior notes and 4.50% senior notes, respectively, through open market repurchases. The carrying amounts of the senior notes in the table above are net of debt issuance costs of $6.0 million and $7.6 million as of May 31, 2023 and November 30, 2022, respectively. The maximum available borrowings on the Company's unsecured revolving credit facility (the "Credit Facility") were as follows: (In thousands) May 31, 2023 Commitments - maturing in April 2024 $ 350,000 Commitments - maturing in May 2027 2,225,000 Total commitment $ 2,575,000 Accordion feature 425,000 Total maximum borrowings capacity $ 3,000,000 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 Facility also provides that up to $500 million in commitments may be used for letters of credit. The maturity, debt covenants and details of the Credit Facility are unchanged from the disclosure in the Company's Financial Condition and Capital Resources section in its Annual Report on Form 10-K for the year ended November 30, 2022. 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 Annual Report on Form 10-K for the year ended November 30, 2022. The Company's outstanding letters of credit and surety bonds are disclosed below: (In thousands) May 31, 2023 November 30, 2022 Performance letters of credit $ 1,362,785 1,259,033 Financial letters of credit 384,752 503,659 Surety bonds 4,196,718 4,136,715 Anticipated future costs primarily for site improvements related to performance surety bonds 2,173,244 2,273,694

Financial Instruments and Fair

Financial Instruments and Fair Value Disclosures	6 Months Ended
	May 31, 2023
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, 2023 and November 30, 2022, 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, 2023 November 30, 2022 (In thousands) Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value ASSETS Financial Services: Loans held-for-investment, net Level 3 $ 36,717 36,717 45,636 45,647 Investments held-to-maturity Level 3 141,360 141,767 143,251 143,208 LIABILITIES Homebuilding senior notes and other debts payable, net Level 2 $ 3,852,258 3,813,686 4,047,294 3,993,242 Financial Services notes and other debts payable, net Level 2 1,157,040 1,157,682 2,135,093 2,135,797 Multifamily notes payable, net Level 2 16,912 16,912 16,749 16,749 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, 2023 November 30, 2022 Financial Services Assets: Residential loans held-for-sale Level 2 $ 1,152,526 1,750,712 LMF Commercial loans held-for-sale Level 3 22,754 25,599 Mortgage servicing rights Level 3 3,398 3,463 Forward options Level 1 7,261 9,473 Lennar Other Assets: Investments in equity securities Level 1 $ 227,548 212,981 Investments available-for-sale Level 3 36,906 35,482 Residential and LMF Commercial loans held-for-sale in the table above include: May 31, 2023 November 30, 2022 (In thousands) Aggregate Principal Balance Change in Fair Value Aggregate Principal Balance Change in Fair Value Residential loans held-for-sale $ 1,159,857 (7,331) 1,734,480 16,233 LMF Commercial loans held-for-sale 22,765 (11) 24,000 1,599 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, 2023 and November 30, 2022. 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 commercial 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 Annual Report on Form 10-K for the year ended November 30, 2022. These methods use unobservable inputs in estimating a discount rate that is used to assign a value to each loan. While the cash payments on the loans are contractual, the discount rate used and assumptions regarding the relative size of each class in the CMBS capital structure can significantly impact the valuation. Therefore, the estimates used could differ materially from the fair value determined when the loans are sold to a securitization trust. Mortgage servicing rights - Financial Services records mortgage servicing rights when it sells loans on a servicing-retained basis or through the acquisition or assumption of the right to service a financial asset. The fair value of the mortgage servicing rights is calculated using third-party valuations. The key assumptions, which are generally unobservable inputs, used in the valuation of the mortgage servicing rights include mortgage prepayment rates, discount rates and delinquency rates and are noted below: As of May 31, 2023 As of November 30, 2022 Unobservable inputs Mortgage prepayment rate 8% 8% Discount rate 13% 13% Delinquency rate 9% 7% Forward options - Fair value of forward options is based on independent quoted market prices for similar financial instruments. The fair value of these are included in Financial Services' other assets and the Company recognizes the changes in the fair value of the premium paid as Financial Services' Revenue. 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) 2023 2022 2023 2022 Changes in fair value included in Financial Services revenues: Loans held-for-sale $ 7,899 350 (23,563) (27,037) Mortgage loan commitments 13,783 12,758 (35,061) 26,555 Forward contracts (18,807) (18,480) 72,702 (8,490) Forward options (100) — (952) — Changes in fair value included in Lennar Other unrealized gains (losses) from technology investments: Investments in equity securities $ 25,497 (77,965) 1,543 (473,135) Changes in fair value included in other comprehensive income, net of tax: Lennar Other investments available-for-sale $ 573 62 1,424 804 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 sets forth 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, 2023 2022 (In thousands) Mortgage servicing rights LMF Commercial loans held-for-sale Mortgage servicing rights LMF Commercial loans held-for-sale Beginning balance $ 3,450 25,835 2,793 85,795 Purchases/loan originations 69 84,590 99 143,650 Sales/loan originations sold, including those not settled — (88,102) — (145,385) Disposals/settlements (80) — (106) — Changes in fair value (1) (41) 434 435 145 Interest and principal paydowns — (3) — — Ending balance $ 3,398 22,754 3,221 84,205 Six Months Ended May 31, 2023 2022 (In thousands) Mortgage servicing rights LMF Commercial loans held-for-sale Mortgage servicing rights LMF Commercial loans held-for-sale Beginning balance $ 3,463 25,599 2,492 68 Purchases/loan originations 120 164,070 181 408,495 Sales/loan originations sold, including those not settled — (165,302) — (323,467) Disposals/settlements (143) — (265) — Changes in fair value (1) (42) (11) 813 (445) Interest and principal paydowns — (1,602) — (446) Ending balance $ 3,398 22,754 3,221 84,205 (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, 2023 2022 (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 (2) Level 3 $ 126,680 108,073 (18,607) 18,665 17,200 (1,465) Land and land under development (2) Level 3 3,249 561 (2,688) 8,785 7,149 (1,636) Investments in unconsolidated entities (3) Level 3 75,769 37,792 (37,977) — — — Six Months Ended May 31, 2023 2022 (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 (2) Level 3 $ 183,816 158,902 (24,914) 34,023 31,041 (2,982) Land and land under development (2) Level 3 42,866 23,704 (19,162) 29,538 17,909 (11,629) Investments in unconsolidated entities (3) Level 3 78,834 37,792 (41,042) — — — (1) Represents losses due to valuation adjustments and deposit and pre-acquisition write-offs recorded during the respective periods. (2) Valuation adjustments for finished homes and construction in progress, and land and land under development were included in Homebuilding costs and expenses. During the three and six months ended May 31, 2023, total losses, net, for land and land underdevelopment included $2.7 million and $17.1 million, respectively, of deposit and pre-acquisition cost write-offs. (3) Valuation adjustments related to investments in unconsolidated entities were included in Homebuilding other income (expense), net in the Company's condensed consolidated statements of operations and comprehensive income for the three and six months ended May 31, 2023. 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 Annual Report on Form 10-K for the year ended November 30, 2022. 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, 2023 1,256 34 5 $ 42,408 $ 12,247 May 31, 2022 1,218 6 — — — 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, 2023 2022 Unobservable inputs Range Average selling price $371,000 — 663,000 635,000 Absorption rate per quarter (homes) 6 — 26 11 Discount rate 20% 20% The Company disclosed its accounting policy related to investments in unconsolidated entities and its review for indicators of impairment for the long-lived assets of an unconsolidated entity and the decline in the fair value of an investment below the carrying value in the Summary of Significant Accounting Policies in its Annual Report on Form 10-K for the year ended November 30, 2022.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	May 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities During the six months ended May 31, 2023, the Company evaluated the joint venture ("JV") agreements of its JV's that were formed or that had reconsideration events, such as changes in the governing documents or to debt arrangements. Based on the Company's evaluation, there were no variable interest entities ("VIEs") that were consolidated or deconsolidated during the six months ended May 31, 2023. The carrying amount of the Company's consolidated VIEs' 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 are usually 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 VIE’s lenders. Other than debt guarantee agreements with 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, but that would require forfeiture of deposits and pre-acquisition costs. Unconsolidated VIEs The Company’s recorded investments in VIEs that are unconsolidated and related estimated maximum exposure to loss were as follows: May 31, 2023 November 30, 2022 (In thousands) Investments in Lennar’s Maximum Investments in Lennar’s Maximum Homebuilding (1) $ 663,157 749,070 586,935 718,719 Multifamily (2) 393,090 411,649 607,484 633,934 Financial Services (3) 141,360 141,360 143,251 143,251 Lennar Other (4) 49,649 49,649 55,952 55,952 $ 1,247,256 1,351,728 1,393,622 1,551,856 (1) As of May 31, 2023 and November 30, 2022, the Company's 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 commitment to fund capital in Upward America of $70.3 million and $77.3 million, respectively. In addition, as of May 31, 2023, there was recourse debt of a VIE of $9.8 million and as of November 30, 2022, there was $52.7 million of receivables relating to a short-term loan and management fee owed to the Company by Upward America. (2) As of May 31, 2023 and November 30, 2022, the Company's 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 the remaining combined equity commitment of $12.8 million and $19.3 million as of May 31, 2023 and November 30, 2022, respectively, for future expenditures related to the construction and development of its projects. Decrease in exposure for the six months ended May 31, 2023 is primarily due to the removal of LMV I as the Fund does not expect to call for equity in the future. As a result, LMV I is not a VIE as of May 31, 2023. (3) As of May 31, 2023 and November 30, 2022, the Company's 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, 2023, the Company's maximum recourse exposure to loss of the Lennar Other segment was limited to its investments in the unconsolidated VIEs. The Company and its JV partners generally fund JVs as needed and in accordance with business plans to allow the entities to finance their activities. Because such JVs are expected to make future capital calls in order to continue to finance their activities, the entities are determined to be VIEs as of May 31, 2023 in accordance with ASC 810 due to insufficient equity at risk. 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) until the Company has determined whether to exercise the options. The Company evaluates option contracts with third party land holding companies 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, makes a significant deposit or pre-acquisition cost investment for optioned land, or is otherwise economically compelled to takedown the optioned land it may need to consolidate the land under option at the purchase price of the optioned land. Land under option with third party holding companies included in consolidated inventory not owned which was consolidated as a result of VIE assessments was $628.4 million as of May 31, 2023. Consolidated inventory not owned related to land financing transactions, which are land sale transactions that did not meet the criteria for revenue recognition and derecognition of land by the Company as a result of the Company maintaining an option to repurchase the land in the future, was $1.8 billion as of May 31, 2023. During the six months ended May 31, 2023, consolidated inventory not owned increased by $51.3 million with a corresponding increase to liabilities related to consolidated inventory not owned in the accompanying condensed consolidated balance sheet as of May 31, 2023. The increase was primarily due to land financing transactions and the consolidation of homesites under option that the Company is economically compelled to takedown. These increases were partially offset by homesite 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 condensed consolidated balance sheet as of May 31, 2023. 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 was as follows: (Dollars in thousands) May 31, 2023 November 30, 2022 Non-refundable option deposits and pre-acquisition costs $ 2,049,836 1,990,946 Letters of credit in lieu of cash deposits under certain land and option contracts 137,593 163,942

Commitments and Contingent Liab

Commitments and Contingent Liabilities	6 Months Ended
	May 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	Commitments and Contingent Liabilities The Company is party to various claims, legal actions and complaints relating to homes sold by the Company 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 condensed 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. 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) 2023 2022 2023 2022 Warranty reserve, beginning of the period $ 403,334 374,146 418,017 377,021 Warranties issued 67,221 67,815 120,900 117,007 Adjustments to pre-existing warranties from changes in estimates (1) 14,246 998 10,188 5,722 Payments (69,647) (64,969) (133,951) (121,760) Warranty reserve, end of period $ 415,154 377,990 415,154 377,990 (1) The adjustments to pre-existing warranties from changes in estimates during the three and six months ended May 31, 2023 and 2022 primarily related to specific claims in certain of the Company's homebuilding communities and other adjustments. 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, 2023 November 30, 2022 Right-of-use assets $ 138,746 149,966 Lease liabilities 147,222 158,832 Weighted-average remaining lease term (in years) 7.7 7.9 Weighted-average discount rate 3.1% 3.0% Future minimum payments under the noncancellable leases in effect at May 31, 2023 were as follows: (In thousands) Lease Payments 2023 $ 17,412 2024 29,701 2025 25,185 2026 19,571 2027 16,366 Thereafter 56,958 Total future minimum lease payments (1) $ 165,193 Less: Interest (2) 17,971 Present value of lease liabilities (2) $ 147,222 (1) Total future minimum lease payments exclude variable lease costs of $22.7 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. The Company recognized the lease liabilities on its condensed consolidated balance sheets within accounts payable and other liabilities of the respective segments. The Company's rental expense on lease liabilities were as follows: Six Months Ended May 31, (In thousands) 2023 2022 Rental expense $ 52,998 50,698 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, 2023 and 2022, the Company had an immaterial amount of sublease income.

Basis of Presentation (Policy)

Basis of Presentation (Policy)	6 Months Ended
	May 31, 2023
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 ("SEC"). 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, 2022. The basis of consolidation is unchanged from the disclosure in the Company's Notes to Consolidated Financial Statements section in its Annual Report on Form 10-K for the year ended November 30, 2022. 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 March 2020, the Financial Accounting Standards Board (FASB) issued ASU 2020-04, “Reference Rate Reform,” which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (LIBOR) or by another reference rate expected to be discontinued. The guidance was effective beginning March 12, 2020 and can be applied prospectively through December 31, 2024, with earlier adoption permitted. In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform - Scope, ” which clarified the scope and application of the original guidance. In December 2022, the FASB issued ASU 2022-06, "Reference Rate Reform - Deferral of the Sunset Date of Topic 848,"

Operating and Reporting Segme_2

Operating and Reporting Segments (Tables)	6 Months Ended
	May 31, 2023
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, 2023 Assets: Homebuilding Financial Multifamily Lennar Total Cash and cash equivalents $ 4,004,679 259,738 18,539 4,775 4,287,731 Restricted cash 19,000 9,113 — — 28,113 Receivables, net (1) 619,720 354,548 115,865 — 1,090,133 Inventories 21,686,820 — 479,812 — 22,166,632 Loans held-for-sale (2) — 1,175,280 — — 1,175,280 Investments in equity securities (3) — — — 412,593 412,593 Investments available-for-sale (4) — — — 36,906 36,906 Loans held-for-investment, net — 36,717 — — 36,717 Investments held-to-maturity — 141,360 — — 141,360 Investments in unconsolidated entities 1,137,189 — 629,649 292,086 2,058,924 Goodwill 3,442,359 189,699 — — 3,632,058 Other assets 1,582,299 98,203 65,683 45,055 1,791,240 $ 32,492,066 2,264,658 1,309,548 791,415 36,857,687 Liabilities: Notes and other debts payable, net $ 3,852,258 1,157,040 16,912 — 5,026,210 Accounts payable and other liabilities 6,148,439 154,888 281,611 85,420 6,670,358 $ 10,000,697 1,311,928 298,523 85,420 11,696,568 (In thousands) November 30, 2022 Assets: Homebuilding Financial Multifamily Lennar Total Cash and cash equivalents $ 4,616,124 139,378 17,827 5,391 4,778,720 Restricted cash 23,046 14,004 — — 37,050 Receivables, net (1) 673,980 826,163 114,134 — 1,614,277 Inventories 21,432,011 — 430,442 — 21,862,453 Loans held-for-sale (2) — 1,776,311 — — 1,776,311 Investments in equity securities (3) — — — 391,026 391,026 Investments available-for-sale (4) — — — 35,482 35,482 Loans held-for-investment, net — 45,636 — — 45,636 Investments held-to-maturity — 143,251 — — 143,251 Investments in unconsolidated entities 1,173,164 — 648,126 316,523 2,137,813 Goodwill 3,442,359 189,699 — — 3,632,058 Other assets 1,323,478 119,815 46,808 40,117 1,530,218 $ 32,684,162 3,254,257 1,257,337 788,539 37,984,295 Liabilities: Notes and other debts payable, net $ 4,047,294 2,135,093 16,749 — 6,199,136 Accounts payable and other liabilities 6,931,352 218,811 296,735 97,894 7,544,792 $ 10,978,646 2,353,904 313,484 97,894 13,743,928 (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, 2023 and November 30, 2022, 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 $185.0 million and $178.0 million without readily available fair values as of both May 31, 2023 and November 30, 2022, 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 Six Months Ended May 31, May 31, (In thousands) 2023 2022 2023 2022 Revenues: Homebuilding $ 7,670,017 7,977,982 13,826,322 13,730,187 Financial Services 222,979 200,166 405,960 376,867 Multifamily (1) 151,744 176,021 295,267 443,380 Lennar Other 411 4,527 8,031 11,778 $ 8,045,151 8,358,696 14,535,580 14,562,212 Earnings (loss) before income taxes: Homebuilding $ 1,214,409 1,880,411 2,121,248 2,990,261 Financial Services 112,599 103,935 191,336 194,726 Multifamily (8,162) 668 (29,763) 6,095 Lennar Other (18,399) (108,424) (58,156) (511,558) Corporate and Unallocated (2) (141,826) (121,756) (281,591) (247,955) $ 1,158,621 1,754,834 1,943,074 2,431,569 (1) Revenues for Multifamily for the six months ended May 31, 2022, included $147.8 million of land sales to unconsolidated entities. (2) Corporate and unallocated consists primarily of corporate general and administrative expenses and charitable foundation contributions. The assets related to the Company’s homebuilding segments were as follows: May 31, November 30, 2023 2022 (In thousands) East $ 7,027,996 6,877,581 Central 4,115,812 4,010,610 Texas 3,522,252 3,742,663 West 11,854,686 12,182,709 Other 1,391,807 1,382,864 Corporate and Unallocated 4,579,513 4,487,735 Total Homebuilding $ 32,492,066 32,684,162 Financial information relating to the Company’s homebuilding segments was as follows: Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2023 2022 2023 2022 Revenues East $ 2,323,281 2,214,451 4,199,258 3,884,637 Central 1,412,408 1,283,990 2,460,415 2,393,262 Texas 1,141,612 1,095,500 2,163,664 1,908,119 West 2,781,097 3,370,462 4,986,158 5,521,260 Other 11,619 13,579 16,827 22,909 $ 7,670,017 7,977,982 13,826,322 13,730,187 Operating earnings (loss) East $ 505,923 553,819 930,119 905,814 Central 215,076 206,795 345,598 358,873 Texas 183,041 272,857 308,360 444,169 West 355,472 847,849 585,972 1,289,297 Other (45,103) (909) (48,801) (7,892) $ 1,214,409 1,880,411 2,121,248 2,990,261
Schedule of Line of Credit Facilities	At May 31, 2023, the Financial Services warehouse facilities were all 364-day repurchase facilities and were used to fund residential mortgages or commercial mortgages for LMF Commercial as follows: (In thousands) Maximum Aggregate Commitment Residential facilities maturing: June 2023 (1) $ 200,000 December 2023 500,000 April 2024 500,000 May 2024 600,000 Total residential facilities $ 1,800,000 LMF Commercial facilities maturing: July 2023 $ 50,000 November 2023 100,000 December 2023 400,000 Total LMF commercial facilities $ 550,000 Total $ 2,350,000 (1) Subsequent to May 31, 2023, the maturity date was extended to June 2024. Borrowings and collateral under the facilities were as follows: (In thousands) May 31, 2023 November 30, 2022 Borrowings under the residential facilities $ 1,020,958 1,877,411 Collateral under the residential facilities 1,054,138 1,950,155 Borrowings under the LMF Commercial facilities 4,425 124,399 The maximum available borrowings on the Company's unsecured revolving credit facility (the "Credit Facility") were as follows: (In thousands) May 31, 2023 Commitments - maturing in April 2024 $ 350,000 Commitments - maturing in May 2027 2,225,000 Total commitment $ 2,575,000 Accordion feature 425,000 Total maximum borrowings capacity $ 3,000,000 (In thousands) May 31, 2023 November 30, 2022 Performance letters of credit $ 1,362,785 1,259,033 Financial letters of credit 384,752 503,659 Surety bonds 4,196,718 4,136,715 Anticipated future costs primarily for site improvements related to performance surety bonds 2,173,244 2,273,694
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) 2023 2022 2023 2022 Originations (1) $ 84,590 143,650 164,070 408,495 Sold 88,102 145,385 165,302 323,467 Securitizations 2 1 3 2 (1) During both the three and six months ended May 31, 2023 and 2022, 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, 2023 November 30, 2022 Carrying value $ 141,360 143,251 Outstanding debt, net of debt issuance costs 131,656 133,283 Incurred interest rate 3.4% 3.4%
Schedule of Fair Value Inputs for Commercial Mortgage-Backed Securities	May 31, 2023 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 As of May 31, 2023 As of November 30, 2022 Unobservable inputs Mortgage prepayment rate 8% 8% Discount rate 13% 13% Delinquency rate 9% 7% 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, 2023 2022 Unobservable inputs Range Average selling price $371,000 — 663,000 635,000 Absorption rate per quarter (homes) 6 — 26 11 Discount rate 20% 20%
Unrealized Gain (Loss) on Investments	The following is a detail of Lennar Other unrealized gains (losses) from mark-to-market adjustments on the Company's technology investments: Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2023 2022 2023 2022 Blend Labs (BLND) $ (1,332) (13,550) (746) (20,992) Hippo (HIPO) (4,399) (37,946) 2,233 (162,403) Opendoor (OPEN) 22,512 (20,999) 14,821 (164,360) SmartRent (SMRT) 8,621 (3,950) 9,926 (48,313) Sonder (SOND) (138) (1,626) (458) (2,132) Sunnova (NOVA) 233 106 (24,233) (74,935) Lennar Other unrealized gains (losses) from technology investments $ 25,497 (77,965) 1,543 (473,135)

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	6 Months Ended
	May 31, 2023
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, 2023 November 30, 2022 Investments in unconsolidated entities (1) (2) $ 1,137,189 1,173,164 Underlying equity in unconsolidated entities' net assets (1) 1,501,303 1,504,315 (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. (2) Included in the Company's recorded investments in Homebuilding unconsolidated entities is the Company's 40% ownership of FivePoint. As of May 31, 2023 and November 30, 2022, the carrying amount of the Company's investment was $391.4 million and $382.9 million, respectively. In many instances, the Multifamily segment is appointed as the construction, development and property manager for its Multifamily unconsolidated entities and receives fees for performing this function. Each Multifamily real estate investment trust has unilateral decision making rights related to development activities through its board of directors. 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 were as follows: Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2023 2022 2023 2022 General contractor services, net of deferrals $ 128,371 125,606 253,773 242,869 General contractor costs 122,064 118,802 242,797 232,035 Land sales to joint ventures — 16,207 — 147,760 Management fee income, net of deferrals 17,494 16,327 35,615 29,454 Details of LMV I and LMV II as of and during the six months ended May 31, 2023 are included below: May 31, 2023 (In thousands) LMV I LMV II Lennar's carrying value of investments $ 204,631 282,347 Equity commitments 2,204,016 1,257,700 Equity commitments called 2,154,328 1,218,619 Lennar's equity commitments 504,016 381,000 Lennar's equity commitments called 500,381 368,170 Lennar's remaining commitments (1) 3,635 12,830 Distributions to Lennar during the six months ended May 31, 2023 — —

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	May 31, 2023
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, 2023 and 2022: Three Months Ended May 31, 2023 (In thousands) Total Class A Class B Additional Treasury Accumulated Other Comprehensive Income Retained Noncontrolling Balance at February 28, 2023 $ 24,555,287 25,834 3,660 5,503,789 (468,347) 3,259 19,350,060 137,032 Net earnings (including net earnings attributable to noncontrolling interests) 877,742 — — — — — 871,694 6,048 Employee stock and directors plans 4,229 9 — 1,631 2,589 — — — Purchases of treasury stock (209,928) — — — (209,928) — — — Amortization of restricted stock 40,173 — — 40,173 — — — — Cash dividends (110,386) — — — — — (110,386) — Receipts related to noncontrolling interests 2,421 — — — — — — 2,421 Non-cash purchase or activity of noncontrolling interests, net 1,008 — — 535 — — — 473 Total other comprehensive income, net of tax 573 — — — — 573 — — Balance at May 31, 2023 $ 25,161,119 25,843 3,660 5,546,128 (675,686) 3,832 20,111,368 145,974 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 Six Months Ended May 31, 2023 (In thousands) Total Class A Class B Additional Treasury Accumulated Other Comprehensive Income Retained Noncontrolling Balance at November 30, 2022 $ 24,240,367 25,608 3,660 5,417,796 (210,389) 2,408 18,861,417 139,867 Net earnings (including net earnings attributable to noncontrolling interests) 1,477,050 — — — — — 1,468,228 8,822 Employee stock and directors plans (62,761) 235 — 1,442 (64,438) — — — Purchases of treasury stock (400,859) — — — (400,859) — — — Amortization of restricted stock 126,731 — — 126,731 — — — — Cash dividends (218,277) — — — — — — (218,277) — Receipts related to noncontrolling interests 4,918 — — — — — — 4,918 Payments related to noncontrolling interests (20,623) — — — — — — (20,623) Non-cash purchase or activity of noncontrolling interests, net 13,149 — — 159 — — — 12,990 Total other comprehensive income, net of tax 1,424 — — — — 1,424 — — Balance at May 31, 2023 $ 25,161,119 25,843 3,660 5,546,128 (675,686) 3,832 20,111,368 145,974 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 loss, 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 Three Months Ended Six Months Ended May 31, May 31 2023 2022 2023 2022 (Dollars in thousands, except price per share) Class A Class B Class A Class B Class A Class B Class A Class B Shares repurchased 1,269,681 730,319 3,630,000 470,000 2,715,886 1,284,114 8,246,000 1,122,000 Total purchase price $ 138,800 $ 69,010 $ 289,358 $ 31,270 $ 281,868 $ 115,116 $ 762,282 $ 84,601 Average price per share $ 109.32 $ 94.49 $ 79.71 $ 66.53 $ 103.78 $ 89.65 $ 92.44 $ 75.40

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	May 31, 2023
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) 2023 2022 2023 2022 Provision for income taxes $280,879 432,276 466,024 599,696 Effective tax rate (1) 24.4% 24.7% 24.1 % 24.7 %

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	May 31, 2023
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) 2023 2022 2023 2022 Numerator: Net earnings attributable to Lennar $ 871,694 1,320,756 1,468,228 1,824,337 Less: distributed earnings allocated to nonvested shares 3,572 2,395 4,296 3,175 Less: undistributed earnings allocated to nonvested shares 9,935 14,980 15,695 19,189 Numerator for basic earnings per share 858,187 1,303,381 1,448,237 1,801,973 Less: net amount attributable to Rialto's Carried Interest Incentive Plan (1) — 1,045 — 2,843 Numerator for diluted earnings per share $ 858,187 1,302,336 1,448,237 1,799,130 Denominator: Denominator for basic earnings per share - weighted average common shares outstanding 284,910 289,895 285,492 291,913 Denominator for diluted earnings per share - weighted average common shares outstanding 284,910 289,895 285,492 291,913 Basic earnings per share $ 3.01 4.50 5.07 6.17 Diluted earnings per share $ 3.01 4.49 5.07 6.16 (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, 2023
Debt Disclosure [Abstract]
Schedule of Senior Notes and Other Debts Payable	(Dollars in thousands) May 31, 2023 November 30, 2022 4.875% senior notes due December 2023 (1) $ 397,615 399,169 4.50% senior notes due 2024 (1) 493,690 648,975 5.875% senior notes due 2024 431,794 434,128 4.75% senior notes due 2025 499,114 498,892 5.25% senior notes due 2026 403,648 404,257 5.00% senior notes due 2027 351,549 351,741 4.75% senior notes due 2027 896,633 896,259 Mortgage notes on land and other debt 378,215 413,873 $ 3,852,258 4,047,294 (1) During the three and six months ended May 31, 2023, the Company repurchased $2.0 million and $155.8 million aggregate principal amount of 4.875% senior notes and 4.50% senior notes, respectively, through open market repurchases.
Schedule of Letter of Credit Facilities	At May 31, 2023, the Financial Services warehouse facilities were all 364-day repurchase facilities and were used to fund residential mortgages or commercial mortgages for LMF Commercial as follows: (In thousands) Maximum Aggregate Commitment Residential facilities maturing: June 2023 (1) $ 200,000 December 2023 500,000 April 2024 500,000 May 2024 600,000 Total residential facilities $ 1,800,000 LMF Commercial facilities maturing: July 2023 $ 50,000 November 2023 100,000 December 2023 400,000 Total LMF commercial facilities $ 550,000 Total $ 2,350,000 (1) Subsequent to May 31, 2023, the maturity date was extended to June 2024. Borrowings and collateral under the facilities were as follows: (In thousands) May 31, 2023 November 30, 2022 Borrowings under the residential facilities $ 1,020,958 1,877,411 Collateral under the residential facilities 1,054,138 1,950,155 Borrowings under the LMF Commercial facilities 4,425 124,399 The maximum available borrowings on the Company's unsecured revolving credit facility (the "Credit Facility") were as follows: (In thousands) May 31, 2023 Commitments - maturing in April 2024 $ 350,000 Commitments - maturing in May 2027 2,225,000 Total commitment $ 2,575,000 Accordion feature 425,000 Total maximum borrowings capacity $ 3,000,000 (In thousands) May 31, 2023 November 30, 2022 Performance letters of credit $ 1,362,785 1,259,033 Financial letters of credit 384,752 503,659 Surety bonds 4,196,718 4,136,715 Anticipated future costs primarily for site improvements related to performance surety bonds 2,173,244 2,273,694

Financial Instruments and Fai_2

Financial Instruments and Fair Value Disclosures (Tables)	6 Months Ended
	May 31, 2023
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, 2023 and November 30, 2022, 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, 2023 November 30, 2022 (In thousands) Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value ASSETS Financial Services: Loans held-for-investment, net Level 3 $ 36,717 36,717 45,636 45,647 Investments held-to-maturity Level 3 141,360 141,767 143,251 143,208 LIABILITIES Homebuilding senior notes and other debts payable, net Level 2 $ 3,852,258 3,813,686 4,047,294 3,993,242 Financial Services notes and other debts payable, net Level 2 1,157,040 1,157,682 2,135,093 2,135,797 Multifamily notes payable, net Level 2 16,912 16,912 16,749 16,749
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, 2023 November 30, 2022 Financial Services Assets: Residential loans held-for-sale Level 2 $ 1,152,526 1,750,712 LMF Commercial loans held-for-sale Level 3 22,754 25,599 Mortgage servicing rights Level 3 3,398 3,463 Forward options Level 1 7,261 9,473 Lennar Other Assets: Investments in equity securities Level 1 $ 227,548 212,981 Investments available-for-sale Level 3 36,906 35,482 Residential and LMF Commercial loans held-for-sale in the table above include: May 31, 2023 November 30, 2022 (In thousands) Aggregate Principal Balance Change in Fair Value Aggregate Principal Balance Change in Fair Value Residential loans held-for-sale $ 1,159,857 (7,331) 1,734,480 16,233 LMF Commercial loans held-for-sale 22,765 (11) 24,000 1,599
Schedule of Unobservable Inputs Used in Discounted Cash Flow Model to Determine the Fair Value of Communities	May 31, 2023 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 As of May 31, 2023 As of November 30, 2022 Unobservable inputs Mortgage prepayment rate 8% 8% Discount rate 13% 13% Delinquency rate 9% 7% 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, 2023 2022 Unobservable inputs Range Average selling price $371,000 — 663,000 635,000 Absorption rate per quarter (homes) 6 — 26 11 Discount rate 20% 20%
Schedule Of Gains And Losses Of Financial Instruments Measured on a Recurring Basis	The changes in fair values for Level 1 and Level 2 financial instruments measured on a recurring basis are shown below by financial instrument and financial statement line item: Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2023 2022 2023 2022 Changes in fair value included in Financial Services revenues: Loans held-for-sale $ 7,899 350 (23,563) (27,037) Mortgage loan commitments 13,783 12,758 (35,061) 26,555 Forward contracts (18,807) (18,480) 72,702 (8,490) Forward options (100) — (952) — Changes in fair value included in Lennar Other unrealized gains (losses) from technology investments: Investments in equity securities $ 25,497 (77,965) 1,543 (473,135) Changes in fair value included in other comprehensive income, net of tax: Lennar Other investments available-for-sale $ 573 62 1,424 804
Reconciliation Of Beginning And Ending Balance For The Company's Level 3 Recurring Fair Value Measurements	The following table sets forth 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, 2023 2022 (In thousands) Mortgage servicing rights LMF Commercial loans held-for-sale Mortgage servicing rights LMF Commercial loans held-for-sale Beginning balance $ 3,450 25,835 2,793 85,795 Purchases/loan originations 69 84,590 99 143,650 Sales/loan originations sold, including those not settled — (88,102) — (145,385) Disposals/settlements (80) — (106) — Changes in fair value (1) (41) 434 435 145 Interest and principal paydowns — (3) — — Ending balance $ 3,398 22,754 3,221 84,205 Six Months Ended May 31, 2023 2022 (In thousands) Mortgage servicing rights LMF Commercial loans held-for-sale Mortgage servicing rights LMF Commercial loans held-for-sale Beginning balance $ 3,463 25,599 2,492 68 Purchases/loan originations 120 164,070 181 408,495 Sales/loan originations sold, including those not settled — (165,302) — (323,467) Disposals/settlements (143) — (265) — Changes in fair value (1) (42) (11) 813 (445) Interest and principal paydowns — (1,602) — (446) Ending balance $ 3,398 22,754 3,221 84,205 (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, 2023 2022 (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 (2) Level 3 $ 126,680 108,073 (18,607) 18,665 17,200 (1,465) Land and land under development (2) Level 3 3,249 561 (2,688) 8,785 7,149 (1,636) Investments in unconsolidated entities (3) Level 3 75,769 37,792 (37,977) — — — Six Months Ended May 31, 2023 2022 (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 (2) Level 3 $ 183,816 158,902 (24,914) 34,023 31,041 (2,982) Land and land under development (2) Level 3 42,866 23,704 (19,162) 29,538 17,909 (11,629) Investments in unconsolidated entities (3) Level 3 78,834 37,792 (41,042) — — — (1) Represents losses due to valuation adjustments and deposit and pre-acquisition write-offs recorded during the respective periods. (2) Valuation adjustments for finished homes and construction in progress, and land and land under development were included in Homebuilding costs and expenses. During the three and six months ended May 31, 2023, total losses, net, for land and land underdevelopment included $2.7 million and $17.1 million, respectively, of deposit and pre-acquisition cost write-offs. (3) Valuation adjustments related to investments in unconsolidated entities were included in Homebuilding other income (expense), net in the Company's condensed consolidated statements of operations and comprehensive income for the three and six months ended May 31, 2023. 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, 2023 1,256 34 5 $ 42,408 $ 12,247 May 31, 2022 1,218 6 — — —

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	May 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Estimated Maximum Exposure To Loss	The Company’s recorded investments in VIEs that are unconsolidated and related estimated maximum exposure to loss were as follows: May 31, 2023 November 30, 2022 (In thousands) Investments in Lennar’s Maximum Investments in Lennar’s Maximum Homebuilding (1) $ 663,157 749,070 586,935 718,719 Multifamily (2) 393,090 411,649 607,484 633,934 Financial Services (3) 141,360 141,360 143,251 143,251 Lennar Other (4) 49,649 49,649 55,952 55,952 $ 1,247,256 1,351,728 1,393,622 1,551,856 (1) As of May 31, 2023 and November 30, 2022, the Company's 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 commitment to fund capital in Upward America of $70.3 million and $77.3 million, respectively. In addition, as of May 31, 2023, there was recourse debt of a VIE of $9.8 million and as of November 30, 2022, there was $52.7 million of receivables relating to a short-term loan and management fee owed to the Company by Upward America. (2) As of May 31, 2023 and November 30, 2022, the Company's 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 the remaining combined equity commitment of $12.8 million and $19.3 million as of May 31, 2023 and November 30, 2022, respectively, for future expenditures related to the construction and development of its projects. Decrease in exposure for the six months ended May 31, 2023 is primarily due to the removal of LMV I as the Fund does not expect to call for equity in the future. As a result, LMV I is not a VIE as of May 31, 2023. (3) As of May 31, 2023 and November 30, 2022, the Company's 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, 2023, the Company's 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 was as follows: (Dollars in thousands) May 31, 2023 November 30, 2022 Non-refundable option deposits and pre-acquisition costs $ 2,049,836 1,990,946 Letters of credit in lieu of cash deposits under certain land and option contracts 137,593 163,942

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	May 31, 2023
Commitments and Contingencies Disclosure [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) 2023 2022 2023 2022 Warranty reserve, beginning of the period $ 403,334 374,146 418,017 377,021 Warranties issued 67,221 67,815 120,900 117,007 Adjustments to pre-existing warranties from changes in estimates (1) 14,246 998 10,188 5,722 Payments (69,647) (64,969) (133,951) (121,760) Warranty reserve, end of period $ 415,154 377,990 415,154 377,990 (1) The adjustments to pre-existing warranties from changes in estimates during the three and six months ended May 31, 2023 and 2022 primarily related to specific claims in certain of the Company's homebuilding communities and other adjustments.
Additional Information About Leases	The following table includes additional information about the Company's leases: (Dollars in thousands) May 31, 2023 November 30, 2022 Right-of-use assets $ 138,746 149,966 Lease liabilities 147,222 158,832 Weighted-average remaining lease term (in years) 7.7 7.9 Weighted-average discount rate 3.1% 3.0%
Future Minimum Payments Under Noncancellable Leases	Future minimum payments under the noncancellable leases in effect at May 31, 2023 were as follows: (In thousands) Lease Payments 2023 $ 17,412 2024 29,701 2025 25,185 2026 19,571 2027 16,366 Thereafter 56,958 Total future minimum lease payments (1) $ 165,193 Less: Interest (2) 17,971 Present value of lease liabilities (2) $ 147,222 (1) Total future minimum lease payments exclude variable lease costs of $22.7 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. The Company recognized the lease liabilities on its condensed consolidated balance sheets within accounts payable and other liabilities of the respective segments.
Lease, Cost	The Company's rental expense on lease liabilities were as follows: Six Months Ended May 31, (In thousands) 2023 2022 Rental expense $ 52,998 50,698

Basis of Presentation - Narrati

Basis of Presentation - Narrative (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended	6 Months Ended
	May 31, 2023	May 31, 2023	May 31, 2022	Nov. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash and cash equivalents held in escrow	$ 231.4	$ 231.4		$ 1,000
Cash and cash equivalents held in escrow, deposit period	2 days
Nonvested shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares granted (in shares)		2	1.4

Operating and Reporting Segme_3

Operating and Reporting Segments (Disclosure Of Assets and Liabilities) (Details) - USD ($) $ in Thousands		May 31, 2023		Nov. 30, 2022		May 31, 2022
Segment Reporting Information [Line Items]
Total assets	[1]	$ 36,857,687		$ 37,984,295
Total liabilities	[2]	11,696,568		13,743,928
Equity securities without readily determinable fair values		185,000		178,000
Operating Segments
Segment Reporting Information [Line Items]
Cash and cash equivalents		4,287,731		4,778,720
Restricted cash		28,113		37,050
Receivables, net		1,090,133		1,614,277
Inventories		22,166,632		21,862,453
Loans held-for-sale		1,175,280		1,776,311
Investments in equity securities		412,593		391,026
Investments available-for-sale		36,906		35,482
Loans held-for-investment, net		36,717		45,636
Debt Securities, Held-to-maturity		141,360		143,251
Investments in unconsolidated entities		2,058,924		2,137,813
Goodwill		3,632,058		3,632,058
Other assets		1,791,240		1,530,218
Total assets		36,857,687		37,984,295
Senior notes and other debts payable, net		5,026,210		6,199,136
Accounts payable and other liabilities		6,670,358		7,544,792
Total liabilities		11,696,568		13,743,928
Homebuilding
Segment Reporting Information [Line Items]
Inventories	[1]	21,686,820		21,432,011
Investments in unconsolidated entities	[1]	1,137,189		1,173,164
Goodwill	[1]	3,442,359		3,442,359
Other assets	[1]	1,582,299		1,323,478
Total assets	[1]	32,492,066		32,684,162
Senior notes and other debts payable, net	[2]	3,852,258		4,047,294
Total liabilities	[2]	10,000,697		10,978,646
Homebuilding | Operating Segments
Segment Reporting Information [Line Items]
Cash and cash equivalents		4,004,679	[1]	4,616,124	[1]	$ 1,314,741
Restricted cash		19,000	[1]	23,046	[1]	28,440
Receivables, net	[1]	619,720		673,980
Inventories		21,686,820		21,432,011
Loans held-for-sale		0		0
Investments in equity securities		0		0
Investments available-for-sale		0		0
Loans held-for-investment, net		0		0
Debt Securities, Held-to-maturity		0		0
Investments in unconsolidated entities		1,137,189		1,173,164
Goodwill		3,442,359		3,442,359
Other assets		1,582,299		1,323,478
Total assets		32,492,066		32,684,162
Senior notes and other debts payable, net		3,852,258		4,047,294
Accounts payable and other liabilities		6,148,439		6,931,352
Total liabilities		10,000,697		10,978,646
Lennar Financial Services
Segment Reporting Information [Line Items]
Total assets	[1]	2,264,658		3,254,257
Total liabilities	[2]	1,311,928		2,353,904
Lennar Financial Services | Operating Segments
Segment Reporting Information [Line Items]
Cash and cash equivalents		259,738		139,378		138,662
Restricted cash		9,113		14,004		8,225
Receivables, net		354,548		826,163
Inventories		0		0
Loans held-for-sale		1,175,280		1,776,311
Investments in equity securities		0		0
Investments available-for-sale		0		0
Loans held-for-investment, net		36,717		45,636
Debt Securities, Held-to-maturity		141,360		143,251
Investments in unconsolidated entities		0		0
Goodwill		189,699		189,699
Other assets		98,203		119,815
Total assets		2,264,658		3,254,257
Senior notes and other debts payable, net		1,157,040		2,135,093
Accounts payable and other liabilities		154,888		218,811
Total liabilities		1,311,928		2,353,904
Lennar Multifamily [Member]
Segment Reporting Information [Line Items]
Total assets	[1]	1,309,548		1,257,337
Total liabilities	[2]	298,523		313,484
Lennar Multifamily [Member] | Operating Segments
Segment Reporting Information [Line Items]
Cash and cash equivalents		18,539		17,827		61,190
Restricted cash		0		0
Receivables, net		115,865		114,134
Inventories		479,812		430,442
Loans held-for-sale		0		0
Investments in equity securities		0		0
Investments available-for-sale		0		0
Loans held-for-investment, net		0		0
Debt Securities, Held-to-maturity		0		0
Investments in unconsolidated entities		629,649		648,126
Goodwill		0		0
Other assets		65,683		46,808
Total assets		1,309,548		1,257,337
Senior notes and other debts payable, net		16,912		16,749
Accounts payable and other liabilities		281,611		296,735
Total liabilities		298,523		313,484
Lennar Other
Segment Reporting Information [Line Items]
Total assets	[1]	791,415		788,539
Total liabilities	[2]	85,420		97,894
Lennar Other | Operating Segments
Segment Reporting Information [Line Items]
Cash and cash equivalents		4,775		5,391		$ 2,151
Restricted cash		0		0
Receivables, net		0		0
Inventories		0		0
Loans held-for-sale		0		0
Investments in equity securities		412,593		391,026
Investments available-for-sale		36,906		35,482
Loans held-for-investment, net		0		0
Debt Securities, Held-to-maturity		0		0
Investments in unconsolidated entities		292,086		316,523
Goodwill		0		0
Other assets		45,055		40,117
Total assets		791,415		788,539
Senior notes and other debts payable, net		0		0
Accounts payable and other liabilities		85,420		97,894
Total liabilities		$ 85,420		$ 97,894
[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, 2023, total assets include $1.6 billion related to consolidated VIEs of which $30.6 million is included in Homebuilding cash and cash equivalents, $0.3 million in Homebuilding receivables, net, $59.0 million in Homebuilding finished homes and construction in progress, $779.1 million in Homebuilding land and land under development, $622.4 million in Homebuilding consolidated inventory not owned, $0.5 million in Homebuilding investments in unconsolidated entities, $23.5 million in Homebuilding other assets, $34.4 million in Multifamily assets and $6.9 million in Lennar Other assets. As of November 30, 2022, total assets include $1.4 billion related to consolidated VIEs of which $56.9 million is included in Homebuilding cash and cash equivalents, $0.3 million in Homebuilding receivables, net, $29.4 million in Homebuilding finished homes and construction in progress, $736.5 million in Homebuilding land and land under development, $533.8 million in Homebuilding consolidated inventory not owned, $1.0 million in Homebuilding investments in unconsolidated entities, $23.0 million in Homebuilding other assets, $33.2 million in Multifamily assets and $9.0 million in Lennar Other 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, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Segment Reporting Information [Line Items]
Revenues	$ 8,045,151	$ 8,358,696	$ 14,535,580	$ 14,562,212
Operating Segments And Corporate
Segment Reporting Information [Line Items]
Operating earnings (loss)	1,158,621	1,754,834	1,943,074	2,431,569
Operating Segments
Segment Reporting Information [Line Items]
Revenues	8,045,151	8,358,696	14,535,580	14,562,212
Operating Segments | Homebuilding
Segment Reporting Information [Line Items]
Revenues	7,670,017	7,977,982	13,826,322	13,730,187
Operating earnings (loss)	1,214,409	1,880,411	2,121,248	2,990,261
Operating Segments | Lennar Financial Services
Segment Reporting Information [Line Items]
Revenues	222,979	200,166	405,960	376,867
Operating earnings (loss)	112,599	103,935	191,336	194,726
Operating Segments | Lennar Multifamily [Member]
Segment Reporting Information [Line Items]
Revenues	151,744	176,021	295,267	443,380
Operating earnings (loss)	(8,162)	668	(29,763)	6,095
Operating Segments | Lennar Other
Segment Reporting Information [Line Items]
Revenues	411	4,527	8,031	11,778
Operating earnings (loss)	(18,399)	(108,424)	(58,156)	(511,558)
Corporate and Unallocated
Segment Reporting Information [Line Items]
Operating earnings (loss)	$ (141,826)	$ (121,756)	$ (281,591)	$ (247,955)

Operating and Reporting Segme_5

Operating and Reporting Segments (Homebuilding Assets) (Details) - USD ($) $ in Thousands		May 31, 2023	Nov. 30, 2022
Segment Reporting Information [Line Items]
Assets	[1]	$ 36,857,687	$ 37,984,295
Homebuilding
Segment Reporting Information [Line Items]
Assets	[1]	32,492,066	32,684,162
Operating Segments And Corporate | Homebuilding
Segment Reporting Information [Line Items]
Assets		32,492,066	32,684,162
Operating Segments
Segment Reporting Information [Line Items]
Assets		36,857,687	37,984,295
Operating Segments | Homebuilding
Segment Reporting Information [Line Items]
Assets		32,492,066	32,684,162
Operating Segments | East
Segment Reporting Information [Line Items]
Assets		7,027,996	6,877,581
Operating Segments | Central
Segment Reporting Information [Line Items]
Assets		4,115,812	4,010,610
Operating Segments | Texas
Segment Reporting Information [Line Items]
Assets		3,522,252	3,742,663
Operating Segments | West
Segment Reporting Information [Line Items]
Assets		11,854,686	12,182,709
Operating Segments | Other
Segment Reporting Information [Line Items]
Assets		1,391,807	1,382,864
Corporate and Unallocated
Segment Reporting Information [Line Items]
Assets		$ 4,579,513	$ 4,487,735
[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, 2023, total assets include $1.6 billion related to consolidated VIEs of which $30.6 million is included in Homebuilding cash and cash equivalents, $0.3 million in Homebuilding receivables, net, $59.0 million in Homebuilding finished homes and construction in progress, $779.1 million in Homebuilding land and land under development, $622.4 million in Homebuilding consolidated inventory not owned, $0.5 million in Homebuilding investments in unconsolidated entities, $23.5 million in Homebuilding other assets, $34.4 million in Multifamily assets and $6.9 million in Lennar Other assets. As of November 30, 2022, total assets include $1.4 billion related to consolidated VIEs of which $56.9 million is included in Homebuilding cash and cash equivalents, $0.3 million in Homebuilding receivables, net, $29.4 million in Homebuilding finished homes and construction in progress, $736.5 million in Homebuilding land and land under development, $533.8 million in Homebuilding consolidated inventory not owned, $1.0 million in Homebuilding investments in unconsolidated entities, $23.0 million in Homebuilding other assets, $33.2 million in Multifamily assets and $9.0 million in Lennar Other assets.

Operating and Reporting Segme_6

Operating and Reporting Segments (Homebuilding Financial Information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Segment Reporting Information [Line Items]
Revenues	$ 8,045,151	$ 8,358,696	$ 14,535,580	$ 14,562,212
Operating Segments
Segment Reporting Information [Line Items]
Revenues	8,045,151	8,358,696	14,535,580	14,562,212
Homebuilding | Operating Segments
Segment Reporting Information [Line Items]
Revenues	7,670,017	7,977,982	13,826,322	13,730,187
Operating earnings (loss)	1,214,409	1,880,411	2,121,248	2,990,261
East | Operating Segments
Segment Reporting Information [Line Items]
Revenues	2,323,281	2,214,451	4,199,258	3,884,637
Operating earnings (loss)	505,923	553,819	930,119	905,814
Central | Operating Segments
Segment Reporting Information [Line Items]
Revenues	1,412,408	1,283,990	2,460,415	2,393,262
Operating earnings (loss)	215,076	206,795	345,598	358,873
Texas | Operating Segments
Segment Reporting Information [Line Items]
Revenues	1,141,612	1,095,500	2,163,664	1,908,119
Operating earnings (loss)	183,041	272,857	308,360	444,169
West | Operating Segments
Segment Reporting Information [Line Items]
Revenues	2,781,097	3,370,462	4,986,158	5,521,260
Operating earnings (loss)	355,472	847,849	585,972	1,289,297
Other | Operating Segments
Segment Reporting Information [Line Items]
Revenues	11,619	13,579	16,827	22,909
Operating earnings (loss)	$ (45,103)	$ (909)	$ (48,801)	$ (7,892)

Operating and Reporting Segme_7

Operating and Reporting Segments (Disclosure of Facilities) (Details) - Lennar Financial Services - USD ($) $ in Thousands	6 Months Ended
	May 31, 2023	Nov. 30, 2022
Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 2,350,000
Residential facilities | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	1,800,000
Borrowings under facility	1,020,958	$ 1,877,411
Residential facilities | Warehouse Repurchase Facility | Asset Pledged as Collateral
Line of Credit Facility [Line Items]
Borrowings under facility	1,054,138	1,950,155
June 2023 (1) | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	200,000
December 2023 | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	500,000
April 2024 | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	500,000
May 2024 | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	600,000
Commercial facilities | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	550,000
July 2023 | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	50,000
November 2023 | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	100,000
December 2023 | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 400,000
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	$ 4,425	$ 124,399

Operating and Reporting Segme_8

Operating and Reporting Segments (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022	Nov. 30, 2022
Doma Holdings, Inc
Segment Reporting Information [Line Items]
Unconsolidated entities ownership percentage	25%		25%
Lennar Financial Services | Loss origination liability
Segment Reporting Information [Line Items]
Loan origination liabilities	$ 14,000,000		$ 14,000,000		$ 11,800,000
Lennar Financial Services | Warehouse Repurchase Facility
Segment Reporting Information [Line Items]
Collateral percentage	80%		80%
CMBS | Lennar 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 (Loans Held-for-Sale) (Details) - Lennar Financial Services $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2023 USD ($) transaction	May 31, 2022 USD ($) transaction	May 31, 2023 USD ($) transaction	May 31, 2022 USD ($) transaction
Segment Reporting Information [Line Items]
Originations	$ 84,590	$ 143,650	$ 164,070	$ 408,495
Sold	$ 88,102	$ 145,385	$ 165,302	$ 323,467
Securitizations | transaction	2	1	3	2

Operating and Reporting Segm_10

Operating and Reporting Segments (Commercial Mortgage-Backed Securities) (Details) - Lennar Financial Services - USD ($) $ in Thousands	May 31, 2023	Nov. 30, 2022
Financing Agreement to Purchase Commercial Mortgage Backed Securities | Secured Debt
Segment Reporting Information [Line Items]
Outstanding debt, net of debt issuance costs	$ 131,656	$ 133,283
Incurred interest rate	3.40%	3.40%
CMBS
Segment Reporting Information [Line Items]
Debt Securities, Held-to-maturity	$ 141,360	$ 143,251

Operating and Reporting Segm_11

Operating and Reporting Segments (Fair Value Inputs for Commercial Mortgage-Backed Securities) (Details) - CMBS - Lennar Financial Services	6 Months Ended
	May 31, 2023
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_12

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, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Segment Reporting Information [Line Items]
Lennar Other unrealized gains (losses) from technology investments	$ 25,497	$ (77,965)	$ 1,543	$ (473,135)
Blend Labs
Segment Reporting Information [Line Items]
Lennar Other unrealized gains (losses) from technology investments	(1,332)	(13,550)	(746)	(20,992)
Hippo
Segment Reporting Information [Line Items]
Lennar Other unrealized gains (losses) from technology investments	(4,399)	(37,946)	2,233	(162,403)
Opendoor
Segment Reporting Information [Line Items]
Lennar Other unrealized gains (losses) from technology investments	22,512	(20,999)	14,821	(164,360)
SmartRent
Segment Reporting Information [Line Items]
Lennar Other unrealized gains (losses) from technology investments	8,621	(3,950)	9,926	(48,313)
Sonder
Segment Reporting Information [Line Items]
Lennar Other unrealized gains (losses) from technology investments	(138)	(1,626)	(458)	(2,132)
Sunnova
Segment Reporting Information [Line Items]
Lennar Other unrealized gains (losses) from technology investments	$ 233	$ 106	$ (24,233)	$ (74,935)

Investments in Unconsolidated_3

Investments in Unconsolidated Entities (Homebuilding Unconsolidated Entities) (Details) - USD ($) $ in Thousands		May 31, 2023	Nov. 30, 2022
FivePoint Unconsolidated Entity
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities		$ 391,400	$ 382,900
Unconsolidated entities ownership percentage		40%
Homebuilding
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	[1]	$ 1,137,189	1,173,164
Underlying equity in unconsolidated partners' net assets		$ 1,501,303	$ 1,504,315
[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, 2023, total assets include $1.6 billion related to consolidated VIEs of which $30.6 million is included in Homebuilding cash and cash equivalents, $0.3 million in Homebuilding receivables, net, $59.0 million in Homebuilding finished homes and construction in progress, $779.1 million in Homebuilding land and land under development, $622.4 million in Homebuilding consolidated inventory not owned, $0.5 million in Homebuilding investments in unconsolidated entities, $23.5 million in Homebuilding other assets, $34.4 million in Multifamily assets and $6.9 million in Lennar Other assets. As of November 30, 2022, total assets include $1.4 billion related to consolidated VIEs of which $56.9 million is included in Homebuilding cash and cash equivalents, $0.3 million in Homebuilding receivables, net, $29.4 million in Homebuilding finished homes and construction in progress, $736.5 million in Homebuilding land and land under development, $533.8 million in Homebuilding consolidated inventory not owned, $1.0 million in Homebuilding investments in unconsolidated entities, $23.0 million in Homebuilding other assets, $33.2 million in Multifamily assets and $9.0 million in Lennar Other assets.

Investments in Unconsolidated_4

Investments in Unconsolidated Entities (Narrative) (Details) - USD ($) $ in Thousands		May 31, 2023	Nov. 30, 2022
Upward America Venture
Schedule of Equity Method Investments [Line Items]
Total equity commitments		$ 1,600,000
Upward America Venture
Schedule of Equity Method Investments [Line Items]
Total equity commitments		125,000
Lennar's carrying value of investments		22,600	$ 37,700
Homebuilding
Schedule of Equity Method Investments [Line Items]
Non-recourse debt with completion guarantees		312,800	333,600
Lennar's carrying value of investments	[1]	1,137,189	1,173,164
Lennar Multifamily [Member]
Schedule of Equity Method Investments [Line Items]
Non-recourse debt with completion guarantees		1,300,000	1,000,000
Lennar Multifamily [Member] | Lennar Multifamily Fund
Schedule of Equity Method Investments [Line Items]
Total equity commitments		$ 1,000,000
Fund ownership percentage		4%
Lennar's carrying value of investments		$ 28,200
Lennar Other | Rialto Funds and Investment Vehicles
Schedule of Equity Method Investments [Line Items]
Lennar's carrying value of investments		170,800	185,100
Lennar Other | Strategic Technology Investments
Schedule of Equity Method Investments [Line Items]
Lennar's carrying value of investments		$ 121,300	$ 131,500
[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, 2023, total assets include $1.6 billion related to consolidated VIEs of which $30.6 million is included in Homebuilding cash and cash equivalents, $0.3 million in Homebuilding receivables, net, $59.0 million in Homebuilding finished homes and construction in progress, $779.1 million in Homebuilding land and land under development, $622.4 million in Homebuilding consolidated inventory not owned, $0.5 million in Homebuilding investments in unconsolidated entities, $23.5 million in Homebuilding other assets, $34.4 million in Multifamily assets and $6.9 million in Lennar Other assets. As of November 30, 2022, total assets include $1.4 billion related to consolidated VIEs of which $56.9 million is included in Homebuilding cash and cash equivalents, $0.3 million in Homebuilding receivables, net, $29.4 million in Homebuilding finished homes and construction in progress, $736.5 million in Homebuilding land and land under development, $533.8 million in Homebuilding consolidated inventory not owned, $1.0 million in Homebuilding investments in unconsolidated entities, $23.0 million in Homebuilding other assets, $33.2 million in Multifamily assets and $9.0 million in Lennar Other assets.

Investments in Unconsolidated_5

Investments in Unconsolidated Entities (Multifamily Income and Costs) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Schedule of Equity Method Investments [Line Items]
Revenues	$ 8,045,151	$ 8,358,696	$ 14,535,580	$ 14,562,212
General Contractor Services | Lennar Multifamily [Member]
Schedule of Equity Method Investments [Line Items]
Revenues			253,773	242,869
Cost of revenue			242,797	232,035
General Contractor Services | Lennar Multifamily [Member] | Unconsolidated Entities
Schedule of Equity Method Investments [Line Items]
Revenues	128,371	125,606
Cost of revenue	122,064	118,802
Land | Lennar Multifamily [Member] | Unconsolidated Entities
Schedule of Equity Method Investments [Line Items]
Revenues	0	16,207	0	147,760
Management Fee | Lennar Multifamily [Member]
Schedule of Equity Method Investments [Line Items]
Revenues			$ 35,615	$ 29,454
Management Fee | Lennar Multifamily [Member] | Unconsolidated Entities
Schedule of Equity Method Investments [Line Items]
Revenues	$ 17,494	$ 16,327

Investments in Unconsolidated_6

Investments in Unconsolidated Entities (Details of Multifamily Unconsolidated Entities) (Details) - USD ($) $ in Thousands	6 Months Ended
	May 31, 2023	May 31, 2022
Schedule of Equity Method Investments [Line Items]
Distributions of earnings from unconsolidated entities	$ 16,657	$ 11,050
Lennar Multifamily [Member] | LMV I
Schedule of Equity Method Investments [Line Items]
Lennar's carrying value of investments	204,631
Equity commitments	2,204,016
Equity commitments called	2,154,328
Lennar's equity commitments	504,016
Lennar's equity commitments called	500,381
Lennar's remaining commitments (1)	3,635
Distributions of earnings from unconsolidated entities	0
Lennar Multifamily [Member] | LMV II
Schedule of Equity Method Investments [Line Items]
Lennar's carrying value of investments	282,347
Equity commitments	1,257,700
Equity commitments called	1,218,619
Lennar's equity commitments	381,000
Lennar's equity commitments called	368,170
Lennar's remaining commitments (1)	12,830
Distributions of earnings from unconsolidated entities	$ 0

Stockholders' Equity (Schedule

Stockholders' Equity (Schedule Of Changes In Equity) (Details) - USD ($)			3 Months Ended								6 Months Ended
	Jun. 22, 2023	May 10, 2023	May 31, 2023		Feb. 28, 2023		Nov. 30, 2022		Aug. 31, 2022	May 31, 2022	May 31, 2023		May 31, 2022	Mar. 31, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			$ 24,555,287,000		$ 24,240,367,000	[1]			$ 21,789,774,000	$ 20,847,432,000	$ 24,240,367,000	[1]	$ 20,996,282,000
Net earnings (including net earnings attributable to noncontrolling interests)			877,742,000							1,322,558,000	1,477,050,000		1,831,873,000
Employee stock and directors plans			4,229,000							(2,533,000)	(62,761,000)		(57,419,000)
Purchases of treasury stock			(209,928,000)							(320,710,000)	(400,859,000)		(847,071,000)
Amortization of restricted stock			40,173,000							35,053,000	126,731,000		116,510,000
Cash dividends			(110,386,000)							(110,846,000)	(218,277,000)		(220,968,000)
Receipts related to noncontrolling interests			2,421,000							11,111,000	4,918,000		18,095,000
Payments related to noncontrolling interests										(3,708,000)	(20,623,000)		(65,521,000)
Non-cash purchase or activity of noncontrolling interests, net			1,008,000							11,355,000	13,149,000		14,904,000
Total other comprehensive income, net of tax			573,000							62,000	1,424,000		3,089,000
Balance, ending			25,161,119,000	[1]	$ 24,555,287,000		$ 24,240,367,000	[1]		$ 21,789,774,000	25,161,119,000	[1]	21,789,774,000
Cash dividend paid (in dollars per share)		$ 0.375			$ 0.375		$ 0.375		$ 0.375	$ 0.375
Stock repurchase program, authorized value														$ 2,000,000,000
Stock repurchase program, authorized shares (in shares)														30,000,000
Subsequent Event
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividend paid (in dollars per share)	$ 0.375
Additional Paid - in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			5,503,789,000		$ 5,417,796,000				$ 5,355,182,000	$ 8,855,151,000	5,417,796,000		8,807,891,000
Employee stock and directors plans			1,631,000							994,000	1,442,000		854,000
Retirement of treasury stock										(3,533,425,000)			(3,533,425,000)
Amortization of restricted stock			40,173,000							35,053,000	126,731,000		116,510,000
Non-cash purchase or activity of noncontrolling interests, net			535,000							(2,591,000)	159,000		(36,648,000)
Balance, ending			5,546,128,000		5,503,789,000		$ 5,417,796,000			5,355,182,000	5,546,128,000		5,355,182,000
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			(468,347,000)		(210,389,000)				(76,615,000)	(3,290,748,000)	(210,389,000)		(2,709,448,000)
Employee stock and directors plans			2,589,000							(3,533,000)	(64,438,000)		(58,472,000)
Retirement of treasury stock										3,538,376,000			3,538,376,000
Purchases of treasury stock			(209,928,000)							(320,710,000)	(400,859,000)		(847,071,000)
Balance, ending			(675,686,000)		(468,347,000)		(210,389,000)			(76,615,000)	(675,686,000)		(76,615,000)
Accumulated Other Comprehensive Income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			3,259,000		2,408,000				1,748,000	1,686,000	2,408,000		(1,341,000)
Total other comprehensive income, net of tax			573,000							62,000	1,424,000		3,089,000
Balance, ending			3,832,000		3,259,000		2,408,000			1,748,000	3,832,000		1,748,000
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			19,350,060,000		18,861,417,000				16,288,698,000	15,078,788,000	18,861,417,000		14,685,329,000
Net earnings (including net earnings attributable to noncontrolling interests)			871,694,000							1,320,756,000	1,468,228,000		1,824,337,000
Cash dividends			(110,386,000)							(110,846,000)	(218,277,000)		(220,968,000)
Balance, ending			20,111,368,000		19,350,060,000		18,861,417,000			16,288,698,000	20,111,368,000		16,288,698,000
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			137,032,000		139,867,000				191,519,000	168,368,000	139,867,000		179,857,000
Net earnings (including net earnings attributable to noncontrolling interests)			6,048,000							1,802,000	8,822,000		7,536,000
Receipts related to noncontrolling interests			2,421,000							11,111,000	4,918,000		18,095,000
Payments related to noncontrolling interests										(3,708,000)	(20,623,000)		(65,521,000)
Non-cash purchase or activity of noncontrolling interests, net			473,000							13,946,000	12,990,000		51,552,000
Balance, ending			$ 145,974,000		137,032,000		139,867,000			$ 191,519,000	$ 145,974,000		$ 191,519,000
Common Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased during period (in shares)			1,269,681							3,630,000	2,715,886		8,246,000
Total purchase price			$ 138,800,000							$ 289,358,000	$ 281,868,000		$ 762,282,000
Average share price of shares repurchased (in dollars per share)			$ 109.32							$ 79.71	$ 103.78		$ 92.44
Common Class A | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			$ 25,834,000		25,608,000				25,582,000	$ 30,243,000	$ 25,608,000		$ 30,050,000
Employee stock and directors plans			9,000							6,000	235,000		199,000
Retirement of treasury stock										(4,667,000)			(4,667,000)
Balance, ending			$ 25,843,000		25,834,000		25,608,000			$ 25,582,000	$ 25,843,000		$ 25,582,000
Common Class B
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased during period (in shares)			730,319							470,000	1,284,114		1,122,000
Total purchase price			$ 69,010,000							$ 31,270,000	$ 115,116,000		$ 84,601,000
Average share price of shares repurchased (in dollars per share)			$ 94.49							$ 66.53	$ 89.65		$ 75.40
Common Class B | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			$ 3,660,000		3,660,000				$ 3,660,000	$ 3,944,000	$ 3,660,000		$ 3,944,000
Retirement of treasury stock										(284,000)			(284,000)
Balance, ending			$ 3,660,000		$ 3,660,000		$ 3,660,000			$ 3,660,000	$ 3,660,000		$ 3,660,000
[1]As of May 31, 2023, total liabilities include $715.3 million related to consolidated VIEs as to which there was no recourse against the Company, of which $85.6 million is included in Homebuilding accounts payable, $597.9 million in Homebuilding liabilities related to consolidated inventory not owned, $25.9 million in Homebuilding senior notes and other debts payable, $3.9 million in Multifamily liabilities and $2.0 million in Lennar Other liabilities.As of November 30, 2022, total liabilities include $620.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $66.9 million is included in Homebuilding accounts payable, $510.9 million in Homebuilding liabilities related to consolidated inventory not owned, $29.4 million in Homebuilding senior notes and other debt payable, $7.2 million in Homebuilding other liabilities, $3.8 million in Multifamily liabilities and $2.2 million in Lennar Other liabilities.

Income Taxes (Income Tax Benefi

Income Taxes (Income Tax Benefit (Provision) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 280,879	$ 432,276	$ 466,024	$ 599,696
Effective tax rate	24.40%	24.70%	24.10%	24.70%

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, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Numerator:
Net earnings attributable to Lennar	$ 871,694	$ 1,320,756	$ 1,468,228	$ 1,824,337
Less: distributed earnings allocated to nonvested shares	3,572	2,395	4,296	3,175
Less: undistributed earnings allocated to nonvested shares	9,935	14,980	15,695	19,189
Numerator for basic earnings per share	858,187	1,303,381	1,448,237	1,801,973
Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan	0	1,045	0	2,843
Numerator for diluted earnings per share	$ 858,187	$ 1,302,336	$ 1,448,237	$ 1,799,130
Denominator:
Denominator for basic earnings per share-weighted average common shares outstanding (shares)	284,910	289,895	285,492	291,913
Denominator for diluted earnings per share-weighted average common shares outstanding (shares)	284,910	289,895	285,492	291,913
Basic earnings per share (in dollars per share)	$ 3.01	$ 4.50	$ 5.07	$ 6.17
Diluted earnings per share (in dollars per share)	$ 3.01	$ 4.49	$ 5.07	$ 6.16

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares	3 Months Ended
	May 31, 2023	May 31, 2022
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, 2023	Nov. 30, 2022
Debt Instrument [Line Items]
Senior notes and other debts payable, net	[1]	$ 3,852,258	$ 4,047,294
Senior Notes | 4.875% senior notes due December 2023
Debt Instrument [Line Items]
Interest rate		4.875%
Senior notes and other debts payable, net		$ 397,615	399,169
Debt amount redeemed		$ 2,000
Senior Notes | 4.50% senior notes due 2024
Debt Instrument [Line Items]
Interest rate		4.50%
Senior notes and other debts payable, net		$ 493,690	648,975
Debt amount redeemed		$ 155,800
Senior Notes | 5.875% senior notes due 2024
Debt Instrument [Line Items]
Interest rate		5.875%
Senior notes and other debts payable, net		$ 431,794	434,128
Senior Notes | 4.75% senior notes due 2025
Debt Instrument [Line Items]
Interest rate		4.75%
Senior notes and other debts payable, net		$ 499,114	498,892
Senior Notes | 5.25% senior notes due 2026
Debt Instrument [Line Items]
Interest rate		5.25%
Senior notes and other debts payable, net		$ 403,648	404,257
Senior Notes | 5.00% senior notes due 2027
Debt Instrument [Line Items]
Interest rate		5%
Senior notes and other debts payable, net		$ 351,549	351,741
Senior Notes | 4.75% senior notes due 2027
Debt Instrument [Line Items]
Interest rate		4.75%
Senior notes and other debts payable, net		$ 896,633	896,259
Mortgage notes on land and other debt
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 378,215	$ 413,873
[1]As of May 31, 2023, total liabilities include $715.3 million related to consolidated VIEs as to which there was no recourse against the Company, of which $85.6 million is included in Homebuilding accounts payable, $597.9 million in Homebuilding liabilities related to consolidated inventory not owned, $25.9 million in Homebuilding senior notes and other debts payable, $3.9 million in Multifamily liabilities and $2.0 million in Lennar Other liabilities.As of November 30, 2022, total liabilities include $620.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $66.9 million is included in Homebuilding accounts payable, $510.9 million in Homebuilding liabilities related to consolidated inventory not owned, $29.4 million in Homebuilding senior notes and other debt payable, $7.2 million in Homebuilding other liabilities, $3.8 million in Multifamily liabilities and $2.2 million in Lennar Other liabilities.

Homebuilding Senior Notes and_4

Homebuilding Senior Notes and Other Debts Payable (Narrative) (Details) - Homebuilding - USD ($)	May 31, 2023	Nov. 30, 2022
Letter of Credit
Debt Instrument [Line Items]
Maximum borrowings	$ 500,000,000
Senior Notes
Debt Instrument [Line Items]
Debt issuance cost	$ 6,000,000	$ 7,600,000

Homebuilding Senior Notes and_5

Homebuilding Senior Notes and Other Debts Payable (Credit Facility) (Details) - Unsecured revolving credit facility - Homebuilding	May 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 2,575,000,000
Accordion feature	425,000,000
Maximum borrowing capacity after accordion feature	3,000,000,000
Commitments - maturing in April 2024
Line of Credit Facility [Line Items]
Maximum borrowing capacity	350,000,000
Commitments - maturing in May 2027
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 2,225,000,000

Homebuilding Senior Notes and_6

Homebuilding Senior Notes and Other Debts Payable (Letter of Credit Facilities) (Details) - USD ($) $ in Thousands	May 31, 2023	Nov. 30, 2022
Performance letters of credit
Line of Credit Facility [Line Items]
Letters of credit	$ 1,362,785	$ 1,259,033
Financial letters of credit
Line of Credit Facility [Line Items]
Letters of credit	384,752	503,659
Surety bonds
Line of Credit Facility [Line Items]
Letters of credit	4,196,718	4,136,715
Anticipated future costs primarily for site improvements related to performance surety bonds
Line of Credit Facility [Line Items]
Letters of credit	$ 2,173,244	$ 2,273,694

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, 2023	Nov. 30, 2022
Lennar Financial Services | Level 3 | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable and loans held-for-investment	$ 36,717	$ 45,636
Investments held-to-maturity	141,360	143,251
Lennar Financial Services | Level 3 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable and loans held-for-investment	36,717	45,647
Investments held-to-maturity	141,767	143,208
Lennar Financial Services | Level 1 | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	1,157,040	2,135,093
Lennar Financial Services | Level 1 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	1,157,682	2,135,797
Homebuilding | Level 1 | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	3,852,258	4,047,294
Homebuilding | Level 1 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	3,813,686	3,993,242
Lennar Multifamily [Member] | Level 1 | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	16,912	16,749
Lennar Multifamily [Member] | Level 1 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	$ 16,912	$ 16,749

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, 2023	Nov. 30, 2022
Level 1 | Lennar Financial Services | Forward options
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Derivative asset	$ 7,261	$ 9,473
Level 1 | Lennar Other
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Investments in equity securities	227,548	212,981
Level 3 | Lennar Financial Services
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Mortgage servicing rights	3,398	3,463
Level 3 | Lennar Other
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Investments available-for-sale	36,906	35,482
Residential | Loans held-for-sale | Lennar Financial Services
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Aggregate principal balance	1,159,857	1,734,480
Aggregate fair value of loans (below) in excess of principal balance	(7,331)	16,233
Residential | Level 1 | Lennar Financial Services
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Loans held for sale	1,152,526	1,750,712
Commercial | Loans held-for-sale | Lennar Financial Services
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Aggregate principal balance	22,765	24,000
Aggregate fair value of loans (below) in excess of principal balance	(11)	1,599
Commercial | Level 3 | Lennar Financial Services
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Loans held for sale	$ 22,754	$ 25,599

Financial Instruments and Fai_5

Financial Instruments and Fair Value Disclosures - (Mortgage Servicing Rights Unobservable Inputs) (Details) - Lennar Financial Services - Level 3	May 31, 2023	Nov. 30, 2022
Mortgage prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for valuation of mortgage servicing rights	0.08	0.08
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	0.09	0.07

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, 2023	May 31, 2022	May 31, 2023	May 31, 2022
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	$ 573	$ 62	$ 1,424	$ 804
Fair Value, Measurements, Recurring | Lennar 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	7,899	350	(23,563)	(27,037)
Fair Value, Measurements, Recurring | Lennar 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	13,783	12,758	(35,061)	26,555
Fair Value, Measurements, Recurring | Lennar 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	(18,807)	(18,480)	72,702	(8,490)
Fair Value, Measurements, Recurring | Lennar Financial Services | Forward options
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Lennar Other unrealized gains (losses) from technology investments	(100)	0	(952)	0
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	573	62	1,424	804
Fair Value, Measurements, Recurring | Lennar Other | Equity Securities
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Lennar Other unrealized gains (losses) from technology investments	$ 25,497	$ (77,965)	$ 1,543	$ (473,135)

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) - Lennar Financial Services - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Mortgage servicing rights
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 3,450	$ 2,793	$ 3,463	$ 2,492
Purchases/loan originations	69	99	120	181
Sales/loan originations sold, including those not settled	0	0	0	0
Disposals/settlements	(80)	(106)	(143)	(265)
Changes in fair value	(41)	435	(42)	813
Interest and principal paydowns	0	0	0	0
Ending balance	3,398	3,221	3,398	3,221
LMF Commercial loans held-for-sale
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	25,835	85,795	25,599	68
Purchases/loan originations	84,590	143,650	164,070	408,495
Sales/loan originations sold, including those not settled	(88,102)	(145,385)	(165,302)	(323,467)
Disposals/settlements	0	0	0	0
Changes in fair value	434	145	(11)	(445)
Interest and principal paydowns	(3)	0	(1,602)	(446)
Ending balance	$ 22,754	$ 84,205	$ 22,754	$ 84,205

Financial Instruments and Fai_8

Financial Instruments and Fair Value Disclosures - (Fair Value Assets Measured On Nonrecurring Basis) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Inventory Write-down			$ 12,247	$ 0
Homebuilding
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Inventory Write-down	$ 2,700		17,100
Fair Value, Measurements, Nonrecurring | Level 3 | Homebuilding
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Finished homes and construction in progress, carrying value	126,680	$ 18,665	183,816	34,023
Finished homes and construction in progress, fair value	108,073	17,200	158,902	31,041
Finished homes and construction in progress, total losses, net	(18,607)	(1,465)	(24,914)	(2,982)
Land and land under development, carrying value	3,249	8,785	42,866	29,538
Land and land under development, fair value	561	7,149	23,704	17,909
Land and land under development, total losses, net	(2,688)	(1,636)	(19,162)	(11,629)
Other assets, carrying value	75,769	0	78,834	0
Other assets, fair value	37,792	0	37,792	0
Other assets, total losses, net	$ (37,977)	$ 0	$ (41,042)	$ 0

Financial Instruments and Fai_9

Financial Instruments and Fair Value Disclosures - (Narrative) (Details) $ in Millions	3 Months Ended	6 Months Ended
	May 31, 2023 USD ($) community	May 31, 2023 USD ($) community	May 31, 2022 community
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Active communities | community	1,256	1,256	1,218
Other than temporary impairment losses, investments | $	$ 36.8	$ 36.8
Valuation Technique, Discounted Cash Flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment, measurement input	0.15	0.15

Financial Instruments and Fa_10

Financial Instruments and Fair Value Disclosures - (Communities with Indicators for Impairment) (Details) $ in Thousands	6 Months Ended
	May 31, 2023 USD ($) community	May 31, 2022 USD ($) community
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Active communities	1,256	1,218
Number of Communities with potential indicator of impairment	34	6
Number of communities with valuation adjustments	5	0
Valuation adjustments | $	$ 12,247	$ 0
Level 3
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Fair value of communities with valuation adjustments | $	$ 42,408	$ 0

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, 2023	May 31, 2022
Average selling price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs		635,000,000
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	0.20
Minimum | Average selling price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs	371,000
Minimum | Absorption rate per quarter (homes)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs	6
Maximum | Average selling price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs	663,000,000
Maximum | Absorption rate per quarter (homes)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs	26

Variable Interest Entities (Nar

Variable Interest Entities (Narrative) (Details) - USD ($) $ in Thousands		6 Months Ended
		May 31, 2023	Nov. 30, 2022
Variable Interest Entity [Line Items]
Assets	[1]	$ 36,857,687	$ 37,984,295
Total liabilities	[2]	11,696,568	13,743,928
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Increase in consolidated inventory		51,300
Consolidated inventory not owned		628,400
Consolidated inventory not owned, not recorded		1,800,000
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Assets		1,600,000	1,400,000
Total liabilities		$ 715,300	$ 620,400
[1] Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations ("ASC 810"), the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations. As of May 31, 2023, total assets include $1.6 billion related to consolidated VIEs of which $30.6 million is included in Homebuilding cash and cash equivalents, $0.3 million in Homebuilding receivables, net, $59.0 million in Homebuilding finished homes and construction in progress, $779.1 million in Homebuilding land and land under development, $622.4 million in Homebuilding consolidated inventory not owned, $0.5 million in Homebuilding investments in unconsolidated entities, $23.5 million in Homebuilding other assets, $34.4 million in Multifamily assets and $6.9 million in Lennar Other assets. As of November 30, 2022, total assets include $1.4 billion related to consolidated VIEs of which $56.9 million is included in Homebuilding cash and cash equivalents, $0.3 million in Homebuilding receivables, net, $29.4 million in Homebuilding finished homes and construction in progress, $736.5 million in Homebuilding land and land under development, $533.8 million in Homebuilding consolidated inventory not owned, $1.0 million in Homebuilding investments in unconsolidated entities, $23.0 million in Homebuilding other assets, $33.2 million in Multifamily assets and $9.0 million in Lennar Other 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, 2023	Nov. 30, 2022
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	$ 1,247,256	$ 1,393,622
Lennar’s Maximum Exposure to Loss	1,351,728	1,551,856
Homebuilding
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	663,157	586,935
Lennar’s Maximum Exposure to Loss	749,070	718,719
Homebuilding | Upward America Venture | Commitment to fund capital
Variable Interest Entity [Line Items]
Obligations related to VIEs	70,300	77,300
Homebuilding | Upward America Venture | Commitment for short-term loan and management fee receivable
Variable Interest Entity [Line Items]
Obligations related to VIEs		52,700
Homebuilding | Upward America Venture | Commitment for recourse debt
Variable Interest Entity [Line Items]
Obligations related to VIEs	9,800
Lennar Multifamily [Member]
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	393,090	607,484
Lennar’s Maximum Exposure to Loss	411,649	633,934
Lennar Multifamily [Member] | Equity Commitments
Variable Interest Entity [Line Items]
Obligations related to VIEs	(12,800)	(19,300)
Lennar Financial Services
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	141,360	143,251
Lennar’s Maximum Exposure to Loss	141,360	143,251
Lennar Other
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	49,649	55,952
Lennar’s Maximum Exposure to Loss	$ 49,649	$ 55,952

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, 2023	Nov. 30, 2022
Variable Interest Entity [Line Items]
Non-refundable option deposits and pre-acquisition costs	$ 2,049,836	$ 1,990,946
Financial Standby Letters of Credit
Variable Interest Entity [Line Items]
Letters of credit in lieu of cash deposits under certain land and option contracts	$ 137,593	$ 163,942

Commitments and Contingent Li_2

Commitments and Contingent Liabilities - (Schedule of Product Warranty Reserve) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty reserve, beginning of the period	$ 403,334	$ 374,146	$ 418,017	$ 377,021
Warranties issued	67,221	67,815	120,900	117,007
Adjustments to pre-existing warranties from changes in estimates	14,246	998	10,188	5,722
Payments	(69,647)	(64,969)	(133,951)	(121,760)
Warranty reserve, end of period	$ 415,154	$ 377,990	$ 415,154	$ 377,990

Commitments and Contingent Li_3

Commitments and Contingent Liabilities - (Additional Information About Leases) (Details) - USD ($) $ in Thousands	6 Months Ended
	May 31, 2023	May 31, 2022	Nov. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Right-of-use assets	$ 138,746		$ 149,966
Lease liabilities	$ 147,222		$ 158,832
Weighted-average remaining lease term (in years)	7 years 8 months 12 days		7 years 10 months 24 days
Weighted-average discount rate	3.10%		3%
Rental expense	$ 52,998	$ 50,698

Commitments and Contingent Li_4

Commitments and Contingent Liabilities - (Future MInimum Payments Under Noncancellable Leases) (Details) - USD ($) $ in Thousands	May 31, 2023	Nov. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
2023	$ 17,412
2024	29,701
2025	25,185
2026	19,571
2027	16,366
Thereafter	56,958
Total future minimum lease payments	165,193
Less: Interest	17,971
Present value of lease liabilities	147,222	$ 158,832
Variable lease costs	22,700
Short-term lease costs	$ 2,300
Weighted-average remaining lease term (in years)	7 years 8 months 12 days	7 years 10 months 24 days
Weighted-average discount rate	3.10%	3%